Nordic Aqua Partners (NOAP) reported a record second-quarter harvest of 1,362 tonnes head-on-gutted weight, a 77% increase from Q1 and an 80% jump year-over-year, as the land-based salmon producer maintained full capacity utilization at its Gaotang facility in China.
The company achieved an average fish weight of 4.4 kg per head-on-gutted unit, with 96% of the harvest classified as superior-grade quality. Cumulative biomass production reached 2,294 tonnes, while total standing biomass stood at 5,644 tonnes at quarter-end. Mortality rates remained stable at approximately 6% across all batches since operations began.
Revenue rose 84% year-over-year to EUR 9.4 million, driven by higher volumes, though operating EBIT loss totaled EUR 0.6 million. Excluding non-cash fair value adjustments on biological assets, EBITDA was positive at EUR 0.8 million. The net loss narrowed to EUR 4.0 million, primarily reflecting EUR 4.2 million in fair value adjustments. Cash flow from operations was positive at EUR 0.6 million, while the company ended the quarter with EUR 5.4 million in cash.
Total assets increased to EUR 194 million from EUR 153 million a year earlier, supported by a stronger equity ratio of 56% and net interest-bearing debt of EUR 37.6 million. Farming costs declined to EUR 6.05 per kilogram in Q2, down from EUR 6.30 in Q1, while standing biomass costs stood at EUR 5.36 per kilogram.
In China, Nordic Aqua secured an average sales price of EUR 6.94 per kilogram, with superior-grade large fish commanding a 21% premium over benchmark Norwegian export prices. The company highlighted robust demand in the Chinese market, where Atlantic salmon imports surged 25% year-over-year in Q2 to 40,900 tonnes, with H1 2026 volumes totaling approximately 80,000 tonnes—a 39% increase from the prior year. Norway’s market share in China rose to 68% in H1 2026, up from 56% in 2021.
Stage 2 expansion at the Gaotang facility was completed at EUR 65 million, 16% below the original EUR 77 million budget, bringing total annual capacity to 8,000 tonnes. The first harvest from the expanded facility began in Q3 2026. Nordic Aqua also outlined plans for Stage 3, which would add 12,000 tonnes of annual capacity, with a potential construction start in H1 2027 pending final investment approval. A long-term debt facility of RMB 385 million (EUR 49 million) was secured from a Chinese banking syndicate, with RMB 292 million (EUR 37 million) drawn by quarter-end.
The company received the Climate Lighthouse Outstanding Case Award at Shanghai Climate Week for its water conservation and sustainability efforts in its land-based recirculating aquaculture system.
