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    Andfjord Salmon Group (OB:ANDF) Stock Awaits Harvest Proof After Revenue Debut

    Simply Wall St·08/28/2026 17:32:51
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    Andfjord Salmon Group stock closed at NOK29.40, roughly flat over the past month, even as the company finally put meaningful fish on the books. The market barely moved, yet Q2 delivered a clear shift from pure build phase to commercial reality with NOK51.4m in revenue from its first sizeable post smolt sale since 2023.

    The sentiment hinge today is simple. Investors saw another quarterly loss, NOK20.2m, and largely shrugged. The focus in the report is the revenue inflection and what that implies for cash generation once the first human grade harvests begin in the coming quarters.

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    Q2 2026 Earnings Summary

    • Revenue, Q2 2026 vs Q2 2025: NOK 51.421 million vs. NOK 0.884 million (very large increase from a low base driven by first sizeable post smolt sale)
    • Net Loss, Q2 2026 vs Q2 2025: NOK 20.244 million loss vs. NOK 26.79 million loss (loss narrowed by about 24.5%)
    • Basic EPS, Q1 2026 vs Q1 2025: NOK 0.2257 loss per share vs. NOK 0.258688 loss per share (per share loss narrowed by about 12.7%)
    • Trailing 12 Month Revenue, to Q2 2026 vs to Q2 2025: NOK 51.453 million vs. NOK 0.939 million (very large increase as operations move from build phase to commercial activity)

    Prefer clean charts instead of another dense wall of earnings figures and project updates for Andfjord Salmon Group? See the full financial picture, including a visual breakdown of its revenue and earnings profile, in our company report for Andfjord Salmon Group.

    OB:ANDF Trailing 12-Month Revenue & Expenses Breakdown as at Aug 2026
    OB:ANDF Trailing 12-Month Revenue & Expenses Breakdown as at Aug 2026

    Andfjord Salmon bull case hinges on biology and build out

    Bulls argue that Andfjord Salmon can convert its land based model and post smolt partnership into a high margin, scaleable platform. The latest quarter gives real evidence that parts of this story are tracking. Revenue of NOK 51.4m from the June post smolt sale confirms that the Eidsfjord Sjøfarm partnership is operational, not theoretical. Survival around 96.9% to 98.6% and feed conversion ratios between 0.85 and 1.09 across cohorts support the claim of biological advantages. Pools K0 to K3 are stocked, K2 is filled and testing, and K4 is close to completion, so the physical footprint at Kvalnes is taking shape. The expanded credit facilities and recent NOK 385m private placement mean the planned 2026 smolt releases and first human grade harvests now have clearer funding support.

    Bear case focuses on losses, timing and capital intensity

    Bears argue that rising capex, execution risk and ongoing losses could erode returns, even if volumes grow. Q2 still showed a NOK 20.2m loss, so the business is not yet funding itself. Management acknowledges smolt quality variability and some mortality during the first transport to Eidsfjord, which shows that scale up and logistics are not risk free. Guidance for first human grade harvests in autumn, likely Q4, means fixed costs continue before harvest cash inflows start. The capital structure is heavy, with a NOK 900m bank loan, NOK 750m bond and reliance on an expanded revolving credit facility to fund working capital as biomass and receivables rise. Any delay in pool completion or smolt transfers would leave this higher capital base working harder to earn an attractive return.

    After heavy capex, a short cash runway and recent shareholder dilution, it is worth reviewing whether these are isolated issues. Expose potential hidden structural weaknesses in Andfjord Salmon Group with our risk analysis for Andfjord Salmon Group which shows 2 important warning signs.

    Stay Ahead With Simply Wall St

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.