Norcod — Earnings Release 2023

Feb 15, 2024

Q4 2023 and preliminary full year 2023 Financial report

Q4 2023 and preliminary full year 2023 Financial report

Norcod AS: Q4 2023 and preliminary full year 2023 Financial report

(Trondheim, 15 February 2023)

Q4 2023 Highlights

- 83 MNOK in revenues, up 61% from 51 MNOK in Q4-22

- 47 MNOK in operating loss, excl. one-time items of 21 MNOK, compared to 32 MNOK in Q4-22

- 1 611 tons WFE harvested, up 90% from 847 tons WFE in Q4-22

- Feed conversion ratio of 1.05 and strategical biomass investments enabling 2 317 tons WFE net growth

- Post Q4-23: Commercial breakthrough with new contract in China at favorable terms

FY 2023 Highlights

- 269 MNOK in revenues, up 58% YoY

- 233 MNOK in operating loss excl. one-time items of 21 MNOK, compared to 123 MNOK in 2022

- 6 155 tons WFE harvested, up 60% from 3 837 tons WFE in 2022

Norcod will present its financial results on Thursday 15 February 2024 at 10.00 am.

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

https://teams.microsoft.com/l/meetup-join/19%3ameeting_MTcwMWZmMGQtYzlhOS00NDM1LWIyZGUtZjg3N2QyNmRkZDQ3%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.