Nordic Aqua Partners (NOAP) Q2 2026 earnings summary

Executive summary

• Achieved full run-rate production for Stages 1 and 2, with Q2 2026 commercial harvest of 1,362 tonnes HOG, up from 756 tonnes YoY, and strong fish health and welfare; average harvest weight was 4.4 kg HOG with a 96% superior share.

• Q2 2026 revenue rose to EUR 9.4 million, driven by higher harvest volumes and premium pricing, though operating EBIT remained negative at EUR -0.6 million due to softening spot prices and high global supply.

• Average sales price was EUR 6.94/kg, with 5+ kg fish achieving EUR 7.85/kg, a 21% premium over the Sitagri index.

• Stage 2 construction is nearly complete and under budget, with detailed engineering for Stage 3 underway.

• Received the 2026 Climate Lighthouse Outstanding Case Award for sustainability and green manufacturing.

Financial highlights

• Q2 2026 revenue was EUR 9.4 million, up 84–85% year-over-year and 57% sequentially from Q1, with YTD 2026 revenue at EUR 15.5 million.

• Operating EBITDA for Q2 2026 was EUR 0.8 million, while operating EBIT was EUR -0.6 million; net loss for Q2 2026 was EUR -4.0 million.

• Farming cost per kg HOG was EUR 6.05–6.1, down from Q1 2026.

• Cash at quarter end was EUR 5.4 million; net interest-bearing debt was EUR 37.6 million; equity ratio at 56%.

• Stage 2 capex accrued at EUR 54.2–65 million by end of Q2, 16% below original estimate.

Outlook and guidance

• Q3 2026 harvest volume expected at 1,400–1,600 tonnes HOG, with average weights ~4.5 kg HOG and superior share above 95%.

• Full-year 2026 harvest guidance set at 5,500–6,000 tonnes HOG.

• Average harvest weights to gradually increase, supporting improved price realization and margins; larger harvest weights targeted for Q2 next year.

• Stage 3 construction could start in H1 2027, targeting first harvest in 2029, pending investment decision.

• Price premiums expected to continue, especially for larger fish; cost reductions may be offset by rising feed prices.