Highlights
* Q2 2025 Commercial harvest at 756 tonnes HOG, with 99% superior quality and
an average harvest weight of 4.6 kg HOG - 5.6 kg LW
* Commercial revenue amounted to EUR 5.1 million
* Average sales price of EUR 6.74/kg negatively impacted by harvest volume
skewed towards the second half of the quarter
* Good underlying biological performance for all batches with excellent fish
health and welfare
* Biomass production of 730 tonnes was impacted by numerous transfers of large
fish. Total biomass of 2,625 tonnes by quarter end
* Stage 2 construction developing according to plan. Revised CAPEX estimate of
EUR 65 million, down 16% from previous EUR 77 million
* Announces transformational financing package with local banks and investors
for financing of existing and future operations.
CEO Ragnar Joensen comments:
"The second quarter 2025 marked continued operational and commercial progress
for Nordic Aqua. Following the re-start of commercial sales in February, we
continued providing the market with premium quality Atlantic Salmon,
validating our market position and operational platform. At the same time, we
advanced a transformational financing package with leading Chinese banks that,
once finalized, accelerates our growth to 20,000 tonnes. This combination of
proven biology, premium pricing, and long-term financing support puts Nordic
Aqua in a unique position to build the leading salmon farming platform in
China -- locally produced, sustainable, and highly profitable."
Operational and Financial Review
Operations were restored in February after the geosmin-related pause in late
2024. Biological performance has been strong, with high survival rates and no
signs of maturation. The facility has proven capable of producing large size
salmon at scale, an important validation of the robustness of the RAS
platform.
Sales in the first half were EUR 6.5 million. In Q2, average sales price was
EUR 6.74/kg, compared to EUR 8.94/kg in Q2 2024. The underlying customer
demand remains strong, confirmed by repeat orders from leading HoReCa and
retail channels, including Michelin-starred restaurants in Shanghai. Superior
share was again 99%, confirming premium product quality and positioning.
Operating EBIT for the second quarter was EUR --2.6 million, reflecting the
early phase of commercial ramp-up and continued investment in Stage 2. The
Company ended June with EUR 13.3 million in cash and an equity ratio of 45%.
Stage 2 construction is progressing according to plan, with technical
installations started in January 2025 and first harvest scheduled for Q3 2026.
Total capex estimate is revised to EUR 65 million, down 16% from the previous
EUR 77 million. The reduction is primarily driven by savings from the
collaboration model with key stakeholders including technology provider AKVA
Group. As of 30 June, EUR 30 million of Stage 2 capex were accrued. Stage 3
expansion to 20,000 tonnes has been secured through a 30-year land and
facilities lease. Nordic Aqua will use 2026 for detailed engineering and
expect construction to start late 2026/early 2027, subject to final investment
decision. First harvest is then expected to be in 2029.
Outlook
Nordic Aqua expects to harvest approximately 2,300 tonnes HOG in 2025 an Stage
2 is on track for first harvest in Q3 2026. The financing framework being
advanced with leading Chinese banks is expected to provide the basis for
long-term growth and value creation, enabling Nordic Aqua to capture the
premium market opportunity in China with a local, sustainable platform.
Presentation of results
Nordic Aqua will host a webcast to present the H1 2025 results on 25 September
at 08:30 CEST.
The webcast can be accessed at:
https://channel.royalcast.com/landingpage/hegnarmedia/20250925_1/. Following
the presentation, it will be opened for questions from the audience.
For more information, please contact:
CEO Ragnar Joensen
ragnar@nordicaquapartners.com
+298 599 112
CFO Tom Johan Austrheim
tom@nordicaquapartners.com
+47 982 09 873
About Nordic Aqua Partners
Nordic Aqua Partners is a Nordic land-based salmon farming company, using
cutting-edge Nordic technology and expertise. The company has set up the first
fully integrated and commercially scaled Recirculating Aquaculture System
[RAS] farm for Atlantic salmon located in Ningbo, China. With operations in
place, Nordic Aqua Partners is the first local producer of truly sustainable
and fresh Atlantic salmon to the Chinese market. The current business plan is
for an annual production of 20,000 tonnes (HOG). Nordic Aqua Partners AS is
listed at Euronext Growth under the ticker NOAP.
To learn more, please visit www.nordicaquapartners.com
(http://www.nordicaquapartners.com/)
This information has been submitted pursuant to the Securities Trading Act ยง
5-12 and MAR Article 17. The information was submitted for publication at
2025-09-25 07:00 CEST.