Norway · Delayed Price · Currency is NOK Nordic Aqua Partners Earnings Call Transcripts
Fiscal Year 2026
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Q1 saw strong production and sales growth, with premium pricing for larger fish and improving cost efficiency. The Chinese salmon market is booming, supporting expansion plans and robust outlook for the year.
Fiscal Year 2025
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Q4 featured strong production, improved biomass, and a shift to larger fish sizes, with revenue of EUR 2 million and a narrowed net debt. Strategic financing and partnerships were secured, while costs are set to decline and production to ramp up in 2026.
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Q3 saw a new financing package, reduced CapEx, and a 630-tonne harvest, though at lower prices due to smaller fish and market timing. The company is positioned for growth, with expanded financing, strong market demand, and a focus on larger fish sizes for premium pricing.
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Q2 saw €5.1M revenue and a net loss of €10.1M, with production impacted by operational disruptions. A new financing package with Chinese banks and investors will support expansion to 20,000 tons, while CapEx for stage two was reduced by 16%.
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Commercial sales resumed in Q1 2025 with strong production and price achievements, supported by a shift to larger fish sizes and robust market demand. Revenue reached EUR 2.3 million, and Stage 2 expansion remains on track, with financing secured through short-term and pending long-term facilities.
Fiscal Year 2024
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Commercial harvest resumed in February after resolving geosmin issues, with premium fish quality and strong market acceptance. Q4 saw a net loss due to reduced production, but expansion and financing for Stage 2 are on track, targeting 3,500–3,700 tons harvest in 2025.
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Operations and production remained strong, but geosmin contamination halted commercial harvest and led to significant culling, resulting in a net loss. Stage two expansion is on track, financing is secured, and normal production is expected to resume in 2025.
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Q2 marked the first commercial sales, with EUR 4.7 million in revenue and strong biological performance, but a geosmin incident led to halted harvests and a planned NOK 250 million equity raise. Phase two construction is on track, and the company is targeting premium positioning in a growing Chinese market.