Averøy, Norway, 10 January 2024

Nordic Halibut AS ("NOHAL" or "the Company") witnessed an upwards trajectory in
price levels in Q4 2023 supported by increased harvest weights. Aligned with the
strategic harvest plan, average harvest weight concluded at 5.5 kg (4.9 kg HOG),
leading to an average sales price of 165 NOK/kg for the quarter. Notably,
halibut sold in size categories above 5 kg commanded a price of 185 NOK/kg in
Q4, underscoring the significance of larger-sized fish and the adjusted
commercial focus in response to market signals. Sales price for FY 2023
concluded at 161 NOK/kg, reflecting an impressive 8% year-on-year growth.

The total revenue generated for the quarter reached NOK 25 million, contributing
to a FY 2023 revenue of NOK 102 million (+27% YoY). Harvest volumes for the
quarter amounted to 161 tonnes (145 tonnes HOG), while FY 2023 cumulative
harvest volumes totaled 691 tonnes (621 tonnes HOG). Consistent with previous
communications, the Company prioritized to facilitate favorable distribution of
harvest weights during the quarter. This strategic focus aligns with the
commercial strategy aimed at increasing harvest weights in future periods. The
overarching objective is to optimize the utilization of available biomass,
reinforcing our commitment to long-term goals, even if it entails potential
impacts on short-term harvest volumes.

In 2023, Nordic Halibut achieved an all-time high release of halibut into the
sea, totaling 794,500. Assessments conducted in the final stages of 2023 related
to the timing of release, considering optimal solutions for fish welfare,
logistics, and batch sizes, led the company to defer approximately 100,000 fish
releases to early 2024. Although falling short of the 1 million release target
for 2023, the short-term adjustments in release volumes will not adversely
affect the 2026 production target of 4,500 tonnes HOG. This is attributed to the
step change effect from the commercial strategy emphasizing larger fish and
expected release of fish in 2024.


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

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