Q2 2025 Andfjord Salmon Group AS Earnings Call Transcript
Key Points
- Andfjord Salmon Group AS (FRA:50R) successfully raised approximately NOK1.15 billion to support the Kvalnes expansion and secure working capital.
- The company completed the waterways workstream at Kvalnes, which is crucial for the upcoming smolt release.
- The revised regulation for land-based aquaculture in Norway positively impacts Andfjord Salmon, as their facility is defined as on land and exempt from certain disinfection requirements.
- The company achieved a superior feed conversion ratio of 1.05 in their first production cycle, better than the industry average of 1.27.
- Andfjord Salmon is set to release 1.1 million smolt in the upcoming months, marking a significant scale-up of commercial operations.
- The company is still in the construction phase, with financial reporting reflecting ongoing investment activities rather than operational revenue.
- There are significant capital expenditures remaining for the completion of Phase 2A and 2B, which are not yet fully financed.
- The construction of additional pools and technical infrastructure is ongoing, which may pose risks of delays or increased costs.
- The company faces potential risks related to high temperatures in the pools, although mitigated by their location and water supply system.
- The exact production plan and smolt release volumes for 2026 and beyond are not yet finalized, which could impact future operational planning.
Good morning. And welcome to this quarter presentation from Andfjord Salmon. My name is Martin Rasmussen, and I am the CEO of the company. With me today is our CFO, Bjorn Martinson, and we will have a Q&A session after the presentation. And please note that you can submit questions through the webcast solution.
Here's today's agenda. And we will start with an introduction of Andfjord Salmon before moving on to the operational updates and financial details and we will end the presentation with a summary, outlook and a Q&A.
As some of you already know, our objective is to build the world's most fish and environmentally-friendly salmon farming facility of its kind, with a mission to serve a salmon with a clear conscience. And the result from our first production cycle confirmed that this is possible.
Our concept is based on taking the best from ocean-based net pen farming and combining this with the benefits of being on land. And this combination give a fish-friendly environment and sustainable
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