Q1 2025 HIGHLIGHTS
o 193 MNOK in revenues, up 63% from 118 MNOK in Q1-24
o 43 MNOK in operating loss, corresponding to a 43% improvement in EBIT-margin
from Q1-24
o Production cost at sea 44,0 NOK per kg WFE
o 3 929 tons WFE harvested, up 42% from 2 765 tons WFE in Q1-24
o Maturation closely monitored and handled proactively in close collaboration
with the Directorate of Fisheries
o To fund annual production capacity of up to 25,000 tonnes WFE towards 2030,
Norcod has during Q1-25 secured a funding of approximately 300 MNOK through a
combination of increased debt commitment and a private placement.

POST Q1 2025 HIGHLIGHTS
o Completed subsequent repair issue to ensure equal treatment of shareholders
after the private placement
o Optimising operations and building a solid foundation for profitable growth,
in line with the company's revised growth strategy.

OPERATIONAL UPDATE
During the quarter, Norcod has harvested a total of 3 929 tons, from Frosvika
and Labukta. All biomass was processed at Norcod's harvesting facility Kråkøy
Slakteri.

For units that were fully harvested during Q1, the biological feed conversion
ratio (BFCR) came in at 1.1 with an economic feed conversion ratio (EFCR) of
1.33.

86.6% of the harvested volume in Q1 holds superior quality.

Biomass at sea reduced temporarily during Q1 to optimise and balance long term
production plans and growth. We will see an increase in standing biomass during
the second half of the year and are on track to harvest approximately 8 000
tonnes in 2025.

Preventing maturation remains essential to reducing potential interaction
between farmed and wild cod. We have maintained frequent gonad monitoring in
close collaboration with the Directorate of Fisheries. These measures help
identify early signs of maturation and have allowed us to act proactively and
responsibly, including adjusting harvest plans when necessary and ahead of
official notifications from the Directorate.

OUTLOOK
Driven by favourable market conditions and strong sales price trends, the
company has seen improvements in its financial performance. 

By maintaining a sharp focus on cod biology, optimising the feeding regime,
refining production processes, maximising production capacity and capitalising
on scale-up effects, Norcod has developed a revised and profitable growth
strategy that aligns with the favourable market dynamics.

To fund annual production capacity of up to 25,000 tonnes WFE towards 2030,
Norcod has during Q1 2025 Norcod secured a funding of approximately 300 MNOK
through a combination of increased debt commitment and private placement.

Although Norcod recognises that instability in the world economy and
geopolitical unrest pose risks for the company, Norcod firmly believes in
favourable market conditions going forward. Continued focus on cost optimisation
and operational efficiency will reinforce the profitability trajectory and
provide a strong foundation in the ongoing commercialisation phase for farmed
cod.

For further details, please see the attached Q1 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's core business is commercial sea farming of cod through ownership and
partnerships is involved in the entire value chain. Norcod's existing fish farms
are located in Mid-Norway and along the Helgeland coast 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. 

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).