Nordic Aqua Partners reported a record quarterly harvest in Q2 2026 as the land-based salmon producer scaled up operations at its Gaotang facility in China. The company harvested 1,362 tonnes of head-on-gutted salmon, an 80% increase from the prior year and a 77% jump from Q1, marking the first time a land-based producer exceeded 1,000 tonnes in a single quarter with an average weight above 4 kg, according to industry data provider Kontali.
Total biomass production reached 2,294 tonnes during the quarter, with standing biomass hitting 5,644 tonnes at quarter-end, reflecting full capacity utilization. Quality metrics remained strong, with 96% of the harvest meeting superior-grade standards and an average weight of 4.4 kg per fish. Cumulative net production surpassed 14,300 tonnes live weight, with total harvest exceeding 5,800 tonnes head-on-gutted and an average weight of 4.3 kg, while maintaining a 95% superior-grade share. Mortality rates averaged approximately 6% across all batches.
Revenue grew 84% year-over-year to EUR 9.4 million, supported by a 57% sequential increase from Q1. Operating EBITDA turned positive at EUR 0.8 million, excluding non-cash fair-value adjustments on biological assets, which contributed to a net loss of EUR 4.0 million. Total assets rose to EUR 194 million, while the equity ratio improved to 56% from 45% in the prior year. Net interest-bearing debt stood at EUR 37.6 million, and cash flow from operations turned positive at EUR 0.6 million, compared with a negative EUR 1.8 million a year earlier. The company ended the quarter with EUR 5.4 million in cash.
Cost metrics improved sequentially, with farming costs declining to EUR 6.05 per kilogram from EUR 6.30 in Q1. The average cost of standing biomass was EUR 5.36 per kilogram, while the average sales price reached EUR 6.94 per kilogram, reflecting a 21% premium over benchmark Norwegian export prices for superior-grade fish. Historic import prices in China have frequently exceeded EUR 10 per kilogram for fresh or chilled Atlantic salmon.
China’s Atlantic salmon imports surged 25% year-over-year to 40,900 tonnes in Q2 2026, with total imports in the first half of the year rising 39% to approximately 80,000 tonnes. Norwegian imports accounted for 59,856 tonnes in H1 2026, up 53% year-over-year, and Norway’s market share in China increased to 68% from 56% in 2021. New projections estimate China’s salmon imports could reach 300,000 tonnes by 2030, surpassing Alibaba Group’s earlier estimate of 210,000 tonnes.
Stage 2 of Nordic Aqua’s expansion was completed under budget at EUR 65 million, a 16% reduction from the original EUR 77 million estimate, bringing total annual capacity to 8,000 tonnes. Stage 3, if approved, would add 12,000 tonnes, with an optional Stage 4 expanding capacity by a further 30,000 tonnes. The company secured long-term debt of RMB 385 million (EUR 49 million) for Stage 2 and loan repayment, with RMB 292 million (EUR 37 million) drawn by quarter-end, alongside a working capital facility of RMB 41 million (EUR 5 million).
Looking ahead, Nordic Aqua expects Q3 2026 harvest volumes of 1,400 to 1,600 tonnes head-on-gutted, with superior-grade shares above 95% and average weights around 4.5 kg. Full-year 2026 harvest is projected at 5,500 to 6,000 tonnes head-on-gutted.
