Highlights
·New local debt and equity partnerships strengthen NOAP’s financial platform and strategic position in China, unlocking a clear pathway to Stage 3 expansion
·Commercial harvest of 630 tonnes HOG, with 98% superior quality. Average harvest weight of 3.1 kg HOG, (3.8 kg LW), impacted by biomass optimizations
·Average sales price of EUR 5.50/kg, impacted by low harvest weights and majority of harvest being in August
·Biomass production of 969 tonnes, driven by good biological performance and excellent fish health and welfare. Total biomass of 2,835 tonnes by quarter end
·Stage 2 CAPEX estimate reduced 16% to EUR 65 million due to good project management and close partner collaborations
·Successful first transfer of fish into Stage 2 grow-out units, on schedule for first harvest in September 2026
 
CEO Ragnar Joensen comments:
 “The third quarter marked an important step forward for Nordic Aqua. We continued to deliver premium-quality Atlantic salmon with good biological results and a 98 percent superior rate, confirming the robustness of our operations. At the same time, we advanced a transformational financing package with strong Chinese partners that strengthens our local platform and provides a clear pathway toward Stage 3 expansion. With a cost-efficient Stage 2 project and clear visibility toward 20,000 tonnes of capacity, we are positioning Nordic Aqua as the leading local producer of sustainable Atlantic salmon for the Chinese market.”
 
Operational and Financial Review
Nordic Aqua continued the sale of its premium quality Atlantic Salmon in the third quarter of 2025, receiving positive feedback on quality from clients and consumers. Overall biological performance remained strong with good fish health and high survival rates.
 
Sales in the third quarter were EUR 3.5 million, with average sales price at EUR 5.50/kg, down from EUR 6.74/kg in the previous quarter, reflecting the general decrease in global spot prices. Price achievement during the period was on average EUR 0.46/kg above spot price in Norway, equivalent to a premium of 9%.
 
Operating EBIT for the third quarter ended at negative EUR 4.8 million, reflecting the early phase of commercial ramp-up and continued investment in Stage 2.
 
Stage 2 construction is progressing according to plan. Due savings from the collaboration model with key stakeholders including technology provider AKVA Group, total capex estimate is revised to EUR 65 million, down 16% from the previous EUR 77 million. As of 30 September, EUR 40 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
The overall biological performance with very strong fish welfare with good feeding levels seen in Q3 2025, continued into the fourth quarter.
 
Nordic Aqua has revised the production strategy to target higher average harvest weights towards 7.0 kg, LW. This is to secure a leading position in the Chinese high-end salmon market. Due to expectations of higher prices entering 2026, combined with extensive increase in accessible tank volumes from Stage 2, the company will hold back on harvest allowing fish to grow larger through Q4, accelerating the path to harvest larger sizes.
 
Consequently, the Company has lowered the full year harvest guidance in 2025 to 2,000 tonnes, from previously communicated 2,300 tonnes. For the full year 2026 total harvest volume is expected in the 5,000-6,000 tonnes range.
 
The is expansion, and the further growth to 20,000 tonnes reinforces the company's commitment to long-term growth and market leadership. Nordic Aqua will use 2026 for detailed engineering for Stage 3, and subject to a final investment decision, construction can start late 2026/early 2027, indicating a first harvest in 2029.
 
Presentation of results
Nordic Aqua will host a webcast to present the Q3 2025 results on 11 November at 08:30 CET.
 
The webcast can be accessed at:
https://channel.royalcast.com/landingpage/hegnarmedia/20251111_2/
 
Following the presentation, it will be open to questions from the audience. The presentation and the following Q&A will be in English.