View of the construction progress, including the harbour area, at the Andfjord Salmon site in Kvalnes, Andøya, Norway, in June 2025.
Photo: Andfjord Salmon Group.
Norwegian land-based salmon farming company Andfjord Salmon has today published its results for the final quarter of 2025, reporting continued strong biological performance with both growth and survival rates above expectations at its facility at Kvalnes, Andøya.
The company said development in pools K0 and K1 is increasingly outperforming forecasts, supported by what it described as healthy biological conditions. At the beginning of this week, the combined survival rate in the two pools stood at 99.59%, following six months in production for K0 and 4.5 months for K1.
Meanwhile, Andfjord Salmon said its standing biomass reached 902 tonnes of salmon at the start of the week, an increase of around 70% since the beginning of the year. The salmon producer also reports efficient feed conversion ratios of 0.97 and 0.88 respectively, with its fish fed a specially-designed diet, Andfjord Salmon's proprietary "Calanus Plus", which contains the zooplankton Calanus finmarchicus and algae oil.
Stocking in the two pools took place in the autumn. Around 350,000 smolt with an average weight of approximately 180 grams were released into pool K0 on 30 September 2025, followed by roughly 750,000 smolt averaging around 160 grams in pool K1 between 10 and 12 November.
"The results achieved to date demonstrate that our core objective is attainable," said CEO Martin Rasmussen.
Photo: Andfjord Salmon
CEO Martin Rasmussen said growth in both pools had "exceeded expectations", including when accounting for higher than anticipated water temperatures, which he said had stimulated appetite and accelerated biomass development.
“A core objective of implementing our flow-through system at Andøya has been to replicate the salmon's natural habitat on land, while at the same time reducing exposure to several of the challenges associated with traditional sea-based farming," Rasmussen said.
"The results achieved to date demonstrate that our core objective is attainable. That said, we remain committed to continuous and rigorous monitoring of pool conditions, fish health and overall welfare to ensure that the strong start we have experienced is maintained over time,” he added.
As previously reported by WeAreAquaculture, in December, Andfjord Salmon announced it had raised NOK 300 million (€25.7m / $27.9m) in new equity through a private placement, and was also finalising an expanded bank debt facility. The fundraise included participation from several of Andfjord Salmon’s largest existing shareholders, including the Portuguese agri-food giant Jerónimo Martins Agro-Alimentar.
Earlier that same month, the company confirmed it had submitted a compensation claim exceeding NOK 1 billion (€85.8m / $93.3m) against its former main contractor, which it said related to unjustified cost increases for completed works. Andfjord Salmon also announced in December it had appointed a new contractor to complete concrete works for the two remaining Phase 1 production pools at Kvalnes. Once these are completed and connected to the site’s infrastructure, the company expects its production capacity to reach 11,000 tonnes (HOG and post-smolt), and aims to complete the works by spring or summer 2026.
As of 30 September 2025, total investment at the site amounted to approximately NOK 3.2 billion (€274m / $298m).
