Hofseth International AS: Comprehensive Refinancing, Green Bond Mandate Announcement and Trading Update

13 Oct 2025 07:30 CEST

Ålesund, 13 October 2025: Hofseth International AS ("Hofseth International" or
the "Company") has today announced a transformational refinancing of its capital
structure through the contemplated issuance of a EUR 300 million 1st lien senior
secured green bond with a 5-year tenor (the "New Bonds"). The Company has
mandated DNB Carnegie as Joint Lead Manager and Green Bond Advisor and SB1
Markets as Joint Lead Manager to arrange a series of fixed income investor
meetings commencing on Monday 13 October 2025. The net proceeds from the
issuance of the New Bonds will be applied for eligible green projects in
accordance with the Company's Green Financing Framework.

The Company will also instruct Nordic Trustee AS to summon for a written
resolution (the "Written Resolution") for the Company’s NOK 1,000,000,000 senior
unsecured bond issue with ISIN NO0013480632 (the "Existing Bonds"). The purpose
of the Written Resolution is to introduce a new special redemption option at
109.90% of the nominal amount to be used in connection with refinancing of the
Existing Bonds (the "Proposal"). The Proposal has support from bondholders
representing more than 2/3 of holdings in the Existing Bonds.

In addition, the Company has obtained credit approval from Sparebanken Norge for
a new NOK 1 billion revolving credit facility ("RCF") ranking pari passu with
the New Bonds. The New Bonds and the RCF will also share security on a pari
passu basis.

The refinancing is expected to materially reduce the Group’s average interest
cost, extend the average maturity of its long-term interest-bearing debt,
improve its interest rate cover and provide in excess of NOK 1 billion in
financial flexibility going forwards.

Following completion, the Group’s primary interest-bearing debt will consist of
the New Bonds, the RCF, a revolving facility in Hofseth LLC, and certain real
estate loans in Hofseth Property AS.

This transaction represents a significant step forward to position Hofseth
International for long-term sustainable growth, aligning with the Company’s
strategy to optimize its capital structure while supporting green investments.

Based on unaudited management figures, the Company achieved a revenue of NOK
875m and EBITDA of NOK 165m in July-August with a 40% increase in EBITDA vs.
same period last year. This results in a revenue of NOK 6,088 million and EBITDA
of NOK 600 million (up from EBITDA of NOK 556 million as of Q2’25) for the last
twelve months ending August 2025. Hofseth International continues to demonstrate
strong operational performance and cash generation capabilities that further
support the strategic refinancing.

About Hofseth International

Hofseth International is a leading Norwegian seafood company with a 20-year
track record of profitable and responsible growth. The Company operates across
the full value chain from smolt production and farming to processing and global
sales, serving major markets in the US, Europe, and Asia.

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