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Nordic Halibut AS – Operational update Q1 2024

Averøy, Norway, 15 April 2024

Nordic Halibut AS (“NOHAL” or “the Company”) has observed increased price levels in recent quarters. Aligned with the strategic harvest plan, which emphasizes biomass growth to support the adjusted commercial targets, harvest weights experienced a slight decrease during Q1 2024, averaging at 4.9 kg (4.4 kg HOG). This decline in average harvest weight compared to previous quarters led to an average sales price of 163 NOK/kg in Q1 2024, marking a 3% year-on-year decrease and a 1% decline from the previous quarter.

Demand for halibut, particularly in size categories above 5 kg, remained robust, resulting in strong price performance across all size categories compared to previous periods. Prices for halibut sold in the 3-5 kg category surged by 19%, while those in the 5-7 kg category increased by 6% compared to the corresponding quarter in 2023, reaching 176 NOK/kg for the period. Halibut sold in the 7-10 kg category maintained consistent prices year-on-year, with an average price achieved during Q1 2024 of 187 NOK/kg.

Total revenue for the quarter amounted to NOK 22 million, with harvest volumes reaching 150 tonnes (135 tonnes HOG).

Consistent with prior communications, the Company will prioritize facilitating a favorable distribution of harvest weights during this phase of the growth plan. This strategic focus aligns with the commercial strategy, aimed at increasing harvest weights in future periods to respond to market signals. The overarching objective remains to optimize the utilization of available biomass, reaffirming our commitment to long-term goals, even if it entails potential impacts on short-term harvest volumes.

For further information, please contact:

CEO Edvard Henden +47 911 41 165 or

CFO Kenneth Meyer +47 452 12 424