Nordic Halibut (NOHAL) Q3 2024 earnings summary

Executive summary

• Q3 2024 saw biological asset production at sea reach 382 tonnes, a 21% increase from the start of the quarter.

• Harvested 107 tonnes HOG with an average weight of 4.8 kg, and achieved a superior quality rate of 97%.

• Average sales price rose 11% year-over-year to 163 NOK/kg HOG, with total revenue at NOK 17 million (+1% YoY).

• EBITDA was NOK -17.2 million and net income was NOK -29.8 million for the quarter.

• Strategic focus on larger fish sizes and premium market positioning is expected to drive future profitability.

Financial highlights

• Revenue for Q3 2024: NOK 17.4 million, up 1% YoY; average sales price: 163 NOK/kg (+11% YoY).

• EBITDA: NOK -17.2 million (vs. NOK -13.9 million Q3 2023); EBIT: NOK -26.4 million.

• Net income: NOK -29.8 million (vs. NOK -21.5 million Q3 2023); EPS: NOK -0.76.

• Fair value adjustment of live halibut: NOK 32.5 million in Q3 2024.

• Total capital as of 30 September 2024: NOK 730 million (+NOK 145 million YoY); equity ratio: 59%.

Outlook and guidance

• Harvest volume for FY 2024 expected at 500–540 tonnes HOG, with volumes projected to double annually until 2027.

• Run-rate harvest target of 4,500 tonnes HOG by 2027 and 10,350 tonnes by 2031.

• Market conditions support high prices and demand for premium halibut; company aims to expand into new markets.

• Commercial strategy prioritizes larger fish sizes to capture premium pricing, temporarily reducing harvest volumes 2024–2026.