Nordic Halibut (NOHAL) Q1 2026 earnings summary

Executive summary

• Q1 2026 saw a 10.5% growth in biomass and an 18% increase in harvest volume year-over-year, reaching 269 tonnes HOG.

• Revenue rose to NOK 47.7 million, up from NOK 44.1 million in Q1 2025, driven by higher sales volumes.

• EBITDA was negative NOK 6.3 million, down from a positive NOK 20.9 million in Q1 2025, reflecting increased costs and investments.

• Loss before tax was NOK 38.4 million, with a decrease in equity ratio to 48% due to recognized losses and asset growth.

Financial highlights

• Revenue increased 8% year-over-year to NOK 47.7 million.

• EBITDA dropped to negative NOK 6.3 million from NOK 20.9 million in Q1 2025.

• Depreciation and amortization rose to NOK 23.2 million, reflecting recent investments.

• Interest-bearing debt increased by NOK 130.5 million sequentially, totaling NOK 601.4 million.

• Cash and cash equivalents at period end were NOK 19.3 million; total available liquidity was NOK 98 million.

Outlook and guidance

• Growth strategy focuses on producing larger halibut to capture premium pricing in key export markets.

• Run-rate production volumes expected in Q3 2026, with annual harvest volumes targeted at 1,500 tonnes HOG for 2026.

• New land-based facility at Torjulvågen to be fully operational by 2027, supporting long-term production targets.

• Market demand and pricing expected to remain strong, with some seasonal price softness anticipated.