Nordic Halibut (NOHAL) Q3 2025 earnings summary

Executive summary

• Q3 2025 saw a 22.4% growth in biomass at sea and a 41% increase in harvest volume year-over-year, with 152 tonnes harvested and an average harvest weight of 5.2 kg HOG.

• Revenue reached NOK 24.1 million, up from NOK 17.4 million in Q3 2024, and average sales price increased 4.3% YoY to NOK 170/kg HOG.

• EBITDA turned positive at NOK 17.6 million versus NOK -11.2 million in Q3 2024, while net loss narrowed to NOK -2.9 million from NOK -29.5 million.

• Superior quality rate improved to 99.1% and survival rate to 97.8%.

• Construction of the Torjulvågen facility is on track, supporting long-term production targets.

Financial highlights

• Revenue for Q3 2025 was NOK 24.1 million, a 38% increase year-over-year.

• EBITDA for Q3 2025 was NOK 17.6 million, up from NOK -11.2 million in Q3 2024.

• Net loss for the period was NOK -2.9 million, a significant improvement from NOK -29.5 million in Q3 2024.

• Total capital as of 30 September 2025 was NOK 961 million, with equity at NOK 649 million and an equity ratio of 68%.

• Negative cash flow from investing activities was NOK 57 million, mainly due to facility construction.

Outlook and guidance

• Strategy focuses on producing larger halibut to capture premium pricing, with plans to double annual harvest volumes each year until 2027.

• Target run-rate harvest volume of 4,500 tonnes HOG by 2027 and 10,350 tonnes by 2031.

• Price levels expected to remain strong, especially in the U.S. market, with ongoing expansion into new markets and value-added products.

• Fish release target for 2025 revised to 750,000, with 1 million targeted for 2026.