NORDIC HALIBUT Averøy,Norway ,21 February 2023 Nordic Halibut AS today publishes its interim quarterly report for Q4 2022. The interim report and financial statement for Q4 2022 were approved by the Board of Directors on20 February 2023 . Q4 2022 Highlightso Well positioned and on track to deliver on long-term production targets with strong biological results and growth plan proceeding according to plan o Exceeded 2022 revenue target by 7%, ending atNOK 80 million o Revenue in Q4 2022 ended at 32 mNOK, up 4% YoY on lower harvest volumes and higher price achievement o Improved average sales prices during Q4 2022 with achieved price for fresh, whole halibut ending at165 NOK /kg HOG (+17% YoY) o The production ramp-up advancing according to plan with all-time high 700.800 fish put to sea during 2022 - equivalent to harvest volume of 3.500 tonnes in 2025 o In accordance with planned growth, the Company will have a harvest volume guiding of 1.200 tonnes for 2023, equivalent to 1.080 tonnes HOG 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 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 production costs and 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 1.25 million juveniles annually from 2027 - enabling production of 9.000 tonnes HOG halibut from 2030. The approval of the zoning plan duringFebruary 2023 and the overall project progression in 2022 and 2023 strengthens current timeline estimates for facility completion. *** Following today's release of the Company's interim report and financial statements, Nordic Halibut will publish a webcast with a presentation of the Q4 2022 results and an update on the Company's business plan progression. The webcast is available at the Company's investor webpage: https://www.nordichalibut.com/investor/ For more information, please see the attached report or contact: CEOEdvard Henden , edvard@nordichalibut.no, +47 911 41 165, or CFOKenneth Meyer , kenneth.meyer@nordichalibut.no, +47 452 12 424 AboutNordic Halibut AS : Nordic Halibut is a leading farmer ofAtlantic halibut located inWestern 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 9.000 tonnes HOG within 2030. Nordic Halibut will create shareholder value by pursuing value accretive organic growth through increased production.
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