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Visual21 Nov 2025
Data center suppliers
Nordic Halibut (NOHAL) investor relations material
Nordic Halibut Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary20 Nov, 2025
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.
Impact of fair value adjustments on EBITDA?
Why was 2025 fish release forecast revised?
US market strategy given import tariffs
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Next Nordic Halibut earnings date
Q4 20255 Mar, 2026
Next Nordic Halibut earnings date
Q4 20255 Mar, 2026
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Frequently asked questions
Nordic Halibut AS is a Norwegian company specializing in the production and sale of farmed Atlantic halibut. The company offers both fresh and frozen halibut products, catering to markets worldwide. It operates with a fully integrated value chain, managing every stage from genetics to sales. Nordic Halibut prioritizes sustainability in its production methods, minimizing environmental impact while focusing on high-quality, protein-rich products. The company holds licenses to produce up to 4,500 tonnes of Atlantic halibut annually, ensuring a year-round supply. The company is headquartered in Averøy, Norway, and its shares are listed on the Oslo Stock Exchange.
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