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.