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10-Q - Andfjord Salmon: Q1 2025 results, smolt release plan, revised CAPEX budget, completed equity issue, and fixed income meetings - Attachment: Andfjord Salmon Q1 2025 presentation.pdf

Company: Andfjord Salmon Date: 2025-05-28 Language: English Register to download
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# Q1 2025 **STATUS AND PROGRESS**

28 MAY 2025

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Martin Rasmussen **CEO**

- ANDFJORD SALMON IN BRIEF
- Quarterly highlights and subsequent events
- Status Kvalnes build-out: Phase 1 and phase 2A
- Next smolt release
- Kvalnes Phase 2: Plans and ambitions
- Financials
- Summary and outlook

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# AGENDA

Jostein Nilssen **Project Director**

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NATURAL OPTIMAL WATER TEMPERATURES

OXYGEN-RICH AND CLEAN ARCTIC SEAWATER

LOW ENERGY COSTS. NO LIFTING, HEATING OR COOLING

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# THE BEST OF **TWO WORLDS**

### 3 BENEFITS OF SEA BASED NET PEN FARMING 3 BENEFITS OF LAND BASED FARMING

**1**

**2**

![](_page_3_Picture_6.jpeg)

NO PROBLEMS WITH SALMON LICE AND POISONOUS ALGAE **1**

NATURAL ESCAPE PREVENTION **2**

COLLECTION AND RECYCLING BIOWASTE = COMMERCIAL VALUE **3**

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# NATURAL FLOW – ANDFJORD

SALMON'S **FLOW-THROUGH** SYSTEM

# **JUNE** 2023

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# KEY FIGURES **– FIRST PRODUCTION CYCLE**

**1.05**

LOW FEED CONVERSION RATE

STRONGER GROWTH

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## LOWER ENERGY COSTS

## HIGH SURVIVAL RATE

Industry average = 1.27\*\*

**+1 kilo**

Extra growth compared to Skretting's growth table

# **1 kWh**

Energy use per kilo produced salmon

**97.5%**

Industry average = 83.3%\*

Source: \*Fish Health Report 2023 \*\* 2023 industry average

## HIGH SUPERIOR SHARE

![](_page_6_Picture_18.jpeg)

## **91.1%**

Industry average = 85.1%\*\*

## **Q1** 2025

- Andfjord Salmon in brief
- QUARTERLY HIGHLIGHTS AND SUBSEQUENT EVENTS
- Status Kvalnes build-out: Phase 1 and phase 2A
- Next smolt release
- Kvalnes Phase 2: Plans and ambitions
- Financials
- Summary and outlook

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# AGENDA

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# HIGHLIGHTS Q1 AND **SUBSEQUENT PERIOD Q1** 2025

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### OPTIMISED PRODUCTION LOGISTICS FOR +20% HIGHER VOLUMES

Announced plan for increased water flow capacity and optimized fish logistics to enable 20% higher through-put to give 23,700 tonnes (HOG + post-smolt) production capacity from current Kvalnes license

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![](_page_8_Picture_6.jpeg)

Initiated phase 2a with additional production volume of 6,000 tonnes (HOG + post-smolt)

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### RAISED FUNDS OF NOK **~**1.4 BN

Through bank package, potential sale and leaseback agreement, plus successful private placement

![](_page_8_Picture_11.jpeg)

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### KVALNES PHASE 1 BUILD-OUT ON TRACK FOR Q3 SMOLT RELEASE

Solid progress on four next pools and other workstreams

### SUCCESSFUL BREAKTHROUGH TO ANDFJORDEN

Successful and safe breakthrough from waterways to Andfjorden, filling outlet tunnel with seawater

- Andfjord Salmon in brief
- Quarterly highlights and subsequent events
- STATUS KVALNES BUILD-OUT: PHASE 1 AND PHASE 2A
- Next smolt release
- Kvalnes Phase 2: Plans and ambitions
- Financials
- Summary and outlook

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# AGENDA

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# STATUS AND PROGRESS – **WATERWAYS**

## **Q1** 2025

- o Capacity to support annual production of 48,100 tonnes (HOG + post-smolt) of salmon
- o Workstream on track
- o Breakthrough to sea/Andfjorden safely conducted on 22 May 2025
- o Outlet tunnel currently filled with seawater
- o Successful breakthrough de-risks the build-out process and subsequent preparation for fish farming operations
- o Inlet waterway completed, minus final barrier to sea. Breakthrough for inlet tunnel planned for June-July

### WATERWAYS ON TRACK

Tunnel outlet to Andfjorden

70 meter below sea level

Temporarily access tunnel

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- 
- 
- 
- 
- 
- 

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# STATUS AND PROGRESS – **POOLS**

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## **Q1** 20235

- o Workstream on track
- o Columns, supports and preparations for wall elements completed for K1 and K3
- o All UHPC wall elements for pool K1 produced.
- o Ongoing Installation of technical infrastructure in K1 and K3
- o Additional development resources, manpower and equipment mobilised to increase production of concrete and UHPC wall elements, installation capacity and construction of dividing walls
- o Mobilisation of additional resources has incurred extra cost in the short term, but will drive efficiency gains for forthcoming pools
- o On track for initiating smolt release from Q3 2025 (September)

### 4 POOLS BEING CONSTRUCTED

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# STATUS AND PROGRESS – **HARBOUR**

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- o Workstream on track
- o Temporary breakwater constructed to shield ongoing construction work from waves and currents from Andfjorden
- Dredging of harbour, to make it deeper, is more or less completed
- Initiated construction of quay facility
- Started installing armour stone to protect harbour from wave erosion
- Adverse weather conditions have eroded the financial buffer for the harbour workstream, additional flexibility required for sea transport of armour stone

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### QUAY AND BREAKWATER BEING CONSTRUCTED

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# BUILD-OUT OF PHASE 1 AT KVALNES **NEARING COMPLETION**

## **Q1** 2025

- Andfjord Salmon in brief
- Quarterly highlights and subsequent events
- Status Kvalnes build-out: Phase 1 and phase 2A
- NEXT SMOLT RELEASE
- Kvalnes Phase 2: Plans and ambitions
- Financials
- Summary and outlook

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# AGENDA

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# PLANNED SMOLT RELEASE

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- o Initiating release of smolt from September
- o Pools K0 and K1 (for future splitting) to be stocked first
- o Smolt to be transferred to pools K3, K2 and K4 as biomass density increases
- o Smolt release represents a significant scale up of commercial operations for Andfjord Salmon
- o Currently assessing "post-smolt" production opportunities

![](_page_17_Picture_7.jpeg)

- Andfjord Salmon in brief
- Quarterly highlights and subsequent events
- Status Kvalnes build-out: Phase 1 and phase 2A
- Next smolt release
- KVALNES PHASE 2: PLANS AND AMBITIONS
- Financials
- Summary and outlook

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# AGENDA

- Kvalnes construction plan follows a four-byfour pool expansion
- Construction of Phase 1 and shared operational infrastructure for all 12 pools to be finalized by Q2 2025
- Phase 2a construction started, reaping construction synergies from continuous process across phases.
- Accretive investment opportunity being pursued, prior to pool pits being cemented in:
	- ‒ Includes wall segment joining Phase 1 and Phase 2a, which will reinforce the pools to allow for optimized water flow and fish logistics, as well as preparations for adherence to potential regulatory changes

**1** ✓ **2b**

**2a**

**Phase 2a** Dividing walls between pools already started

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# SPEED AND ACCURACY OF PHASE 1 ALLOWS FOR **IMMEDIATE START** OF PHASE 2 EXP.

## **Q1** 2025 2025

![](_page_19_Picture_4.jpeg)

**OLD**

water flow and fish logistics

**NEW** water flow and fish logistics

![](_page_20_Figure_5.jpeg)

| water outlet | New system for increased<br>flexibility of moving fish,<br>enabling<br>significantly higher pool<br>utilization |
|--------------|-----------------------------------------------------------------------------------------------------------------|
| water outlet | Reinforced concrete walls<br>for<br>increased water flow and levels                                             |
|              | Fish to be moved using a network<br>of underground piping                                                       |

*Note: Illustrative*

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# DESIGN IMPROVEMENTS FOR **OPTIMIZED POOL UTILISATION** AND +20% OUTPUT

## **Q1** 20235

![](_page_21_Picture_2.jpeg)

![](_page_21_Picture_0.jpeg)

# +20% **PRODUCTION VOLUME** AT KVALNES

- Andfjord Salmon in brief
- Quarterly highlights and subsequent events
- Status Kvalnes build-out: Phase 1 and phase 2A
- Next smolt release
- Kvalnes Phase 2: Plans and ambitions
- FINANCIALS
- Summary and outlook

![](_page_22_Picture_0.jpeg)

# AGENDA

- o Construction loan of up to **NOK 400 million** (up to 50% loan to Phase 2a construction capex), for a total debt package of NOK 1,100 million
- o Overdraft facility of up to 60% of the value of borrowing base (standing biomass, inventories, accounts receivables) discussed, not yet committed
- o A leasing facility of **NOK 175m** is planned for certain equipment financing

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# FEBRUARY 2025: ANNOUNCED NOK ̴1.4 BN FUNDING FOR **PHASE 2 EXPANSION**

## **Q1** 2025

## NEW BANK PACKAGE SALE OF INFRASTRUCTURE ASSET SUCCESSFUL PRIVATE PLACEMENT

- o Term sheet for the sale of harbour area to Asset Buyout Partners based on estimated cost of **NOK ~400 million** which, if such transaction is agreed and completed, will give ~NOK +200 million in immediate positive cash effect to Andfjord
- o NOK ~200m of proceeds to be used to reduce the existing bank package
- o Upon completion, harbour is **leased back**  to Andfjord Salmon company on an 80 year contract
- o Transaction to be settled following completion of de-merger of harbour property
- o Raised **NOK 600 million**
- o Strong support from large **industrial shareholders**, including:
	- o Jerónimo Martins (NOK 226 million)
	- o High Liner Foods (NOK 114 million)
	- o Eidsfjord Sjøfarm/Holmøy Havbruk (NOK 15 million)

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# STATEMENT OF **COMPREHENSIVE INCOME**

![](_page_24_Picture_3.jpeg)

All amounts in NOK 1,000

| Statement of<br>comprehensive<br>income   | Q1 2025                    | Q1 2024                    | 2024           |
|-------------------------------------------|----------------------------|----------------------------|----------------|
|                                           | 1.1 –<br>31.3<br>Unaudited | 1.1 –<br>31.3<br>Unaudited | 1.1 –<br>31.12 |
| Operating<br>income<br>and<br>expenses    |                            |                            |                |
| Revenue from contracts with customers     | -                          | 57                         | 190            |
| Other<br>operating income                 | -                          | -                          | 134            |
| Total<br>operating income                 | -                          | 57                         | 324            |
|                                           |                            |                            |                |
| Cost of materials                         | -                          | -98                        | -375           |
| Employee benefit expenses                 | -4 142                     | -4 811                     | -21 683        |
| Depreciation<br>and amortisation expenses | -5 952                     | -6 192                     | -24 756        |
| Other<br>operating<br>expenses            | -8 979                     | -5 984                     | -25 450        |
| Total<br>operating expenses               | -19 072                    | -17 085                    | -72 264        |
| Operating profit/loss                     | -19 072                    | -17 028                    | -71 940        |
|                                           |                            |                            |                |
| Financial<br>income<br>and<br>expenses    |                            |                            |                |
| Financial<br>income                       | 1 250                      | 1 528                      | 4 914          |
| Net financial costs                       | -211                       | -205                       | -837           |
| Net<br>financial<br>result                | 1 040                      | 1 324                      | 4 077          |
| Profit/loss<br>for the period             | -18 033                    | -15 705                    | -67 862        |

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# STATEMENT OF **FINANCIAL POSITION**

## **Q1** 2025

| Assets                         | 31.03.2025 -<br>Unaudited | 31.12.2024 | 31.03.2024 -<br>Unaudited |
|--------------------------------|---------------------------|------------|---------------------------|
| Intangible<br>assets           | 16 350                    | 16 420     | 15 077                    |
| Property, plant &<br>equipment | 2 897 667                 | 2 230 854  | 1 067 333                 |
| Right-of-use<br>assets         | 12 387                    | 13 060     | 16 243                    |
| Other<br>non-current<br>assets | 9                         | 139        | 44                        |
| Total<br>non-current<br>assets | 2 926 414                 | 2 260 473  | 1 098 698                 |
| Biological<br>assets           | -                         | -          | -                         |
| Other<br>inventories           | 1 340                     | 1 340      | 1 599                     |
| Trade and other receivables    | 22                        | 44         | 46                        |
| Other<br>current<br>assets     | 23 215                    | 76 443     | 2 777                     |
| Cash and<br>cash equivalents   | 178 890                   | 59 196     | 51 426                    |
| Total<br>current<br>assets     | 203 467                   | 137 023    | 55 848                    |
| Total<br>assets                | 3 129 880                 | 2 397 496  | 1 154 545                 |

All amounts in NOK 1,000

*Figures do not include undrawn construction loan of NOK 440 million in total and an undrawn credit facility of NOK 20 million*

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# STATEMENT OF **FINANCIAL POSITION**

## **Q1** 2025

| Equity and liabilities              | 31.03.2025 -<br>Unaudited | 31.12.2024 | 31.03.2024 -<br>Unaudited |
|-------------------------------------|---------------------------|------------|---------------------------|
| Total equity                        | 1 807 461                 | 1 254 355  | 978 819                   |
| Borrowings                          | 830 771                   | 832 309    | 57 626                    |
| Lease liabilities                   | 5 406                     | 6 163      | 8 365                     |
| Total<br>non-current<br>liabilities | 836 177                   | 838 472    | 65 991                    |
| Borrowings                          | -                         | -          | 7 666                     |
| Lease liabilities                   | 4 747                     | 4 276      | 4 396                     |
| Trade payables                      | 282 620                   | 295 506    | 73 505                    |
| Other<br>current<br>liabilities     | 198 874                   | 4 887      | 24 167                    |
| Total<br>current<br>liabilities     | 486 242                   | 304 669    | 109 736                   |
| Total liabilities                   | 1 322 420                 | 1 143 141  | 175 726                   |
| Total equity<br>and liabilities     | 3 129 880                 | 2 397 496  | 1 154 545                 |

All amounts in NOK 1,000

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# STATEMENT OF **CASH FLOWS**

## **Q1** 2025

![](_page_27_Picture_5.jpeg)

| Statement of<br>cash flows                    | Q1 2025                    | Q1 2024                    | 2024           |
|-----------------------------------------------|----------------------------|----------------------------|----------------|
|                                               | 1.1 –<br>31.3<br>Unaudited | 1.1 –<br>31.3<br>Unaudited | 1.1 –<br>31.12 |
| Net cash flow<br>from operating activities    | -18 519                    | -20 590                    | -69 945        |
| Net cash flow<br>from investing<br>activities | -447 031                   | -174 594                   | -1 208 411     |
| Net cash flow<br>from financing<br>activities | 585 244                    | -3 423                     | 1 087 519      |
| Net change<br>in cash and cash equivalents    | 119 694                    | -198 606                   | -190 836       |

### All amounts in NOK 1,000

### **Estimated capex per phase, revised**

![](_page_28_Picture_0.jpeg)

## **REVISED** CAPEX PLAN: MAINTAINS **MAXIMUM PROGRESS** AND ACHIEVES **EFFICIENCY GAINS** FOR FUTURE BUILD-OUT PHASES

| Phase, Kvalnes        | Capex1<br>(NOK, est.) | Added production<br>(HOG, est.) | Accumulated<br>production<br>(HOG, est.) |
|-----------------------|-----------------------|---------------------------------|------------------------------------------|
| Pilot                 | ~ 450m                | +1,200t                         | 1,200t                                   |
| 1                     | ~1,850m               | +9,800t                         | 11,000t                                  |
| 2a                    | ~1,270m               | +6,000t                         | 17,000t                                  |
| 2b                    | ~ 500m                | +6,700t                         | 23,700t                                  |
| 3 (license expansion) | ~ 0m                  | +5,100t                         | 28,800t                                  |
| 4                     | ~ 360m                | +5,400t                         | 34,200t                                  |
| 5                     | ~ 1,100m              | +13,900t                        | 48,100t                                  |

### **Comments**

• Andfjord Salmon has been informed by main contractor Hæhre that the final construction cost will be higher than the original budget

• In total, phases 1 and 2A had a prior total capex budget of NOK 2,800 million, which is hereby upwards adjusted to NOK 3,120 million. In addition, the company has conducted infrastructure work inside the waterways that are related to preparations for steps 4 and 5 of the expansion. This amounts to NOK 80 million in total and the budget for step 4 is adjusted

### **[MAY]** 2025 **Q1**

• NOK 100 million of the capex is related to Phase 2B

• The revision is connected to higher than expected costs related to concrete production; mobilization of additional development resources, manpower and equipment to maintain progress; unforeseen costs related to certain one-off design changes as the project has progressed; plus adverse weather conditions that have eroded the financial buffer for the harbour workstream

- 
- accordingly
- 
- 
- 
- 
- 115/kg
- 

### • Front-loading of some of the additional capex investments are expected to drive efficiency gains and de-risk the build-out process for forthcoming build-out phases

• The Kvalnes site is expected to deliver 48,100 tonnes of production once fully scaled

## • After these adjustments, the company expects blended capex for the full Kvalnes site at NOK

• Significant parts of the total Kvalnes infrastructure, including e.g. waterways and harbour to support full scale production of 48,100 tonnes, is taken as part of phases 1 and 2

### **Equity issue**

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# STRONG SHAREHOLDER SUPPORT: **IMMEDIATE RESOLUTION** FOR CAPEX FINANCING

### **[MAY]** 2025 **Q1**2025

![](_page_29_Picture_15.jpeg)

- To finance the updated CAPEX, an equity injection totaling NOK 400 million has been secured from certain existing shareholders at a subscription price of NOK 36.80 per share:
	- Jerónimo Martins (the Company's largest shareholder) will be allocated shares equal to an amount of NOK 300 million
	- Three other existing shareholders will be allocated the remaining NOK 100 million
- The financing is carried out as a directed equity issue conducted in line with the authorization granted by the annual general meeting to the board of Andfjord Salmon
- The board has considered the structure of the equity raise in light of relevant equal treatment obligations and guidelines, and is of the view that the ability to efficiently secure the additional capital required at current market price with no discount and without project or production interference is in the common interest of the Company and all its shareholders.

### **About Jerónimo Martins:**

- 
- 
- 
- 

![](_page_29_Picture_13.jpeg)

• Portugal-based international industry group that operates in food distribution, retail and agribusiness

• 19th largest food retailer in Europe and 47 th largest retailer in the world, regardless of sector (Deloitte, 2023)

• Listed on the Euronext Lisbon Stock Exchange with a market cap of EUR ~[13]bn<sup>1</sup>

• Consolidated group sales of EUR ~33.5bn (2024)

![](_page_29_Picture_20.jpeg)

### **Upcoming production cycle: Working capital**

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# **PREPARING FOR PRODUCTION**: PLANNED **BOND** ISSUE TO COVER WORKING CAPITAL NEEDS

### **Fixed income meetings**

| Upcoming production cycle, starting Q3 2025 (September): |                                                                                     |
|----------------------------------------------------------|-------------------------------------------------------------------------------------|
| •                                                        | July/August 2025: Testing of all equipment and infrastructure, including waterways, |

- July/August 2025: Testing of all equipment and infrastructure, including waterways, concrete works, technical infrastructure, pools, etc.
- Initiating release of smolt in September 2025
- After this release, Andfjord Salmon will continuously add more batches and have consistent salmon production

### **Fixed income meetings:**

- 
- 
- 
- 

### **[MAY]** 2025 **Q1**

• Separate to the construction process, Andfjord Salmon is contemplating further working capital financing for the purpose of production ramp-up

• Andfjord Salmon has mandated Arctic Securities as Global Coordinator and Joint Bookrunner, and Nordea and SpareBank 1 Markets as Joint Bookrunners, to arrange a series of fixed income meetings commencing on 30 May 2025

• Subject to inter alia market conditions, a NOK denominated senior secured floating rate bond issue with 3-year tenor may follow

• See separate stock exchange announcement regarding fixed income meetings

- Andfjord Salmon in brief
- Quarterly highlights and subsequent events
- Status Kvalnes build-out: Phase 1 and phase 2A
- Next smolt release
- Kvalnes Phase 2: Plans and ambitions
- Financials
- SUMMARY AND OUTLOOK

![](_page_31_Picture_0.jpeg)

# AGENDA

![](_page_32_Picture_0.jpeg)

# SUMMARY AND OUTLOOK

![](_page_32_Picture_2.jpeg)

## **Q1** 2025

![](_page_32_Picture_13.jpeg)

![](_page_32_Picture_14.jpeg)

### OPTIMISED PRODUCTION LOGISTICS FOR +20% HIGHER VOLUMES

Announced plan for increased water flow capacity and optimized fish logistics to enable 20% higher through-put to give 23,700 tonnes (HOG + post-smolt) production capacity from current Kvalnes license

![](_page_32_Picture_5.jpeg)

![](_page_32_Picture_6.jpeg)

Initiated phase 2a with additional production volume of 6,000 tonnes (HOG + post-smolt)

![](_page_32_Picture_8.jpeg)

### STRONG FINANCING SUPPORT

Q1: Raised NOK ̴1.4 bn Through bank package, potential sale and leaseback agreement, and private placement

Q2: NOK 400 million directed equity issue to cover revised capex plan

### KVALNES PHASE 1 BUILD-OUT ON TRACK FOR Q3 SMOLT RELEASE

Solid progress on four next pools and other workstreams

Initiating release of approximately 1 million smolt in September 2025

### SUCCESSFUL BREAKTHROUGH TO ANDFJORDEN

Successful and safe breakthrough from waterways to Andfjorden, filling outlet tunnel with seawater

Inlet tunnel breakthrough planned for June/July

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Q & A

## **Q1** 2025

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## **NEXT QUARTERLY UPDATE:**

## Q2 2025 presentation – 4 Sept 2025

For more information on this presentation and its contents, please contact:

Bjarne Martinsen, CFO Andfjord Salmon bjarne.martinsen@andfjord.no.

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