Clean Seas Seafood Limited

Earnings Release • Aug 30, 2022

FY22 Results Announcement

FY22 Results Announcement

[ADELAIDE], 31 AUGUST 2022:

Clean Seas Seafood Limited (ASX: CSS, OSE: CSS), global leader in full cycle breeding, production and sale of Yellowtail Kingfish, is pleased to provide its FY22 Results Announcement.

Highlights:

• Increasing awareness and acceptance of Yellowtail Kingfish globally has driven strong revenue growth with Full Year FY22 revenue of A$66.2m, up 37% on FY21 and 64% ahead of FY20

• Pricing of A$17.61/kg, up 15% on FY21, reflects the premium quality, culinary flexibility and Spencer Gulf provenance of Clean Seas’ ocean reared Kingfish

• Substantial reduction in excess live fish and frozen inventory has delivered a 19% decrease in production costs versus FY21. Further opportunity to reduce costs in FY23 with the final harvest of excess Year Class 20 fish concluded in August 2022

• The FY22 sales result combined with a focus on working capital has delivered improved underlying EBITDA and operating cash flow results versus FY21. FY22 underlying EBITDA is A$15.3m favourable to FY21 while net cash used in operating activities (excluding one-off items) is favourable to FY21 by A$16.1m

• FY22 Statutory Profit After Tax of A$8.7m versus a Loss of A$32.1m in FY22 was driven by improvement in operating earnings coupled with a significant increase in the growth of Live Fish biomass asset (+41%) and increase in valuation

The full report is attached.

For further information please contact:

Rob Gratton

CEO

rob.gratton@cleanseas.com.au