Nordic Halibut has reported significant operational and strategic progress in its Q2 2025 report. The company saw a 112 per cent year-on-year increase in harvested volume, reaching 266 tonnes of head-on-gutted (HOG) fish, compared to 126 tonnes in Q2 2024.
This contributed to a total revenue of NOK32 million ($3 million) for the quarter, an increase from NOK19 million in the same period last year. The average sales price also improved by 11 per cent year-on-year to NOK170 per kg HOG.
Operationally, the company achieved a 15.4 per cent growth in biomass at sea from the previous quarter. The average harvest weight for the quarter was 4.3 kg HOG, a slight increase from 4.1 kg HOG in Q2 2024.
The superior quality rate remained consistently high at 99.3 per cent, and the survival rate showed a strong year-on-year improvement to 99.3 per cent from 97.6 per cent in Q2 2024.
Strategically, the development of the new land-based facility at Torjulvågen is progressing on schedule. This facility is a key part of the company's long-term plan to achieve an annual production target of 10,350 tonnes HOG by 2031.
The company's focus is on producing larger-sized halibut to meet strong market demand, which is expected to generate higher margins in the long term. Nordic Halibut is also pursuing global market diversification to mitigate risks from new trade tariffs, such as the 15 per cent import tariff on Norwegian goods in the United States.
The company's financial results for the quarter included an EBITDA of negative NOK27 million, which was impacted by a negative value adjustment of juvenile halibut and increased operating expenses related to strategic investments.
The net loss for the period was NOK40.9 million, compared to a net loss of NOK23.6 million in Q2 2024. As of June 30, 2025, Nordic Halibut’s total capital was NOK846 million, and its equity ratio was 77 per cent.
