Norway-based halibut-farming company Nordic Halibut posted higher harvest volumes and revenue in Q2 2025 compared to the prior year but saw drops in sales prices and EBITDA quarter over quarter.
Nordic Halibut harvested 266 metric tons (MT) of head-on, gutted (HOG) halibut in Q2 2025, over double the 125 MT is t harvested in Q2 2024. Its revenue in Q2 2025 consequently also increased to NOK 32 million (USD 3.17 million, EUR 2.73 million), up from the NOK 19 million (USD 1.88 million, EUR 1.62 million) it earned in Q2 2024.
However, the company’s sales prices for halibut hit NOK 170 (USD 16.85, EUR 14.48) per kilogram. While that is up over the NOK 153 (USD 15.17, EUR 13.03) per kilogram it posted in Q2 2024, it was down from NOK 193 (USD 19.13, EUR 16.44) it posted in Q1 2025.
The company attributed the drop in price to a lower average harvest weight of 4.3 kilograms HOG in Q2 2025, compared to 5.6 kilograms HOG in Q1.
The company’s EBITDA also dropped to a loss of NOK 27 million (USD 2.68 million, EUR 2.3 million) in Q2 2025.
“EBITDA in Q2 2025 was impacted by a negative value adjustment of juvenile halibut put to sea,” Nordic Halibut said. “This is due to the accounting method where juvenile fish stocked at sea are valued under the fair value principle, while land-based juveniles are valued at cost. This contributes to volatility in reported earnings and fair value adjustments of biological assets.”
The company also said the declines in EBITDA can be attributed to increased operating expenses related to lease agreements for the company’s juvenile halibut production facility at Tjeldbergodden and harvesting capacity at Pure Norwegian Seafood.
“These facilities represent strategic investments aimed at enhancing future production capacity,” Nordic Halibut said. “As expected during the company’s current growth phase, expenses are frontloaded.”
Nordic Halibut said its development of a juvenile production facility in Tjeldbergodden is progressing smoothly. The company began construction on the facility in Q1 2025, and it said it expects the facility will be fully operational in 2027, helping the company reach its production goal of 10,350 MT of HOG halibut by 2031.
The company said it has continued to build up the biomass of its halibut throughout the quarter as part of its long-term strategy of producing larger-sized halibut to capitalize on market demand for larger fish.
Nordic Halibut said that the underlying strategy of its business to farm halibut is still sound and offers advantages over farming Atlantic salmon.
“Halibut farming offers unique biological advantages, such as the absence of early maturation and lice issues. This provides greater predictability in growth cycles and size development, allowing production to be tailored to market demand,” the company said. “To support this direction, the company prioritizes biomass build-up and optimal size growth, with harvest volumes directed toward larger weight categories.”
