Nordic Aqua - Results for the fourth quarter 2024

Highlights

• Commercial harvesting and sales resumed in mid-February with premium quality Atlantic salmon

• Good underlying operational and biological performance for all batches with excellent fish health and welfare

• Geosmin handled through Q4 2024

• Proven capability of producing 7 kg fish at scale with no maturation

• Stage 2 construction on schedule

• Completed Private Placement of total EUR 30 million in Q4

Nordic Aqua operations during the fourth quarter were affected by the handling of previous incidents of elevated geosmin levels, and no commercial harvest was executed. However, premium quality production is regained and the company resumed commercial harvesting in February 2025.

Underlying operational and biological performance during the quarter was good, with good fish health and sub 1% mortality rates, and following operational adjustment and upgrades of the facility have proven capability of producing 7 kg fish at scale without maturation.

Total biomass production during the quarter was 525 tonnes, somewhat impacted by reduced feeding to optimize stock. Thus, total biomass ended at 2,232 tonnes by the end of the year.

Commenting on the Nordic Aqua’s current position, CEO Ragnar Joensen, said:

"We are pleased that our Ningbo facility is back on track and stronger than ever. With comprehensive corrective actions now in place, the Ningbo facility is fully optimized for sustainable, high-quality salmon farming. Overcoming operational challenges has demonstrated the resilience of the Nordic Aqua team and the robustness of our business model. I am grateful for the confidence of our stakeholders throughout the transition period in 2024, and we now look forward to a year of growth and value creation for our shareholders.”

Nordic Aqua has reentered the market with sales to prior customers and partners. The market feedback has been good, paving the way for further market development for Nordic PureAtlantic. 

Development of Stage 2 continued as planned during the quarter. The first inlay of egg was successfully completed in September 2024 and the project is on schedule for firsts harvest in Q3 2026.
 
Outlook

The production is back on track, with the company’s sales and business development efforts in full swing to continue building and reinforcing the Nordic PureAtlantic brand in the Chinese market.

Handling operational challenges, Nordic Aqua has implemented multiple measures to de-risk operations, entering 2025 with a fortified production system, enhanced operational protocols, and strong biological performance with low mortality and improving growth rates.

Feeding levels are expected to normalize by March 2025 and harvest for the full year is projected at 3,500 – 3,700 tonnes.

The Stage 2 expansion remains on schedule, with the first harvest from this phase expected in Q3 2026, doubling capacity to 8,000 tonnes. Preparations for Stage 3, targeting 20,000 tonnes HOG, continue, with a final investment decision anticipated in 2025.

Results presentation

CEO Ragnar Joensen, CFO Tom Johan Austrheim, and managing director for Nordic Aqua's operational activities in China, Andreas Thorud, will host a webcast to present the results today at 9:00 a.m. CET. The webcast can be accessed at www.nordicaquapartners.com, or with the following link: https://channel.royalcast.com/landingpage/hegnarmedia/20250227_2/

Following the presentation, Nordic Aqua will take questions from the audience. Webcast participants need to register to post questions. The presentation and subsequent Q&A will be held in English.