Nordic Aqua Partners' land-based RAS Atlantic salmon farm on Gaotang Island, Ningbo, China.
Photo: Nordic Aqua Partners.
Nordic Aqua Partners (NOAP) has released its results for the second quarter and the first half of 2026, reporting higher revenue and harvest volumes.
As WeAreAquaculture previously reported following NOAP's last operational update in July, the company has reached full production run-rate for the first two stages of its land-based Atlantic salmon RAS facility in Ningbo, China, giving it annual production capacity of 8,000 tonnes.
The milestone came as Nordic Aqua more than doubled its first-half harvest volumes and reduced its operating loss during the second quarter, although weaker global salmon prices continued to affect its earnings.
The company produced 2,294 tonnes of biomass during Q2 2026, bringing standing biomass to 5,644 tonnes at the end of June. Its commercial harvest reached 1,362 tonnes head-on gutted (HOG), compared with 756 tonnes in the same quarter last year, with an average harvest weight of 4.4kg HOG and a 96% superior-grade share.
“It is with great pleasure we can announce that we are now fully up and running with an annual production capacity of 8,000 tonnes," said CEO Ragnar Joensen, announcing the results.
"The good operational performance seen during recent quarters continues and combined with good fish health and welfare, this is gradually supporting improved growth, higher harvest weights and lower production costs,” he added.
NOAP's Q2 revenue increased to €9.4m from €5.1m the previous year, supported by the higher harvest volume. The company said the increase was partly offset by a concentration of harvests towards the end of the quarter, when salmon prices were lower.
Its average selling price during the quarter was €6.94/kg, compared with €6.74/kg in Q2 2025. Fish above 5kg superior grade achieved an average €7.85/kg, which the company said represented a 21% premium to the Sitagri benchmark for those sizes during the period.
Meanwhile, farming costs fell to €6.05/kg HOG from €7.94/kg a year earlier, and operating EBITDA, excluding fair-value adjustments, improved to €0.8m from a €1.3m loss in the corresponding quarter of 2025. Operating EBIT remained negative at a €0.6m loss, but narrowed from a €2.6m loss a year earlier, with NOAP attributing the result partly to high global Atlantic salmon supply and softer spot prices.
For the first half of 2026, NOAP's revenue reached €15.5m, up from €7.4m, while its commercial harvest more than doubled to 2,133 tonnes HOG from 955 tonnes. Meanwhile, operating EBIT for the first half of this year improved to a €1.2m loss from a €3.9m loss in H1 2025.
Nordic Aqua held €5.4m in cash and cash equivalents at the end of June, alongside €14.6m in undrawn credit facilities.
The company has also issued an update on the continued development of its land-based site, describing Stage 2 as close to construction completion at the end of the quarter, with fish transferred into all of its grow-out recirculating aquaculture system units.
The company has now begun detailed engineering work for Stage 3, part of its longer-term plan to expand production capacity at Ningbo to 20,000 tonnes annually. However, a final investment decision has not yet been taken.
Subject to approval, Nordic Aqua said Stage 3 construction could begin during the first half of 2027, with first harvest targeted for 2029.
For the current third quarter, the company expects to harvest between 1,400 and 1,600 tonnes HOG, at an average harvest weight of around 4.5kg.
The company previously announced its strategy was to focus on producing larger fish. However, NOAP warned that fish numbers at the facility remain above what it considers optimal for large-fish production, meaning some smaller fish will need to be harvested to adjust biomass. It therefore expects the increase in average harvest weight to take several quarters.
Full-year 2026 harvest guidance stands at 5,500-6,000 tonnes HOG, compared with the 5,000-6,000-tonne range given in the company's year-end 2025 results.
Nordic Aqua Partners’ land-based RAS facility is located on Gaotang Island in Ningbo, Zhejiang province, on China’s east coast, the first such commercial-scale salmon farming facility in the country. The company is seeking to expand alongside a growing Chinese market for Atlantic salmon. According to figures cited by Nordic Aqua, Chinese Atlantic salmon imports reached 40,908 tonnes in the second quarter, up 25% year on year, while first-half imports rose 39% to 87,459 tonnes.