Nordic Halibut (NOHAL) Q2 2026 earnings summary

Executive summary

• Achieved 18.8% biomass production growth from the previous quarter, with harvest volumes of 201 tonnes HOG, down from 268 tonnes in Q2 2025.

• Strategic acquisitions of Pure Norwegian Seafood, Gulbygget, and Thule Marine secured full control of harvesting, processing, and expanded production capacity.

• Construction of the Torjulvågen facility is on schedule, with first fish introduced in July 2026 and full operations expected in Q1 2027.

Financial highlights

• Total revenue for Q2 2026 was NOK 53.7 million, including a NOK 23.6 million gain on bargain purchase from acquisitions.

• Revenue from sale of goods was NOK 30 million, slightly down from NOK 31.8 million in Q2 2025.

• Group EBITDA was NOK 22.8 million (positive), but underlying EBITDA excluding non-recurring items was negative NOK 0.7 million.

• Positive fair value adjustment of biological assets of NOK 48 million recognized.

• Loss before tax was NOK 17 million; excluding the gain on bargain purchase, loss before tax was NOK 40.6 million.

Outlook and guidance

• Growth strategy focuses on producing larger halibut to capture premium pricing, with run-rate production volumes expected in Q3 2026 and run-rate harvest volumes during 2027.

• Estimated harvest volumes for 2026 are approximately 1,500 tonnes HOG.

• Demand and pricing expected to rise towards year-end after seasonal summer decline.

• Expansion of value-added product lines and market reach continues.