Nordic Aqua Partners As · OSL:NOAP
Nordic Aqua Partners As — Q4 2025 Earnings Presentation
33 slides from Nordic Aqua Partners As's earnings presentation, Feb 26, 2026
Slide 1: Nordic Aqua Q4 2025
Nordic Aqua Q4 2025 26 February 2026 CEO Ragnar Joensen MD Andreas Thorud CFO Tom Johan Austrheim
Slide 2: Disclaimer
DISCLAIMER This presentation contains statements regarding future results, which are subject to risks and uncertainties. Consequently, actual results may differ significantly from the results indicated or implied in these statements. No representation or warranty (expressed or implied) is made as to
Slide 3: Agenda
Agenda Highlights Market Operations Project Financials Summary & Outlook 3
Slide 4: Highlights
Highlights • New local equity and long-term debt partnerships strengthened NOAP’s financial platform in China, de-risking the path for Stage 3 expansion • Commercial harvest of 353 tonnes HOG, with 93% rated superior and an average weight of 3.3 kg HOG (4.0 kg LW), impacted by biomass optimizations
Slide 5: Agenda
Agenda Highlights Market Operations Project Financials Summary & Outlook 5
Slide 6: Harvest and sales in Q4
Harvest and sales in Q4 Harvested tonnes, HOG Average sales price 800 10.00 • Premium Atlantic Salmon sales continued, 9.00 600 receiving positive feedback on quality from the 8.00 EUR/kg Tonnes, HOG 7.00 market 400 6.00 5.00 • Commercial harvest of 353 tonnes HOG, with 200 4.00 Q1 2025 Q2 2025 Q3 2
Slide 7: Wide price span in China
Wide price span in China • Strong preferences for larger size fish in the Chinese market ‒ Matches local taste and texture preference ‒ Better yield and more efficient for manual processing ‒ Better looking sashimi cuts Comparing average sales price for all sizes to 5+ kg, SUP EUR/kg Avg. sales pric
Slide 8: Strengthening premium position and brand equity through retail validation and stakeholder engagement
Strengthening premium position and brand equity through retail validation and stakeholder engagement • Nordic PureAtlantic Launched Pilot Project in International Retail Chain ‒ Marked a key channel milestone with our first entry into China's premium retail segment, validating our brand positioning
Slide 9: Compelling value proposition to local market
Compelling value proposition to local market Freshness Safety Unparalleled lead time to the market ensures a The product is produced in a fully controllable significantly fresher product than any environment and is free from antibiotics, competitive Atlantic Salmon. medicines, and parasites. Sustain
Slide 10: Strategically located near Shanghai with proximity to high GDP per capita population
Strategically located near Shanghai with proximity to high GDP per capita population GDP per capita heatmap (USD) Gaotang - the ideal location for land-based farming • Strategically located with proximity to core markets 800 million consumers • Highly attractive end-market for salmon Beijing 12 hour
Slide 11: Continued strong growth in imports of Atlantic salmon to China
Continued strong growth in imports of Atlantic salmon to China — on track to meet or exceed Alibaba’s 2030 projection of 210,000 tonnes Annual import volume* Quarterly import 12 months rolling Fresh or chilled Atlantic salmon (1,000 tonnes) Fresh or chilled Atlantic salmon (1,000 tonnes) 250 160 140
Slide 12: Imports of Atlantic salmon to China Q4 2025
Imports of Atlantic salmon to China Q4 2025 Q4 - Market share per COO Q4 - Total import volume Fresh or chilled Atlantic Salmon (%) Fresh or chilled Atlantic Salmon (tonnes) 100% 36,974 7% 12% 12% 13% 90% 19% 4,661 80% 26% 16% 19% 5,843 70% 36% 40% 16% 23,561 60% 11% 10% 5,813 18,585 4,367 50% 7% 1,
Slide 13: Historic average import prices above EUR 10/kg
Historic average import prices above EUR 10/kg Average import price per month Fresh or chilled Atlantic salmon (EUR/kg). Volumes in tonnes 21.00 14,000 20.00 19.00 18.00 12,000 17.00 16.00 15.00 10,000 14.00 13.00 12.00 8,000 11.00 10.00 9.00 6,000 8.00 7.00 6.00 4,000 5.00 4.00 3.00 2,000 2.00 1.00
Slide 14: Agenda
Agenda Highlights Market Operations Project Financials Summary & Outlook 14
Slide 15: Farming in Q4
Farming in Q4 • Strong biological performance ‒ Good fish health and high survival rates ‒ Stable production with gradual ramp-up from Stage 2 Production, tonnes (LW) Biomass, tonnes (LW) • Q4 biomass production of 1,350 tonnes 1,400 4,000 1,200 3,500 3,000 ‒ Good appetite and feeding levels during
Slide 16: KPI's from start
Production status • KPI’s from start prove strong KPI’s from start biological performance Net production, LW Mortality from 150 g > 9,900 tonnes All batches ~ 5% • Production strategy ‒ Targeting average harvests weight of 7.0 kg Harvest, HOG Average harvest weight, KG LW ‒ Securing strong position
Slide 17: Agenda
Agenda Highlights Market Operations Project Financials Summary & Outlook 17
Slide 18: Stage 2 - development on track below budget
Stage 2 Alternative slide. Combining slide from DNB - development on track below budget Carnegie conference • Bring total annual capacity to 8,000 tonnes • Hatchery, start-feeding, parr- and smolt units finished and in operation, with first inlay of eggs completed in Q3 2024 • All on-growing RAS uni
Slide 19: Further growth potential
Further growth potential | Stage 3: +12,000 MT Pending investment decision Stage 1: 4,000 MT Operational since 2022 Stage 2: 4,000 MT Construction ongoing Optional Stage 4 Potential for +30,000 MT 19
Slide 20: Agenda
Agenda Highlights Market Operations Project Financials Summary & Outlook 20
Slide 21: Financial review
Financial review Key Figures • Sales in Q4 2025 of EUR 2.0 million (EUR 1.6 million) (figures in EUR 1000) Q4 2025 Q4 2024 YTD 2025 YTD 2024 ‒ Sales price negatively affected by low average harvest weights Revenue 2,027 1,568 12,886 6,497 ‒ Most of production grade fish were harvested in December wh
Slide 22: Transformational capitalisation and financing - offering substantial benefits for Nordic Aqua
Transformational capitalisation and financing - offering substantial benefits for Nordic Aqua • Strategic and long-term local ownership accelerate strategy execution towards 20,000 tonnes Long-term financing by Chinese bank syndicate • Strategic and operational synergies • Local support and access t
Slide 23: Bank financing in Nordic Aqua Ningbo
Bank financing in Nordic Aqua Ningbo • Concluded an agreement with syndicate of local banks, strengthening NOAP’s financial platform and strategic position in China • Syndicate credit facilities of up to RMB 585 million (EUR ~70m) at competitive terms and conditions ‒ RMB 385 million in long-debt to
Slide 24: New Investors in Nordic Aqua Ningbo
New Investors in Nordic Aqua Ningbo • Concluded the agreement with two Chinese state-owned enteties for a co-investment in Nordic Aqua Ningbo • New investors injected RMB 300m (~EUR 36m) for a 20% ownership stake in Nordic Aqua Ningbo • Strategic rationale: Nordic Aqua Partners AS New investors ‒ Lo
Slide 25: Agenda
Agenda Highlights Market Operations Project Financials Summary & Outlook 25
Slide 26: Outlook – Q1 2026 and FY 2026
Outlook – Q1 2026 and FY 2026 • Market – Continued strong momentum YTD 2026 with a record import of fresh Atlantic salmon from Norway in week 6 of 4,084 tonnes • Harvest Q1 – 700-900 tonnes HOG with superior share of approx. 97% and average weight of approx. 4.5 kg HOG • Harvest FY – 5,000-6,000 ton
Slide 27: Summary of Q4 2025
Summary of Q4 2025 • Market – Strategic Retail Pilot with Nordic PureAtlantic in International Retail Chain • Harvest – 353 tonnes HOG with superior share of 93% and average harvest weight of 3.3 kg HOG • Production – 1,350 tonnes bringing biomass to 3,759 tonnes end of quarter • Financing – Entered
Slide 28: Thank you
Investor Contacts Tom Johan Austrheim Thank you CFO, NOAP tel:+47 982 09 873 Next events: tom@nordicaquapartners.com • Annual report 2025 release, 14 April 2026 Ragnar Joensen CEO, NOAP • Annual General Meeting 2026, 7 May 2026 tel:+298 599112 ragnar@nordicaquapartners.com • Quarterly report – Q1 20
Slide 29: Appendix
Appendix 29
Slide 30: Profit & Loss
Profit & Loss (figures in EUR 1000) Q4 2025 Q4 2024 YTD 2025 YTD 2024 • Sales in Q4 2025 of EUR 2.0 million (EUR 1.6 million) ‒ Sales price negatively affected by low average harvest weights and most Revenue 2,027 1,568 12,886 6,497 of production grade fish were harvested in December when spot price
Slide 31: Financial Position
Financial Position (figures in EUR 1000) 31.12.2025 31.12.2024 Assets Assets under construction 39,889 13,509 • Total assets of EUR 179 million (EUR 158 million), increase Property, plant & equipment 53,604 60,073 mainly from investments in PPE and building biomass Right of Use assets 32,015 35,850
Slide 32: Cash Flow
Cash Flow (figures in EUR 1000) Q4 2025 Q4 2024 YTD 2025 YTD 2024 • Net cash flow from operations in Q4 2025 amounted to EUR -11.6 million (EUR -8.2 million) Cash flow from operating activities EBIT -1,937 -5,626 -11,016 -19,929 ‒ Mainly related to building biomass and change in trade payables Adjus
Slide 33: Investor Contacts
Investor Contacts Tom Johan Austrheim CFO, NOAP tel:+47 982 09 873 tom@nordicaquapartners.com Ragnar Joensen CEO, NOAP tel:+298 599112 ragnar@nordicaquapartners.com