Nordic Aqua Partners Second Quarter and First Half Year 2025 Results: Operations Restored – Premium Market Validated – Transformational Financing Package
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.