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Seasonal greetings

From all of us to all of you, Merry Christmas & Happy Holidays!

As another exciting year for Kontali is coming to an end, it is time to reflect on where 2023 took us. In 2023, we completed our transformation into the digital world by enabling our customers to get up to date insight about salmon and shrimp directly on our platform, Edge by Kontali. Moving into 2024, our next step will be to provide even more relevant insight and content about the world of seafood to our existing and new customers. As we are amid a market situation highly affected by an unstable global situation impacted by wars, climate change, and cost inflation, our goal will be to offer predictability in an unpredictable situation. 2024 will therefore be a year where we focus on releasing more content, features, functionalities and products that will assist our customers in making the best-informed decisions for their businesses.

What has been the main take aways from 2023 and how will the world of salmon and shrimp look in 2024?

For Atlantic salmon, a challenging fish health situation and record high prices in the first half of the year were main topics. In the last part of 2023, we adjusted down our production forecasts, ending the year with a decline in global production of Atlantic salmon for the second year in a row. We believe fish health will still be the most challenging part for the production moving into 2024. In the global production forecast, we still foresee a limited growth in harvest volumes, which will give a high price level in the first part of the year. However, our forecasts have been adjusted down through Q3 and Q4 to consider the lack of productivity seen in 2023, which will affect the harvest volumes of 2024. The result of this remains uncertain. Producers have the licences and capacity for growth. But are they able to achieve it? And what about land-based fish farming? Will 2024 be the year where key players succeed with full-scale production of salmon on land?

Within our shrimp world, we had exciting developments in 2023 with the launch of sophisticated shrimp trade models, revolutionising global trade insights. As we step into 2024, we gear up for a deeper dive into markets, production, and forecasting, promising an even more profound understanding of the shrimp sector for our clients. Which will be important as the shrimp industry is facing a recovery journey in 2024 until at least Q2, taking time to clear existing stock and boost shrimp consumption. This means smaller farmers will pause or reduce production for some months as farm gate prices will remain low. On the flip side, bigger farmers, with their efficiency advantages, will keep growing their production. Changes are happening in the global shrimp scene, not just on the farms but also among suppliers and processors, as we see more and more consolidation. Exciting times ahead as the industry shapes up for the months to come!

2024 is aiming to bring more exciting opportunities and challenges for the industry and us as a company. And as we are getting ready to wrap up 2023, I want to take the opportunity to thank the fantastic team here at Kontali for their efforts in ensuring our customers needs are met, going above and beyond across all departments. I am excited to continue alongside you on our journey into 2024. And to old and new customers – thank you for this year. We promise to keep delivering valuable seafood insight in the year to come, and continue to develop new products and insights to guide you through the ever-evolving seafood industry.

Warm wishes,

Lars Erik Flatøy

Interim CEO / Head of Analysis Department

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