Dramatic financial year for Nordic Kingfish
With a deficit approaching half a billion kroner, it was a tough period for the Norwegian outfit
The company, which grows yellowtail kingfish (Seriola lalandi) in the port city of Fredrikstad in southeast Norway, increased its revenue in 2025 to NOK 73 million (NOK 43m in 2024) and had an annual result of NOK -471 million (£ -37m), compared to NOK -103m in 2024.
Nordic Kingfish Fredrikstad AS
| Figures in NOK millions | 2025 | 2024 |
| Turnover | 75 | 44 |
| Operating profit | -438 | 12 |
| Operating margin | -585% | 28 % |
| Profit after tax | -471 | -103 |
| Equity share % | -100% | -1 % |
Key figures for 2024 and 2025
The most important explanation for the company going from an operating profit in 2024 to an operating loss of NOK -438m in 2025 is a huge write-down of fixed assets of just over NOK 300m.
This is primarily due to the fact that the board has seen that the book value of buildings and other fixed equipment is not large in relation to expected earnings in the future.
"Fixed assets are written down to their recoverable amount in the event of a decline in value that is not expected to be temporary," the board writes.
After the write-downs, the total book value of the company's fixed assets was NOK 61m at the end of the year, compared to NOK 398m the previous year.
Even without the extraordinary write-down, operations would have been significantly in the red. Excluding the write-down of NOK 315m (£24.7m), the operating result corresponds to a deficit of around NOK 123m (£9.7m).
Critical situation
The board further describes the year 2025 as critical.
"The company has had significant operating losses and a high debt ratio for several years, and has been mainly financed through equity contributions from the shareholders of the Nordic Aquafarms group. The financial situation was assessed as critical during 2025. Without a comprehensive financial restructuring of the group, the board of directors assessed that continued operations would not be possible."
At the end of 2025, Nordic Kingfish Fredrikstad had negative equity of NOK 101m.
This was despite the fact that the company had debt of NOK 373m forgiven during the year, which was charged directly to equity. At the end of the year, total debt was NOK 202m.
Extensive restructuring
Before the annual accounts were presented, the company entered into a binding agreement on financial restructuring with the group's banks and shareholders.
As part of the restructuring, Nordic Kingfish Fredrikstad's share of the group's bank debt will be reduced to around NOK 34m. The loan is interest-free in 2026, while ordinary interest will begin to accrue from 2027 and instalments from 2028.
After the balance sheet date, a capital increase of NOK 40m was also carried out in the parent company Nordic Aquafarms AS.
The board also writes that approximately NOK 65m in fresh equity has been raised from the group's owners in several rounds.
Positive developments
At the same time, the board believes that developments so far in 2026 have been positive and that the restructuring has begun to yield results.
"These events significantly strengthen the company's financial position and, in the board's assessment, provide a sufficient basis for continued operations. This is also supported by the development in the group so far in 2026, where both biological development and sales have developed positively and in line with the group's goals and plans," it says.
LandbasedAQ has asked CEO Charles Høstlund for comment and will update the story if we receive any.
