Oslo, Norway-headquartered Nordic Aqua Partners, which is developing a land-based Atlantic salmon farm in Ningbo, China, saw increased revenue in FY 2025 as the company begins working toward full operations of its Stage 2 facilities.
Nordic Aqua Partners posted EUR 12.9 million (USD 15.2 million) in revenue in FY 2025, up from the EUR 6.5 million (USD 7.6 million) it posted in FY 2024, though those differences are largely related to the company beginning sales in 2024. Its EBIT also improved in the period, reaching a loss of EUR 11 million (USD 12.9 million) compared to a loss of EUR 20 million (USD 23.6 million) in 2024.
The company harvested 2,026 metric tons (MT) of salmon, with an average head-on gutted weight of 3.9 kilograms and a superior share of 97 percent. The company said it has so far produced 3,981 MT with its Stage 1 facility, and Stage 2 is “gradually increasing” and will be fully running in the second half of 2026. Completing Stage 2 will bring it to 8,000 MT of head-on gutted salmon capacity.
The company said that it has revised its capex estimates for Stage 2 to EUR 65 million (USD 76.6 million), which is 16 percent lower than the original estimates of EUR 77 million (USD 90.8 million).
Nordic Aqua Partners CEO Ragnar Joensen said in the firm's annual report that the company spent the year shifting from stabilizing its operations toward building more momentum following issues it had in 2024.
“One of the most important outcomes of the year was restoring operational momentum and rebuilding confidence in our production platform,” Joensen said. “Following the geosmin-related disruption experienced in 2024, we implemented operational improvements and returned to stable production volumes during 2025. This progress reinforces the long-term investment case for Nordic Aqua as a scalable land-based salmon farming company serving the Chinese market.”
The company paused harvesting at its facility in 2024 after discovering elevated levels of geosmin, a compound which is harmless to humans but can cause off flavors in salmon resembling dirt or mud.
The company resumed harvests in 2025 after tackling the problems but was forced to use EUR 19 million (USD 22 million) in capex to solve the issues that caused the incident.
Joensen said the company also spent 2025 establishing itself within the Chinese market.
“Nordic Aqua is increasingly focused on the premium segment, where demand for larger, high-quality Atlantic salmon continues to grow,” he said. “Our ability to deliver locally produced salmon with superior freshness, food safety, and consistent quality positions the company to achieve stronger long-term price realization on larger fish while differentiating our offering from imported alternatives.”
Looking forward, Joensen said the current market conditions in China and the growing demand for fresh salmon position Nordic Aqua Partners well for future growth.
“Nordic Aqua is building a unique and scalable platform to supply the Chinese market with locally produced premium Atlantic salmon,” he said. “The opportunity ahead remains significant, and we are committed to delivering on that potential through disciplined execution and long-term value creation for all stakeholders.”
