Nordic Aqua Partners strengthens balance sheet, sets course for 20,000-tonne capacity
Nordic Aqua Partners reported strengthened financing and continued biological performance in the fourth quarter of 2025, as the land-based salmon producer advances toward its long-term target of 20,000 tonnes annual capacity in China.
The company harvested 353 tonnes head-on gutted (HOG) in the quarter, with 93 percent graded superior and an average harvest weight of 3.3 kg HOG (4.0 kg live weight). Harvest volumes were affected by biomass optimisation initiatives.
Average sales price was EUR 5.74 per kg, compared with EUR 5.50 per kg in the previous quarter, with pricing temporarily impacted by lower harvest weights.
For the full year 2025, harvest totalled 2,026 tonnes at an average weight of 3.9 kg HOG (4.7 kg live weight) and a 97 percent superior rate, reflecting stable biological control and fish health.
Operating EBIT in the fourth quarter was negative EUR 3.9 million, primarily due to lower harvest volumes, reduced weights and higher released costs from stock following fish transfers earlier in the year. Sales for the quarter were EUR 2.0 million.
Financing and expansion
In December, Nordic Aqua entered into a nine-year loan agreement with a syndicate of Chinese banks to refinance existing facilities and fund future working capital. The company also completed a co-investment agreement for its Chinese subsidiary, Nordic Aqua Ningbo, raising RMB 300 million in new equity.
The transactions establish a local financing platform in China and materially de-risk the planned Stage 3 expansion, improving visibility toward the company’s 20,000-tonne annual capacity target.
During the quarter, Nordic Aqua completed the first transfer of fish into Stage 2 grow-out RAS units, with first harvest expected in September 2026. Construction of Stage 2 remains on track and will double annual capacity to 8,000 tonnes.
Biomass and outlook
Biomass production in the quarter was 1,350 tonnes, bringing total standing biomass to 3,759 tonnes at quarter-end.
China imported a record 36,974 tonnes of fresh Atlantic salmon in Q4, up 57 percent year-on-year, underlining strong demand conditions.
For 2026, total harvest is expected in the 5,000 to 6,000 tonne range, with 700 to 900 tonnes anticipated in the first quarter. Harvest weights are expected to increase to around 4.5 kg HOG in Q1 2026, with further improvement through the year, supporting stronger price realisation and margin development.
Released cost from stock is expected to fall below EUR 7.0 per kg in the first quarter and decline further later in 2026.
Detailed engineering for Stage 3 is scheduled during 2026, with construction expected to commence following final investment decision around year-end, targeting first harvest in 2029.