Nordic Aqua Partners, the Norwegian land-based salmon producer listed on the Oslo exchange, reported a record quarterly harvest in China as Q2 2026 revenue surged 84% year-over-year to EUR 9.4 million. The company achieved a 77% sequential increase in harvest volume to 1,362 tonnes head-on-gutted, marking the first time a land-based salmon farm exceeded 1,000 tonnes in a single quarter with an average harvest weight above 4 kg.
Operational metrics showed further improvement, with operating EBITDA turning positive at EUR 0.8 million compared to a EUR 1.3 million loss in Q2 2025. The company reduced its operating EBIT loss to EUR 0.6 million from EUR 2.6 million in the same period last year. Net cash flow from operations improved to EUR 0.6 million, while total assets rose to EUR 193.7 million from EUR 153.3 million year-over-year. The equity ratio strengthened to 56% from 45%.
Harvest quality remained high, with 96% of the Q2 2026 output classified as superior grade. The average harvest weight reached 4.4 kg head-on-gutted, up from 4.3 kg historically. Average sales prices stood at EUR 6.94 per kilogram, with superior-grade fish commanding a 21% premium to the Sitagri SUP 5+ kg benchmark. All-inclusive average sales prices were 8% above the Sitagri index.
The company’s Gaotang facility, located within five hours of Shanghai’s consumer market, contributed to the growth as Chinese demand for Atlantic salmon surged. H1 2026 imports of Atlantic salmon to China increased 39% year-over-year to 40,900 tonnes in Q2 alone, while Norwegian imports rose 53% to 59,856 tonnes. Market projections suggest Chinese salmon imports could reach 300,000 tonnes by 2030, exceeding prior estimates.
Nordic Aqua’s Stage 2 expansion, with a budget of EUR 65 million—16% below the original EUR 77 million estimate—is nearing completion. The first harvest from Stage 2 began in Q3 2026, with full run-rate expected in H2 2026. The company secured RMB 385 million (EUR 49 million) in long-term financing from a syndicate of Chinese banks, with EUR 37 million drawn by quarter-end. Stages 1 and 2 combined will deliver 8,000 metric tonnes of annual capacity, while Stage 3, pending a final investment decision in H1 2027, could add 12,000 tonnes. An optional Stage 4 would bring total capacity to 50,000 tonnes annually.
Forward guidance for Q3 2026 projects a harvest of 1,400 to 1,600 tonnes head-on-gutted, with superior-grade share exceeding 95%. Full-year 2026 production is expected to range between 5,500 and 6,000 tonnes. Nordic Aqua’s next earnings report is scheduled for November 12, 2026.
