Nordic Aqua launched its 'Nordic PureAtlantic' brand in April last year.
Photo: Royal Norwegian Consulate General LinkedIn page.
Operations restored, premium market validated, and a transformational financing package: these are the three headlines with which Nordic Aqua Partners (NOAP) summarized its results for the second quarter of 2025. China's first commercial Atlantic salmon farm with a RAS system stated that the second quarter represented continued operational and commercial progress for it.
"Following the re-start of commercial sales in February, we continued providing the market with premium quality Atlantic Salmon, validating our market position and operational platform. At the same time, we advanced a transformational financing package with leading Chinese banks that, once finalized, accelerates our growth to 20,000 tonnes," NOAP CEO Ragnar Joensen commented on the quarterly results.
"This combination of proven biology, premium pricing, and long-term financing support puts Nordic Aqua in a unique position to build the leading salmon farming platform in China – locally produced, sustainable, and highly profitable," he added
After solving an issue related to geosmin, Nordic Aqua Partners resumed sales of its Atlantic salmon under the ‘Nordic PureAtlantic’ brand last February and continued to do so throughout the second quarter of the year. The total commercial harvest at the company's land-based farm on Gaotang Island, Ningbo, China, amounted to 756 tons during the period, reaching an average harvest weight of 4.6 kg HOG, equivalent to 5.6 kg LW.
"The facility has proven capable of producing large size salmon at scale, an important validation of the robustness of the RAS platform," the company claimed in the release on its Q2 2025 interim results report.
Regarding biological performance, Nordic Aqua said that, in general, it remains solid, with good fish health, no maturation, and high survival rates in all batches. However, it also noted that production was somewhat affected by fish transfers to optimize batch size classification. "Transfers normally lower the fish' appetite, thus reducing growth," the report explained.
Thus, biomass production during the quarter was 730 tons, which is 284 tons less—a decrease of 28%—compared to 1,014 tons during the same period last year. Meanwhile, total biomass at the end of the quarter stood at 2,652 tons, 220 tons more and 9.04% higher than the 2,432 tons at the end of Q2 2024. The company added that this extensive transfer of large fish is not expected to happen again.
In terms of total sales, according to the company's release on Q2 2025 results, in the first half of the year, they amounted to EUR 6.5 million. Of this amount, EUR 5.1 million corresponded to Q2 2025, representing an increase of 8.51% compared to EUR 4.7 million in the same period last year.
The increase in commercial revenue during the second quarter occurred despite the average selling price being EUR 6.74/kg, 28% lower than the EUR 8.94/kg in Q2 2024. Nordic Aqua explained that the average selling price was affected by the fact that most of the harvest took place in the second half of the quarter, when prices were lower.
In the results presentation, the company also said that underlying customer demand remains strong, confirmed by recurring orders from major HoReCa and retail channels, including Michelin-starred restaurants in Shanghai. According to NOAP, the fact that the proportion of superior quality was once again 99% confirms the premium quality of the product and its positioning.
"Nordic Aqua continued the sale of its premium quality Atlantic Salmon in the second quarter of 2025, receiving positive feedback on quality from clients and consumers," it claimed in the operational review included in its Q2 2025 interim results report.
Finally, reviewing the project's progress, NOAP said that construction of Phase 2 is proceeding as planned, with technical installations beginning in January 2025 and the first harvest scheduled for Q3 2026. In addition, the company has revised its total CAPEX estimate downward to EUR 65 million, down 16% from the previous EUR 77 million. "The reduction is primarily driven by savings from the collaboration model with key stakeholders including technology provider AKVA Group," the company explained.
Regarding Phase 3, Nordic Aqua reported that its expansion to 20,000 tons has been secured through a 30-year lease agreement for land and facilities. It will use 2026 for detailed engineering and expects construction to begin in late 2026 or early 2027, with the first harvest then expected in 2029.
This increase in NOAP's land-based salmon farm in Ningbo to 20,000 tons will be made possible by the "transformational financing" announced by the company alongside its Q2 2025 results. As WeAreAquaculture reported, the key points of this financing are the arrival of two Chinese investors—"major reputable companies with significant industrial and financial capability"—who will inject EUR 36 million in exchange for a 20% stake in Nordic Aqua Ningbo, along with a long-term financing agreement with a syndicate of Chinese banks led by the Bank of China.
Nordic Aqua, which expects to harvest approximately 2,300 tons of HOG in 2025, concluded by saying that this financing framework is expected to provide the basis for long-term growth and value creation, enabling the company to capitalize on the premium market opportunity in China with a local and sustainable platform.