Half Year 2026 Nordic Aqua Partners AS Earnings Call Transcript
Key Points
- Achieved record quarterly harvest of 1,362 tons, the first land-based salmon farmer to exceed 1,000 tons in a single quarter, with a strong superior share of 96%.
- Farming costs decreased to EUR6.1 per kilo in Q2 from EUR6.3 in Q1, reflecting improved operational efficiency and scale.
- Secured a 21% price premium for 5+ kg fish and an 8% overall premium over the CITAGRI index, demonstrating strong market positioning.
- Completed Stage 2 of the facility at a significantly lower cost than initially expected, with full production reached by May.
- China's salmon market continues to grow strongly, with a 25% year-on-year increase in H1 2026, supporting long-term demand for locally produced salmon.
- Average sales price of EUR6.94 per kilo was impacted by softening spot prices in Q2, below initial forecasts.
- Harvest volumes were skewed toward the end of the quarter, affecting revenue recognition and price realization.
- Average harvest weight remained at 4.4 kg, lower than desired, with expectations to increase only by Q2 next year, limiting near-term price premiums.
- Operating EBIT remained negative at EUR0.746 million, with a net loss of EUR4 million for the quarter.
- Rising feed prices are expected to negatively impact costs in the coming quarters, potentially offsetting recent cost reductions.
Good morning, everyone. Welcome to Nordic Aqua's presentation of Q2. Today, we present myself, Ragnar, CEO; and with me here in China is Andreas, our Managing Director; and from Oslo is Tom, CFO, also joining.
If we go to the agenda today, then we will start with some highlights. Andreas will come in and present the market. I'll come back with the operations and project, and then our CFO Tom will come in with the financials, and I will sum up in the end. But remember also when we have this session that it is a possibility to come in and ask some questions in writing during the presentation and then we will answer them in the end of the presentation.
But first, starting with highlights, if we look at how things are going, we are quite satisfied, I think we can say with many things. If you look at the production, we are, you could say, at the goal where we wanted to be when we have Stage 1 and Stage 2 together, aiming for 8,000 tons harvest.
And then we have just under 2,300 tons in production for the quarter. And
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