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Norway Royal Salmon (NRS): Q1-20 Trading update

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As reported in a stock exchange announcement on April 8, 2020, NRS harvested 5.4 thousand tonnes of gutted weight in the first quarter of 2020. During the quarter NRS has faced challenges with winter wounds on some of the fish. This have resulted in quality downgrades on harvested fish and reduced the price achievement, as well as increased production costs. In addition, a significant proportion of the fish harvested in the quarter come from an area which is subject to restrictions due to the fish disease ISA, which has resulted in higher well boat and harvest costs. The challenges of winter sores and harvest from an area subject to restrictions are temporary. The price achievement is also affected by half of the quarterly volume being harvested in March, when the price of salmon was at the lowest. Overall, this gives a lower result than expectations for the first quarter of 2020.

The preliminary operational EBIT per kg for the farming and sales operations is NOK 16.5 and preliminary operational EBIT for the Group is MNOK 74 for the first quarter of 2020. The full Q1 report 2020 will be released on May 12, 2020 at 06.30 CET.

Please refer to the Annual Report for description and reconciliation of non-IFRS measures such as operational EBIT.

For further information, please contact:

  · CEO Charles Høstlund, 994 18 449

  · CFO Ola Loe, 911 79 411

Norway Royal Salmon in brief

The Norway Royal Salmon (NRS) group owns 35 035 tonnes MAB located in Troms and Finnmark. In addition, the group has minority interest in three associated Norwegian fish farming companies which together own eleven fish farming licenses, as well as Arctic Fish on Iceland that has licenses for 11 000 tonnes. NRS is an attractively positioned fish farming group, which offers salmon to the market through its own sales organisation. For further details, please visit www.norwayroyalsalmon.com.

This information is subject to the disclose requirements pursuant to section 5-12 of the Norwegian Securities Trading Act