Norcod — Earnings Release 2023

Jun 1, 2023

Norcod AS: Q1 2023 Quarterly report

Norcod AS: Q1 2023 Quarterly report

(Trondheim, 1 June 2023)

Q1 2023 Highlights

- 125 MNOK in revenues, up 51% from Q1-22 driven by increased harvesting

- 13 MNOK in operating loss, compared to 45 MNOK in Q1-22

- 9 MNOK in cash flows from operations, up from -11 MNOK in Q1-22

- 3 362 tons WFE harvested, up from 2 027 tons WFE in Q1-22

- Second production site supplied with onshore power

Norcod will present its first quarter results 2023 on Thursday 1 June 2023 at 10.00 am.

The live presentation will only be available through webcast through the following link:

https://teams.microsoft.com/l/meetup-join/19%3ameeting_MWUxYTgxNTMtZTkwNy00YjNkLThlZjItYzgwNzIyZGI3YjRm%40thread.v2/0?context=%7B%22Tid%22%3A%2279a58c32-6f4c-4071-a8b3-a1f3c4e97bfc%22%2C%22Oid%22%3A%22d1e74162-c27d-4f74-b0dc-0ca97d849183%22%2C%22IsBroadcastMeeting%22%3Atrue%2C%22role%22%3A%22a%22%7D&btype=a&role=a

For further information, please contact:

Christian Riber, Chief Executive Officer, phone: +47 905 37 990, E-mail: cr@norcod.no

Arne Kristian Hoset, Chief Financial Officer, phone: +47 988 10 282, E-mail: arne.hoset@norcod.no

About Norcod:

Norcod AS’ core business is commercial sea farming of cod but through ownership and partnerships is involved in the entire value chain. Norcod’s existing fish farms are located in Mid-Norway with ideal conditions for cod. The company is contributing to blue ocean value creation with minimal impact on the environment while supporting local communities. Norcod is listed on Oslo’s Euronext Growth market.