Nordic Halibut AS — Earnings Release 2023

Apr 12, 2023

Nordic Halibut AS – Operational update Q1 2023

Nordic Halibut AS – Operational update Q1 2023

Averøy, Norway, 12 April 2023

Nordic Halibut AS ("NOHAL" or "the Company") achieved a record-high average sales price of 169 NOK/kg in Q1 2023, a YoY increase of 26%. This indicates a strong potential for higher prices for farmed halibut. The Company is experiencing a growing willingness-to-pay and acceptance for farmed halibut in key markets, as awareness of the product's outstanding qualities and attributes continues to rise. Exports of farmed halibut from Norway in Q1 2023 achieved approximately 50% higher prices compared to wild catches.

During Q1 2023, NOHAL harvested 224 tonnes HOG halibut, with an average harvest weight of 5.9 kg HOG and 75% of the volume harvested above 5 kg HOG. The Company capitalized on favourable market conditions and utilized biomass at harvestable size to optimize revenue. Total revenue ended at NOK 38 million in Q1 2023.

The Company continuously seek to maximize the utilization of harvestable biomass in order to create a strong market presence and achieve optimized prices. The sales prices for larger-sized halibut, specifically those sold at 7-9 kg and 9 kg+, are notably higher, ending at 188 NOK/kg and 203 NOK/kg, respectively in Q1 2023. According to the strategic harvest plan for 2023, harvest volumes will decrease in Q2 to ensure optimal biomass utilization towards the second half of 2023.

In 2023, NOHAL will release 1 million fish to sea – equivalent to the growth phase 1 production target of 5 000 tonnes (4 500 tonnes HOG) harvest in 2026. The Company reiterates the harvest volume guiding for 2023 at 1 200 tonnes (1 080 tonnes HOG).

For further information, please contact:

CEO Edvard Henden, edvard@nordichalibut.no, +47 911 41 165, or

CFO Kenneth Meyer, kenneth.meyer@nordichalibut.no, +47 452 12 424

About Nordic Halibut AS:

Nordic Halibut is a leading farmer of Atlantic halibut located in Western Norway and with headquarters in Averøy, Nordmøre. The Company has a fully integrated and well-developed value chain from genetics to sales and has had a significant breakthrough in early phase production. A growth plan to expand production volumes is implemented with production target of 4.500 tonnes HOG within 2026 and 9.000 tonnes HOG within 2030. Nordic Halibut will create shareholder value by pursuing value accretive organic growth through increased production.