Norcod

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Norcod AS - New long-term incentive programme and mandatory notifications

The board of directors of Norcod AS (the “Company”) has approved a new
long-term incentive programme (“LTIP”) for the Company’s executive management
(the “management”). The programme is established to align the interests of the
…

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management with those of the company’s shareholders.

In addition, 38,800 shares from the Company’s Treasury were approved for
transfer to primary insider Christian Riber as partial settlement of the
previous incentive agreement.

Through the new programme the management is offered to purchase up to 150,000
ordinary shares, set to NOK 12.5 per share, or a total of MNOK 1,875. The
strike price of the share options is calculated based on the volume-weighted
average share price last 30 days preceding the establishment of the programme.

The following primary insiders in the management have been granted share
options in the LTIP:

1. CPO, Arve Lervåg, has been awarded 150,000 share options.
2. CEO, Christian Riber has been awarded 150,000 share options.
3. CFO, Stian Vollan-Hansen has been awarded 150,000 share options.

The vesting period for the share options is divided into three tranches, as
follows:

Tranche 1: Up to 50,000 shares are considered vested on 31 December 2025.
Tranche 2: Up to 50,000 shares are considered vested on 31 December 2026.
Tranche 3: Up to 50,000 shares are considered vested on 31 December 2027.

The total number of share options awarded under the programme is 450,000. Each
share option awarded in the programme gives the right to subscribe for and be
allotted one share in the Company. Vested share options may be exercised by
the management at any time during the period from 1 January 2028 to 30 April
2028. The share options will lapse if not exercised by 30 April 2028.

Following the new awards, the Company will have a total of 450,000 outstanding
options.

For additional information, please contact:

Christian Riber, CEO
Tel: +47 905 37 990, E-mail: cr@norcod.no

Stian Vollan-Hansen, CFO
Tel: +47 481 78 846, E-mail: svh@norcod.no

About Us
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 has been submitted pursuant to the Securities Trading Act §
5-12 and MAR Article 17. The information was submitted for publication at
2025-10-13 11:00 CEST.

Kilde

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Norcod extends strategic sales and distribution agreement with Sirena Group

13 October 2025 Trondheim, Norway: Norcod AS has extended its strategic sales
and distribution agreement with Sirena Group as part of Norcod’s ongoing work
to optimize its value chain and securing a strong platform for future growth.
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Through this partnership, Sirena will continue to manage sales, marketing and
logistics for Norcod’s premium fresh farmed cod, Snow Cod, while Norcod
remains focused on building efficient and profitable production.

CEO in Norcod, Christian Riber said:

“Working with Sirena Group gives Norcod a decisive advantage. Their global
network and proven strength in seafood markets give us direct access to the
right customers worldwide. Equally important, Sirena’s expertise in building
the market position of premium seafood species is of direct value to Norcod,
as this is a key mission in the years ahead. Together we are ensuring that the
most optimal effort is made to build and sustain strong pricing with the best
global customer base, while Norcod remains focused on delivering efficient and
profitable production.”

Boe Spurré, CEO from Sirena Group said on the agreement:

“We are proud to continue our close cooperation with Norcod. Snow Cod has all
the attributes to become a leading premium product in the international
market, and Sirena is committed to supporting its success with our global
reach and market expertise.”

The reinforced agreement is valid until 1 October 2031 and underlines the
strength of the Norcod–Sirena partnership and reflects both companies shared
ambition: to deliver sustainable, high-quality seafood to discerning customers
worldwide while creating long-term value for the industry.

For more information, please contact:

Christian Riber
CEO, Norcod AS
Tel: +47 90 53 79 90
E-mail: cr@norcod.no

About Us
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 has been submitted pursuant to the Securities Trading Act §
5-12 and MAR Article 17. The information was submitted for publication at
2025-10-13 12:00 CEST.

Kilde

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Norcod AS announces NOK 157 million private placement directed towards Jerónimo Martins Agro-Alimentar

Trondheim, Norway – 13 November 2025 – The Board of Directors of Norcod AS
(“Norcod” or the “Company”) has today proposed that an extraordinary general
meeting resolves to issue of 12,707,454 new shares (the “New Shares”) in a
…

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private placement raising gross proceeds of NOK 157 million (the “Private
Placement”) directed towards Jerónimo Martins Agro-Alimentar, S.A.(“Jerónimo
Martins Agro-Alimentar”) , a wholly owned subsidiary of Jerónimo Martins SGPS,
S.A. (“Jerónimo Martins”). The subscription price in the Private Placement
shall be NOK 12.375 per New Share. The investment marks a major milestone for
Norcod, significantly accelerating the company’s growth trajectory,
strengthening its shareholder base, and laying the foundation for what could
evolve into a long-term strategic partnership with one of Europe’s most
respected and successful food retail groups.

Strategic Highlights of the Private Placement

• Accelerates growth strategy: The NOK 157 million in new equity will support
  Norcod’s expansion plans and bring the company closer to achieving
  large-scale production of low-intensity farmed cod.
• Strengthens shareholder base: Jerónimo Martins’ entry as a strategic
  shareholder represents a strong endorsement of Norcod’s vision, business
  model, and long-term potential.
• Expands distribution network: Jerónimo Martins’ extensive retail footprint
  – including Biedronka in Poland, Pingo Doce in Portugal, and Ara in
  Colombia – provides Norcod with an opportunity to access an international
  distribution platform of significant scale.
• Unlocks unique market opportunity: Together with High Liner Foods and Sirena
  Group, Norcod is now uniquely positioned to serve a very large and growing
  international market for sustainable whitefish.

The Private Placement

The Company’s Board of Directors has today resolved to conditionally allocate
the New Shares to Jerónimo Martins Agro-Alimentar, a wholly owned subsidiary
of Jerónimo Martins at a subscription price of NOK 12,375 per New Share. The
proceeds from the Private Placement will be used to finance the Company’s
further acceleration of its growth strategy.

Completion of the Private Placement is subject to the extraordinary general
meeting (the “EGM”) in Norcod (i) approving the Private Placement and issuance
of the New Shares and (ii) appointing one representative of Jerónimo Martins
Agro-Alimentar as a new member of the Board of Directors of Norcod (see
below). The EGM will be held on or about 26th November 2025.

Following (and subject to) completion of the Private Placement, Jerónimo
Martins Agro-Alimentar will own 12,707,454 shares, representing 18.06 % of the
outstanding shares and voting rights in the Company.

Following registration of the share capital increase relating to the Private
Placement with the Norwegian Register of Business Enterprises, Norcod AS will
have a registered share capital of NOK 157,254,750 divided into 12,707,454
shares, each with a nominal value of NOK 0.50.

As a consequence of the Private Placement, the shareholders’ pre-emptive
rights to subscribe for new shares have been set aside. The Board of Directors
have, after careful consideration, concluded that the Private Placement is in
the best interest of the Company and its shareholders. Factors considered
include the importance of securing a strategic partnership with Jerónimo
Martins Agro-Alimentar and the value such an investor brings to Norcod. This
is also based on the fact that no existing shareholders are participating in
the Private Placement. The Board of Directors is therefore of the opinion that
there are sufficient grounds to deviate from the shareholders’ preferential
rights in this instance.

About Jerónimo Martins

Jerónimo Martins is an international group with headquarters in Portugal and
more than 230 years of history in the food sector. The Group operates leading
food retail chains in three core geographies:

• Biedronka (Poland): The country’s largest retailer and private employer,
  with over 3,800 stores and a strong track record of market leadership.
• Pingo Doce (Portugal): A leading supermarket chain in Portugal, with over
  480 stores.
• Ara (Colombia): A rapidly expanding food retail chain that has established a
  nationwide footprint with over 1,580 stores.

Jerónimo Martins is listed on Euronext Lisbon and generated revenues of more
than EUR 30 billion in 2024, with approximately 130,000 employees worldwide.
The company is consistently recognized for its commitment to sustainability,
responsible sourcing, and innovation in food retail, values that align closely
with Norcod’s strategy to build a leading platform for sustainable cod
farming.

Jerónimo Martins Agro-Alimentar is Jerónimo Martins’ subsidiary to the
agro-business development, having started with dairy production and evolved
also to livestock, fruits and aquaculture. Withing the aquaculture business
unit, Jerónimo Martins Agro-Alimentar directly produces seabass and seabream,
having a relevant shareholder position in Andfjord Salmon.

Board Representation

To further strengthen the partnership with Jerónimo Martins Agro-Alimentar,
the Board of Directors of Norcod will propose to the EGM to approve the
appointment of António Serrano, CEO of Jerónimo Martins Agro-Alimentar, as a
new member of Norcod’s Board of Directors.

Management and Board Commentary

“We are delighted to welcome Jerónimo Martins Agro-Alimentar as a strategic
shareholder in Norcod. Its Group’s reputation, scale, and food expertise –
combined with deep commitment to sustainability – make them an outstanding
partner for us. This investment not only strengthens our balance sheet but
also significantly broadens the scope of our strategic opportunities. Together
with High Liner Foods and Sirena Group, this potentially enlarges the access
and platform to bring low-intensity farmed cod to a significant international
market,” said Christian Riber, CEO of Norcod.

“The Board strongly welcomes Jerónimo Martins Agro-Alimentar as a shareholder
in Norcod. Their decision to invest is a clear vote of confidence in our
strategy, our operations, and our long-term potential. We view this
partnership as transformative, both in terms of industrial know-how and
potential international reach. With Jerónimo Martins Agro-Alimentar, Artha and
High Liner Foods as strategic anchors, Norcod is exceptionally well positioned
to deliver on its growth ambitions and to create lasting value for all
shareholders,” said Renate Larsen, Chair of the Board of Directors, Norcod AS.

For António Serrano, CEO of Jerónimo Martins Agro-Alimentar, “this financial
investment comes in line with our long-term vision regarding innovative animal
protein production in a backdrop of high pressure on wild fish stocks, namely
in such a controlled species as cod. For our Company, investing in more
sustainable ways of food production is a priority. We found in Norcod the
commitment with R&D, on the one hand, and with continuous improvement of
practices, on the other, that we always target in our portfolio development”.

Advisors

Advokatfirmaet Haavind AS is acting as legal advisor to Norcod in connection
with the Private Placement.

For more information, please contact:

Christian Riber, Chief Executive Officer, phone: +47 905 37 990, E-mail:
cr@norcod.no (file:///C:/Users/rd574/Downloads/cr@norcod.no)

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

About Us
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 has been submitted pursuant to the Securities Trading Act §
5-12 and MAR Article 17. The information was submitted for publication at
2025-11-13 06:00 CET.

Kilde

[TekBot]

Norcod AS: Q3-25 Quarterly report

Q3 2025 HIGHLIGHTS

• 37 MNOK in revenues, YTD improvement of 17,6% YoY
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• 65 MNOK in operating loss including a cost of 43 MNOK relating to
  extraordinary mortality, still 12% down from 73 MNOK in Q3-24
• YTD EBIT-margin improved by 23% year-over-year
• Production cost at sea ended at 58 NOK per kg WFE during the quarter due to
  a low harvest volume and extraordinary mortality
• 515 tonnes WFE harvested, similar YTD harvesting levels as 2024
• New sales and distribution agreement with Sirena Group strengthens market
  access and scalability.
• The cod market is continuing its strong outlook and demand with YoY sales
  prices up 31%

POST Q2 2025 HIGHLIGHTS

• Jerónimo Martins, the world’s 25th largest food retailer, became a key
  shareholder through a NOK 157 million investment. The partnership greatly
  strengthens Norcod’s position in the market and opens direct access to major
  European retailers.
• Norcod has moved from planning to implementation of its growth strategy,
  progressing according to schedule towards 25,000 tonnes of annual
  production.
• Frosvika will be restocked in Q4, and four further sites will be stocked in
  2026, including two new sites: Snyen and Selsøy

OPERATIONAL UPDATE

During the quarter, Norcod has harvested a total of 515 tonnes from Jamnungen.
All biomass was processed at Norcod’s harvesting facility Kråkøy Slakteri.
In Q3, 84% of the harvested volume held superior quality.

During the quarter, Norcod experienced significant mortalities at the
Jamnungen site due to Vibrio infection. Investigations confirmed that the
incident involved a bacterial strain not covered by the existing vaccine. In
close consultation with veterinarians at the Norwegian Food Safety Authority
it was decided to treat the affected fish with medicine feed to treat the
infection and secure fish welfare. Despite continuous monitoring and prompt
and effective treatment, the incidence led to significantly elevated mortality
levels.
Norcod’s vaccination programme uses autogenous vaccines, enabling adaptation
to emerging bacterial strains. The identified Vibrio strain will therefore be
included in future vaccine formulations to prevent reoccurrence.

We have been preparing the Frosvika site for stocking of fish in Q4.
Throughout the summer, we have experienced favourable temperatures for growth,
and the Bjørvika site has performed well with strong growth and low mortality.
Production at the Skogsøya and Pålskjæra sites at Mausund is progressing
according to plan, with strong growth and low mortality.
Our two new sites, Snyen and Selsøy, are currently being prepared for stocking
in 2026.

At the start of Q3, Norcod temporarily paused harvesting to allow the fish to
grow and reach an average weight aligned with market demand. This period was
also used to upgrade the Kråkøy processing plant, including the installation
of a new gutting machine.

We have aligned our future production plan at new and existing locations to
have an ideal balance between spring and fall releases, which will ensure a
stable 12-month production and harvest in the future. This results in a
temporary lower level of biomass at sea but lays the foundation for profitable
growth.

OUTLOOK

Norcod has entered the next phase of its growth strategy, commencing the
planned scale-up towards 25,000 tonnes of annual production. The foundation
for growth is firmly in place, with strong biological performance at key sites
and the first step in execution beginning in Q4 with stocking at Frosvika.

While Jamnungen experienced weaker biological results this year, operations at
all other sites demonstrated solid biological and operational control,
confirming that Norcod’s farming model and management routines are robust and
scalable.

Production volume for 2025 is on track, although a temporary dip is expected
in 2026 due to increased mortality at Jamnungen.

The company’s growth trajectory is strengthened by strategic ownership and a
unique sales and distribution setup. The addition of Jerónimo Martins as a new
key shareholder, investing NOK 157 million, brings both production expertise
and direct retail access. Alongside existing partners Sirena Group and High
Liner Foods, Norcod now has unmatched access to leading retailers across
Europe and the United States.

With some of the best farming locations in Norway, the integrated Kråkøy
harvesting plant, and a powerful commercial network, Norcod is well positioned
to deliver on its growth strategy and capture the expanding market for premium
farmed cod.

MANAGEMENT COMMENTS

CEO of Norcod, Christian Riber said: “We are now putting our growth strategy
into practice, with a clear path toward 25,000 tonnes of annual production.
The investment from Jerónimo Martins and our strengthened sales partnerships
give Norcod the reach and stability needed to realise this potential in a
growing global market for farmed cod.”

COO in Norcod, Arve-Olav Lervåg, said: "The Jamnungen site had shown
biological performance above benchmark throughout the cycle, which makes the
incident particularly disappointing. Our team responded swiftly and in close
cooperation with the Norwegian Food Safety Authority and our veterinarians to
safeguard fish welfare. We take these events seriously, and the lessons
learned are already being used to safeguard against recurring incidents. We
remain confident in the Jamnungen’s strong underlying performance and its
contribution to Norcod’s long-term profitability.

For further details, please see the attached Q3 Quarter 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 Us
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 has been submitted pursuant to the Securities Trading Act §
5-12 and MAR Article 17. The information was submitted for publication at
2025-11-13 08:00 CET.

Kilde

[Martins]

Growth nå er litt ut, men går renten mye ned framover er de potensielt godt posisjonert. Snur det og renten settes opp kan de miste finansiering og da er det fort kroken på døra. Risikabel strategi de kjører, med dundrende underskudd. Om jeg var aksjonær ville jeg likt bedre om de fokuserte på profitabilitet og så stegvis vekst sakte men sikkert. Det hører fortiden til å finansiere store underskudd over lang tid uten at aksjonærene får svi. Håper det går riktig vei og renten settes mye ned framover for deres del da.

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NCOD: Notice of extraordinary general meeting in connection with the Private Placement

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR
INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN, HONG KONG, SOUTH AFRICA OR THE UNITED
STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR
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DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER
OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Reference is made to the stock exchange notice from Norcod AS (the “Company”)
on 13 November 2025 regarding the board’s proposal that an extraordinary
general meeting resolves to issue 12,707,454 new shares (the “New Shares”) in
a private placement raising gross proceeds of NOK 157 million (the “Private
Placement”) directed towards Jerónimo Martins Agro-Alimentar, S.A. a wholly
owned subsidiary of Jerónimo Martins SGPS. The subscription price in the
Private Placement shall be NOK 12.375 per New Share.

The Company hereby calls for an extraordinary general meeting to be held on 27
November 2025 at 10:00 (CET) at the Company’s premises to resolve:

(i) Capital increase by way of private placement; and

(ii) Election of member to the Board of Directors.

The notice and agenda of the general meeting is attached to this stock
exchange announcement and will also be made available on the Company’s
webpage.

For further information, please 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 Us
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 has been submitted pursuant to the Securities Trading Act §
5-12 and MAR Article 17. The information was submitted for publication at
2025-11-13 16:45 CET.

Kilde

[TekBot]

Norcod AS: Minutes from Extraordinary General Meeting

An Extraordinary General Meeting of Norcod AS was held at 10:00 hours (CET)
today, 27 November 2025 at the Company’s offices at Thomas Angells gate 22,
7011 Trondheim, Norway.
…

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All items on the agenda were resolved in accordance with the Board of
Directors’ proposals as set out in the calling notice attached to the stock
exchange announcement published on 13 November 2025.

Please see attached a copy of the Minutes from the Extraordinary General
Meeting.

For further information, please 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 Us
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 has been submitted pursuant to the Securities Trading Act §
5-12 and MAR Article 17. The information was submitted for publication,
through the agency of the contact persons set out above, at 2025-11-27 15:00
CET.

Kilde

[TekBot]

NORCOD AS: NEW SHARE CAPITAL REGISTERED

Reference is made to the stock exchange notice from Norcod AS (the “Company”)
on 27 November 2025 regarding the successful completion of a private placement
of 12,707,454 new shares in the Company at a subscription price of NOK 12.375
…

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per share, raising gross proceeds totalling NOK 157,254,750 (the “Private
Placement”).

The share capital increase pertaining to the issuance of the new shares under
the Private Placement has today been registered with the Norwegian Register of
Business Enterprises (Nw. Foretaksregisteret). Following this, the Company’s
registered share capital is NOK 35,183,513.5 divided into 70,367,027 shares,
each with a nominal value of NOK 0.50.

For additional information, please contact:

Christian Riber, CEO Tel: +47 905 37 990, E-mail: cr@norcod.no

Stian Vollan-Hansen, CFO Tel: +47 481 78 846, E-mail: svh@norcod.no

About Us

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 has been submitted pursuant to the Securities Trading Act §
5-12 and MAR Article 17. The information was submitted for publication,
through the agency of the contact persons set out above, at 2025-12-10 15:00
CET.

Kilde