Nordic Aqua Partners (OSE: NOAP) reported a record quarterly harvest of 1,362 tonnes of head-on-gutted salmon at its Gaotang facility in Ningbo, China, marking a 77% increase from Q1 2026 and an 80% rise year-over-year. The milestone makes Nordic Aqua the first land-based salmon producer to exceed 1,000 tonnes in a single quarter with an average fish weight above 4 kg.
Production metrics showed further improvement, with total biomass reaching 2,294 tonnes at quarter-end and standing biomass totaling 5,644 tonnes. Farming costs per kilogram declined to EUR 6.05 from EUR 6.30 in Q1, while the average sales price stood at EUR 6.94 per kilogram. Superior-grade fish achieved a 21% premium to the Sitagri SUP 5+ kg benchmark, contributing to revenue of EUR 9.4 million—a 57% sequential increase and 84% year-over-year growth. Operating EBITDA turned positive at EUR 0.8 million, compared with a EUR 1.3 million loss in Q2 2025.
The company secured RMB 385 million (EUR 49 million) in long-term financing from a syndicate of Chinese banks, with RMB 292 million (EUR 37 million) drawn by quarter-end. Cash at quarter-end totaled EUR 5.4 million, while net interest-bearing debt stood at EUR 37.6 million. Total assets rose to EUR 193.7 million, with the equity ratio improving to 56% from 45% a year earlier.
Stage 2 of the Gaotang facility, with an annual capacity of 8,000 metric tonnes, is on schedule for full run-rate production in the second half of 2026, following first egg inlay in Q3 2024 and initial harvests in Q3 2026. The expansion was delivered at a 16% cost saving, with total investment capped at EUR 65 million against an original estimate of EUR 77 million. Construction for Stage 3, which would add 12,000 metric tonnes of capacity, could begin in early 2027 pending final investment approval. An optional Stage 4 could bring total site capacity to 50,000 tonnes annually.
China’s fresh Atlantic salmon imports rose 25% year-over-year in Q2 2026 to 40,900 tonnes, while H1 2026 imports surged 39% overall. Norwegian suppliers alone shipped 59,856 tonnes in the first half, up roughly 53% year-over-year. Market projections now point to Chinese demand reaching 300,000 tonnes by 2030, exceeding prior estimates of 210,000 tonnes.
Nordic Aqua guided for Q3 2026 harvests of 1,400 to 1,600 tonnes HOG, with superior-grade share expected to exceed 95% and average weights around 4.5 kg. Full-year 2026 output is projected between 5,500 and 6,000 tonnes HOG. The company will next report Q3 results on November 12, 2026.
