Sunset over Nordic Aqua's farm in Gaotang, China. The image, shared on the company's LinkedIn page during Q1 2025, shows the progress of Phase 2.
Photo: Nordic Aqua Partners.
Nordic Aqua Partners is back on track and thinking about the future. The Norwegian land-based Atlantic salmon producer with its farm located in Ningbo, China, presented its Q1 2025 results report, highlighting that, during the period, it resumed commercial harvesting and sales of its premium salmon. In addition, the company announced a revision of its production strategy targeting larger fish for the growing Chinese market.
Sales, back on track
After achieving its first harvest and launching its trademark 'Nordic PureAtlantic' in the first half of last year, in the second half of 2024, Nordic Aqua faced an operational hurdle when an off-flavor problem required the company to pause harvesting. After implementing corrective measures and protocols to manage the geosmin, in February 2025, these problems were solved, bringing production back on stream.
"We are pleased to announce that the sale of Atlantic Salmon at our Ningbo facility is back on track and stronger than ever," Nordic Aqua's CEO, Ragnar Joensen, said. "With comprehensive corrective actions now in place, the Ningbo facility is fully optimized for sustainable, high-quality salmon farming, and the company is now reengaging with partners and customers."
"Handling the operational issues brought challenges, but it also demonstrated the capabilities of the available resources and the robustness of our business model," Joensen assessed, commenting on Nordic Aqua's current position.
Thus, as mentioned, in Q1 2025, Nordic Aqua Partners achieved a harvest of ~200 tons HOG (Head On Gutted) with high quality and an average weight of 6.2 kg HOG, equivalent to 7.5 kg LW (Live Weight). Upon resumption of harvest, sales were also resumed with "very positive reception" on re-entry into the market, and solid price achievements around 9 EUR/kg.
The Chinese market's growing interest in premium salmon is a fact. As WeAreAquaculture reported, the volume of Norwegian Atlantic salmon exports to the Asian giant in April was the highest ever, with the size of the fish having a lot to do with it.
With that in mind, along with its own first quarter results, Nordic Aqua Partners has decided to capitalize on this preference for large fish and is therefore in the process of implementing a revised production strategy, with a target average harvest weight of 5.8 kg HOG (7.0 kg LW).
To achieve it, and once the geosmin problems at the salmon farm in Ningbo have been resolved, the company is counting on the good underlying operational and biological performance of all batches, which it said show "excellent fish health and welfare."
According to Nordic Aqua Partners' stock exchange release, overall biological performance remains strong with no maturation, low mortalities, and high survival rates for all batches.
Total biomass production during Q1 2025 was 933 tons, with 461 tons produced in March. Moreover, although 107 tons were withdrawn to optimize stock, total biomass at the end of the period stood at 2,805 tons.
Nordic Aqua's plans for 2025 therefore include farming larger fish, but also scaling up production, strengthening market penetration, and advancing sustainability initiatives "to secure long-term shareholder value."
Fully funded after a successful private placement, the company said construction of the Phase 2 expansion is progressing as planned. The first inlay of egg was successfully completed in September 2024, and the project is on schedule for first harvest in the third quarter of 2026, paving the way to more than double production capacity to 8,400 tons per year of 7.0 kg LW salmon.
The Norwegian land-based Atlantic salmon producer, which also recently announced a EUR 13 million credit facility, said the completion of the Phase 2 expansion and the additional growth to 20,000 tons reinforce the company's commitment to long-term growth and market leadership.
Nordic Aqua is currently finalizing investment details for Phase 3, and the company expects to announce specific details about this stage of expansion during the second half of 2025.
