Nordic Aqua Partners AS

Earnings Release • Nov 11, 2025

Nordic Aqua Partners Third Quarter 2025 Results: Operations restored and entering transformational financing package

Nordic Aqua Partners Third Quarter 2025 Results: Operations restored and entering transformational financing package

Highlights

·New local debt and equity partnerships strengthen NOAP's financial platform

and strategic position in China, unlocking a clear pathway to Stage 3

expansion

·Commercial harvest of 630 tonnes HOG, with 98% superior quality. Average

harvest weight of 3.1 kg HOG, (3.8 kg LW), impacted by biomass optimizations

·Average sales price of EUR 5.50/kg, impacted by low harvest weights and

majority of harvest being in August

·Biomass production of 969 tonnes, driven by good biological performance and

excellent fish health and welfare. Total biomass of 2,835 tonnes by quarter

end

·Stage 2 CAPEX estimate reduced 16% to EUR 65 million due to good project

management and close partner collaborations

·Successful first transfer of fish into Stage 2 grow-out units, on schedule

for first harvest in September 2026

CEO Ragnar Joensen comments:

"The third quarter marked an important step forward for Nordic Aqua. We

continued to deliver premium-quality Atlantic salmon with good biological

results and a 98 percent superior rate, confirming the robustness of our

operations. At the same time, we advanced a transformational financing package

with strong Chinese partners that strengthens our local platform and provides

a clear pathway toward Stage 3 expansion. With a cost-efficient Stage 2

project and clear visibility toward 20,000 tonnes of capacity, we are

positioning Nordic Aqua as the leading local producer of sustainable Atlantic

salmon for the Chinese market."

Operational and Financial Review

Nordic Aqua continued the sale of its premium quality Atlantic Salmon in the

third quarter of 2025, receiving positive feedback on quality from clients and

consumers. Overall biological performance remained strong with good fish

health and high survival rates.

Sales in the third quarter were EUR 3.5 million, with average sales price at

EUR 5.50/kg, down from EUR 6.74/kg in the previous quarter, reflecting the

general decrease in global spot prices. Price achievement during the period

was on average EUR 0.46/kg above spot price in Norway, equivalent to a premium

of 9%.

Operating EBIT for the third quarter ended at negative EUR 4.8 million,

reflecting the early phase of commercial ramp-up and continued investment in

Stage 2.

Stage 2 construction is progressing according to plan. Due savings from the

collaboration model with key stakeholders including technology provider AKVA

Group, total capex estimate is revised to EUR 65 million, down 16% from the

previous EUR 77 million. As of 30 September, EUR 40 million of Stage 2 capex

were accrued. Stage 3 expansion to 20,000 tonnes has been secured through a

30-year land and facilities lease. Nordic Aqua will use 2026 for detailed

engineering and expect construction to start late 2026/early 2027, subject to

final investment decision. First harvest is then expected to be in 2029.

Outlook

The overall biological performance with very strong fish welfare with good

feeding levels seen in Q3 2025, continued into the fourth quarter.

Nordic Aqua has revised the production strategy to target higher average

harvest weights towards 7.0 kg, LW. This is to secure a leading position in

the Chinese high-end salmon market. Due to expectations of higher prices

entering 2026, combined with extensive increase in accessible tank volumes

from Stage 2, the company will hold back on harvest allowing fish to grow

larger through Q4, accelerating the path to harvest larger sizes.

Consequently, the Company has lowered the full year harvest guidance in 2025

to 2,000 tonnes, from previously communicated 2,300 tonnes. For the full year

2026 total harvest volume is expected in the 5,000-6,000 tonnes range.

The is expansion, and the further growth to 20,000 tonnes reinforces the

company's commitment to long-term growth and market leadership. Nordic Aqua

will use 2026 for detailed engineering for Stage 3, and subject to a final

investment decision, construction can start late 2026/early 2027, indicating a

first harvest in 2029.

Presentation of results

Nordic Aqua will host a webcast to present the Q3 2025 results on 11 November

at 08:30 CET.

The webcast can be accessed at:

https://channel.royalcast.com/landingpage/hegnarmedia/20251111_2/

Following the presentation, it will be open to questions from the audience.

The presentation and the following Q&A will be in English.

For more information, please contact:

CEO Ragnar Joensen

ragnar@nordicaquapartners.com

+298 599 112

CFO Tom Johan Austrheim

tom@nordicaquapartners.com

+47 982 09 873

About Nordic Aqua Partners

Nordic Aqua Partners is a Nordic land-based salmon farming company, using

cutting-edge Nordic technology and expertise. The company has set up the first

fully integrated and commercially scaled Recirculating Aquaculture System

[RAS] farm for Atlantic salmon located in Ningbo, China. With operations in

place, Nordic Aqua Partners is the first local producer of truly sustainable

and fresh Atlantic salmon to the Chinese market. The current business plan is

for an annual production of 20,000 tonnes (HOG). Nordic Aqua Partners AS is

listed at Euronext Growth under the ticker NOAP.

To learn more, please visit www.nordicaquapartners.com

(http://www.nordicaquapartners.com/)

This information is subject to disclosure under the Norwegian Securities

Trading Act, §5-12. The information was submitted for publication at

2025-11-11 07:00 CET.