Norwegian-Chinese salmon farmer Nordic Aqua Partners reported first-half 2025 revenues of €6.5 million ($7.1 million) for the six months ended July 31, 2025, following the resumption of commercial operations in February after a geosmin-related pause in late 2024.
The company achieved a commercial harvest of 756 tonnes HOG in the second quarter, with 99 per cent graded as superior quality and an average harvest weight of 4.6 kg HOG (5.6 kg live weight).
Total biomass reached 2,625 tonnes by the end of Q2, although the production of 730 tonnes was temporarily affected by multiple transfers of large fish.
Average sales price in Q2 was €6.74 per kilogram, down from €8.94/kg in Q2 2024, due to the timing of harvest volumes skewed towards the latter half of the quarter. Despite this, the company said that underlying customer demand remained strong, supported by repeat orders from Ho-Re-Ca and retail channels, including "Michelin-starred" restaurants in Shanghai.
Operating EBIT for Q2 was negative €2.6 million, reflecting early-phase commercial ramp-up costs and ongoing investment in Stage 2 of the company’s production facilities. Nordic Aqua ended June 30 with €13.3 million in cash and an equity ratio of 45 per cent.
Stage 2 construction is progressing as planned, with technical installations starting in January 2025. The company revised total capex for Stage 2 to €65 million, down 16 per cent from the previous €77 million, largely due to savings from a collaboration model with stakeholders including technology provider AKVA Group.
As of June 30, €30 million of Stage 2 capex had been accrued. Stage 3 expansion to 20,000 tonnes has been secured through a 30-year land and facilities lease, with detailed engineering expected in 2026, construction to begin late 2026 or early 2027, and first harvest targeted for 2029.
For the full year 2025, Nordic Aqua expects to harvest approximately 2,300 tonnes HOG. Stage 2 remains on track for its first harvest in Q3 2026, while the financing framework is anticipated to underpin long-term growth and support the company’s expansion into the "premium" Chinese market.
