Nordic Halibut (NOHAL) Q1 2025 earnings summary

Executive summary

• Q1 2025 saw strong operational and financial performance, with significant biomass growth and record sales prices.

• Harvested volume increased 67.7% year-over-year to 228 tonnes HOG, and average harvest weight rose to 5.6 kg.

• Strategic milestones included the final investment decision for the Tingvoll facility and a processing agreement with PNS.

• A successful private placement raised NOK 285 million, supporting growth initiatives.

Financial highlights

• Revenue doubled year-over-year to NOK 44 million in Q1 2025, driven by higher volumes and prices.

• EBITDA turned positive at NOK 21 million, up from NOK -8.4 million in Q1 2024, aided by a NOK 37.5 million fair value adjustment of biological assets.

• Net profit reached NOK 5 million, reversing a net loss of NOK 22.3 million in Q1 2024.

• Operating expenses (excluding fair value adjustments) increased 20% due to higher activity levels.

• Equity ratio improved to 78% from 73% year-over-year, with total equity at NOK 691 million.

Outlook and guidance

• Growth strategy focuses on producing larger halibut to meet strong market demand and achieve higher margins.

• Annual harvest volumes are targeted to double each year until 2027, aiming for 4,500 tonnes HOG by 2027 and 10,350 tonnes by 2031.

• Q2 2025 sales prices expected to be moderately lower due to harvesting at reduced average weights.

• Plans to release 1–1.1 million fish to sea in 2025, supporting long-term production targets.