Nordic Aqua Partners As · OSL:NOAP
Nordic Aqua Partners As — Q1 2025 Earnings Presentation
27 slides from Nordic Aqua Partners As's earnings presentation, May 15, 2025
Slide 1: Nordic Aqua Q1 2025
Nordic Aqua Q1 2025 15 May 2025 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 • Revising production strategy targeting harvest weight of 7 kg LW, equivalent to 5.8 kg HOG • Resumed sales in mid-February with very positive reception at market re-entry and solid price achievement • Implemented corrective actions and protocols to manage geosmin • Harvest of ~200 tonne
Slide 5: Agenda
Agenda Highlights Market Operations Project Financials Summary & Outlook 5
Slide 6: Commercial sales restarted in Q1
Commercial sales restarted in Q1 Harvested tonnes, HOG Sales Price, EUR/kg 600 10.00 500 9.00 8.00 EUR/kg 400 Tonnes, HOG 7.00 300 • Very positive reception at market re-entry and solid price 200 6.00 achievement 100 5.00 Q2 2024 Q3 2024 Q4 2024 Q1 2025 0 NOAP Sales price Nasdaq/Sitagri • Distributi
Slide 7: Successful re-entry into the market mid-February
Successful re-entry into the market mid-February • Engaged in thorough market testing activities prior to re- launch in mid-February ‒ Blind tests against imported Atlantic Salmon which included consumer tasting for flavour and texture ‒ Small-scale market entry to confirm acceptance ‒ Broad positiv
Slide 8: Compelling value proposition to local market
Compelling value proposition to local market Freshness Safety The product is significantly fresher than any The Product is free from antibiotics, medicines, competitive Atlantic Salmon, 5 days to most and parasites. products. Sustainability Agility The product holds the highest of quality when it It
Slide 9: Imports of Atlantic salmon to China Q1 2025
Imports of Atlantic salmon to China Q1 2025 Import volume per quarter Import volume, Q1 Fresh or chilled Atlantic salmon (tonnes) Fresh or chilled Atlantic salmon (tonnes) 35,000 29,994 29,994 30,000 25,000 22,534 20,000 18,833 19,345 15,000 12,651 11,571 11,040 10,000 5,000 0 2019 2020 2021 2022 20
Slide 10: Imports of Atlantic salmon to China Q4 and FY 2024
Imports of Atlantic salmon to China Q4 and FY 2024 Market share, Q1 Total import volume, Q1 Fresh or chilled Atlantic salmon (% of volumes) Fresh or chilled Atlantic salmon (tonnes) 100% 1% 1% 2% 2% 35,000 5% 11% 90% 29,994 24% 23% 20% 30,000 11% 22% 80% 10% 7% 70% 8% 25,000 22,534 12% 7% 3% 18% 60%
Slide 11: Average import price of Atlantic salmon to China
Average import price of Atlantic salmon to China Average import price per month Fresh or chilled Atlantic salmon 22.00 20.00 18.00 16.00 14.00 12.00 EUR/kg 10.00 8.00 6.00 4.00 2.00 0.00 Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul S
Slide 12: Agenda
Agenda Highlights Market Operations Project Financials Summary & Outlook 12
Slide 13: Biological production
Biological production 20.0% Mortality from 150g, % 16.0% 12.0% 8.0% • Strong biological performance with good fish health and 4.0% high survival rates 0.0% ‒ Accumulated mortality from 150 g in batch 1, 2 and 3 was 2.8%, 3.4% and Batch 1 Batch 2 Batch 3 Batch 4 Batch 5 1.7% respectively Net growth,
Slide 14: Agenda
Agenda Highlights Market Operations Project Financials Summary & Outlook 14
Slide 15: Stage 2 – on track
Stage 2 – on track • Steel structure, roof panel installations and RAS installations are well underway for the large building • First inlay of eggs completed in Q3 2024 • On schedule for the first harvest in Q3 2026 • Technical installations for the On-growing RAS units started in January 2025 • Est
Slide 16: Timeline of Gaotang buildout
Timeline of Gaotang buildout 2021 2022 2023 2024 2025 2026 2027 2028 Q3 Construction start Stage 1 Q1 Production start 4,000 tonnes Q2 First harvest Q3 Construction start Stage 1+2 Q3 Production start 8,000 tonnes Q3 First harvest Announce Stage 1+2+3 specifics 20,000 tonnes during H2 Q2 2025 16
Slide 17: Agenda
Agenda Highlights Market Operations Project Financials Summary & Outlook 17
Slide 18: Financial review
Financial review Key Figures (figures in EUR 1000) Q1 2025 Q1 2024 • Sales in Q1 2025 of EUR 2.3 million (EUR 0.0 million) Revenue 2,297 0 ‒ EUR 1.8 million of commercial sales Operating EBITDA 1) 75 -1,287 2) ‒ EUR 0.5 million of sales to none-core markets Operating EBIT -1,361 -2,087 EBIT -1,878 3
Slide 19: CAPEX and funding
CAPEX and funding • Estimated total CAPEX for Stage 2 – EUR 77 million ‒ Farming technology – EUR 63 million ‒ Improvement capex for off flavour handling – EUR 14 million ‒ EUR 22 million accrued end of Q1 2025 • Funding ‒ Signed a Strategic Cooperation Agreement with Bank of China in November 2024
Slide 20: Agenda
Agenda Highlights Market Operations Project Financials Summary & Outlook 20
Slide 21: Summary and outlook
Summary and outlook • Revising production strategy targeting harvest weight of 7 kg LW, equivalent to 5.8 kg HOG • Resumed sales in mid-February with very positive reception at market re-entry and solid price achievement • Implemented corrective actions and protocols to manage geosmin • Harvest of ~
Slide 22: Thank you
Investor Contacts Tom Johan Austrheim Thank you CFO, NOAP tel:+47 982 09 873 Next events: tom@nordicaquapartners.com AGM, 15 May 2025 Ragnar Joensen CEO, NOAP Q2 2025, 28 August 2025 tel:+298 599112 ragnar@nordicaquapartners.com Capital Markets Update, TBA 2025
Slide 23: Appendix
Appendix 23
Slide 24: Profit & Loss
Profit & Loss (figures in EUR 1000) Q1 2025 Q1 2024 • Sales in Q1 2025 of EUR 2.3 million (EUR 0.0 million) ‒ EUR 1.8 million of commercial sales Revenue 2,297 0 ‒ EUR 0.5 million of sales to none-core markets Purchase of goods -1,336 -2,308 Change in inventory and biological assets (at cost) 3,715
Slide 25: Financial Position
Financial Position (figures in EUR 1000) 31.03.2025 31.03.2024 31.12.2024 Assets Assets under construction 16,924 34,915 13,510 • Total assets of EUR 153 million (EUR 113 million), increase Property, plant & equipment 57,972 25,230 60,072 mainly from investments in PPE, RoU assets and biomass Right
Slide 26: Cash Flow
Cash Flow (figures in EUR 1000) Q1 2025 Q1 2024 • Net cash flow in Q1 2025 EUR -1.3 million (EUR -1.2 million) Cash flow from operating activities • Cash at the end of Q1 2025 was EUR 10.0 million EBIT -1,878 351 (EUR million 12.4) Adjustments 2,211 -1,362 Changes in working capital -1,002 -568 • To
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