Full Year 2025 Nordic Aqua Partners AS Earnings Call Transcript
Key Points
- Nordic Aqua Partners AS (FRA:22L) reported strong production in Q4, entering 2026 with a robust biomass development.
- The company successfully finalized new equity and long-term debt arrangements during Q4, strengthening its financial position.
- Commercial harvest reached 353 tonnes HOG with a superior share of 93%, indicating high-quality production.
- The company achieved a significant milestone by transferring the first fish into its new facility stage 2, on schedule for first harvest in September.
- Nordic Aqua Partners AS (FRA:22L) is strategically positioned in the growing Chinese market, with a focus on building a premium brand for locally produced Atlantic salmon.
- The average sales price was negatively impacted by low harvest weights and a high share of production grade fish.
- Operating EBIT was negative EUR3.9 million, reflecting financial challenges despite positive revenue.
- The company experienced higher than expected feed conversion ratios due to periods of lower growth.
- There is uncertainty regarding when the company will achieve positive operating EBIT, as it is dependent on cost reductions and market price fluctuations.
- The company plans to delay construction of stage 3 until profitability is demonstrated in stages 1 and 2, potentially slowing expansion.
Good morning, everyone and welcome to Nordic Aqua's presentation of Q4 last year. With us to present today, we have from China our managing director, Andreas Thorud, and with me here I have Tom Austrheim, CFO. If we take Q4 as an overall, we can see that production was strong, so now we're entering into Q1 2026 with a strong biomass development prepared also with larger sizes.
If we go through first the highlights of the quarter. This was the quarter when we got in the new equity and the long-term debt that was finalized during Q4. Commercial harvest of 353 tonnes HOG, and average size 4 kilo liveweight. Prices of EUR5.74 and they were reflected by optimization, so that we took out smaller fish preparing for a stronger 2026. If we look at the harvest throughout the last year just over 2,000 tonnes and the average weight of 4.7 kilo live weight.
China was importing highest volumes ever for Q4 nearly 36,974 tonnes (sic - see press release, 36,974 tonnes) significantly up from the year before. Biomass development during the
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