Nordic Aqua Partners Q3: Average harvest weight 4.4 kg, biomass hits record high, EBIT still negative at EUR 1.16/kg

Nordic Aqua Partners continued to post higher average harvest weights and biomass in the third quarter of 2026, but remained in the red at the operating level. CEO Ragnar Joensen said the third quarter was another important milestone for Nordic Aqua, with the second-phase harvesting facility coming on stream during the quarter; with both phase one and phase two now running at full capacity, the company has established harvesting capacity of 8,000 tonnes per year.

In the third quarter, the company's revenue was EUR 11.3 million, with growth driven by higher harvest volumes. The average harvest weight for the quarter was 4.4 kg, biomass production was 2,233 tonnes (live weight), and total biomass at quarter-end reached 5,662 tonnes. The combined realized price for the quarter was EUR 6.29 per kg, equivalent to NOK 66.68 at the exchange rate cited in the source. EBIT/kg was negative EUR 1.16 per kg.

Joensen attributed the quarter's performance to biological indicators: fish health was good, survival rates were high, no significant sexual maturation occurred, and biomass grew strongly during the period, rising to a record level at quarter-end.

The strong biological performance in the third quarter carried over into the fourth quarter. The company also noted that the number of fish in the farming facilities remains above the optimal level, necessitating the harvest of smaller-sized fish to optimize biomass. The company expects the average harvest weight in Q4 2026 to be comparable to recent quarters, rising to about 5.2 kg in Q2 2027; the share of Superior grade is expected to remain above 95% in Q4 2026 and beyond.

On harvest volumes, the company expects 1,700 to 2,000 tonnes in Q4 2026 and 5,700 to 6,000 tonnes for the full year. Due to good growth and the early start of phase-two harvesting, the lower end of the full-year range has been raised from 5,500 tonnes. Harvest volume for 2027 is expected to be 8,000 tonnes.

As harvest volumes rise, the company expects unit costs to decline further, with full-year 2027 EBIT cost projected at about EUR 6.8 per kg, down from EUR 7.29 per kg in Q3 2026.

On capacity expansion, a final investment decision on the phase-three build has not yet been made; if it proceeds, construction could begin in 2027, targeting first harvest in 2029.