Nordic Aqua positions for 20,000t target with new Chinese investment and IPO talks.
Nordic Aqua Partners has raised CNY 300 million (€35.8 million / $42.1 million) from two Chinese investors, giving them a 20 percent stake in its subsidiary Nordic Aqua Ningbo. Combined with long-term financing from local banks, the deal is described as a transformational package that will support completion of Stage 2 and fund the planned Stage 3 expansion of its land-based salmon facility in Ningbo, China.
The company said the capital injection marks a “major strategic milestone” and strengthens its position as the first local producer of Atlantic salmon in the Chinese market. CEO Ragnar Joensen added that a potential IPO in China or Hong Kong is now under consideration as Nordic Aqua prepares to scale its operations to 20,000 tonnes of annual harvest capacity.
Quarterly performance
The update came as Nordic Aqua reported its second quarter and first half 2025 results. Commercial harvest in Q2 amounted to 756 tonnes HOG, with an average weight of 4.6 kg HOG. Of this, 99 percent was graded superior.
Revenue for the quarter was EUR 5.1 million, at an average sales price of EUR 6.74/kg. Prices were negatively affected by volumes weighted toward the latter part of the quarter. For the first half, revenue reached EUR 6.5 million.
Operating EBIT for Q2 was negative at EUR –2.6 million, reflecting the early stage of commercial ramp-up and continued investment in the expansion programme. The company closed June with EUR 13.3 million in cash and an equity ratio of 45 percent.
Joensen said biological performance remained strong, with high survival rates and no signs of maturation. Demand in the Chinese premium market was confirmed through repeat orders from retail and HoReCa customers, including Michelin-starred restaurants in Shanghai.
Expansion programme
Stage 2 construction in Ningbo is progressing according to plan, with first harvest scheduled for the third quarter of 2026. Nordic Aqua has revised the capex estimate for Stage 2 down 16 percent to EUR 65 million, compared with a previous EUR 77 million. The company said the reduction reflected cost savings from its collaboration model with stakeholders including AKVA Group.
As of 30 June, EUR 30 million of Stage 2 capex had been accrued. Stage 3, which will lift capacity to 20,000 tonnes, has been secured through a 30-year land and facilities lease. Detailed engineering is planned for 2026, with construction expected to begin late 2026 or early 2027, subject to a final investment decision. The first harvest from Stage 3 is expected in 2029.
Outlook
Nordic Aqua expects to harvest about 2,300 tonnes HOG in 2025. Management said the new financing framework, once finalised, provides the basis for long-term growth and value creation, enabling the company to capitalise on the premium market opportunity in China with a locally produced and sustainable supply of Atlantic salmon.
Joensen said: “This combination of proven biology, premium pricing, and long-term financing support puts Nordic Aqua in a unique position to build the leading salmon farming platform in China — locally produced, sustainable, and highly profitable.”
