Nordic Halibut has reported its financial and operational results for the third quarter of 2025, highlighting a 22.4 per cent growth in biomass at sea compared to the previous quarter.
The company harvested 152 tonnes head-on gutted (HOG) during the period, representing a 41 per cent increase from the 107 tonnes harvested in Q3 2024.
Total revenue for the quarter reached NOK24.1 million ($2.2 million), up from NOK17.4 million in the same period last year. The increase was driven by higher harvest volumes and a 4.3 per cent rise in the average sales price to NOK170 per kg HOG. The average harvest weight also improved to 5.2 kg HOG, compared to 4.8 kg in Q3 2024.
EBITDA for the quarter was positive at NOK17.6 million, a significant turnaround from a negative EBITDA of NOK11.2 million in Q3 2024. This improvement was partly due to fair value adjustments of biological assets, which amounted to NOK54 million, reflecting strong biomass growth.
However, the company reported a net loss of NOK2.9 million for the period, an improvement from the NOK29.5 million loss in the prior-year quarter.
Construction of the new land-based facility at Torjulvågen is progressing according to plan and is expected to be fully operational by 2027. This facility is key to the company's long-term target of producing 10,350 tonnes HOG annually by 2031.
Despite the introduction of a 15 per cent import tariff on Norwegian goods to the US, Nordic Halibut reported a 47 per cent increase in export volume to the US market.