Nordic Aqua Partners (NOAP) Q4 2024 earnings summary

Executive summary

• Commercial harvest and sales resumed in February 2025 after resolving geosmin issues, with premium 7 kg fish quality and strong operational performance.

• Stage 2 construction is on schedule, targeting 8,000 tonnes annual capacity by Q3 2026, with long-term ambition of 20,000 tonnes and land secured for up to 50,000 tonnes.

• EUR 30 million private placement completed to fund expansion, with a strategic cooperation agreement signed with Bank of China for refinancing and future project financing.

• Good biological performance with low mortality rates, no antibiotics used, and strong customer feedback confirming market acceptance.

Financial highlights

• Q4 2024 revenue was EUR 1.6 million, with full-year 2024 revenue at EUR 6.5 million, mainly from non-core markets.

• EBITDA for Q4 2024 was EUR -4.4 million; operating EBIT was EUR -5.1 million; net loss for Q4 was EUR -1.8 million, and full-year net loss was EUR -17.4 million.

• Cash from financing activities in Q4 2024 reached EUR 23.8 million, with cash at year-end at EUR 18.0 million.

• Equity ratio at year-end was 55%, down from 72% a year earlier; net interest-bearing debt stood at EUR 8.6 million.

Outlook and guidance

• 2025 harvest guidance is 3,500–3,700 tonnes, with normal feeding levels expected from March 2025.

• Stage 2 expansion remains on track for Q3 2026 harvest, with full 8,000-tonne capacity expected then; Stage 3 (20,000 tonnes) preparations ongoing.

• Facility is fully operational and de-risked after geosmin mitigation, with fortified production protocols.