Clean Seas Seafood Limited

Earnings Release • Feb 20, 2024

Clean Seas H1 FY24 Results – Media Release

Clean Seas H1 FY24 Results – Media Release

[ADELAIDE], 21 FEBRUARY 2024

• Operational Review on track to deliver “right-sized” business, with sales and production at circa 3,000 tonnes per annum

• Maintained pricing at A$22.53/kg for 1H FY24 versus A$22.43/kg for 1H FY23 and A$23.02/kg for 2H FY23 in a highly competitive trading environment

• Operating profit remained positive despite higher feed costs, but declined from A$1.04/kg in 1H FY23 to A$0.11/kg in 1H FY24

• Completed Placement of A$9.5M and renewed A$32.2M bank facility to support working capital and the Operational Review

• Biomass reduction complete saving A$11.0M in feed costs over the next 14 months versus growing these fish to harvest size and resulting in an A$12.2M impairment to biomass & frozen inventory and a statutory loss of A$25.9M after tax

• Targeted reduction in fixed and variable operating costs of up to A$5.0M per annum underway and on track

• Feed prices easing from record highs, with price reductions in 2H FY24

The full Media Release is attached.

Authorised for release by the Board of Clean Seas Seafood Limited.

For further information please contact:

Rob Gratton

CEO

rob.gratton@cleanseas.com.au