Averøy, Norway, 21 August 2024

Nordic Halibut AS today publishes its interim quarterly report for Q2 2024. The
interim report and financial statements for Q2 2024 were approved by the Board
of Directors on 20 August 2024.

Q2 2024 Highlights

o Biological asset production of 289 tonnes representing a 17% growth rate
compared to the outstanding biomass at the beginning of the quarter

o Harvested 140 tonnes (125 tonnes HOG) with an average harvest weight of 4.5 kg


o 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. The
observed slight decrease in average sales price to 153 NOK/kg in Q2 2024 is
mainly caused by selling a higher share of smaller individuals

o In Q2 2024, Nordic Halibut achieved a superior quality rate of 99.2%

o Total revenue for the quarter ended at NOK 19.1 million (- 9.6 % YoY). EBITDA
came in at NOK -11.0 million and net income ended at NOK -23.6 million for the
period

o Nordic Halibut continues to be well positioned to achieve the long-term
production target of 4,500 tonnes head-on-gutted (HOG) - The commercial strategy
coupled with the current biomass distribution is expected to push some harvest
volumes from 2026 to 2027

o Run-rate harvest volumes of 4,500 HOG now expected in late H2 2026, whereas
the 2031 target remains unchanged at 10,350 tonnes HOG

For more information, please see the attached report or contact:
CEO Edvard Henden
edvard@nordichalibut.no
+47 91 14 11 65

or 

CFO Thomas Scheele Berg
thomas.berg@nordichalibut.no 
+47 92 88 48 56

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 run rate
within late H2 2026 and 10,350 tonnes HOG within 2031. Nordic Halibut will
create shareholder value by pursuing value accretive organic growth through
increased production.