Nordic Halibut (NOHAL) Q4 2025 earnings summary

Executive summary

• Q4 2025 saw a 17% year-over-year increase in harvest volume to 200 tonnes HOG and an 18.3% growth in biomass from the previous quarter.

• Revenue for Q4 2025 rose to MNOK 45.4, up from MNOK 31.6 in Q4 2024, driven by higher sales volumes and stable pricing.

• EBITDA turned positive at MNOK 48 in Q4 2025, compared to negative MNOK 6 in Q4 2024, reflecting operational improvements and fair value gains.

• Construction of the Torjulvågen facility remains on schedule, supporting future production growth and flexibility.

Financial highlights

• Q4 2025 revenue: MNOK 45.4 (Q4 2024: MNOK 31.6); full-year 2025 revenue: MNOK 145.4 (2024: MNOK 90.5).

• Q4 2025 EBITDA: MNOK 48.5 (Q4 2024: -MNOK 6.3); full-year 2025 EBITDA: MNOK 60.0 (2024: -MNOK 37.3).

• Q4 2025 profit before tax: MNOK 28.7; full-year 2025 loss before tax: MNOK 10.0.

• Fair value adjustment of biological assets in Q4 2025: MNOK 87, driven by biomass growth and improved feed efficiency.

• Equity at year-end: MNOK 678; equity ratio: 55%.

Outlook and guidance

• Growth strategy targets larger-sized halibut to capture premium pricing, with run-rate production volumes expected by Q3 2026.

• 2026 harvest volume estimated at 1,500 tonnes HOG; run-rate production of 4,500 tonnes HOG targeted for 2027.

• Market demand and pricing expected to remain strong into Q1 2026, with a seasonal dip anticipated in summer.

• New Torjulvågen facility to double stocking capacity by 2027, supporting long-term growth.