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
  createdAt
  changedAt
  isPremium
  authors {
    __typename
    name
    pageUrl
    id
  }
  companies {
    name
    pageUrl
    id
  }
  tags {
    name
    id
  }
  ... on Video {
    liveTime
    videoUrl
    videoEmbedUrl(location: "inderes")
  }
  ... on Webcast {
    liveTime
    videoUrl
    videoEmbedUrl(location: "inderes")
  }
}

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
      researchContentUrl
    }
    ... 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
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            revenueGrowth
            ebitAdjusted
            ebitReported
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            epsAdjusted
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            nav
            navPerShare
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            quarterlySharePrice
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          estimates {
            year
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            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
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          tradeCurrency
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        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-invitation-to-q1-2026-results-presentation

__typename

title

isPremium

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htmlBody

summary

companies

createdAt

publishers

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reactionGroups

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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.

Do you mean by success the success of the construction or the completion of a single production cycle? As you wrote, the fixed price for the subsequent pools is a risk-mitigating factor, especially from the bank’s perspective. According to the company’s announcement, the terms of the bridge loan have improved, so the bank’s assessment of the situation is likely similar. The biggest uncertainty, in my view, is the legal battle with the former main contractor. The current one seems to be delivering results on schedule and (I assume) within budget, so there must have been something fishy going on with the construction project last year. Time will tell and the court will decide which party messed up more, so as a layman, there’s no point in bothering one’s head about it further. But it’s good to be aware of it nonetheless. I agree that the scaling opportunities for future production are underestimated. Andfjord’s area is “their own turf” and preliminary agreements exist, so much depends on demand and price regarding how much and which areas will be expanded beyond what is currently known. I don’t know if there is a secondary market for the concept in, for example, New Zealand or Chile, but those biological values (survival rate, FCR) are damn impressive. There would be demand for the blueprint and expertise, with a good margin.

First quarter updates:                   Inderes              Andfjord Salmon: Strong biological performance | First post-smolt sale...    28.5.2026 07:00:03 CEST | Andfjord Salmon | Non-regulatory press releases Andfjord Salmon Group AS ("Andfjord Salmon" or "the company") today reports continued strong biological performance ...                             Operationally, things look good at least for now: the fish are staying alive at an excellent rate, growing at an apparently good pace, and the feed conversion ratio (FCR) is looking strong. The fixed project price for pools K5 and K7 was also a positive signal. I don’t own any shares yet, but it’s starting to reach the point of serious consideration soon: in my books, there is still a lot of risk relative to the price. In my opinion, the market is pricing in the success of the first phase and then some, while pricing the later potential very conservatively.

I missed Monday’s press release from Andfjord. First, there was info about the sale of “post-smolt” fish, i.e., further-grown juveniles, to others for further farming. The buyer is Eidsfjord Sjøfarm for the years 2026 and 2027, meaning Andfjord acts as an “intermediate grower,” and Eidsfjord gets larger juveniles into its tanks, speeding up the sales cycle. Holmøy Havbruk, on the other hand, processes the fish and sells the juveniles. As I understand it, Eidsfjord Sjøfarm is part of the Holmøy Group. Andfjord benefits financially from the overstocking of the tanks during the juvenile stage and receives cash flow at times other than just from the sale of adult-stage fish. It is, of course, a trade secret as to which party the deal is more profitable for. During the autumn of 2025, approximately 1.1 million juveniles were placed into two tanks. “Post-smolt” thinning will be done twice, and eventually, about 100,000 fish will remain in the tank to grow to their final dimensions. It was more unpleasant to read about the new 330 MNOK directed share issue, which corresponds to about 10% of the market value. Part of it goes toward accelerating construction work and development work, and part toward preparing for damages related to the previous contractor’s alleged overbilling and negligence. In the presentation, Andfjord underlines that the amount of money used for the construction of the entire harbor is subject to a legal dispute, in addition to the previous 1,000 MNOK. Andfjord claims the previous contractor misreported the completion rate, which led to additional work and thus extra costs. In Andfjord’s opinion, there are measurement errors in the tunnels between the tanks, for which an additional 5 MNOK is being claimed. The total claim in the lawsuit is thus a staggering 1,155 MNOK, if I added it up correctly. We are not at Olkiluoto 3 claim levels, but in the field of fish farming, it is likely the largest of its kind. Development relates to feeding and tank cleaning. According to Andfjord’s announcement, robots can replace 1 FTE (Full-time equivalent) per tank just for cleaning. A small thing now, but as the scale increases, the change sounds sensible. The share price did not budge from the news of the share issue, and the biological outperformance of the fish farming is certainly the reason for this. Both the growth rate of the fish and the low mortality are at an excellent level and a testament to the functionality of the flow-through technology. The first tank will now be emptied of fish in Q3, as stated, meaning the duration of the growth cycle is at the lower end of or below the previously communicated (12–15 months). The timing is likely in August–September, in which case the cycle duration would be less than 12 months.  An interestingly twofold investment case. In the long run, the process and its scaling to other sites (Andfjord’s additional tanks, doubling capacity + Breivik and Fiskenes as completely new ones) is ultimately perhaps even more valuable than these early-stage exercises. If there is enough faith that the quality of Norwegian construction (or the client’s expertise, a matter of perspective) will no longer stumble, the outlook for the 2030s is lucrative, based on a rule-of-thumb estimate.            res.cloudinary.com              260420_Project_Atlantis_-_Company_Presentation_vFF.pdf    6.86 MB

My Q4 quarterly update is on the shorter side. Construction work continues with a new contractor and, at least for now, remains on schedule and within budget. Let’s hope for better traction on both points than with the previous one… The fish are growing, and as spring arrives, salmon growth is expected to continue faster than the Skretting growth curve. Currently, the growth rate is 25-30 percent ahead. In addition to growth, the low mortality rate of the fish is pleasing. Soon, the company will announce its “post-smolt” solution, i.e., to whom and at what price some of the fattened salmon will be sold to other fish farmers. It will be interesting to see how the operation affects the mortality of the fish remaining in the tank. Biological conditions seem excellent. The built flow-through system is apparently working as planned. If anything can be inferred from the mortality rate, one could assume that the fish quality is also (as expected) at a better level than its net-pen counterparts. I have collected the status information for the tanks into the table below, covering both those in use and those still under construction. The new tanks are needed so that the “nursery tanks” do not become too crowded and the further growth of the fish is not compromised. Status as of Feb 22.      K0 K1 K2 K3 K4     Start date 30.09.26 10-12.11.26 Q2/Q3/2026 Q2/2026 Q3/2026   No. of fish at start 350,000 750,000      Avg. starting weight 180 160      Survival rate 99.58% 99.59 %      Average weight 1,350 grams 576 grams      Feed conversion ratio (FCR) 0.97 0.88      Biomass (salmon weight, tons) 471 431       Monitoring through spring and summer will focus not only on “interim sales” but also on the successful completion of the new tanks. After this year, as I understand it, there will be enough tanks ready for one production cycle (nursery tank, finishing tanks). The construction schedule for the following ones has not yet been communicated at this stage, but the basic infrastructure for them is already in place through the initial investment.            res.cloudinary.com              Q4_2025_presentation.pdf    8.10 MB

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.

Andfjord Salmon Group

22.5.2026 08:00:01 CEST | Andfjord Salmon | Non-regulatory press releasesAndfjord Salmon Group AS (Andfjord Salmon) invites investors, analysts, lenders and media to an operational update and...

22.5.2026 08:00:01 CEST | Andfjord Salmon | Non-regulatory press releasesAndfjord Salmon Group AS (Andfjord Salmon) invites investors, analysts, lenders and media to an operational update and presentation of the company’s first quarter 2026 financial results.Date:&nbsp; Thursday 28 May 2026Time: &nbsp;08:00 CETPresenters:&nbsp; CEO Martin Rasmussen and CFO Bjarne MartinsenThe presentation will be held physically in Oslo and streamed online.Venue: House of Oslo (the auditorium), Ruseløkkveien 34, 0251 Oslo, NorwayThe presentation will also be streamed from this URL: <a href="https://qcnl.tv/p/aGn-LKO2QZdlbN4fPUHgHw">https://qcnl.tv/p/aGn-LKO2QZdlbN4fPUHgHw</a>The presentation will be held in English. Questions can be submitted during the live webcast.The presentation material will be published at 07:00 CET on the same day.<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>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. For more information, see <a href="http://www.andfjordsalmon.com">www.andfjordsalmon.com</a>.