Nordic Aqua Partners harvested 756 tonnes in Q2
The company also reports the following highlights from the second quarter:
- Commercial harvest in Q2 2025 of 756 tonnes HOG (head on gutted), with 99% superior share and an average harvest weight of 4.6 kg HOG – 5.6 kg live weight (LW).
- Commercial turnover amounted to €5.1 million.
- Average selling price of €6.74/kg was negatively affected by the fact that the harvest volume was shifted towards the second half of the quarter.
- Good underlying biological performance is reported for all batches with very good fish health and welfare.
- Biomass production of 730 tonnes was affected by several transfers of large fish. Total biomass at the end of the quarter: 2,625 tonnes
- Construction of Stage 2 is progressing according to plan, says Nordic Aqua artners (NOAP). Revised CAPEX estimate of €65m, down 16% from previous €77m.
Chief executive Ragnar Joensen says in a stock exchange release that the second quarter of 2025 marked continued operational and commercial progress for Nordic Aqua.
“Since resuming commercial sales in February, we have continued to deliver premium quality Atlantic salmon to the market, validating our market position and operating platform. At the same time, we have worked on a transformative financing package with leading Chinese banks that, when completed, will accelerate our growth to 20,000 tonnes,” he added.
Operational and financial review
Operations resumed in February after a geosmin-related shutdown towards the end of 2024.
"Biological performance has been strong, with high survival and no signs of sexual maturation. The facility has demonstrated the ability to produce large salmon at scale – an important validation of the robustness of the RAS platform," the quarterly report states.
Sales in the first half of the year were €6.5m. In Q2, the average selling price was €6.74/kg, compared to €8.94/kg in Q2 2024.
The underlying demand is validated by the company as remaining strong, and it highlights that it has had repeat orders from leading Horeca and retail channels, including Michelin restaurants in Shanghai.
"The superior share was again 99%, confirming premium product quality and positioning," the company reports.
Operating EBIT for the second quarter was € -2.6m, which according to the company reflects the early phase of commercial scale-up and continued investments in stage 2.
The company ended June with €13.3 million in cash and an equity ratio of 45%.
Stage 2 harvest in Q3 2026
According to NOAP, the construction of stage 2 is on schedule, with technical installations commencing in January 2025 and first harvest planned for Q3 2026.
Total capex estimate has been revised to €65m, down 16% from previous €77m.
The reduction is mainly due to savings from the collaboration model with key partners, including technology provider AKVA group.
As of June 30, €30m of stage 2 capex had been accrued.
Stage 3 harvest in 2029
The expansion of stage 3 to 20,000 tonnes is secured through a 30-year lease for land and facilities. Nordic Aqua will use 2026 for detailed design, and expects construction to start towards the end of 2026 / beginning of 2027, depending on the final investment decision.
The first harvest is then expected in 2029.
Outlook
Nordic Aqua expects to harvest approximately 2,300 tonnes HOG in 2025, and stage 2 is on track for first harvest in Q3 2026.
"The financing framework being developed with leading Chinese banks is expected to form the basis for long-term growth and value creation," NOAP concludes.
