Nordic Kingfish increases yellowtail production but loses NOK 471 million after asset write-down

Nordic Kingfish Fredrikstad increased yellowtail production at its land-based facility in Norway during 2025, but closed the year with a loss of NOK 471.2 million. Operating revenue rose from NOK 43.8 million in 2024 to NOK 74.9 million, although the commercial progress was still not enough to bring the operation close to break-even.

The facility harvested 584 tonnes of kingfish (Seriola lalandi) over 62 slaughter days during the year, according to the environmental report submitted by the company to the Norwegian authorities. Nordic Kingfish also reported that biomass increased progressively throughout 2025, after the facility moved away from salmon production and converted to yellowtail in 2023.

The sharp deterioration in the result was heavily affected by an asset write-down of NOK 314.9 million. As a result, operating profit (EBIT) fell to NOK -438.1 million and the loss for the year reached NOK 471.2 million. The book value of fixed assets was also reduced substantially, while the company ended 2025 with negative equity of NOK 101 million.

However, the extraordinary write-down does not explain the result on tis own. EBITDA was also negative at NOK -99.1 million, indicating that the production business had not yet reached operating break-event before depreciation, amortisation and adjustment to asset values.

The financial position contrast with the production trend. Nordik Kingfish says it has achieved good biological performance in its land-based systems and currently operates yellowtail grow-out facilities in Fredrikstad, Norway, and Hanstholm, Denmark, as well as a broodstock and marine hatchery facility in Denmark.

The group puts its combined production capacity at around 3,000 tonnes per year and says it produces and sells fish on a weekly basis.

The Fredrikstad case once again highlights one of the main challenges facing land-based aquaculture: proving not only that fish can be produced at commercial scale, but that this can be done with a cost base and asset structure capable of delivering profitability.

At Nordic Kingfish, rising biomass, harvest volumes and revenue point to production progress, but the negative EBITDA and substantial asset write-down recorded in 2025 show that turning biological progress into an economically sustainable model remains the central challenge.