contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


andfjord-salmon-grant-of-options-to-primary-insiders

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Andfjord Salmon Group is a Norwegian company engaged in fish farming. The company has its own production facilities, with the greatest focus on salmon farming. A large part of the business focuses on the development of new methods and production processes. Customers are mainly found among wholesalers, as well as among companies and restaurants in the food industry around the Norwegian domestic market.

Status update - the fish are fattening up at a good pace. If the pace continues as is (or even slows down slightly), the combination of faster growth + keeping the feed conversion ratio (FCR) below one is a nice combo for returns. For example, shaving a month off the growing time would naturally mean faster capital turnover and better margins per batch of fish raised. Perhaps even more important than the biological process is the start of the new contractor and the continuation of pool construction. If and when they stay better within budget frames in the future, it would give the operations new credibility for scaling the process and project to other parts of the island. Speaking of which, isn’t it about time to move to the main list?                   andfjordsalmon.com              Strong momentum continues, K1 growth accelerates sharply, K0 surpasses 1 kg...    Andfjord Salmon reports continued strong biological performance at its Kvalnes facility on Andøya. Salmon in pool K0 has reached an average weight of 1 kilogram per fish ahead of schedule, while pool K1 has entered a phase of accelerating growth with...                             Arctic Research slapped a 54 NOK target price on it, but the firm likes to sell its “own” listings with overblown positivity, so you can comfortably cut 25% off that figure.

Q3 outdoors. The actual fish farming is proceeding very well, and the operation of fish pools K0 and K1 with salmon smolts is progressing according to or better than the growth curves. The low mortality rate is particularly pleasing – every dead fish is wasted money. In construction work, the aforementioned dispute continues according to the counterclaims of the ex-main contractor. Andfjord carried out a directed share issue (the third this year) to prepare for these claims. The share price did not dip, apparently some expected worse – a covenant crunch or similar. Compared to the original plan (per ton of fish), additional costs have amounted to 80 MEUR so far, and a new and disputed additional cost item of 40 MEUR would increase the overrun even further. The year 2025 did not go smoothly in this regard, and as an outsider, one can only wonder what costs tens of millions of euros in additional expenses actually include! New contractors will continue pool construction from the beginning of the year, and if I understood correctly from the investor call, the total risk in future new pools has been limited in the form of a fixed price. A large part of the pool elements has already been manufactured, so the schedule and budget should hold better in next year’s constructions than this year. (Well, that doesn’t take much…) Below are the construction phases and timeline up to phase 2a from the presentation. As the picture shows, phases 2b-4 do not require large additional investments on paper, because the pool infrastructure with pipes and tunnels is already ready underground.  Other points picked from the conference call:  efficient feed conversion into fish weight depends at least on the energy content of the feed, feeding method, and fish activity – adaptation to new conditions in Kvalnes pools has been fast and appetite has recovered quickly the growth curve is affected by, among other things, water temperature 2026 target, 3.2-3.8 million new “smolt”-stage salmon into the pools, depending on how many surplus are sold as juveniles to other growers pools K5/K7 – fish into pools Q2/2027. These pools are grow-out pools for those grown in other pools target size class approx. 4.5 kg, depending on growth rate and pool capacity optimization, it can be larger or smaller growing period 12-15 months, also depending on the results of optimization and growth rate             res.cloudinary.com              Q3_2025_presentation.pdf    8.43 MB

The July sentence was more apt than I could have anticipated. After reading a few news articles, the key points are:  the relationship between the main contractor (MC) and A has been tense, especially this current year the method chosen by the MC was not suitable for building the pools within the timeline and budget set by the MC A states that the MC did not inform it early about budget and schedule overruns a third-party billing audit found invoices that were not documented or were incorrect - the magnitude of the errors is described as unexpectedly large mutual negotiations have not led to a solution, readiness to take the case to court  Although there is also legal support for pursuing the claims, considering the scope of the construction project, it is not easy to prove whether the main contractor acted with clear negligence, and even if so, whether a significant sum of money will be received as compensation after all expenses. On the other hand, Andjord has had time to collect material supporting its view, and perhaps the clearest example of vague cost control has been the two share issues this year. The issues made in February and again in May show that someone blundered in managing the whole, and it may be difficult for the main contractor to demonstrate why, with the first phase of the project reportedly in the final stretch, costs spiraled out of control and the schedule extended despite this.

The reason for the postponement of the interim report seems to have become clear: the main contractor is being sued, and the claims amount to approximately 100 million euros. Not a small sum at all, but understandable, as the two offerings made this year have gone to cover budget overruns.  The claim, which exceeds NOK 1 billion, reflects previously communicated budget revisions including the NOK 500 million upward revised capex budget announced on 28 May this year as well as earlier communicated changes.  It will be interesting to see how this affects (or if it affects) the construction of the ongoing pools. This lawsuit is not being filed due to a small overbilling, so Andfjord likely has other evidence of the contractor’s negligence than just its own frustration over failed cost control.                   Inderes              Andfjord Salmon: Claim for compensation against main contractor - Inderes    3.12.2025 19:10:39 CET | Andfjord Salmon | Non-regulatory press releasesAndfjord Salmon Group AS (“Andfjord Salmon”) has submitted a claim of NOK 1+ billion against main contractor AF Hæhre ...

A couple of weeks behind the schedule promised for October, but now the small fish have been moved into the first new large K1 pool. In a couple of weeks, the Q3 review will likely provide more information on the start of fish farming in the K2-K4 schedules. Understandably, there’s no point in rushing fry into the pool if construction work reduces fish comfort and causes more fish deaths. Currently, the situation in the K0 and K1 pools looks good in terms of biological indicators, but that’s how it should be. We still have to wait over a year until we know more about the development of growth curves and the functionality of the pools (cleanliness, etc.) in the long term.                   andfjordsalmon.com              Seamless smolt release into pool K1    Andfjord Salmon is pleased to announce the successful release of approximately 750,000 smolt in the recently completed pool K1 at Kvalnes, Andøya. Biological conditions in pool K0 remain excellent.

First batch of fish in the tanks. Half the amount into the K0 tank and 700,000 into K1 in October. A big milestone for the company, but only the coming year will show how mature the long-developed technology truly is.                   Inderes              Andfjord Salmon: Successful smolt release - Inderes    1.10.2025 07:00:01 CEST | Andfjord Salmon | Non-regulatory press releasesAndfjord Salmon is pleased to announce the completion of a successful smolt release at its land-based aquaculture facility...

A tunnel has also been excavated in the other direction on Andøya island. The most significant ongoing construction work is related to the harbor area. The start date for the fish farm is still estimated to be September. The budgets for the construction phases were adjusted in May - upwards, of course. This is attributed to expected stricter permit conditions (waste treatment, water purification) and higher construction costs (harbor area). If in February the capex/kilo was pushed down to 105 NOK/kilo due to structural changes in the tanks, the aforementioned cost factors brought it back to 115 NOK/kilo. Not a big change to the overall picture, but it clearly shows how the cost level of large construction projects almost always creeps upwards from what was initially planned. In May, the company conducted a smaller directed share issue at a price of 36 NOK to finance the budget overrun, which was smaller than the February issue. It doesn’t paint a good picture if, during the February issue (although for different reasons, capacity expansion), the budget overrun was not foreseen or communicated to the market. Not only the company itself, but also the main contractor should look in the mirror. A significant portion of the construction work for the additional tanks has already been completed, and the riskiest parts are ready, so hopefully, the cost overruns will end here. From now on, attention will increasingly turn to how the fish farming and the construction of additional tanks can be coordinated. edit: here’s a structural image from the presentation for fans of engineering porn:  https://www.andfjordsalmon.com/en/news/inlet-waterway-successfully-completed-sustainable-landbased-farming

Andfjord Salmon Group

2.2.2026 08:42:02 CET | Andfjord Salmon | Mandatory notification of trade primary insidersThe board of Andfjord Salmon Group AS ("Andfjord Salmon" or the "Company") has granted options to the...

<p class="prs-announcement__byline">2.2.2026 08:42:02 CET | Andfjord Salmon | Mandatory notification of trade primary insiders</p><p>The board of Andfjord Salmon Group AS ("<strong>Andfjord</strong> <strong>Salmon</strong>" or the "<strong>Company</strong>") has granted options to the following primary insiders of the Company:</p><ul><li>Martin Rasmussen, CEO: 250,000 options</li><li>Bjarne Martinsen, CFO: 150,000 options</li><li>Christian Torgersen, COO: 80,000 options</li><li>Trond Rismo, CCO: 80,000 options</li></ul><p>Each option entitles the holder to subscribe for one new share in the Company at a price of NOK 28.80 per share (based on a ten-day volume-weighted average price (VWAP)) and will vest over a three-year period, with one third vesting after 12 months, an additional third after 24 months, and the remaining third after 36 months.</p><p>Please refer to the attached document for further details.</p><h4>Disclosure regulation</h4><p>This information is subject to the disclosure requirements pursuant to article 19 of the regulation EU 596/2014 (the EU Market Abuse Regulation) and section 5 -12 of the Norwegian Securities Trading Act.</p><h4>Contacts</h4><ul>    <li>        Investors: Bjarne Martinsen, CFO, Andfjord Salmon Group AS, +47 975 08 345, <a href="mailto:bjarne.martinsen@andfjord.no">bjarne.martinsen@andfjord.no</a>    </li>    <li>        Media: Martin Rasmussen, CEO, Andfjord Salmon Group AS, +47 975 08 665, <a href="mailto:martin@andfjord.no">martin@andfjord.no</a>    </li></ul><h4>About Andfjord Salmon</h4><p>Located at Andøya on the Arctic Archipelago of Vesterålen, Norway, Andfjord Salmon is developing the world's most sustainable and fish-friendly aquaculture facility of its kind. Through a proprietary flow-through system, Andfjord Salmon combines the best from ocean and land-based salmon farming. In its first production cycle, the company achieved an industry-leading survival rate of 97.5 percent, feed conversion ratio of 1.05, superior share of 91.1 percent, and required 1 kWh to produce one kilo of salmon.</p><p>For more information, see <a href="http://www.andfjordsalmon.com">www.andfjordsalmon.com</a> - <a href="http://www.andfjordsalmon.com">http://www.andfjordsalmon.com</a></p><h4>Attachments</h4><ul>    <li>        <a href="https://kommunikasjon.ntb.no/ir-files/17847566/18791101/6743/ANDF%20-%20PDMR%20Notification%20Form%20Options%20Grant%20260130.pdf">ANDF - PDMR Notification Form Options Grant 260130.pdf</a>    </li></ul>