Nordic Aqua Partners (NOAP) Q1 2026 earnings summary

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.