Portugal’s largest food-retail group (Pingo Doce, Recheio, Biedronka, Ara). Through Jerónimo Martins Agro-Alimentar it has become the biggest shareholder in Oslo-listed land-based salmon farmer Andfjord Salmon — roughly €115 million invested since 2022 for a stake of close to 40% — and in June 2026 Andfjord completed its first commercial sale.
Jerónimo Martins Agro-Alimentar S.A. — the agribusiness arm of Portugal’s largest food retailer — entered Andfjord Salmon’s shareholder register in June 2022 with a €16.8 million investment for 10.1% of the shares, and has added at every subsequent capital raise. According to Portuguese business daily ECO, the group has invested around €115 million in total, injecting a further €20 million in early 2026 and lifting its holding to just under 40%. Andfjord operates a flow-through, land-based salmon farm at Kvalnes on the island of Andøya in Norway’s Vesterålen archipelago, with survival rates above 99% in its operational pools.
In late June 2026 Andfjord completed its first-ever commercial sale — roughly 450,000 post-smolt delivered to neighbouring farmer Eidsfjord Sjøfarm — marking the start of the revenue phase of the project and the first payback on Jerónimo Martins’ four-year Arctic bet. The group has said it expects its first revenues from salmon sales in 2026.
At close to 40% of an Oslo-listed farmer and €115 million deployed, this is one of the largest single Portuguese corporate investments in Norway — a rare example of Portuguese capital operating inside the Nordic real economy rather than merely exporting to it, and a vertical-integration play that secures future salmon supply for a retailer selling millions of kilos a year across Iberia and Poland.
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