Clean Seas Seafood Limited

Earnings Release • Feb 20, 2023

Clean Seas H1 FY23 Results – Media Release

Clean Seas H1 FY23 Results – Media Release

[ADELAIDE], 21 FEBRUARY 2023

• Positive Operating EBITDA of A$1.6 million (A$1.04/kg) for H1 FY23 compares to a loss of A$9.9 million in H1 FY22, driven by price increases and operational cost reductions

• Pricing up 40% to A$22.43/kg in H1 FY23. Increased and converging Fresh and Frozen prices, up 20% and 79% respectively, driven by demand outstripping supply and the transition away from an overstocked live fish biomass and frozen inventory position

• Production costs down 11% to A$13.22/kg in H1 FY23 due to optimisation of live fish biomass achieved despite increased feed, labour and fuel costs, and lower than expected growth in the early part of the current growing season

• Reduced sales volumes reflect sell-through of all clearance frozen inventory, partially offset by 18% increase in harvest volumes

• Positive operating cash flows of A$3.5 million in H1 FY23 and increased net cash position to A$6.8 million

• Statutory NPAT loss reflects H1 being predominantly winter non-growing season and expected to be positive for FY23 once the summer growing season is completed in H2

The full ASX announcement 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