Nordic Aqua Partners First Quarter 2026 Results: Demonstrating operational functionality for Stage 2

28 May 2026 07:00 CEST

Highlights


* Biomass production of 2,161 tonnes, supported by Stage 2 ramp up and
excellent fish health and welfare. Total biomass of 4,991 tonnes at Q1 end

* Commercial harvest of 771 tonnes HOG, with 95% rated superior and an average
weight of 4.4 kg HOG (5.4 kg LW)

* Sizes of 5+ kg SUP had an average sales price of EUR 8.90/kg. Revenue
amounted to EUR 6.0 million, resulting in an average sales price of EUR
7.79/kg

* Released cost from stock amounted to EUR 4.8 million, equivalent to EUR
6.27/kg. Benefitted by good production over several months

* Operating EBIT was positive for March. Operating EBIT for Q1 2026 came in at
EUR -0.5 million

* Commenced detailed engineering for Stage 3 and successful transfer of fish
into all Stage 2 grow-out units

* Continued strong momentum in the Chinese market for Atlantic salmon, with Q1
import up 55% YoY


During the first quarter of 2026, Nordic Aqua demonstrated operational
functionality for Stage 2 RAS units, and with production levels close to full
run-rate also for Stage 2, total production ended at record-high 2,161 tonnes.

CEO Ragnar Joensen comments:
"Overall biological performance remains strong with good fish health, no
maturation and high survival rates. Production increased during the quarter
with production from Stage 1 at full run-rate and Stage 2 production gradually
increasing and is expected to be at full run-rate in the second half of 2026."

Operational and Financial Review
Revenues for the first quarter of 2026 amounted to EUR 6.0 million (EUR 2.3
million), driven by higher harvest volume. The revenue increase was somewhat
offset by lower average sales price as parts of the volume had weights
deviating from optimal levels for the Chinese market.

Operating EBIT for the first quarter of 2026 ended at EUR -0.5 million (EUR
-1.4 million). Gradually improving throughout the period, Operating EBIT for
March 2026 was positive, representing an important milestone for the company
as the first month with positive Operating EBIT.

Market development
The Chinese salmon market continues to show robust growth, driven by the rapid
expansion of its upper middle- and high-income class and demand for premium,
sustainably produced seafood. Consumption growth of fresh, whole Atlantic
salmon in China in 2025 was 48%, the highest growth in any of the major
markets for Atlantic salmon in the world. This strong trend continued into
2026 with first-quarter imports amounting to 46,500 tonnes, an increase of 55%
year-over-year.

Recognizing the significant untapped potential in the Chinese market, Nordic
Aqua is actively pursuing business development opportunities across emerging
distribution channels, focusing on partners offering proximity to
end-consumers. The Company's brand, Nordic PureAtlantic, is built on four key
attributes: freshness, food safety, sustainability, and local presence, all
crucial to the competitive positioning of the brand.

Outlook
The strong biological performance observed in Q1 2026 continued into the
second quarter of 2026, with high feeding levels, good fish welfare, and
stable operational conditions supporting continued production ramp-up.

The company is back on the path to producing larger fish, with an increase in
harvest volumes, average weights and superior rate QoQ. The average harvest
weight in Q2 2026 is expected to be approx. 4.5 kg HOG and gradually increase
further during 2026, supporting improved price realization and a continued
improvement in operating margins. The superior rate is expected to increase
and stay above 95% for Q2 2026 and onwards.

For the full year 2026 total harvest volume is expected in the 5,000-6,000
tonnes HOG range, a significant step-change in scale and an important
milestone on the path toward full utilization of Stage 2 capacity.
As harvest from Stage 2 will start in September 2026, total harvest volume
will be skewed towards the second half of the year. Harvest volume for Q2 2026
is expected to be in the 1,000-1,200 tonnes HOG range. Released cost from
stock in Q1 2026 came down by EUR 2.70/kg compared to Q4 2025 and is expected
to decrease further during 2026.

Construction of Stage 2 is on track. First harvest expected in September 2026,
paving the way for a doubling of annual production capacity to 8,000 tonnes.
This expansion, and the potential for further growth to 20,000 tonnes
reinforces the company's commitment to long-term growth and market leadership.
Nordic Aqua has commenced detailed engineering for Stage 3, and subject to a
final investment decision, construction could start in late 2026/early 2027,
indicating a first harvest in 2029.

Presentation of results
Nordic Aqua will host a webcast to present the Q1 2026 results today, 28 May,
at 08:00 CEST.
The webcast can be accessed at the following link:
https://qcnl.tv/p/YczESx2x4FXrWo1-PF2J7A
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 has been submitted pursuant to the Securities Trading Act §
5-12 and MAR. The information was submitted for publication, through the
agency of the contact persons set out above, at 2026-05-28 07:00 CEST.

More information:
Access the news on Oslo Bors NewsWeb site

674684_NOAP 2026 Q1 Presentation.pdf
674684_NOAP Interim Report Q1 2026.pdf