Nordic Aqua Partners As · OSL:NOAP
Nordic Aqua Partners As — Q3 2025 Earnings Presentation
32 slides from Nordic Aqua Partners As's earnings presentation, Nov 11, 2025
Slide 1: Nordic Aqua Q3 2025
Nordic Aqua Q3 2025 11 November 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 • New local debt and equity partnerships strengthen NOAP’s financial platform and strategic position in China, unlocking a clear pathway to Stage 3 expansion • Commercial harvest of 630 tonnes HOG, with 98% superior quality. Average harvest weight of 3.1 kg HOG, (3.8 kg LW), impacted by b
Slide 5: Agenda
Agenda Highlights Market Operations Project Financials Summary & Outlook 5
Slide 6: Harvest and sales in Q3
Harvest and sales in Q3 Harvested tonnes, HOG Average sales price 800 10.00 • Premium Atlantic Salmon sales continued, receiving 700 9.00 positive feedback on quality from the market 600 Tonnes, HOG 8.00 EUR/kg 500 400 7.00 • Commercial harvest of 630 tonnes HOG, with 300 200 6.00 superior share of
Slide 7: Continued strengthening of premium position through strategic milestones and stakeholder engagements
Continued strengthening of premium position through strategic milestones and stakeholder engagements • Prominent Participation at the Shanghai International Fisheries and Seafood Exhibition ‒ Generated strong interest from potential new customers as well as semented customer relatons • Prestigious I
Slide 8: 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 9: 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 10: Continued strong growth in imports of Atlantic salmon to China
Continued strong growth in imports of Atlantic salmon to China - market expected to double by 2030 Annual import volume* Quarterly import 12 months rolling Fresh or chilled Atlantic salmon (1,000 tonnes) Fresh or chilled Atlantic salmon (1,000 tonnes) 250 140 120 200 100 150 80 100 60 40 50 20 0 0 2
Slide 11: Imports of Atlantic salmon to China Q3 2025
Imports of Atlantic salmon to China Q3 2025 Q3 - Market share per COO Q3 - Total import volume Fresh or chilled Atlantic salmon (%) Fresh or chilled Atlantic salmon (tonnes) 100% 1% 1% 3% 2% 3% 37,462 9% 4% 90% 1,127 21% 13% 1,676 10% 29% 80% 17% 3,741 8% 6% 3,142 70% 29% 25,618 7% 23% 14% 2,088 454
Slide 12: 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 13: Agenda
Agenda Highlights Market Operations Project Financials Summary & Outlook 13
Slide 14: Stage 1 - completed and fully operational
Stage 1 - completed and fully operational • 4,000 tonnes annual capacity • Proving strong biological Net growth, tonnes (LW) Biomass, tonnes (LW) performance 1,200 3,000 ‒ Good fish health and high survival rates 1,000 2,500 ‒ Stable production 800 2,000 • Q3 biomass production of 969 600 1,500 400
Slide 15: Agenda
Agenda Highlights Market Operations Project Financials Summary & Outlook 15
Slide 16: 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 • Construction of the on
Slide 17: 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 17
Slide 18: Building capital-efficient RAS sites
Building capital-efficient RAS sites • AKVA Group repeat-design & Chinese government funded infrastructure model • Stage 2 capex cut by 16%, showing savings from the collaboration model • Unique AKVA Group design-build-source deal standardises RAS units, secures bulk terms, and reduces cost and sche
Slide 19: Timeline of Gaotang buildout
Timeline of Gaotang buildout 2021 2022 2023 2024 2025 2026 2027 2028 2029 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 Stage 1+2+3 Detailed Start First engineering construction* harve
Slide 20: Agenda
Agenda Highlights Market Operations Project Financials Summary & Outlook 20
Slide 21: Financial review
Financial review Key Figures (figures in EUR 1000) Q3 2025 Q3 2024 YTD 2025 YTD 2024 • Sales in Q3 2025 of EUR 3.5 million (EUR 0.3 million) Revenue 3,465 255 10,859 4,929 ‒ Sales price negatively affected by low average harvest weights and majority of Operating EBITDA 1) -3,542 -10,783 -4,808 -12,7
Slide 22: Transformational capitalisation and financing
Transformational capitalisation and financing - offering substantial benefits for Nordic Aqua • Strategic and long-term local ownership Long-term financing by Chinese bank syndicate accelerate strategy execution towards 20,000 tonnes • Strategic and operational synergies • Local support and access t
Slide 23: Debt financing in Nordic Aqua Ningbo
Debt financing in Nordic Aqua Ningbo • Reached preliminary agreement with syndicate of local banks, strengthening NOAP’s financial platform and strategic position in China • Syndicate loan of up to RMB 585 million (EUR ~70m) at competitive terms and conditions ‒ RMB 385 million in long-debt to refin
Slide 24: New Investors in Nordic Aqua Ningbo
New Investors in Nordic Aqua Ningbo Nordic Aqua Partners AS • Intention to enter into an agreement with two leading Chinese investors for a co-investment in Nordic Aqua Ningbo • New investors will inject RMB 300m (~EUR 36m) for a 20% New investors ownership stake 80% • Strategic rationale: ‒ Long-te
Slide 25: Agenda
Agenda Highlights Market Operations Project Financials Summary & Outlook 25
Slide 26: Summary and outlook
Summary and outlook • Entering local equity and debt partnerships, enabling acceleration of strategy execution towards 20,000 tonnes annual capacity • Continued operational and commercial progress, receiving positive feedback from clients and consumers • Good underlying operational and biological pe
Slide 27: Thank you
Investor Contacts Tom Johan Austrheim Thank you CFO, NOAP tel:+47 982 09 873 tom@nordicaquapartners.com Ragnar Joensen CEO, NOAP tel:+298 599112 ragnar@nordicaquapartners.com
Slide 28: Appendix
Appendix 28
Slide 29: Profit & Loss
Profit & Loss (figures in EUR 1000) Q3 2025 Q3 2024 YTD 2025 YTD 2024 • Sales in Q3 2025 of EUR 3.5 million (EUR 0.3 million) • Sales price negatively affected by low average harvest weights and Revenue 3,465 255 10,859 4,929 majority of harvest being in August, when prices were lowest in the Purcha
Slide 30: Financial Position
Financial Position (figures in EUR 1000) 30.09.2025 30.09.2024 31.12.2024 Assets Assets under construction 32,761 20,352 13,510 • Total assets of EUR 160 million (EUR 118 million), increase Property, plant & equipment 53,862 51,000 60,072 mainly from investments in PPE and RoU assets Right of Use as
Slide 31: Cash Flow
Cash Flow (figures in EUR 1000) Q3 2025 Q3 2024 YTD 2025 YTD 2024 • Net cash flow from operations in Q3 2025 EUR 0.5 million (EUR -7.8 million) Cash flow from operating activities EBIT -2,477 -12,339 -9,079 -14,303 • Net cash flow from investments in Q3 2025 EUR -10.4 million Adjustments -1,037 1,20
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