Norwegian land-based salmon farming company Andfjord Salmon posted wider losses in Q3 2025 as its ongoing pause in farming operations lead to no revenue.
Andfjord Salmon posted no revenue and an operating loss of NOK 20.7 million (USD 2 million, EUR 1.7 million) in Q3 2025, which was higher than the loss of NOK 16.5 million (USD 1.6 million, EUR 1.4 million) it posted in Q3 2024. Its overall comprehensive losses for the period, factoring in financial costs, increased to NOK 45.2 million (USD 4.4 million, EUR 3.8 million) in the quarter, compared to the NOK 15.3 million (USD 1.5 million, EUR 1.3 million) loss it posted in Q3 2024.
Andfjord Salmon has focused on developing its salmon farming facility during the year, and only recently released smolt into its K0 and K1 salmon pools after a two-year hiatus on farming activity. Since that release, things have gone as planned, Andfjord Salmon CEO Martin Rasmussen said.
"The biological conditions have remained stable in both pools following smolt release. In pool K0, the fish growth is more than 30 percent ahead of Skretting's growth table for ocean net pen,” Rasmussen said. “Solid growth in combination with high survival rates result in rapid ramp-up of biomass. We are very pleased with our fish farming performance so far.”
So far, the company said it has had greater than 99.8 percent survival rates for both batches of smolt. Andfjord Salmon said it is using a new feeding solution, which shows “very promising early signs” of increasing growth rates.
The company is taking a phased approach to developing its land-based salmon farming project, with Phase 1 consisting of pools K1 through K4. Pool K1 is now fully operational, and the company said pools K2 through K4 will be operational within 2026.
The company also said it has engaged new contractors after filing a NOK 1 billion (USD 98 million, EUR 83 million) claim against its main contractor AF Hæhre & Contur Ans in early December. The company said the claim was related to “the contractor’s gross negligence” regarding executing construction methods and project management.
Andfjord said in its Q3 2026 results that the claim is related to “unjustified upwards revisions of costs of completed work” at the company’s site in Kvalnes. It also reiterated that the construction work at the site is sound.
The new contractor, Entreprenør Harald Nilsen AS, is being engaged with concrete specialist Nornebygg AS as a subcontractor. The new contractor will complete work on pools K2 and K4, and Andfjord said preparations have already begun, allowing site work to begin as early as January 2026.
In its current state, the company said it has 6,000 metric tons (MT) of production already operational, and is “fast approaching” 11,000 MT of capacity. The company said it has secured financing with strong support from existing shareholders, and that it secured additional funding as a precautionary measure in relation to the investment budget at Kvalnes and its claim against its former contractor.
