olivLaw · European equity research
Andfjord Salmon Group AS ANDF.OL
Norway · Euronext Oslo Børs · ISIN NO0010829765 · Vertical: Listed companies from Norway
Andfjord Salmon Group AS is a Norwegian aquaculture company producing salmon in Norway, with large-scale construction work at Kvalnes, Andøya. Interest in the company grows as it expands capacity and strengthens its governance structure, and the 2025 annual report provides a clear framework for assessing these changes.
At the close of 04 Nov 2026, Andfjord Salmon Group AS (ANDF.OL) stock was 25.70 NOK (−0.77% on the day), with market capitalisation 2.2 bn NOK, beta 0.24, 52-week range 24.00–31.70 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 34.3
- weak (30–45)
- Bollinger (20, 2)
- 25.08 – 29.22
- in the lower half of the band · %B 0.15 · band width 15.3%
- SMA 50 / 200
- 27.62 / 28.28
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.57 / -0.41
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −6.5% | −1.5% | −5.0 pp | — |
| 3 months | −14.3% | −5.3% | −9.1 pp | — |
| 6 months | −6.5% | +4.7% | −11.2 pp | — |
| Year to date | +4.5% | +6.0% | −1.5 pp | — |
| 1 year | −12.0% | +8.2% | −20.2 pp | −5.3% |
| 3 years | −7.6% | +47.2% | −54.7 pp | +19.1% |
| 5 years | −35.8% | +41.8% | −77.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 190.0 k | 815.0 k |
| Revenue YoY | unavailable | +328.9% |
| Net income | -67.9 m | -104.1 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -1.07 | -1.19 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -35,716.8% | -12,770.4% |
| Free cash flow | -1.3 bn | -2.1 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 166.1 m NOK
- Financial debt
- 1.6 bn NOK
- Net debt
- 1.4 bn NOK
- Equity
- 2.4 bn NOK
- Total assets
- 4.8 bn NOK
- Debt / equity
- 0.66x
- Current ratio
- 0.44x
- ROE
- -5.7%
- ROA
- -2.9%
- FCF margin
- -263,080.1%
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 190.0 k | 815.0 k | esef· 21 Oct 2026verified |
| Operating income | -71.9 m | -116.5 m | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 24.8 m | 36.3 m | esef· 21 Oct 2026verified |
| EBITDA | -47.2 m ≈ | -80.2 m ≈ | esef· 21 Oct 2026derived |
| Interest expense | 837.0 k | 530.0 k | esef· 21 Oct 2026verified |
| Pre-tax income | -67.9 m | -104.1 m | esef· 21 Oct 2026verified |
| Income tax | 0 | 0 | esef· 21 Oct 2026verified |
| Net income | -67.9 m | -104.1 m | esef· 21 Oct 2026verified |
| Diluted EPS | -1.07 | -1.19 | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · NOK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 59.2 m | 166.1 m | esef· 21 Oct 2026verified |
| Receivables | 44.0 k | 2.3 m | esef· 21 Oct 2026verified |
| Current assets | 137.0 m | 306.4 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 2.2 bn | 4.3 bn | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 16.4 m | 39.7 m | esef· 21 Oct 2026verified |
| Total assets | 2.4 bn | 4.8 bn | esef· 21 Oct 2026verified |
| Long-term debt | 832.3 m | 1.6 bn | esef· 21 Oct 2026verified |
| Current liabilities | 304.7 m | 694.3 m | esef· 21 Oct 2026verified |
| Total liabilities | 1.1 bn | 2.3 bn | esef· 21 Oct 2026verified |
| Equity | 1.3 bn | 2.4 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 63.4 m | 87.5 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -69.9 m | -178.6 m | esef· 21 Oct 2026verified |
| Capex | 1.2 bn | 2.0 bn | esef· 21 Oct 2026verified |
| Free cash flow | -1.3 bn ≈ | -2.1 bn ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -1.2 bn | -1.7 bn | esef· 21 Oct 2026verified |
| Financing cash flow | 1.1 bn | 2.0 bn | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.2 bn NOK
Key indicators
Coverage and freshness
Score by group
35% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -3.3% | 9 (vs peers) | 29% |
| Net margin · Quality | -12,770.4% | 0 (vs peers) | 18% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -219.7x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 0.4x | 0 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -95.4% | 0 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality6/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ANDFJORD SALMON GROUP AS (ANDF.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 815.0 k NOK in 2025; YoY growth 328.9%; net margin -12,770.4%; ROE -5.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: -3.3%
- Net margin: -12,770.4%
- Interest coverage: -219.7x
- Current ratio: 0.4x
- FCF yield: -95.4%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 85.6 bn | 21.8 | 7.9% | 21.4% | +42.5% | +46% / +70% |
| AFG.OLAf Gruppen Asa | 21.6 bn | 19.9 | 39.7% | 3.4% | +4.4% | +9% / +71% |
| ELK.OLElkem Asa | 19.6 bn | 40.2 | 1.9% | 2.7% | −15.7% | +12% / +77% |
| ATEA.OLAtea Asa | 19.0 bn | 22.0 | 19.7% | 2.3% | +8.1% | +15% / +40% |
| AKSO.OLAker Solutions Asa | 17.6 bn | 6.9 | 22.5% | 4.1% | +19.2% | +19% / −11% |
| AUSS.OLAustevoll Seafood Asa | 16.7 bn | 37.2 | 1.6% | 1.1% | +11.1% | −6% / +11% |
| BRG.OLBorregaard Asa | 15.5 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −10% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.9 | 17.1% | 11.4% | −10.8% | +18% / +45% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +38% / +30% |
| B2I.OLB2 Impact Asa | 8.7 bn | 14.2 | 11.0% | 16.4% | +2.6% | +39% / +236% |
| AKVA.OLAkva Group Asa | 5.8 bn | 31.3 | 13.7% | 4.2% | +24.4% | +74% / +153% |
| BOUV.OLBouvet Asa | 5.1 bn | 14.5 | 80.7% | 9.2% | −0.2% | −18% / −14% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| CLOUD.OLCloudberry Clean Energy Asa | 3.9 bn | 61.2 | 1.3% | 13.1% | +34.0% | −6% / +28% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.7 bn | 10.9 | 34.9% | 16.8% | +12.4% | −11% / +22% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −14% / −7% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.9 | 30.1% | 16.1% | +32.3% | −51% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 110.5 | 2.9% | 8.6% | +7.9% | −7% / −47% |
| CAPSL.OLCapsol Technologies Asa | 868.8 m | — | -89.4% | -114.8% | −25.0% | −34% / −67% |
| BOR.OLBorgestad Asa | 563.7 m | 36.8 | 2.1% | 1.4% | −3.0% | −5% / +44% |
| ARR.OLArribatec Group Asa | 239.5 m | 4.9 | 22.1% | 9.3% | +15.7% | −31% / −54% |
| DELIA.OLDellia Group Asa | 73.4 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.9 m | 0.1 | — | 7,297.7% | −87.2% | −81% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −41% / −42% |
1- and 3-year price returns: for ANDF.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (NOK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Andfjord Salmon Group AS is a Norwegian aquaculture company producing salmon in Norway, with large-scale construction work at Kvalnes, Andøya. Interest in the company grows as it expands capacity and strengthens its governance structure, and the 2025 annual report provides a clear framework for assessing these changes.
SWOT
Strengths
- The governance structure is solid, with a majority of independent board members and a nomination committee without executive members. The administration remains small, which supports a cost-effective operating model.
- Board members bring specific experience in aquaculture and capital market financing, which may support business development. The shares are freely negotiable, with no restrictions in the articles of association.
- Reporting is well organised, with a financial calendar and simultaneous publication of information on the website and on Newsweb.no.
Weaknesses
- The source gives no detailed financial data on revenue or profitability, which limits the assessment of performance. The lack of this information makes comparison with other producers difficult.
- Several board members are linked to major shareholders, which may reduce the independence of decisions. The board has no audit or remuneration committee.
- A small administration could become a constraint if the construction projects expand considerably.
Opportunities
- The construction projects at Kvalnes, Andøya, could open the way to growing production capacity. Business development could benefit from the board's experience.
- Stronger transparency and governance could attract investors interested in sustainability criteria. The board reviews sustainability performance annually, which may support this direction.
- If demand for farmed salmon holds, expanding operations could support revenue growth over the longer term.
Threats
- The high cost of construction projects could put pressure on financing if results fall short of expectations.
- Reliance on major shareholders and their links to the board could create conflicts of interest in strategic decisions.
- International competition in aquaculture and environmental regulation could affect margins and development plans.
Risks
- Shareholder concentrationhigh
A majority shareholder and board members' links to major shareholders could influence decisions to the detriment of minority shareholders.
- Project financinghigh
Large-scale construction projects require significant capital, and the source does not detail the financing structure. Funding difficulties could slow development.
- Operational risks in aquaculturemedium
Salmon farming is exposed to biological and environmental risks that can affect production. The source does not assess these risks.
- No audit or remuneration committeemedium
The company has no audit or remuneration committee, as it is not considered large or regulated by the Public Companies Act. This could limit independent oversight.
- Size of the administrationlow
A small administration could become a constraint if project complexity rises quickly.
Investment thesis
What would need to be true (bull case)
- If the Kvalnes construction projects finish on schedule, production capacity could grow significantly, supporting future revenue.
- Board members' experience in aquaculture and capital markets could accelerate business development.
- Transparent reporting and organised governance could strengthen investor confidence over the long term.
What would break the thesis
- Shareholder concentration and board members' links to major shareholders could limit protection for minority shareholders.
- The lack of detailed financial data in the analysed source makes it hard to assess the company's current performance.
- High investment costs could put pressure on financing if the projects face delays or budget overruns.
What to watch
- Annual General Meeting and approval of the accounts2026
- Progress of the construction projects at Kvalnes, Andøya2026
- Changes in board and nomination committee compositionnext 10-K
- Evolution of the shareholder structure and links to major shareholders2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Andfjord Salmon Group AS is a Norwegian aquaculture company listed on the Oslo stock exchange, active in salmon farming. The analysed source is the 2025 annual integrated report, which mainly describes the governance structure and offers no detailed figures on production or revenue.
The company has organised its activity around a board of eight members, which oversees the organisation, operation and management of the company, while the CEO handles day-to-day management. The board aims to ensure the company complies with law and its internal code of conduct.
Large-scale construction work at Kvalnes, Andøya, shows the company's development direction. The report also notes that the administration remains small, in line with the aim of running a cost-effective operation.
Segments
Salmon farming
The company's core segment is salmon farming in Norway. The source gives no figures on volumes or margins for this segment, so the analysis remains qualitative.
Large-scale construction
The construction projects at Kvalnes, Andøya, form a distinct operational component linked to capacity development. The report indicates that some board members are involved in these activities, without financial details.
Market context
The farmed salmon market is dominated by Norwegian producers and other international players, and the analysed source gives no data on market size. The shareholder structure shows links to investors from the food and aquaculture industries.
The capital market is an important context for the company, since its shares are freely negotiable and traded on Oslo Børs. The report stresses that information is published simultaneously on the company's website and on Newsweb.no.
Trends
- Capacity expansiontailwind
The large-scale construction projects suggest a strategy of growing production capacity. If these investments materialise, they could support future volumes, but the source does not quantify the impact.
- Investment costsheadwind
Carrying out large construction projects involves significant outlays, and the source does not detail how they are financed. Cost pressure could limit financial flexibility if the projects expand.
- Governance and transparencytailwind
The board has improved internal control and reporting procedures, and the nomination committee is made up of independent members. These elements may increase investor confidence, but their financial effect is not quantified.
- Shareholder concentrationmixed
Several board members are linked to major shareholders, which could influence strategic decisions. The board states that three members are independent of major shareholders, but concentration remains a point of attention.
Competitive position
The analysed source does not explicitly identify the company's competitors. The competitive landscape of Norwegian salmon producers cannot be assessed from the annual report, which focuses on governance.
The company's differentiation could come from integrating construction projects and from board members' specific experience in aquaculture. These advantages are not, however, compared with other players in the source.
- Norwegian salmon producers
The source names no specific competitors; the group includes other salmon farmers in Norway.
- International food players
The largest shareholder, mentioned in the report, operates in the food sector; this is not a direct production comparison.
- Marine product suppliers
A major shareholder is linked to a fish products group; the source does not detail the competitive relationship.
- Aquaculture operators
Other companies in global aquaculture may compete for the same markets; the source offers no further names.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Oct 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Andfjord Salmon Group AS · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.