Nordic Aqua Partners – Second Quarter and First Half Year 2026 Results: Demonstrating operational functionality for the new Stage 2

Highlights

• Biomass production of 2,294 tonnes, driven by Stage 2 ramp up and excellent fish health and welfare

• Total biomass of 5,644 tonnes at end of Q2 with an average standing biomass cost of EUR 5.36/kg

• Commercial harvest of 1,362 tonnes HOG, with 96% superior share and an average weight of 4.4 kg HOG (5.3 kg LW)

• Average sales price of EUR 6.94/kg, an 8% premium to Sitagri, supported by strong price achievements for 5+ kg SUP with average sales price of EUR 7.85/kg

• Farming cost/kg of EUR 6.05, driven by good operational performance over time and increased harvest volume

• Operating EBIT for Q2 2026 at EUR -0.6 million, impacted by high market supply with corresponding softening spot prices

• Commenced detailed engineering for Stage 3 and Stage 2 near completion

• Continued strong momentum in the Chinese market for Atlantic salmon, with H1 import up 39% YoY

The second quarter of 2026 marked an important milestone for Nordic Aqua, with the company reaching full run-rate for Stage 2 of the Ningbo project, which combined with Stage 1 constitutes an annual production capacity of 8,000 tonnes.
 
CEO Ragnar Joensen comments:
“It is with great pleasure we can announce that we are now fully up and running with an annual production capacity of 8,000 tonnes. The good operational performance seen during recent quarters continues and combined with good fish health and welfare, this is gradually supporting improved growth, higher harvest weights and lower production costs.”
 
Operational and Financial Review
Revenues for the second quarter of 2026 amounted to EUR 9.4 million (EUR 5.1 million), driven by higher harvest volume. The revenue increase was somewhat offset by harvest volumes being skewed towards the end of the quarter at lower prices.
 
Operating EBIT for the quarter amounted to EUR -0.6 million (EUR -2.6 million), impacted by high global supply of Atlantic salmon with corresponding softening spot prices.
 
Market development
The Chinese salmon market continues to show robust growth, driven by the rapid expansion of its upper middle- and high-income class and demand for premium, sustainably produced seafood.
 
The consumption growth of fresh, whole Atlantic salmon in China in 2025 was 48%, the highest growth in any of the major markets for Atlantic salmon in the world. Imports continued their upward trajectory in 2026, with Q2 volumes reaching 40,908 tonnes, up 25% year-over-year. Volumes for the first half year 2026 reached 87,459 tonnes, up 39% year-over-year.
 
Recognizing the significant untapped potential in the Chinese market, Nordic Aqua is actively pursuing business development opportunities across emerging distribution channels, focusing on partners offering proximity to end-consumers. The Company's brand, Nordic PureAtlantic, is built on four key attributes: freshness, food safety, sustainability, and local presence, all crucial to the competitive positioning of the brand.
 
During the quarter, Nordic Aqua jointly hosted a series of exclusive customer tasting events with partners across China, bringing together purchasers from key HORECA and retail channels, providing opportunities for potential customers to experience the superior freshness and quality of Nordic Aquas locally farmed Atlantic salmon while strengthening the position as a preferred supplier of high‑quality, sustainably farmed salmon in China.
 
Outlook
The strong biological performance seen in the second quarter 2026 has continued into the third quarter, with high feeding levels, good fish welfare, and stable operational conditions supporting continued production ramp-up. However, the number of fish in the facility is still above optimal levels for a scale production of large-size fish, and harvest of smaller fish to optimize biomass will be necessary. Consequently, the planned increase in average harvest size will take some quarters until the number of fish in the facility is at a desired level.
 
The average harvest weight in Q3 2026 is expected to be approx. 4.5 kg HOG and gradually increase, supporting improved price realization and a continued improvement in operating margins.
 
As harvest from Stage 2 already started, harvest volume for Q3 2026 is expected to be in the 1,400-1,600 tonnes HOG range. For the full year 2026, total harvest volume is expected in the 5,500-6,000 tonnes HOG range.
 
Construction of Stage 2 is on track and close to completion, and the harvest start in Q3 2026 is paving the way for a doubling of annual production capacity to 8,000 tonnes. This expansion, and the potential for further growth to 20,000 tonnes reinforces the company's commitment to long-term growth and market leadership. Nordic Aqua has commenced detailed engineering for Stage 3. Subject to a final investment decision, construction can start in the first half of 2027, indicating first harvest in 2029.
 
Presentation of results
Nordic Aqua will host a webcast to present the Q2 2026 results today, 26 August, at 08:30 CEST.
 
The webcast can be accessed at the following link: https://qcnl.tv/p/M9pJ-CmVlsGEudKsCtLWSA
 
Following the presentation, it will be open to questions from the audience. The presentation and the following Q&A will be in English.