Averøy, Norway, 23 May 2023

Nordic Halibut AS today publishes its interim quarterly report for Q1 2023. The
interim report and financial statement for Q1 2023 were approved by the Board of
Directors on 22 May 2023.

Q1 2023 Highlights

o Nordic Halibut continues to be well positioned to achieve long-term production
targets of 4 500 tonnes head-on-gutted (HOG) within 2026 and 9 000 tonnes HOG
within 2030
o Record-high average sales price of 169 NOK/kg, a YoY increase of 26%
o Harvested 249 tonnes (224 tonnes HOG) during Q1 2023, with an average harvest
weight of 6.5 kg (5.9 kg HOG)
o Total revenue ended at NOK 38 million (+104% YoY)
o EBITDA for the period ended at NOK 0.1 million with limited fair value
adjustments of live halibut
o The Company strengthens biological R&D team to support further development
o Available liquidity at period end was NOK 122 million
o The Company reiterates the harvest volume guiding for 2023 at 1 200 tonnes (1
080 tonnes HOG) 


Outlook

Nordic Halibut has embarked on an ambitious growth plan with the aim of becoming
the world's leading halibut farmer, following a significant breakthrough in
early-phase production. The Company's growth plan has production targets of 4
500 tonnes HOG within 2026 and 9 000 tonnes HOG within 2030. The first
production milestone towards these targets is the number of fish to be released
into the sea during 2023. In 2023, the Company aims to release 1 million
juveniles, enabling a run-rate production of 4 500 tonnes HOG of halibut.  

Nordic Halibut has established a fully integrated value chain, from roe to
sales, that is designed and organized to support the Company's growth plan to
reach 4 500 tonnes HOG within 2026. The current infrastructure and capacities at
the production facilities at Midsund, Askøy and Averøy are after investments
during 2021 and 2022 capable to produce 1 million juveniles annually. In the
grow-out phase of production, the Company currently operates at three locations
and aims to establish a fourth location in 2023 to enable a run-rate production
of at least 4 500 tonnes HOG halibut in sea each year. 

The existing infrastructure and capacities at Nordic Halibut's facilities are
sufficient to produce the required number of fish and volumes needed to achieve
the production targets of phase 1 in the growth plan of 4 500 tonnes HOG.
Consequently, the Company has incurred advanced expenses during the build-up
phase and establishment of these capacities. The planned volume ramp-up and
growth towards 2026 and 2030 will have a significant impact on production costs
and results. Given the promising biological performance observed throughout the
production process, the Company is confident that the economies of scale will be
substantial once the target volumes are reached. 

Phase 2 of the growth plan will elevate the Company's production volume target
to 9 000 tonnes HOG within 2030. To achieve this target, Nordic Halibut will
construct a new land-based facility in Tingvoll, which will have an annual
production capacity of 1.25 million juveniles from 2027. This facility will
enable the production of 9 000 tonnes HOG of halibut by 2030. The approval of
the zoning plan in February 2023 and the overall progress of the project in 2022
and 2023 strengthen the current timeline estimates for the completion of the
facility.

***

Following today's release of the Company's interim report and financial
statements, Nordic Halibut will publish a webcast with a presentation of the Q1
2023 results and an update on the Company's business plan progression. The
webcast is available at the Company's investor webpage:
https://www.nordichalibut.com/investor/

***

For more information, please see the attached report or 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.