Nordic Aqua Partners’ biological performance is improving, but harvest weights remain too low to secure the pricing premium needed to strengthen the investment case, according to Arctic Securities.
The investment bank reiterated its Hold recommendation on the Chinese land-based salmon farmer and lowered its target price to NOK 70 from NOK 71.
Arctic left its harvest forecasts unchanged at 1,000 tonnes for the second quarter and 5,300 tonnes for full-year 2026, both within company guidance. However, slower progress on harvest weights prompted the analysts to cut their 2026 EBIT estimate by 18% to a loss of €9 million.
According to Arctic, the key challenge is that Nordic Aqua is not yet achieving a sales price above the Norwegian reference market.
“The China premium remains absent,” the analysts wrote, arguing that larger harvest weights are needed to improve revenue per kilogram.
Arctic noted that biological performance continues to improve, with rising biomass production and declining costs supporting operations.
The bank also said Nordic Aqua’s liquidity position appears sufficient to complete phase two of its expansion plans, although with a smaller buffer than previously anticipated.
Progress on harvest weights in the third quarter is likely to be the most important indicator of whether the stock merits a more positive recommendation, according to the analysts.