Norcod AS: Updated funding plan, private placement and new debt financing to secure further growth

30 Apr 2026 07:00 CEST

Reference is made to the Q4 2025 report from Norcod AS ("Norcod" or the
"Company") published on 26 February 2026, in which the Company announced that
it was evaluating various options regarding its financing structure in order
to achieve its communicated growth targets.

Norcod has explored available alternatives in the market in order to support
its continued growth and upscaling strategy. Potential funding alternatives
through the bond and private lending market have been considered, but the
terms available have not been sufficiently attractive. Consequently, an
updated funding plan has now been established which includes raising NOK 100
million in new equity through a private placement of new shares in the Company
(the "Private Placement"), in combination with up to NOK 170 million in new
debt financing secured through (i) expansion of existing credit facilities at
DNB Bank ASA and (ii) a new loan from Innovation Norway at an indicated amount
of NOK 50 million subject to final credit committee approval.

Overall, the updated funding plan positions the Company for scaling up the
biomass and reaching profitable operations during H2 2026.

The Company has received indications of interest from its main shareholders to
support and participate in the Private Placement. Based on these discussions,
the Company has determined that the subscription price per Offer Share in the
Private Placement will be NOK 10. The Private Placement is expected to take
place during Q2 2026. Further information on the Private Placement will be
announced in due course.

The Company has engaged DNB Carnegie, a part of DNB Bank ASA, as sole
bookrunner (the "Manager") in connection with the Private Placement.
Advokatfirmaet Haavind AS is acting as legal counsel to Norcod in connection
with the Private Placement.

Please refer to the attached company presentation for further details
regarding the Company and its growth targets.

For more information, please contact:

Christian Riber, Chief Executive Officer, phone: +47 905 37 990, E-mail:
cr@norcod.no

Stian Hansen, Chief Financial Officer, phone: +47 481 78 846, E-mail:
sh@norcod.no


About Norcod:

Norcod's core business is commercial sea farming of cod and is involved in the
entire value chain through ownership and partnerships. 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.

IMPORTANT NOTICE

This announcement is not and does not form a part of any offer to sell, or a
solicitation of an offer to purchase, any securities of the Company. The
distribution of this announcement and other information may be restricted by
law in certain jurisdictions. Copies of this announcement are not being made
and may not be distributed or sent into any jurisdiction in which such
distribution would be unlawful or would require registration or other
measures. Persons into whose possession this announcement or such other
information should come are required to inform themselves about and to observe
any such restrictions.

The securities referred to in this announcement have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the "Securities
Act"), and accordingly may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements of
the Securities Act and in accordance with applicable U.S. state securities
laws.

The Company does not intend to register any part of the offering or their
securities in the United States or to conduct a public offering of securities
in the United States. Any sale in the United States of the securities
mentioned in this announcement will be made solely to "qualified institutional
buyers" as defined in Rule 144A under the Securities Act.

In any EEA Member State, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
Prospectus Regulation, i.e., only to investors who can receive the offer
without Print date 2026.4.28 3 4 Print date 2026.4.28 an approved prospectus
in such EEA Member State. The expression "Prospectus Regulation" means
Regulation 2017/1129 as amended together with any applicable implementing
measures in any Member State.

This communication is only being distributed to and is only directed at
persons in the United Kingdom that are (i) investment professionals falling
within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005, as amended (the "Order") or (ii) high net worth
entities, and other persons to whom this announcement may lawfully be
communicated, falling within Article 49(2)(a) to (d) of the Order (all such
persons together being referred to as "relevant persons"). This communication
must not be acted on or relied on by persons who are not relevant persons. Any
investment or investment activity to which this communication relates is
available only for relevant persons and will be engaged in only with relevant
persons. Persons distributing this communication must satisfy themselves that
it is lawful to do so.

Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "believe", "expect",
"anticipate", "strategy", "intends", "estimate", "will", "may", "continue",
"should" and similar expressions. The forward-looking statements in this
release are based upon various assumptions, many of which are based, in turn,
upon further assumptions. Although the Company believes that these assumptions
were reasonable when made, these assumptions are inherently subject to
significant known and unknown risks, uncertainties, contingencies and other
important factors which are difficult or impossible to predict and are beyond
its control.

Actual events may differ significantly from any anticipated development due to
a number of factors, including without limitation, changes in investment
levels and need for the Company's services, changes in the general economic,
political and market conditions in the markets in which the Company operate,
the Company's ability to attract, retain and motivate qualified personnel,
changes in the Company's ability to engage in commercially acceptable
acquisitions and strategic investments, and changes in laws and regulation and
the potential impact of legal proceedings and actions. Such risks,
uncertainties, contingencies and other important factors could cause actual
events to differ materially from the expectations expressed or implied in this
release by such forward-looking statements. The Company does not provide any
guarantees that the assumptions underlying the forward-looking statements in
this announcement are free from errors nor does it accept any responsibility
for the future accuracy of the opinions expressed in this announcement or any
obligation to update or revise the statements in this announcement to reflect
subsequent events. You should not place undue reliance on the forward-looking
statements in this announcement. The information, opinions and forward-looking
statements contained in this announcement speak only as at its date and are
subject to change without notice. The Company does not undertake any
obligation to review, update, confirm, or to release publicly any revisions to
any forward-looking statements to reflect events that occur or circumstances
that arise in relation to the content of this announcement.

Neither the Manager nor any of its respective affiliates makes any
representation as to the accuracy or completeness of this announcement and
does not accept any responsibility for the contents of this announcement or
any matters referred to herein. This announcement is for information purposes
only and is not to be relied upon in substitution for the exercise of
independent judgment. It is not intended as investment advice and under no
circumstances is it to be used or considered as an offer to sell, or a
solicitation of an offer to buy any securities or a recommendation to buy or
sell any securities in the Company. Neither the Manager nor any of its
respective affiliates accepts any liability arising from the use of this
announcement.

This information has been submitted pursuant to the Securities Trading Act §
5-12 and MAR. The information was submitted for publication, through the
agency of the contact persons set out above, at 2026-04-30 07:00 CEST.

More information:
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671970_Norcod AS- Updated funding plan, private placement and new debt financing to secure further growth.pdf
671970_Norcod AS Company Presentation April 2026.pdf