Nordic Aqua - Results for the fourth quarter 2024

27 Feb 2025 07:00 CET

Highlights

* Commercial harvesting and sales resumed in mid-February with premium quality
Atlantic salmon

* Good underlying operational and biological performance for all batches with
excellent fish health and welfare

* Geosmin handled through Q4 2024

* Proven capability of producing 7 kg fish at scale with no maturation

* Stage 2 construction on schedule

* Completed Private Placement of total EUR 30 million in Q4

Nordic Aqua operations during the fourth quarter were affected by the handling
of previous incidents of elevated geosmin levels, and no commercial harvest
was executed. However, premium quality production is regained and the company
resumed commercial harvesting in February 2025.

Underlying operational and biological performance during the quarter was good,
with good fish health and sub 1% mortality rates, and following operational
adjustment and upgrades of the facility have proven capability of producing 7
kg fish at scale without maturation.

Total biomass production during the quarter was 525 tonnes, somewhat impacted
by reduced feeding to optimize stock. Thus, total biomass ended at 2,232
tonnes by the end of the year.

Commenting on the Nordic Aqua's current position, CEO Ragnar Joensen, said:

"We are pleased that our Ningbo facility is back on track and stronger than
ever. With comprehensive corrective actions now in place, the Ningbo facility
is fully optimized for sustainable, high-quality salmon farming. Overcoming
operational challenges has demonstrated the resilience of the Nordic Aqua team
and the robustness of our business model. I am grateful for the confidence of
our stakeholders throughout the transition period in 2024, and we now look
forward to a year of growth and value creation for our shareholders."

Nordic Aqua has reentered the market with sales to prior customers and
partners. The market feedback has been good, paving the way for further market
development for Nordic PureAtlantic.

Development of Stage 2 continued as planned during the quarter. The first
inlay of egg was successfully completed in September 2024 and the project is
on schedule for firsts harvest in Q3 2026.

Outlook

The production is back on track, with the company's sales and business
development efforts in full swing to continue building and reinforcing the
Nordic PureAtlantic brand in the Chinese market.

Handling operational challenges, Nordic Aqua has implemented multiple measures
to de-risk operations, entering 2025 with a fortified production system,
enhanced operational protocols, and strong biological performance with low
mortality and improving growth rates.

Feeding levels are expected to normalize by March 2025 and harvest for the
full year is projected at 3,500 -- 3,700 tonnes.

The Stage 2 expansion remains on schedule, with the first harvest from this
phase expected in Q3 2026, doubling capacity to 8,000 tonnes. Preparations for
Stage 3, targeting 20,000 tonnes HOG, continue, with a final investment
decision anticipated in 2025.

Results presentation

CEO Ragnar Joensen, CFO Tom Johan Austrheim, and managing director for Nordic
Aqua's operational activities in China, Andreas Thorud, will host a webcast to
present the results today at 9:00 a.m. CET. The webcast can be accessed at
www.nordicaquapartners.com, or with the following link:
https://channel.royalcast.com/landingpage/hegnarmedia/20250227_2/

Following the presentation, Nordic Aqua will take questions from the audience.
Webcast participants need to register to post questions. The presentation and
subsequent Q&A will be held in English.

For more information, please contact:
CEO Ragnar Joensen
ragnar@nordicaquapartners.com
+298 599 112
CFO Tom Johan Austrheim
tom@nordicaquapartners.com
+47 98 20 98 73

About Nordic Aqua Partners
Nordic Aqua Partners is a Nordic land-based salmon farming company, using
cutting-edge Nordic technology and expertise to set up the first fully
integrated and commercially scaled Recirculating Aquaculture System [RAS] farm
for Atlantic salmon located in Ningbo, China. With operations in place, Nordic
Aqua Partners will be the first local producer of truly sustainable and fresh
salmon to the Chinese market. The current business plan is for an annual
production of 20,000 tonnes HOG. Nordic Aqua Partners AS is listed at Euronext
Growth under the ticker NOAP.
To learn more, please visit www.nordicaquapartners.com
(http://www.nordicaquapartners.com/)

This information has been submitted pursuant to the Securities Trading Act §
5-12 and MAR Article 17. The information was submitted for publication at
2025-02-27 07:00 CET.

More information:
Access the news on Oslo Bors NewsWeb site

639850_NOAP 2024 Q4 Presentation Final.pdf
639850_NOAP Interim Report Q4 2024.pdf