Averøy, Norway, 16 November 2023

Nordic Halibut AS today publishes its interim quarterly report for Q3 2023. The
interim report and financial statement for Q3 2023 were approved by the Board of
Directors on 15 November 2023.

Q3 2023 Highlights

o Strong biological control enables new commercial strategy that will yield
better results with higher margins and increased full run-rate production
volumes
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 10,350 tonnes HOG
within 2031
o The upward trend in sales prices observed year-over-year persisted into Q3
2023, registering an average sales price of 147 NOK/kg (+2% YoY)
o Harvested 131 tonnes (118 tonnes HOG) with an average harvest weight of 4.8 kg
during the quarter
o Total revenue in Q3 2023 ended at NOK 17 million (+23% YoY)
o In line with expectations, EBITDA came in at NOK -13.9 million and loss for
the period ended at NOK 21.5 million in total
o Financing of the Tingvoll facility secured, and construction initiated during
August 2023 enabling realization of growth phase 2
o Growth phase 1 value chain complete with Batnfjorden site approval, first fish
put to sea during Q3 2023 in the on-growing facility


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