Nordic Aqua Partners Fourth Quarter 2025 Results: Strengthened Financial Platform and Clear Path to 20,000 Tonnes

26 Feb 2026 07:00 CET

Highlights
·New local equity and long-term debt partnerships strengthened NOAP's
financial platform in China, de-risking the path for Stage 3 expansion
·Commercial harvest of 353 tonnes HOG, with 93% rated superior and an average
weight of 3.3 kg HOG (4.0 kg LW), impacted by biomass optimizations
·Average sales price was EUR 5.74/kg, reflecting low harvest weights
·FY 2025 harvest totalled 2,026 tonnes at an average weight of 3.9 kg HOG (4.7
kg LW) and a 97% superior rate, proving good fish health and biological
control
·China imported a record 36,974 tonnes of fresh Atlantic Salmon in Q4, up 57%
YoY, being the highlight on the demand side
·Biomass production of 1,350 tonnes, due to good biological performance and
excellent fish health and welfare. Total biomass of 3,759 tonnes at Q4 end
·Successful first transfer of fish into Stage 2 grow-out units, on schedule
for first harvest in September 2026

In the fourth quarter of 2025, Nordic Aqua executed strategic agreements
materially strengthening the company's capital structure, liquidity and
long-term growth platform in China. These agreements enhance execution
visibility towards 20,000 tonnes annual capacity. The company also continued
to expand its market position and brand equity through a pilot launch with a
leading international retail chain in China.

CEO Ragnar Joensen comments:
"The successful transfer of fish into the grow-out RAS units for Stage 2
marked a key milestone together with the production for Stage 1 being on full
run-rate. Nordic Aqua is well positioned going into 2026 with high production
expecting higher harvesting volumes with higher average weights."

Operational and Financial Review
Sales in the fourth quarter were EUR 2.0 million, with average sales price at
EUR 5.74/kg, slightly up from EUR 5.50 /kg in the previous quarter. Price
achievement was temporarily affected by lower harvest weights following the
biomass optimization initiatives. As harvest sizes increase through 2026,
price realization is expected to improve accordingly.

Operating EBIT for the fourth quarter was negative EUR 3.9 million, primarily
reflecting lower harvest volumes with low harvest weights and higher released
costs from stock, due to numerous transfers of large fish resulting in low
growth in Q2 & Q3 2025. As volumes scale and unit costs comes down, operating
profitability is expected to improve.

In December Nordic Aqua entered into a 9-year loan agreement with a syndicate
of Chinese banks for the refinancing of existing credit facilities and future
working capital requirements. Combined with the completion of a co-investment
agreement for the Chinese subsidiary Nordic Aqua Ningbo, raising RMB 300
million in new equity, these transactions secure long-term financing, improve
liquidity, and establish a robust local financing platform in China. This
materially de-risks Stage 3 expansion and strengthens the Company's lability
to execute its long-term growth strategy towards 20,000 tonnes capacity.

Outlook
The strong biological performance observed in Q4 2025 has continued into the
first quarter of 2026, with high feeding levels, strong fish welfare, and
stable operational conditions supporting continued production ramp-up.

Larger harvest sizes of approx. 4.5 kg HOG are expected for Q1 2026, with a
progressive increase throughout 2026, supporting improved price realization
and a continued improvement in operating margins. The superior rate is
expected to increase to approx. 97% again from Q1 2026.

For the full year 2026 total harvest volume is expected in the 5,000-6,000
tonnes range, representing a significant step-change in scale and an important
milestone towards improved cost efficiency and operating leverage. As harvest
from Stage 2 is expected to start in September 2026, parts of the harvest
volume for 2026 will be skewed to the second half of the year and the harvest
volume for Q1 2026 is expected in the 700-900 tonnes range.

Released cost from stock is expected to come down below EUR 7.0/kg in Q1 2026
and somewhat further down later in 2026.

Construction of Stage 2 remains on track, positioning the Company to double
annual production capacity to 8,000 tonnes. This expansion, combined with the
planned progression toward 20,000 tonnes, reinforces Nordic Aqua's ambition to
establish a leading, scalable platform for premium Atlantic salmon production
in China. Detailed engineering for Stage 3 will take place in 2026, with
construction expected to commence following final investment decision around
the end of the year, targeting first harvest in 2029.

Presentation of results
Nordic Aqua will host a webcast to present the Q4 2025 results on 26 February
at 08:30 CET.

The webcast can be accessed at:
https://qcnl.tv/p/6k4nymigAMkq8TdVpARucA

Following the presentation, it will be open to questions from the audience.
The presentation and the following Q&A will be in English.

For more information, please contact:
CEO Ragnar Joensen
ragnar@nordicaquapartners.com
+298 599 112
CFO Tom Johan Austrheim
tom@nordicaquapartners.com
+47 982 09 873

About Nordic Aqua Partners
Nordic Aqua Partners is a Nordic land-based salmon farming company, using
cutting-edge Nordic technology and expertise. The company has 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 is the first local producer of truly sustainable
and fresh Atlantic 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, through the
agency of the contact persons set out above, at 2026-02-26 07:00 CET.

More information:
Access the news on Oslo Bors NewsWeb site

666870_NOAP Interim Report Q4 2025.pdf
666870_NOAP 2025 Q4 Presentation.pdf