Q1 2026 Nordic Aqua Partners AS Earnings Call Transcript
Key Points
- Nordic Aqua Partners AS (STU:22L) reported excellent production with over 2,000 tons produced in Q1, indicating strong operational performance.
- The company achieved a positive EBIT in March, showing a positive trend in financial performance.
- The Chinese market for Atlantic salmon is experiencing explosive growth, with a 55% year-on-year increase in Q1 imports, presenting significant market opportunities.
- Nordic Aqua Partners AS (STU:22L) is strategically positioned in China, close to major markets like Shanghai, which facilitates efficient logistics and market access.
- The company is building a premium brand, Nordic PureAtlantic, which is gaining recognition in the Chinese market for its freshness, safety, and sustainability.
- Operational EBIT was negative at EUR0.5 million for the quarter, indicating financial challenges despite improvements.
- The company experienced a net cash outflow of EUR6.8 million, primarily due to reductions in working capital and investments in biomass.
- There is a dependency on the Chinese market's preference for larger salmon sizes, which could pose risks if market preferences shift.
- The Sitagri index does not include transportation costs, which can fluctuate and impact profitability.
- Stage 3 of production is still in the design phase, indicating potential delays or uncertainties in future capacity expansion.
Good morning, everyone. Welcome to Nordic Aqua's presentation of Q1. With us today, we have myself, Ragnar Joensen, CEO; and Tom Austrheim, CFO; and from China is our Managing Director, Andreas Thorud.
So the agenda for today, I will start with giving some highlights. Andreas will come and give us an update on the market. I'll come back with the operations and projects. And then finally, CFO will take us through financials, and I will end with summary and outlook.
So if we look at the highlights this quarter, we can see that we have had an excellent production. Production is running very well, over 2,000 tons in production. And we can say that phase one is running as it should fully and almost also full run in Stage 2. So very good even though we started without having some of the capacity in this quarter. It was finalized during this quarter.
Harvest, just under 800 tons. So we are building up biomass, not harvesting it as much, filling up these new production facilities. And if we look at the price, we can see
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