Nordic Halibut (NOHAL) Q4 2024 earnings summary

Executive summary

• Achieved Q4 2024 revenue of NOK 31.7 million, up 24% year-over-year, with EBITDA at NOK -6.3 million and net income at NOK -24.1 million.

• FY 2024 revenue reached NOK 90.6 million, EBITDA NOK -37.3 million, and harvested volume was 539 tonnes HOG.

• Average sales price in Q4 was 183 NOK/kg HOG, a 12% YoY increase, reflecting premium positioning in high-end markets.

• Superior quality rate of 99% achieved in Q4, supporting the company's reputation for consistency and reliability.

• Well positioned to reach production targets of 4,500 tonnes HOG in 2027 and 10,350 tonnes in 2031.

Financial highlights

• Q4 2024 revenue: NOK 31.7 million (+24% YoY); EBITDA: NOK -6.3 million (improved from NOK -11 million in Q4 2023); net income: NOK -24.1 million.

• FY 2024 revenue: NOK 90.6 million; EBITDA: NOK -37.3 million; net income: NOK -99.8 million.

• Fair value adjustment of live halibut in Q4: NOK 41 million, reflecting increased biomass.

• Total capital as of 31 Dec 2024: NOK 773 million; equity ratio at 53% (down from 69% YoY).

• Net interest-bearing debt at year-end: NOK 278.6 million.

Outlook and guidance

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

• Commercial strategy focuses on larger-sized halibut to capture premium pricing, with temporary reduction in harvest volumes in 2025–2026 offset by higher prices.

• Ongoing investments in infrastructure, including the Tingvoll facility, to support growth and sustainability goals.

• Strong liquidity position following NOK 285 million equity raise and NOK 60 million overdraft expansion in January 2025.