Clean Seas Seafood Limited

Earnings Release • Jan 25, 2023

FY2023 Q2 BUSINESS UPDATE

FY2023 Q2 BUSINESS UPDATE

[ADELAIDE], 25 JANUARY 2023

Continued Strong Trading & Discontinuation of Quarterly Reporting Requirement

• H1 FY23 sales revenue is A$34.2 million, up 10% on H1 FY22, while farmgate revenue is A$26.9 million, a 11% increase on H1 FY22.

• Strong demand and an improved sales mix given the absence of surplus frozen inventory continues to drive pricing higher, with H1 FY23 at A$22.43/kg versus A$16.03/kg in H1 FY22. Farmgate revenue of $A17.65/kg is up 41% on the A$12.51/kg achieved in H1 FY22.

• H1 FY23 harvest volume was 1,588t, an 18% increase on H1 FY22, while frozen inventory remained stable at target levels in H1 FY23 compared to a reduction of 625t in H1 FY22 due to clearance sales of surplus frozen inventory.

• Positive Operating Cash flows delivered in Q2 and H1 FY23 despite higher input costs, particularly feed, and a lower than expected feed conversion in the early part of the current growing season. As a result of continued positive Operating Cash Flows, the ASX has ceased the requirement for Clean Seas to publish Appendix 4C quarterly cash flow and activity reports.

• The Company renewed its A$32.15 million Funding Agreement with the Commonwealth Bank of Australia in December 2022. Clean Seas maintained cash and unused working capital funding of A$22.7 million as at 31 December 2022, plus an additional A$17.0 million of undrawn facilities to fund major capital works.

The full ASX announcement is attached.

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

For further information please contact:

Rob Gratton

CEO

rob.gratton@cleanseas.com.au