Andfjord Salmon: Fish thrive in the pool | Financial results second quarter and half year 2022

The second quarter of this year was very eventful for Andfjord Salmon, highlighted by the first smolt release and a significant strengthening of the company’s balance sheet. Today, the fish thrives in the pool and its survival rate currently stands at 99.4%.

“We are located in the house of the Atlantic Ocean salmon, and we have managed to recreate its natural habitat on land without artificial water treatment processes. We are very happy with the biological conditions in the pool and we believe the high survival rate reflects this,” says Martin RasmussenCEO of Andfjord Salmon.

on June 25, 2022, Andfjord Salmon released approximately 200,000 smolts with an average weight of 120 grams into the company’s first land pool in Kvalnes, Andøya. The fish has a hearty appetite and grows according to plan, confirming its well-being. As of today, September 15, the average weight is 402 grams.

Andfjord Salmon aims for first harvest in mid-2023.

The first pool is just the beginning on the Andfjord Salmon site in Kvalnes. The next pools, the ones closest to the first pool, were excavated in the second quarter. Excavation work will continue in the coming months. Andfjord Salmon has a license to produce 10,000 tons of MAB salmon at Kvalnes, corresponding to a target production of 19,000 tons of HOG.


Andfjord Salmon also made solid progress in business development in the second quarter. In June, Andøy City Council approved Andfjord Salmon’s zoning application for the development of an onshore fish farming facility in Breivik, Andøya.

At Breivik, Andfjord Salmon plans to develop and build a land-based fish farming facility with a production volume of 25,000 tons of HOG.

“Our primary focus is obviously on Kvalnes, but at the same time we will continue our work to obtain the necessary permits for the development of Breivik and Fiskenes,” says Martin Rasmussen.


During the second quarter, Andfjord Salmon significantly strengthened its financial position. In June Jeronimo Martins, a Portugal-based international food industry group agreed to invest NOK 173.9 million in Andfjord Salmon through a targeted private placement. Andfjord Salmon also has a NOK 50 million bank loan in the second quarter.

At the end of June 2022Andfjord Salmon had cash and deposits of approximately NOK 191 million. This figure does not include a NOK 5 million remaining loan facility, a NOK 20 million undrawn credit facility, or NOK 5 million in unpaid grants.


Andfjord Salmon is currently developing its first salmon farming facility on land, meaning the company is not yet generating any revenue. The company’s first operating income will be generated in 2023 after the first harvest.

The company had an operating loss of NOK 8.4 million in the second quarter of this year, compared to a loss of NOK 6.9 million in the same quarter last year. The change mainly relates to the start-up of operations in preparation for the release of the first smolt.


A presentation of the operating status and the interim financial results for the second quarter and half of 2022 will be held at: 08:00 CET Today. The presentation material and the semi-annual report are attached to this announcement. The webcast presentation, which will be held in Norwegian, can be accessed via this link:

Disclosure of regulations

This is information that Andfjord Salmon AS public is mandatory under the EU Market Abuse Regulation (MAR) article 17 no. 1. The information has been made available for publication via the NTB Kommunikasjon service by the contact persons below.


  • Bjarne MartinsenFINANCIAL DIRECTOR, Andfjord Salmon AS+47 975 08 345,
  • Martin RasmussenDIRECTOR, Andfjord Salmon AS+47 975 08 665,

About Andfjord Salmon

Located in Kvalnes on the island of Andøya in the Arctic Archipelago of Vesterålen, NorwayAndfjord Salmon has developed an innovative and sustainable aquaculture concept for land-based farming of Atlantic Ocean salmon, based on a flow-through technology. The company’s ambition is to build the world’s most sustainable and fish-friendly aquaculture facility of its kind.

Andfjord Salmon AS is listed on Euronext Growth under the ticker ANDF.


  • Andfjord Salmon Half Year Report.pdf
  • Andfjord_Q2_H1 2022_presentation.pdf

© NTB Norway, source NTB English Legal Releases

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