contentSlug

type

ContentPage_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentPage_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
  createdAt
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
    forum {
      threadUrl
    }
    defaultInstrument {
      symbol
      id
    }
  }
  ...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 {
        threadUrl
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      ...ExtensiveCoverage_Company
      defaultInstrument {
        isin
        id
        symbol
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    pageUrl
    ... on CompanyReport {
      reportUrl
      researchContentUrl
      researchContent {
        title
        lang
        pdfUrl
        relatedContent {
          __typename
          ...PublishingDetails
          ...Reactions
          id
        }
        content {
          title
          lang
          htmlBody
          publishedAt
          createdAt
          changedAt
          isOutdated
          isPremium
        }
      }
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
    ...ExtensiveCoverage_Snapshot
  }
  ...TrendingContent_1jQ2Cn
}

fragment ExtensiveCoverage_Company on Company {
  id
  defaultInstrument {
    estimateData {
      researchCurrency
      estimates {
        date
        recommendation
        targetPrice
      }
    }
    id
  }
}

fragment ExtensiveCoverage_Snapshot on Content {
  __isContent: __typename
  companies {
    id
    defaultInstrument {
      snapshot {
        transaction {
          date
          recommendation
          targetPrice
        }
      }
      id
    }
  }
}

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
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
}

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
      name
      id
    }
  }
}


andfjord-salmon-notice-of-conditional-exercise-of-call-option-andf01-isin-no0013587246

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

pageUrl

publishers

authors

reactionGroups

translations

imgUrl

description

changedAt

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.

So do you mean the maximum size of the Kvalnes site or the production of the now-confirmed construction? A rough model can be found in the 2024 investor presentation, though calculated with a higher salmon price than the recent price level. The most essential component, i.e., the assumed premium price differential of farmed salmon compared to the spot price, is an unknown factor until Q3/Q4, as is the share of premium-grade fish in the entire cohort. The price of salmon is highly volatile, and the price rises around our holidays, especially Christmas. For instance, the high mortality rate of cage-farmed salmon is a factor driving up salmon prices. In principle, the cost level should be relatively well known per cohort, and the biggest variable is the price obtained, where the aforementioned quality and fish size matter. Each tank can be modeled quite well if the mortality rate per fish tank is similar and there are no major differences in the quality of the smolt batches. The result of post-smolt farming and sales is a nice addition, but it is probably worth taking as a bonus rather than letting it disrupt the basic model. At least for now, there is only one data point for post-smolt sales to estimate the price per kilo of the fish. (E.g., now the fish going to post-smolt sales in the Q3 tank are smaller, and if there are more of them in terms of quantity than the "basic batch" (I didn’t check), the maximum density of the tank will be reached faster than with a smaller fish batch, and the fish sold will be smaller.) But in short; I haven’t done the aforementioned calculation yet. In Q3/Q4 we will be wiser, there will be more data points, and the amount of noise will decrease. ed: added some meat on the bones (lit. meat around the bones)

At least at a quick glance, it looks like this could become a proper business. Have you done any business analysis for when production is running at full capacity?

Q2 is behind us and execution is starting to be—dare I say—steadily lethal (reliable). Fortunately not for the salmon, as about 98% of the fish released into the tanks are still alive. Comparing the tanks is, however, more difficult than before, because the average size of the fry has been, for example, 100 grams in the K3 tank and 160 grams in the K1 tank. The mortality in K3 is therefore higher, because mortality among fry is higher in younger individuals and stabilizes as weight increases. The fish quantities and rearing purposes of the tanks also differ. For example, the small fry in the K3 tank are intended to end up as post-smolt sales, i.e., to sea-pen farming or other own tanks during Q4. The rearing cycles of the tanks are optimized not only through internal tank transfers (final rearing) within Kvalnes, but also through external sales of fry to sea-pen farming, depending on how much space there is in the tanks and how efficiently the tank capacity (capital) can be utilized.  There is no exact schedule (month), but K0 and K1 will be emptied during Q3/Q4. According to my calculations, there will be 4 sales events during this year: 2 “human grade” sales and 2 post-smolt sales. The tanks under construction (2 pcs) will come into use during Q3 and a couple of the next ones during H1/27. Capacity next year would be around 17,000 tonnes, but of course, as the rearing cycles overlap nicely, the actual annual production will fluctuate. The construction schedule for the K9-K12 tanks in the image below has not been communicated, but one would think their construction will start next year. Capacity will rise to 28,800 tonnes if and when the license is granted (i.e., if Andfjord doesn’t mess up its operations). The remaining 20,000 tonnes that fit at the Kvalnes site will be built by the early 2030s, I guess.  No new information regarding the lawsuit against the former main contractor. On the stock exchange, the reaction was slightly positive, but it is hard even for oneself to see the share price surging from this unless the “human grade” salmon price per kilo jumps nicely upwards towards the end of the year.            res.cloudinary.com              Q2_2026_presentation.pdf    31.81 MB

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

Andfjord Salmon Group

30.10.2026 23:50:59 CET | Andfjord Salmon | Additional regulated information required to be disclosed under the laws of a member stateWith reference to announcement on 27 October 2026 regarding...

<p class="prs-announcement__byline">30.10.2026 23:50:59 CET | Andfjord Salmon | Additional regulated information required to be disclosed under the laws of a member state</p><p>With reference to announcement on 27 October 2026 regarding completion of a new senior secured bond issue of NOK 1,250 million, Andfjord Salmon Group AS has today given formal notice of conditional exercise of the call option under the Andjord Salmon Group AS FRN Senior Secured Bond Loan 2025/2028 (ISIN NO0013587246)<strong>.</strong></p><p>The notice to bondholders is attached.</p><h4>Contacts</h4><ul>    <li>        Bjarne Martinsen, CFO, Andfjord Salmon Group AS, +47 975 08 345, <a href="mailto:bjarne.martinsen@andfjord.no">bjarne.martinsen@andfjord.no</a>    </li></ul><h4>Attachments</h4><ul>    <li>        <a href="https://kommunikasjon.ntb.no/ir-files/17847566/19125041/20197/NO0013587246_Andfjord%20Salmon%20Group%20AS_information%20about%20call%20notice%20received%20from%20issuer.pdf">NO0013587246_Andfjord Salmon Group AS_information about call notice received from issuer.pdf</a>    </li></ul>

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Andfjord Salmon - Notice of conditional exercise of call option (ANDF01 - ISIN NO0013587246)

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Andfjord Salmon - Notice of conditional exercise of call option (ANDF01 - ISIN NO0013587246)

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