Norcod — Report Publication Announcement 2023

Nov 9, 2023

Norcod AS: Third quarter and first nine months 2023 financial report

Norcod AS: Third quarter and first nine months 2023 financial report

(Trondheim, 9 November 2023)

Q3 2023 Highlights

- 24 MNOK in revenues, up from 2 MNOK in Q3-22

- 28 MNOK in operating loss, compared to 3 MNOK in Q3-22

- Heavy investments in biomass to fortify market position - ongoing work to streamline the

company and secure capital to deliver on future’s ambitions

- Initiated countermeasures within lightning regime and feeding to optimize production

- Integration of Kråkøy Slakteri successfully completed

- 144 tons WFE harvested, up from 0 tons WFE in Q3-22

- Obtained new production site, Bjørnvika

9M 2023 Highlights

-186 MNOK in revenues, 56% up from 119 MNOK in Q3-22

- 188 MNOK in operating loss, compared to 91 MNOK in Q3-22

- 4 544 tons WFE harvested, up from 2 990 tons WFE 9M-22

The third quarter and first nine months 2023 financial report is enclosed.

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.