Nordic Aqua Partners (NOAP) Q3 2025 earnings summary

Executive summary

• Achieved first commercial harvest in China with 630 tonnes HOG at 98% superior quality, generating EUR 3.5 million in Q3 2025 revenue, and received positive market feedback.

• Entered new local debt and equity partnerships, securing funding for expansion to 20,000 tonnes annual capacity and accelerating strategic execution.

• Stage 2 construction progressing on schedule and below budget, with CapEx reduced by 16% to EUR 65 million and first harvest expected in September 2026.

• Recognized as the first Atlantic salmon farm in China to achieve "Raised Without Antibiotics" certification and received a quality salmon producer award.

• Launched the Nordic PureAtlantic brand and expanded market presence through major industry events and trade shows.

Financial highlights

• Q3 2025 revenue was EUR 3.5 million, up from EUR 0.3 million in Q3 2024; YTD 2025 revenue reached EUR 10.9 million.

• Operating EBIT for Q3 2025 was EUR -4.8 million, improved from EUR -12.1 million in Q3 2024; net profit Q3 2025 was EUR -2.5 million.

• Equity ratio at 42% as of Q3 2025, down from 49% a year earlier; net interest-bearing debt increased to EUR 38.6 million.

• Net cash flow Q3 2025 was EUR -8.7 million; cash at period end was EUR 4.7 million.

• Investments in PPE totaled EUR 10.4 million in Q3 2025.

Outlook and guidance

• Full year 2025 harvest guidance lowered to 2,000 tonnes to prioritize larger fish sizes; 2026 harvest expected at 5,000–6,000 tonnes.

• Stage 2 construction on track for first harvest in September 2026, with potential to double capacity to 8,000 tonnes.

• Stage 3 engineering planned for 2026, with construction possible late 2026/early 2027 and first harvest in 2029.

• Larger fish sizes targeted for 2026, aiming for 7 kg live weight and higher price premiums.

• Stage 3 CapEx expected to be below EUR 170 million.