Nordic Aqua Partners As · OSL:NOAP
Nordic Aqua Partners As — Q1 2026 Earnings Presentation
32 slides from Nordic Aqua Partners As's earnings presentation, May 28, 2026
Slide 1: Nordic Aqua Q1 2026
Nordic Aqua Q1 2026 28 May 2026 Ragnar Joensen, CEO Andreas Thorud, MD Tom Austrheim, CFO
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 • Biomass production of 2,161 tonnes, due to Stage 2 ramp up and excellent fish health and welfare. Total biomass of 4,991 tonnes at Q1 end • Commercial harvest of 771 tonnes HOG, with 95% rated superior and an average weight of 4.4 kg HOG (5.4 kg LW) • Sizes of 5+ kg SUP had an average s
Slide 5: Agenda
Agenda Highlights Market Operations Project Financials Summary & Outlook 5
Slide 6: Harvest and sales in Q1
Harvest and sales in Q1 Harvested tonnes, HOG Sales price, EUR/kg 800 10.00 600 8.00 Tonnes, HOG EUR/kg • Harvest and sales volumes significantly increased 400 compared to last quarter, almost back on same 6.00 average harvest weights as sea-based farmers in 200 Norway 4.00 0 All incl. SUP 5+ kg • H
Slide 7: Wide price span in China
Wide price span in China • Strong preferences for larger size fish in the Chinese Preference for larger size fish in China market - resulting in higher price sensitivity to weights ‒ Matches local taste and texture preference 10.00 ‒ Better yield and more efficient for manual processing 9.00 ‒ Bette
Slide 8: Strengthening premium position and brand equity through channel validation and stakeholder engagement
Strengthening premium position and brand equity through channel validation and stakeholder engagement • From RAS to RAC – Nordic PureAtlantic Featured at Shanghai Culinary Pop-Up ‒ Collaboration with renowned Shanghai restaurant underscoring China’s growing appreciation for home-grown premium ingred
Slide 9: Compelling value proposition to local markets
Compelling value proposition to local markets Freshness Safety Unparalleled lead time to the market ensures The product is produced in a fully controllable a significantly fresher product than any environment and is free from antibiotics, competitive Atlantic Salmon. medicines, and parasites. Sustai
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 Gaotang GDP per capita heatmap (USD) - the ideal location for land-based farming • Strategically located with proximity to core markets • Highly attractive end-market for salmon 800 million ‒ Higher income areas con
Slide 11: Strong growth in imports of Atlantic salmon to China
Strong growth in imports of Atlantic salmon to China — on track to exceed Alibaba’s 2030 projection of 210,000 tonnes with new estimates pointing towards 300,000 tonnes by 2030 Annual import volume* Quarterly import 12 months rolling Fresh or chilled Atlantic salmon (1,000 tonnes) Fresh or chilled A
Slide 12: Imports of Atlantic salmon to China Q1 2026
Imports of Atlantic salmon to China Q1 2026 Q1 - Market share per COO Q1 - Total Import Volume Fresh or chilled Atlantic salmon (%) Fresh or chilled Atlantic salmon (tonnes) 46,550 11% 8% 24% 23% 20% 11% 22% 11% 10% 8% 7% 9% 3% 12% 7% 3% 11% 18% 29,991 5% 10% 2% 7% 9% 22,532 6% 19,342 64% 65% 54% 50
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 20.00 18,000 18.00 16,000 16.00 14,000 14.00 12,000 12.00 10,000 Tonnes EUR/kg 10.00 8,000 8.00 6,000 6.00 4,000 4.00 2.00 2,000 0.00 0 Jan Mar May Jul Sep Nov J
Slide 14: Agenda
Agenda Highlights Market Operations Project Financials Summary & Outlook 14
Slide 15: Farming in Q1
Farming in Q1 Production, tonnes (LW) 2,500 2,000 1,500 • Strong biological performance 1,000 ‒ Good fish health, high survival rates and good fish appetite 500 ‒ Production from Stage 1 is at full run-rate 0 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 ‒ Stage 2 production also closing in on full run-rate p
Slide 16: Production status
Production status — Stable production of premium quality fish KPI’s from start* Net production, LW Mortality from 150 g Harvest, HOG Average harvest weight, KG Superior share, % > 12,100 All batches > 4,300 > 4.2 HOG 97% tonnes ~ 5% tonnes (5.1 LW) *Company data as of 27.05.2026
Slide 17: Agenda
Agenda Highlights Market Operations Project Financials Summary & Outlook 17
Slide 18: Stage 2 - close to completion
Stage 2 - close to completion • Bring total annual capacity to 8,000 tonnes • First inlay of eggs was completed in Q3 2024 • All on-growing RAS units are now in operation, remaining is only some auxiliary systems • On schedule for first harvest in September 2026 • Revised capex estimate to EUR 65 mi
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 (figures in EUR 1000) Q1 2026 Q1 2025 • Sales in Q1 2026 of EUR 6.0 million (EUR 2.3 million) ‒ Recaptured price premium position compared to Sitagri index price Revenue 6,008 2,297 1) Operating EBITDA 920 75 ‒ 13% premium for SUP 5+ kg 2) Operating EBIT -529 -1,361 ‒ Av
Slide 22: Transformational capitalisation and financing
Transformational capitalisation and financing - offering substantial benefits for Nordic Aqua • Strategic and long-term local ownership accelerate strategy execution towards 20,000 Long-term financing by Chinese bank syndicate tonnes • 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/EUR 46 million
Slide 24: Agenda
Agenda Highlights Market Operations Project Financials Summary & Outlook 24
Slide 25: Outlook – Q2 2026 and FY 2026
Outlook – Q2 2026 and FY 2026 • Market – Continued strong momentum in April 2026 - on track to exceed Alibaba’s 2030 projection of 210,000 tonnes • Harvest Q2 – 1,000-1,200 tonnes HOG with superior share above 95% and average weights of approx. 4.5 kg HOG • Harvest FY – 5,000-6,000 tonnes HOG • Pric
Slide 26: Summary of Q1 2026
Summary of Q1 2025 • Market – Featured at Shanghai Culinary Pop-up and recognized at Ningbo City promotion event • Financials – Operating EBIT was positive for March and Operating EBIT for Q1 ended at EUR -0.5 million • Harvest – 771 tonnes HOG with superior share of 95% and average harvest weight o
Slide 27: Thank you
Investor Contacts Tom Johan Austrheim Thank you CFO, NOAP tel:+47 982 09 873 tom@nordicaquapartners.com Next events: Ragnar Joensen • Half-yearly report 2026, 27 August 2026 CEO, NOAP tel:+298 599112 ragnar@nordicaquapartners.com
Slide 28: Appendix
Appendix 28
Slide 29: Profit & Loss
Profit & Loss (figures in EUR 1000) Q1 2026 Q1 2025 • Sales in Q1 2026 of EUR 6.0 million (EUR 2.3 million) ‒ Recaptured price premium position compared to Sitagri index Revenue 6,008 2,297 price Purchase of goods -4,837 -1,336 ‒ 13% premium for SUP 5+ kg Change in inventory and biological assets (a
Slide 30: Financial Position
Financial Position (figures in EUR 1000) 31.03.2026 31.03.2025 Assets Assets under construction 40,465 16,924 • Total assets of EUR 187 million (EUR 153 million), Property, plant & equipment 54,668 57,972 increase mainly from investments in PPE and building Right of Use assets 32,926 34,387 Deferred
Slide 31: Cash Flow
Cash Flow • Net cash flow from operations in Q1 2026 amounted to EUR -10.9 million (EUR -1.8 million) (figures in EUR 1000) Q1 2026 Q1 2025 ‒ Mainly related to building biomass and change in trade payables Cash flow from operating activities EBIT 3,643 -1,878 • Net cash flow from investments in Q1 2
Slide 32: 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