Norwegian land-based salmon farmer Andfjord Salmon reported its first material revenue in a year during the second quarter of 2026, driven by a commercial post-smolt sale to partner Eidsfjord Sjøfarm.
The company posted Q2 revenue of NOK 51.3 million, up from zero in the prior quarter, while narrowing its operational EBITDA loss to negative NOK 17.5 million from negative NOK 29.7 million in Q1. Operating income reached NOK 51.4 million, though operating expenses totaled NOK 73.0 million, resulting in an operating loss of NOK 21.6 million. Net loss for the quarter was NOK 20.2 million, with depreciation and amortization of NOK 21.2 million.
As of June 30, Andfjord had total available liquidity of NOK 745 million, comprising NOK 65 million in cash and cash equivalents (including NOK 32 million restricted), NOK 600 million in undrawn construction loan facilities, and NOK 80 million in undrawn credit facilities. Total debt stood at NOK 1.65 billion, including NOK 1.6 billion in non-current borrowings and NOK 40 million in current borrowings. Disputed trade payables amounted to NOK 691 million, related to a claim against a former main contractor. Total equity was NOK 2.75 billion, representing approximately 51% of total assets, while total assets reached NOK 5.44 billion.
Management highlighted the quarter as a "step change rather than an incremental improvement" in commercial development, with meaningful financial improvement expected from Q4 2026 onward as harvest volumes increase. The company’s standing biomass reached 1,969 tonnes by August 26, with net production totaling 559 tonnes in Q2 and 713 tonnes in Q3 through August 26.
Andfjord’s Kvalnes facility in northern Norway, currently in Phase 1 with pools K0–K4, has a target capacity of 11,000 tonnes annually once pools K2 and K4 are fully operational. Phase 2a, covering pools K5–K8, will add 6,000 tonnes, bringing total capacity to 17,000 tonnes. The ultimate potential at Kvalnes is up to 48,100 tonnes through Phase 5.
The company sold 450,000 post-smolts to Eidsfjord Sjøfarm in June at an average weight of 1,234 grams, with remaining fish in pool K1 averaging 2,510 grams and a survival rate of 97.84%. Pilot pool K0, stocked with approximately 350,000 smolts in September 2025, reached an average weight of 2,900 grams with a survival rate of 98.62% after 11 months. Pool K3, stocked with 550,000 smolts in early June, achieved an average weight of 450 grams with a survival rate of 96.90% after three months.
Andfjord plans to release approximately 3 million smolts across its pools during 2026, with the first harvest from pool K0 expected in Q3 or Q4 2026 and pool K1 harvests anticipated between Q4 2026 and Q1 2027.
