Clean Seas Seafood Limited

Earnings Release • Feb 28, 2022

H1 FY22 Results Announcement

H1 FY22 Results Announcement

[ADELAIDE], 28 FEBRUARY 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 H1 FY22 Results Announcement.

Highlights:

• Strong sales rebound continues due to ongoing channel and market diversification delivering record H1 FY22 sales volume of 1,946t, up 35% on H1 FY21

• Record sales revenue of A$31.2 million, up 40% on H1 FY21

• Prices increasing across key categories, with continued growth in revenue per kg to A$16.03

• Production costs peaked in FY21 and have reduced by 3% in H1 FY22 versus Full Year FY21 Production costs are expected to be lower again by the end of FY22 with a further reduction in FY23 as the Company sells through its surplus live fish and frozen inventory

• H1 FY22 Statutory Loss of A$2.2m, an A$19.7m improvement on H1 FY21

• Positive operating cash flow in H1 FY22 of A$6.6 million, an increase of A$8.4 million on H1 FY21 driven by management’s focus on optimising working capital and expense reduction

• Net cash of A$12.5m at H1 FY22, an increase of A$3.8m versus H1 FY21

The full announcement is attached.

For further information please contact:

Rob Gratton

CEO

rob.gratton@cleanseas.com.au