Nordic Aqua Partners said it has hit a new milestone at its Ningbo, China-based salmon recirculating aquaculture system (RAS) with full run-rate for Stage 2 of the project.
Nordic Aqua, in its Q2 2026 results, said it achieved biomass production of 2,294 metric tons (MT) in the quarter, driven by the ramp up of Stage 2 and “excellent fish health and welfare.” Biomass at the end of Q2 was 5,644 MT of live weight, with an average standing biomass cost of EUR 5.36 (USD 6.24) per kilogram.
"It is with great pleasure we can announce that we are now fully up and running with an annual production capacity of 8,000 MT,” Nordic Aqua Partners CEO Ragnar Joensen said. “The good operational performance seen during recent quarters continues, and combined with good fish health and welfare, this is gradually supporting improved growth, higher harvest weights and lower production costs."
The company said it has started to harvest from the Stage 2 operations in Q3 2026, and it has now commenced detailed engineering for Stage 3. That stage is still subject to final investment decisions, but construction could feasibly start in the first half of 2027, with a first harvest in 2029. The company said that stage, when completed, would bring total production capacity to 20,000 MT of head-on gutted (HOG) salmon per year.
The company’s revenue increased year over year in Q2 2026, reaching EUR 9.45 million (USD 11 million), up from EUR 5.1 million (USD 5.9 million) in Q2 2025. Its operating EBITDA, excluding fair value adjustment, reached EUR 774,000 (USD 901,000), compared to a loss of EUR 1.3 million (USD 1.5 million) in Q2 2025.
The company’s losses for the period improved to a loss of EUR 4 million (USD 4.66 million), up from a loss of USD 10 million (EUR 11.6 million) in Q2 2025. Year-to-date, the company has lost EUR 1.15 million (USD 1.34 million), up from losses of EUR 14.3 million (USD 16.7 million) in 2025.
The company said it harvested 1,362 MT of salmon in the quarter, with an average harvest weight of 4.4 kilograms HOG. The company said it is “back on the path” to produce larger fish, and that the superior share of its salmon for the quarter was 96 percent. In Q1 2026 the company said it was having lower-than-expected harvest weights.
Overall, Nordic Aqua Partners said its biological performance is still strong, and that it has had no significant maturation issues, and high survival rates in its salmon.
The company said it is also seeing “robust growth” in the Chinese market for salmon, thanks to an expanding upper-middle- and high-income-class.
“The consumption growth of fresh, whole Atlantic salmon in China in 2025 was 48 percent, the highest growth in any of the major markets for Atlantic salmon in the world,” the company said. “Recognizing the significant untapped potential in the Chinese market, Nordic Aqua is actively pursuing business development opportunities across emerging distribution channels.”
The company said that its outlook is strong, given the solid biological performance and growing demand for salmon in China. However it said the number of fish inside its facility is still higher than desired, and that it will need to harvest some smaller fish to optimize biomass.
“Consequently, the planned increase in average harvest size will take some quarters until the number of fish in the facility is at a desired level,” it said.
