Nordic Aqua Partners (NOAP) Q4 2025 earnings summary

Executive summary

• Commercial harvest in Q4 2025 was 353 tonnes (93% superior), with average weights reported as 3.3–4 kg HOG; full-year harvest reached 2,026 tonnes at 3.9 kg HOG and 97% superior rate, reflecting strong fish health and biological control.

• Entered new local equity and long-term debt partnerships, strengthening the financial platform and supporting expansion plans toward 20,000 tonnes annual capacity.

• Stage 2 grow-out units operational, with first harvest expected in September 2026; capex for Stage 2 revised down by 16% to EUR 65 million.

• Strategic retail pilot launched in China’s premium segment, validating brand positioning.

• Market demand for premium Atlantic Salmon in China surged, with imports up 48% in 2025 and projected 12% CAGR to 2030.

Financial highlights

• Q4 2025 revenue was EUR 2.0 million, up from EUR 1.6 million in Q4 2024; full-year revenue reached EUR 12.9 million.

• Operating EBIT for Q4 2025 was EUR -3.9 million (improved from EUR -5.1 million YoY); full-year operating EBIT was EUR -12.7 million.

• Net profit for Q4 2025 was EUR 0.4 million (vs. EUR -1.8 million YoY); full-year net loss was EUR -16.5 million.

• Net cash flow in Q4 2025 was EUR 6.6 million, mainly due to capital injection and reduced debt; cash and cash equivalents at year-end were EUR 11.5 million.

• Equity ratio at year-end was 58%, with net interest-bearing debt reduced to EUR 18.1 million.

Outlook and guidance

• Q1 2026 harvest guidance: 700–900 tonnes HOG, ~97% superior, avg. weight ~4.5 kg HOG.

• Full-year 2026 harvest expected at 5,000–6,000 tonnes HOG; production strategy revised to target higher average harvest weights (towards 7.0 kg LW).

• Released cost from stock expected to fall below EUR 7.0/kg in Q1 2026 and decrease further through the year.

• Stage 2 production to reach full run-rate in H2 2026; Stage 3 engineering ongoing, with construction possible late 2026/early 2027.

• Price realization expected to improve with higher global prices and increased harvest weights.