Nordic Aqua - Results for the first quarter 2025

15 May 2025 07:00 CEST

Highlights

* Revising production strategy targeting harvest weight of 7 kg LW, equivalent
to 5.8 kg HOG

* Resumed sales in mid-February with very positive reception at market
re-entry and solid price achievement

* Implemented corrective actions and protocols to manage geosmin

* Harvest of ~200 tonnes HOG with high quality and average weight of 6.2 kg
HOG, equivalent to 7.5 kg LW

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

* Secured bridge funding through EUR 13 million short-term credit facility


During the first quarter 2025, Nordic Aqua resumed commercial harvest of its
premium quality Atlantic salmon to the growing Chinese market. Market
reception was very positive, with price achievements around the EUR 9/kg mark
on average harvest weights of 6.2 kg HOG (7.5 kg LW). Capitalizing on the
Chinese market's preference for large size fish, Nordic Aqua is in process of
implementing revised production strategy, targeting average harvest weight of
5.8 kg HOG (7.0 kg LW).

Overall biological performance remains strong with no maturation, low
mortalities and high survival rates for all batches. Following the handling of
off-flavour incidents, production is back on track. Overall biomass production
was 933 tonnes during the quarter, with March production amounting to 461
tonnes. While 107 tonnes were taken out to opitmise stock, total biomass at
the end of the period stood at 2,805 tonnes.

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

"We are pleased to announce that the sale of Atlantic Salmon at 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, and the company is now reengaging
with partners and customers. Handling the operational issues brought
challenges, but it also demonstrated the capabilities of the available
resources and the robustness of our business model."

Construction for Stage 2 expansion develops according to plan. The first inlay
of egg was successfully completed in September 2024, and the project is on
schedule for the first harvest in Q3 2026, paving the way to more than double
production capacity to 8,400 tonnes, 7.0 kg LW salmon annually.

Outlook
Nordic Aqua's plans for 2025 include scaling production, strengthening market
penetration, and advancing sustainability initiatives to secure long-term
shareholder value.

Nordic Aqua is currently finalizing the investment details for Stage 3, and
the company expects to announce specifics about this expansion stage during H2
2025. The completion of the Stage 2 expansion, and the further growth to
20,000 tonnes reinforces the company's commitment to long-term growth and
market leadership.

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 08:30 a.m. CEST. The webcast can be accessed at
www.nordicaquapartners.com, or with the following link:

https://channel.royalcast.com/landingpage/hegnarmedia/20250515_15/

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 is subject to disclosure under the Norwegian Securities
Trading Act, §5-12. The information was submitted for publication at
2025-05-15 07:00 CEST.

More information:
Access the news on Oslo Bors NewsWeb site

646424_NOAP 2025 Q1 Interim Report.pdf
646424_NOAP 2025 Q1 Presentation.pdf