Nordic Halibut (NOHAL) Q2 2025 earnings summary

Executive summary

• Q2 2025 saw a 15.4% growth in biomass at sea and a 112% increase in harvested volume year-over-year, reaching 266 tonnes HOG.

• Revenue rose to NOK 32 million, up from NOK 19 million in Q2 2024, driven by higher volumes and improved prices.

• The Torjulvågen facility project advanced as planned, supporting long-term production targets.

• Strategic integration of the value chain and preparations for value-added production were initiated.

Financial highlights

• Revenue for Q2 2025 was NOK 32 million, an increase from NOK 19 million in Q2 2024.

• EBITDA was negative NOK -27 million, impacted by fair value adjustments and increased operating expenses.

• Net loss for the period was NOK -40.9 million, compared to NOK -23.6 million in Q2 2024.

• Total capital as of June 30, 2025, was NOK 846 million, with an equity ratio of 77%.

Outlook and guidance

• The company aims to double annual harvest volumes each year until 2027, targeting 4,500 tonnes in 2027 and 10,350 tonnes by 2031.

• Focus remains on producing larger-sized halibut to capture premium pricing and improve profitability.

• U.S. tariffs may impact exports, but premium segment demand is expected to remain resilient.

• Fish stocking target for 2025 is 900,000, with infrastructure expansion underway.