Hello and good morning, everyone. Nordic Aqua Partners presenting Q2. With us today, we have, from China, myself and our Managing Director here in China, Andreas Thorud. From Oslo is our CFO, Tom Johan Austrheim. If we go to our highlights of this quarter, of course, we have had a postponement of presenting this quarter. We can now announce also that we have a financing package that we can share with you. Tom will come back to this, our CFO. We're happy to announce also that we have with us now two big Chinese investors, which we see can give us some extra strategic strength in China with our further plans. That was excellent to be able to let you know. Also, that we now have a financing package that we are ready to present. We will come back to the details.
If we look at the production and the harvest during the year, the system announced for a while now since our project update right after Q2, but production somewhat lower than we have had before. 756 tons. Still, it harvests superior share and size, quite okay, but somewhat smaller than in Q1. If we go to the sales price, I'm just, we'll come back to this one on market, but most, since most of the harvest was in the quarter, somewhat affected by that. Oak biology is going well. Biomass production, 30 ton. If we look at stage two, I think we have maybe a historic moment, since a land-based farming is going out to announce that we have a lower CapEx than we have believed earlier, and also as much lower as 16% from $77 million down to $65 million.
We're very pleased also to be able to announce that. We will come back with the finance package also. First of all, I would like to give the word to Andreas and take us through sales and market during the quarter. So please, Andreas.
Yes, thank you very much, Ragnar. We had a continuous, commercial progress in Q2. We received very good feedback from the market when it comes to our quality, that is from our established customers, repeating customers, as well as we were building new customer relationships. We continue with a very strong superior share of 99%. As Ragnar mentioned, our average weight in hog was down from Q1. We had 4.6 kilo in the quarter, and that also had an effect somewhat on our achievement price of €6.74 per kilo. In addition to that, the majority or a lot of our harvest in the Q2 quarter came towards the end of the quarter, and that was also an impact by the global prices at that point. That had an impact on the price achievement for that quarter.
Moving forward, we were doing various activities, and we had engagement in order to build our long-term strategic position. We were honored to have Norwegian Ambassador, Mr. Vebjørn Dusvik, at our stocking down. We were participating at trade shows. We were also doing local events, both here in Ningbo, as well as in Shanghai with regards to chefing on the menu from restaurants in Shanghai with our premium super fresh Atlantic salmon. All in all, these activities contribute to build our long-term position as a premium supplier of fresh Atlantic salmon locally. We very much believe in our compelling value proposition to the market. It stands for an arrow of freshness, which is highly valued both by the value chain, but also for end consumers. In addition, we had just recently now received the no antibiotic certificate by NSF in China.
We are certified the first Atlantic salmon producer in China that has this certificate. From a food safety perspective, that has been a strong sales argument, especially when we know the consumers or end users are concerned about this aspect. We are also continuing our goals and also our engagement in terms of achieving sustainability, especially with regards to being locally present and can supply the market. As we know, imported fresh salmon to China is sent through air shipments. Lastly, being locally present, we are agile. We are looking forward to build more stronger strategic customer and consumer engagement relationships by being here locally. We are targeting our food service sector with our larger fish. For some of the smaller fish, we are also working very closely to get more of traffic into the retail, both offline and online.
We know by being in Ningbo, which is just south of Shanghai, around 300 kilometers south of Shanghai, we're in a very affluent area in the five-hour radius. There is an attractive market just around us. We know that our consumers focus on health. They're focusing on getting high-quality proteins, and they also are very good, are more and more, barrel and using a salmon, as we will see in a moment, for the overall Chinese market. They're also beyond our new region. We are also developing in Beijing in north, in Guangzhou in south, and also in Chengdu, more in western China. The Chinese market this year has been a very strong year. If you look at the volume, here we have the latest numbers, showing that we have an annual import growth of 57% year on year. That was for the Q2 numbers.
We also see that the potential in the Chinese market is now starting to reveal itself. We talked about perhaps before that the Chinese market has not really started. Perhaps now it is starting, but there's a lot of room for growth. We see estimates showing in 2030 the market should double from last year. That is also combined with the low average consumption rate of Atlantic salmon in China, about 100 grams per capita. However, the high awareness and the demand that is picking up is obviously a very strong driver. We have such a large population pool. We also have accumulated here, on the 12-month rolling basis, quarter by, on the Q2, on the 12-month rolling basis. We see that there's been a very steady growth these last years, especially since the corona period. That looks very promising.
We also saw for the Q2 that the Norwegian market share was very strong, up to 70%, and it kind of squeezed out other players. That is also due to the low global prices that were, or lower global prices that were experienced in the quarter. We see that Norwegian origin then becomes a very strong player in that regard, especially Chile had a strong decrease in the market. It's a market where many players, but it's also a market where we see the growth has been exceptionally strong this year in import volumes. However, it's been in the market here with lower prices, especially in the Q2. That is also shown here, where we see that, in 2025, the volumes have shut off. However, the average prices landed into the market have come down. It's important to look at the average prices over time.
The historic one has been import prices above €10 per kilo. Although this year we have seen a decline, we also think that there will be a more normalization towards the average and also above that, especially with what we want to achieve here locally in Nordic Aqua Partners. Thank you.
Thank you, Andreas. We'll go to some numbers in the operations. If we look at the performance, we can see that there has been a little bit less production in biomass in Q2 compared to some of the other quarters. It's mainly been because we needed to go into each tank and do some rectifications and move a lot of big fish around. We underestimated the effect that it would have on the growth to do this operation. All these transportation decreased the growth significantly. We could see it was from late April until mid-June that this took effect. Since then, the growth has been normalized. The health on fish shelters and so on has been strong, as always, I would say. The other parameters are also quite strong. Now that the production has come up again, I could say that the biology is very good in stage one.
If you look at the project parameters, of course, it's mainly stage two project that we are focusing on, how its development goes. You can see from the bottom picture now that stage two is completed on the outside. We are working still on the inside. From the upper picture, you can see in one of the systems that we are soon ready to put in the first fish into the first of the facilities, first of four facilities. Everything is going according to plan. We stocked the first fish for stage two in September last year. Therefore, at that time around in the next year, those fish will be ready for harvest 24 months after introduction. The tank size we have built now has gone up to 2,500 cubic, and all of the systems have been standardized.
That is also helping us to reduce the CapEx, as I mentioned initially, taking the total CapEx for stage two from €77 million down to €65 million. If we look at why we can take it down, it's mainly we think that we have a very good collaboration with Aqua Group and also other suppliers. This standardization of units is helping us a lot. We believe also that our very good and strong project management is assisting us with this. So far, we paid out €30 million of the €65 million. The plan is still to increase further. If we look at the colors here, stage one, stage two, and stage three. Stage one completed last year. Stage two will complete February, March next year. We have said that we will come back with an update on the plans for stage three during the second half of this year.
If we go in and just look a little bit closer at how we see ourselves as a constructor of Recirculating Aquaculture System sites, we believe that our model is very strong. We have, firstly, the Chinese government that are funding infrastructure and the building itself. When we look at the CapEx that we're responsible for, we have been able now to get it down from our expectations. We have, as we believe, also a very good cooperation agreement with Aqua Group, and both parties are satisfied with this contract-wise form that we have. I think when we look at the model that we are working with now, the cost-plus model, it has been extremely good for us during this stage two project. I can just add also that the scope has not changed. It's just the price that has come down. Very, very strong achievement.
If we look into stage three, we believe also that the cost of that will be taken in from the experience that we have with decreasing the prices for stage two. We don't have a new updated cost guide on stage three, but we can just see that we are building in a more efficient way now than we expected earlier. All in all, we believe that this is industry leading, the way that we're building the facilities at the moment. If we look at how stage two, of course, I mentioned already that next year, Q3, that is when the first group of fish that we planned for stage two will come to the harvest. If we look at how a stage three could look, at least next year, we need to do engineering.
The first starting point that we can have will be in the beginning of 2027 to construct, and then the first harvest would come close to two years later than that. Somewhere in 2029 is the first harvest that we see from this. As I mentioned also earlier, we have not taken the final investment decision yet, and we will come back to a plan on stage three. With this, I will hand over to our CFO. Please, Tom.
Thank you, Ronald. If you first start to look at some of the figures for the second quarter, the next page, please. Thank you. The 756 tons at €6.74 per kilo gave a revenue of close to €5.1 million. The operating EBIT after the cost for release from stock and other added costs took us down to €2.58 million. Considering the fair value adjustment, an EBIT of minus €4.7 million.
Profit and loss for the period, after financial items and tax, minus €10.1 million approximately. This includes €5.4 million in unrealized currency due to the conversion or consolidation of the Chinese entity into euro. The net cash flow for the period was positive €5.1 million, mainly comprising the additional debt of €13 million and payment of CapEx of €8.3 million. That took us to an ending capital for the quarter of €13.2 million and an equity of €69 million, corresponding to 45%. The biomass at the end of the quarter was €16.3 million. We are very happy to be able to present the capitalization, which we truly believe can be transformational. It comprised two elements. We have the long-term financing by a syndicate of Chinese banks. We also have an equity injection by two reputable major Chinese investors.
We believe that together, this strategic long-term local ownership will accelerate our ability to execute the strategy towards 20,000 tons. It will offer synergies in commercial and also in the field of competence with academic institutions. This funding will refinance our existing debt, long-term and short-term existing debt. We will have a local financing base in local currency, RMB, from Chinese banks going forward. In the future, we will consider the potential for IPO-ing on Nordic Aqua Ningbo in China or Hong Kong and to see if that can give some shareholder value. If we first look at the debt financing, we talked and finally, we are at the stage where we have the right to present this to you now. It is a syndicate of Chinese banks led by Bank of China as arranger and also as a lender.
It comprised a long-term financing of the facility in Jiaotang, and it comprised the working capital facility of up to RMB 200 million. We are in the documentation phase currently. We expect to close the documentation and the transaction during October. You can already say now that the terms and conditions of the new financing compare favorably with what is available in euro and the European markets. In addition, the preliminary agreement comprised financing for stage three, subject to certain milestones and conditions, obviously. To ensure that we have sufficient liquidity up until closing, Nordic Aqua Partners intends to enter into a short-term facility with Contrari for up to €10 million. An equity portion of this transaction, there will be two new investors into the Chinese entity. They will inject RMB 300 million, corresponding to approximately €36 million for a 20% stake.
This will unlock the potential for accelerated growth and to scale up to 20,000 tons of annual capacity. Nordic Aqua Partners will retain operational and strategic control. We will, of course, have a governance structure on par with local and international standards. This part of the transaction is subject to EGM in OWAP, which will be called shortly, and also corresponding for the new investors, as well as, of course, documentation. I will close my section here before I give the word back to you, Ronna, by saying that these transactions represent a strategic milestone for Nordic Aqua Partners. It's a class equity. It unlocks local debt at attractive terms. It enhances the company's ability to grow and scale strategically, operationally, and commercially by supporting the expansion to 20,000 tons. With that, I give the word back to you, Connor. Thank you.
Thank you, Tom.
The final slide is just a summary where we go through what we have presented. Like Tom ended, the financing that we have got in place gets us much closer now towards the 20,000 tons. I mean, a bank indication on financing and also equity injection. If we look at the harvest, it's 750 tons, getting closer to where we are aiming for. If we look at the underlying biology, it is good. Stage two, very good to announce that we have been able to take down the CapEx. As a guiding for harvest this year, we say that we are around 2,300 tons now. Of course, depending a little bit on the lower production that we had in Q2, but also on prices that are in the market now compared to what the prices can be early next year.
Stage two is, as we have seen, on schedule, and we will be ready to move fish in within October. With this summary, we will end the presentation, and we will open for questions. Please go in and write any questions that you wanted, and then we will follow up on them. Thank you.
Okay, I have a couple of questions. I think the first one might be for you, Ragnar. Do you expect lower CapEx for stage three than initially estimated, extrapolating the guidance to cut to stage two CapEx?
Okay. Yes. We don't have a guidance now on stage three. Mainly, we want to make the design complete and come out with a package on that one. Looking at how we've been with stage two, we believe that it will be lower than we have said earlier. You should also remember maybe from previously that we have built up the CapEx of two, we call them packages. One package is the standard basic Recirculating Aquaculture System unit that we have. We had some initiatives towards the adjustment levels that we reached in last summer. Those we needed some extra initiatives for. They're all included in stage two. Just bear in mind that we have had some. All in all, yes, lower CapEx than we have before with stage three, including adjustment initiatives, but not a concrete number, unfortunately, at the moment.
I think perhaps the second question might already be answered by you, Ronna. I'll read it. Does the $36 million equity investment into the subsidiary include all required equity for stage three? That has the same caveats or subjects as you mentioned. Of course, selling a lot of fish between now and the final business decision. We might have other things to add on, Ronna.
No, I mean, we don't want to announce this as that there will not be required any more into stage three. Also, we don't have numbers since we don't really have a final CapEx that we want to present yet. These two are, of course, interlinked.
The question on volume. Have you gone down from 4,000 tons of harvest targeted from 4,400 due to the reduced growth following the transfer of big fish?
No, I mean, the low production that we saw in stage two is not something that we expect will continue. Of course, when we look at the production, the feeding has been very good throughout Q3. We will come out with some update very soon as we are close to ending Q3 now. They look level. I think all of us land-based farmers, we don't have that much yield of experience, or I could say with data to be accurate when we guide on project production volumes. It might well be 4,400 tons that we have for each of the stages still as a goal. We don't want to come up with any precise guiding now for next year. We would like to keep the guidance maybe a little bit closer to completion before we bring them out. That is the main reason.
We see that the biology is going well. There's nothing, I mean, Q3 has been a very high feeding of fish and production. I will not come out with new guiding on the future on this one.
All right.
I can just mention that we are at some level that indicates at least that we are between these numbers that we are talking about, 4,000 and 4,100.
Okay. Do you see any more questions?
I think we just say thank you very much for listening. I thank you from all of us. Thank you.