Q4 2024 HIGHLIGHTS 
o 124 MNOK in revenues, up 47% from 83 MNOK in Q4-23
o 35 MNOK in operating loss, down 66% from 104 MNOK in Q4-23
o 2,390 tons WFE (Whole Fish Equivalent) harvested, up from 1,080 tons WFE in
Q4-23
o The Jamnungen site has been granted an increase of MAB (Maximum Allowable
Biomass) from 3,600 tons to 5,200 tons.
o Stocking of 5 pens at the new location Bjørnvika (Nesna).
o Strong market conditions have made the outlook for both farmed cod and Norcod
more promising than ever. 

POST Q4 2024 HIGHLIGHTS
o Revised and profitable growth strategy that aligns with the current favorable
market dynamics, including funding of approximately 300 MNOK through a
combination of increased debt commitment and a contemplated Private Placement. 
o The Company is contemplating an equity raise of minimum 150 MNOK to fund
annual production capacity of up to 25,000 tons WFE. Some of Norcod's largest
shareholders have already indicated support covering the minimum amount in the
equity raise. DNB Markets has been engaged as financial advisor.
o Increased debt commitment from DNB Bank ASA of up to 150 MNOK, subject to
completion of equity raise.

OUTLOOK AND CONTEMPLATED PRIVATE PLACEMENT
Driven by favorable market conditions and strong sales price trends, the company
has seen improvements in its financial performance year-on-year. 

By maintaining a sharp focus on cod biology, optimizing the feeding regime,
refining production processes, maximizing production capacity and capitalizing
on scale-up effects, Norcod has developed a revised and profitable growth
strategy that aligns with the current favorable market dynamics. This includes
funding of approximately NOK 300 million through a combination of increased debt
commitment and a contemplated Private Placement. 

The Company is contemplating an equity raise of minimum NOK 150 million to fund
annual production capacity of up to 25,000 tons WFE. Some of Norcod's largest
shareholders have already indicated support covering the minimum amount in the
equity raise. DNB Markets has been engaged as financial advisor. The
contemplated Private Placement is expected to take place during Q1 2025.

Subject to completion of the equity raise, Norcod has secured increased debt
commitment from DNB Bank ASA of up to NOK 150 million.

Norcod AS will present its Q4 and preliminary full year report for 2024 on
Thursday 13th February 2025 at 10 AM CET.

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

https://events.teams.microsoft.com/event/33096d9e-ec57-465e-9580-b3327765df45@79
a58c32-6f4c-4071-a8b3-a1f3c4e97bfc

For further details, please see the attached Q4 Financial Report.

CONTACT
Christian Riber, Chief Executive Officer, phone: +47 905 37 990, E-mail:
cr@norcod.no
Stian Vollan-Hansen, Chief Financial Officer, phone: +47 481 78 846, E-mail:
svh@norcod.no

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
contributes to blue ocean value creation with minimal impact on the environment
while supporting local communities. Norcod is listed on Oslo's Euronext Growth
market.