NORCOD Trondheim,Norway -January 18, 2024 .Norcod AS (also referred to as the Company) publishes an updated company presentation to address key topics within biological, operational, financial and strategical matters. Selected topics from the updated company presentation are described below. Norcod reaffirms its market position as the leading cod harvester As of year end 2023, Norcod's biomass at sea totaled 7 817 tons. Based on official statistics, the Company holds 52% of the total biomass volume, reaffirming Norcod's position as the major cod harvester. During the first eleven months of 2023, reported export volume according to officially reported statistics was 7 934 tons WFE. In the same period, Norcod harvested appx. 5 756 tons WFE, confirming Norcod's market share of appx. 71%. Norcod's main market during 2023 has been Central andWestern Europe . During Q1-2024 Norcod has been granted a new contract with an Asian customer at favorable market prices, and the company has an ambition to strengthen its market position in the Asian market during 2024. "Our harvest volumes and standing biomass clearly proves our position as the leading cod farmer. Our new contract inChina communicated last week clearly demonstrates that we are in a unique position to benefit from the huge commercial potential that lies in our sustainable and high quality product" states Norcod CEOChristian Riber . The second harvesting cycle of Jamnungen - a proof of exceptional biological performance Norcod's site Jamnungen on Frøya has been harvested on a weekly basis since end of Q3-23. The cod has been harvested at Norcod's harvesting facility Kråkøy Slakteri. Moreover, the biological status for the harvested biomass in the corresponding period is summarized below: o Total harvested biomass is 1 226 tons WFE o Feed conversion rate in the biomass is 1.05 which equals the FCR on the rest of the company's sites o 93% of the harvested volume holds superior quality The site is expected to be fully harvested inMarch 2024 , amounting to an estimated total biomass of appx. 4 000 tons WFE. "The solid biological performance that is proved from the harvested biomass is a clear demonstration of our advancements in cod production over the last years. Our biological performance is a competitive advantage that enables us to produce a highly sustainable product of exceptional quality"Christian Riber notes. Reporting framework on gonad development and maturation on farmed cod During H2-23, Norcod, Fiskeridirektoratet and other players in the cod farming industry have been working actively on developing guidelines for monitoring and mitigating gonad development on farmed cod. The intention is to conclude on a common set of guidelines that provides direction for the cod farmers on how to minimize any biological and environmental risk related to maturation, and at the same time enables the cod farming industry to operate on predictable and sustainable terms and securing operational headroom. The industry players and the authorities share the same objective - to minimize any biological, ecological, and environmental risk and to establish common principles for a sustainable industry. In early December, Fiskeridirektoratet suggested a reporting framework on gonad development. The reporting framework is supported by well documented research fromHavforskningsinstituttet and other established knowledge environments. The intention with this reporting framework is to form the basis of the controlling and risk mitigation of gonad development. The reporting framework is the first step in developing a holistic methodology on how to monitor and formally report gonad development. As for the time being, the reporting framework is under review. Norcod's assessment is that at current stage in the process, the suggested reporting framework supports the company's already established working and controlling methods, and has limited impact on the company's operations. Investing in growth to fortify market position and engaging financial advisors for financing process In 2023, Norcod stands for appx. 71% of the total Norwegian export volume of harvested farm raised cod. The company's ambition is to be the leading cod farmer globally, offering weekly, year-round deliveries of high quality fresh cod to attractive markets. The company is continuously working on the optimal strategies and initiatives to deliver on this ambition. During 2023, biomass investments are more than doubled from previous years. The net growth during 2023 is 4 600 tonnes, amid heavy investments in biomass and a satisfactory feed conversion rate and stable and predictable mortality. Alongside biomass investments, the investments in Kråkøy Slakteri increases the predictability on harvest and market planning and secures efficiency gains. During December, a new processing line has been installed in Kråkøy, enabling a more efficient processing plant for farmed cod. The new line is expected to process 13.500 fish in an 8-hour shift, an increase from 8.500 previously possible. The new processing line is fully operational from mid-December. Alongside biomass investments, the acquisition of Kråkøy is deemed instrumental in establishing the basis for future growth. Going forward, production and harvest volume shall be beneficial for the environment, our customers, and our shareholders. Norcod is working diligently to streamline the company, cut costs and optimize the processes to be able to deliver on the ambitions. For further information, please contact:Christian Riber , Chief Executive Officer, phone: +47 905 37 990, E-mail: cr@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 Euronext Growth Oslo.
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