SECTION 1. Corporate information and basis of preparation
In brief
This section includes corporate information, basis of preparation, an overview of general accounting policies, key estimates, and judgements in the Group.
1.1\tCorporate Information
These consolidated financial statements are made for the group comprised of Andfjord Salmon Group AS, Andfjord Salmon Midco AS and Andfjord Salmon AS (together the \u201cCompany\u201d, \u201cGroup\u201d or \u201dAndfjord\u201d or \u201cAndfjord Salmon\u201d). The parent company of the Group is Andfjord Salmon Group AS, which is a limited liability company incorporated and domiciled in Norway. The shares of the parent company are traded on Euronext Growth Oslo under the ticker \u2018ANDF\u2019 and the bonds are traded on Euronext Oslo B\u00f8rs. Andfjord Salmon is a Norwegian Company that was established in And\u00f8y municipality in 2014.
Andfjord Salmon is developing and operating the aquaculture industry of the future and has an ambition of operating a fish-friendly and sustainable aquaculture facility. The benefits of both sea and land-based salmon farming are
combined to achieve this. The result is a high level of salmon welfare and sustainable production by using Arctic seawater in land-based pools. Andfjord Salmon is developing production facilities and operating premises on And\u00f8ya. The Company is currently developing the Kvalnes site, which has a long-term production volume potential of approximately 48,000 tonnes (HOG + post-smolt). Andfjord Salmon has also secured coastal properties at Fiskenes and Breivik on And\u00f8ya for future expansion. In total, the Company has a long term ambition of an annual production of approximately 90,000 tonnes HOG from all three sites.
As at 31 December 2025, Andfjord Salmon Group AS has two wholly-owned subsidiaries: Andfjord Salmon Midco AS and Andfjord Salmon AS.
The consolidated financial statements for the year ended 31 December 2025 of Andfjord Salmon Group AS were authorised for issue by the Board of Directors on 13 April 2026.
All amounts are presented in NOK (Norwegian kroners), and rounded to the nearest thousand, unless stated otherwise.SECTION 3. Results of the year
In brief
This section provides insights into the financial performance of the Group over the periods presented, including those relating to financing activities, employee costs, taxes and government grants.
SECTION 4. Invested capital
In brief
This section provides insights into the disclosures in relation to the capital invested by the Group in its tangible and intangible assets.
SECTION 5. Working capital
In brief
This section provides insights into the disclosures in relation to items considered part of the working capital of the Group, typically with a short-term nature, and related to its operating activities.SECTION 6. Capital and debt structure
In brief
This section provides insights into Andfjord Salmon\u2019s capital and debt structure, including financial risk and capital management.
SECTION 7. Other disclosures
In brief
This section provides insights into topics other than those covered in the previous sections, including related parties, provisions, contingent liabilities and events after the reporting period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__7": { "value": "Andfjord Salmon Group AS", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__9": { "value": "Andfjord Salmon Group AS", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__13": { "value": "limited liability company ", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__8": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__10": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__12": { "value": "Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__14": { "value": "Andfjord Salmon is developing and operating the aquaculture industry of the future and has an ambition of operating a fish-friendly and sustainable aquaculture facility. The benefits of both sea and land-based salmon farming are combined to achieve this. The result is a high level of salmon welfare and sustainable production by using Arctic seawater in land-based pools. Andfjord Salmon is developing production facilities and operating premises on And\u00f8ya. The Company is currently developing the Kvalnes site, which has a long-term production volume potential of approximately 48,000 tonnes (HOG + post-smolt). Andfjord Salmon has also secured coastal properties at Fiskenes and Breivik on And\u00f8ya for future expansion. In total, the Company has a long term ambition of an annual production of approximately 90,000 tonnes HOG from all three sites.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__16": { "value": "The consolidated financial statements for the year ended 31 December 2025 of Andfjord Salmon Group AS were authorised for issue by the Board of Directors on 13 April 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__17": { "value": "1.2\tBasis of preparation
The Group\u2019s consolidated financial statements are prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the European Union (EU) (\u201cIFRS\u201d).
The Group has prepared consolidated financial statements at 31 December 2025, together with the comparative periods for the year ended 31 December 2024.
All amounts are presented in NOK (Norwegian kroners), and rounded to the nearest thousand, unless stated otherwise.
These 2025 consolidated financial statements have been prepared based on the going concern assumption. When preparing consolidated financial statements, management has assessed the Group\u2019s ability to continue as a going concern. There are no material uncertainties related to events or conditions that may cast significant doubt upon the Group\u2019s ability to continue as a going concern.
1.2.1\tCritical accounting judgements, estimates and assumptions
The preparation of consolidated financial statements in accordance with IFRS Accounting Standards requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group\u2019s accounting policies.
The area involving significant estimates or judgements is mainly related to measuring the fair value of the biomass held by the Group at reporting date. See Note 5.1 for further information.
Certain degree of judgement was involved when assessing the most appropriate accounting treatment related to the sale of wholly-owned subsidiary Andfjord Salmon Harbour AS. Fact pattern was evaluated against the requirements of IFRS 10 Consolidated Financial Statements, IFRS 15 Revenue from Contracts with Customers, IFRS 16 Leases as well as interaction between these standards. Judgmental areas included, but were not limited to:
Loss of control over the subsidiary.
Transfer of control to the buyer.
Agent versus principal assessment within the project management agreement.
Treatment of possible cost overruns related to the construction of the Right-of-Use asset.
See note 4.1.1 for more information.
Other areas that require certain degree of judgement and estimates by Management are listed below:
Capitalisation criteria of expenditures with respect to PPE.
Assessing impairment indicators in the PPE being developed by the Group including considerations about the climate-related risks as specified further below in this note.
Estimates and judgements are evaluated on an ongoing basis, and are based on historical experience and other factors, including expectations of future events that may have a financial impact on the entity and that are believed to be reasonable under the circumstances.
1.2.2\tClimate-related risks
Management has assessed the potential effects that climate-related matters may have on Andfjord Salmon\u2019s operations and financial results. We have both assessed physical climate risks, i.e. risks that often involve economic ramifications resulting from climatic events such as extreme weather and long-term environmental changes, and transitional climate risks, i.e risks that relate to regulatory changes, shifts in consumer behaviour and technological advancements.
Andfjord Salmon is exposed to both physical risks and transitional risks. However, physical risks have the greatest impact on the group, both in a low-emission and a high-emission scenario.
The biggest climate-related risk is linked to our supply chain and specifically feed supply. Additionally, temperature changes (both warmer and colder weather) can have an adverse effect on fish health and product quality. Our closed, land-based pools means that we are well equipped to
meet potential challenges, and can also generate some opportunities. We are continuously exploring additional opportunities to withstand physical climate risks, such as converting our own fish sludge into an energy source or the utilisation of new feed ingredients.
The biggest transitional risks are linked to potential policy and legal changes, as well as reputational risks for the industry in general, which can indirectly impact the group. Proactive planning, an integrated strategy and a corporate culture that focuses on transparency and disclosure \u2013 and far exceeds legal requirements \u2013reduce the impact of transitional risks.
1.2.3\tNew standards and interpretations not yet adopted
Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 31 December 2025 reporting periods and have not been early adopted by the Group.
Out of these standards, amendments or interpretations, only IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 is expected to have a [material] impact on the company\u2019s future reporting periods and foreseeable future transactions, as described below.
IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 (effective for annual periods beginning on or after 1 January 2027)
In April 2024, the IASB\u00ae issued IFRS 18, which replaces IAS 1 \u2018Presentation of Financial Statements\u2019. IFRS 18 introduces a defined structure for the statement of profit or loss with new totals and subtotals, and in which all income and expenses should be classified in one of the following categories: operating, investing, financing, income taxes and discontinued operations, where the first three are new. IFRS 18 also requires disclosure of newly defined management-defined performance measures.
Additionally, IFRS 18 made narrow scope amendments to IAS 7 \u2018Statements of Cash Flows\u2019.
The new presentation requirements introduced in IFRS 18 will increase comparability of the financial performance of similar entities, especially related to how \u2018operating profit or loss\u2019 is defined. The new disclosure requirements for \u2018management-defined performance measures\u2019 will enhance transparency.
IFRS 18 application is required for annual periods beginning on or after 1 January 2027 and the Group has no intention of early adoption of the standard.
Andfjord Salmon is in the process of determining the impact on the Group of applying IFRS 18. The Group currently presents an operating profit subtotal. The Group is performing a detailed assessment to determine the appropriate classification of items to ensure that the operating profit subtotal will comply with the requirements of IFRS 18. Furthermore, the new aggregation and disaggregation requirements may lead to changes to present the most useful structured summary of operating costs.
The Group has concluded that it does not have a specified main business activity as defined under IFRS 18.
Additionally, changes are anticipated in the presentation of the cash flow statement. In particular, the statement will now be required to begin with the \u2018operating profit\u2019 subtotal, while interests received will have to be presented within investing activities and interests paid within financing activities.
Currently Andfjord Salmon does not present any measures that could meet the definition of a management-defined performance measure. The Group will continuously assess performance measures used in public communication outside the financial statements in order to determine whether or not these meet the definition of a management-defined performance measure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__18": { "value": "The Group\u2019s consolidated financial statements are prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the European Union (EU) (\u201cIFRS\u201d).", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__20": { "value": "All amounts are presented in NOK (Norwegian kroners), and rounded to the nearest thousand, unless stated otherwise.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__21": { "value": "These 2025 consolidated financial statements have been prepared based on the going concern assumption. When preparing consolidated financial statements, management has assessed the Group\u2019s ability to continue as a going concern. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__22-1": { "value": "1.2.1\tCritical accounting judgements, estimates and assumptions
The preparation of consolidated financial statements in accordance with IFRS Accounting Standards requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group\u2019s accounting policies.
The area involving significant estimates or judgements is mainly related to measuring the fair value of the biomass held by the Group at reporting date. See Note 5.1 for further information.
Certain degree of judgement was involved when assessing the most appropriate accounting treatment related to the sale of wholly-owned subsidiary Andfjord Salmon Harbour AS. Fact pattern was evaluated against the requirements of IFRS 10 Consolidated Financial Statements, IFRS 15 Revenue from Contracts with Customers, IFRS 16 Leases as well as interaction between these standards. Judgmental areas included, but were not limited to:
Loss of control over the subsidiary.
Transfer of control to the buyer.
Agent versus principal assessment within the project management agreement.
Treatment of possible cost overruns related to the construction of the Right-of-Use asset.
See note 4.1.1 for more information.
Other areas that require certain degree of judgement and estimates by Management are listed below:
Capitalisation criteria of expenditures with respect to PPE.
Assessing impairment indicators in the PPE being developed by the Group including considerations about the climate-related risks as specified further below in this note.
Estimates and judgements are evaluated on an ongoing basis, and are based on historical experience and other factors, including expectations of future events that may have a financial impact on the entity and that are believed to be reasonable under the circumstances.
1.2.2\tClimate-related risks
Management has assessed the potential effects that climate-related matters may have on Andfjord Salmon\u2019s operations and financial results. We have both assessed physical climate risks, i.e. risks that often involve economic ramifications resulting from climatic events such as extreme weather and long-term environmental changes, and transitional climate risks, i.e risks that relate to regulatory changes, shifts in consumer behaviour and technological advancements.
Andfjord Salmon is exposed to both physical risks and transitional risks. However, physical risks have the greatest impact on the group, both in a low-emission and a high-emission scenario.
The biggest climate-related risk is linked to our supply chain and specifically feed supply. Additionally, temperature changes (both warmer and colder weather) can have an adverse effect on fish health and product quality. Our closed, land-based pools means that we are well equipped to
meet potential challenges, and can also generate some opportunities. We are continuously exploring additional opportunities to withstand physical climate risks, such as converting our own fish sludge into an energy source or the utilisation of new feed ingredients.
The biggest transitional risks are linked to potential policy and legal changes, as well as reputational risks for the industry in general, which can indirectly impact the group. Proactive planning, an integrated strategy and a corporate culture that focuses on transparency and disclosure \u2013 and far exceeds legal requirements \u2013reduce the impact of transitional risks.
Accounting judgements and estimates
Management assesses to which extent costs are directly attributable to bringing the assets into the condition for them to operate in the intended manner. In this sense, Management considers own employees with direct responsibilities for the building of the pools to meet the capitalisation criteria for capitalisation, excluding general management, administrative and finance roles.
Accounting judgements and estimates
The valuation model for the salmon livestock considers the highest and best use for salmon, which Management believes corresponds to a live weight of approximately 4.8 kg, and a gutted weight of 4.0 kg when harvested.
The Group estimates the fair value of the biomass at each reporting period using a model following an income approach.
Estimated future cash inflows
Future cash inflows are estimated based on the estimated biomass volume, and price at the expected harvesting date. Biomass volumes are estimated based on the number of fish in the pools, adjusted by expected mortality, and multiplied by the expected average weight of salmon at the harvest date. The expected price at harvesting date is calculated using the Salmon Futures on Euronext Paris Commodity Derivatives Market on the settlement (delivery) date, adjusted for costs to sell the fish, such as harvesting costs, transportation etc. .
An increase in the forward price will increase the fair value of the salmon biomass. However, the effect will be compensated by the deductions of costs to complete the lifecycle at each point in time. Only changes in prices when the salmon is matured has a full effect on the value of the biomass. Equivalent effects can be expected when the source of the change is due to the deduction of costs to sell.
The following forward price was estimated at harvesting time, corresponding to the forward price at optimal weight time, has been considered by the Group for the expected harvesting dates for its biomass:
Expected harvesting period | Forward price at expected harvest dates |
(Amount in NOK per kg) | |
Batch #1 (Oct-26) | 76.27 |
Batch #2 (Dec-26) | 94.03 |
Estimated future cash outflows
Future cash outflows are defined as the costs to complete the salmon lifecycle at each point in time. This includes costs necessary to grow the fish to its optimal weight, which main components are fodder and other direct costs. The estimation of the fodder costs depends on future fodder prices, but also expected conversion rate, measured as gained weight of the salmon stock per kg of fodder released in the fish pools.
Fair value interpolation
Estimated net cash flows are discounted at each point in time using an interpolation method where the two known data points are the value of the smolt when released into the pool, and the expected cash inflows as described above. The discounting follows a natural interpretation to calculate a discount rate representing the time value of money and hypothetical license fees for the salmon farming permits.
Hypothetical license fees are included in the calculation of the discount rate, as it represents the value that a hypothetical buyer of a salmon farming license would have to incur for such a permit, which cannot be obtained in the open market, therefore causing entry barriers.
The interpolation model is updated quarterly, considering data on actual forward prices, mortality rates, number of fish in the pools, etc. These estimates are approved by the Group\u2019s Management, supported by real quantitative data samples of the biomass, and updated budgets and forecasts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__23": { "value": "1.2.1\tCritical accounting judgements, estimates and assumptionsThe preparation of consolidated financial statements in accordance with IFRS Accounting Standards requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group\u2019s accounting policies.The area involving significant estimates or judgements is mainly related to measuring the fair value of the biomass held by the Group at reporting date. See Note 5.1 for further information.Certain degree of judgement was involved when assessing the most appropriate accounting treatment related to the sale of wholly-owned subsidiary Andfjord Salmon Harbour AS. Fact pattern was evaluated against the requirements of IFRS 10 Consolidated Financial Statements, IFRS 15 Revenue from Contracts with Customers, IFRS 16 Leases as well as interaction between these standards. Judgmental areas included, but were not limited to:Loss of control over the subsidiary.Transfer of control to the buyer.Agent versus principal assessment within the project management agreement.Treatment of possible cost overruns related to the construction of the Right-of-Use asset.See note 4.1.1 for more information.Other areas that require certain degree of judgement and estimates by Management are listed below:Capitalisation criteria of expenditures with respect to PPE.Assessing impairment indicators in the PPE being developed by the Group including considerations about the climate-related risks as specified further below in this note.Estimates and judgements are evaluated on an ongoing basis, and are based on historical experience and other factors, including expectations of future events that may have a financial impact on the entity and that are believed to be reasonable under the circumstances.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__25": { "value": "1.2.3\tNew standards and interpretations not yet adopted
Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 31 December 2025 reporting periods and have not been early adopted by the Group.
Out of these standards, amendments or interpretations, only IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 is expected to have a [material] impact on the company\u2019s future reporting periods and foreseeable future transactions, as described below.
IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 (effective for annual periods beginning on or after 1 January 2027)
In April 2024, the IASB\u00ae issued IFRS 18, which replaces IAS 1 \u2018Presentation of Financial Statements\u2019. IFRS 18 introduces a defined structure for the statement of profit or loss with new totals and subtotals, and in which all income and expenses should be classified in one of the following categories: operating, investing, financing, income taxes and discontinued operations, where the first three are new. IFRS 18 also requires disclosure of newly defined management-defined performance measures.
Additionally, IFRS 18 made narrow scope amendments to IAS 7 \u2018Statements of Cash Flows\u2019.
The new presentation requirements introduced in IFRS 18 will increase comparability of the financial performance of similar entities, especially related to how \u2018operating profit or loss\u2019 is defined. The new disclosure requirements for \u2018management-defined performance measures\u2019 will enhance transparency.
IFRS 18 application is required for annual periods beginning on or after 1 January 2027 and the Group has no intention of early adoption of the standard.
Andfjord Salmon is in the process of determining the impact on the Group of applying IFRS 18. The Group currently presents an operating profit subtotal. The Group is performing a detailed assessment to determine the appropriate classification of items to ensure that the operating profit subtotal will comply with the requirements of IFRS 18. Furthermore, the new aggregation and disaggregation requirements may lead to changes to present the most useful structured summary of operating costs.
The Group has concluded that it does not have a specified main business activity as defined under IFRS 18.
Additionally, changes are anticipated in the presentation of the cash flow statement. In particular, the statement will now be required to begin with the \u2018operating profit\u2019 subtotal, while interests received will have to be presented within investing activities and interests paid within financing activities.
Currently Andfjord Salmon does not present any measures that could meet the definition of a management-defined performance measure. The Group will continuously assess performance measures used in public communication outside the financial statements in order to determine whether or not these meet the definition of a management-defined performance measure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__26": { "value": "1.2.3\tNew standards and interpretations not yet adopted
Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 31 December 2025 reporting periods and have not been early adopted by the Group.
Out of these standards, amendments or interpretations, only IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 is expected to have a [material] impact on the company\u2019s future reporting periods and foreseeable future transactions, as described below.
IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 (effective for annual periods beginning on or after 1 January 2027)
In April 2024, the IASB\u00ae issued IFRS 18, which replaces IAS 1 \u2018Presentation of Financial Statements\u2019. IFRS 18 introduces a defined structure for the statement of profit or loss with new totals and subtotals, and in which all income and expenses should be classified in one of the following categories: operating, investing, financing, income taxes and discontinued operations, where the first three are new. IFRS 18 also requires disclosure of newly defined management-defined performance measures.
Additionally, IFRS 18 made narrow scope amendments to IAS 7 \u2018Statements of Cash Flows\u2019.
The new presentation requirements introduced in IFRS 18 will increase comparability of the financial performance of similar entities, especially related to how \u2018operating profit or loss\u2019 is defined. The new disclosure requirements for \u2018management-defined performance measures\u2019 will enhance transparency.
IFRS 18 application is required for annual periods beginning on or after 1 January 2027 and the Group has no intention of early adoption of the standard.
Andfjord Salmon is in the process of determining the impact on the Group of applying IFRS 18. The Group currently presents an operating profit subtotal. The Group is performing a detailed assessment to determine the appropriate classification of items to ensure that the operating profit subtotal will comply with the requirements of IFRS 18. Furthermore, the new aggregation and disaggregation requirements may lead to changes to present the most useful structured summary of operating costs.
The Group has concluded that it does not have a specified main business activity as defined under IFRS 18.
Additionally, changes are anticipated in the presentation of the cash flow statement. In particular, the statement will now be required to begin with the \u2018operating profit\u2019 subtotal, while interests received will have to be presented within investing activities and interests paid within financing activities.
Currently Andfjord Salmon does not present any measures that could meet the definition of a management-defined performance measure. The Group will continuously assess performance measures used in public communication outside the financial statements in order to determine whether or not these meet the definition of a management-defined performance measure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__27-1": { "value": "1.3\tSummary of General accounting policies
1.3.1\tImpairment of non-financial assets
At each reporting date, the Group assesses whether there is an indication of impairment of its non-financial assets, of which the most important asset is the property, plant and equipment held by the Group. Management assesses both internal and external sources of information, including but not limited to technological, market, economic or legal environment considerations, in respect to the salmon industry and affecting the land-based facilities. Management has not found any indication of impairment of its non-financial assets during 2025 or 2024.
The Group considers in its assessment whether climate-related risks could have a significant impact on the carrying amount of the Group\u2019s assets, such as the effects of long-term environmental changes on fish farming production, or the introduction of emission-reducing legislations that may increase costs. These risks are included as key assumptions where they materially impact the measure of the recoverable amount. See Notes 1.2.1 and 1.2.2 for more information.
1.3.2\tStatement of cash flows
The cash flow statement is prepared using the indirect method.
Interest paid on trade payables and interest received on trade receivables are presented as operating cash flows. Interests paid on borrowings are classified as operating cash flows.
Cash flows are only classified as investing activities if they result in the recognition of an asset in the statement of financial position.
Cash payments for the principal portion of the lease liabilities are presented as cash flows from financing activities, whereas cash payments for short-term lease payments, payments for leases of low-value assets and variable lease payments that are not included in the measurement of the lease liabilities are presented as cash flows from operating activities.
Accounting policies
An operating segment is a component of the Group that (a) engages in business activities from which it may earn revenues and incur expenses, (b) whose operating results are regularly reviewed by the chief operating decision maker (CODM) to allocate resources and assess performance, and (c) for which discrete financial information is available. The Board of Directors, acting collectively, is the Group's CODM.
The CODM reviews the Group's results and allocates resources at the consolidated level. The Group therefore has a single operating segment \u2014 the farming and sale of Atlantic salmon in Norway. Consequently, the segment profit or loss equals the consolidated profit or loss as presented in the consolidated statement of profit or loss.
Accounting policies \u2013 Revenue from contracts with customers
Revenue was recognised at the point in time salmon was physically delivered to the customer and all significant risks and rewards were transferred to the customer. The transaction price was not subject to any significant variable consideration.
Accounting policies
The Group recognises the undiscounted amount of short-term employee benefits expected to be paid to its employees in exchange for their services. Obligations for short-term employee benefits mainly include wages and salaries; bonuses; annual leave and accumulated sick leave that are expected to be settled within twelve months of the reporting date. Employee benefit obligations are included in the \u2018other current liabilities\u2019 in the statement of financial position.
Accounting policies
The Group has a defined contribution plan for its employees, where payments are made through an insurance Group. Cost from the defined contribution plans is recognised when payable. The Group does not hold any credit or actuarial risks from these contribution plans.
Accounting policies
Share-based compensation programs are provided to the Group\u2019s employees. These programs are equity-settled, since services rendered by the employees will be settled with the Group\u2019s own equity instruments.
The cost of the equity-settled program is measured at the fair value of the options, at the grant date. The cost is recognised as \u2018employee benefit expenses\u2019, with a corresponding increase in equity, over the vesting period. The vesting period is the period over which the specified vesting conditions are to be satisfied.
At the end of each reporting period, the Group revises its best estimates of the number of options expected to vest, recognising in the statement of comprehensive income the difference between the cumulative expense at the beginning and period-end dates, with a corresponding adjustment to equity.
When the options vest in annual instalments over the vesting period, in substance it implies that each instalment has a different vesting period. Therefore, the Group accounts for each \u201ctranche\u201d as a separate award.
The Group recognises social security taxes from its share-based payments in line with IAS 37 \u2018Provisions, contingent liabilities and contingent assets\u2019. The Group assumes that the activity that triggers the payment is the granting of the options to its employees and measures the liability as the share price per the reporting date, minus the strike price of the options, multiplied by the current applicable social security tax rate.
Accounting policies
Basic earnings per share is calculated by dividing the profit attributable to owners of the Group, excluding any costs of servicing equity other than ordinary shares; by the weighted average number of ordinary shares outstanding during the financial year, adjusted for treasury shares (see Note 6.6).
Diluted earnings per share adjust the figures used in the determination of basic earnings per share, to take into account the after-income tax effect of interest and other financing costs associated with dilutive potential ordinary shares; and the weighted average number of additional ordinary shares that would have been outstanding, assuming the conversion of all dilutive potential ordinary shares.
A potential ordinary share is a financial instrument or other contract that may entitle its holder to ordinary share, and whose conversion into an ordinary share would lead to a reduction in earnings per share or an increase in loss per share from continuing operations (i.e. would make the loss per share more negative).
Therefore, options granted to its employees by the Group through its Long-Term Incentive Program (see Note 3.3.2 for further information) are considered anti-dilutive in the diluted earnings per share calculation for the periods where the Group incurred a loss from continuing operations.
Accounting policies
The income tax expense or credit for the period is the tax payable on the current period\u2019s taxable income, based on the applicable income tax rate, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. Deferred taxes are calculated at 22% of the temporary differences between book value and tax values, in addition to tax losses carried forward at the end of the accounting year.
The income tax rate has been determined by using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax assets are realised or the deferred income tax liabilities are settled.
Accounting policies
The Group is subject to ordinary Norwegian company tax with a tax rate of 22%. Because of timing differences between the financial statements and the tax rules, there will be temporary differences that give rise to deferred tax liabilities or deferred tax assets.
Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those temporary differences and tax losses.
Accounting policies
Property, plant and equipment (\u2018PPE\u2019) is initially recognised at cost and subsequently measured at cost less accumulated depreciation and impairments.
The following table summarises the useful life and depreciation method by class of asset:
Land and buildings | Machinery and plant | Furniture,tools and others | Facilities for farming | Assets under construction | |
Depreciation method | |||||
Buildings: straight-line. | |||||
Straight-line | Straight-line | Straight-line | Not applicable | ||
Land not depreciated | |||||
Useful life | 50 years | 5-20 years | 3-10 years | 5-100 years | Not depreciated |
Estimated residual values and expected useful lives of assets are reviewed by the Group at least annually. In estimating the remaining useful lives of the assets, Management considers the expected level of use; the expected physical wear and tear together with the maintenance plans; and any technical, legal or commercial obsolescence arising from, among others, laws and regulations affecting health, safety or environmental regulations.
Each significant component is identified separately for depreciation purposes and depreciated over its individual useful life. Component identification is based on the combination of technical and accounting information and considers: i) cost materiality of the component compared to the overall cost of the asset; ii) if useful life or depreciation method of the component is materially different from the main asset; iii) if the part is replaced or maintained separately during the asset\u2019s life.
Depreciation cost of the components that are considered shared assets are allocated based on the operational capacity (e.g. number of pools commissioned) in relation to total capacity when fully operational.
When a significant component is replaced, the old component is derecognised and the new component capitalised, if its cost is recoverable.
Accounting policies
Specific borrowing costs that are directly attributable to the construction of an asset that necessarily takes a substantial period to get ready for its intended use (a qualifying asset) are capitalised as part of the cost of the respective asset. The Group interprets \u2018substantial period\u2019 as one year or more. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.
The Group has incurred in general borrowings, both from credit insti-tutions and bond, that form part of the funds used to finance a project, and it has capitalised its borrowing costs using a weighted average of rates applicable to relevant general borrowings of the Group during the period.
All other borrowing costs are recognised in the statement of compre-hensive income in the period in which they are incurred.
Accounting policies
Intangible assets are initially recognised at cost and amortised to their residual values over their economic useful life using the straight-line method.
The following table summarises the useful life and depreciation method by class of intangible asset:
Licenses, patents, and similar rights | Other intangible assets | |
Amortisation method | Straight-line | Straight-line |
Useful life | 10-20 years | 5 years |
Estimated residual values and expected useful lives of assets are reviewed by the Group at least at each financial reporting date.
Accounting policies
The smolt is acquired and released into the Group\u2019s operating pools, and typically remain there until it is ready to be harvested, which is when the salmon is considered mature. The company also has the opportunity to sell live fish to sea-based farmers. This will normally be fish between 500 grams and 2000 grams in size. Selling live fish to sea-based farmers gives Andfjord Salmon increased flexibility to fully utilize the production capacity in the pools.
The Group's cost allocation methodology for salmon biomass and related inventories ensures that production costs capitalised to biological assets and inventories reflect actual resource consumption and the respective stage of production.
Direct production costs, including direct material costs and direct personnel expenses, are fully attributed to the relevant biomass or inventory. Indirect production costs, including depreciation of production-related assets, are allocated on a systematic and rational basis using appropriate cost drivers, including capacity utilisation. As the Group is in a ramp-up phase and production capacity is not
yet fully utilised, the cost of production, particularly depreciation of production facilities, is adjusted to reflect unutilised capacity. General and administrative overheads not directly attributable to production are expensed as incurred. Interests are not included in the carrying amount of biological assets or inventories.
The accounting treatment of biological assets is regulated by IAS 41 \u2018Agriculture\u2019. According to IAS 41, biological assets are recognised and measured at fair value less cost to sell at each reporting period. However, when there is little biological transformation, the cost of biological assets is deemed to be a close approximation to its fair value. This is the case of the smolt that has been acquired but not released into the pools yet.
Management has considered the approach to measure fair value of the biomass, in accordance with IFRS 13 \u2018Fair value\u2019, at each reporting period during the growing phase. The income approach is applied to estimate the fair value of the salmon stock, by which future cash flows from selling the salmon at harvest date are discounted to a single current amount. The valuation model for the salmon considers the highest and best use for salmon, which Management believes corresponds to the moment when the salmon is ready to be harvested (see Note 5.1.2 for Management\u2019s assumption on optimal weight).
The valuation model requires the use of several significant inputs, part of which are not observable. Therefore, the fair value is considered \u2018level 3\u2019 in the fair value hierarchy. Significant unobservable inputs include the cost to complete; the biomass\u2019 weight and quality; the implied discount rate and estimated growth rate of salmon. The significant observable inputs are the forward market price of salmon at
the expected time of harvest. Environmental or operational incidents leading to mortality exceeding a rate of 3% from that single incident will be recognised under \u2018cost of materials\u201d in the statement of comprehensive income.
Distinct assumptions are applied to each batch of salmon held in the Group\u2019s pools.
The change in the fair value of biological assets is recognised in the statement of comprehensive income as \u2018fair value adjustments of biological assets\u2019. The accumulated costs from incident-based mortality will reduce the fair value of the biological assets in the statement of financial position and is recognised as \u2018cost of materials\u2019 in the statement of comprehensive income.
Other inventories mainly include fodder, packaging materials, frozen salmon and other materials to be used during the maturing process of the salmon. Inventory is measured at the lower of its cost and its net realisable value. Cost of inventories held by the Group mainly include its cost of purchase.
Inventory is based on the first-in first-out principle, except for fodder where a weighted average is used.
Accounting policies
Borrowings are initially recognised at fair value, net of transaction costs incurred that are directly attributable to the issuance of the financial liability. After initial recognition, borrowings are measured at amortised cost. Any difference between the net proceeds and the redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest method.
Borrowings are derecognised from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of the financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss as financial expenses.
Borrowings are classified as current liabilities except for the portion of the liability that is due to be settled more than twelve months after the reporting period, or for the portion the Group has an unconditional right to defer settlement for at least twelve months after the reporting period.
Accounting policies
The Group recognises right-of-use assets and lease liabilities for all lease contracts, except leases that are considered short-term (lease term of 12 months or less), or leases for underlying assets that are of a low value. Management considers as low value those assets that are worth NOK 50 thousand or less when new.
Accounting policies
The right-of-use assets are initially measured at cost, which comprises the initial amount of the lease liabilities, any lease payments made at or before
the commencement date of the lease, less any lease incentives received, and initial direct costs incurred by the lessee.
Subsequently, right-of-use assets are measured at cost less accumulated depreciation and impairments and adjusted for certain remeasurements of the lease liabilities. Depreciation of the right-of-use asset is carried out using the straight-line method over the shorter of the lease term or the useful life of the underlying asset.
Accounting policies
Lease liabilities are recognised at the lease commencement date. The lease liabilities are measured as the present value of future lease payments, discounting by the Group\u2019s incremental borrowing rate.
Lease payments mainly consist of fixed payments, which are typically updated by changes on consumer price indexes or interest rate levels.
Lease liabilities are measured at amortised cost using the effective interest rate method. If there is a change in future lease payments arising from a change in an index or rate, there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee, or the Group changes its assessment of whether it will exercise a purchase, extension or termination option, the liability is remeasured and a matching adjustment is made to the carrying amount of the related right-of-use asset. No significant changes in this regard have occurred during the period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__28": { "value": "1.3.1\tImpairment of non-financial assets
At each reporting date, the Group assesses whether there is an indication of impairment of its non-financial assets, of which the most important asset is the property, plant and equipment held by the Group. Management assesses both internal and external sources of information, including but not limited to technological, market, economic or legal environment considerations, in respect to the salmon industry and affecting the land-based facilities. Management has not found any indication of impairment of its non-financial assets during 2025 or 2024.
The Group considers in its assessment whether climate-related risks could have a significant impact on the carrying amount of the Group\u2019s assets, such as the effects of long-term environmental changes on fish farming production, or the introduction of emission-reducing legislations that may increase costs. These risks are included as key assumptions where they materially impact the measure of the recoverable amount. See Notes 1.2.1 and 1.2.2 for more information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__29": { "value": "1.3.1\tImpairment of non-financial assets
At each reporting date, the Group assesses whether there is an indication of impairment of its non-financial assets, of which the most important asset is the property, plant and equipment held by the Group. Management assesses both internal and external sources of information, including but not limited to technological, market, economic or legal environment considerations, in respect to the salmon industry and affecting the land-based facilities. Management has not found any indication of impairment of its non-financial assets during 2025 or 2024.
The Group considers in its assessment whether climate-related risks could have a significant impact on the carrying amount of the Group\u2019s assets, such as the effects of long-term environmental changes on fish farming production, or the introduction of emission-reducing legislations that may increase costs. These risks are included as key assumptions where they materially impact the measure of the recoverable amount. See Notes 1.2.1 and 1.2.2 for more information.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__30": { "value": "1.3.1\tImpairment of non-financial assets
At each reporting date, the Group assesses whether there is an indication of impairment of its non-financial assets, of which the most important asset is the property, plant and equipment held by the Group. Management assesses both internal and external sources of information, including but not limited to technological, market, economic or legal environment considerations, in respect to the salmon industry and affecting the land-based facilities. Management has not found any indication of impairment of its non-financial assets during 2025 or 2024.
The Group considers in its assessment whether climate-related risks could have a significant impact on the carrying amount of the Group\u2019s assets, such as the effects of long-term environmental changes on fish farming production, or the introduction of emission-reducing legislations that may increase costs. These risks are included as key assumptions where they materially impact the measure of the recoverable amount. See Notes 1.2.1 and 1.2.2 for more information.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__31-1": { "value": "1.3.2\tStatement of cash flows
The cash flow statement is prepared using the indirect method.
Interest paid on trade payables and interest received on trade receivables are presented as operating cash flows. Interests paid on borrowings are classified as operating cash flows.
Cash flows are only classified as investing activities if they result in the recognition of an asset in the statement of financial position.
Cash payments for the principal portion of the lease liabilities are presented as cash flows from financing activities, whereas cash payments for short-term lease payments, payments for leases of low-value assets and variable lease payments that are not included in the measurement of the lease liabilities are presented as cash flows from operating activities.
6.3.4\tAmounts recognised in the statement of comprehensive income and statement of cash-flows
The following amounts have been recognised in the income statement in relation to leases:
Amounts recognised in the income statement | 2025 | 2024 | |
(Amounts in NOK thousand) | |||
Interest expense (included in finance cost) | 1 727 | 521 | |
Expense relating to short-term leases | 1 330 | - | |
Expense relating to leases of low-value assets that are not shown above as short-term leases | 133 | 133 | |
Expense relating to depreciation | 10 506 | 5 350 |
The total cash outflow for leases in 2025 has been NOK 10 254 thousand
(2024: NOK 6 368 thousand).
6.4\tReconciliation of cash-flows from financing activities
Reconciliation cash flow from financing activities | Borrowings | Lease liabilities | Total | |||
(Amounts in NOK thousand) | ||||||
Liabilities from financing activities at 1 January 2024 | 67 625 | 13 851 | 81 476 | |||
Financing cash flow (payments) | (3 833) | (4 185) | (8 018) | |||
Cash inflows from new borrowings | 785 404 | - | 785 404 | |||
Capitalised financing costs | (18 625) | - | (18 625) | |||
Amortised financing costs | 1 739 | - | 1 739 | |||
New leases | - | 773 | 773 | |||
Liabilities from financing activities at 31 December 2024 | 832 309 | 10 439 | 842 748 | |||
Financing cash flow (payments) | - | (7 126) | (7 126) | |||
Cash inflows from new borrowings | 800 804 | - | 800 804 | |||
Capitalised financing costs | (52 111) | - | (52 111) | |||
Amortised financing costs | 11 461 | - | 11 461 | |||
New leases | - | 65 029 | 65 029 | |||
Liabilities from financing activities at 31 December 2025 | 1 592 463 | 68 341 | 1 660 804 |
1.3.2\tStatement of cash flows
The cash flow statement is prepared using the indirect method.
Interest paid on trade payables and interest received on trade receivables are presented as operating cash flows. Interests paid on borrowings are classified as operating cash flows.
Cash flows are only classified as investing activities if they result in the recognition of an asset in the statement of financial position.
Cash payments for the principal portion of the lease liabilities are presented as cash flows from financing activities, whereas cash payments for short-term lease payments, payments for leases of low-value assets and variable lease payments that are not included in the measurement of the lease liabilities are presented as cash flows from operating activities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__34": { "value": "SECTION 2. Significant transactions and events during the reporting periodIn briefThis section summarises significant transactions and events that occurred during the reporting period. 2.1\tSignificant transactions and events during the reporting periodThe main transactions and events in relation to the Group are the following ones:Transactions and eventsDisclosure notesCompleted waterways, technical infrastructure and two pools opera-tionalNote 4.1Sale of wholly-owned subsidiary Andfjord Salmon Harbour ASNote 4.1Re-initiated fish farming operations with release of approximately 350,000 smolt in pool K0 in September, followed by further 750,000 smolt in pool K1 in NovemberNote 5.1Bond issue of 750 MNOKNote 6.2Commitment from existing bank syndicate for a new construction loan of 400 MNOK connected to financing of step 2A of the con-struction project at KvalnesNote 6.2Equity issue of 1,309 MNOK in totalNote 6.6Other than those noted above, the Group has presented material information of its financial position, highlighting any material changes, policies, judgements and estimates in the Group for the period presented.", "dimensions": { "concept": "ifrs-full:DescriptionOfSignificantEventsAndTransactions", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__37": { "value": "3.1\tSegment Information
Accounting policies
An operating segment is a component of the Group that (a) engages in business activities from which it may earn revenues and incur expenses, (b) whose operating results are regularly reviewed by the chief operating decision maker (CODM) to allocate resources and assess performance, and (c) for which discrete financial information is available. The Board of Directors, acting collectively, is the Group's CODM.
The CODM reviews the Group's results and allocates resources at the consolidated level. The Group therefore has a single operating segment \u2014 the farming and sale of Atlantic salmon in Norway. Consequently, the segment profit or loss equals the consolidated profit or loss as presented in the consolidated statement of profit or loss.
Andfjord Salmon has two operating pools as at 31 December 2025. Further details on the sale of salmon during 2025 has been included in Note 3.2.
All non-current assets held by the Group are located in Norway.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__38": { "value": "Accounting policies
An operating segment is a component of the Group that (a) engages in business activities from which it may earn revenues and incur expenses, (b) whose operating results are regularly reviewed by the chief operating decision maker (CODM) to allocate resources and assess performance, and (c) for which discrete financial information is available. The Board of Directors, acting collectively, is the Group's CODM.
The CODM reviews the Group's results and allocates resources at the consolidated level. The Group therefore has a single operating segment \u2014 the farming and sale of Atlantic salmon in Norway. Consequently, the segment profit or loss equals the consolidated profit or loss as presented in the consolidated statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__39": { "value": "3.2\tOperating income
Accounting policies \u2013 Revenue from contracts with customers
Revenue was recognised at the point in time salmon was physically delivered to the customer and all significant risks and rewards were transferred to the customer. The transaction price was not subject to any significant variable consideration.
Revenue is related to sale of the first salmon produced by the Group.
Total operating income | 2025 | 2024 |
(Amounts in NOK thousand) | ||
Revenue from contracts with customers | 815 | 190 |
Other operating income | 214 | 134 |
Total operating income | 1 029 | 324 |
During 2025, the Group has been developing its land-based facilities, and therefore no production activities or sales were carried out during the year.
Revenue from contracts with customers in 2025 arose from the sale of
frozen salmon that was recognised as other inventories at 31 December 2024. See Note 5.1 for further details in respect to this.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__40": { "value": "3.2\tOperating income
Accounting policies \u2013 Revenue from contracts with customers
Revenue was recognised at the point in time salmon was physically delivered to the customer and all significant risks and rewards were transferred to the customer. The transaction price was not subject to any significant variable consideration.
Revenue is related to sale of the first salmon produced by the Group.
Total operating income | 2025 | 2024 |
(Amounts in NOK thousand) | ||
Revenue from contracts with customers | 815 | 190 |
Other operating income | 214 | 134 |
Total operating income | 1 029 | 324 |
During 2025, the Group has been developing its land-based facilities, and therefore no production activities or sales were carried out during the year.
Revenue from contracts with customers in 2025 arose from the sale of
frozen salmon that was recognised as other inventories at 31 December 2024. See Note 5.1 for further details in respect to this.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__41": { "value": "Accounting policies \u2013 Revenue from contracts with customers
Revenue was recognised at the point in time salmon was physically delivered to the customer and all significant risks and rewards were transferred to the customer. The transaction price was not subject to any significant variable consideration.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__42": { "value": "3.3\tEmployee benefits
Accounting policies
The Group recognises the undiscounted amount of short-term employee benefits expected to be paid to its employees in exchange for their services. Obligations for short-term employee benefits mainly include wages and salaries; bonuses; annual leave and accumulated sick leave that are expected to be settled within twelve months of the reporting date. Employee benefit obligations are included in the \u2018other current liabilities\u2019 in the statement of financial position.
The Group has incurred the following employee benefit expenses during the periods reported:
Employee benefits | 2025 | 2024 | ||
(Amounts in NOK thousand) | ||||
Salary expenses and bonuses | 27 699 | 23 124 | ||
Share based payments | 838 | 2 282 | ||
Other benefits | 356 | 383 | ||
Social security cost | 1 556 | 1 599 | ||
Pension cost (defined contribution) | 3 451 | 2 947 | ||
Total employee benefits before capitalisation (*) | 33 900 | 30 336 | ||
Capitalised employee benefits | (9 772) | (8 653) | ||
Total employee benefits after capitalisation | 24 128 | 21 683 |
(*) The Group decided to present employee benefits before and after capitalisa-tion made for works performed by the Group, mainly in relation with the constru-ction of its new pools (see Note 4.1).
During 2025, the average number of employees was 27 (2024: 23).
See Section 7.1.1 for further information on remuneration to the Company\u2019s key management personnel.
3.3.1\tDefined contribution plans
Accounting policies
The Group has a defined contribution plan for its employees, where payments are made through an insurance Group. Cost from the defined contribution plans is recognised when payable. The Group does not hold any credit or actuarial risks from these contribution plans.
With respect to its defined contribution plans, Andfjord Salmon has a defined contribution plan in accordance with local laws. The defined contribution plan covers all employees and amounts to between 7.0% and 25.1% of the gross salary. As at 31 December 2025 there were 31 members in the plan (2024: 23).
3.3.2\tShare based payments
Accounting policies
Share-based compensation programs are provided to the Group\u2019s employees. These programs are equity-settled, since services rendered by the employees will be settled with the Group\u2019s own equity instruments.
The cost of the equity-settled program is measured at the fair value of the options, at the grant date. The cost is recognised as \u2018employee benefit expenses\u2019, with a corresponding increase in equity, over the vesting period. The vesting period is the period over which the specified vesting conditions are to be satisfied.
At the end of each reporting period, the Group revises its best estimates of the number of options expected to vest, recognising in the statement of comprehensive income the difference between the cumulative expense at the beginning and period-end dates, with a corresponding adjustment to equity.
When the options vest in annual instalments over the vesting period, in substance it implies that each instalment has a different vesting period. Therefore, the Group accounts for each \u201ctranche\u201d as a separate award.
The Group recognises social security taxes from its share-based payments in line with IAS 37 \u2018Provisions, contingent liabilities and contingent assets\u2019. The Group assumes that the activity that triggers the payment is the granting of the options to its employees and measures the liability as the share price per the reporting date, minus the strike price of the options, multiplied by the current applicable social security tax rate.
In June 2022 Andfjord Salmon established a Long-Term Incentive Program for the Group\u2019s Management and employees, under which the Group will deli-ver share options as part of the consideration for the services rendered by its employees. The incentive program consists of equity settled share options.
The options granted have equal terms for all employees. The program is divided into three different tranches, with vesting periods ranging from one to three years starting at grant date 30 June 2022. An equal amount of shares vest in each of the three tranches. The earliest exercisable date is 1 January 2027, and the expiry date is 30 June 2031. These dates are the same for all options independently of vesting period or employee. The Group has not granted any new options in 2025.
Employee share option plan | Earliest exercise date - expiry date | Strike price | Number of options | |||
Number of options as at 1 January 2024 | 41,945 | 737 320 | ||||
Options granted | 1 January 2027 - 30 June 2031 | 41,945 | - | |||
Correction for employees who have left during the year | (10 320) | |||||
Number of options as at 31 December 2024 | 727 000 | |||||
Weighted average remaining vesting period | < 1 year | |||||
Employee share option plan | Earliest exercise date - expiry date | Strike price | Number of options | |||
Number of options as at 1 January 2025 | 41,945 | 727 000 | ||||
Options granted | 1 January 2027 - 30 June 2031 | 41.945 | - | |||
Correction for employees who have left during the year | (1 600) | |||||
Number of options as at 31 December 2025 | 725 400 | |||||
Weighted average remaining vesting period | < 1 year |
The Group assessed fair value at the grant date for the options granted in June 2022 was NOK 17.49 per option. The Group has calculated the value of the options using the Black-Scholes options pricing model, with the fair value following main assumptions:
Assumptions share-based payment program | |
Expected dividend yield | 0.0 % |
Historical volatility | 38.4 % |
Risk-free interest rate | 3.3 % |
Expected life of option (years) | 3 |
Due to the Group\u2019s limited length of share price history, expected volatility used in the calculations are estimated based on implied volatility of similar traded entities.
As any dividend payment during the options\u2019 vesting period is regulated with a proportional adjustment of the exercise price, the dividend parameter is not included in the calculations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__43-1": { "value": "
3.3\tEmployee benefits
Accounting policies
The Group recognises the undiscounted amount of short-term employee benefits expected to be paid to its employees in exchange for their services. Obligations for short-term employee benefits mainly include wages and salaries; bonuses; annual leave and accumulated sick leave that are expected to be settled within twelve months of the reporting date. Employee benefit obligations are included in the \u2018other current liabilities\u2019 in the statement of financial position.
The Group has incurred the following employee benefit expenses during the periods reported:
Employee benefits | 2025 | 2024 | ||
(Amounts in NOK thousand) | ||||
Salary expenses and bonuses | 27 699 | 23 124 | ||
Share based payments | 838 | 2 282 | ||
Other benefits | 356 | 383 | ||
Social security cost | 1 556 | 1 599 | ||
Pension cost (defined contribution) | 3 451 | 2 947 | ||
Total employee benefits before capitalisation (*) | 33 900 | 30 336 | ||
Capitalised employee benefits | (9 772) | (8 653) | ||
Total employee benefits after capitalisation | 24 128 | 21 683 |
(*) The Group decided to present employee benefits before and after capitalisa-tion made for works performed by the Group, mainly in relation with the constru-ction of its new pools (see Note 4.1).
During 2025, the average number of employees was 27 (2024: 23).
See Section 7.1.1 for further information on remuneration to the Company\u2019s key management personnel.
3.3.1\tDefined contribution plans
Accounting policies
The Group has a defined contribution plan for its employees, where payments are made through an insurance Group. Cost from the defined contribution plans is recognised when payable. The Group does not hold any credit or actuarial risks from these contribution plans.
With respect to its defined contribution plans, Andfjord Salmon has a defined contribution plan in accordance with local laws. The defined contribution plan covers all employees and amounts to between 7.0% and 25.1% of the gross salary. As at 31 December 2025 there were 31 members in the plan (2024: 23).
3.3.2\tShare based payments
Accounting policies
Share-based compensation programs are provided to the Group\u2019s employees. These programs are equity-settled, since services rendered by the employees will be settled with the Group\u2019s own equity instruments.
The cost of the equity-settled program is measured at the fair value of the options, at the grant date. The cost is recognised as \u2018employee benefit expenses\u2019, with a corresponding increase in equity, over the vesting period. The vesting period is the period over which the specified vesting conditions are to be satisfied.
At the end of each reporting period, the Group revises its best estimates of the number of options expected to vest, recognising in the statement of comprehensive income the difference between the cumulative expense at the beginning and period-end dates, with a corresponding adjustment to equity.
When the options vest in annual instalments over the vesting period, in substance it implies that each instalment has a different vesting period. Therefore, the Group accounts for each \u201ctranche\u201d as a separate award.
The Group recognises social security taxes from its share-based payments in line with IAS 37 \u2018Provisions, contingent liabilities and contingent assets\u2019. The Group assumes that the activity that triggers the payment is the granting of the options to its employees and measures the liability as the share price per the reporting date, minus the strike price of the options, multiplied by the current applicable social security tax rate.
In June 2022 Andfjord Salmon established a Long-Term Incentive Program for the Group\u2019s Management and employees, under which the Group will deli-ver share options as part of the consideration for the services rendered by its employees. The incentive program consists of equity settled share options.
The options granted have equal terms for all employees. The program is divided into three different tranches, with vesting periods ranging from one to three years starting at grant date 30 June 2022. An equal amount of shares vest in each of the three tranches. The earliest exercisable date is 1 January 2027, and the expiry date is 30 June 2031. These dates are the same for all options independently of vesting period or employee. The Group has not granted any new options in 2025.
Employee share option plan | Earliest exercise date - expiry date | Strike price | Number of options | |||
Number of options as at 1 January 2024 | 41,945 | 737 320 | ||||
Options granted | 1 January 2027 - 30 June 2031 | 41,945 | - | |||
Correction for employees who have left during the year | (10 320) | |||||
Number of options as at 31 December 2024 | 727 000 | |||||
Weighted average remaining vesting period | < 1 year | |||||
Employee share option plan | Earliest exercise date - expiry date | Strike price | Number of options | |||
Number of options as at 1 January 2025 | 41,945 | 727 000 | ||||
Options granted | 1 January 2027 - 30 June 2031 | 41.945 | - | |||
Correction for employees who have left during the year | (1 600) | |||||
Number of options as at 31 December 2025 | 725 400 | |||||
Weighted average remaining vesting period | < 1 year |
The Group assessed fair value at the grant date for the options granted in June 2022 was NOK 17.49 per option. The Group has calculated the value of the options using the Black-Scholes options pricing model, with the fair value following main assumptions:
Assumptions share-based payment program | |
Expected dividend yield | 0.0 % |
Historical volatility | 38.4 % |
Risk-free interest rate | 3.3 % |
Expected life of option (years) | 3 |
Due to the Group\u2019s limited length of share price history, expected volatility used in the calculations are estimated based on implied volatility of similar traded entities.
As any dividend payment during the options\u2019 vesting period is regulated with a proportional adjustment of the exercise price, the dividend parameter is not included in the calculations.
3.4\tOther operating expenses
Other operating expenses | 2025 | 2024 | |
(Amounts in NOK thousand) | |||
Expenses related to short-term and low-value leases | 1 401 | 1 662 | |
Legal and consultancy services (incl. remuneration to auditors) | 31 106 | 9 952 | |
Sales and marketing costs | 4 044 | 4 244 | |
Maintenance (incl. materials and other small equipment) | 2 686 | 677 | |
Insurance and bank fees | 2 255 | 1 098 | |
Energy expenses (fuel, electricity, water, etc.) | 1 879 | 722 | |
IT costs | 6 655 | 4 481 | |
Other taxes and levies | 5 751 | 174 | |
Other expenses | 3 518 | 2 439 | |
Total other operating expenses | 59 295 | 25 450 |
(*) NOK 9.4 million are related to the sale of wholly-owned subsidiary
Andfjord Salmon Harbour AS. See note 4.1.1 for further information.
Auditor\u2019s remuneration | 2025 | 2024 | ||
(Amounts in NOK thousand) | ||||
Statutory audit fees | 1 520 | 812 | ||
Other assurance services | 388 | 206 | ||
Total auditor's remuneration | 1 909 | 1 018 |
3.3\tEmployee benefits
Accounting policies
The Group recognises the undiscounted amount of short-term employee benefits expected to be paid to its employees in exchange for their services. Obligations for short-term employee benefits mainly include wages and salaries; bonuses; annual leave and accumulated sick leave that are expected to be settled within twelve months of the reporting date. Employee benefit obligations are included in the \u2018other current liabilities\u2019 in the statement of financial position.
The Group has incurred the following employee benefit expenses during the periods reported:
Employee benefits | 2025 | 2024 | ||
(Amounts in NOK thousand) | ||||
Salary expenses and bonuses | 27 699 | 23 124 | ||
Share based payments | 838 | 2 282 | ||
Other benefits | 356 | 383 | ||
Social security cost | 1 556 | 1 599 | ||
Pension cost (defined contribution) | 3 451 | 2 947 | ||
Total employee benefits before capitalisation (*) | 33 900 | 30 336 | ||
Capitalised employee benefits | (9 772) | (8 653) | ||
Total employee benefits after capitalisation | 24 128 | 21 683 |
(*) The Group decided to present employee benefits before and after capitalisa-tion made for works performed by the Group, mainly in relation with the constru-ction of its new pools (see Note 4.1).
During 2025, the average number of employees was 27 (2024: 23).
See Section 7.1.1 for further information on remuneration to the Company\u2019s key management personnel.
3.3.1\tDefined contribution plans
Accounting policies
The Group has a defined contribution plan for its employees, where payments are made through an insurance Group. Cost from the defined contribution plans is recognised when payable. The Group does not hold any credit or actuarial risks from these contribution plans.
With respect to its defined contribution plans, Andfjord Salmon has a defined contribution plan in accordance with local laws. The defined contribution plan covers all employees and amounts to between 7.0% and 25.1% of the gross salary. As at 31 December 2025 there were 31 members in the plan (2024: 23).
3.3.2\tShare based payments
Accounting policies
Share-based compensation programs are provided to the Group\u2019s employees. These programs are equity-settled, since services rendered by the employees will be settled with the Group\u2019s own equity instruments.
The cost of the equity-settled program is measured at the fair value of the options, at the grant date. The cost is recognised as \u2018employee benefit expenses\u2019, with a corresponding increase in equity, over the vesting period. The vesting period is the period over which the specified vesting conditions are to be satisfied.
At the end of each reporting period, the Group revises its best estimates of the number of options expected to vest, recognising in the statement of comprehensive income the difference between the cumulative expense at the beginning and period-end dates, with a corresponding adjustment to equity.
When the options vest in annual instalments over the vesting period, in substance it implies that each instalment has a different vesting period. Therefore, the Group accounts for each \u201ctranche\u201d as a separate award.
The Group recognises social security taxes from its share-based payments in line with IAS 37 \u2018Provisions, contingent liabilities and contingent assets\u2019. The Group assumes that the activity that triggers the payment is the granting of the options to its employees and measures the liability as the share price per the reporting date, minus the strike price of the options, multiplied by the current applicable social security tax rate.
In June 2022 Andfjord Salmon established a Long-Term Incentive Program for the Group\u2019s Management and employees, under which the Group will deli-ver share options as part of the consideration for the services rendered by its employees. The incentive program consists of equity settled share options.
The options granted have equal terms for all employees. The program is divided into three different tranches, with vesting periods ranging from one to three years starting at grant date 30 June 2022. An equal amount of shares vest in each of the three tranches. The earliest exercisable date is 1 January 2027, and the expiry date is 30 June 2031. These dates are the same for all options independently of vesting period or employee. The Group has not granted any new options in 2025.
Employee share option plan | Earliest exercise date - expiry date | Strike price | Number of options | |||
Number of options as at 1 January 2024 | 41,945 | 737 320 | ||||
Options granted | 1 January 2027 - 30 June 2031 | 41,945 | - | |||
Correction for employees who have left during the year | (10 320) | |||||
Number of options as at 31 December 2024 | 727 000 | |||||
Weighted average remaining vesting period | < 1 year | |||||
Employee share option plan | Earliest exercise date - expiry date | Strike price | Number of options | |||
Number of options as at 1 January 2025 | 41,945 | 727 000 | ||||
Options granted | 1 January 2027 - 30 June 2031 | 41.945 | - | |||
Correction for employees who have left during the year | (1 600) | |||||
Number of options as at 31 December 2025 | 725 400 | |||||
Weighted average remaining vesting period | < 1 year |
The Group assessed fair value at the grant date for the options granted in June 2022 was NOK 17.49 per option. The Group has calculated the value of the options using the Black-Scholes options pricing model, with the fair value following main assumptions:
Assumptions share-based payment program | |
Expected dividend yield | 0.0 % |
Historical volatility | 38.4 % |
Risk-free interest rate | 3.3 % |
Expected life of option (years) | 3 |
Due to the Group\u2019s limited length of share price history, expected volatility used in the calculations are estimated based on implied volatility of similar traded entities.
As any dividend payment during the options\u2019 vesting period is regulated with a proportional adjustment of the exercise price, the dividend parameter is not included in the calculations.
3.4\tOther operating expenses
Other operating expenses | 2025 | 2024 | |
(Amounts in NOK thousand) | |||
Expenses related to short-term and low-value leases | 1 401 | 1 662 | |
Legal and consultancy services (incl. remuneration to auditors) | 31 106 | 9 952 | |
Sales and marketing costs | 4 044 | 4 244 | |
Maintenance (incl. materials and other small equipment) | 2 686 | 677 | |
Insurance and bank fees | 2 255 | 1 098 | |
Energy expenses (fuel, electricity, water, etc.) | 1 879 | 722 | |
IT costs | 6 655 | 4 481 | |
Other taxes and levies | 5 751 | 174 | |
Other expenses | 3 518 | 2 439 | |
Total other operating expenses | 59 295 | 25 450 |
(*) NOK 9.4 million are related to the sale of wholly-owned subsidiary
Andfjord Salmon Harbour AS. See note 4.1.1 for further information.
Auditor\u2019s remuneration | 2025 | 2024 | ||
(Amounts in NOK thousand) | ||||
Statutory audit fees | 1 520 | 812 | ||
Other assurance services | 388 | 206 | ||
Total auditor's remuneration | 1 909 | 1 018 |
Accounting policies
The Group recognises the undiscounted amount of short-term employee benefits expected to be paid to its employees in exchange for their services. Obligations for short-term employee benefits mainly include wages and salaries; bonuses; annual leave and accumulated sick leave that are expected to be settled within twelve months of the reporting date. Employee benefit obligations are included in the \u2018other current liabilities\u2019 in the statement of financial position.
Accounting policies
The Group has a defined contribution plan for its employees, where payments are made through an insurance Group. Cost from the defined contribution plans is recognised when payable. The Group does not hold any credit or actuarial risks from these contribution plans.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__45": { "value": "During 2025, the average number of employees was 27 (2024: 23)", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__47": { "value": "3.3.1\tDefined contribution plans
Accounting policies
The Group has a defined contribution plan for its employees, where payments are made through an insurance Group. Cost from the defined contribution plans is recognised when payable. The Group does not hold any credit or actuarial risks from these contribution plans.
With respect to its defined contribution plans, Andfjord Salmon has a defined contribution plan in accordance with local laws. The defined contribution plan covers all employees and amounts to between 7.0% and 25.1% of the gross salary. As at 31 December 2025 there were 31 members in the plan (2024: 23).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__49": { "value": "3.3.2\tShare based payments
Accounting policies
Share-based compensation programs are provided to the Group\u2019s employees. These programs are equity-settled, since services rendered by the employees will be settled with the Group\u2019s own equity instruments.
The cost of the equity-settled program is measured at the fair value of the options, at the grant date. The cost is recognised as \u2018employee benefit expenses\u2019, with a corresponding increase in equity, over the vesting period. The vesting period is the period over which the specified vesting conditions are to be satisfied.
At the end of each reporting period, the Group revises its best estimates of the number of options expected to vest, recognising in the statement of comprehensive income the difference between the cumulative expense at the beginning and period-end dates, with a corresponding adjustment to equity.
When the options vest in annual instalments over the vesting period, in substance it implies that each instalment has a different vesting period. Therefore, the Group accounts for each \u201ctranche\u201d as a separate award.
The Group recognises social security taxes from its share-based payments in line with IAS 37 \u2018Provisions, contingent liabilities and contingent assets\u2019. The Group assumes that the activity that triggers the payment is the granting of the options to its employees and measures the liability as the share price per the reporting date, minus the strike price of the options, multiplied by the current applicable social security tax rate.
In June 2022 Andfjord Salmon established a Long-Term Incentive Program for the Group\u2019s Management and employees, under which the Group will deli-ver share options as part of the consideration for the services rendered by its employees. The incentive program consists of equity settled share options.
The options granted have equal terms for all employees. The program is divided into three different tranches, with vesting periods ranging from one to three years starting at grant date 30 June 2022. An equal amount of shares vest in each of the three tranches. The earliest exercisable date is 1 January 2027, and the expiry date is 30 June 2031. These dates are the same for all options independently of vesting period or employee. The Group has not granted any new options in 2025.
Employee share option plan | Earliest exercise date - expiry date | Strike price | Number of options | |||
Number of options as at 1 January 2024 | 41,945 | 737 320 | ||||
Options granted | 1 January 2027 - 30 June 2031 | 41,945 | - | |||
Correction for employees who have left during the year | (10 320) | |||||
Number of options as at 31 December 2024 | 727 000 | |||||
Weighted average remaining vesting period | < 1 year | |||||
Employee share option plan | Earliest exercise date - expiry date | Strike price | Number of options | |||
Number of options as at 1 January 2025 | 41,945 | 727 000 | ||||
Options granted | 1 January 2027 - 30 June 2031 | 41.945 | - | |||
Correction for employees who have left during the year | (1 600) | |||||
Number of options as at 31 December 2025 | 725 400 | |||||
Weighted average remaining vesting period | < 1 year |
The Group assessed fair value at the grant date for the options granted in June 2022 was NOK 17.49 per option. The Group has calculated the value of the options using the Black-Scholes options pricing model, with the fair value following main assumptions:
Assumptions share-based payment program | |
Expected dividend yield | 0.0 % |
Historical volatility | 38.4 % |
Risk-free interest rate | 3.3 % |
Expected life of option (years) | 3 |
Due to the Group\u2019s limited length of share price history, expected volatility used in the calculations are estimated based on implied volatility of similar traded entities.
As any dividend payment during the options\u2019 vesting period is regulated with a proportional adjustment of the exercise price, the dividend parameter is not included in the calculations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__50": { "value": "
Accounting policies
Share-based compensation programs are provided to the Group\u2019s employees. These programs are equity-settled, since services rendered by the employees will be settled with the Group\u2019s own equity instruments.
The cost of the equity-settled program is measured at the fair value of the options, at the grant date. The cost is recognised as \u2018employee benefit expenses\u2019, with a corresponding increase in equity, over the vesting period. The vesting period is the period over which the specified vesting conditions are to be satisfied.
At the end of each reporting period, the Group revises its best estimates of the number of options expected to vest, recognising in the statement of comprehensive income the difference between the cumulative expense at the beginning and period-end dates, with a corresponding adjustment to equity.
When the options vest in annual instalments over the vesting period, in substance it implies that each instalment has a different vesting period. Therefore, the Group accounts for each \u201ctranche\u201d as a separate award.
The Group recognises social security taxes from its share-based payments in line with IAS 37 \u2018Provisions, contingent liabilities and contingent assets\u2019. The Group assumes that the activity that triggers the payment is the granting of the options to its employees and measures the liability as the share price per the reporting date, minus the strike price of the options, multiplied by the current applicable social security tax rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__51": { "value": "3.4\tOther operating expenses
Other operating expenses | 2025 | 2024 | |
(Amounts in NOK thousand) | |||
Expenses related to short-term and low-value leases | 1 401 | 1 662 | |
Legal and consultancy services (incl. remuneration to auditors) | 31 106 | 9 952 | |
Sales and marketing costs | 4 044 | 4 244 | |
Maintenance (incl. materials and other small equipment) | 2 686 | 677 | |
Insurance and bank fees | 2 255 | 1 098 | |
Energy expenses (fuel, electricity, water, etc.) | 1 879 | 722 | |
IT costs | 6 655 | 4 481 | |
Other taxes and levies | 5 751 | 174 | |
Other expenses | 3 518 | 2 439 | |
Total other operating expenses | 59 295 | 25 450 |
(*) NOK 9.4 million are related to the sale of wholly-owned subsidiary
Andfjord Salmon Harbour AS. See note 4.1.1 for further information.
Auditor\u2019s remuneration | 2025 | 2024 | ||
(Amounts in NOK thousand) | ||||
Statutory audit fees | 1 520 | 812 | ||
Other assurance services | 388 | 206 | ||
Total auditor's remuneration | 1 909 | 1 018 |
Auditor\u2019s remuneration | 2025 | 2024 | ||
(Amounts in NOK thousand) | ||||
Statutory audit fees | 1 520 | 812 | ||
Other assurance services | 388 | 206 | ||
Total auditor's remuneration | 1 909 | 1 018 |
3.5\tFinance income and costs
Finance income and costs | 2025 | 2024 | ||
(Amounts in NOK thousand) | ||||
Financial income | 12 905 | 4 914 | ||
Interest from bank deposit | 12 872 | 4 885 | ||
Foreign currency gains | 31 | - | ||
Other financial income | 1 | 29 | ||
Financial costs: | (161 356) | (30 887) | ||
Interest on borrowings | (139 760) | (29 792) | ||
Net foreign currency loss | (13) | (6) | ||
Interest expense on lease liabilities | (1 727) | (523) | ||
Other financial expense | (19 856) | (565) | ||
Capitalised borrowing costs (*) | 160 826 | 30 049 | ||
Net finance result | 12 375 | 4 077 |
(*) See note 4.1.2 for further information
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__56": { "value": "3.5\tFinance income and costs
Finance income and costs | 2025 | 2024 | ||
(Amounts in NOK thousand) | ||||
Financial income | 12 905 | 4 914 | ||
Interest from bank deposit | 12 872 | 4 885 | ||
Foreign currency gains | 31 | - | ||
Other financial income | 1 | 29 | ||
Financial costs: | (161 356) | (30 887) | ||
Interest on borrowings | (139 760) | (29 792) | ||
Net foreign currency loss | (13) | (6) | ||
Interest expense on lease liabilities | (1 727) | (523) | ||
Other financial expense | (19 856) | (565) | ||
Capitalised borrowing costs (*) | 160 826 | 30 049 | ||
Net finance result | 12 375 | 4 077 |
(*) See note 4.1.2 for further information
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__57": { "value": "3.5\tFinance income and costs
Finance income and costs | 2025 | 2024 | ||
(Amounts in NOK thousand) | ||||
Financial income | 12 905 | 4 914 | ||
Interest from bank deposit | 12 872 | 4 885 | ||
Foreign currency gains | 31 | - | ||
Other financial income | 1 | 29 | ||
Financial costs: | (161 356) | (30 887) | ||
Interest on borrowings | (139 760) | (29 792) | ||
Net foreign currency loss | (13) | (6) | ||
Interest expense on lease liabilities | (1 727) | (523) | ||
Other financial expense | (19 856) | (565) | ||
Capitalised borrowing costs (*) | 160 826 | 30 049 | ||
Net finance result | 12 375 | 4 077 |
(*) See note 4.1.2 for further information
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__58": { "value": "3.6\tEarnings per share
Accounting policies
Basic earnings per share is calculated by dividing the profit attributable to owners of the Group, excluding any costs of servicing equity other than ordinary shares; by the weighted average number of ordinary shares outstanding during the financial year, adjusted for treasury shares (see Note 6.6).
Diluted earnings per share adjust the figures used in the determination of basic earnings per share, to take into account the after-income tax effect of interest and other financing costs associated with dilutive potential ordinary shares; and the weighted average number of additional ordinary shares that would have been outstanding, assuming the conversion of all dilutive potential ordinary shares.
A potential ordinary share is a financial instrument or other contract that may entitle its holder to ordinary share, and whose conversion into an ordinary share would lead to a reduction in earnings per share or an increase in loss per share from continuing operations (i.e. would make the loss per share more negative).
Therefore, options granted to its employees by the Group through its Long-Term Incentive Program (see Note 3.3.2 for further information) are considered anti-dilutive in the diluted earnings per share calculation for the periods where the Group incurred a loss from continuing operations.
Basic and diluted earnings per share | 2025 | 2024 | ||
Profit/(loss) for the year | (104 079) | (67 862) | ||
Weighted average number of shares used as the denominator | ||||
Weighted average number of shares used in basic earnings per share | 87 371 728 | 63 644 020 | ||
Dilutive effect of granted share options | - | - | ||
Weighted average number of shares used in diluted earnings per share | 87 371 728 | 63 644 020 | ||
Basic earnings per share (NOK) | (1.19) | (1.07) | ||
Diluted earnings per share (NOK) | (1.19) | (1.07) |
The options have not been included in the determination of basic earnings per share. In the future, these options could potentially dilute basic earnings per share.
Weighted average number of shares does not include not-registered capital increa-se. See note 6.6.3 for further information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__59": { "value": "Accounting policies
Basic earnings per share is calculated by dividing the profit attributable to owners of the Group, excluding any costs of servicing equity other than ordinary shares; by the weighted average number of ordinary shares outstanding during the financial year, adjusted for treasury shares (see Note 6.6).
Diluted earnings per share adjust the figures used in the determination of basic earnings per share, to take into account the after-income tax effect of interest and other financing costs associated with dilutive potential ordinary shares; and the weighted average number of additional ordinary shares that would have been outstanding, assuming the conversion of all dilutive potential ordinary shares.
A potential ordinary share is a financial instrument or other contract that may entitle its holder to ordinary share, and whose conversion into an ordinary share would lead to a reduction in earnings per share or an increase in loss per share from continuing operations (i.e. would make the loss per share more negative).
Therefore, options granted to its employees by the Group through its Long-Term Incentive Program (see Note 3.3.2 for further information) are considered anti-dilutive in the diluted earnings per share calculation for the periods where the Group incurred a loss from continuing operations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__60": { "value": "3.7\tIncome tax
3.7.1\tIncome Tax Expense
Accounting policies
The income tax expense or credit for the period is the tax payable on the current period\u2019s taxable income, based on the applicable income tax rate, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. Deferred taxes are calculated at 22% of the temporary differences between book value and tax values, in addition to tax losses carried forward at the end of the accounting year.
The income tax rate has been determined by using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax assets are realised or the deferred income tax liabilities are settled.
Income tax expense | 2025 | 2024 | |
(Amounts in NOK thousand) | |||
Current income tax | - | - | |
Change in deferred tax | - | - | |
Total income tax expense | - | - |
3.7.2\tDeferred Tax Balances
Accounting policies
The Group is subject to ordinary Norwegian company tax with a tax rate of 22%. Because of timing differences between the financial statements and the tax rules, there will be temporary differences that give rise to deferred tax liabilities or deferred tax assets.
Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those temporary differences and tax losses.
Deferred tax balances | 2025 | 2024 | ||
(Amounts in NOK thousand) | ||||
Tangible fixed assets | (107 957) | (20 787) | ||
Leases | (55 335) | (2 621) | ||
Inventories biological assets | 14 935 | - | ||
Receivables | - | - | ||
Allocations and more | 14 481 | 14 481 | ||
Other differences | 6 071 | 6 071 | ||
Total deferred tax relating to temporary differences | (127 805) | (2 856) | ||
Tax losses to carry forward | 674 573 | 352 354 | ||
Not included in the deferred tax calculation | (546 768) | (349 498) | ||
Basis for deferred tax assets (liabilities) | - | - | ||
Carrying value of deferred tax assets (liabilities) | - | - |
Deferred tax asset is not recognised in the balance sheet.
3.7.3\tReconciliation of Income Tax Expense
Reconciliation of income tax expense | 2025 | 2024 | ||
(Amounts in NOK thousand) | ||||
Profit before tax | (104 079) | (67 862) | ||
Expected income tax at statutory income tax rate of 22% (2021: 22%) | (22 897) | (14 930) | ||
Permanent differences | (20 502) | (5 790) | ||
Change in unrecognised deferred tax asset | 43 399 | 20 720 | ||
Calculated tax expense/(income) | - | - |
Accounting policies
The income tax expense or credit for the period is the tax payable on the current period\u2019s taxable income, based on the applicable income tax rate, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. Deferred taxes are calculated at 22% of the temporary differences between book value and tax values, in addition to tax losses carried forward at the end of the accounting year.
The income tax rate has been determined by using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax assets are realised or the deferred income tax liabilities are settled.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__61": { "value": "3.7.2\tDeferred Tax Balances
Accounting policies
The Group is subject to ordinary Norwegian company tax with a tax rate of 22%. Because of timing differences between the financial statements and the tax rules, there will be temporary differences that give rise to deferred tax liabilities or deferred tax assets.
Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those temporary differences and tax losses.
Deferred tax balances | 2025 | 2024 | ||
(Amounts in NOK thousand) | ||||
Tangible fixed assets | (107 957) | (20 787) | ||
Leases | (55 335) | (2 621) | ||
Inventories biological assets | 14 935 | - | ||
Receivables | - | - | ||
Allocations and more | 14 481 | 14 481 | ||
Other differences | 6 071 | 6 071 | ||
Total deferred tax relating to temporary differences | (127 805) | (2 856) | ||
Tax losses to carry forward | 674 573 | 352 354 | ||
Not included in the deferred tax calculation | (546 768) | (349 498) | ||
Basis for deferred tax assets (liabilities) | - | - | ||
Carrying value of deferred tax assets (liabilities) | - | - |
Deferred tax asset is not recognised in the balance sheet.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__63": { "value": "Accounting policies
The Group is subject to ordinary Norwegian company tax with a tax rate of 22%. Because of timing differences between the financial statements and the tax rules, there will be temporary differences that give rise to deferred tax liabilities or deferred tax assets.
Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those temporary differences and tax losses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__67": { "value": "4.1\tProperty, plant and equipment
Accounting policies
Property, plant and equipment (\u2018PPE\u2019) is initially recognised at cost and subsequently measured at cost less accumulated depreciation and impairments.
The following table summarises the useful life and depreciation method by class of asset:
Land and buildings | Machinery and plant | Furniture,tools and others | Facilities for farming | Assets under construction | |
Depreciation method | |||||
Buildings: straight-line. | |||||
Straight-line | Straight-line | Straight-line | Not applicable | ||
Land not depreciated | |||||
Useful life | 50 years | 5-20 years | 3-10 years | 5-100 years | Not depreciated |
Estimated residual values and expected useful lives of assets are reviewed by the Group at least annually. In estimating the remaining useful lives of the assets, Management considers the expected level of use; the expected physical wear and tear together with the maintenance plans; and any technical, legal or commercial obsolescence arising from, among others, laws and regulations affecting health, safety or environmental regulations.
Each significant component is identified separately for depreciation purposes and depreciated over its individual useful life. Component identification is based on the combination of technical and accounting information and considers: i) cost materiality of the component compared to the overall cost of the asset; ii) if useful life or depreciation method of the component is materially different from the main asset; iii) if the part is replaced or maintained separately during the asset\u2019s life.
Depreciation cost of the components that are considered shared assets are allocated based on the operational capacity (e.g. number of pools commissioned) in relation to total capacity when fully operational.
When a significant component is replaced, the old component is derecognised and the new component capitalised, if its cost is recoverable.
Property, plant and equipment | Land and buildings | Machinery and plant | Furniture, tools and others | Facilities for farming | Assets under construction | Total |
Year ended 31 December 2024 | ||||||
Opening net book amount | 104 592 | 26 632 | 4 671 | 274 040 | 466 697 | 876 632 |
Additions | 827 | 242 | 568 | - | 1 370 519 | 1 372 156 |
Other movements | - | - | - | (149) | 149 | - |
Sale | - | - | (11) | - | - | (11) |
Depreciation | (400) | (2 929) | (1 557) | (13 038) | - | (17 924) |
Closing net book amount | 105 019 | 23 945 | 3 671 | 260 853 | 1 837 365 | 2 230 853 |
At 31 December 2024 | ||||||
Cost | 106 240 | 31 142 | 8 108 | 296 150 | 1 837 365 | 2 279 005 |
Accumulated depreciation | (1 221) | (7 197) | (4 437) | (35 297) | - | (48 152) |
Net book amount | 105 019 | 23 945 | 3 671 | 260 853 | 1 837 365 | 2 230 853 |
Year ended 31 December 2025 | ||||||
Opening net book amount | 105 019 | 23 945 | 3 671 | 260 853 | 1 837 365 | 2 230 853 |
Additions | 312 | 63 | 1 648 | 127 | 2 347 420 | 2 349 569 |
Transfer | 44 847 | 67 813 | - | 1 774 290 | (1 886 950) | - |
Transfer to intangible assets | - | - | - | - | (24 269) | (24 269) |
Disposals (*) | - | - | - | - | (237 593) | (237 593) |
Depreciation | (844) | (4 100) | (1 528) | (18 231) | - | (24 702) |
Closing net book amount | 149 333 | 87 722 | 3 791 | 2 017 040 | 2 035 973 | 4 293 859 |
At 31 December 2025 | ||||||
Cost | 151 399 | 99 018 | 9 756 | 2 070 567 | 2 035 973 | 4 366 713 |
Accumulated depreciation | (2 065) | (11 297) | (5 965) | (53 527) | - | (72 854) |
Net book amount | 149 333 | 87 722 | 3 791 | 2 017 040 | 2 035 973 | 4 293 859 |
(*) Disposals are mainly related to sale of the harbour property. See note 4.1.1 for further information.
Note 6.2.2 discloses information on the amount of property, plant and equipment that are pledged as security for borrowings.
Note 7.3 discloses information of contractual obligations to purchase, construct or develop property, plant and equipment or for repairs, maintenance or enhancements.
4.1.1\tSignificant movements during the period
Accounting judgements and estimates
Management assesses to which extent costs are directly attributable to bringing the assets into the condition for them to operate in the intended manner. In this sense, Management considers own employees with direct responsibilities for the building of the pools to meet the capitalisation criteria for capitalisation, excluding general management, administrative and finance roles.
Kvalnes land-based facility \u2013 Phase II
The additions during 2025 mainly relate to the development of the Kvalnes land-based facilities. The Group's construction project at Kvalnes has made strong progress through 2025 with two pools of the facility already in opera-tion at the end of the year. Waterways supporting the production of 48,000 tonnes HOG of yearly production are completed. Aforementioned assets are considered to be shared across the facility (see note 4.1 for more informa-tion) and the allocation key used for the reporting period is 2/12 due to two operational pools out of 12 at full capacity of the facility.
In total five pools will be operationally ready during Q2 and Q3, which will give a yearly production capacity of 11,000 tonnes HOG. The production capacity at the Kvalnes site will continue to increase up to 17,000 tonnes HOG annu-ally by end of 2027. The total potential at the Kvalnes site is estimated to be approximately 48,000 tonnes HOG annual production.
Fiskenes and Breivik
The potential annual production capacity at Fiskenes and Breivik is estima-ted to 20,000- 25,000 tonnes HOG on each location. The Breivik site is ready for a license application, while for Fiskenes, the process of zoning plan for the property is still ongoing.
Sale of wholly-owned subsidiary Andfjord Salmon Harbour AS
On 27 May 2025 Andfjord Salmon Group AS (the parent company) sold 100% of the share ownership in a wholly-owned subsidiary Andfjord Salmon Harbour AS (now renamed And\u00f8ya Havn AS) to Asset Buyout Partners AS. The purchase price of the shares was NOK 400 million. The cash transaction
price was received in full by Andfjord Salmon Group AS on 18 June 2025. The harbour property located in Kvalnes, And\u00f8ya (consisting of the harbour together with the plot of land it is located on) was transferred from Andfjord Salmon AS (the operating company in the Group) to a newly established subsidiary Andfjord Salmon Harbour AS.
To determine the appropriate accounting treatment, the transaction was carefully evaluated against the criteria for loss of control of the subsidiary under IFRS 10, as well as the requirements relating to loss of control of the asset in accordance with IFRS 15. This assessment was conducted in the context of a potential sale and leaseback transaction pursuant to IFRS 16, alongside the consideration of a possible IFRS 15 sale of the asset and asso-ciated performance obligation to complete the construction of the harbour. It was concluded that the sale of shares in a subsidiary is the main element in the transfer of harbour property to Asset Buyout Partners AS. Therefore, the transaction is scoped within IFRS 10.
At the date of the sale of the subsidiary, the net assets of the Andfjord Sal-mon Harbour AS consisted of asset under construction with a book value of NOK 228 million and a receivable towards the Group of NOK 172 million. There is no gain or loss recognised in the transaction as the consideration of NOK 400 million received is equal to the book value of net assets sold. Given no gain or loss on this sale transaction, the issue of gain recognition based on IFRS 10 (full recognition) or IFRS 16 (partial recognition) is not relevant for Andfjord Salmon for this transaction.
The harbour area had been classified as \u2018Assets under construction\u2019 prior to the sale. After the sale, the Group has a short-term payable towards Andfjord Salmon Harbour AS of NOK 172 million which represents the agreed estima-te of the remaining construction costs of the harbour property. As of period end 31 December 2025, NOK 73 million has been settled, as such, NOK 99 million is still outstanding at 31 December 2025.
As part of the transaction, Andfjord Salmon Group AS and Andfjord Salmon AS (jointly designated as Project Manager) entered into a Project Manage-ment Agreement with Andfjord Salmon Harbour AS. The agreement outlines the Project Manager\u2019s responsibilities and authorises them to act on behalf
of Andfjord Salmon Harbour AS within defined limits. Agent versus prin-cipal assessment concluded that Project Manager\u2019s role is administrative in nature and contractually pre-determined. Therefore, Project Manager acts as an agent without significant decision-making authority over the harbour\u2019s construction.
Completion of the harbour property triggers the commencement of the har-bour lease agreement. The annual lease payment is approximately NOK 30 million over a lease term of 80 years. Transaction costs of NOK 23.4 million were incurred as part of the transaction, where NOK 14 million is identified as direct incremental cost of obtaining control of the harbour asset through the lease agreement and will be capitalised by Andfjord as part of the acqu-isition cost of the Right-of-use asset. Until the commencement date of the lease this will be recognised in the balance sheet as a pre-paid cost for the Right-of-use asset. Transaction costs not deemed as direct incremental cost have been expensed as other operating expenses in the reporting period.
4.1.2\tCapitalisation of borrowing costs
Accounting policies
Specific borrowing costs that are directly attributable to the construction of an asset that necessarily takes a substantial period to get ready for its intended use (a qualifying asset) are capitalised as part of the cost of the respective asset. The Group interprets \u2018substantial period\u2019 as one year or more. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.
The Group has incurred in general borrowings, both from credit insti-tutions and bond, that form part of the funds used to finance a project, and it has capitalised its borrowing costs using a weighted average of rates applicable to relevant general borrowings of the Group during the period.
All other borrowing costs are recognised in the statement of compre-hensive income in the period in which they are incurred.
The amount of borrowing costs capitalised during the 2025 period has been NOK 160 826 thousand (2024: NOK 30 049 thousand), and the amount of assets under construction have significantly exceeded the amount of bor-rowings held by the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__68-1": { "value": "4.1\tProperty, plant and equipment
Accounting policies
Property, plant and equipment (\u2018PPE\u2019) is initially recognised at cost and subsequently measured at cost less accumulated depreciation and impairments.
The following table summarises the useful life and depreciation method by class of asset:
Land and buildings | Machinery and plant | Furniture,tools and others | Facilities for farming | Assets under construction | |
Depreciation method | |||||
Buildings: straight-line. | |||||
Straight-line | Straight-line | Straight-line | Not applicable | ||
Land not depreciated | |||||
Useful life | 50 years | 5-20 years | 3-10 years | 5-100 years | Not depreciated |
Estimated residual values and expected useful lives of assets are reviewed by the Group at least annually. In estimating the remaining useful lives of the assets, Management considers the expected level of use; the expected physical wear and tear together with the maintenance plans; and any technical, legal or commercial obsolescence arising from, among others, laws and regulations affecting health, safety or environmental regulations.
Each significant component is identified separately for depreciation purposes and depreciated over its individual useful life. Component identification is based on the combination of technical and accounting information and considers: i) cost materiality of the component compared to the overall cost of the asset; ii) if useful life or depreciation method of the component is materially different from the main asset; iii) if the part is replaced or maintained separately during the asset\u2019s life.
Depreciation cost of the components that are considered shared assets are allocated based on the operational capacity (e.g. number of pools commissioned) in relation to total capacity when fully operational.
When a significant component is replaced, the old component is derecognised and the new component capitalised, if its cost is recoverable.
Property, plant and equipment | Land and buildings | Machinery and plant | Furniture, tools and others | Facilities for farming | Assets under construction | Total |
Year ended 31 December 2024 | ||||||
Opening net book amount | 104 592 | 26 632 | 4 671 | 274 040 | 466 697 | 876 632 |
Additions | 827 | 242 | 568 | - | 1 370 519 | 1 372 156 |
Other movements | - | - | - | (149) | 149 | - |
Sale | - | - | (11) | - | - | (11) |
Depreciation | (400) | (2 929) | (1 557) | (13 038) | - | (17 924) |
Closing net book amount | 105 019 | 23 945 | 3 671 | 260 853 | 1 837 365 | 2 230 853 |
At 31 December 2024 | ||||||
Cost | 106 240 | 31 142 | 8 108 | 296 150 | 1 837 365 | 2 279 005 |
Accumulated depreciation | (1 221) | (7 197) | (4 437) | (35 297) | - | (48 152) |
Net book amount | 105 019 | 23 945 | 3 671 | 260 853 | 1 837 365 | 2 230 853 |
Year ended 31 December 2025 | ||||||
Opening net book amount | 105 019 | 23 945 | 3 671 | 260 853 | 1 837 365 | 2 230 853 |
Additions | 312 | 63 | 1 648 | 127 | 2 347 420 | 2 349 569 |
Transfer | 44 847 | 67 813 | - | 1 774 290 | (1 886 950) | - |
Transfer to intangible assets | - | - | - | - | (24 269) | (24 269) |
Disposals (*) | - | - | - | - | (237 593) | (237 593) |
Depreciation | (844) | (4 100) | (1 528) | (18 231) | - | (24 702) |
Closing net book amount | 149 333 | 87 722 | 3 791 | 2 017 040 | 2 035 973 | 4 293 859 |
At 31 December 2025 | ||||||
Cost | 151 399 | 99 018 | 9 756 | 2 070 567 | 2 035 973 | 4 366 713 |
Accumulated depreciation | (2 065) | (11 297) | (5 965) | (53 527) | - | (72 854) |
Net book amount | 149 333 | 87 722 | 3 791 | 2 017 040 | 2 035 973 | 4 293 859 |
(*) Disposals are mainly related to sale of the harbour property. See note 4.1.1 for further information.
Note 6.2.2 discloses information on the amount of property, plant and equipment that are pledged as security for borrowings.
Note 7.3 discloses information of contractual obligations to purchase, construct or develop property, plant and equipment or for repairs, maintenance or enhancements.
4.1.1\tSignificant movements during the period
Accounting judgements and estimates
Management assesses to which extent costs are directly attributable to bringing the assets into the condition for them to operate in the intended manner. In this sense, Management considers own employees with direct responsibilities for the building of the pools to meet the capitalisation criteria for capitalisation, excluding general management, administrative and finance roles.
Kvalnes land-based facility \u2013 Phase II
The additions during 2025 mainly relate to the development of the Kvalnes land-based facilities. The Group's construction project at Kvalnes has made strong progress through 2025 with two pools of the facility already in opera-tion at the end of the year. Waterways supporting the production of 48,000 tonnes HOG of yearly production are completed. Aforementioned assets are considered to be shared across the facility (see note 4.1 for more informa-tion) and the allocation key used for the reporting period is 2/12 due to two operational pools out of 12 at full capacity of the facility.
In total five pools will be operationally ready during Q2 and Q3, which will give a yearly production capacity of 11,000 tonnes HOG. The production capacity at the Kvalnes site will continue to increase up to 17,000 tonnes HOG annu-ally by end of 2027. The total potential at the Kvalnes site is estimated to be approximately 48,000 tonnes HOG annual production.
Fiskenes and Breivik
The potential annual production capacity at Fiskenes and Breivik is estima-ted to 20,000- 25,000 tonnes HOG on each location. The Breivik site is ready for a license application, while for Fiskenes, the process of zoning plan for the property is still ongoing.
Sale of wholly-owned subsidiary Andfjord Salmon Harbour AS
On 27 May 2025 Andfjord Salmon Group AS (the parent company) sold 100% of the share ownership in a wholly-owned subsidiary Andfjord Salmon Harbour AS (now renamed And\u00f8ya Havn AS) to Asset Buyout Partners AS. The purchase price of the shares was NOK 400 million. The cash transaction
price was received in full by Andfjord Salmon Group AS on 18 June 2025. The harbour property located in Kvalnes, And\u00f8ya (consisting of the harbour together with the plot of land it is located on) was transferred from Andfjord Salmon AS (the operating company in the Group) to a newly established subsidiary Andfjord Salmon Harbour AS.
To determine the appropriate accounting treatment, the transaction was carefully evaluated against the criteria for loss of control of the subsidiary under IFRS 10, as well as the requirements relating to loss of control of the asset in accordance with IFRS 15. This assessment was conducted in the context of a potential sale and leaseback transaction pursuant to IFRS 16, alongside the consideration of a possible IFRS 15 sale of the asset and asso-ciated performance obligation to complete the construction of the harbour. It was concluded that the sale of shares in a subsidiary is the main element in the transfer of harbour property to Asset Buyout Partners AS. Therefore, the transaction is scoped within IFRS 10.
At the date of the sale of the subsidiary, the net assets of the Andfjord Sal-mon Harbour AS consisted of asset under construction with a book value of NOK 228 million and a receivable towards the Group of NOK 172 million. There is no gain or loss recognised in the transaction as the consideration of NOK 400 million received is equal to the book value of net assets sold. Given no gain or loss on this sale transaction, the issue of gain recognition based on IFRS 10 (full recognition) or IFRS 16 (partial recognition) is not relevant for Andfjord Salmon for this transaction.
The harbour area had been classified as \u2018Assets under construction\u2019 prior to the sale. After the sale, the Group has a short-term payable towards Andfjord Salmon Harbour AS of NOK 172 million which represents the agreed estima-te of the remaining construction costs of the harbour property. As of period end 31 December 2025, NOK 73 million has been settled, as such, NOK 99 million is still outstanding at 31 December 2025.
As part of the transaction, Andfjord Salmon Group AS and Andfjord Salmon AS (jointly designated as Project Manager) entered into a Project Manage-ment Agreement with Andfjord Salmon Harbour AS. The agreement outlines the Project Manager\u2019s responsibilities and authorises them to act on behalf
of Andfjord Salmon Harbour AS within defined limits. Agent versus prin-cipal assessment concluded that Project Manager\u2019s role is administrative in nature and contractually pre-determined. Therefore, Project Manager acts as an agent without significant decision-making authority over the harbour\u2019s construction.
Completion of the harbour property triggers the commencement of the har-bour lease agreement. The annual lease payment is approximately NOK 30 million over a lease term of 80 years. Transaction costs of NOK 23.4 million were incurred as part of the transaction, where NOK 14 million is identified as direct incremental cost of obtaining control of the harbour asset through the lease agreement and will be capitalised by Andfjord as part of the acqu-isition cost of the Right-of-use asset. Until the commencement date of the lease this will be recognised in the balance sheet as a pre-paid cost for the Right-of-use asset. Transaction costs not deemed as direct incremental cost have been expensed as other operating expenses in the reporting period.
4.1.2\tCapitalisation of borrowing costs
Accounting policies
Specific borrowing costs that are directly attributable to the construction of an asset that necessarily takes a substantial period to get ready for its intended use (a qualifying asset) are capitalised as part of the cost of the respective asset. The Group interprets \u2018substantial period\u2019 as one year or more. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.
The Group has incurred in general borrowings, both from credit insti-tutions and bond, that form part of the funds used to finance a project, and it has capitalised its borrowing costs using a weighted average of rates applicable to relevant general borrowings of the Group during the period.
All other borrowing costs are recognised in the statement of compre-hensive income in the period in which they are incurred.
The amount of borrowing costs capitalised during the 2025 period has been NOK 160 826 thousand (2024: NOK 30 049 thousand), and the amount of assets under construction have significantly exceeded the amount of bor-rowings held by the Group.
4.2\tIntangible assets
Accounting policies
Intangible assets are initially recognised at cost and amortised to their residual values over their economic useful life using the straight-line method.
The following table summarises the useful life and depreciation method by class of intangible asset:
Licenses, patents, and similar rights | Other intangible assets | |
Amortisation method | Straight-line | Straight-line |
Useful life | 10-20 years | 5 years |
Estimated residual values and expected useful lives of assets are reviewed by the Group at least at each financial reporting date.
Intangible assets | Licenses, patents, and similar rights costs | Other intangible assets | Total | |||
(Amounts in NOK thousand) | ||||||
Year ended 31 December 2024 | ||||||
Opening net book amount | 3 527 | 10 862 | 14 389 | |||
Additions | 3 524 | 3 524 | ||||
Amortisation charge | (187) | (1 307) | (1 494) | |||
Closing net book amount | 3 340 | 13 079 | 16 419 | |||
At 31 December 2024 | ||||||
Cost | 3 745 | 15 679 | 19 424 | |||
Accumulated amortisation and impairment | (405) | (2 600) | (3 005) | |||
Net book amount | 3 340 | 13 079 | 16 419 | |||
Year ended 31 December 2025 | ||||||
Opening net book amount | 3 340 | 13 079 | 16 419 | |||
Additions | - | 1 422 | 1 422 | |||
Reclassified from Property, plant and equipment | - | 24 269 | 24 269 | |||
Amortisation charge | (187) | (2 210) | (2 397) | |||
Closing net book amount | 3 153 | 36 560 | 39 713 | |||
At 31 December 2025 | ||||||
Cost | 3 745 | 41 370 | 45 115 | |||
Accumulated amortisation and impairment | (592) | (4 810) | (5 402) | |||
Net book amount | 3 153 | 36 560 | 39 713 |
The additions in \u00abother intangible assets\u00bb in 2025 are mainly related to work on licences and software development.
4.2.1\tDevelopment costs
During 2025, the Group was developing its Laminar Flow Technology for its current and future salmon farming pools. Expenditures incurred during the development stages of these pools have been capitalised to the extent that they meet the requirements.
Accounting policies
Property, plant and equipment (\u2018PPE\u2019) is initially recognised at cost and subsequently measured at cost less accumulated depreciation and impairments.
The following table summarises the useful life and depreciation method by class of asset:
Land and buildings | Machinery and plant | Furniture,tools and others | Facilities for farming | Assets under construction | |
Depreciation method | |||||
Buildings: straight-line. | |||||
Straight-line | Straight-line | Straight-line | Not applicable | ||
Land not depreciated | |||||
Useful life | 50 years | 5-20 years | 3-10 years | 5-100 years | Not depreciated |
Estimated residual values and expected useful lives of assets are reviewed by the Group at least annually. In estimating the remaining useful lives of the assets, Management considers the expected level of use; the expected physical wear and tear together with the maintenance plans; and any technical, legal or commercial obsolescence arising from, among others, laws and regulations affecting health, safety or environmental regulations.
Each significant component is identified separately for depreciation purposes and depreciated over its individual useful life. Component identification is based on the combination of technical and accounting information and considers: i) cost materiality of the component compared to the overall cost of the asset; ii) if useful life or depreciation method of the component is materially different from the main asset; iii) if the part is replaced or maintained separately during the asset\u2019s life.
Depreciation cost of the components that are considered shared assets are allocated based on the operational capacity (e.g. number of pools commissioned) in relation to total capacity when fully operational.
When a significant component is replaced, the old component is derecognised and the new component capitalised, if its cost is recoverable.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__70": { "value": "Accounting policies
Property, plant and equipment (\u2018PPE\u2019) is initially recognised at cost and subsequently measured at cost less accumulated depreciation and impairments.
The following table summarises the useful life and depreciation method by class of asset:
Land and buildings | Machinery and plant | Furniture,tools and others | Facilities for farming | Assets under construction | |
Depreciation method | |||||
Buildings: straight-line. | |||||
Straight-line | Straight-line | Straight-line | Not applicable | ||
Land not depreciated | |||||
Useful life | 50 years | 5-20 years | 3-10 years | 5-100 years | Not depreciated |
Estimated residual values and expected useful lives of assets are reviewed by the Group at least annually. In estimating the remaining useful lives of the assets, Management considers the expected level of use; the expected physical wear and tear together with the maintenance plans; and any technical, legal or commercial obsolescence arising from, among others, laws and regulations affecting health, safety or environmental regulations.
Each significant component is identified separately for depreciation purposes and depreciated over its individual useful life. Component identification is based on the combination of technical and accounting information and considers: i) cost materiality of the component compared to the overall cost of the asset; ii) if useful life or depreciation method of the component is materially different from the main asset; iii) if the part is replaced or maintained separately during the asset\u2019s life.
Depreciation cost of the components that are considered shared assets are allocated based on the operational capacity (e.g. number of pools commissioned) in relation to total capacity when fully operational.
When a significant component is replaced, the old component is derecognised and the new component capitalised, if its cost is recoverable.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__71": { "value": "4.1.2\tCapitalisation of borrowing costs
Accounting policies
Specific borrowing costs that are directly attributable to the construction of an asset that necessarily takes a substantial period to get ready for its intended use (a qualifying asset) are capitalised as part of the cost of the respective asset. The Group interprets \u2018substantial period\u2019 as one year or more. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.
The Group has incurred in general borrowings, both from credit insti-tutions and bond, that form part of the funds used to finance a project, and it has capitalised its borrowing costs using a weighted average of rates applicable to relevant general borrowings of the Group during the period.
All other borrowing costs are recognised in the statement of compre-hensive income in the period in which they are incurred.
The amount of borrowing costs capitalised during the 2025 period has been NOK 160 826 thousand (2024: NOK 30 049 thousand), and the amount of assets under construction have significantly exceeded the amount of bor-rowings held by the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__72": { "value": "Accounting policies
Specific borrowing costs that are directly attributable to the construction of an asset that necessarily takes a substantial period to get ready for its intended use (a qualifying asset) are capitalised as part of the cost of the respective asset. The Group interprets \u2018substantial period\u2019 as one year or more. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.
The Group has incurred in general borrowings, both from credit insti-tutions and bond, that form part of the funds used to finance a project, and it has capitalised its borrowing costs using a weighted average of rates applicable to relevant general borrowings of the Group during the period.
All other borrowing costs are recognised in the statement of compre-hensive income in the period in which they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__73": { "value": "4.2\tIntangible assets
Accounting policies
Intangible assets are initially recognised at cost and amortised to their residual values over their economic useful life using the straight-line method.
The following table summarises the useful life and depreciation method by class of intangible asset:
Licenses, patents, and similar rights | Other intangible assets | |
Amortisation method | Straight-line | Straight-line |
Useful life | 10-20 years | 5 years |
Estimated residual values and expected useful lives of assets are reviewed by the Group at least at each financial reporting date.
Intangible assets | Licenses, patents, and similar rights costs | Other intangible assets | Total | |||
(Amounts in NOK thousand) | ||||||
Year ended 31 December 2024 | ||||||
Opening net book amount | 3 527 | 10 862 | 14 389 | |||
Additions | 3 524 | 3 524 | ||||
Amortisation charge | (187) | (1 307) | (1 494) | |||
Closing net book amount | 3 340 | 13 079 | 16 419 | |||
At 31 December 2024 | ||||||
Cost | 3 745 | 15 679 | 19 424 | |||
Accumulated amortisation and impairment | (405) | (2 600) | (3 005) | |||
Net book amount | 3 340 | 13 079 | 16 419 | |||
Year ended 31 December 2025 | ||||||
Opening net book amount | 3 340 | 13 079 | 16 419 | |||
Additions | - | 1 422 | 1 422 | |||
Reclassified from Property, plant and equipment | - | 24 269 | 24 269 | |||
Amortisation charge | (187) | (2 210) | (2 397) | |||
Closing net book amount | 3 153 | 36 560 | 39 713 | |||
At 31 December 2025 | ||||||
Cost | 3 745 | 41 370 | 45 115 | |||
Accumulated amortisation and impairment | (592) | (4 810) | (5 402) | |||
Net book amount | 3 153 | 36 560 | 39 713 |
The additions in \u00abother intangible assets\u00bb in 2025 are mainly related to work on licences and software development.
4.2.1\tDevelopment costs
During 2025, the Group was developing its Laminar Flow Technology for its current and future salmon farming pools. Expenditures incurred during the development stages of these pools have been capitalised to the extent that they meet the requirements.
4.2\tIntangible assets
Accounting policies
Intangible assets are initially recognised at cost and amortised to their residual values over their economic useful life using the straight-line method.
The following table summarises the useful life and depreciation method by class of intangible asset:
Licenses, patents, and similar rights | Other intangible assets | |
Amortisation method | Straight-line | Straight-line |
Useful life | 10-20 years | 5 years |
Estimated residual values and expected useful lives of assets are reviewed by the Group at least at each financial reporting date.
Intangible assets | Licenses, patents, and similar rights costs | Other intangible assets | Total | |||
(Amounts in NOK thousand) | ||||||
Year ended 31 December 2024 | ||||||
Opening net book amount | 3 527 | 10 862 | 14 389 | |||
Additions | 3 524 | 3 524 | ||||
Amortisation charge | (187) | (1 307) | (1 494) | |||
Closing net book amount | 3 340 | 13 079 | 16 419 | |||
At 31 December 2024 | ||||||
Cost | 3 745 | 15 679 | 19 424 | |||
Accumulated amortisation and impairment | (405) | (2 600) | (3 005) | |||
Net book amount | 3 340 | 13 079 | 16 419 | |||
Year ended 31 December 2025 | ||||||
Opening net book amount | 3 340 | 13 079 | 16 419 | |||
Additions | - | 1 422 | 1 422 | |||
Reclassified from Property, plant and equipment | - | 24 269 | 24 269 | |||
Amortisation charge | (187) | (2 210) | (2 397) | |||
Closing net book amount | 3 153 | 36 560 | 39 713 | |||
At 31 December 2025 | ||||||
Cost | 3 745 | 41 370 | 45 115 | |||
Accumulated amortisation and impairment | (592) | (4 810) | (5 402) | |||
Net book amount | 3 153 | 36 560 | 39 713 |
The additions in \u00abother intangible assets\u00bb in 2025 are mainly related to work on licences and software development.
4.2.1\tDevelopment costs
During 2025, the Group was developing its Laminar Flow Technology for its current and future salmon farming pools. Expenditures incurred during the development stages of these pools have been capitalised to the extent that they meet the requirements.
Accounting policies
Intangible assets are initially recognised at cost and amortised to their residual values over their economic useful life using the straight-line method.
The following table summarises the useful life and depreciation method by class of intangible asset:
Licenses, patents, and similar rights | Other intangible assets | |
Amortisation method | Straight-line | Straight-line |
Useful life | 10-20 years | 5 years |
Estimated residual values and expected useful lives of assets are reviewed by the Group at least at each financial reporting date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__77": { "value": "Accounting policies
Intangible assets are initially recognised at cost and amortised to their residual values over their economic useful life using the straight-line method.
The following table summarises the useful life and depreciation method by class of intangible asset:
Licenses, patents, and similar rights | Other intangible assets | |
Amortisation method | Straight-line | Straight-line |
Useful life | 10-20 years | 5 years |
Estimated residual values and expected useful lives of assets are reviewed by the Group at least at each financial reporting date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__78": { "value": "4.2.1\tDevelopment costs
During 2025, the Group was developing its Laminar Flow Technology for its current and future salmon farming pools. Expenditures incurred during the development stages of these pools have been capitalised to the extent that they meet the requirements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__81": { "value": "5.1\tBiological assets and other inventories
5.1.1\tSummary of accounting policies for biological assets and other
inventories
Accounting policies
The smolt is acquired and released into the Group\u2019s operating pools, and typically remain there until it is ready to be harvested, which is when the salmon is considered mature. The company also has the opportunity to sell live fish to sea-based farmers. This will normally be fish between 500 grams and 2000 grams in size. Selling live fish to sea-based farmers gives Andfjord Salmon increased flexibility to fully utilize the production capacity in the pools.
The Group's cost allocation methodology for salmon biomass and related inventories ensures that production costs capitalised to biological assets and inventories reflect actual resource consumption and the respective stage of production.
Direct production costs, including direct material costs and direct personnel expenses, are fully attributed to the relevant biomass or inventory. Indirect production costs, including depreciation of production-related assets, are allocated on a systematic and rational basis using appropriate cost drivers, including capacity utilisation. As the Group is in a ramp-up phase and production capacity is not
yet fully utilised, the cost of production, particularly depreciation of production facilities, is adjusted to reflect unutilised capacity. General and administrative overheads not directly attributable to production are expensed as incurred. Interests are not included in the carrying amount of biological assets or inventories.
The accounting treatment of biological assets is regulated by IAS 41 \u2018Agriculture\u2019. According to IAS 41, biological assets are recognised and measured at fair value less cost to sell at each reporting period. However, when there is little biological transformation, the cost of biological assets is deemed to be a close approximation to its fair value. This is the case of the smolt that has been acquired but not released into the pools yet.
Management has considered the approach to measure fair value of the biomass, in accordance with IFRS 13 \u2018Fair value\u2019, at each reporting period during the growing phase. The income approach is applied to estimate the fair value of the salmon stock, by which future cash flows from selling the salmon at harvest date are discounted to a single current amount. The valuation model for the salmon considers the highest and best use for salmon, which Management believes corresponds to the moment when the salmon is ready to be harvested (see Note 5.1.2 for Management\u2019s assumption on optimal weight).
The valuation model requires the use of several significant inputs, part of which are not observable. Therefore, the fair value is considered \u2018level 3\u2019 in the fair value hierarchy. Significant unobservable inputs include the cost to complete; the biomass\u2019 weight and quality; the implied discount rate and estimated growth rate of salmon. The significant observable inputs are the forward market price of salmon at
the expected time of harvest. Environmental or operational incidents leading to mortality exceeding a rate of 3% from that single incident will be recognised under \u2018cost of materials\u201d in the statement of comprehensive income.
Distinct assumptions are applied to each batch of salmon held in the Group\u2019s pools.
The change in the fair value of biological assets is recognised in the statement of comprehensive income as \u2018fair value adjustments of biological assets\u2019. The accumulated costs from incident-based mortality will reduce the fair value of the biological assets in the statement of financial position and is recognised as \u2018cost of materials\u2019 in the statement of comprehensive income.
Other inventories mainly include fodder, packaging materials, frozen salmon and other materials to be used during the maturing process of the salmon. Inventory is measured at the lower of its cost and its net realisable value. Cost of inventories held by the Group mainly include its cost of purchase.
Inventory is based on the first-in first-out principle, except for fodder where a weighted average is used.
Book value of inventories | 31 December 2025 | 31 December 2024 | ||
(Amounts in NOK thousand) | ||||
Biological assets | 48 277 | - | ||
Raw materials | 841 | - | ||
Others | - | 1 340 | ||
Total | 49 118 | 1 340 |
The Group held biological assets in the form of live salmon stock at year-end 2025 after smolt was released in the two pools.
As at 31 December 2025, the Group does not have any harvested salmon.
As at year-end 2024 inventory consists of frozen salmon for sale.
5.1.2\tMain judgments and assumptions for the valuation of the biomass
Accounting judgements and estimates
The valuation model for the salmon livestock considers the highest and best use for salmon, which Management believes corresponds to a live weight of approximately 4.8 kg, and a gutted weight of 4.0 kg when harvested.
The Group estimates the fair value of the biomass at each reporting period using a model following an income approach.
Estimated future cash inflows
Future cash inflows are estimated based on the estimated biomass volume, and price at the expected harvesting date. Biomass volumes are estimated based on the number of fish in the pools, adjusted by expected mortality, and multiplied by the expected average weight of salmon at the harvest date. The expected price at harvesting date is calculated using the Salmon Futures on Euronext Paris Commodity Derivatives Market on the settlement (delivery) date, adjusted for costs to sell the fish, such as harvesting costs, transportation etc. .
An increase in the forward price will increase the fair value of the salmon biomass. However, the effect will be compensated by the deductions of costs to complete the lifecycle at each point in time. Only changes in prices when the salmon is matured has a full effect on the value of the biomass. Equivalent effects can be expected when the source of the change is due to the deduction of costs to sell.
The following forward price was estimated at harvesting time, corresponding to the forward price at optimal weight time, has been considered by the Group for the expected harvesting dates for its biomass:
Expected harvesting period | Forward price at expected harvest dates |
(Amount in NOK per kg) | |
Batch #1 (Oct-26) | 76.27 |
Batch #2 (Dec-26) | 94.03 |
Estimated future cash outflows
Future cash outflows are defined as the costs to complete the salmon lifecycle at each point in time. This includes costs necessary to grow the fish to its optimal weight, which main components are fodder and other direct costs. The estimation of the fodder costs depends on future fodder prices, but also expected conversion rate, measured as gained weight of the salmon stock per kg of fodder released in the fish pools.
Fair value interpolation
Estimated net cash flows are discounted at each point in time using an interpolation method where the two known data points are the value of the smolt when released into the pool, and the expected cash inflows as described above. The discounting follows a natural interpretation to calculate a discount rate representing the time value of money and hypothetical license fees for the salmon farming permits.
Hypothetical license fees are included in the calculation of the discount rate, as it represents the value that a hypothetical buyer of a salmon farming license would have to incur for such a permit, which cannot be obtained in the open market, therefore causing entry barriers.
The interpolation model is updated quarterly, considering data on actual forward prices, mortality rates, number of fish in the pools, etc. These estimates are approved by the Group\u2019s Management, supported by real quantitative data samples of the biomass, and updated budgets and forecasts.
Sensitivity analysis of biomass | 2025 | 2024 | |
(Amounts in NOK thousand) | |||
Change in discount rate +1% | (5 130) | - | |
Change in discount rate -1% | 5 745 | - | |
Changes in sales price +1 NOK/kg | 1 163 | - | |
Changes in sales price -1 NOK/kg | (1 163) | - | |
Changes in biomass volume +1% kg | 838 | - | |
Changes in biomass volume -1% kg | (838) | - |
Sensitivity analysis evaluates the impact of changes in key estimates on the fair value. It highlights how variations in factors such as sales prices, biomass vol-ume, discount rate and superior share could affect the fair value measurement, providing a clearer understanding of potential financial impacts.
5.1.3\tCarrying amount reconciliation
The Group holds 531 tonnes of biological assets at 31 December 2025 (31 De-cember 2024: 0 tonnes).
The table below provides a reconciliation of the biological assets held by the Group:
Tonnes | Carrying amount NOK thousand | Tonnes | Carrying amount NOK thousand | |
Change in biological assets | 2025 | 2025 | 2024 | 2024 |
Biological assets at 1 January | - | - | - | - |
Increase due to production | 531 | 63 212 | - | - |
Fair value adjustment at 31.12 | - | (14 935) | - | - |
Decrease due to sale/harvesting | - | - | - | - |
Biological assets at 31 December | 531 | 48 277 | - | - |
The table below provides reconciliation of the total value of inventories:
Value of inventories | Feed | Salmon | Frozen products | Total at cost | Fair value adjustment | Carrying amount |
(Amounts in NOK thousand) | ||||||
At 1 January 2025 | - | - | 1 340 | 1 340 | - | - |
Change | 841 | 63 212 | (1 340) | 62 713 | (14 935) | 47 778 |
At 31 December 2025 | 841 | 63 212 | - | 64 053 | (14 935) | 49 118 |
5.1\tBiological assets and other inventories
5.1.1\tSummary of accounting policies for biological assets and other
inventories
Accounting policies
The smolt is acquired and released into the Group\u2019s operating pools, and typically remain there until it is ready to be harvested, which is when the salmon is considered mature. The company also has the opportunity to sell live fish to sea-based farmers. This will normally be fish between 500 grams and 2000 grams in size. Selling live fish to sea-based farmers gives Andfjord Salmon increased flexibility to fully utilize the production capacity in the pools.
The Group's cost allocation methodology for salmon biomass and related inventories ensures that production costs capitalised to biological assets and inventories reflect actual resource consumption and the respective stage of production.
Direct production costs, including direct material costs and direct personnel expenses, are fully attributed to the relevant biomass or inventory. Indirect production costs, including depreciation of production-related assets, are allocated on a systematic and rational basis using appropriate cost drivers, including capacity utilisation. As the Group is in a ramp-up phase and production capacity is not
yet fully utilised, the cost of production, particularly depreciation of production facilities, is adjusted to reflect unutilised capacity. General and administrative overheads not directly attributable to production are expensed as incurred. Interests are not included in the carrying amount of biological assets or inventories.
The accounting treatment of biological assets is regulated by IAS 41 \u2018Agriculture\u2019. According to IAS 41, biological assets are recognised and measured at fair value less cost to sell at each reporting period. However, when there is little biological transformation, the cost of biological assets is deemed to be a close approximation to its fair value. This is the case of the smolt that has been acquired but not released into the pools yet.
Management has considered the approach to measure fair value of the biomass, in accordance with IFRS 13 \u2018Fair value\u2019, at each reporting period during the growing phase. The income approach is applied to estimate the fair value of the salmon stock, by which future cash flows from selling the salmon at harvest date are discounted to a single current amount. The valuation model for the salmon considers the highest and best use for salmon, which Management believes corresponds to the moment when the salmon is ready to be harvested (see Note 5.1.2 for Management\u2019s assumption on optimal weight).
The valuation model requires the use of several significant inputs, part of which are not observable. Therefore, the fair value is considered \u2018level 3\u2019 in the fair value hierarchy. Significant unobservable inputs include the cost to complete; the biomass\u2019 weight and quality; the implied discount rate and estimated growth rate of salmon. The significant observable inputs are the forward market price of salmon at
the expected time of harvest. Environmental or operational incidents leading to mortality exceeding a rate of 3% from that single incident will be recognised under \u2018cost of materials\u201d in the statement of comprehensive income.
Distinct assumptions are applied to each batch of salmon held in the Group\u2019s pools.
The change in the fair value of biological assets is recognised in the statement of comprehensive income as \u2018fair value adjustments of biological assets\u2019. The accumulated costs from incident-based mortality will reduce the fair value of the biological assets in the statement of financial position and is recognised as \u2018cost of materials\u2019 in the statement of comprehensive income.
Other inventories mainly include fodder, packaging materials, frozen salmon and other materials to be used during the maturing process of the salmon. Inventory is measured at the lower of its cost and its net realisable value. Cost of inventories held by the Group mainly include its cost of purchase.
Inventory is based on the first-in first-out principle, except for fodder where a weighted average is used.
Book value of inventories | 31 December 2025 | 31 December 2024 | ||
(Amounts in NOK thousand) | ||||
Biological assets | 48 277 | - | ||
Raw materials | 841 | - | ||
Others | - | 1 340 | ||
Total | 49 118 | 1 340 |
The Group held biological assets in the form of live salmon stock at year-end 2025 after smolt was released in the two pools.
As at 31 December 2025, the Group does not have any harvested salmon.
As at year-end 2024 inventory consists of frozen salmon for sale.
5.1.2\tMain judgments and assumptions for the valuation of the biomass
Accounting judgements and estimates
The valuation model for the salmon livestock considers the highest and best use for salmon, which Management believes corresponds to a live weight of approximately 4.8 kg, and a gutted weight of 4.0 kg when harvested.
The Group estimates the fair value of the biomass at each reporting period using a model following an income approach.
Estimated future cash inflows
Future cash inflows are estimated based on the estimated biomass volume, and price at the expected harvesting date. Biomass volumes are estimated based on the number of fish in the pools, adjusted by expected mortality, and multiplied by the expected average weight of salmon at the harvest date. The expected price at harvesting date is calculated using the Salmon Futures on Euronext Paris Commodity Derivatives Market on the settlement (delivery) date, adjusted for costs to sell the fish, such as harvesting costs, transportation etc. .
An increase in the forward price will increase the fair value of the salmon biomass. However, the effect will be compensated by the deductions of costs to complete the lifecycle at each point in time. Only changes in prices when the salmon is matured has a full effect on the value of the biomass. Equivalent effects can be expected when the source of the change is due to the deduction of costs to sell.
The following forward price was estimated at harvesting time, corresponding to the forward price at optimal weight time, has been considered by the Group for the expected harvesting dates for its biomass:
Expected harvesting period | Forward price at expected harvest dates |
(Amount in NOK per kg) | |
Batch #1 (Oct-26) | 76.27 |
Batch #2 (Dec-26) | 94.03 |
Estimated future cash outflows
Future cash outflows are defined as the costs to complete the salmon lifecycle at each point in time. This includes costs necessary to grow the fish to its optimal weight, which main components are fodder and other direct costs. The estimation of the fodder costs depends on future fodder prices, but also expected conversion rate, measured as gained weight of the salmon stock per kg of fodder released in the fish pools.
Fair value interpolation
Estimated net cash flows are discounted at each point in time using an interpolation method where the two known data points are the value of the smolt when released into the pool, and the expected cash inflows as described above. The discounting follows a natural interpretation to calculate a discount rate representing the time value of money and hypothetical license fees for the salmon farming permits.
Hypothetical license fees are included in the calculation of the discount rate, as it represents the value that a hypothetical buyer of a salmon farming license would have to incur for such a permit, which cannot be obtained in the open market, therefore causing entry barriers.
The interpolation model is updated quarterly, considering data on actual forward prices, mortality rates, number of fish in the pools, etc. These estimates are approved by the Group\u2019s Management, supported by real quantitative data samples of the biomass, and updated budgets and forecasts.
Sensitivity analysis of biomass | 2025 | 2024 | |
(Amounts in NOK thousand) | |||
Change in discount rate +1% | (5 130) | - | |
Change in discount rate -1% | 5 745 | - | |
Changes in sales price +1 NOK/kg | 1 163 | - | |
Changes in sales price -1 NOK/kg | (1 163) | - | |
Changes in biomass volume +1% kg | 838 | - | |
Changes in biomass volume -1% kg | (838) | - |
Sensitivity analysis evaluates the impact of changes in key estimates on the fair value. It highlights how variations in factors such as sales prices, biomass vol-ume, discount rate and superior share could affect the fair value measurement, providing a clearer understanding of potential financial impacts.
5.1.3\tCarrying amount reconciliation
The Group holds 531 tonnes of biological assets at 31 December 2025 (31 De-cember 2024: 0 tonnes).
The table below provides a reconciliation of the biological assets held by the Group:
Tonnes | Carrying amount NOK thousand | Tonnes | Carrying amount NOK thousand | |
Change in biological assets | 2025 | 2025 | 2024 | 2024 |
Biological assets at 1 January | - | - | - | - |
Increase due to production | 531 | 63 212 | - | - |
Fair value adjustment at 31.12 | - | (14 935) | - | - |
Decrease due to sale/harvesting | - | - | - | - |
Biological assets at 31 December | 531 | 48 277 | - | - |
The table below provides reconciliation of the total value of inventories:
Value of inventories | Feed | Salmon | Frozen products | Total at cost | Fair value adjustment | Carrying amount |
(Amounts in NOK thousand) | ||||||
At 1 January 2025 | - | - | 1 340 | 1 340 | - | - |
Change | 841 | 63 212 | (1 340) | 62 713 | (14 935) | 47 778 |
At 31 December 2025 | 841 | 63 212 | - | 64 053 | (14 935) | 49 118 |
5.2\tChange in inventories
Change in inventories | 2025 | 2024 |
(Amounts in NOK thousand) | ||
Change due to production | 17 635 | - |
Change due to sale/harvesting | (1 340) | (375) |
Change due to incident-based mortality | - | - |
Change inventory raw materials | 841 | - |
Total | 17 137 | (375) |
Change due to production | 2025 | 2024 |
(Amounts in NOK thousand) | ||
Raw material cost | 35 387 | - |
Salaries | 4 086 | - |
Energy cost | 610 | - |
Depreciation | 8 263 | - |
Other operating expenses | 14 865 | - |
Total | 63 212 | - |
Accounting policies
The smolt is acquired and released into the Group\u2019s operating pools, and typically remain there until it is ready to be harvested, which is when the salmon is considered mature. The company also has the opportunity to sell live fish to sea-based farmers. This will normally be fish between 500 grams and 2000 grams in size. Selling live fish to sea-based farmers gives Andfjord Salmon increased flexibility to fully utilize the production capacity in the pools.
The Group's cost allocation methodology for salmon biomass and related inventories ensures that production costs capitalised to biological assets and inventories reflect actual resource consumption and the respective stage of production.
Direct production costs, including direct material costs and direct personnel expenses, are fully attributed to the relevant biomass or inventory. Indirect production costs, including depreciation of production-related assets, are allocated on a systematic and rational basis using appropriate cost drivers, including capacity utilisation. As the Group is in a ramp-up phase and production capacity is not
yet fully utilised, the cost of production, particularly depreciation of production facilities, is adjusted to reflect unutilised capacity. General and administrative overheads not directly attributable to production are expensed as incurred. Interests are not included in the carrying amount of biological assets or inventories.
The accounting treatment of biological assets is regulated by IAS 41 \u2018Agriculture\u2019. According to IAS 41, biological assets are recognised and measured at fair value less cost to sell at each reporting period. However, when there is little biological transformation, the cost of biological assets is deemed to be a close approximation to its fair value. This is the case of the smolt that has been acquired but not released into the pools yet.
Management has considered the approach to measure fair value of the biomass, in accordance with IFRS 13 \u2018Fair value\u2019, at each reporting period during the growing phase. The income approach is applied to estimate the fair value of the salmon stock, by which future cash flows from selling the salmon at harvest date are discounted to a single current amount. The valuation model for the salmon considers the highest and best use for salmon, which Management believes corresponds to the moment when the salmon is ready to be harvested (see Note 5.1.2 for Management\u2019s assumption on optimal weight).
The valuation model requires the use of several significant inputs, part of which are not observable. Therefore, the fair value is considered \u2018level 3\u2019 in the fair value hierarchy. Significant unobservable inputs include the cost to complete; the biomass\u2019 weight and quality; the implied discount rate and estimated growth rate of salmon. The significant observable inputs are the forward market price of salmon at
the expected time of harvest. Environmental or operational incidents leading to mortality exceeding a rate of 3% from that single incident will be recognised under \u2018cost of materials\u201d in the statement of comprehensive income.
Distinct assumptions are applied to each batch of salmon held in the Group\u2019s pools.
The change in the fair value of biological assets is recognised in the statement of comprehensive income as \u2018fair value adjustments of biological assets\u2019. The accumulated costs from incident-based mortality will reduce the fair value of the biological assets in the statement of financial position and is recognised as \u2018cost of materials\u2019 in the statement of comprehensive income.
Other inventories mainly include fodder, packaging materials, frozen salmon and other materials to be used during the maturing process of the salmon. Inventory is measured at the lower of its cost and its net realisable value. Cost of inventories held by the Group mainly include its cost of purchase.
Inventory is based on the first-in first-out principle, except for fodder where a weighted average is used.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBiologicalAssetsExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__85": { "value": "5.3\tOther current assets
Other current assets | 2025 | 2024 | |
(Amounts in NOK thousand) | |||
Other receivables | 5 000 | - | |
Prepayments | 10 684 | 2 911 | |
VAT receivables | 59 154 | 73 522 | |
Prepayments and transaction cost to ROU asset, not commenced | 14 000 | - | |
Other current assets | 2 | 10 | |
Total other current assets | 88 840 | 76 443 |
5.3\tOther current assets
Other current assets | 2025 | 2024 | |
(Amounts in NOK thousand) | |||
Other receivables | 5 000 | - | |
Prepayments | 10 684 | 2 911 | |
VAT receivables | 59 154 | 73 522 | |
Prepayments and transaction cost to ROU asset, not commenced | 14 000 | - | |
Other current assets | 2 | 10 | |
Total other current assets | 88 840 | 76 443 |
5.3\tOther current assets
Other current assets | 2025 | 2024 | |
(Amounts in NOK thousand) | |||
Other receivables | 5 000 | - | |
Prepayments | 10 684 | 2 911 | |
VAT receivables | 59 154 | 73 522 | |
Prepayments and transaction cost to ROU asset, not commenced | 14 000 | - | |
Other current assets | 2 | 10 | |
Total other current assets | 88 840 | 76 443 |
5.4\tOther current liabilities
Other current liabilities | 2025 | 2024 | ||
(Amounts in NOK thousand) | ||||
Short-term payable to And\u00f8ya Havn AS (*) | 99 449 | - | ||
Others | 9 637 | 4 887 | ||
Total other current liabilities | 109 086 | 4 887 |
(*) For further information, see note 4.1.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__89": { "value": "5.4\tOther current liabilities
Other current liabilities | 2025 | 2024 | ||
(Amounts in NOK thousand) | ||||
Short-term payable to And\u00f8ya Havn AS (*) | 99 449 | - | ||
Others | 9 637 | 4 887 | ||
Total other current liabilities | 109 086 | 4 887 |
(*) For further information, see note 4.1.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__90": { "value": "5.5\tCash and cash equivalents
Cash and cash equivalents | 2025 | 2024 | |
(Amounts in NOK thousand) | |||
Cash at bank | 166 091 | 59 196 | |
Restricted cash (payroll) | 2 077 | 1 169 | |
Restricted cash (*) | 83 738 | - | |
Unrestricted cash | 80 275 | 58 028 | |
Total cash and cash equivalents | 166 091 | 59 196 |
(*) See note 5.5.2 for further information.
5.5.1\tShort-term deposits
The Group does not hold bank deposits or other short-term, liquid investments that have been classified as cash equivalents.
5.5.2\tRestricted cash
As part of the Groups financing towards both debt to credit institutions and senior secure bonds, part of the cash and cash equivalents is restricted. A total of NOK 83.7 million is restricted towards the senior secured bond to cover interest payments in 2026. For more information on the borrowings, see section 6.2.
In addition, part of the cash and cash equivalents disclosed is subject to regula-tory restrictions on payroll tax liabilities and is therefore not available for general use by the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__91": { "value": "5.5.2\tRestricted cash
As part of the Groups financing towards both debt to credit institutions and senior secure bonds, part of the cash and cash equivalents is restricted. A total of NOK 83.7 million is restricted towards the senior secured bond to cover interest payments in 2026. For more information on the borrowings, see section 6.2.
In addition, part of the cash and cash equivalents disclosed is subject to regula-tory restrictions on payroll tax liabilities and is therefore not available for general use by the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__94-1": { "value": "6.1\tFinancial Assets and Liabilities
None of the financial instruments held by the Group are measured at fair value. The financial instruments\u2019 amortised cost is considered to be a close approximation to their fair value.
6.1.1\tFinancial Assets
Financial assets | 2025 | 2024 | ||
(Amounts in NOK thousand) | ||||
Assets measured at amortised cost: | 166 091 | 59 196 | ||
Cash and cash equivalents | 166 091 | 59 196 | ||
Total financial assets | 166 091 | 59 196 |
6.1.2\tFinancial Liabilities
Financial liabilities | 2025 | 2024 | ||
(Amounts in NOK thousand) | ||||
Liabilities measured at amortised cost | 2 161 491 | 1 127 815 | ||
Borrowings | 877 685 | 832 309 | ||
Senior secured bond | 714 778 | - | ||
Trade and other payables | 110 203 | 295 506 | ||
Trade payables, disputed (*) | 458 824 | - | ||
Lease liabilities | 68 342 | 10 439 | ||
Total financial liabilities | 2 229 832 | 1 138 254 |
(*) See note 7.2.2 for further information.
6.2\tBorrowings
Accounting policies
Borrowings are initially recognised at fair value, net of transaction costs incurred that are directly attributable to the issuance of the financial liability. After initial recognition, borrowings are measured at amortised cost. Any difference between the net proceeds and the redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest method.
Borrowings are derecognised from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of the financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss as financial expenses.
Borrowings are classified as current liabilities except for the portion of the liability that is due to be settled more than twelve months after the reporting period, or for the portion the Group has an unconditional right to defer settlement for at least twelve months after the reporting period.
Overview of borrowings | 2025 | 2024 | ||
(Amounts in NOK thousand) | ||||
Non-current | ||||
Debt to credit institutions | 877 685 | 832 309 | ||
Senior secured bond | 714 778 | - | ||
Total non-current borrowings | 1 592 463 | 832 309 | ||
Current | ||||
Total current borrowings | - | - | ||
Total borrowings | 1 592 463 | 832 309 |
6.2.1\tRelevant terms and conditions
Debt to credit institutions
The bank financing agreement connected to step 1 of the construction project at the Kvalnes facility, entered into with SpareBank 1 Nord-Norge, Sparebank 1 S\u00f8r-Norge, Sparebank 1 SMN and Eksfin consists of a term loan of NOK 900 million at year-end 2025. The loan was converted from construction loan to term loan in December 2025 and maturity is in December 2029. No payments of principal are required until 24 months after the conversion date, starting in December 2027, with quarterly instalments that reflect a repayment period of 12 years.
In addition, the Group has a loan agreement for a construction loan of NOK 400 million as part of the financing of step 2A of the Kvalnes build-out. The new construction loan is on similar terms as the loan for the first step. The facility has drawdown available until 31 December 2026. The Group can decide to convert the facility to a term loan maturing 4 years after the conversion date (i.e. latest maturity 31 December 2030). No payment of
principal is required until 24 months after the conversion date (i.e. starting at 31 December 2028, at the latest), with quarterly instalments that reflect a repayment period of 12 years.
In addition, the financing agreement includes allowance for overdraft facility of up to 200 MNOK to serve as working capital financing.
Senior secured bond
On 28 May 2025 Andfjord Salmon Group AS successfully completed a new three-year senior secured bond issue of NOK 750 million. The bond bears interest at a rate comprising the 3-month NIBOR plus a margin of 950 basis points and was issued at 98% of its nominal value. The net proceeds from the bond issue will be applied towards investments and associated working capital related to the Company\u2019s expansion of the Kvalnes site.
As of 21 November 2025 the bond is listed on Euronext Oslo B\u00f8rs.
6.2.2\tAssets pledged as securities for liabilities
All assets of the Group are pledged as security for liabilities, including aquaculture licenses, other inventories, and trade receivables.
As of 31 December 2025, assets pledged as security included property, plant and equipment with a carrying amount of NOK 4 293 860 thousand (2024: NOK 2 230 853 thousand), and intangible assets with a carrying amount of NOK 39 714 thousand (2024: NOK 16 419 thousand).
6.2.3\tCompliance with covenants
Debt to credit institutions
Debt to financial institutions entered during 2024 and 2025 (see note 6.2.1 for further information) is subject to the following covenants:
Overdraft facility within 60 % of borrowing base
Total equity at minimum 35 % of Total assets at year-end
Minimum liquidity of NOK 50 million each quarter until 31 December 2027
The following covenants are applicable as of 31 December 2027:
Minimum required working capital of NOK 100 million
The following covenants are applicable as of 31 December 2028:
Net interest-bearing debt / EBITDA shall be above 5,00
Senior secured bond
Senior secured bond issue entered during 2025 is subject to the following covenants:
Total equity at minimum 35% of Total assets each quarter
Minimum liquidity of NOK 50 million each quarter
The Company has complied with the financial covenants during the reporting period, and Management does not expect to breach any covenant in the foreseeable future.
The company has received a claim from a previous contractor that is not being paid, as the company has a counterclaim that exceeds the claim from the previous contractor. See note 7.2.2 for further details. If this disputed liability were to be settled at some point in the future, it would be financed from revenue and equity. If in such a case there is a need for strengthened financing, as a result of liquidity needs or financial covenants, the group must raise equity to resolve it.
6.5\tFinancial risk and capital management
As indicated in Note 6.1, financial assets held by the Group mainly comprise cash and cash equivalents. Financial liabilities are mainly comprised of borrowings, lease liabilities, and trade payables.
In conducting its operations, the Group faces the following main types of risks: credit risk, liquidity risk and market risk. Management keeps track of the evolution of the different risks, and the potential impact to the Group. The Group has not entered into any derivative contracts to manage its exposure to financial risks during 2025 or 2024.
The following sections provide disclosures on the specific exposure to risks and how they arise; the objectives, policies, and processes for managing the risks and the methods used to measure the risk; and any changes thereof.
6.5.1\tCredit risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the Group by failing to settle its obligation. The Group is exposed to credit risks in conducting its ordinary activities.
Cash and cash equivalents from the Group are managed by the Group\u2019s Finance Department. The Group limits the amount of deposits that can be held in a single bank to limit the concentration of risks.
As at 31 December 2025, the Group has NOK 2.3 million in trade receivables toward its financial institution regarding sale of an asset. As such, the Group considers there are no credit risk associated with these trade receivables.
6.5.2\tLiquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset.
The Group manages its liquidity with a high level of prudency, with rules and policies that ensure an adequate amount of cash and cash equivalents to meet the immediate needs of resources both in the short and long term. Management develops rolling forecasts on liquidity, which are regularly monitored against the contractual maturities of the financial liabilities.
6.5.2.1\tMaturities
The following table discloses the maturity analysis for non-derivative liabilities (except for lease liabilities, which are disclosed in Note 6.3), showing its undiscounted remaining contractual liabilities:
At 31 December 2025 | Carrying amount | Less than 3 months | 3-12 months | 1-5 years | More than 5 years | Disputed | Total | |||||||
(Amounts in NOK thousand) | ||||||||||||||
Borrowings | 1 592 463 | - | - | 1 650 000 | - | - | 1 650 000 | |||||||
Trade payables | 110 203 | 110 203 | - | - | - | - | 110 203 | |||||||
Trade payables, disputed (*) | 458 824 | - | - | - | - | 458 824 | 458 824 | |||||||
Other current liabilities | 109 086 | 9 637 | 59 669 | 39 780 | - | - | 109 086 | |||||||
Total financial liabilities | 2 270 577 | 119 840 | 59 669 | 1 689 780 | - | 458 824 | 2 328 114 |
(*) See note 7.1.1 for further information.
At 31 December 2024 | Carrying amount | Less than 3 months | 3-12 months | 1-5 years | More than 5 years | Disputed | Total | |||||||
(Amounts in NOK thousand) | ||||||||||||||
Borrowings | 832 309 | - | - | 159 224 | 689 971 | - | 849 196 | |||||||
Trade payables | 295 506 | 295 506 | - | - | - | - | 295 506 | |||||||
Other current liabilities | 4 887 | 2 576 | 2 310 | - | - | - | 4 887 | |||||||
Total financial liabilities | 1 132 702 | 298 082 | 2 310 | 159 224 | 689 971 | - | 1 149 588 |
6.5.2.2\tFinancing facilities
As at 31 December 2025, the Group has undrawn amounts from its loan facility with a credit institution (as disclosed in Note 6.2) until the end of 2026, which provides the Group with the financing needed to complete the ongoing constru-ction projects of four new production pools by mid-2026.
6.5.3\tMarket risk
Market risk is the risk that the fair value or future cash flows of a financial instru-ment will fluctuate because of changes in market prices. The Group is mainly exposed to interest rate risk.
Foreign exchange risk is not considered relevant for the Group as they do not hold any balances in foreign currencies. The Group is neither exposed to risk related to salmon price as it does not hold any derivatives or other financial con-tracts based on the price of salmon as of 31 December 2025.
6.5.3.1 Interest rate risk
Impact on equity and profit after tax | |||
Amounts recognised in the income statement | 2025 | 2024 | |
(Amounts in NOK thousand) | |||
Increase in interest rate of 2% | (31 849) | (16 646) | |
Decrease in interest rate of 1% | 15 925 | 8 323 |
The Group\u2019s exposure to interest rate risk arises from long-term borrowings with variable rates (see Note 6.1 and 6.2 for further information) based on the NIBOR rate applicable at each point in time. These instruments have no effect on other comprehensive income.
The Group has not entered into any interest rate swaps agreement or other interest rate hedges to mitigate risk related to increase in the variable interest rate of its loans.
6.5.3.2\tCurrency risk
The Group is currently exposed to currency risk to a small extent. Although some components for the development have been purchased in EUR, both cost and investments are primarily in NOK. The Group will be increasingly exposed to currency risk once it starts operating the fish farming facility and in the case of future fish sales. Currency hedging will be considered to reduce such exposure.
Due to a very limited currency risk exposure, no sensitivity analysis has been presented.
6.5.4\tCapital management: objectives, policies and processes
The Group defines capital as equity, including other reserves. The Group\u2019s main objective when managing capital is to ensure the ability of the Group to continue as a going concern and to meet all requirements imposed by external financing agreements in the form of covenants.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__95": { "value": "6.2\tBorrowings
Accounting policies
Borrowings are initially recognised at fair value, net of transaction costs incurred that are directly attributable to the issuance of the financial liability. After initial recognition, borrowings are measured at amortised cost. Any difference between the net proceeds and the redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest method.
Borrowings are derecognised from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of the financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss as financial expenses.
Borrowings are classified as current liabilities except for the portion of the liability that is due to be settled more than twelve months after the reporting period, or for the portion the Group has an unconditional right to defer settlement for at least twelve months after the reporting period.
Overview of borrowings | 2025 | 2024 | ||
(Amounts in NOK thousand) | ||||
Non-current | ||||
Debt to credit institutions | 877 685 | 832 309 | ||
Senior secured bond | 714 778 | - | ||
Total non-current borrowings | 1 592 463 | 832 309 | ||
Current | ||||
Total current borrowings | - | - | ||
Total borrowings | 1 592 463 | 832 309 |
6.2.1\tRelevant terms and conditions
Debt to credit institutions
The bank financing agreement connected to step 1 of the construction project at the Kvalnes facility, entered into with SpareBank 1 Nord-Norge, Sparebank 1 S\u00f8r-Norge, Sparebank 1 SMN and Eksfin consists of a term loan of NOK 900 million at year-end 2025. The loan was converted from construction loan to term loan in December 2025 and maturity is in December 2029. No payments of principal are required until 24 months after the conversion date, starting in December 2027, with quarterly instalments that reflect a repayment period of 12 years.
In addition, the Group has a loan agreement for a construction loan of NOK 400 million as part of the financing of step 2A of the Kvalnes build-out. The new construction loan is on similar terms as the loan for the first step. The facility has drawdown available until 31 December 2026. The Group can decide to convert the facility to a term loan maturing 4 years after the conversion date (i.e. latest maturity 31 December 2030). No payment of
principal is required until 24 months after the conversion date (i.e. starting at 31 December 2028, at the latest), with quarterly instalments that reflect a repayment period of 12 years.
In addition, the financing agreement includes allowance for overdraft facility of up to 200 MNOK to serve as working capital financing.
Senior secured bond
On 28 May 2025 Andfjord Salmon Group AS successfully completed a new three-year senior secured bond issue of NOK 750 million. The bond bears interest at a rate comprising the 3-month NIBOR plus a margin of 950 basis points and was issued at 98% of its nominal value. The net proceeds from the bond issue will be applied towards investments and associated working capital related to the Company\u2019s expansion of the Kvalnes site.
As of 21 November 2025 the bond is listed on Euronext Oslo B\u00f8rs.
6.2.2\tAssets pledged as securities for liabilities
All assets of the Group are pledged as security for liabilities, including aquaculture licenses, other inventories, and trade receivables.
As of 31 December 2025, assets pledged as security included property, plant and equipment with a carrying amount of NOK 4 293 860 thousand (2024: NOK 2 230 853 thousand), and intangible assets with a carrying amount of NOK 39 714 thousand (2024: NOK 16 419 thousand).
6.2.3\tCompliance with covenants
Debt to credit institutions
Debt to financial institutions entered during 2024 and 2025 (see note 6.2.1 for further information) is subject to the following covenants:
Overdraft facility within 60 % of borrowing base
Total equity at minimum 35 % of Total assets at year-end
Minimum liquidity of NOK 50 million each quarter until 31 December 2027
The following covenants are applicable as of 31 December 2027:
Minimum required working capital of NOK 100 million
The following covenants are applicable as of 31 December 2028:
Net interest-bearing debt / EBITDA shall be above 5,00
Senior secured bond
Senior secured bond issue entered during 2025 is subject to the following covenants:
Total equity at minimum 35% of Total assets each quarter
Minimum liquidity of NOK 50 million each quarter
The Company has complied with the financial covenants during the reporting period, and Management does not expect to breach any covenant in the foreseeable future.
The company has received a claim from a previous contractor that is not being paid, as the company has a counterclaim that exceeds the claim from the previous contractor. See note 7.2.2 for further details. If this disputed liability were to be settled at some point in the future, it would be financed from revenue and equity. If in such a case there is a need for strengthened financing, as a result of liquidity needs or financial covenants, the group must raise equity to resolve it.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__97": { "value": "Accounting policies
Borrowings are initially recognised at fair value, net of transaction costs incurred that are directly attributable to the issuance of the financial liability. After initial recognition, borrowings are measured at amortised cost. Any difference between the net proceeds and the redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest method.
Borrowings are derecognised from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of the financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss as financial expenses.
Borrowings are classified as current liabilities except for the portion of the liability that is due to be settled more than twelve months after the reporting period, or for the portion the Group has an unconditional right to defer settlement for at least twelve months after the reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__98": { "value": "Accounting policies
Borrowings are initially recognised at fair value, net of transaction costs incurred that are directly attributable to the issuance of the financial liability. After initial recognition, borrowings are measured at amortised cost. Any difference between the net proceeds and the redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest method.
Borrowings are derecognised from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of the financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss as financial expenses.
Borrowings are classified as current liabilities except for the portion of the liability that is due to be settled more than twelve months after the reporting period, or for the portion the Group has an unconditional right to defer settlement for at least twelve months after the reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__99": { "value": "6.3\tLeases
6.3.1\tNature of the lessee\u2019s leasing activities
Accounting policies
The Group recognises right-of-use assets and lease liabilities for all lease contracts, except leases that are considered short-term (lease term of 12 months or less), or leases for underlying assets that are of a low value. Management considers as low value those assets that are worth NOK 50 thousand or less when new.
Active leases
The Group has lease agreements related to offices and other buildings; machinery and specialized equipment used in the salmon farming operations; and vehicles. The lease term varies normally from 1 to 8 years with options to both extend and terminate the lease contracts at Management\u2019s discretion.
The Group also leases offices, warehouses and machinery, with lease terms being less than 12 months. Some machinery and small equipment also meet the low-value exemption. In both cases, the Group applies the recognition exemption to these leases, and consequently these are recognised as expense linearly over the lease term. These expenses are presented within \u2018other operating expenses\u2019 (see Note 3.4 for further information).
The Group is not typically subject to variable lease payments for its leases.
Leases not yet commenced
On 12 June 2025 Andfjord Salmon AS (Lessee) and And\u00f8ya Havn AS, previously named Andfjord Salmon Harbour AS, (Lessor) entered into a lease agreement for the leasing of harbour property consisting of the quay, breakwater and the harbour area. See note 4.1.1 for more information on the sale of Andfjord Salmon Harbour AS.
The annual lease payment is approximately NOK 30 million over a lease term of 80 years with no early termination or extension options.
The harbour asset (lease object) is still under construction as of 31 December 2025. Completion of the harbour asset and commencement of the lease is expected during 2026.
6.3.2 Right-of-use assets
Accounting policies
The right-of-use assets are initially measured at cost, which comprises the initial amount of the lease liabilities, any lease payments made at or before
the commencement date of the lease, less any lease incentives received, and initial direct costs incurred by the lessee.
Subsequently, right-of-use assets are measured at cost less accumulated depreciation and impairments and adjusted for certain remeasurements of the lease liabilities. Depreciation of the right-of-use asset is carried out using the straight-line method over the shorter of the lease term or the useful life of the underlying asset.
Right-of-use assets | Land and buildings | Machinery, equipment and other | Vehicles | Total | |||
(Amounts in NOK thousand) | |||||||
At 1 January 2024 | 853 | 16 151 | 636 | 17 640 | |||
Year ended 31 December 2024 | |||||||
Additions | 771 | - | - | 771 | |||
Depreciation charge | (565) | (4 317) | (468) | (5 350) | |||
Closing net book amount | 1 058 | 11 834 | 168 | 13 060 | |||
At 1 January 2025 | 1 058 | 11 834 | 168 | 13 060 | |||
Year ended 31 December 2025 | |||||||
Additions | 1 363 | 118 821 | 938 | 121 122 | |||
Depreciation charge | (326) | (8 726) | (71) | (9 122) | |||
Depreciation charge related to construction | (1 108) | - | (275) | (1 383) | |||
Closing net book amount | 987 | 121 929 | 760 | 123 676 |
Significant additions during 2025 are related to operating equipment to be used on the operational pools, of this NOK 66 million was prepaid.
6.3.3\tLease liabilities
Accounting policies
Lease liabilities are recognised at the lease commencement date. The lease liabilities are measured as the present value of future lease payments, discounting by the Group\u2019s incremental borrowing rate.
Lease payments mainly consist of fixed payments, which are typically updated by changes on consumer price indexes or interest rate levels.
Lease liabilities are measured at amortised cost using the effective interest rate method. If there is a change in future lease payments arising from a change in an index or rate, there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee, or the Group changes its assessment of whether it will exercise a purchase, extension or termination option, the liability is remeasured and a matching adjustment is made to the carrying amount of the related right-of-use asset. No significant changes in this regard have occurred during the period.
Lease liabilities | 2025 | 2024 | ||
(Amounts in NOK thousand) | ||||
At 1 January | 10 439 | 13 851 | ||
Additions | 65 029 | 773 | ||
Interest expense | 1 727 | 521 | ||
Lease payments | (8 853) | (4 706) | ||
Balance at 31 December | 68 342 | 10 439 | ||
Current | 16 205 | 4 276 | ||
Non-current | 52 137 | 6 163 |
The following table discloses the maturity analysis for lease liabilities.
Contractual maturities | 2025 | 2024 | ||
(Amounts in NOK thousand) | ||||
Less than 1 year | 16 830 | 4 375 | ||
1-3 years | 25 325 | 6 613 | ||
3-5 years | 19 568 | 71 | ||
More than 5 years | 26 679 | - | ||
Total contractual cash-flows | 88 402 | 11 060 | ||
Recognised as liabilities | 68 342 | 10 439 |
6.3.4\tAmounts recognised in the statement of comprehensive income and statement of cash-flows
The following amounts have been recognised in the income statement in relation to leases:
Amounts recognised in the income statement | 2025 | 2024 | |
(Amounts in NOK thousand) | |||
Interest expense (included in finance cost) | 1 727 | 521 | |
Expense relating to short-term leases | 1 330 | - | |
Expense relating to leases of low-value assets that are not shown above as short-term leases | 133 | 133 | |
Expense relating to depreciation | 10 506 | 5 350 |
The total cash outflow for leases in 2025 has been NOK 10 254 thousand
(2024: NOK 6 368 thousand).
Accounting policies
The Group recognises right-of-use assets and lease liabilities for all lease contracts, except leases that are considered short-term (lease term of 12 months or less), or leases for underlying assets that are of a low value. Management considers as low value those assets that are worth NOK 50 thousand or less when new.
Accounting policies
The right-of-use assets are initially measured at cost, which comprises the initial amount of the lease liabilities, any lease payments made at or before
the commencement date of the lease, less any lease incentives received, and initial direct costs incurred by the lessee.
Subsequently, right-of-use assets are measured at cost less accumulated depreciation and impairments and adjusted for certain remeasurements of the lease liabilities. Depreciation of the right-of-use asset is carried out using the straight-line method over the shorter of the lease term or the useful life of the underlying asset.
Accounting policies
Lease liabilities are recognised at the lease commencement date. The lease liabilities are measured as the present value of future lease payments, discounting by the Group\u2019s incremental borrowing rate.
Lease payments mainly consist of fixed payments, which are typically updated by changes on consumer price indexes or interest rate levels.
Lease liabilities are measured at amortised cost using the effective interest rate method. If there is a change in future lease payments arising from a change in an index or rate, there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee, or the Group changes its assessment of whether it will exercise a purchase, extension or termination option, the liability is remeasured and a matching adjustment is made to the carrying amount of the related right-of-use asset. No significant changes in this regard have occurred during the period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__105": { "value": "6.5\tFinancial risk and capital management
As indicated in Note 6.1, financial assets held by the Group mainly comprise cash and cash equivalents. Financial liabilities are mainly comprised of borrowings, lease liabilities, and trade payables.
In conducting its operations, the Group faces the following main types of risks: credit risk, liquidity risk and market risk. Management keeps track of the evolution of the different risks, and the potential impact to the Group. The Group has not entered into any derivative contracts to manage its exposure to financial risks during 2025 or 2024.
The following sections provide disclosures on the specific exposure to risks and how they arise; the objectives, policies, and processes for managing the risks and the methods used to measure the risk; and any changes thereof.
6.5.1\tCredit risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the Group by failing to settle its obligation. The Group is exposed to credit risks in conducting its ordinary activities.
Cash and cash equivalents from the Group are managed by the Group\u2019s Finance Department. The Group limits the amount of deposits that can be held in a single bank to limit the concentration of risks.
As at 31 December 2025, the Group has NOK 2.3 million in trade receivables toward its financial institution regarding sale of an asset. As such, the Group considers there are no credit risk associated with these trade receivables.
6.5.2\tLiquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset.
The Group manages its liquidity with a high level of prudency, with rules and policies that ensure an adequate amount of cash and cash equivalents to meet the immediate needs of resources both in the short and long term. Management develops rolling forecasts on liquidity, which are regularly monitored against the contractual maturities of the financial liabilities.
6.5.2.1\tMaturities
The following table discloses the maturity analysis for non-derivative liabilities (except for lease liabilities, which are disclosed in Note 6.3), showing its undiscounted remaining contractual liabilities:
At 31 December 2025 | Carrying amount | Less than 3 months | 3-12 months | 1-5 years | More than 5 years | Disputed | Total | |||||||
(Amounts in NOK thousand) | ||||||||||||||
Borrowings | 1 592 463 | - | - | 1 650 000 | - | - | 1 650 000 | |||||||
Trade payables | 110 203 | 110 203 | - | - | - | - | 110 203 | |||||||
Trade payables, disputed (*) | 458 824 | - | - | - | - | 458 824 | 458 824 | |||||||
Other current liabilities | 109 086 | 9 637 | 59 669 | 39 780 | - | - | 109 086 | |||||||
Total financial liabilities | 2 270 577 | 119 840 | 59 669 | 1 689 780 | - | 458 824 | 2 328 114 |
(*) See note 7.1.1 for further information.
At 31 December 2024 | Carrying amount | Less than 3 months | 3-12 months | 1-5 years | More than 5 years | Disputed | Total | |||||||
(Amounts in NOK thousand) | ||||||||||||||
Borrowings | 832 309 | - | - | 159 224 | 689 971 | - | 849 196 | |||||||
Trade payables | 295 506 | 295 506 | - | - | - | - | 295 506 | |||||||
Other current liabilities | 4 887 | 2 576 | 2 310 | - | - | - | 4 887 | |||||||
Total financial liabilities | 1 132 702 | 298 082 | 2 310 | 159 224 | 689 971 | - | 1 149 588 |
6.5.2.2\tFinancing facilities
As at 31 December 2025, the Group has undrawn amounts from its loan facility with a credit institution (as disclosed in Note 6.2) until the end of 2026, which provides the Group with the financing needed to complete the ongoing constru-ction projects of four new production pools by mid-2026.
6.5.3\tMarket risk
Market risk is the risk that the fair value or future cash flows of a financial instru-ment will fluctuate because of changes in market prices. The Group is mainly exposed to interest rate risk.
Foreign exchange risk is not considered relevant for the Group as they do not hold any balances in foreign currencies. The Group is neither exposed to risk related to salmon price as it does not hold any derivatives or other financial con-tracts based on the price of salmon as of 31 December 2025.
6.5.3.1 Interest rate risk
Impact on equity and profit after tax | |||
Amounts recognised in the income statement | 2025 | 2024 | |
(Amounts in NOK thousand) | |||
Increase in interest rate of 2% | (31 849) | (16 646) | |
Decrease in interest rate of 1% | 15 925 | 8 323 |
The Group\u2019s exposure to interest rate risk arises from long-term borrowings with variable rates (see Note 6.1 and 6.2 for further information) based on the NIBOR rate applicable at each point in time. These instruments have no effect on other comprehensive income.
The Group has not entered into any interest rate swaps agreement or other interest rate hedges to mitigate risk related to increase in the variable interest rate of its loans.
6.5.3.2\tCurrency risk
The Group is currently exposed to currency risk to a small extent. Although some components for the development have been purchased in EUR, both cost and investments are primarily in NOK. The Group will be increasingly exposed to currency risk once it starts operating the fish farming facility and in the case of future fish sales. Currency hedging will be considered to reduce such exposure.
Due to a very limited currency risk exposure, no sensitivity analysis has been presented.
6.5.4\tCapital management: objectives, policies and processes
The Group defines capital as equity, including other reserves. The Group\u2019s main objective when managing capital is to ensure the ability of the Group to continue as a going concern and to meet all requirements imposed by external financing agreements in the form of covenants.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__107": { "value": "6.5.1\tCredit risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the Group by failing to settle its obligation. The Group is exposed to credit risks in conducting its ordinary activities.
Cash and cash equivalents from the Group are managed by the Group\u2019s Finance Department. The Group limits the amount of deposits that can be held in a single bank to limit the concentration of risks.
As at 31 December 2025, the Group has NOK 2.3 million in trade receivables toward its financial institution regarding sale of an asset. As such, the Group considers there are no credit risk associated with these trade receivables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__108": { "value": "6.5.2\tLiquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset.
The Group manages its liquidity with a high level of prudency, with rules and policies that ensure an adequate amount of cash and cash equivalents to meet the immediate needs of resources both in the short and long term. Management develops rolling forecasts on liquidity, which are regularly monitored against the contractual maturities of the financial liabilities.
6.5.2.1\tMaturities
The following table discloses the maturity analysis for non-derivative liabilities (except for lease liabilities, which are disclosed in Note 6.3), showing its undiscounted remaining contractual liabilities:
At 31 December 2025 | Carrying amount | Less than 3 months | 3-12 months | 1-5 years | More than 5 years | Disputed | Total | |||||||
(Amounts in NOK thousand) | ||||||||||||||
Borrowings | 1 592 463 | - | - | 1 650 000 | - | - | 1 650 000 | |||||||
Trade payables | 110 203 | 110 203 | - | - | - | - | 110 203 | |||||||
Trade payables, disputed (*) | 458 824 | - | - | - | - | 458 824 | 458 824 | |||||||
Other current liabilities | 109 086 | 9 637 | 59 669 | 39 780 | - | - | 109 086 | |||||||
Total financial liabilities | 2 270 577 | 119 840 | 59 669 | 1 689 780 | - | 458 824 | 2 328 114 |
(*) See note 7.1.1 for further information.
At 31 December 2024 | Carrying amount | Less than 3 months | 3-12 months | 1-5 years | More than 5 years | Disputed | Total | |||||||
(Amounts in NOK thousand) | ||||||||||||||
Borrowings | 832 309 | - | - | 159 224 | 689 971 | - | 849 196 | |||||||
Trade payables | 295 506 | 295 506 | - | - | - | - | 295 506 | |||||||
Other current liabilities | 4 887 | 2 576 | 2 310 | - | - | - | 4 887 | |||||||
Total financial liabilities | 1 132 702 | 298 082 | 2 310 | 159 224 | 689 971 | - | 1 149 588 |
6.5.2.2\tFinancing facilities
As at 31 December 2025, the Group has undrawn amounts from its loan facility with a credit institution (as disclosed in Note 6.2) until the end of 2026, which provides the Group with the financing needed to complete the ongoing constru-ction projects of four new production pools by mid-2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__109": { "value": "6.5.3\tMarket risk
Market risk is the risk that the fair value or future cash flows of a financial instru-ment will fluctuate because of changes in market prices. The Group is mainly exposed to interest rate risk.
Foreign exchange risk is not considered relevant for the Group as they do not hold any balances in foreign currencies. The Group is neither exposed to risk related to salmon price as it does not hold any derivatives or other financial con-tracts based on the price of salmon as of 31 December 2025.
6.5.3.1 Interest rate risk
Impact on equity and profit after tax | |||
Amounts recognised in the income statement | 2025 | 2024 | |
(Amounts in NOK thousand) | |||
Increase in interest rate of 2% | (31 849) | (16 646) | |
Decrease in interest rate of 1% | 15 925 | 8 323 |
The Group\u2019s exposure to interest rate risk arises from long-term borrowings with variable rates (see Note 6.1 and 6.2 for further information) based on the NIBOR rate applicable at each point in time. These instruments have no effect on other comprehensive income.
The Group has not entered into any interest rate swaps agreement or other interest rate hedges to mitigate risk related to increase in the variable interest rate of its loans.
6.5.3.2\tCurrency risk
The Group is currently exposed to currency risk to a small extent. Although some components for the development have been purchased in EUR, both cost and investments are primarily in NOK. The Group will be increasingly exposed to currency risk once it starts operating the fish farming facility and in the case of future fish sales. Currency hedging will be considered to reduce such exposure.
Due to a very limited currency risk exposure, no sensitivity analysis has been presented.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__110": { "value": "6.5.4\tCapital management: objectives, policies and processes
The Group defines capital as equity, including other reserves. The Group\u2019s main objective when managing capital is to ensure the ability of the Group to continue as a going concern and to meet all requirements imposed by external financing agreements in the form of covenants.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__111": { "value": "6.6\tShare capital
6.6.1\tShare capital and share premium
As of 31 December 2025, the share capital consists of 101 728 028 ordinary shares (2024: 67 619 013 shares), with a par value of NOK 1.00 each. All shares are entitled to equal rights with respect to dividends, voting rights and other rights in accordance with Norwegian corporate law.
6.6.2\tAuthorised shares and amounts
Number of shares | Amounts in NOK thousand | |||||||
Authorised shares | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 | ||||
Fully paid ordinary shares | 101 728 028 | 67 619 013 | 101 728 | 67 619 | ||||
Total share capital | 101 728 028 | 67 619 013 | 101 728 | 67 619 |
6.6.3\tMovements in ordinary shares
Movements in ordinary shares | Number of shares | Par value per share (NOK) | Share capital total (TNOK) | Share premium total (TNOK) | Total (TNOK) | |||||
At 1 January 2024 | ||||||||||
Opening balance | 57 012 953 | 1,00 | 57 013 | 1 124 621 | 1 181 634 | |||||
Capital increase | 10 606 060 | 1,00 | 10 606 | 315 641 | 326 247 | |||||
Closing balance at 31 December | 67 619 013 | 1,00 | 67 619 | 1 440 262 | 1 507 881 | |||||
At 1 January 2025 | ||||||||||
Opening balance | 67 619 013 | 1,00 | 67 619 | 1 440 262 | 1 507 881 | |||||
Capital increase 1 | 17 154 450 | 1,00 | 17 154 | 583 251 | 600 406 | |||||
Capital increase 2 | 10 869 565 | 1,00 | 10 870 | 389 130 | 400 000 | |||||
Capital increase Tranche 1 3 | 6 085 000 | 1,00 | 6 085 | 156 385 | 162 470 | |||||
Transaction costs | - | - | - | (34 177) | (34 177) | |||||
Closing balance at 31 December | 101 728 028 | 1,00 | 101 728 | 2 534 851 | 2 636 579 |
1On 13 March 2025 the Company completed a capital increase of 17 142 858 ordinary shares with a nominal value of 1 NOK per share, at an issue price of NOK 35 per share. The gross proceeds from the issuance amounted to NOK 600 000 thousand. The capital increase was registered in the Norwegian Register of Business enterprises on 20 March. A subsequent offering was completed on 2 April, resulting in an increase of 11 592 ordinary shares, and gross proceeds of NOK 406 thousand. The capital increase was registered in the Norwegian Register of Business enterprises on 11 April.
2On 28 May 2025 the Company completed a capital increase of 10 869 565 ordinary shares with a nominal value of 1 NOK per share, at an issue price of NOK 36.8 per share. The gross proceeds from the issuance amounted to NOK 400 000 thousand. The capital increase was registered in the Norwegian Register of Business enterprises on 03 June.
3On 15 December 2025 the Company completed a capital increase of 11 548 126 ordinary shares with a nominal value of 1 NOK per share, at an issue price of NOK 26.7 per share. The gross proceeds from the issuance amounted to NOK 308 335 thousand. The Private Placement was divided into two tranches. The first tranche (Tranche 1) was registered in the Norwegian Register of Business enterprises on 29 December, and consist of 6 085 000 Offer shares, amounted to NOK 162 740 thousand. Tranche 2, amounted to NOK 145 865, was not registered at year-end 2025, and are presented as \u201cNot registered capital increase\u201d in the Balance Sheet as at 31 December.
Transaction costs directly attributable to the share issues amounted to NOK 34 177 thousand in total, and were deducted from equity.
As a consequence, the total share capital increased by NOK 34 109 thousand and share premium increased by NOK 1 095 thousand (net of issuance costs).
At 31 December 2025, the Group held 5 thousand (2024: 5 thousand) treasury shares amounting to NOK 185 thousand (2024: NOK 185 thousand). Treasury shares are recognised at cost. These are deducted from equity and no gain or loss is recognised on the purchase, sale, issue or cancellation of these shares.
6.6.4\tList of the 20 largest shareholders at 31 December 2025
Shareholders | Number of shares | Ownership percentage | Voting percentage | |||
Jer\u00f3nimo Martins Agro-Alimentar, S.A. | 33 587 182 | 35.12 | 35.12 | |||
High Liner Foods INC | 8 799 930 | 9.20 | 9.20 | |||
Andfjord Holding AS | 4 858 680 | 5.08 | 5.08 | |||
Kg Investment Comp AS | 3 999 800 | 4.18 | 4.18 | |||
Eidsfjord Sj\u00f8farm AS | 3 500 330 | 3.66 | 3.66 | |||
Jan Heggelund | 2 287 538 | 2.39 | 2.39 | |||
Og Invest AS | 2 250 991 | 2.35 | 2.35 | |||
Skagerak Vekst AS | 2 032 664 | 2.13 | 2.13 | |||
Ristora AS | 1 956 726 | 2.05 | 2.05 | |||
Vicama AS | 1 900 000 | 1.99 | 1.99 | |||
Sb1 Markets AS | 1 642 273 | 1.72 | 1.72 | |||
DNB Markets Aksjehandel/-Analyse | 1 347 082 | 1.41 | 1.41 | |||
Karstein Gjersvik | 1 291 384 | 1.35 | 1.35 | |||
Traaseth Property AS | 1 262 916 | 1.32 | 1.32 | |||
Sirius AS | 1 080 000 | 1.13 | 1.13 | |||
Euro Tv AS | 1 066 000 | 1.11 | 1.11 | |||
Farvatn Capital AS | 998 830 | 1.04 | 1.04 | |||
Leonhard Nilsen & S\u00f8nner - Eiendom AS | 845 257 | 0.88 | 0.88 | |||
Citibank, N.A. | 648 176 | 0.68 | 0.68 | |||
Bliksmark AS | 601 000 | 0.63 | 0.63 | |||
Total 20 largest shareholders | 75 956 759 | 79.4 | 79.4 |
7.1\tRelated parties
7.1.1\tKey management personnel compensation
For the year ended 31 December 2025 | ||||||
Salary | Board remuneration | Pension costs | Sharebased payments | Other remuneration | Total | |
(Amounts in NOK thousand) | ||||||
Martin Rasmussen, CEO | 2 377 | - | 231 | 240 | 23 | 2 872 |
Bjarne Martinsen, CFO | 2 097 | - | 238 | 246 | 31 | 2 612 |
Christian Torgersen, COO | 1 435 | - | 216 | 49 | 21 | 1 721 |
Trond Rismo, CCO (1) | 625 | - | 100 | - | 4 | 729 |
Jostein Nilssen, Project director (2) | - | - | - | 43 | - | 43 |
Roger Brynjulf Mosand, Chairman | - | 290 | - | - | - | 290 |
Roy Bernt Pettersen, Board member | - | 145 | - | - | - | 145 |
Knut Roald Holm\u00f8y, Board member | - | 145 | - | - | - | 145 |
Tore Traaseth, Board member (3) | - | 27 | - | - | - | 27 |
Hanne Digre, Board member | - | 145 | - | - | - | 145 |
Kim Marius Stranden\u00e6s, Board member | - | 145 | - | - | - | 145 |
Ant\u00f3nio Serrano, Board member | - | - | - | - | - | - |
Gro Skaar Knutsen, Board member (4) | - | 145 | - | - | - | 145 |
Total | 6 534 | 1 042 | 785 | 579 | 80 | 9 020 |
(1) From 1 August 2025
(2) Up until 10 November 2025. Nilssen is not employed by Andfjord, but delivers key management services as an independent consultant. In 2025, NOK 3 813 thousand was expensed for his services. The position is no
longer a part of the key management personnel in Andfjord Salmon
(3) Up until 5 July 2024
(4) Up until 10 October 2025
For the year ended 31 December 2024 | ||||||
Salary | Board remuneration | Pension costs | Sharebased payments | Other remuneration | Total | |
(Amounts in NOK thousand) | ||||||
Martin Rasmussen, CEO | 2 249 | - | 231 | 849 | 32 | 3 360 |
Bjarne Martinsen, CFO | 1 991 | - | 245 | 565 | 15 | 2 816 |
Jostein Nilssen, Project director (*) | - | - | - | 153 | - | 153 |
Christian Torgersen, COO | 1 249 | - | 216 | 129 | 19 | 1 613 |
Roger Brynjulf Mosand, Chairman | - | 280 | - | - | 1 | 281 |
Roy Bernt Pettersen, Board member | - | 140 | - | - | 4 | 144 |
Knut Roald Holm\u00f8y, Board member | - | 140 | - | - | - | 140 |
Tore Traaseth, Board member | - | 140 | - | - | - | 140 |
Bettina Flatland, Board member | - | 140 | - | - | - | 140 |
Kim Marius Stranden\u00e6s, Board member | - | 140 | - | - | 3 | 143 |
Ant\u00f3nio Serrano, Board member | - | - | - | - | - | - |
Gro Skaar Knutsen, Board member | - | 140 | - | - | - | 140 |
Total | 5 489 | 1 120 | 691 | 1 696 | 74 | 9 070 |
As at 31 December 2025, Martin Rasmussen owns 125 000 shares, Bjarne Martinsen 40 000 shares, Christian Torgersen 2 739 shares and Trond Rismo 600 shares in Andfjord Salmon Group AS.
In addition to their roles as board members, Roger Mosand and Kim Stranden\u00e6s have advised the Group in relation to financing. For this, RBM Invest (Roger Mosand) received NOK 270 thousand (2024: NOK 243 thousand) in 2025. KS Invest AS (Kim Stranden\u00e6s) received NOK 10 250 thousand (2024: NOK 2 000 thousand). Gro Skaar-Ing AS (Gro Skaar Knutsen) has received NOK 2 291 thousand in 2025 (2024: NOK 0 thousand) for construction advisory.
7.1.2\tTransactions with other related parties
Transactions with related parties | Relationship | 2025 | 2024 |
(Amounts in NOK thousand) | |||
Financial advisory | Board members | 10 520 | 2 320 |
Other operating expenses | Board members | - | 375 |
Construction advisory (*) | Board members | 2 291 | - |
Total related party profit or loss items | 12 811 | 5 140 |
(*) On 10 October Gro Skaar Knutsen stepped down from the company\u2019s board of directors to assume an operation role within its large-scale con-struction activities as an independent consultant.
7.1.3\tBalances with related parties
No balances with related parties were held by the Group at 31 December 2024 or 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__115": { "value": "7.1.1\tKey management personnel compensation
For the year ended 31 December 2025 | ||||||
Salary | Board remuneration | Pension costs | Sharebased payments | Other remuneration | Total | |
(Amounts in NOK thousand) | ||||||
Martin Rasmussen, CEO | 2 377 | - | 231 | 240 | 23 | 2 872 |
Bjarne Martinsen, CFO | 2 097 | - | 238 | 246 | 31 | 2 612 |
Christian Torgersen, COO | 1 435 | - | 216 | 49 | 21 | 1 721 |
Trond Rismo, CCO (1) | 625 | - | 100 | - | 4 | 729 |
Jostein Nilssen, Project director (2) | - | - | - | 43 | - | 43 |
Roger Brynjulf Mosand, Chairman | - | 290 | - | - | - | 290 |
Roy Bernt Pettersen, Board member | - | 145 | - | - | - | 145 |
Knut Roald Holm\u00f8y, Board member | - | 145 | - | - | - | 145 |
Tore Traaseth, Board member (3) | - | 27 | - | - | - | 27 |
Hanne Digre, Board member | - | 145 | - | - | - | 145 |
Kim Marius Stranden\u00e6s, Board member | - | 145 | - | - | - | 145 |
Ant\u00f3nio Serrano, Board member | - | - | - | - | - | - |
Gro Skaar Knutsen, Board member (4) | - | 145 | - | - | - | 145 |
Total | 6 534 | 1 042 | 785 | 579 | 80 | 9 020 |
(1) From 1 August 2025
(2) Up until 10 November 2025. Nilssen is not employed by Andfjord, but delivers key management services as an independent consultant. In 2025, NOK 3 813 thousand was expensed for his services. The position is no
longer a part of the key management personnel in Andfjord Salmon
(3) Up until 5 July 2024
(4) Up until 10 October 2025
For the year ended 31 December 2024 | ||||||
Salary | Board remuneration | Pension costs | Sharebased payments | Other remuneration | Total | |
(Amounts in NOK thousand) | ||||||
Martin Rasmussen, CEO | 2 249 | - | 231 | 849 | 32 | 3 360 |
Bjarne Martinsen, CFO | 1 991 | - | 245 | 565 | 15 | 2 816 |
Jostein Nilssen, Project director (*) | - | - | - | 153 | - | 153 |
Christian Torgersen, COO | 1 249 | - | 216 | 129 | 19 | 1 613 |
Roger Brynjulf Mosand, Chairman | - | 280 | - | - | 1 | 281 |
Roy Bernt Pettersen, Board member | - | 140 | - | - | 4 | 144 |
Knut Roald Holm\u00f8y, Board member | - | 140 | - | - | - | 140 |
Tore Traaseth, Board member | - | 140 | - | - | - | 140 |
Bettina Flatland, Board member | - | 140 | - | - | - | 140 |
Kim Marius Stranden\u00e6s, Board member | - | 140 | - | - | 3 | 143 |
Ant\u00f3nio Serrano, Board member | - | - | - | - | - | - |
Gro Skaar Knutsen, Board member | - | 140 | - | - | - | 140 |
Total | 5 489 | 1 120 | 691 | 1 696 | 74 | 9 070 |
As at 31 December 2025, Martin Rasmussen owns 125 000 shares, Bjarne Martinsen 40 000 shares, Christian Torgersen 2 739 shares and Trond Rismo 600 shares in Andfjord Salmon Group AS.
In addition to their roles as board members, Roger Mosand and Kim Stranden\u00e6s have advised the Group in relation to financing. For this, RBM Invest (Roger Mosand) received NOK 270 thousand (2024: NOK 243 thousand) in 2025. KS Invest AS (Kim Stranden\u00e6s) received NOK 10 250 thousand (2024: NOK 2 000 thousand). Gro Skaar-Ing AS (Gro Skaar Knutsen) has received NOK 2 291 thousand in 2025 (2024: NOK 0 thousand) for construction advisory.
7.2\tProvisions, contingent assets and
contingent liabilities
7.2.1\tDismantling obligations
It has been assessed by Management whether dismantling provisions should be recognised, or contingent liabilities disclosed, in connection with any future termination of the business or license expiry.
In this respect, the Group operates on its own property, which is regulated for this kind of operations. Future disposal of the property must take care of the ecosystem and water quality in accordance with the Biodiversity Act and the Water Regulations, among others. This also applies in the event of termination of activities. The Group will be able to take care of the environ-ment and comply with statutory requirements without requiring changes to its properties. It is the Group\u2019s assessment that, based on current legislation, there are no obligations related to the potential termination or dismantling of the operations.
7.2.2\tLegal claim against former main contractor
On 3 December 2025, Andfjord Salmon announced that the company submitted a claim of NOK 1+ billion against former main contractor AF H\u00e6hre & Contur Ans (\"the contractor\"). The claim relates to grossly negligent performance of the contractor's obligations and wilful breach of its civil works contract in connection with the construction of Andfjord Salmon's land-based aquaculture facility at Kval-nes, And\u00f8ya, Norway. The claim, which exceeds NOK 1 billion, reflects previously communicated budget revisions including the NOK 500 million upward revised capex budget announced on 28 May 2025 as well as earlier communicated changes.
The claim against the contractor represents a contingent asset under IAS 37, as the inflow of economic benefits depends on the outcome of ongoing legal proceedings and therefore cannot be recognised as an asset at this stage. Given the inherent uncertainties of litigation, the timing and amount of any potential recovery remain unknown as at 14 April 2026.
As of 31 December 2025, the contractor had claimed unpaid invoices of NOK 458.8 million, including VAT. These amounts remain recognised as short-term financial liabilities in accordance with IFRS 9, listed as \u201cTrade payables \u2013 disputed\u201d in the balance sheet. Subsequent to year-end 2025, AFHC has claimed further NOK 209.8 million including VAT, in addition to interest on overdue payments. The new claims relate to additional costs following the termination. Andfjord Salmon disputes the claims as the termination is considered unjustified. Even though the liabilities towards the contractor are short-term in nature, Andfjord Salmon expects that this matter will develop into formal litigation. While Andfjord Sal-mon\u2019s legal advisers are of the view that the company has a well-founded case, it is inherent in any legal proceeding that the outcome cannot be predicted with certainty. The timing of settlement of VAT- receivables related to unpaid invoices from AFHC may be affected by Andfjord Salmon\u2019s claims against the contractor, depending on the structure of Andfjord Salmon's final claim, as a result of the rules on deferred payment for disputed invoices in the VAT regulations.
The capitalised construction costs associated with the Kvalnes facility, including the costs related to the disputed invoices, continue to be recognised as Property, plant, and equipment in accordance with IAS 16. These costs are expected to generate future economic benefits for the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__117": { "value": "7.2\tProvisions, contingent assets and
contingent liabilities
7.2.1\tDismantling obligations
It has been assessed by Management whether dismantling provisions should be recognised, or contingent liabilities disclosed, in connection with any future termination of the business or license expiry.
In this respect, the Group operates on its own property, which is regulated for this kind of operations. Future disposal of the property must take care of the ecosystem and water quality in accordance with the Biodiversity Act and the Water Regulations, among others. This also applies in the event of termination of activities. The Group will be able to take care of the environ-ment and comply with statutory requirements without requiring changes to its properties. It is the Group\u2019s assessment that, based on current legislation, there are no obligations related to the potential termination or dismantling of the operations.
7.2.2\tLegal claim against former main contractor
On 3 December 2025, Andfjord Salmon announced that the company submitted a claim of NOK 1+ billion against former main contractor AF H\u00e6hre & Contur Ans (\"the contractor\"). The claim relates to grossly negligent performance of the contractor's obligations and wilful breach of its civil works contract in connection with the construction of Andfjord Salmon's land-based aquaculture facility at Kval-nes, And\u00f8ya, Norway. The claim, which exceeds NOK 1 billion, reflects previously communicated budget revisions including the NOK 500 million upward revised capex budget announced on 28 May 2025 as well as earlier communicated changes.
The claim against the contractor represents a contingent asset under IAS 37, as the inflow of economic benefits depends on the outcome of ongoing legal proceedings and therefore cannot be recognised as an asset at this stage. Given the inherent uncertainties of litigation, the timing and amount of any potential recovery remain unknown as at 14 April 2026.
As of 31 December 2025, the contractor had claimed unpaid invoices of NOK 458.8 million, including VAT. These amounts remain recognised as short-term financial liabilities in accordance with IFRS 9, listed as \u201cTrade payables \u2013 disputed\u201d in the balance sheet. Subsequent to year-end 2025, AFHC has claimed further NOK 209.8 million including VAT, in addition to interest on overdue payments. The new claims relate to additional costs following the termination. Andfjord Salmon disputes the claims as the termination is considered unjustified. Even though the liabilities towards the contractor are short-term in nature, Andfjord Salmon expects that this matter will develop into formal litigation. While Andfjord Sal-mon\u2019s legal advisers are of the view that the company has a well-founded case, it is inherent in any legal proceeding that the outcome cannot be predicted with certainty. The timing of settlement of VAT- receivables related to unpaid invoices from AFHC may be affected by Andfjord Salmon\u2019s claims against the contractor, depending on the structure of Andfjord Salmon's final claim, as a result of the rules on deferred payment for disputed invoices in the VAT regulations.
The capitalised construction costs associated with the Kvalnes facility, including the costs related to the disputed invoices, continue to be recognised as Property, plant, and equipment in accordance with IAS 16. These costs are expected to generate future economic benefits for the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__118-1": { "value": "7.2\tProvisions, contingent assets and
contingent liabilities
7.2.1\tDismantling obligations
It has been assessed by Management whether dismantling provisions should be recognised, or contingent liabilities disclosed, in connection with any future termination of the business or license expiry.
In this respect, the Group operates on its own property, which is regulated for this kind of operations. Future disposal of the property must take care of the ecosystem and water quality in accordance with the Biodiversity Act and the Water Regulations, among others. This also applies in the event of termination of activities. The Group will be able to take care of the environ-ment and comply with statutory requirements without requiring changes to its properties. It is the Group\u2019s assessment that, based on current legislation, there are no obligations related to the potential termination or dismantling of the operations.
7.2.2\tLegal claim against former main contractor
On 3 December 2025, Andfjord Salmon announced that the company submitted a claim of NOK 1+ billion against former main contractor AF H\u00e6hre & Contur Ans (\"the contractor\"). The claim relates to grossly negligent performance of the contractor's obligations and wilful breach of its civil works contract in connection with the construction of Andfjord Salmon's land-based aquaculture facility at Kval-nes, And\u00f8ya, Norway. The claim, which exceeds NOK 1 billion, reflects previously communicated budget revisions including the NOK 500 million upward revised capex budget announced on 28 May 2025 as well as earlier communicated changes.
The claim against the contractor represents a contingent asset under IAS 37, as the inflow of economic benefits depends on the outcome of ongoing legal proceedings and therefore cannot be recognised as an asset at this stage. Given the inherent uncertainties of litigation, the timing and amount of any potential recovery remain unknown as at 14 April 2026.
As of 31 December 2025, the contractor had claimed unpaid invoices of NOK 458.8 million, including VAT. These amounts remain recognised as short-term financial liabilities in accordance with IFRS 9, listed as \u201cTrade payables \u2013 disputed\u201d in the balance sheet. Subsequent to year-end 2025, AFHC has claimed further NOK 209.8 million including VAT, in addition to interest on overdue payments. The new claims relate to additional costs following the termination. Andfjord Salmon disputes the claims as the termination is considered unjustified. Even though the liabilities towards the contractor are short-term in nature, Andfjord Salmon expects that this matter will develop into formal litigation. While Andfjord Sal-mon\u2019s legal advisers are of the view that the company has a well-founded case, it is inherent in any legal proceeding that the outcome cannot be predicted with certainty. The timing of settlement of VAT- receivables related to unpaid invoices from AFHC may be affected by Andfjord Salmon\u2019s claims against the contractor, depending on the structure of Andfjord Salmon's final claim, as a result of the rules on deferred payment for disputed invoices in the VAT regulations.
The capitalised construction costs associated with the Kvalnes facility, including the costs related to the disputed invoices, continue to be recognised as Property, plant, and equipment in accordance with IAS 16. These costs are expected to generate future economic benefits for the Company.
7.3\tCommitments
The following significant contractual commitments are present at the end of the reporting period:
Capital commitments | 2025 | 2024 | ||
(Amounts in NOK thousand) | ||||
Property, plant and equipment | 17 396 | 138 187 | ||
Total capital commitments | 17 396 | 138 187 |
7.3\tCommitments
The following significant contractual commitments are present at the end of the reporting period:
Capital commitments | 2025 | 2024 | ||
(Amounts in NOK thousand) | ||||
Property, plant and equipment | 17 396 | 138 187 | ||
Total capital commitments | 17 396 | 138 187 |
7.4\tEvents after the reporting Period
The Board of Directors is not aware of any other events that have occurred after the balance sheet date, or any additional new information regarding existing matters, that can have a material effect on the 2025 consolidated financial statements of the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300W7L5S281Y3DD68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }