Highlights
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.