Nordic Aqua Partners (NOAP) Q2 2025 earnings summary

Executive summary

• Achieved a commercial harvest of 756 tonnes HOG in Q2 2025, with 99% superior quality and an average harvest weight of 4.6 kg HOG (5.6 kg LW), receiving strong customer feedback.

• Q2 2025 revenue reached EUR 5.1 million, with an average sales price of EUR 6.74/kg, reflecting a 28% decrease from the previous year.

• Announced a transformational financing package with new Chinese investors and external financing to accelerate growth and strengthen the strategic position in China.

• Became the first Atlantic salmon producer in China to receive the NSF no antibiotic certificate, enhancing food safety credentials.

• Stage 2 construction is progressing on schedule, with CAPEX reduced by 16% to EUR 65 million.

Financial highlights

• Q2 2025 operating revenue was EUR 5.1 million (EUR 4.7 million in Q2 2024), with operating EBIT at EUR -2.6 million, impacted by low global salmon prices and operational disruptions.

• Net loss for Q2 2025 was EUR -10.1 million, mainly due to unrealized exchange rate deviations and net financial expenses of EUR -6.6 million.

• Net cash flow in Q2 2025 was positive at EUR 5.2 million, mainly from new debt and investments, with cash at period end of EUR 13.3 million.

• Equity ratio at quarter end was 45% (Q2 2024: 58%), and net interest-bearing debt was EUR 27.1 million.

• Earnings per share for Q2 2025 was EUR -0.48.

Outlook and guidance

• Full year 2025 harvest guidance is 2,300 tonnes HOG, lowered due to growth impact from large fish transfers.

• Stage 2 expansion is on track for first harvest in Q3 2026, doubling capacity to 8,000 tonnes; stage 3 construction could start late 2026/early 2027, with harvest in 2029.

• Transformational financing package to accelerate execution towards 20,000 tonnes annual capacity.

• Revised production strategy targets average harvest weight of 7.0 kg LW to secure high-end market position.

• No new precise production guidance for next year, but current levels indicate 4,000–4,100 tonnes per stage.