Illustration of Nordic Halibut's land-based facility in Torjulvågen.
Image: Nordic Halibut.
Norwegian aquaculture company Nordic Halibut AS has reported its results for the second quarter of 2025, reporting higher harvest volumes and revenues but increased losses.
According to the company, harvest volumes reached 266 tonnes head-on gutted (HOG) during the quarter, more than double the 125 tonnes harvested in the same period last year. The average harvest weight was 4.3 kg, up almost 5% year-on-year but lower than the 5.6 kg recorded in the previous quarter, which the company attributed to a planned focus on smaller fish. Nordic Halibut said it expects to increase average weights in the second half of 2025 as part of its strategy to supply larger halibut to meet customer demand.
The company saw a 15.4% increase in its at-sea biomass volume compared to the beginning of the quarter, reaching a total of 388 tonnes. The halibut farmer also reports a Q2 survival rate of 99.3%, compared with 97.6% a year earlier.
On the financial front, sales revenues rose to NOK 32 million, an increase of 68% compared with the same quarter in 2024. The average sales price was NOK 170 per kg, which the company said reflected strong market conditions. However, this was lower than the NOK 193/kg achieved during the first quarter of 2025.
Despite the increased revenues, Nordic Halibut recorded negative earnings. EBITDA fell to NOK -27 million, from NOK -11 million in Q2 2024, while the net result was a loss of NOK 41 million, compared with a loss of NOK 24 million a year earlier. The company said its performance was affected by fair value adjustments of juvenile halibut and higher operating expenses linked to new lease agreements.
Nordic Halibut also revised its stocking forecast for 2025, lowering it from 1 million fish to 900,000 due to biological conditions. The company stated it is pursuing several initiatives to reach its long-term target, including leasing extra capacity at Tjeldbergodden, partnering with Sande Seafarm and completing the Torjulvågen facility, which it says will more than double current stocking capacity once operational.
Construction of a new land-based facility in Torjulvågen continued on schedule during the quarter, the company said. The site, due to be fully operational in 2027, is described as a key part of Nordic Halibut's plan to reach 10,350 tonnes of annual production by 2031.
The company reports it has launched value-added product initiatives during the quarter, describing them as a key part of its long-term growth strategy. According to Nordic Halibut, preparations for this segment are under way and will build on its integration of the value chain from genetics through to processing.
In March this year, the halibut farmer announced it had reached an agreement with Pure Norwegian Seafood (PNS) granting it the right to use PNS' processing facilities in Averøy, as well as an agreement with Masoval, the main shareholder of PNS, securing the option to purchase 100% of the shares in PNS.
Looking ahead, Nordic Halibut said it plans to scale up harvest volumes and prioritise the production of larger fish, arguing that it is "well-positioned to benefit from premium pricing in key export markets, where halibut above 6 kg are particularly sought after.”
The company highlighted potential risks from the recently introduced 15% US tariff on Norwegian seafood but argued that "premium halibut and the high-end segment are expected to be less affected due to their strong market positioning and lower sensitivity to price changes.”