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Nordic Aqua Partners
Nordic Aqua Partners (NOAP) investor relations material
Nordic Aqua Partners Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary11 Nov, 2025
Executive summary
Achieved first commercial harvest in China with 630 tonnes HOG at 98% superior quality, generating EUR 3.5 million in Q3 2025 revenue, and received positive market feedback.
Entered new local debt and equity partnerships, securing funding for expansion to 20,000 tonnes annual capacity and accelerating strategic execution.
Stage 2 construction progressing on schedule and below budget, with CapEx reduced by 16% to EUR 65 million and first harvest expected in September 2026.
Recognized as the first Atlantic salmon farm in China to achieve "Raised Without Antibiotics" certification and received a quality salmon producer award.
Launched the Nordic PureAtlantic brand and expanded market presence through major industry events and trade shows.
Financial highlights
Q3 2025 revenue was EUR 3.5 million, up from EUR 0.3 million in Q3 2024; YTD 2025 revenue reached EUR 10.9 million.
Operating EBIT for Q3 2025 was EUR -4.8 million, improved from EUR -12.1 million in Q3 2024; net profit Q3 2025 was EUR -2.5 million.
Equity ratio at 42% as of Q3 2025, down from 49% a year earlier; net interest-bearing debt increased to EUR 38.6 million.
Net cash flow Q3 2025 was EUR -8.7 million; cash at period end was EUR 4.7 million.
Investments in PPE totaled EUR 10.4 million in Q3 2025.
Outlook and guidance
Full year 2025 harvest guidance lowered to 2,000 tonnes to prioritize larger fish sizes; 2026 harvest expected at 5,000–6,000 tonnes.
Stage 2 construction on track for first harvest in September 2026, with potential to double capacity to 8,000 tonnes.
Stage 3 engineering planned for 2026, with construction possible late 2026/early 2027 and first harvest in 2029.
Larger fish sizes targeted for 2026, aiming for 7 kg live weight and higher price premiums.
Stage 3 CapEx expected to be below EUR 170 million.
Stage 3 CapEx reduction expectations
7kg strategy's impact on price premium
Chinese entity IPO timeline and rationale?
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Next Nordic Aqua Partners earnings date
Q4 202526 Feb, 2026
Nordic Aqua Partners
Next Nordic Aqua Partners earnings date
Q4 202526 Feb, 2026
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Frequently asked questions
Nordic Aqua Partners A/S is a Danish company specializing in sustainable aquaculture, primarily focused on land-based Atlantic salmon farming. Utilizing advanced Recirculating Aquaculture System (RAS) technology, the company operates a fully integrated salmon farm in Ningbo, China. This approach allows for efficient, local production of fresh salmon, reducing the need for long-distance imports and enhancing product freshness for the Chinese market. The company’s operations emphasize sustainability and technological innovation in fish farming. Nordic Aqua Partners is headquartered in Ribe, Denmark, and its shares are listed on the Oslo Stock Exchange.
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