Averøy, Norway, 11 November 2022

Nordic Halibut AS today publishes its interim quarterly report for Q3 2022. The
interim report and financial statement for Q3 2022 were approved by the Board of
Directors on 10 November 2022.

Q3 2022 Highlights

o Nordic Halibut harvested 96 tonnes HOG (-29% YoY) during Q3 2022 - reiterates
harvest volume guiding for 2022 at 600 tonnes HOG

o Revenue in Q3 2022 ended at 14.08 mNOK, down 13% YoY on lower harvest volumes
- high price achievement during the quarter limited the YoY revenue decrease

o During Q3 2022 the average sales price achieved by Nordic Halibut for fresh,
whole halibut was 143.89 NOK/kg HOG (+23% YoY)

o In accordance with planned growth, the Company will have a harvest volume
guiding of 1.200 tonnes - equivalent to 1.080 tonnes HOG for 2023

o Strong biological performance in early-phase production and in the sea-phase
of production gives solid trust in the Company's growth plans

Outlook

Nordic Halibut has implemented an ambitious growth plan to become the world's
leading halibut farmer after 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
production targets is number of fish put to sea during 2023. In 2023, the
Company has a production target of 1 million juveniles put to sea - this will
enable run-rate production of 4.500 tonnes HOG halibut.  

Nordic Halibut's fully integrated value chain from roe to sales is built and
organized to perform on the Company's growth plan to 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 able to
produce 1 million juveniles annually. In the grow-out phase of production, the
Company currently have three locations and have as ambition to establish a
fourth during 2023 to enable run-rate production of at least 4 500 tonnes HOG
halibut in sea each year. 

The established and operating infrastructure and capacities at Nordic Halibut's
facilities are able to produce the number of fish and volumes needed to reach
growth plan phase 1 production targets of 4 500 tonnes HOG. Subsequently, the
build-up phase of the Company and the established capacities have led to
advanced expenses. The volume ramp-up and planned growth towards 2026 and 2030
will have significant impact on unit costs and financial results. With the
promising biological performance throughout production, the Company is still
confident that the scale effect when target volumes are reached will be
significant. 

Growth plan phase 2 will take the Company's production volumes to 9 000 tonnes
HOG within 2030. To reach this production target Nordic Halibut will build a new
land-based facility at Tingvoll, Norway that will produce 1 million juveniles
annually from 2027 - enabling production of 9 000 tonnes HOG halibut from 2030.
The Company hope to have all regulatory processes to commence the build phase in
place by year-end 2022.


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 company based in Western Norway and with headquarters in
Averøy, Nordmøre. The Company is a leading farmer of Atlantic halibut. 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. The
Company will be implementing a growth plan to expand production volumes
considerably. Nordic Halibut will create shareholder value by pursuing value
accretive organic growth through by increased p

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