Low harvest weights led to low prices for Nordic Aqua Partners
The weights at the China facility dropped due to production optimisation but are set to increase in the current quarter, the company says
Nordic Aqua Partners (NOAP) reports that commercial harvest ended at 353 tonnes HOG in the quarter, with a 93% superior share. The average weight was 3.3 kg HOG (4.0 kg live weight), which is slightly up from Q3, but well over a kilo below the average weight in Q2, and significantly down from over six kilos in Q1. According to the company, the harvest weight was influenced by biomass optimisations, where the aim is to optimise the number of fish in the facility.
Low harvest weight was reflected in the average selling price being €5.74/kg, below the NASDAQ price of just under €7/kg during the period.
The low price achievement was also due to the fact that the share of production (damaged) fish in the harvest fish was largest in December, when spot prices for superior fish were highest. The market for production fish in China is said to be far lower than what is customary in Norway, so the prices for these fish are significantly lower.
2,026 tonnes last year
Total harvest volume for the whole of 2025 was 2,026 tonnes, with an average weight of 3.9 kg HOG (4.7 kg LW) and a superior share of 97%.
"This confirms good fish health and biological control," writes NOAP.
"Biomass production during the period was 1,350 tonnes as a result of good biological performance and very good fish health and welfare," the company adds.
Total biomass at the end of Q4 was 3,759 tonnes.
Transfer to grow-out
The company also reports that in Q4 it successfully completed the first transfer of fish to the grow-out units in Phase 2, on track for first harvest in September 2026.
"The successful transfer of fish to the growth RAS units in phase 2 marked an important milestone, while production in phase 1 is now in full swing. Nordic Aqua enters 2026 in a good position, with high production and expectations of increased harvest volumes with higher average weights," says chief executive Ragnar Joensen.
Loans and equity
In December, Nordic Aqua entered into a nine-year loan agreement with a syndicate of Chinese banks to refinance existing credit facilities and future working capital needs. Together with the completion of a co-investment agreement for its Chinese subsidiary Nordic Aqua Ningbo, which injects RMB 300 million in new equity, these transactions secure long-term financing, improve liquidity and, in the company's opinion, establish a robust local financing platform in China.
"This significantly reduces the risk for the development of Phase 3 and strengthens the company's ability to implement the long-term growth strategy towards 20,000 tons of capacity."
Record imports to China
"The company also continued to strengthen its market position and brand through a pilot launch with a leading international grocery chain in China," it reports.
At the same time, it states that China imported a record 36,974 tonnes of fresh Atlantic salmon in the fourth quarter, up 57% from the previous year, which for NOAP was the most important peak on the demand side.
Of these imports, 56% came from Norway, 16% from Chile and 16% from Australia.
Low weight and price affected the result
Revenue in the fourth quarter was €2.0 million, with an average selling price of €5.74/kg, slightly up from €5.50/kg in the previous quarter.
"Price realisation was temporarily affected by lower harvest weights as a result of biomass optimisation initiatives. As harvest sizes increase through 2026, price realisation is expected to improve accordingly," NOAP reports.
When asked during the results presentation about when NOAP will reach the goal of 5.8kg HOG, Joenson replied: "We have seen that there have been changes in the market when it comes to size, so it is possible that we should lower that target, possibly to around 5.4 kg. Right now we are at 4.5 kg. Then we will be able to reach the target this year."
€3.9m operating loss in Q4
Operational EBIT in the fourth quarter was negative at €3.9 million, mainly due to lower harvest volumes with low harvest weight and higher costs released from biomass inventory, following many transfers of large fish that resulted in low growth in the second and third quarters of 2025.
Joenson will not say exactly when he believes EBIT will become positive.
"It is difficult to predict market prices, which are of great importance for that. But we have reduced production costs, so that makes it easier to get there," he said.
Outlook
Strong biological development observed in the fourth quarter of 2025 has, according to the company, continued into the first quarter of 2026, with high feeding levels, good fish welfare and stable operating conditions supporting further ramp-up of production.
"Larger slaughter sizes of approximately 4.5 kg HOG are expected in the first quarter of 2026, with a gradual increase throughout 2026. This will support better price realisation and continued improvement in operating margins."
The superior share is expected to increase again to around 97% from Q1 2026.
For the whole of 2026, the total harvest volume is expected to be in the range of 5,000–6,000 tonnes.
More fish in second half of year
As harvesting from phase 2 is expected to begin in September 2026, parts of the harvesting volume in 2026 will be shifted towards the second half of the year, and the harvesting volume in the first quarter of 2026 is expected to be in the range of 700–900 tonnes.
Costs released from biomass stock are expected to fall below €7.0/kg in the first quarter of 2026 and decline somewhat further later in 2026.
According to the company, construction of Phase 2 is still on schedule and positions it to double annual production capacity to 8,000 tonnes.
"This expansion, together with the planned development towards 20,000 tonnes, underlines Nordic Aqua's ambition to establish a leading and scalable platform for the production of premium Atlantic salmon in China," the company writes.
Detailed design for phase 3 will take place in 2026, and construction is expected to start after a final investment decision around the end of the year, with the goal of first harvest in 2029.
