Illustration of Nordic Halibut's land-based facility in Tingvoll.
Image: Nordic Halibut.
Norwegian aquaculture company Nordic Halibut AS has reported strong growth in its latest financial update, with increased production and rising revenues, despite posting a net loss for the quarter.
The company saw a 21% rise in biomass at sea during the fourth quarter, reaching 443 tonnes, while harvest volumes reached 171 tonnes HOG, compared to 145 tonnes in Q4 2023. The average harvest weight also showed a year-on-year increase, from 5.5 kg to 6.3 kg HOG, which Nordic Halibut said marked an important milestone in meeting customer demand for larger fish.
The halibut farmer reports that strong market demand helped push its average sales price to NOK 183/kg HOG (€15.54/kg, $16.78/kg), a 12% increase compared to last year, driven by higher prices across size categories and improved harvest weights. The company also reports that 99% of its farmed halibut was categorised as "superior quality".
As a result, Nordic Halibut's total revenue for the quarter climbed to NOK 31.7 million (EUR 2.69m / USD 2.91M), marking a 24% jump compared with last year.
However, this surge in revenue did not translate into profits. The company reports that EBITDA stood at NOK -6.3 million (EUR -0.53m / USD -0.58m) during the quarter, with a net loss of NOK -24.1 million (EUR-2.05m / USD-2.21m).
For the full year 2024, Nordic Halibut recorded total revenues of NOK 90.6 million (EUR 7.7m / USD 8.3M), with an EBITDA of NOK -37.3 million (EUR -3.17m / USD-3.42m).
Looking ahead, Nordic Halibut said it intends to capitalize on the growing acceptance of farmed halibut, particularly for larger size categories exceeding 6 kg. While harvest volumes are expected to temporarily decrease in 2025 and 2026 as the company focuses on building up biomass, Nordic Halibut says it anticipates higher profitability as a result of premium pricing on larger fish.
The company is targeting an annual production of 4,500 tonnes HOG by 2027 and 10,350 tonnes HOG by 2031.
Nordic Halibut’s expansion strategy took a major step forward with the final investment decision for its Tingvoll production facility, announced on February 24, 2025. The company confirmed that it expects construction to begin during the first quarter of this year, and the land-based flow-through facility to become fully operational by 2027.
"We are now establishing a solid foundation for sustainable profitable growth," said CEO Edvard Henden, in a stock exchange announcement.
"As Phase 2 reaches full operational capacity, we will have a highly efficient, cash-flow-generating platform that not only strengthens our financial position but also provides significant investment capacity and drive long-term expansion," Henden said.
Nordic Halibut raised NOK 285 million from its existing investors in January 2025, in addition to securing expansion of its overdraft facility by NOK 60 million, bringing its total equity to NOK 407 million (EUR 34.6m / USD 37.3m) as of December 31, 2024.
The halibut farming company said the funds raised will support key investments, including NOK 70 million for increased CAPEX at its Tingvoll production facility, a further NOK 30 million for design improvements at the facility, and NOK 45 million to address the company's increased operational expenses due to inflation, particularly feed costs.