Nordic Aqua Partners made €4.8m operating loss in Q3
Earnings were hit by harvesting of smaller fish to make room for the rest to grow, but land-based salmon farmer is now well positioned to grow in China, says CEO
China land-based salmon farmer Nordic Aqua Partners (NOAP) harvested 630 tonnes (head on gutted) in the third quarter of 2025 and reduced its operating loss to €4.8 million, compared to a loss of €12.1m in the same period last year when no fish were harvested.
Although the fish harvested in Q3 2025 had a superior share of 98%, average weight was just 3.1 kilos HOG as a consequence of NOAP’s adjusted strategy to produce larger fish. The move to this strategy meant that a large number of fish were harvested at low weights to allow for the remaining fish to grow larger, which resulted in an average sales price of €5.50/kg.
“The average sales price was impacted by low harvest weights and most of the harvest being in August when prices were at the lowest,” wrote NOAP. Nonetheless, price achievement during the quarter was on average €0.46/kg above spot price, equivalent to a premium of 9%.
Biomass increased to 2,835 tonnes during the quarter, and average accumulated mortality from 150g for batches harvested is a low 3.9%.
Phase 2
The development of the second construction phase at NOAP’s site in Ningbo, eastern China, is progressing as planned, with the first fish being placed in the growth phase in October. First harvest is expected in September 2026. The investment estimate has been reduced to €65m, 16% lower than previously. Accumulated investment at the end of the quarter was €40.1m.
“Local financing and good project management enable us to build on a solid foundation,” said chief financial officer Tom Johan Austrheim, who in his presentation highlighted reduced costs and a strengthened balance sheet as key factors.
As previously reported, two Chinese investors will invest RMB 300 million (approx. €36m) for a 20% stake in NOAP subsidiary Nordic Aqua Ningbo. In addition, an agreement in principle has been reached with the Bank of China and partners for a loan facility of up to RMB 585m. The main shareholder Kontrari AS has provided a short-term loan of €10m to secure progress.
The agreements provide NOAP with both local financing in local currency and a stronger strategic anchoring in China, with the potential for a future initial public offering of Nordic Aqua Ningbo Co., Ltd.
“With local partners, lower costs and a clear growth trajectory, we are well prepared for the next phase towards 20,000 tonnes of capacity,” said chief executive Ragnar Joensen in the quarterly presentation.
Growing market
China’s imports of fresh Atlantic salmon have increased by 45% so far this year to over 100,000 tonnes, with Norway holding a 69% market share.
NOAP’s brand Nordic Pure Atlantic won the “2025 China Quality Salmon Producer” award and became the first in the country with NSF certification for fish raised without antibiotics - a milestone that the company believes will raise its profile in the premium segment.
The harvest for the whole of 2025 is expected to amount to 2,000 tonnes of head on gutted salmon, while 2026 the harvest volume will increase to 5,000-6,000 tonnes. NOAP’s plan includes three construction phases that will provide 20,000 tons of annual capacity by 2029.
“We are now moving from pilot phase to industrial scale in China,” said Joensen.