Nordic Aqua Partners secures financing for China expansion, revises harvest guidance

Nordic Aqua Partners announced new local debt and equity partnerships to strengthen its financial platform and accelerate Stage 3 expansion in China. The company reported a Q3 2025 commercial harvest of 630 tonnes HOG with 98% superior quality, averaging €5.50/kg, 9% above the Norwegian spot price. Biomass production reached 969 tonnes, bringing the total to 2,835 tonnes by quarter-end. Operating EBIT was negative €4.8m, reflecting early commercial ramp-up and Stage 2 investments.

The Stage 2 CAPEX estimate has been reduced by 16% to €65m, with €40.1m accrued by September 30, 2025. First transfer of fish into Stage 2 grow-out units occurred on schedule in October 2025, with first harvest expected in September 2026. Long-term financing for Stage 3, targeting 20,000 tonnes annual capacity, has been secured through a 30-year land and facilities lease.

Nordic Aqua will use 2026 for detailed engineering for Stage 3, with construction expected to begin late 2026/early 2027 and first harvest in 2029. The company has revised its full-year 2025 harvest guidance to 2,000 tonnes (previously 2,300 tonnes) to allow fish to grow larger, with 2026 harvest projected at 5,000-6,000 tonnes.