Nordic Aqua Partners As · OSL:NOAP
Nordic Aqua Partners As — Q2 2026 Earnings Presentation
31 slides from Nordic Aqua Partners As's earnings presentation, Aug 26, 2026
Slide 1: Nordic Aqua Q2 2026
Nordic Aqua Q2 2026 26 August 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 2,294 tonnes, driven by Stage 2 ramp up and excellent fish health and welfare • Total biomass of 5,644 tonnes at end of Q2 with an average standing biomass cost of EUR 5.36/kg • Commercial harvest of 1,362 tonnes HOG, with 96% superior share and an average weight o
Slide 5: Agenda
Agenda Highlights Market Operations Project Financials Summary & Outlook 5
Slide 6: Harvest and sales in Q2
Harvest and sales in Q2 Harvested tonnes, HOG Sales price, EUR/kg 1,500 8.00 1,200 7.00 Tonnes, HOG 900 • Harvest of 1,362 tonnes HOG 600 6.00 ‒ Making NOAP the first land-based salmon farmer to harvest more than 1,000 tonnes at average weight above 4 kg in a 300 single quarter, according to Kontali
Slide 7: Wide price span in China
Wide price span in China Preference for larger size fish in China - resulting in higher price sensitivity to weights 8.00 7.00 EUR/kg • Strong preferences for larger size fish in the Chinese 6.00 market 5.00 ‒ Matches local taste and texture preference 4.00 ‒ Better yield and more efficient for manu
Slide 8: Driving brand recognition through customer experiences, industry events, and sustainability leadership
Driving brand recognition through customer experiences, industry events, and sustainability leadership • Nordic PureAtlantic Showcased at Exclusive Customer Tasting Events ‒ A series of tasting events across China brought together key HORECA and retail buyers to experience our locally farmed salmon
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, 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 Atlan
Slide 12: Imports of Atlantic salmon to China 1H 2026
Imports of Atlantic salmon to China 1H 2026 Jan - Jun - Market share per COO 1H - Total Import Volume Fresh or chilled Atlantic salmon (%) Fresh or chilled Atlantic salmon (tonnes) 100,000 13% 19% 21% 24% 25% 28% 10% 80,000 12% 11% 6% 9% 22% 7% 12% 14% 24% 60,000 6% 8% 40,000 68% 62% 56% 54% 48% 40%
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 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 Jan Mar May Jul
Slide 14: Agenda
Agenda Highlights Market Operations Project Financials Summary & Outlook 14
Slide 15: Farming in Q2
Farming in Q2 Production, tonnes (LW) 2,500 2,000 1,500 • Overall biological performance remains strong ‒ Good fish health, no significant maturation and high survival 1,000 rates 500 ‒ Good fish appetite and production from Stage 1+2 reach full run-rate 0 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 ‒
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, % > 14,300 All batches > 5,800 > 4.3 HOG 95% tonnes ~ 6% tonnes (5.2 LW) *Company data as of 25.08.2026
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 • Harvest has started subsequently in Q3 2026 • EUR 65.0 million, 16% below the origina
Slide 19: Further growth potential
Further growth potential | Stage 3: +12,000 MT Commenced detailed engineering - Pending investment decision Stage 1: 4,000 MT Operational since 2022 Stage 2: 4,000 MT Operational since 2025 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) Q2 2026 Q2 2025 YTD 2026 YTD 2025 • Sales in Q2 2026 of EUR 9.4 million (EUR 5.1 million) Revenue 9,447 5,097 15,455 7,394 ‒ Recaptured price premium position compared to Sitagri index price 1) Operating EBITDA 774 -1,341 1,694 -1,266 ‒ 21% premium
Slide 22: 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 at competitive terms and conditions ‒ RMB 385 million/EUR 49 million in long-debt to finance Stage 2 and
Slide 23: Agenda
Agenda Highlights Market Operations Project Financials Summary & Outlook 23
Slide 24: Outlook – Q3 2026 and FY 2026
Outlook – Q3 2026 and FY 2026 • Market – Continued strong momentum in July 2026 - on track to exceed Alibaba’s 2030 projection of 210,000 tonnes • Harvest Q3 – 1,400-1,600 tonnes HOG with superior share above 95% and average weights of approx. 4.5 kg HOG • Harvest FY – 5,500-6,000 tonnes HOG • Price
Slide 25: Summary of Q2 2026
Summary of Q2 2026 • Market – Honoured with Climate Lighthouse Outstanding Case Award • Financials – Operating EBIT Q2 ended at EUR -0.6 million • Harvest – 1,362 tonnes HOG with superior share of 96% and average harvest weight of 4.4 kg HOG • Production – 2,294 tonnes bringing biomass to 5,644 tonn
Slide 26: Thank you
Investor Contacts Tom Johan Austrheim Thank you CFO, NOAP tel:+47 982 09 873 tom@nordicaquapartners.com Next events: Ragnar Joensen • Q3 report 2026, 12 November 2026 CEO, NOAP tel:+298 599112 ragnar@nordicaquapartners.com
Slide 27: Appendix
Appendix 27
Slide 28: Profit & Loss
Profit & Loss (figures in EUR 1000) Q2 2026 Q2 2025 YTD 2026 YTD 2025 • Sales in Q2 2026 of EUR 9.4 million (EUR 5.1 million) ‒ Recaptured price premium position compared to Sitagri index price Revenue 9,447 5,097 15,455 7,394 ‒ 21% premium for SUP 5+ kg Purchase of goods -5,550 -442 -10,387 -1,778
Slide 29: Financial Position
Financial Position (figures in EUR 1000) 30.06.2026 30.06.2025 Assets • Total assets of EUR 194 million (EUR 153 million), Assets under construction 44,106 22,631 increase mainly from investments in PPE and building Property, plant & equipment 56,661 54,173 Right of Use assets 33,515 31,870 biomass
Slide 30: Cash Flow
Cash Flow (figures in EUR 1000) Q2 2026 Q2 2025 YTD 2026 YTD 2025 • Net cash flow from operations in Q2 2026 amounted to EUR 0.6 million (EUR -1.8 million) Cash flow from operating activities ‒ Mainly related to building biomass and change in trade EBIT -4,841 -4,724 -1,198 -6,602 payables Adjustmen
Slide 31: 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