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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Nordic Aqua Partners
Nordic Aqua Partners (NOAP) investor relations material
Nordic Aqua Partners Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary26 Aug, 2026
Executive summary
Achieved full run-rate production for Stages 1 and 2, with Q2 2026 commercial harvest of 1,362 tonnes HOG, up from 756 tonnes YoY, and strong fish health and welfare; average harvest weight was 4.4 kg HOG with a 96% superior share.
Q2 2026 revenue rose to EUR 9.4 million, driven by higher harvest volumes and premium pricing, though operating EBIT remained negative at EUR -0.6 million due to softening spot prices and high global supply.
Average sales price was EUR 6.94/kg, with 5+ kg fish achieving EUR 7.85/kg, a 21% premium over the Sitagri index.
Stage 2 construction is nearly complete and under budget, with detailed engineering for Stage 3 underway.
Received the 2026 Climate Lighthouse Outstanding Case Award for sustainability and green manufacturing.
Financial highlights
Q2 2026 revenue was EUR 9.4 million, up 84–85% year-over-year and 57% sequentially from Q1, with YTD 2026 revenue at EUR 15.5 million.
Operating EBITDA for Q2 2026 was EUR 0.8 million, while operating EBIT was EUR -0.6 million; net loss for Q2 2026 was EUR -4.0 million.
Farming cost per kg HOG was EUR 6.05–6.1, down from Q1 2026.
Cash at quarter end was EUR 5.4 million; net interest-bearing debt was EUR 37.6 million; equity ratio at 56%.
Stage 2 capex accrued at EUR 54.2–65 million by end of Q2, 16% below original estimate.
Outlook and guidance
Q3 2026 harvest volume expected at 1,400–1,600 tonnes HOG, with average weights ~4.5 kg HOG and superior share above 95%.
Full-year 2026 harvest guidance set at 5,500–6,000 tonnes HOG.
Average harvest weights to gradually increase, supporting improved price realization and margins; larger harvest weights targeted for Q2 next year.
Stage 3 construction could start in H1 2027, targeting first harvest in 2029, pending investment decision.
Price premiums expected to continue, especially for larger fish; cost reductions may be offset by rising feed prices.
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Latest events from Nordic Aqua Partners
- Revenue and profitability surged in Q1 2026, with strong growth and expansion underway.NOAP
Q1 2026 - Q4 2025 saw strong harvest, improved financials, and robust expansion for 2026 growth.NOAPQ4 2025
- Q3 2025 saw first commercial harvest, strong quality, and major expansion financing secured.NOAPQ3 2025
- Q2 2025 saw strong harvest and financing, but losses widened as expansion accelerates.NOAPQ2 2025
- No Q3 harvest due to geosmin; expansion and funding secure, sales to resume Q1 2025.NOAPQ3 2024
- Geosmin issue cuts 2024 harvest outlook, triggering equity raise despite strong Q2 launch.NOAPQ2 2024
- Q1 2025 saw robust sales, premium quality, and expansion progress with secured financing.NOAPQ1 2025
- Harvests resumed after geosmin, expansion funded, and strong China market growth continues.NOAPQ4 2024
Next Nordic Aqua Partners earnings date
Q3 202612 Nov, 2026
Nordic Aqua Partners
Next Nordic Aqua Partners earnings date
Q3 202612 Nov, 2026
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Frequently asked questions
Nordic Aqua Partners A/S is a Danish company specializing in sustainable aquaculture, primarily focused on land-based Atlantic salmon farming. Utilizing advanced Recirculating Aquaculture System (RAS) technology, the company operates a fully integrated salmon farm in Ningbo, China. This approach allows for efficient, local production of fresh salmon, reducing the need for long-distance imports and enhancing product freshness for the Chinese market. The company’s operations emphasize sustainability and technological innovation in fish farming. Nordic Aqua Partners is headquartered in Ribe, Denmark, and its shares are listed on the Oslo Stock Exchange.