Nordic Aqua Partners (NOAP) Q1 2025 earnings summary

Executive summary

• Commercial sales resumed in mid-February/Q1 2025 after resolving operational and geosmin issues, with strong market reception, 99% superior quality, and a shift to larger fish sizes (6.2 kg HOG, 7.5 kg LW) for premium positioning.

• Achieved EUR 2.3 million in Q1 2025 revenue, with commercial sales of EUR 1.8 million and average sales price of EUR 9.03/kg.

• Implemented corrective actions for geosmin, maintained excellent fish health, and fortified production protocols.

• Stage 2 construction is on schedule, with technical installations and first inlay of eggs completed.

• Secured EUR 13 million short-term credit facility in April 2025 to support liquidity and expansion.

Financial highlights

• Q1 2025 revenue reached EUR 2.3 million, up from EUR 0.0 million in Q1 2024; commercial sales contributed EUR 1.8 million.

• Operating EBIT was EUR -1.4 million, improving from EUR -2.1 million year-over-year; net loss for the period was EUR -4.3 million, including EUR 2.3 million in unrealized currency loss.

• Cash at quarter-end was EUR 10 million; total assets EUR 153 million; equity ratio 53%.

• Net interest-bearing debt increased to EUR 16.6 million from EUR 2.3 million a year earlier.

• Investments in Stage 2/PPE during the quarter totaled EUR 4.9 million.

Outlook and guidance

• Full-year 2025 harvest guidance is 3,000 tonnes HOG, slightly reduced due to focus on larger fish, with some harvest deferred to next year.

• Stage 2 expansion is on schedule for first harvest in Q3 2026, aiming to double capacity to 8,400 tonnes.

• Stage 3 investment details to be finalized in H2 2025, targeting 20,000 tonnes annual capacity.

• Strategic Cooperation Agreement with Bank of China for long-term financing, with credit approval expected in H2 2025.

• Facility is fully operational after corrective actions, with fortified production systems and protocols.