Land-based salmon-farming firm Nordic Aqua Partners reported an increase in harvest volumes and revenue in the first quarter of 2026 while reaching what it called an important milestone with a positive operational EBIT for the month of March.
The company said its recirculating aquaculture system (RAS) operations in China continued to ramp up successfully throughout the quarter, with Stage 2 production nearing full run-rate and total biomass in its facility reaching 4,991 metric tons (MT) by the end of the quarter.
Commercial harvest volumes during Q1 totaled 771 MT head-on gutted (HOG), with 95 percent of fish achieving superior grade and an average harvest weight of 4.4 kilograms HOG, or 5.4 kilograms live weight. Revenue for the quarter rose to EUR 6 million (USD 7 million), up from EUR 2.3 million (USD 2.7 million) in Q1 2025, supported by higher harvest volumes.
Average sales prices reached EUR 7.79 (USD 9.06) per kilogram, while larger 5-kilogram-plus superior fish achieved average prices of EUR 8.90 (USD 10.35) per kilogram.
Released cost from stock fell significantly to EUR 6.27 (USD 7.29) per kilogram, benefiting from improved biological performance over several months, while the operating EBIT for the three-month period improved to a loss of EUR 500,000 (USD 581,987) from a loss of EUR 1.4 million (USD 1.6 million) in Q1 2025.
Nordic Aqua said March marked the company’s first month with a positive operating EBIT.
Biomass production during the quarter reached a record-high 2,161 MT as Stage 2 grow-out units came online.
In a statement accompanying the results, CEO Ragnar Joensen said the company continued to see strong biological performance across the operation.
“Production increased during the quarter with production from Stage 1 at full run-rate and Stage 2 production gradually increasing and is expected to be at full run-rate in the second half of 2026,” he said.
The company said that lower-than-expected harvest weights in part of the production cycle weighed on average sales prices during the quarter, as some fish sizes deviated from optimal specifications for the Chinese market.
However, Nordic Aqua highlighted continued strong demand growth for Atlantic salmon in China, where fresh whole salmon imports increased 55 percent year over year during Q1 to 46,500 MT.
According to the company, China remains one of the world’s fastest-growing Atlantic salmon markets, supported by rising demand from upper middle-income consumers for premium and sustainably produced seafood.
Nordic Aqua added that it was continuing to expand distribution partnerships closer to end consumers under its “Nordic PureAtlantic” brand, which it said was built around freshness, food safety, sustainability and local production.
Looking ahead, it expects further operational improvements through 2026, with harvest weights and superior share continuing to increase.
Nordic Aqua projects Q2 harvest volumes will be between 1,000 and 1,200 MT HOG, while the full-year harvest guidance remains at 5,000 to 6,000 MT HOG, with Stage 2 harvests beginning in September.
Construction of Stage 2 remains on schedule and is expected to double annual production capacity to 8,000 MT. The company also confirmed it has commenced detailed engineering work for Stage 3, with construction potentially beginning in late 2026 or early 2027, subject to final investment approval.
The longer-term expansion pathway could eventually support production capacity of up to 20,000 MT annually, it said.
