Nordic Halibut AS – Operational update Q4 2022

09 Jan 2023 07:57 CET

Averøy, Norway, 09 January 2023

Nordic Halibut AS (“NOHAL” or “the Company”) exceeded 2022 revenue target and is
well-positioned to reach growth phase 1 production targets.

Nordic Halibut exceeded the 2022 revenue target by 7%, ending at NOK 80 million.
High price achievement in key markets led to an average sales price of 165
NOK/kg HOG in Q4 2022 (+17% YoY) and 149 NOK/kg HOG for FY 2022 (+19% YoY). This
demonstrates the high willingness-to-pay and established price level for quality
farmed halibut products in high-end markets – a strong foundation for future
growth. Peak season for farmed halibut sales continuous into Q1 2023 with price
levels expected to remain high.

During Q4 2022 the Company harvested 195 tonnes HOG, with FY 2022 harvest
volumes ending at 537 tonnes HOG. The Company will continuously seek to optimize
biomass utilization and boost market conditions towards long-term production
targets. Strategic allocation of harvest and sales volumes is key to maintain
high price achievement while building market position in new and existing
channels in cooperation with partners.

The production ramp-up is advancing according to plan with all-time high 700.800
fish put to sea during 2022. This is equivalent to a harvest volume of 3.500
tonnes (3.150 tonnes HOG) in 2025. Through several production cycles the Company
has proven stability and predictability in the sea phase production with 1 fish
put to sea equal to 5 kg harvested three years after release. This proven metric
shows a significant de-risking of production targets once fish is put to sea.

In 2023, NOHAL will put 1 million fish to sea – equivalent to the growth phase 1
production target of 5.000 tonnes (4.500 tonnes HOG) harvest in 2026.


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.

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