Interim report
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Q2 2026 Report Nordic Halibut AS, Hendnesveien 124, 6533 Averøy Business Registration No. 974 526 441
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Highlights and Summary Operational Review Outlook Financial Statements
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Highlights Q2 2026 18.8% biomass production Biomass production from previous quarter (Q2 2025: 15.4%) 201 tonnes hog Harvest volume (Q2 2025: 268 tonnes HOG) 5.2 kg HOG Average harvest weight (Q2 2025: 4.3 kg HOG) 170 nok/kg Average sales price fresh HOG (Q2 2025: 170 NOK/kg) NOK 30 million Revenue from sale of goods (Q2 2025: NOK 31.8 million) Pure Norwegian Seafood AS Strategic acquisition securing full control of harvesting and processing operations Gulbygget AS and Thule Marine AS Strategic acquisitions securing flexibility and added production capacity for growth
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Summary Q2 2026 Sales price (NOK/kg fresh hog) Harvest volume (tonnes hog) EBITDA (NOK million)Revenue from sale of goods (NOK million) EBITDA for Q2 2026 is presented excluding the non-recurring effect of the first- time consolidation of the acquired subsidiaries. 170 170 183 188 170 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 268 152 200 269 201 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 32 24 45 48 30 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 -27 18 48 -6 -1 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
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Strategic Acquisitions Acquired facilities expanding the production platform INTEGRATED A fully integrated value chain The acquisitions of Pure Norwegian Seafood, Gulbygget, Thule Marine, including Thule Marine’s subsidiary Tjeldbergodden Rensefisk expands on-growing capacity and bring harvesting, filleting and value- added processing in-house. Together, the acquisitions close the final gap in the value chain, from egg to finished product, and secure processing capacity ahead of the planned increase in harvest volumes. Owning these steps shortens the route to the customer, improves product flexibility and retains more of the value created as production scales towards run-rate. Strengthens control across the value chain TWO FACILITIES Both sites are now part of the production platform SCALABILITY Supports the transition to run-rate production Pure Norwegian Seafood Gulbygget, Thule Marine and Tjeldbergodden Rensefisk
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Torjulvågen Dedicated broodstock and on-growing facility engineered specifically for halibut farming On track Construction is on Schedule and key milestones are aligned First fish July 2026 Key de-risking milestone marking the start of operations Fully operational Q1 2027 Enhances capacity and flexibility, supporting the transitions to run-rate production.
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Operational Review
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PRODUCTION AND HARVESTING ACTIVITY In Q2 2026, harvested volumes decreased to 201 tonnes HOG, down from 268 tonnes HOG in the same quarter of 2025. Year-to-date harvest volume of 470 tonnes HOG remains in line with 2026 target. Harvest volumes are planned to increase in the second half of 2026, and the main part of the harvest volume growth for the year is expected to come in this period. All harvested biomass was processed at Pure Norwegian Seafood, now a fully integrated part of the Group, ensuring efficient throughput and consistent quality standards. Superior quality rate remained high at 98.8% in Q2 2026, compared to 99.3% in Q2 2025. Harvesting was conducted weekly throughout the quarter, resulting in a consistent production rate and stable market access. The average harvest weight was 5.2 kg HOG, an increase from 4.3 kg HOG in Q2 2025. The company remains committed to its strategy of producing larger-sized fish. Operational Review STRATEGIC DEVELOPMENTS Construction of the production facility in Torjulvågen progressed according to plan, and the first fish was introduced into the facility in July 2026. Full completion is anticipated in 2027, and the facility will be instrumental in supporting the Group’s scale-up plan. During the period, the Group completed strategic investments in Pure Norwegian Seafood and at Tjeldbergodden. Together, these investments secure control of harvesting and processing capacity and represent an important step in strengthening the Group’s position across the value chain. Following the takeover of Pure Norwegian Seafood, the development of fillet production and value-added products (VAP) continues at a more intensive pace, building on initiatives launched in 2025. BIOMASS BUILD-UP Biomass production in Q2 2026 was 642 tonnes, representing an 18.8% growth from the previous quarter. Net of harvest, biomass at sea increased by 12.3% compared to Q1 2026. After a first quarter that fell short of expectations, biomass production in Q2 2026 returned to the anticipated level. In line with the Group’s long-term strategy, biomass build up is set to continue over the coming quarters. Survival rate for the quarter was 96,9%, compared to 99.3% in Q2 2025. PRICING AND EXPORT The Group achieved an average sales price of 170 NOK/kg fresh HOG in Q2 2026, consistent with the same period last year. Demand held up well through the quarter despite the seasonally lower summer demand, and larger-sized halibut continued to command premium pricing. The Group is making good progress in expanding market access and broadening its customer portfolio, positioning the business for the planned increase in harvest volumes ahead.
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Superior Quality Survival Rate Biomass Production at Sea 856 895 899 948 1 114 1 268 1 483 1 604 1 806 1 916 1 878 2 132 1 567 1 695 1 721 1 848 2 109 2 376 2 514 2 604 3 020 3 351 3 406 3 824 0 500 1 000 1 500 2 000 2 500 3 000 0 500 1 00 0 1 50 0 2 00 0 2 50 0 3 00 0 3 50 0 4 00 0 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 LTM production at sea (tonnes growth) Biomass at sea (tonnes end of period)
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(Q2 2025: 4) Number Of Employees Superior Quality HSE Incidents (LTI) 96.8% Survival Rate Quality Deviation Rate Apprentices 98.8% 0.0% 110 4 0 (Q2 2025: 99.3%) (Q2 2025: 99.3%) (Q2 2025: N/A) (Q2 2025: 99) (Q2 2025: 1) Sustainability performance indicators Q2 2026 (Q2 2025: 4)
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Outlook
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Outlook Annual harvest volumes (ktonnes HOG) Long term growth plan and expected harvest Nordic Halibut’s growth strategy is focused on producing larger-sized halibut to capture strong market demand and deliver improved profitability. The Company is well-positioned to benefit from premium pricing in key export markets, where halibut above 6 kg are particularly sought after. Halibut farming offers unique biological advantages, such as the absence of early maturation and lice issues. This provides greater predictability in growth cycles and size development, allowing production to be tailored to market demand. To support this direction, the Company prioritizes biomass build-up and optimal size growth, with harvest volumes directed toward larger weight categories. The key priority going forward is to safeguard standing biomass and ensure a sustainable balance between harvest volumes and size distribution, supporting the strategy of increasing harvest weights. Harvest decisions are taken with a long-term perspective to support stable run-rate production volumes, consistent quality and sustained premium pricing. Production is expected to reach run-rate volumes in Q3 2026, providing increased flexibility. Production is considered to have reached run-rate when the rolling 12-month production forecast exceeds 4 500 tonnes HOG. Run-rate harvest volumes are expected to be reached during 2027. The company estimates harvest volumes of approximately 1 500 tonnes HOG in 2026 4,50 10,35 2024 2025 2026E 2027E 2028E 2029E 2030E 2031E The Company has established an integrated value chain, including all necessary capacities for run rate production of 4 500 tonnes HOG. The production capacity will be expanded through the construction of a new fully integrated land-based facility at Torjulvågen, expected to be fully operational in Q1 2027. Complemented by additional sea site locations, these developments will support the company’s long-term production target. Price and market strategy Demand and pricing are expected to remain strong. Following an expected seasonal decline in demand during the summer months, demand and pricing is expected to rise towards the end of the year. The company is currently in a growth phase, with steadily increasing harvest volumes and ongoing efforts to expand its market reach. As a result, current price levels are expected to be maintained, while expectations for further price growth over the medium-term are moderated. The company is confident in the presence of a market for premium halibut products and intends to execute commercial strategies to expand into new markets while further enhancing awareness and demand for its unique sustainable product. Regulatory risk Nordic Halibut operates in an international market subject to changing regulatory frameworks, tariffs, and trade policies. The company continuously monitors regulatory developments and adapts its strategy to mitigate potential impacts. Ongoing diversification of markets and products is a key element in reducing exposure to single-market risks and ensuring long-term growth. Value-added production Nordic Halibut has established a strategic focus on developing value-added products. Initiatives in this area were launched in 2025 and are continuing as part of the company’s long-term growth strategy. A pilot production of fillet products was carried out during Q1 2026. Through the acquisition of Pure Norwegian Seafood AS the Group has secured the facility to speed up the development of this production.
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Consolidated Financial Statements Q2 2026
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Financial Review Initial Consolidation of Subsidiaries As a result of the acquisition of 100% of the shares in Pure Norwegian Seafood AS, Gulbygget AS and Thule Marine AS, including Thule Marine AS’s subsidiary, the Group has prepared consolidated interim financial statements for the first time. The impact of the acquisitions and the related first-time consolidation on the Group’s financial performance, financial position and cash flows is described in Note 7 and commented on in the section below where relevant. Statement of Profit and Loss Total revenue for the Group in Q2 2026 was recognised with NOK 53.7 million. The total revenue includes a gain on bargain purchase of NOK 23.6 million, representing a non-recurring accounting adjustment arising from the initial consolidation of acquired entities. Revenues from sale of goods in the period amounted to NOK 30 million, compared to NOK 31.8 million in the corresponding quarter last year. The revenues are based on a total sales volume of 182 tonnes HOG, compared to 191 tonnes HOG in Q2 2025. Group EBITDA in Q2 2026 was positive with NOK 22.8 million, compared to a negative NOK 27.0 million in Q2 2025. Underlying EBITDA, excluding the gain on bargain purchase and other first-time consolidation effects, was negative with NOK 0.7 million, which is the relevant basis for comparison with prior periods. In Q2 2026, a positive change in fair value of biological assets of NOK 48 million was recognized, reflecting the biomass build-up in the period. Depreciation and amortization for the period amounted to NOK 24 million, an increase of NOK 14 million compared to the same period last year, reflecting material investments made over the past year. After net financial expenses of NOK 15.8 million, the Group reports a loss before tax of NOK 17 million for Q2 2026. Excluding the gain on bargain purchase, the loss before tax amounts to NOK 40.6 million. The Company is currently in a phase characterized by biomass build-up and ongoing development of production capacity. As a result, financial results are expected to be volatile between periods. This volatility is primarily driven by variations in biological growth, changes in fair value of biological assets, and the timing of investments and cost recognition. As production scales and capacity is further utilised, financial performance is expected to gradually stabilize over time.
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Financial Review Statement of Cash Flow Operating activities generated a positive cash flow of NOK 5.9 million in Q2 2026, compared with a negative NOK 43.9 million in the same quarter of 2025. The improvement is primarily driven by a positive development in working capital, while non-cash items such as depreciation and the gain on bargain purchase explain much of the divergence between the reported result and the operating cash flow. Investing activities resulted in a negative cash flow of NOK 124.3 million, of which NOK 85.6 million relates to capital expenditure, mainly the new production facility in Torjulvågen, and NOK 38.7 million to the acquisition of subsidiaries, net of cash acquired. Investments were financed through drawdowns of NOK 48.2 million under construction loan facility and increased utilisation of the overdraft facility of NOK 128.0 million, while repayment of lease liabilities of NOK 46.3 million and interest payments of NOK 15.8 million pulled in the opposite direction. Financing activities thus had a net positive cash flow effect of NOK 113.1 million. Cash and cash equivalents amounted to NOK 14.2 million at the end of the period, a reduction of NOK 5.3 million during the quarter. Available liquidity also includes unutilised credit facilities. Balance Sheet and Financial Position At the end of Q2 2026, the Group’s total assets amounted to NOK 1 506 million, an increase of NOK 185 million compared with the previous quarter. Assets recognized at fair value upon the initial consolidation of acquired subsidiaries accounted for NOK 171 million of this increase. In addition, the fair value of biological assets in sea increased by NOK 49.9 million compared with Q1 2026. At the end of Q2 2026, total equity amounted to NOK 653.5 million, an increase of NOK 13.6 million compared with the previous quarter. The loss for the period of NOK 17.0 million was more than offset by a share issue of NOK 24.0 million and other changes in equity. Equity ratio decreased to 43.5%, from 48.4% in the previous quarter, reflecting the loss for the period and the increase in total assets following material investments in the period, increasing fair-value of biological assets and the initial consolidation of acquired entities.
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Consolidated Statement of Profit and Loss (Amounts in 1 000 NOK, except EPS) Note Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 Revenue from sale of goods 30 028 31 766 77 680 75 892 145 388 Gain on bargain purchase 7 23 556 - 23 556 - - Other income 165 - 1 692 - 110 Total operating revenue 53 749 31 766 102 928 75 892 145 498 Fair value adjustment of live halibut 2 47 972 4 002 63 771 41 504 182 678 Cost of materials -37 994 -28 198 -63 190 -47 883 -121 621 Salaries and personnel expenses 6 -16 767 -12 994 -37 081 -31 133 -69 243 Other operating expenses -24 118 -21 583 -49 876 -44 478 -77 310 Operating profit/loss (EBITDA) 22 841 -27 007 16 553 -6 098 60 002 Depreciation and amortisation -24 005 -10 009 -47 218 -19 789 -51 042 Operating profit/loss (EBIT) -1 164 -37 016 -30 666 -25 887 8 960 Financial income 4 690 634 771 1 336 2 488 Financial expenses 4 -16 522 -4 477 -25 533 -11 311 -21 415 Net financial items -15 832 -3 843 -24 762 -9 975 -18 926 Profit/loss before tax -16 996 -40 859 -55 428 -35 862 -9 966 Income tax expense - - - - - Profit/loss for the period -16 996 -40 859 -55 428 -35 862 -9 966 Basic earnings per share -0.31 -0.76 -1.02 0.00 -0.19 Diluted earnings per share -0.31 -0.76 -1.02 0.00 -0.19
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Consolidated Statement of Financial Position (Amounts in 1 000 NOK) Note 30.06.2026 30.06.2025 31.12.2025 ASSETS Non-current assets Licenses, patents and other - - - Property, plant and Equipment 568 060 228 682 346 729 Right-to-use assets 167 443 98 135 208 637 Non-current biological assets 2 108 693 99 546 98 033 Other equity investments 55 - - Total non-current assets 844 251 426 363 653 399 Current assets Biological assets 2 556 876 361 077 503 764 Finished goods 2 5 702 - 1 439 Other inventory 2 6 593 15 764 10 563 Total biological assets and inventory 569 171 376 841 515 767 Receivables Accounts receivable 25 597 13 665 25 750 Other short-term receivables 35 255 22 908 26 839 Total receivables 60 852 36 573 52 589 Current financial assets Other current financial assets 18 271 - - Total current financial assets 18 271 - - Cash and cash equivalents 14 211 6 183 12 674 Total current assets 662 505 419 596 581 030 Total assets 1 506 756 845 959 1 234 428 (Amounts in 1 000 NOK) Note 30.06.2026 30.06.2025 31.12.2025 EQUITY AND LIABILITIES Equity Share capital 272 199 267 199 267 199 Share premium 636 649 617 649 617 649 Other equity -255 312 -232 930 -206 741 Total equity 653 536 651 918 678 108 Liabilities Non-current liabilities Deferred tax liability 3 247 - - Non-current debt to financial institutions 3 220 403 21 558 119 074 Lease liabilities 3 104 062 64 260 148 678 Total non-current liabilities 327 712 85 818 267 752 Current liabilities Debt to financial institutions 3 361 046 8 477 153 135 Lease liabilities 3 61 626 27 242 50 100 Trade payables 86 932 62 806 69 857 Current tax liability 38 - - Public duties payable 4 519 3 799 5 096 Other current liabilities 11 347 5 899 10 381 Total current liabilities 525 508 108 223 288 569 Total liabilities 853 220 194 041 556 321 Total equity and liabilities 1 506 756 845 959 1 234 428
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Consolidated Statement of Cash Flows (Amounts in 1 000 NOK) Note Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 Cash flow from operating activities Profit/loss before tax -16 996 -40 859 -55 428 -35 862 - 9 966 Gain on bargain purchase 7 -23 556 - -23 556 - - Tax paid in the period - - - - - Depreciation and amortisation 24 005 10 009 47 218 19 789 51 042 Interest paid 4 15 813 3 961 24 116 9 235 18 753 Currency translation of cash and cash equivalents 4 -193 -1 488 -217 2 826 3 328 Change in inventory and biological assets 2 -47 830 -11 119 -61 649 -51 944 -189 356 Change in trade receivables 4 000 3 581 9 934 1 355 -10 730 Change in trade payables 17 106 -3 833 13 939 1 339 3 856 Change in other accruals 33 596 -4 183 43 011 -15 884 -13 053 Net cash flow from operating activities 5 945 -43 932 -2 631 -69 146 -146 127 Cash flow from investing activities Payments for property, plant and equipment -85 587 -313 -159 090 -24 116 -148 585 Acquisition of subsidiary, net of cash acquired 7 -38 701 0 -38 701 0 0 Net cash flow from investing activities -124 288 -313 -197 791 -24 116 -148 585 Cash flow from financing activities Proceeds from issuance of long-term debt 3 48 200 0 85 800 0 101 000 Repayment of long-term debt to financial institutions 3 -943 -1 742 -2 685 -3 484 -6 967 Repayment lease liabilities 3 -46 325 -17 974 -60 565 -11 364 -35 577 Net change in overdraft facilities 3 127 975 -1 607 203 308 -180 437 -35 779 Interest paid 4 -15 813 -3 961 -24 116 -9 235 -18 753 Proceeds from issuance of equity 0 1 586 0 280 931 280 931 Net cash flow from financing activities 113 094 -23 697 201 743 76 411 284 854 Net change in cash and cash equivalents in the period -5 250 -67 942 1 321 -16 851 -9 858 Cash and cash equivalents - opening balance 19 268 72 636 12 674 25 860 25 860 Currency translation of cash and cash equivalents 193 1 488 217 -2 826 -3 328 Cash and cash equivalents - closing balance 14 211 6 183 14 211 6 183 12 674
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Consolidated Statement of Changes in Equity Gardermoen, 26 August 2026 Vegard Gjerde Chair of the board Mariann Reite Director Birthe Cecilie Lepsøe Director Tore Hopen Director Jan Erik Sivertsen Director Edvard Henden CEO (Amounts in 1 000 NOK) Share capital Share premium Other equity Total equity Equity 31.03.2026 267 199 617 649 -244 915 639 934 Changes in the period Profit or loss -16 996 -16 996 Other comprehensive income Share option expense 261 261 Net proceeds from share issues 5 000 19 000 24 000 Other changes in equity 6 338 6 338 Dividend Total changes in the period 5 000 19 000 -10 397 13 603 Equity 30.06.2026 272 199 636 649 -255 312 653 536 (Amounts in 1 000 NOK) Share capital Share premium Other equity Total equity Equity 31.03.2025 266 782 616 481 -192 072 691 191 Changes in the period Profit or loss -40 859 -40 859 Other comprehensive income Share option expense Net proceeds from share issues 417 1 169 1 586 Other changes in equity Dividend Total changes in the period 417 1 169 -40 859 -39 273 Equity 30.06.2025 267 199 617 649 -232 930 651 918
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Notes to the Consolidated Financial Statements
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Note 1 | Basis for Preparation Reporting framework and accounting principles These consolidated financial statements have been prepared in accordance with International Accounting Standards 34 - Interim Financial Reporting (IAS 34). Nordic Halibut AS’s 2025 Annual Report was prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. The accounting policies applied in this interim report are consistent with those used in Nordic Halibut AS’s 2025 Annual Report. A comprehensive overview of all material accounting policies is provided in Nordic Halibut AS’s 2025 Annual Report, available at www.nordichalibut.com These interim consolidated financial statements do not include all disclosures required by International Financial Reporting Standards (IFRS) for annual financial statements and should be read in conjunction with Nordic Halibut AS’s 2025 Annual Report. New standards effective from 1 January 2026 No accounting principles have been changed, or new standards have been adopted during the period. Regarding the use of estimates In preparation of these interim financial statements, the management is required to make estimates and assumptions concerning the future that affect the accounting policies and recognized amounts of assets, liabilities, income and expenses. The most significant estimates relate to the valuation of biological assets. Estimates and underlying assumptions are continuously evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be probable under the present circumstances. The final outcomes may deviate from these estimates. Changes in estimates are reflected in the accounts as they occur.
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Note 2 | Biological Assets and Other Inventories Biological assets Biological assets comprise broodstock fish, eggs, juveniles, and fish in the sea. Biological assets are, in accordance with IAS 41 and IFRS 13, measured at fair value less cost to sell. In line with IFRS 13, the highest and best use of the biological assets is applied for the valuation. In accordance with the principle for highest and best use, the fish is considered to have optimal harvest weight at 7.2 kg. This corresponds to that fish with live weight of 7.2 kg, or more are classified as mature fish, while fish that have still not achieved this weight are classified as immature fish. All fish at sea are subject to a fair value calculation, while juveniles are measured at cost due to little transformation and as a reasonable proxy of fair value. Broodstock recruits are measured at accumulated cost (normalized) through development stages from selected juvenile broodstock recruits until the selected group reaches roe producing broodstock stage. The accumulated cost for broodstock recruits is time adjusted for each category to reflect the cost per fish balance throughout the development phases. Producing broodstock fishes are measured at accumulated cost per fish (normalized) at the time they are considered roe producing with an added margin to reflect value of this fish in a hypothetical market, adjusted for time value and declining value as remaining roe producing periods lessen until ultimately being valued at estimated sales value to consumption. Fair value The estimation of the fair value relies on a series of uncertain assumptions, e.g., biomass volume, biomass quality, size distribution, market prices, expected future costs, remaining time to harvest and total time to harvest. The fair value of the biological assets at sea is calculated using a 2% monthly discounting of the cash flow based on the month in which the fish reaches optimal harvest weight. The discount factor is intended to reflect three main components: 1. Risk of incidents that affect cash flow; 2. Hypothetical site rental cost; 3. Time value of money The discount factor is set based on an average for all the Group’s sites, which, in the Group’s assessment, provides a sensible growth curve for the fish – from juvenile to harvestable size. The risk adjustment must consider the biological risks of farming, including the average time in sea for the fish. The number of months left until harvesting will affect the risk. Biological risk, the risk of increased costs and price risk will be the most important elements to be recognized. Fair value adjustments are part of the Group’s EBIT, but changes in fair value are presented on a separate line to provide better understanding of the Group’s profit/loss on cost of goods sold. Book value of biological assets and inventory 30.06.2026 30.06.2025 31.12.2025 Fish feed and other inventory 6 593 15 764 10 563 Finished goods 5 702 - 1 439 Biological assets 665 568 460 623 601 797 Total value of biological assets and inventory 677 863 476 387 613 799 Book value of biological assets recognised at fair value 30.06.2026 30.06.2025 31.12.2025 Biological assets held at sea farms at cost 624 122 517 343 582 856 Fair value adjustment of biological assets -67 247 -156 266 -79 092 Total biological assets held at sea farms at fair value 556 876 361 077 503 764 Biological assets at land at cost 102 628 81 905 80 970 Fair value adjustment of biological assets at land 6 065 17 641 17 062 Total biological assets held at land at fair value 108 693 99 546 98 033 Total biological assets 665 568 460 623 601 797
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Note 2 | Biological Assets and Other Inventories Biomass (kg) Carrying amount (1 000 NOK) Change in biological assets held at sea Q2 2026 Q2 2025 2025 Q2 2026 Q2 2025 2025 Biological assets at beginning of period 3 405 759 2 513 659 2 376 107 503 764 345 663 326 683 Increase due to production 674 925 393 840 2 014 383 75 162 75 218 240 868 Decrease due to harvest -223 482 -297 127 -941 347 -27 489 -39 278 -116 268 Decrease due to mortality -33 264 -6 034 -86 053 -6 407 -903 -16 626 Decrease due to incident-based losses Fair value adjustment at beginning of period -79 092 -136 643 -148 201 Fair value adjustment at period end -67 247 -156 266 -79 092 Biological assets at period end 3 823 938 2 604 338 3 363 090 556 876 361 077 503 764 Biological assets held at 30.06.2026 Biomass Cost Fair value adjustments Carrying amount < 2 kg 1 230 193 283 493 -46 529 236 964 2 - 4 kg 1 671 881 224 124 -17 604 206 520 > 4 kg 921 864 116 505 -3 114 113 391 Biological assets held at sea farms 3 823 938 624 122 -67 247 556 876 Other biological assets 40 693 102 628 6 065 108 693 Biological assets 3 864 631 726 750 -61 181 665 568 Biological assets held at 30.06.2025 Biomass Cost Fair value adjustments Carrying amount < 2 kg 1 354 731 340 756 -137 934 202 822 2 - 4 kg 763 998 117 276 -23 216 94 060 > 4 kg 485 609 59 310 4 884 64 194 Biological assets held at sea farms 2 604 338 517 343 -156 266 361 077 Other biological assets 36 261 81 905 17 641 99 546 Biological assets 2 640 599 599 248 -138 625 460 623
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Note 3 | Net interest-bearing debt Valuation The fair value of borrowings are not materially different from their carrying amounts. Interest payable on the borrowings are either close to the current market rates, or the borrowings are of short-term nature. Borrowings are therefore recognized by their carrying amount in the financial statements. Instalments on bank loans due within 12 months, overdraft facility and lease agreements are classified as current liabilities in the consolidated balance sheet. Overdraft facilities The Group’s total overdraft facilities as of 30 June 2026 amounts to NOK 503 million. The overdraft facilities will primarily be used to finance growth in biomass. Construction loan The Group has secured a construction loan from Sparebank 1 Sør-Norge and Sparebank 1 Nordmøre to finance the construction of the new production facility in Torjulvågen. The loan is structured with interest-only payments during the construction phase. As of 30 June 2026, NOK 186.8 million has been drawn under this facility. Long-term financing arrangements are also in place to refinance the construction loan upon completion of the project. Due to the refinancing arrangement, the drawn amount on the construction loan is classified as non-current debt to financial institutions in the consolidated statement of financial position. Long term debts The Group has long term debt financing with Innovasjon Norge. Remaining liabilities to Innovasjon Norge on 30 June 2026 consist of four low-risk loans amounting to NOK 15.5 million in total on floating interest rate conditions. The Group also has three loans with Sparebank 1 Nordmøre, in total amounting to NOK 28 million as of 30 June 2026. Financing of the acquisitions Pure Norwegian Seafood AS was settled in cash, with a consideration of NOK 45.4 million and a net cash outflow of NOK 38.7 million after cash acquired. Gulbygget AS and Thule Marine AS were settled through the issuance of consideration shares in Nordic Halibut AS, with no cash flow effect. Financial covenants The principal financial covenant of the facilities is a minimum equity ratio of 30%. As of 30 June 2026, the Group had an equity ratio of 43.5%. The second financial covenant to the overdraft facility is that utilized overdraft facility is limited to 65% of book value of biological assets, inventory and trade receivables. The Company is compliant with all financial covenants as of 30 June 2026. (Amounts in 1 000 NOK) 30.06.2026 30.06.2025 31.12.2025 Non-current interest-bearing liabilities Non-current debt to financial institutions 220 403 21 558 119 074 Lease liabilities 104 062 64 260 148 678 Total non-current interest-bearing liabilities 324 465 85 818 267 752 Current interest-bearing debt 30.06.2026 30.06.2025 31.12.2025 Debt to financial institutions 361 046 8 477 153 135 Lease liabilities 61 626 27 242 50 100 Total current liabilities 422 672 35 719 203 234 Gross interest-bearing liabilities 747 137 121 537 470 986 Cash and cash equivalent 14 211 6 183 12 674 Net interest-bearing debt 732 925 115 354 458 312 Debt assumed through the acquisition of subsidiaries Through the acquisition of Pure Norwegian Seafood AS, Gulbygget AS and Thule Marine AS, including Thule Marine AS’s subsidiary, interest-bearing debt of NOK 43.5 million was recognised in the consolidated statement of financial position at the acquisition date, mainly bank borrowings and lease liabilities related to the acquired properties and operating assets. In addition, trade and other payables of NOK 29.3 million were assumed. The assumed debt is included in the interest-bearing debt figures presented above as of 30 June 2026.
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Note 4 | Net Financial Items (Amounts in 1 000 NOK) Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 Financial income Interest income 1 1 13 68 1 030 Currency gain (agio) 688 632 757 1 266 1 457 Changes in forward currency contracts 0 0 0 0 0 Other financial income 1 2 1 2 2 Total financial income 690 634 771 1 336 2 488 Financial expenses Interest expenses -15 930 -3 853 -24 297 -9 229 -18 670 Currency loss (disagio) -499 -625 -999 -4 903 -5 566 Changes in forward currency contracts -90 0 -233 2 821 2 821 Other financial expenses -3 0 -3 0 0 Total financial expenses -16 522 -4 477 -25 533 -11 311 -21 415 Net financial items -15 832 -3 843 -24 762 -9 975 -18 926
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Note 5 | Share Capital and Shareholders Listing Nordic Halibut AS has its registered office at Hendnesveien 124, 6533 Averøy and was listed on Euronext Growth Oslo on 26 April 2021 under the ticker “NOHAL”. Market capitalization The closing price for the Company’s share was NOK 24.00 per share as per 30 June 2026, equivalent to a market capitalization of approx. NOK 1 307 million. The Company’s 20 largest shareholders as of 30 June 2026 were:As of 30 June 2026, the Company’s share capital comprised: No. Face value Share capital Ordinary shares 54 439 885 5.00 272 199 Total 54 439 885 5.00 272 199 Shareholder No. of shares Shareholding (%) Kontrari AS 21 278 158 39.09% Farvatn Private Equity AS 7 923 103 14.55% Kontrazi AS 5 289 530 9.72% Jakob Hatteland Holding AS 4 010 934 7.37% T.D. Veen AS 3 647 755 6.70% Børge Hald 2 327 843 4.28% Heimstø AS 1 000 000 1.84% King Kong Invest AS 808 967 1.49% Jan Heggelund 782 636 1.44% Verdipapirfondet Holberg Triton 759 315 1.39% Rønneberg Invest AS 478 675 0.88% Sulefjell AS 355 560 0.65% Vicama AS 316 666 0.58% Oroblanco Invest AS 306 938 0.56% Babaco Invest AS 295 988 0.54% Kiwano Invest AS 293 430 0.54% Serac AS 266 848 0.49% Ole Ketil Teigen 240 000 0.44% Sognefjell AS 224 460 0.41% Arages Holding AS 215 699 0.40% Others 3 617 380 6.64% Total 54 439 885 100.0%
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Note 6 | Share Option Program Nordic Halibut AS resolved to implement a share option program for management and certain key employees of the Company from 24 September 2021. The share option program is implemented to increase the Company’s ability to retain, reward and attract talent to help realize the Group’s ambitious growth plan. It is considered beneficial for all Company stakeholders to implement an incentive for key employees to have ownership in the Company. The program comprises 600 000 share options in total. Each option will give the option holder the right to subscribe or purchase one share in the Company at the exercise price, which is set to NOK 22.50, equal to the subscription price in the private placement of shares immediately prior to the listing of the Company's shares on 26 April 2021. On 30 June 2026, the closing share price for Nordic Halibut (Ticker: NOHAL) was NOK 24.00. The share options have an exercise period of 6 months starting 1 January 2029. Name Position Option category Outstanding options 31.03.2026 Outstanding options 30.06.2026 Edvard Henden CEO Share settlement 200 000 200 000 Are Hammervik Strand CFO Share settlement 75 000 75 000 Ann Kristin Fladset COO Share settlement 100 000 100 000 Torill Fladvad COO Share settlement 75 000 75 000 Aina Røsseland CSO Share settlement 75 000 75 000 Others Share settlement 50 000 50 000 Not granted Share settlement 25 000 25 000 Total 600 000 600 000
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Note 7 | Business Combination Acquisition of Subsidiaries On 23 June 2026, Nordic Halibut AS acquired 100% of the shares in Gulbygget AS and Thule Marine AS, including Thule Marine AS’s subsidiary, thereby obtaining control of these entities. The acquisitions secure full ownership of both the operational assets and the infrastructure at the Group’s production facility at Tjeldbergodden, strengthening operational integration and supporting continued development of the Group’s value chain. On 30 June 2026, Nordic Halibut AS acquired 100% of the shares in Pure Norwegian Seafood AS, thereby obtaining control of the company. This acquisition represents the final step in establishing an integrated value chain under common ownership, providing the Group with control over all key stages of production, from genetics and farming through harvesting, processing and value-added production. Purchase Price Allocation The allocation of the purchase considerations is summarized below: (Amounts in 1 000 NOK) Fair value Property, plant and equipment 126 289 Other equity investments 55 Inventories 2 415 Trade and other receivables 17 339 Current financial assets 18 267 Cash and cash equivalents 6 701 Interest-bearing debt -43 539 Trade and other payables -29 274 Deferred tax liabilities -5 295 Net identifiable assets acquired 92 958 Gain on bargain purchase -23 556 Contribution to Group Results Due to the short period between the acquisition dates and the reporting date, the contribution from the acquired entities to the Group’s revenue and earnings was not material. Consequently, no separate disclosure of the acquired entities’ contribution to the Group’s results have been presented. Cash Flow Impact The net cash flow effect from the acquisitions was as follows: (Amounts in 1 000 NOK) Cash consideration paid 45 402 Cash and cash equivalents acquired 6 701 Net cash outflow on acquisitions 38 701 Group Structure Following completion of the transactions, the Group includes newly consolidated entities: Company Ownership Pure Norwegian Seafood AS 100% Gulbygget AS 100% Thule Marine AS 100% Tjeldbergodden Rensefisk AS 100% This represents the Group’s first reporting period following the acquisitions and consolidation of the acquired entities. Accordingly, comparative figures have not been restated and are not directly comparable with the current reporting period. The gain on bargain purchase has been recognized in profit or loss as part of the Group’s acquisition accounting. The gain represents a non-recurring accounting adjustment arising from the initial consolidation of the acquired entities and does not reflect the Group’s underlying operating performance. The acquisitions of Gulbygget AS and Thule Marine AS, including Thule Marine AS’s subsidiary were financed through the issuance of shares in Nordic Halibut AS. Accordingly, the transaction had no cash flow impact.