Norwegian salmon farming company Andfjord Salmon AS reported its first material revenue in a year for the second quarter of 2026, posting NOK 51.3 million in sales as operational losses narrowed. The company, based in Kvalnes on Andøya island in northern Norway, disclosed financial and operational metrics alongside its Q2 2026 results presentation on August 27, 2026.
Revenue of NOK 51.3 million contrasted with operating expenses of NOK 73.0 million, resulting in an operating loss of NOK 21.6 million. Excluding fair value adjustments, adjusted EBITDA improved to a negative NOK 17.5 million from negative NOK 29.7 million in Q1 2026. Total operating income reached NOK 51.4 million, while net loss totaled NOK 20.2 million for the quarter. Depreciation and amortization expenses amounted to NOK 21.2 million.
Liquidity remained robust at NOK 745 million as of June 30, 2026, comprising NOK 65 million in cash and cash equivalents (including NOK 32 million in restricted funds), NOK 600 million in undrawn construction loan facilities, and NOK 80 million in undrawn credit facilities. Post-quarter-end, the company expanded its revolving credit facility from NOK 80 million to NOK 200 million. Total debt stood at NOK 1.65 billion, split between NOK 1.6 billion in non-current borrowings and NOK 40 million in current borrowings.
Management highlighted ongoing disputes over trade payables totaling NOK 691 million, linked to a claim against a former main contractor. The company’s current ratio was reported at 0.28, while total equity reached NOK 2.75 billion, representing roughly 51% of total assets valued at NOK 5.44 billion. Shares traded down 1.71% immediately after the earnings release but recovered to $30, up 4.17% from the post-earnings level of $28.8.
Operationally, Andfjord Salmon reported standing biomass of 1,969 tonnes system-wide as of August 26, 2026, with net production of 559 tonnes in Q2 and 713 tonnes produced in Q3 through August 26. Phase 1, which targets 11,000 tonnes of annual capacity across pools K0–K4, has an installed capacity of 6,000 tonnes. Phase 2a will add 6,000 tonnes via pools K5–K8, bringing total capacity to 17,000 tonnes, with ultimate potential reaching 48,100 tonnes through Phase 5.
Pool K0, the pilot facility, released approximately 350,000 smolt in late September 2025 at an average weight of 180 grams. By August 26, 2026, the average weight reached 2,900 grams with a survival rate of 98.62% and a feed conversion ratio of 1.09. Pool K1, stocked with 750,000 smolt in November 2025, sold 450,000 post-smolt to Eidsfjord Sjøfarm in June at an average weight of 1,234 grams, with remaining fish averaging 2,510 grams and a survival rate of 97.84%. Pool K3, stocked with 550,000 smolt in early June at 100 grams, reached 450 grams by late August with a survival rate of 96.90% and an FCR of 0.85.
Management described the quarter as "a step change rather than an incremental improvement" in commercial development and indicated that meaningful financial improvement is expected from Q4 2026 onward as harvest volumes increase.
