Nordic Aqua has resumed commercial harvesting and sales of premium-quality Atlantic salmon in mid-February following operational challenges related to geosmin levels in the fourth quarter of 2024.
While no commercial harvest took place during the quarter, the company reports that fish health and biological performance remained strong, with mortality rates below 1%. Following facility upgrades and operational adjustments, Nordic Aqua has confirmed its ability to produce 7kg fish at scale with no maturation.
Total biomass production for the quarter reached 525 tonnes, bringing the company’s total biomass to 2,232 tonnes by year-end, slightly impacted by reduced feeding strategies to optimize stock.
Stage 2 expansion on track
Construction of Stage 2 at the Ningbo facility remains on schedule, with the first inlay of eggs completed in September 2024 and first harvest from the expansion expected in Q3 2026. Nordic Aqua is also progressing with plans for Stage 3, which would increase production capacity to 20,000 tonnes HOG, with a final investment decision expected in 2025.
The company completed a €30 million private placement in Q4, further supporting expansion efforts.
Market outlook and operational stability
Nordic Aqua has reentered the market with sales to existing customers and partners, reporting positive feedback for its Nordic PureAtlantic salmon. CEO Ragnar Joensen emphasized the company’s recovery and long-term growth strategy.
“We are pleased that our Ningbo facility is back on track and stronger than ever. With comprehensive corrective actions now in place, the Ningbo facility is fully optimized for sustainable, high-quality salmon farming. Overcoming operational challenges has demonstrated the resilience of the Nordic Aqua team and the robustness of our business model. I am grateful for the confidence of our stakeholders throughout the transition period in 2024, and we now look forward to a year of growth and value creation for our shareholders.”
Looking ahead, feeding levels are expected to normalize by March 2025, with full-year harvest projected at 3,500–3,700 tonnes. The company has also implemented measures to de-risk operations, strengthening production systems, operational protocols, and biological performance.
