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Results for the fourth quarter 2023


  • Test harvest mid-February of 5.0 kg LW fish with supreme quality
  • Good fish health and welfare, <1.6% mortality and no signs of maturation
  • Good operational and biological performance for all batches
  • Q4 biomass production of 469 tonnes, total biomass of 1,079 tonnes by quarter end
  • Fish for first harvest in March has an average weight of 4.6 kg LW by mid-February
  • Stage 1 CAPEX completed according on time and on budget
  • Strengthened team through hiring of new Group CFO and MD in China
  • Available liquidity of EUR 37.7 million as of 31.12.23

Nordic Aqua experienced good operational performance in the fourth quarter with construction works for Stage 1 completed on time and on budget. Biological performance was good for all batches - with strong growth, a mortality rate below 1.6% and no signs of maturation. The company is on schedule for the first harvest late March this year and is now fully focused on launching its Atlantic Salmon into the Chinese market.

Commenting on the development, CEO Ragnar Joensen, said:

“The fourth quarter of 2023 was another eventful quarter for Nordic Aqua. Biological performance was good during the quarter with good fish health and strong growth. We continued the important work of increasing management capacity and expertise as we continue to grow. During the quarter, we also conducted a successful private placement, strengthening our liquidity and securing necessary equity funding for the next phase. The overall status at the end of the period is that the Nordic Aqua team, with strong support from local authorities and in collaboration with leading industrial partners, is all set for the first harvest at the end of next quarter and ready to execute on the next steps in developing the company towards 20,000 tonnes.”

Competence and organisational capacity are critical in the successful development of land-based salmon farming. Nordic Aqua continues to grow the organisation, and the company made several new hires during the fourth quarter, adding vital competence across the organisation.



Operational performance and processes are developing according to plan and Nordic Aqua’s ambition of first harvest in March 2024 remains valid.

Stage 1 of Nordic Aqua’s Chinese salmon farming facility has been completed according to plan. Equity funding for Stage 2 is secured and the company is currently in the process of evaluating sources of debt funding of this second phase which will double capacity to 8,000 tonnes. Preparations for the Stage 3 expansion to 20,000 tonnes, with first harvest possibly in 2027, are also well underway. A final decision on timing for Stage 3 will be made during the third quarter of 2024.

Fine-tuning of technology and processes to improve production and shorten the production cycles is a continuous practice in Nordic Aqua, and operational excellence and control will always be prioritized over advancing project development. The second stage of the Gaotang buildout started in Q3 2023. Hatchery and start feeding will be completed by April 2024 with the first inlay of eggs expected in Q3 2024, and the first harvest from Stage 2 expected in Q3 2026.

Nordic Aqua expects production to gradually increase through April to reach full-scale harvest in the second quarter of 2024, aiming for a monthly harvest volume of approximately 350 tonnes. Harvest volumes for 2024 are expected to be 3,400 tonnes.

Results presentation

CEO Ragnar Joensen and CFO Hjalti Hvítklett will present the results by webcast on Wednesday 21 February at 10:00 a.m. CET.

The webcast can be accessed at, or with the following link: Q4 Webcast

Following the presentation, the Company 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 on 28 May 2024 in Ningbo, China. The presentations will also be made available online.

Please read invitation disclosed on 2 February 2024 for more information:

For further information please contact

Hjalti Hvítklett, CFO

+298 221222