Nordic Halibut : Company presentation – NASF 2024

Company Presentation

NASF 2024

Disclaimer

The materials are for information purposes only and do not constitute or form part of any offer, invitation or recommendation to purchase, sell or subscribe for any securities in any jurisdiction, and neither the issue of the information nor anything contained herein shall form the basis of or be relied upon in connection with, or act as an inducement to enter into, any investment activity. The materials comprise a general summary of certain matters in connection with the Company and do not purport to contain all of the information that any recipient may require to make an investment decision. These materials has not been approved, reviewed or registered with any public authority or stock exchange. By attending or receiving these materials, you acknowledge that you will be solely responsible for your own assessment of the Company and its market position and that you will conduct your own analysis and be solely responsible for forming your own view of the Company and its prospects. Each recipient should seek its own independent advice in relation to any financial, legal, tax, accounting or other specialist advice.

The Company have not taken any steps to verify any of the information contained herein. No representation or warranty (express or implied) is made as to any information contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements. Accordingly, the Company or any of their parent or subsidiary undertakings or any such person's officers or employees accepts any liability whatsoever arising directly or indirectly from the use of the materials.

The materials may contain certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. Any such forward-looking statements are solely opinions and forecasts reflecting views as of the date set out on the cover of these materials, which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. No liability for such statements, or any obligation to update any such statements or to conform such statements to actual results, is assumed. Furthermore, information about past performance given in these materials is given for illustrative purposes only and should not be relied upon as, and is not, and indication of future performance.

This presentation and related materials speaks only as of the date set out on the cover, and the views expressed are subject to change based on a number of factors. The Company do not undertake any obligation to amend, correct or update the materials or to provide any additional information about any matters described herein, but the Company reserves the right to amend, correct or update the materials and provide additional information.

The materials and this Presentation are subject to Norwegian law, and any dispute arising in respect thereof is subject to the exclusive jurisdiction of Norwegian courts with Oslo city court (Nw: Oslo tingrett) as agreed exclusive venue.

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Nordic Halibut at a glance

A leading producer of farmed Atlantic halibut since 1995

Leading producer of farmed Atlantic halibut

Averøy (HQ)

Tingvoll

Midsund

Fully integrated value chain from genetics to sales phase 1 complete - advances to phase 2 with new facility in Tingvoll

Dedicated broodstock program providing a unique competitive advantage - currently in the 3rd and 4th generation

De-risked production plan and visible growth towards ~10k tonnes

Exceptional in-house competence with unparalleled halibut farming experience

Nordmøre

Askøy

Production plan

1,000 tonnes (HOG)

4,5

0,7

10,4

2023 2026E 2031E

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Fundamentals in place for Nordic Halibut to succeed with halibut farming at large scale

Strong genetics with lasting competitive advantage

Predictable production of juveniles

Proven robustness and scalability in sea phase of production

Acceptance and willingness-to-pay for product in high-end markets

Necessary capacities to meet growth phase 1 production target of 4,500 tonnes HOG covered by existing infrastructure

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Atlantic halibut is a unique species optimal for farming and VAP production

Optimal species for farming

A high value species suited for VAP

Harvested all year round with predictable quality and size - demanding consistent price premium

Species with an established high-end reputation

No parasites or sea lice

Fantastic nutritional profile, low-fat and high protein content

No usage of antibiotics or chemicals in sea phase

Strong VAP-potential with a filet yield of 65%

Minimal waste - potential for 100% utilization of the fish

No problem with maturation

Size distribution well-suited for VAP

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Farmed Atlantic halibut has unique attributes that perfectly suites premium VAP production

65% fillet yield

4x boneless fillets

Size distribution with ~70% harvested over 5 kg

Prices trending at

~50 USD/kg in US retail

Unleashing the potential to craft an unparalleled product

Short lead time from cage to plate enables full utilization of potential

Sea cages

Quality

Live fish carrier

Harvest and processing	1

Value added product

Efficiency

Sustainability

Product quality opens a wide range of market channels

Verified Michelin star quality

Premium quality for sushi and Horeca

Unleashed high-end retail potential

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Strong expected margin potential at run-rate production

Expected EBIT development

NOK / kg (HOG)

Comments

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2023	Expected	EBIT/cost per kg	EBIT/kg	Scale synergies	EBIT/kg
price/kg	price/kg		(4,500 tonnes)	+5,850 tonnes	(10,350 tonnes)

Farming of Halibut is a volume game yielding significant EBIT / kg margins once produced in larger scale

The scaling effect on cost per kilo is expected to be significant for both land and sea costs as current fixed opex is frontloaded for 4,500 tonnes

4th generation improvements represents further upside potential

Potential for additional margin contribution when penetrating retail/HORECA with premium VAP

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