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Nordic Aqua Partners
Nordic Aqua Partners (NOAP) investor relations material
Nordic Aqua Partners Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary28 May, 2026
Executive summary
Achieved Q1 2026 revenue of EUR 6.0 million, up from EUR 2.3 million year-over-year, with a strong price premium for larger fish sizes and 95% superior share in harvests; commercial harvest reached 771 tonnes HOG with average weight of 4.4 kg HOG.
Biomass production reached 2,161 tonnes, with total biomass at 4,991 tonnes by quarter end, reflecting strong biological performance and ramp-up of Stage 2.
Operating EBIT for Q1 2026 was EUR -0.5 million, improving from EUR -1.4 million in Q1 2025; March marked the first month with positive EBIT.
Net profit for the period was EUR 2.9 million, compared to a loss of EUR 4.3 million in Q1 2025, mainly due to fair value adjustments of biological assets.
Entered new local equity and debt partnerships, accelerating strategy towards 20,000 tonnes annual capacity.
Financial highlights
Q1 2026 sales were EUR 6.0 million, with an average sales price of EUR 7.79/kg and a 13% premium for SUP 5+ kg over the Sitagri index; 771 tonnes sold.
Operating EBITDA was EUR 0.9 million, up from EUR 0.1 million year-over-year.
Released cost from stock was EUR 4.8 million (EUR 6.3/kg), down EUR 2.7/kg from Q4 2025, expected to decrease further in 2026.
Net cash flow for Q1 2026 was EUR -6.8 million, mainly due to working capital and biomass investments.
Equity ratio improved to 59% from 53% year-over-year; net interest-bearing debt increased to EUR 31.6 million.
Outlook and guidance
Q2 2026 harvest expected at 1,000–1,200 tonnes HOG, with superior share above 95% and average weights around 4.5 kg HOG.
Full-year 2026 harvest guidance is 5,000–6,000 tonnes HOG; released cost per kg expected to decrease further.
Stage 2 production to reach full run-rate in H2 2026, with first harvest in September; Stage 3 construction may start late 2026/early 2027.
Average harvest weights and price realization expected to improve throughout 2026 as fish numbers normalize.
Working capital facility expected to be completed in 2026.
Role of AKVA Group in Stage 2 capex reduction
Why do Chinese salmon buyers prefer larger fish?
Benefits of local Chinese financial partnerships
Why did target harvest weight increase to 7 kg LW
Drivers behind the 16% Stage 2 CAPEX reduction
Who are the RMB 300m co-investment partners
Drivers for the 13% premium on 5kg+ fish
Strategic benefits of the CNY bank syndicate
Sustainability of the EUR 2.7 per kg cost drop
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Latest events from Nordic Aqua Partners
- Q4 2025 saw strong harvest, improved financials, and robust expansion for 2026 growth.NOAP
Q4 202526 Feb 2026 - Geosmin cuts H2 harvest, triggers NOK 250m equity raise despite strong Q2 launch.NOAPQ2 202423 Jan 2026
- No Q3 harvest due to geosmin; expansion and funding secure, sales to resume Q1 2025.NOAPQ3 202414 Jan 2026
- Harvests resumed after geosmin, expansion funded, and strong China market growth continues.NOAPQ4 202416 Dec 2025
- Q1 2025 saw robust sales, premium quality, and expansion progress with secured financing.NOAPQ1 202524 Nov 2025
- Q3 2025 saw first commercial harvest, strong quality, and major expansion financing secured.NOAPQ3 202511 Nov 2025
- Q2 2025 saw strong harvest and financing, but losses widened as expansion accelerates.NOAPQ2 202525 Sep 2025
Next Nordic Aqua Partners earnings date
Q2 202627 Aug, 2026
Nordic Aqua Partners
Next Nordic Aqua Partners earnings date
Q2 202627 Aug, 2026
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One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
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