Andfjord Salmon Group AS (FRA:50R)

Q3 2025 Andfjord Salmon Group AS Earnings Call Transcript

Dec 16, 2025 / 07:00 AM GMT

Release Date Price: €2.23 (+0.90%)

Transcript

Key Points

Positve

Andfjord Salmon Group AS (FRA:50R) achieved very high survival rates, with a 99.85% survival rate in Generation K0 as of December 14th.
The company has completed two highly successful smolt releases, demonstrating strong operational capabilities.
Strong financial support from larger existing shareholders, with approximately NOK 300 million in equity funding and enhanced bank debt of NOK 200 million.
The growth of salmon in pool K0 outperformed Skretting's growth table by approximately 27%, indicating strong biological performance.
The company's feed conversion rate is below 1, meaning less than 1 kg of feed is required to grow 1 kg of salmon, showcasing efficient feed utilization.

Negative

The company is involved in a dispute with a previous contractor, which has led to a claim in excess of NOK 1 billion and impacted liquidity.
The change of contractors will require an additional NOK 20 million in mobilization costs.
There is a risk of increased costs due to the ongoing construction and contractor changes, with an additional NOK 400 million cost revision announced.
The survival rate in pool K1 is slightly lower than in K0, attributed to the timing of smolt release and environmental factors.
The company faces potential limitations in winter smolt releases due to colder temperatures and shorter daylight hours, which could impact production cycles.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

ANDF.OL - Andfjord Salmon Group AS
Q3 2025 Andfjord Salmon Group AS Earnings Call
Dec 16, 2025 / 07:00AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning and welcome to this quarterly update from Unfield Salmon.

My name is Martin Rasmussen, and I am the CEO of the company. Together with me here today is our CFO Bjornna Martinsen.

And we will end this presentation with Q&A and you can submit questions through our webcast solution.

Before we start the presentation, I just want to repeat our ambition.

And our ambition is to build the world's most fish and environmentally friendly salmon farming facility of its kind.

And the results from our first and ongoing production cycle confirm that this is possible.

We have a large square pool designed to recreate the salmon's natural habitat, the Gulf Stream brought

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