Nordic Halibut (NOHAL) Q2 2024 earnings summary

Executive summary

• Q2 2024 saw biological asset production of 289 tonnes, a 17% increase from the start of the quarter, with 140 tonnes harvested (125 tonnes HOG) and an average harvest weight of 4.5 kg.

• Revenue for Q2 2024 was NOK 19.1 million, down 9.6% year-over-year, with EBITDA at NOK -11.0 million and net income at NOK -23.6 million.

• Superior quality rate reached 99.2% in Q2 2024, maintaining a high standard over recent years.

• The company remains focused on long-term growth, targeting 4,500 tonnes HOG run-rate by late H2 2026 and 10,350 tonnes HOG by 2031.

Financial highlights

• Q2 2024 revenue: NOK 19.1 million (down from NOK 21.1 million in Q2 2023).

• EBITDA: NOK -11.0 million (Q2 2023: NOK 2.7 million); net income: NOK -23.6 million (Q2 2023: NOK -7.7 million).

• Average sales price: 153 NOK/kg, a 1.2% decrease year-over-year, mainly due to a higher share of smaller fish sold.

• Fair value adjustment of live halibut contributed NOK 19.4 million in Q2 2024.

• Total capital as of June 30, 2024: NOK 691.3 million; equity ratio at 67%.

Outlook and guidance

• High prices and demand for farmed halibut continue, driven by limited supply.

• Run-rate harvest volumes of 4,500 tonnes HOG expected in late H2 2026; 10,350 tonnes HOG target for 2031 remains.

• Commercial strategy focuses on larger fish sizes to improve margins and profitability.

• Construction of the new Tingvoll facility to support phase two growth is on track, with operations expected by 2027.