Nordic Halibut AS — Earnings Release 2024

Jul 17, 2024

Nordic Halibut AS – Operational update Q2 2024

Nordic Halibut AS – Operational update Q2 2024

Averøy, Norway, 17 Juli 2024

The second quarter of 2024 demonstrated a sustained upward trend in sales prices for Nordic Halibut AS ("NOHAL" or "the Company"). Increased prices were realized for halibut sold in the 1-3 kg category with a 12% price increase, the 3-5 kg category with a 14% price increase, and the 5-7 kg category with a 5% price increase compared to the same period in 2023. This trend demonstrates the strong willingness-to-pay and established high price levels for for quality farmed halibut products in high-end markets even for smaller sizes exported to UK and EU.

The Company experienced as planned a decline in harvest weight, averaging 4.5 kg (4.1 kg HOG), compared to Q2 2023's average harvest weight of 5.2 kg (4.7 kg HOG). Reduction in average harvest weight resulted in an average sales price of 153 NOK/kg in Q2 2024, reflecting a year-on-year (YoY) decrease of 1.2%.

Total revenue for Q2 2024 amounted to NOK 19.1 million, with harvest volumes reaching 140 tonnes (125 tonnes HOG). The Company expect increased volumes and higher average harvest weights in H2 2024 and remain confident in its pricing strategy and market positioning.

Consistent with prior communications, the Company will prioritize facilitating a favorable distribution of harvest weights during this phase of the growth plan. This strategic focus aligns with the commercial strategy aimed at increasing harvest weights in future periods to respond to market signals. The overarching objective remains to optimize the utilization of available biomass, reaffirming our commitment to long-term goals, even if it entails potential impacts on short-term harvest volumes.

For further information, please contact:

CEO Edvard Henden

edvard@nordichalibut.no

+47 911 41 165

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 10,350 tonnes HOG within 2031. Nordic Halibut will create shareholder value by pursuing value accretive organic growth through increased production.