Nordic Aqua Partners - Third Quarter 2026 Results

Record harvest with Stage 1 and 2 at full production

Highlights

* Biomass production of 2,233 tonnes LW (969 tonnes), the third consecutive quarter above 2,000 tonnes, with excellent fish health and welfare

* Total biomass of 5,662 tonnes LW at the end of Q3, with an average standing biomass cost of EUR 5.59/kg LW (EUR 5.95/kg LW)

* Record commercial harvest of 1,838 tonnes HOG (630 tonnes), above the guided 1,400-1,600 tonnes HOG, with the first harvest from Stage 2

* Average harvest weight of 4.4 kg HOG (5.3kg LW), with 95% superior share

* Average sales price of EUR 6.29/kg (EUR 5.50/kg); SUP 5+ kg at EUR 7.60/kg, a 7% premium to Sitagri

* Farming cost/kg of EUR 6.36 (EUR 9.45/kg), driven by good operational performance over time and increased harvest volume

* Revenue of EUR 11.3 million (EUR 3.5 million); Operating EBIT of EUR -2.1 million (EUR -4.8 million), impacted by high global supply driving down prices

* Stage 2 construction substantially complete and well below original budget. Detailed engineering for Stage 3 ongoing

* Continued strong momentum in the Chinese market for Atlantic salmon, with imports up 19% year-over-year in Q3 and up 32% year-to-date

Figures in () refer to the third quarter of 2025.

CEO Ragnar Joensen comments: "The third quarter marked another important milestone for Nordic Aqua, with the start of harvest from Stage 2. With Stage 1 and 2 at full production run-rate, we have established an annual harvest capacity of 8,000 tonnes HOG. The biological performance was strong during the quarter, with good fish health, high survival rates and no significant maturation. We experienced strong biomass growth during the period bringing biomass to record high levels at quarter end."

Operational and Financial Review Revenues for the third quarter of 2026 amounted to EUR 11.3 million (EUR 3.5 million), driven by higher harvest volume. Average harvest weight during the quarter was 4.4 kg HOG, equivalent to 5.3 kg LW. Biomass production was 2,233 tonnes LW, and total biomass stood at 5,662 tonnes LW at quarter end.

Overall price achievement during the quarter was EUR 6.29/kg and EUR 7.60/kg for SUP 5+. This compared to EUR 6.18/kg and EUR 7.11/kg SUP5+ for Sitagri. Price achievement was impacted by softening spot prices from high global supply.

Operating EBITDA was EUR -0.7 million (EUR -3.5 million). Operating EBIT/kg was EUR -1.16 (EUR -7.60).

At the end of the quarter, RMB 316 million of the RMB 385 million project loan was drawn. RMB 41 million of the RMB 61 million working capital facility was drawn. Stage 2 construction is substantially complete, with only minor works remaining, and came in well below its original budget.

Market development The Chinese salmon market continues to show robust growth, driven by the rapid expansion of its upper middle- and high-income class and by demand for premium, sustainably produced seafood.

In 2025, consumption of fresh, whole Atlantic salmon in China grew 48%, the highest growth of any major market for Atlantic salmon in the world. Imports for the first nine months of 2026 were up 32% year-over-year and the industry expects the market balance to tighten into 2027.

The company's brand, Nordic PureAtlantic, is built on four key attributes: freshness, food safety, sustainability and local presence. During the quarter, Nordic Aqua attended Seafood Expo Asia in Singapore and the 20th Shanghai International Fisheries and Seafood Exhibition. At both events it met buyers and partners and showcased its locally farmed, large-size Atlantic salmon.

Outlook The strong biological performance seen in the third quarter of 2026 has continued into the fourth quarter. The number of fish in the facility remains above optimal levels, so harvesting smaller fish will be necessary to optimise biomass. Average harvest weight in Q4 2026 is expected to be similar to recent quarters, increasing to approximately 5.2 kg HOG (6.3 kg LW) in Q2 2027. The superior rate is expected to stay above 95% for Q4 2026 and onwards.

Q4 2026 harvest is expected at 1,700--2,000 tonnes HOG, and full-year 2026 at 5,700--6,000 tonnes HOG, with the lower end of the range lifted from 5,500 tonnes HOG due to good growth and the early start of the Stage 2 harvest. 2027 harvest is expected at 8,000 tonnes HOG. As harvest volumes increase, further reductions in unit costs are expected. Full EBIT cost is expected at around EUR 6.8/kg HOG during 2027, down from EUR 7.29/kg in Q3 2026.

Subject to a final investment decision, Stage 3 construction can start in 2027, indicating a first harvest in 2029.

Presentation of results Nordic Aqua will host a webcast to present the Q3 2026 results today, 12 November, at 9:00 a.m. CET.

The webcast can be accessed at the following link: https://qcnl.tv/p/S3UDHORATdoqgj8cNZMjgA

Following the presentation, it will be open to questions from the audience. The presentation and the following Q&A will be in English.

For more information, please contact: CEO Ragnar Joensen ragnar@nordicaquapartners.com +298 599 112

CFO Tom Johan Austrheim tom@nordicaquapartners.com +47 982 09 873

About Nordic Aqua Nordic Aqua is a Nordic land-based salmon farming company, using cutting-edge Nordic technology and expertise. The company has 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 is the first local producer of truly sustainable and fresh Atlantic salmon to the Chinese market. The current business plan is for an annual production of 20,000 tonnes (HOG). Nordic Aqua is listed at Euronext Growth under the ticker NOAP.

To learn more, please visit www.nordicaquapartners.com

This information is subject to disclosure under the Norwegian Securities Trading Act, §5-12. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-11-12 07:00 CET.