Q1 2026 Andfjord Salmon Group AS Earnings Call Transcript
Key Points
- Andfjord Salmon Group AS (FRA:50R) demonstrated strong operational metrics ahead of schedule in the first eight months of production.
- The company has entered a strategic partnership with Eidsfjord Sjofarm, enhancing its value chain and production capabilities.
- Financial strength has been bolstered by a NOK385 million private placement and an increased bank facility of NOK200 million.
- The survival rate of salmon is exceptionally high, with K0 at 99.17% and K1 at 99.24%, indicating excellent fish health.
- The feed conversion ratio remains low, with K0 at 1.03 and K1 at 0.93, supporting efficient production.
- The company is still in the construction phase for several pools, which may pose operational and financial risks until completion.
- There is an ongoing legal dispute with a previous contractor, which could have financial and operational implications.
- The company has not yet reported sales income, with the first sales expected in the second quarter, indicating a delay in revenue generation.
- The profitability of post-smolt sales compared to full-grown salmon remains uncertain, with no specific price details disclosed.
- The company faces challenges in optimizing construction and operational efficiencies, requiring continuous improvements and adjustments.
Good morning, as we say in Oslo, and welcome to this quarter presentation from Andfjord Salmon. My name is Martin Rasmussen, and I am the CEO of the company. Today's presentation will be given by myself and our CFO, Bjarne Martinsen. And -- we will, after the presentation, end it with a Q&A, and you can submit questions through our webcast solution or ask them as a participant in the audience.
First, a brief introduction to Andfjord Salmon. And the key behind the concept is location with access for a natural seawater from the Gulfstream perfect for salmon farming with a noncomplex technology. So the concept is taking the best from traditional salmon farming in the sea with temporary and rich oxygen rig seawater from the Gulfstream that allow us to have a very energy-efficient collection method. And with water in that at 50 meters depth, we avoid the salmon lice, algae and jellyfish in our closed system.
We have a very large pool designed to recreate Salmon's natural habitat on that. So this is the Gulfstream
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