Nordic Aqua Partners (NOAP) reported significantly improved financial footing and operational progress in its fourth quarter 2025 results, reinforcing its pathway to a 20,000 tonnes annual Atlantic salmon capacity in China. The company executed key financing agreements during Q4 that materially bolstered its capital structure, including a 9‑year loan with Chinese banks and new equity infusions into its Chinese subsidiary, Nordic Aqua Ningbo. These moves enhance liquidity and reduce execution risk for its longer‑term expansion plans.
In Q4 2025, the land‑based salmon producer recorded a commercial harvest of 353 tonnes head‑on gutted (HOG) salmon, with an average weight of 3.3 kg and a 93 percent superior quality rate. For the full year 2025, total harvest reached 2,026 tonnes HOG at an average weight of 3.9 kg and a 97 percent superior rate, underscoring strong fish health and biological performance. Biomass at the end of the quarter was nearly 3,760 tonnes, driven by solid RAS (recirculating aquaculture system) grow‑out performance.
The company also marked progress in scaling operations by successfully transferring fish into Stage 2 grow‑out units on schedule, positioning it for the first Stage 2 harvest in September 2026. Stage 2 is expected to double annual production capacity to about 8,000 tonnes, a major milestone toward the ultimate 20,000 tonne goal.
NOAP also noted robust local demand, with China importing a record 36,974 tonnes of fresh Atlantic salmon in Q4, up 57 percent year‑on‑year, highlighting the commercial opportunity for local production.
Looking ahead, Nordic Aqua Partners expects continued production ramp‑up and improved profitability as larger fish sizes and expanded volumes drive cost efficiencies through 2026.
