companyName

extensiveId

feedTypes

includeDividend

includeEstimates

includeOverview

includeOwnership

snapshotDate

CompanyName_Query

companySlug

CompanyMetaData

CompanyContent_query

company

query CompanyName_Query(
  $companyName: String!
  $extensiveId: ID
  $snapshotDate: String
  $feedTypes: [ContentType!]!
  $includeEstimates: Boolean!
  $includeOverview: Boolean!
  $includeOwnership: Boolean!
  $includeDividend: Boolean!
) {
  ...CompanyMetaData_Ux1x9
  ...CompanyContent_query_3mc3wd
}

fragment AnalystData on Analyst {
  name
  pageUrl
  jobTitle
  imgUrl
}

fragment AuthorList on Content {
  __isContent: __typename
  id
  authors {
    __typename
    id
    name
    pageUrl
  }
}

fragment ChangePercentBlock_Company on Company {
  defaultInstrument {
    isin
    symbol
    priceData {
      diff1mPercentage
      diff1yPercentage
      diff3yPercentage
      diffFromStartPercentage
    }
    id
  }
}

fragment CompactFeed_3NXCcw on Query {
  compactFeed: feedContent(companySlug: $companyName, filter: {types: $feedTypes}) {
    edges {
      node {
        __typename
        id
        ...TeaserExtraCompact_content
        createdAt
        companies {
          viewerIsFollowing
          id
        }
      }
      cursor
    }
    pageInfo {
      endCursor
      hasNextPage
    }
  }
}

fragment CompanyAnalystQuery on Company {
  analysts {
    ...AnalystData
    name
    pageUrl
    jobTitle
    imgUrl
    id
  }
}

fragment CompanyContent_query_3mc3wd on Query {
  ...CompanyHeader_query_Ux1x9
  ...CompanyOwnership_query_Ux1x9 @include(if: $includeOwnership)
  ...CompanyFinancials_query_Ux1x9 @include(if: $includeEstimates)
  ...CompanyDividend_query_Ux1x9 @include(if: $includeDividend)
  ...CompanyInvestorConsensus_query_Ux1x9
  ...CompanyPageTop_query_Ux1x9 @include(if: $includeOverview)
  ...CompanyPageBottom_query_2bVJwf @include(if: $includeOverview)
  ...CompanyDisclaimer_query_Ux1x9
  ...Extensive_query_3u4Ry5
}

fragment CompanyCoverage_Company on Company {
  analysts {
    name
    id
  }
  isPayingCustomerOf
  isFormerCustomerOf
  isCorporateCustomer
  ...CompanyAnalystQuery
  defaultInstrument {
    ...TargetAndRecommendation_Company
    id
  }
}

fragment CompanyDescription_Company on Company {
  description
  websiteUrl
  name
}

fragment CompanyDisclaimer_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    isPayingCustomerOf
    isFormerCustomerOf
    id
  }
}

fragment CompanyDividendER_query on Company {
  name
  defaultInstrument {
    estimateData {
      reportingCurrency
    }
    dividendTransactions: estimateTransactions(first: 1, includeQuarters: false) {
      actualized {
        year
        dividend
        dividendYield
        payoutPercentage
        sharePrice
      }
      estimates {
        year
        dividend
        dividendYield
        payoutPercentage
        sharePrice
      }
    }
    id
  }
}

fragment CompanyDividendNonER_query on Company {
  name
  defaultInstrument {
    nonERDividendSet: nonERCompanyNumberSet(includeQuarters: false) {
      year
      dividend
      dividendYield
      epsReported
      sharePrice
      currency
    }
    id
  }
}

fragment CompanyDividend_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    ...CompanyDividendER_query
    ...CompanyDividendNonER_query
    defaultInstrument {
      coreId
      id
    }
    id
  }
}

fragment CompanyFinancials_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    ...NonERCompanyNumbers_query
    ...CompanyNumbers_query
    defaultInstrument {
      coreId
      id
    }
    id
  }
}

fragment CompanyHeader_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    id
    companyInsref
    name
    viewerIsFollowing
    followersCount
    isCorporateCustomer
    hasPinpointData
    hasDividendHistory
    sector {
      sectorname
      industry
    }
    regions
    extensiveExists
    defaultInstrument {
      symbol
      priceData {
        tradeCurrency
        lastPrice
        diff1dPercentage
      }
      marketplace {
        name
      }
      estimates: estimateTransactions(first: 1, includeQuarters: false) {
        date
      }
      nonERCompanyNumberSet(first: 1, includeQuarters: false) {
        year
      }
      id
    }
    topOwners {
      holders {
        name
      }
    }
    transactions: insiderTransactions(filter: {types: [BUY, SELL, SUBSCRIPTION]}) {
      edges {
        node {
          date
          id
        }
      }
    }
  }
}

fragment CompanyInsiderTransactions on Company {
  name
  regions
  insiderTransactions(filter: {types: [BUY, EXERCISE_OF_SHARE_OPTION, PLEDGE, RECEPTION_OF_SHARE_PREMIUM, SELL, SUBSCRIPTION]}) {
    edges {
      node {
        insider
        position
        volume
        price
        date
        unit
        type
        relatedParty
        id
      }
    }
  }
}

fragment CompanyInvestorConsensus_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    companyInsref
    id
  }
}

fragment CompanyMetaData_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    description
    pageUrl
    defaultInstrument {
      estimateData {
        modelType
      }
      id
    }
    id
  }
}

fragment CompanyName_Slug on Company {
  slug
}

fragment CompanyNumbers_query on Company {
  name
  defaultInstrument {
    estimateData {
      modelType
      reportingCurrency
    }
    estimateTransactions(first: 1, includeQuarters: true) {
      comparisonIndexName
      actualized {
        year
        quarter
        revenue
        revenueGrowth
        ebitda
        ebitAdjusted
        ebitReported
        preTaxProfit
        netEarnings
        epsReported
        epsAdjusted
        dividend
        payoutPercentage
        roePercent
        roiPercent
        enterpriseValue
        bookValue
        marketCap
        gearingPercent
        equityRatio
        dividendYield
        totalCosts
        loanLosses
        balanceSheetTotal
        tangibleBook
        cet1
        rwa
        sharePrice
        sharesTotal
        nav
        navPerShare
        opexOfNav
        totalShareholderReturn
        comparisonIndexReturn
        netDebtTotalAsset
        quarterlySharePrice
      }
      estimates {
        year
        quarter
        revenue
        revenueGrowth
        ebitda
        ebitAdjusted
        ebitReported
        preTaxProfit
        netEarnings
        epsReported
        epsAdjusted
        dividend
        payoutPercentage
        roePercent
        roiPercent
        enterpriseValue
        bookValue
        marketCap
        gearingPercent
        equityRatio
        dividendYield
        totalCosts
        loanLosses
        balanceSheetTotal
        tangibleBook
        cet1
        rwa
        sharePrice
        sharesTotal
        nav
        navPerShare
        opexOfNav
        totalShareholderReturn
        comparisonIndexReturn
        netDebtTotalAsset
        quarterlySharePrice
      }
    }
    id
  }
}

fragment CompanyOverviewGraphs_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      companyTransactions: estimateTransactions(first: 1, includeQuarters: false) {
        actualized {
          year
          revenue
          ebitAdjusted
          epsAdjusted
          dividendYield
          navPerShare
          totalShareholderReturn
        }
        estimates {
          year
          revenue
          ebitAdjusted
          epsAdjusted
          dividendYield
          navPerShare
          totalShareholderReturn
        }
      }
      id
    }
    id
  }
}

fragment CompanyOwners on Company {
  regions
  topOwners {
    recordDate
    compareDate
    source
    holders {
      name
      capitalPercent
      votingPowerPercent
      positionChange
      totalSharesChange
      shareChange
      isNew
      isRemoved
    }
  }
}

fragment CompanyOwnership_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    ...CompanyOwners
    ...CompanyInsiderTransactions
    id
  }
}

fragment CompanyPageBottom_query_2bVJwf on Query {
  ...GeneralFeed_data_3NXCcw
  ...CompactFeed_3NXCcw
  ...UpcomingEventsQuery_Ux1x9
  ...RiskRecommendMatrix_query_Ux1x9
  ...CompanyOverviewGraphs_query_Ux1x9
  ...NonERCompanyOverviewGraphs_query_Ux1x9
  company(companySlug: $companyName) {
    companyInsref
    ...ForumUpdates_Company
    defaultInstrument {
      coreId
      id
    }
    id
  }
  allFeed: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  main: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true, types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT, ANALYST_COMMENT, VIDEO, ARTICLE]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  webcasts: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true, types: [WEBCAST]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  thirdPartyResearch: feedContent(first: 1, companySlug: $companyName, filter: {types: [THIRD_PARTY_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  releases: feedContent(first: 1, companySlug: $companyName, filter: {types: [STOCK_EXCHANGE_RELEASE, PRESS_RELEASE]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
}

fragment CompanyPageTop_query_Ux1x9 on Query {
  ...StockChart_ChartQuery_Ux1x9
  ...LatestReports_query_Ux1x9
  company(companySlug: $companyName) {
    isFund
    name
    ...CompanyCoverage_Company
    ...CompanyName_Slug
    ...CompanyDescription_Company
    ...FundNumbers_Company
    ...ChangePercentBlock_Company
    ...KeyEstimateFigures_Company
    ...InvestmentCompanyKeyFigures_Company
    defaultInstrument {
      id
      estimateData {
        modelType
      }
    }
    analysts {
      name
      id
    }
    id
  }
  extensiveReport: feedContent(first: 1, companySlug: $companyName, filter: {types: [EXTENSIVE_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  analysis: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku", "Arvonluojat"]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  analysisArvonluojat: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku"]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
}

fragment CompanyTagList on Company {
  pageUrl
  name
  viewerIsFollowing
}

fragment Extensive_query_3u4Ry5 on Query {
  company(companySlug: $companyName) {
    extensive(extensiveId: $extensiveId, snapshotDate: $snapshotDate) {
      publishedAt
      pageUrl
      content {
        id
        title
        lang
        slug
        htmlBody
        publishedAt
        createdAt
        changedAt
        isOutdated
      }
    }
    id
  }
}

fragment ForumUpdates_Company on Company {
  name
  forum {
    threadUrl
    highlightedPosts {
      url
      author
      authorImgUrl
      text
      postedAt
      likesCount
    }
  }
}

fragment FundNumbers_Company on Company {
  defaultInstrument {
    isin
    symbol
    priceData {
      lastPrice
      ath
    }
    id
  }
}

fragment GeneralFeed_data_3NXCcw on Query {
  generalFeed: feedContent(first: 20, companySlug: $companyName, filter: {types: $feedTypes}) {
    edges {
      node {
        __typename
        id
        ...Teaser_content
        ...TeaserCompact_content
      }
      cursor
    }
    pageInfo {
      endCursor
      hasNextPage
    }
  }
}

fragment InvestmentCompanyKeyFigures_Company on Company {
  marketData {
    marketCap
  }
  defaultInstrument {
    priceData {
      tradeCurrency
      dailyTurnover
    }
    estimateData {
      modelType
    }
    estimateTransactions(first: 1, includeQuarters: true) {
      actualized {
        year
        quarter
        sharesTotal
        marketCap
        nav
        navPerShare
        dividendYield
        quarterlySharePrice
      }
      estimates {
        year
        quarter
        dividendYield
      }
    }
    id
  }
}

fragment KeyEstimateFigures_Company on Company {
  marketData {
    marketCap
  }
  defaultInstrument {
    priceData {
      tradeCurrency
      dailyTurnover
      lastPrice
      marketCap
    }
    sector
    fundamentalData {
      ebit
      eps
      sales
      dividend
    }
    estimateData {
      modelType
      estimates {
        firstEstimateYear {
          year
          bookValue
          netSales
          dividendA
          epsAdjusted
          ebitAdjusted
          hybridLoan
          noOfShares
          netDebt
          mvMinorities
          mvAssociated
          roePercent
        }
      }
    }
    estimatesSharePrice: estimateTransactions(first: 1) {
      estimates {
        sharePrice
      }
    }
    id
  }
}

fragment LatestReports_query_Ux1x9 on Query {
  extensiveReport: feedContent(first: 1, companySlug: $companyName, filter: {types: [EXTENSIVE_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
  analysis: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku", "Arvonluojat"]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
  analysisArvonluojat: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku"]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
}

fragment NonERCompanyNumbers_query on Company {
  name
  defaultInstrument {
    nonERNumberSet: nonERCompanyNumberSet(includeQuarters: true) {
      year
      quarter
      revenue
      ebitda
      ebitReported
      epsReported
      dividend
      sharesTotal
      roe
      roi
      enterpriseValue
      marketCap
      gearingRatio
      equityRatio
      dividendYield
      sharePrice
      currency
      evSales
      evEbitda
      evEbit
      pb
      netIncome
      ptp
    }
    id
  }
}

fragment NonERCompanyOverviewGraphs_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      overviewGraphsData: nonERCompanyNumberSet(includeQuarters: false) {
        year
        revenue
        ebitReported
        epsReported
        dividend
        dividendYield
        currency
      }
      id
    }
    id
  }
}

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

fragment RiskRecommendMatrix_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      riskData: estimateTransactions(first: 1) {
        businessRisk
        valuationRisk
      }
      id
    }
    id
  }
}

fragment StockChart_ChartQuery_Ux1x9 on Query {
  company(companySlug: $companyName) {
    isFund
    defaultInstrument {
      coreId
      id
      marketOpen
      marketClose
      marketplace {
        region
      }
      priceData {
        lastPrice
      }
      returns {
        day
        week
        month
        threeMonths
        sixMonths
        year
        threeYears
        fiveYears
        tenYears
        ytd
        total
      }
    }
    id
  }
}

fragment TargetAndRecommendation_Company on Instrument {
  estimateData {
    modelType
    researchCurrency
    estimates {
      date
      recommendation
      targetPrice
    }
  }
}

fragment TeaserCompact_content on Content {
  __isContent: __typename
  __typename
  id
  type
  title
  createdAt
  isPremium
  pageUrl
  lang
  companies {
    ...CompanyTagList
    id
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
  ...AuthorList
}

fragment TeaserExtraCompact_content on Content {
  __isContent: __typename
  id
  title
  createdAt
  pageUrl
  lang
  companies {
    name
    pageUrl
    viewerIsFollowing
    id
  }
}

fragment Teaser_content on Content {
  __isContent: __typename
  __typename
  id
  type
  title
  createdAt
  pageUrl
  imgUrl
  isPremium
  lang
  companies {
    ...CompanyTagList
    id
  }
  publishers {
    imgUrl
  }
  authors {
    __typename
    id
  }
  ... on AnalystComment {
    preview
  }
  ... on Article {
    preview
  }
  ... on CompanyReport {
    preview
  }
  ... on ThirdPartyCompanyReport {
    preview
  }
  ... on QA {
    preview
  }
  ... on Video {
    preview
    liveTime
    videoDuration
  }
  ... on Webcast {
    preview
    liveTime
  }
  ...AuthorList
  ...Reactions
}

fragment UpcomingEventsQuery_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      calendarEvents(first: 10) {
        edges {
          node {
            date
            type
            period
            id
          }
        }
      }
      id
    }
    id
  }
}


name

description

pageUrl

defaultInstrument

companyInsref

viewerIsFollowing

followersCount

isCorporateCustomer

hasPinpointData

hasDividendHistory

sector

regions

extensiveExists

topOwners

insiderTransactions

isPayingCustomerOf

isFormerCustomerOf

extensive

feedContent

Andfjord Salmon Group

Andfjord Salmon: Solid biological conditions continue to drive fish farming performance | Q4 2025 financial results

Andfjord Salmon: Invitation to Q4/interim FY 2025 results presentation

Andfjord Salmon – Grant of options to primary insiders

Andfjord Salmon - New share capital registered

Andfjord Salmon – New share capital registered

Andfjord Salmon: Strong momentum continues, K1 growth accelerates sharply, K0 surpasses 1 kg ahead of plan

Andfjord Salmon: Extraordinary general meeting held

ANDF: Financial calendar

NOTICE OF EXTRAORDINARY GENERAL MEETING  OF ANDFJORD SALMON GROUP AS

Andfjord Salmon AS - Primary insider notification

Andfjord Salmon Group AS: Primary insider notification

Andfjord Salmon: Solid fish farming performance | Q3 2025 financial results

Andfjord Salmon - Private placement concluded

Andfjord Salmon – Private placement concluded

Andfjord Salmon: Business update, private placement securing new equity and enhanced bank debt package

Andfjord Salmon: Invitation to Q3 2025 results presentation

Andfjord Salmon: New contractors engaged at Kvalnes

Euronext Growth Oslo

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.

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

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

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

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.

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.

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