Record harvest volume, and the fish are big
Nordic Aqua Partners produced more than guided at its RAS facility in China in Q3. The fish are healthy and heavy, but in terms of operating costs the company is still in the red.
Chief executive Ragnar Joensen said: "The third quarter marked another important milestone for Nordic Aqua (NOAP), with the start of harvesting from phase 2. With phases 1 and 2 in full production, we have established an annual harvesting capacity of 8,000 tonnes gutted weight.
"The biological results were good throughout the quarter, with good fish health, high survival and no significant sexual maturation. We experienced strong biomass growth during the period, which brought the biomass to record high levels by the end of the quarter."
Operational and financial review
Revenue in the third quarter of 2026 was €11.3m (Q3 2025: €3.5m), driven by increased harvest volume.
The average harvest weight in the quarter was 4.4 kg gutted weight, corresponding to 5.3 kg live weight.
Biomass production was 2,233 tonnes live weight, up from 969 tonnes in Q3 2025, and total biomass was 5,662 tonnes live weight at the end of the quarter.
The average sales price achieved in the quarter was €6.29/kg (Q3 25: €5.50/kg), and €7.60/kg for superior fish over 5 kg.
"In comparison, prices at Sitagri were €6.18/kg and €7.11/kg for superior fish over 5 kg, respectively. The price achievement was affected by falling spot prices as a result of high global supply," the quarterly report states.
Operational EBITDA was -€0.7m (-€3.5m). Operational EBIT per kg was -€1.16 (-€7.60).
At the end of the quarter, RMB 316 million (NOK 452m / £35.7m) of the RMB 385m project loan had been drawn down. RMB 41m of the RMB 61m working capital facility had been drawn down.
The company says that the development of phase 2 is largely complete, with only minor work remaining.
"The development has come at a cost well below the original budget," it says.
Market development
According to NOAP, the Chinese salmon market continues to show strong growth, driven by the rapid increase in the number of people in the upper middle class and high-income groups, as well as the demand for high-quality seafood that is produced in a sustainable manner.
In 2025, consumption of fresh whole Atlantic salmon in China increased by 48%, the highest growth rate among all major Atlantic salmon markets in the world. Imports in the first nine months of 2026 increased by 32% compared to the same period the previous year, and the industry expects the market balance to tighten towards 2027.
The company's brand, Nordic PureAtlantic, is built around four core characteristics: freshness, food safety, sustainability, and local presence.
During the quarter, Nordic Aqua participated in Seafood Expo Asia in Singapore and the 20th Shanghai International Fisheries and Seafood Exhibition.
"At both events, the company met with buyers and partners and presented its locally produced Atlantic salmon in large sizes," the company said.
Future prospects
NOAP reports that the good biological results from the third quarter of 2026 have continued into the fourth quarter.
"The number of fish in the facility is still higher than the optimal level, and it will therefore be necessary to harvest smaller-sized fish to optimise the biomass," the company points out.
Average harvest weight in the fourth quarter of 2026 is expected to be on par with recent quarters, before increasing to approximately 5.2 kg gutted weight (6.3 kg live weight) in the second quarter of 2027.
The superior share is expected to remain above 95% in the fourth quarter of 2026 and beyond.
Harvest volumes
The harvest volume in the fourth quarter of 2026 is expected to be 1,700–2,000 tonnes gutted weight, while the expectation for the whole of 2026 is 5,700–6,000 tgw.
"The lower part of the interval has thus been raised from 5,500 tonnes gutted weight, as a result of good growth and earlier start of harvest from phase 2," NOAP reported.
For 2027, a harvest volume of 8,000 tgw is expected.
As harvesting volumes increase, the company expects further reductions in unit costs.
"The total EBIT cost is expected to be around €6.8/kg gutted weight during 2027, down from €7.29/kg in the third quarter of 2026.
NOAP adds that, assuming a final investment decision is made, the development of phase 3 could start in 2027 (+ 12,000 tonnes), which would mean the first harvest in 2029.
The report also mentions the possibility of a phase 4, which could potentially provide an additional 30,000 tonnes in production.
