Q2 2026 Andfjord Salmon Group AS Earnings Call Transcript
Key Points
- Andfjord Salmon Group AS (STU:50R) recorded NOK51.3 million in revenue from post-smolt sales in Q2 2026, marking its first revenue since 2023 and a significant step change in its financial trajectory.
- The company achieved strong biological performance, with an average accumulated survival rate of 98.04% and low feed conversion ratios (FCR) across all pools, including 1.09 for K0 and 0.98 for K1, demonstrating repeatable operational efficiency.
- Construction momentum is strong, with K2 being filled and tested, K4 near completion, and work progressing on K5 and K7, positioning the company to have four pools in production during 2026 and a total capacity of 11,000 tonnes HOG by Phase 1 completion.
- The company secured strong financial backing with NOK385 million from a private placement and an increased bank facility of NOK200 million, ensuring full financing for Phase 1 and 2A CapEx, with NOK600 million in undrawn construction loans available.
- The successful post-smolt sale to Eidsfjord Sjofarm validated the post-smolt model, and the remaining fish in K1 showed accelerated growth, nearly doubling in average weight from 1,325 grams to 2,510 grams in two months, indicating high growth potential.
- Andfjord Salmon Group AS (STU:50R) experienced higher mortality immediately after the K3 smolt release in June, with survival dropping to 96.9%, attributed to a small share of lower-quality smolt in the batch.
- The company faced growth challenges in K0 during late May and June, failing to fully achieve growth potential until adjustments to water capacity and operational routines were made in Q3.
- Feed prices are expected to increase due to El Niño and general market conditions, which will impact the company's costs similarly to other producers in the industry.
- The harvest of K0 is uncertain, with timing dependent on fish size and market prices, potentially slipping from late Q3 to Q4, and the completion of K1 harvest may extend into Q1 2027, creating uncertainty in near-term revenue guidance.
- The company experienced some mortality during the first post-smolt transfer to Eidsfjord Sjofarm, particularly on the first day of the four-day process, highlighting operational risks in new logistics.
Good morning, and welcome to this quarterly presentation from Andfjord Salmon. My name is Martin Rasmussen, and I am the CEO of the company. Todayâs presentation will be given by myself and our CFO, Bjarne Martinsen. We will end this presentation with a Q&A, and you can submit questions through our webcast solution.
First, a brief introduction to Andfjord Salmon. The key behind the concept is the location with access for natural seawater, perfect for salmon farming, combined with a non-complex technology. The concept is taking the best from ocean-based net pen farming and combining this with the benefits of being on land. This is giving us tempered, oxygen-rich water from the Gulf Stream, and we avoid salmon lice, algae, and jellyfish, and so on in the closed system with a water inlet at 50 meters water depth.
We have a very large square pool designed to recreate the salmonâs natural habitat, the Gulf Stream brought on land. This gives the fish plenty of space to exercise its natural behavior. Over to todayâs
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