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Nordic Aqua Partners
Nordic Aqua Partners (NOAP) investor relations material
Nordic Aqua Partners Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Commercial harvest in Q4 2025 was 353 tonnes (93% superior), with average weights reported as 3.3–4 kg HOG; full-year harvest reached 2,026 tonnes at 3.9 kg HOG and 97% superior rate, reflecting strong fish health and biological control.
Entered new local equity and long-term debt partnerships, strengthening the financial platform and supporting expansion plans toward 20,000 tonnes annual capacity.
Stage 2 grow-out units operational, with first harvest expected in September 2026; capex for Stage 2 revised down by 16% to EUR 65 million.
Strategic retail pilot launched in China’s premium segment, validating brand positioning.
Market demand for premium Atlantic Salmon in China surged, with imports up 48% in 2025 and projected 12% CAGR to 2030.
Financial highlights
Q4 2025 revenue was EUR 2.0 million, up from EUR 1.6 million in Q4 2024; full-year revenue reached EUR 12.9 million.
Operating EBIT for Q4 2025 was EUR -3.9 million (improved from EUR -5.1 million YoY); full-year operating EBIT was EUR -12.7 million.
Net profit for Q4 2025 was EUR 0.4 million (vs. EUR -1.8 million YoY); full-year net loss was EUR -16.5 million.
Net cash flow in Q4 2025 was EUR 6.6 million, mainly due to capital injection and reduced debt; cash and cash equivalents at year-end were EUR 11.5 million.
Equity ratio at year-end was 58%, with net interest-bearing debt reduced to EUR 18.1 million.
Outlook and guidance
Q1 2026 harvest guidance: 700–900 tonnes HOG, ~97% superior, avg. weight ~4.5 kg HOG.
Full-year 2026 harvest expected at 5,000–6,000 tonnes HOG; production strategy revised to target higher average harvest weights (towards 7.0 kg LW).
Released cost from stock expected to fall below EUR 7.0/kg in Q1 2026 and decrease further through the year.
Stage 2 production to reach full run-rate in H2 2026; Stage 3 engineering ongoing, with construction possible late 2026/early 2027.
Price realization expected to improve with higher global prices and increased harvest weights.
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Next Nordic Aqua Partners earnings date
Q1 202621 May, 2026
Nordic Aqua Partners
Next Nordic Aqua Partners earnings date
Q1 202621 May, 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.
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