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Nordic Aqua – Results for the first quarter 2024

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Highlights

  • Good operational and biological performance for all batches
  • Excellent fish health and welfare, and no signs of maturation
  • Q1 biomass production of 967 tonnes. Total biomass of 2,046 tonnes by quarter-end
  • Hatchery for Stage 2 is finished
  • Strengthened commercial and operational competence
  • Available liquidity of EUR 28.0 million as at 31.03.24
  • First commercial harvest and sales commenced in mid-April

Throughout the first quarter, Nordic Aqua successfully navigated its transition from the project phase to operational status. During quarter, the first construction stage at the Gaotang facility, including a smolt facility and a 4,000 tonnes HOG grow-out facility, were completed, and in April the company commenced its first harvest of Atlantic salmon. By May 10, the cumulative harvest volume reached 92 tonnes.

Commenting on the development, CEO Ragnar Joensen, said:

“The first quarter was a pivotal chapter in the journey to becoming a premium supplier of Atlantic salmon to the Chinese market. Following a successful test harvest towards the end of the quarter, Nordic Aqua carried out its first commercial harvest in April. This milestone was not only a technical success but a testament to Nordic Aqua's superior quality. The harvested salmon branded as Nordic PureAtlantic achieved an average weight of 6.1 kilograms and 99% was classified superior quality​​​​. This reinforces the high-quality standards and positions Nordic Aqua to establish a premium brand in the Chinese market​​.”

The initial weeks after the first harvest Nodic Aqua has focused on building market distribution and brand exposure. Strategic partnerships with experienced seafood distributors have been important in reaching a broad customer base, including retail, HoReCa (Hotel, Restaurant, and Catering), and top chefs. Feedback has been positive, particularly regarding the salmon's color, texture, and quality, supporting the company's premium positioning objectives​​.

A comprehensive analysis of the market and pricing will be provided in the second-quarter presentation scheduled for August 22, 2024.

Outlook

Nordic Aqua’s harvest volume for the second quarter 2024 is expected to be between 500-600 tonnes HOG. Harvest volume for the full year is expected to be 3,400 tonnes HOG, with a full EBIT cost of EUR 6.70 /kg (HOG) topped up with EUR 0.80 /kg (HOG) in company expansion costs. In total EUR 7.50 /kg (HOG).

Looking ahead, Nordic Aqua is scaling up its production capabilities. Construction of the second stage at the Gaotang facility, adding 4,000 tonnes capacity, is underway, with preparations for the third stage in progress. This expansion is driven by strong market demand and the company's strategic advantage in local production, significantly reducing logistics costs and enhancing freshness​​.

Results presentation

CEO Ragnar Joensen, CFO Tom Johan Austrheim, and managing director for Nordic Aqua’s operational activities in China, Andreas Thorud, will present the results via webcast on Thursday 16 May at 10:00 a.m. CEST. The webcast can be accessed at www.nordicaquapartners.com, or with the following link: https://channel.royalcast.com/landingpage/hegnarmedia/20240516_9/

Following the presentation, Nordic Aqua will take questions from the audience. Webcast participants need to register to post questions. The presentation and subsequent Q&A will be held in English.

Capital Markets Day 2024

Nordic Aqua Partners will hold a Capital Markets Day for investors, analysts, and representatives from banks and media on Tuesday 3 September 2024 in Ningbo, China. The presentations will also be made available online.

Please read the invitation disclosed on 13 March 2024 for more information:

https://newsweb.oslobors.no/message/613364

For further information please contact:

CEO Ragnar Joensen
ragnar@nordicaquapartners.com
+298 599 112

CFO Tom Johan Austrheim
tom@nordicaquapartners.com 
+47 98 20 98 73

About Nordic Aqua Partners

Nordic Aqua Partners is a Nordic land-based salmon farming company, using cutting-edge Nordic technology and expertise to set up the first fully integrated and commercially scaled Recirculating Aquaculture System [RAS] farm for Atlantic salmon located in Ningbo, China. With operations in place, Nordic Aqua Partners will be the first local producer of truly sustainable and fresh salmon to the Chinese market. The current business plan is for an annual production of 20,000 tonnes HOG. Nordic Aqua Partners A/S is listed at Euronext Growth under the ticker NOAP.

To learn more, please visit www.nordicaquapartners.com

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

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