Norcod — Report Publication Announcement 2024

May 30, 2024

Norcod AS: 2023 Annual report

Norcod AS: 2023 Annual report

Norcod has today published its Annual Report for 2023. Financial and strategic highlights are summarized below.

During 2023, Norcod harvested 6 155 tons of WFE and total revenues ended at 269 MNOK, up from 171 MNOK in 2022. Operating expenses ended at 524 MNOK, up from 294 MNOK in 2022.

During the year, the company made capacity adjustments to align future production with the revised growth strategy that was communicated during Q1-24. The increase in OPEX is mainly explained by one-time items from the abovementioned capacity adjustments and the accelerated harvesting that was executed during the first half of the year. Additionally, OPEX was impacted by a general price increase on feed, labor and raw materials. Net loss for the period ended on 246 MNOK, down from 297 MNOK in 2022.

In order to align operational processes with the revised growth strategy, Norcod will during 2024 initiate measures to focus resources in key areas and improve the company's financial performance. The company’s ambition is to streamline operations and establish a more efficient and commercially oriented business.

The report is attached in PDF and available on https://norcod.no/.

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

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act and the EU Market Abuse Regulation (MAR).

About Norcod: Norcod AS’ core business is commercial sea farming of cod. 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.