Highlights
·New local equity and long-term debt partnerships strengthened NOAP’s financial platform in China, de-risking the path for Stage 3 expansion
·Commercial harvest of 353 tonnes HOG, with 93% rated superior and an average weight of 3.3 kg HOG (4.0 kg LW), impacted by biomass optimizations
·Average sales price was EUR 5.74/kg, reflecting low harvest weights
·FY 2025 harvest totalled 2,026 tonnes at an average weight of 3.9 kg HOG (4.7 kg LW) and a 97% superior rate, proving good fish health and biological control
·China imported a record 36,974 tonnes of fresh Atlantic Salmon in Q4, up 57% YoY, being the highlight on the demand side
·Biomass production of 1,350 tonnes, due to good biological performance and excellent fish health and welfare. Total biomass of 3,759 tonnes at Q4 end
·Successful first transfer of fish into Stage 2 grow-out units, on schedule for first harvest in September 2026
 
In the fourth quarter of 2025, Nordic Aqua executed strategic agreements materially strengthening the company’s capital structure, liquidity and long-term growth platform in China. These agreements enhance execution visibility towards 20,000 tonnes annual capacity. The company also continued to expand its market position and brand equity through a pilot launch with a leading international retail chain in China.
 
CEO Ragnar Joensen comments:
“The successful transfer of fish into the grow-out RAS units for Stage 2 marked a key milestone together with the production for Stage 1 being on full run-rate. Nordic Aqua is well positioned going into 2026 with high production expecting higher harvesting volumes with higher average weights.”
 
Operational and Financial Review
Sales in the fourth quarter were EUR 2.0 million, with average sales price at EUR 5.74/kg, slightly up from EUR 5.50 /kg in the previous quarter. Price achievement was temporarily affected by lower harvest weights following the biomass optimization initiatives. As harvest sizes increase through 2026, price realization is expected to improve accordingly.
 
Operating EBIT for the fourth quarter was negative EUR 3.9 million, primarily reflecting lower harvest volumes with low harvest weights and higher released costs from stock, due to numerous transfers of large fish resulting in low growth in Q2 & Q3 2025. As volumes scale and unit costs comes down, operating profitability is expected to improve.
 
In December Nordic Aqua entered into a 9-year loan agreement with a syndicate of Chinese banks for the refinancing of existing credit facilities and future working capital requirements. Combined with the completion of a co-investment agreement for the Chinese subsidiary Nordic Aqua Ningbo, raising RMB 300 million in new equity, these transactions secure long-term financing, improve liquidity, and establish a robust local financing platform in China. This materially de-risks Stage 3 expansion and strengthens the Company’s lability to execute its long-term growth strategy towards 20,000 tonnes capacity.
 
Outlook
The strong biological performance observed in Q4 2025 has continued into the first quarter of 2026, with high feeding levels, strong fish welfare, and stable operational conditions supporting continued production ramp-up.
 
Larger harvest sizes of approx. 4.5 kg HOG are expected for Q1 2026, with a progressive increase throughout 2026, supporting improved price realization and a continued improvement in operating margins. The superior rate is expected to increase to approx. 97% again from Q1 2026.
 
For the full year 2026 total harvest volume is expected in the 5,000-6,000 tonnes range, representing a significant step-change in scale and an important milestone towards improved cost efficiency and operating leverage. As harvest from Stage 2 is expected to start in September 2026, parts of the harvest volume for 2026 will be skewed to the second half of the year and the harvest volume for Q1 2026 is expected in the 700-900 tonnes range.
 
Released cost from stock is expected to come down below EUR 7.0/kg in Q1 2026 and somewhat further down later in 2026.
 
Construction of Stage 2 remains on track, positioning the Company to double annual production capacity to 8,000 tonnes. This expansion, combined with the planned progression toward 20,000 tonnes, reinforces Nordic Aqua’s ambition to establish a leading, scalable platform for premium Atlantic salmon production in China. Detailed engineering for Stage 3 will take place in 2026, with construction expected to commence following final investment decision around the end of the year, targeting first harvest in 2029.
 
Presentation of results
Nordic Aqua will host a webcast to present the Q4 2025 results on 26 February at 08:30 CET.
 
The webcast can be accessed at:
https://qcnl.tv/p/6k4nymigAMkq8TdVpARucA
 
Following the presentation, it will be open to questions from the audience. The presentation and the following Q&A will be in English.