Board of Directors’ Report 2023 The business Pelagia Holding AS (Pelagia) is a group that produces consumer products of pelagic fish and fishmeal, protein concentrate and fish oil from both pelagic fish, whitefish and salmon. In addition, the group produce dietary supplements and pharmaceutical products based on concentrated marine Omega-3. With its combined activity, the group is a key international player particularly in the pelagic sector, with production facilities along the coast of the North Atlantic. Most of the products are for export. Pelagia’s head office is located in Bergen, Norway. The group has wholly owned production facilities in Norway, the United Kingdom, Ireland and Denmark. Pelagia AS, including its foreign wholly owned subsidiaries and associated companies, has acquired approx. 1.4 million tons of raw material for its operations in 2023. An important foundation and goal for Pelagia is innovation. In 2023, Pelagia was involved in several R&D projects in collaboration with the Research Council of Norway, Innovation Norway, the Fisheries and Aquaculture Research Fund, equipment suppliers and others. The aim of the projects is to increase value creation by developing new products from the pelagic raw material. The focus is on utilizing and creating value from the entire fish, as well as reducing the footprint of the finished products. The group has divided its operations into three segments. Pelagia Food buys pelagic fish from the fishing fleet and produces and packs consumer products, mainly for export. The group has nine production facilities in Norway from Tromsø in the north to Egersund in the south. The company has also a similar production facility in Lerwick, Shetland, and a facility for marinating in Skagen, Denmark. Pelagia has sales activity in Ukraine through the fully owned company Pelagia Ukraina LLC though the activity is significantly reduced after the Russian invasion in 2022. Pelagia Feed produces fishmeal, fish oil and protein concentrate in Norway, the UK and Ireland. The group has seven production plants for fishmeal and fish oil and four plants for protein concentrates and oil. The group also has a significant storage facility in Egersund, which is also approved as a border control station for the import of proteins and oils from third countries. Production is based on both pelagic fish, white fish and salmon raw material. Pelagia Health through Epax Norway AS manufactures highly concentrated Omega-3 oils for human consumption. These concentrates are sold under the Epax brand to be used as ingredients in dietary supplements and pharmaceutical products. The production facility is located in Ålesund. The Health activity is not represented in Pelagia AS.

The cooperation and utilization of raw materials across divisions is an integral part of Pelagia's business model. In practice, all activities in Pelagia are linked to the exploitation of renewable fish raw materials. In Food, all fish goes into the production of food for humans with a varying degree of processing. To the extent that there is processing in Food in the form of production of fish fillets or other products, the residual raw material will go on to our Feed division where it will be included as a raw material in the production. The residual raw material is used together with other fish that are less suitable for human consumption in the production of fishmeal and fish oil. Today, fishmeal and fish oil are widely used as a feed ingredient for fish farming or agriculture. Some of the oil products can be further refined so that individual products from this raw material can be used in specialized products, for example, ingredients in dietary supplements and pharmaceutical products in the Pelagia Health division. The residual products from the production will again be included as an ingredient in feed production. With its seven ships in operation, Pelagia collects residual raw materials from the salmon industry. In 2023, a new vessel was purchased, which will be commissioned during 2024. From this residual raw material, protein concentrates, and oil are made. These finished products are used as ingredients in feed for animals other than salmon. From the part of the raw material that is not suitable for feed ingredients, this is used, for example, in the production of technical oil for fuel or to produce biogas. All the raw material is thus put to use. Profit, balance sheet and cash flow Result The group’s sales revenues were NOK 13 001 million in 2023 (11 282 in 2022). EBITDA was NOK 1 684 million in 2023 (1 691 in 2022). Depreciation of property, plant and equipment and intangible assets was NOK 418 million in 2023 (355 in 2022). The operating profit was NOK 1 266 million in 2023 (1 336 in 2022). Profit share from equity method accounted investments was NOK 0 million in 2023 (0 in 2022). Net financial expenses were NOK 239 million in 2023 (176 in 2022). The tax cost was NOK 241 million in 2023 (257 in 2022). Profit after tax was NOK 786 million in 2023 (903 in 2022) and the total result was NOK 787 million in 2023 (985 in 2022). Balance The total balance was NOK 10 044 million in 2023 (9 145 in 2022). Total equity was NOK 4 145 million (41 %) in 2023 (3 809 in 2022 (42 %).

Net interest-bearing debt was NOK 4 483 million in 2023 (4 119 in 2022). The group is in compliance with all covenants at the end of the year. The group’s interest rate terms are NIBOR plus a margin. The margin may vary somewhat depending on the equity ratio and profit-dependent ratios for the group. The group established a new 5-year long financing agreement in November 2022. A bond loan of NOK 900 million was issued in December 2020 maturing in December 2025. Further, a new 1000 MNOK 5-year bond loan was issued in March 2024. The group performs annual tests to assess the value of the company’s assets. Impairment tests carried out at the end of 2023 show that there is no need for impairment. It is taken into account that available raw material in the form of the size of global quotas affects the future sales of pelagic fish and thus also the group’s activity. Cash flow Net cash flow from operating activities was NOK 831 million in 2023 (611 in 2022). Net cash flow from investing activities was NOK -561 million in 2023 (-523 in 2022). The investments in 2023 are related to purchase of property, plant and equipment of NOK 547 million. Net cash flow from financing activities was NOK -229 million in 2023 (-174 in 2022). The change from 2022 to 2023 mainly relates to debt repayments and dividends paid. Holdings of cash and cash equivalents were NOK 171 million in 2023 (129 in 2022). Going concern The financial statements have been prepared using the going concern assumption. The board confirms that the prerequisites for going concern are present. Report on corporate governance Risk management and internal control The Board complies with the Norwegian Code of Practice for Corporate Governance to the extent relevant for companies with a listed unsecured bond loan. The board is of the opinion that Pelagia is appropriately organized and that the business is carried out in accordance with current legislation and regulations and in accordance with the company’s purpose and articles of association. For more information on corporate governance, we refer to www.pelagia.com. Financial risk Market risk 1) Currency and price risk The group is exposed to currency risk by having cash flows in foreign currency. Normally, approx. 80 % of the turnover is in foreign currency, while the costs are mainly in Norwegian kroner (mainly GBP and EUR in foreign subsidiaries). There is a substantial correlation between market prices converted to Norwegian kroner based on current exchange rates, and corresponding commodity prices, especially for goods with a high turnover rate. Changes in market prices converted to Norwegian kroner will therefore over time be reflected in the commodity price and reduce parts of the currency risk. Current turnover in foreign currency is hedged on an ongoing basis through derivatives.

2) Interest rate risk The group’s long-term interest-bearing debt is in Norwegian kroner. The group’s overdraft is a multicurrency agreement. The group’s debt financing is largely linked to operations and varies in line with seasonal fluctuations and is therefore only drawn upon during parts of the year. In order to maintain this flexibility, essentially all debt in the group is based on floating interest rates. Credit risk The degree of credit risk will vary depending on the market segment in which the group operates. All credit will, as a general rule, be secured through credit insurance or other instruments. On a day-to- day basis the group monitors the risk associated with each individual customer and outstanding receivable and has recorded allowance for doubtful accounts that, at all times, are considered sufficient. Liquidity risk In the opinion of management and the board, the group has sufficient access to financing that safeguards business opportunities and freedom of action. Equality and diversity In its recruitment policy, Pelagia seeks to attract the best applicants for key positions, and we provide women and men equal opportunities for career development. The board emphasizes that there is to be no discrimination on the grounds of gender in matters such as salary, promotion, continuing education and recruitment. Statement of social responsibility The business of Pelagia mainly consists of three different business areas, Pelagia Food, Pelagia Feed and Pelagia Health. In practice all operations in Pelagia are connected to utilizing renewable raw material from fish. Pelagia's business model is designed with a circular economy and optimal utilisation of the raw material in mind. With the increased focus on sustainability and circularity we are continuing the work on developing new circular processes and improving the existing ones. As seen in the illustration below all the divisions are working together to ensure the utilisation of all the raw material we collect.

Figure 1: Illustration of some of the circular processes in Pelagia External environment, climate risk and sustainability Pelagia's operations involve handling and processing wild-caught fish and are dependent on a sustainably managed ocean. As a major player in fish processing, Pelagia has a responsibility to use this raw material in a sustainable and appropriate manner. Pelagia's vision is to use 100% of the fish. To ensure access to the necessary raw materials in the future, Pelagia’s focus is on adequately regulated and sustainable fishing. Pelagia buys all pelagic raw materials for Norwegian facilities through Norges Sildesalgslag while the factories in other countries mainly buy directly from the fishing vessels. Pelagia is actively working to reduce emissions by targeting the use of fossil fuels at our meal and oil factories, and other projects. The work is threefold; increase process’ energy efficiency, reuse energy, and use low emission fuel. The work to increase energy efficiency is a continuous effort. Emissions To understand and evaluate the emissions over time they are divided into four different business areas. Food – emissions related to the food division of Pelagia Feed – emissions related to the feed division of Pelagia Health – emissions related to the health division of Pelagia Vessels – emissions related to the boats owned by Pelagia Table 1: Overview of GHG emissions in 2023 GHG emissions Total tCo2e Feed Food Health Vessels Direct Scope 1 96 182 79 680 183 137 16 182 Indirect Scope 2, market based 76 454 25 900 40 603 9 952 0 Indirect Scope 2, loca�on based 6 755 3 415 2 964 377 0 Total Scope 1 and 2, market based 172 637 105 580 40 786 10 089 16 182 Total Scope 1 and 2, loca�on based 102 938 83 095 3 147 514 16 182

High energy production of fishmeal and fish oil rely on fossil fuels and naturally allocate most emissions. This is also shown in the usage of different energy products across the areas. While Food and Health divisions mainly rely on electricity to run the production, Feed are consuming oil, propane, and gas. Pelagia has invested significant amounts in 2023 and the following years to reduce the use of fossil energy sources. Table 2: Emissions per energy product for 2023. In 2023 the Feed factories processed significantly more raw materials than 2022, while the quantities processed by Food was lower than in 2022. This change is visible in the emissions per kg of raw material in 2023 vs 2022 for. Food factories had higher emissions per kg in 2023 due to less raw material. Feed started several projects to reduce emissions, and combined with a higher quantity of raw material it has resulted in lower emissions per kg. Division Health transitioned to relying mostly on electricity and has reduced their emissions per kg drastically. The average emission per kg raw material in Pelagia is the same, this is due to the allocation of raw material between the divisions in 2023. Pelagia’s vessels have 0,039 kgCO2e/kg transported materials in 2023. Due to lack of 2022 transport data it’s not possible to compare with 2023. Table 3: Scope 1 and 2 emissions per processed kg raw material, calculated using location-based method. Emissions per kg of processed raw material Total Feed Food Health KgCO2e per kg in 2023 0,067 0,086 0,010 0,080 KgCO2e per kg in 2022 0,067 0,088 0,007 0,341 The emissions for 2022 are adjusted due to better data quality then reported in the 2022 annual report. The changes are mainly due to corrected conversion factors for some of the locations. Energy product Total tCo2e Feed Food Health Vessels Oil for heat/produc�on 34 433 34 289 10 134 Propane produc�on process 19 367 19 367 - - - Gas for hea�ng/produc�on 25 216 25 216 - - - MGO fuel boats 16 182 - - - 16 182 Electricity (loca�on-based) 6 755 3 415 2 964 377 - Fuel cars/trucks 985 809 173 3 - Total Scope 1 and 2 (loca�on-based method) 102 938 83 095 3 147 514 16 182 0,088 0,007 0,341 0,086 0,010 0,080 Feed Food Health 2022 2023 Figure 2: kgCO2e per kg raw material

Table 5: Adjusted GHG-emissions for 2022 Pelagia is continuously working on its drying technology where it can make a real difference in the carbon footprint. The aim is to reuse energy and Pelagia has several projects ongoing, for example installing heat pumps to reuse energy. It is challenging to reach the high temperature necessary to dry raw material, but industrial heat pumps are increasingly becoming commercially interesting. Enova has made an important contribution to the work with testing and development of new technology. CO2 neutral fuels are also being considered, including Pelagia’s own technical fish oil that is not suitable for human consumption or animal feed (category 2 raw material). Several furnaces have already been rebuilt for this purpose. In 2023, the Djupvik location was ISCC certified for producing technical fish oil and concentrate from category 2 raw material. Several of the plants have already started transitioning from burning fossil fuel to climate neutral fish oil and will be able to reduce emissions. The energy intensive process of making fish meal and oil causes significant emissions, and switching to renewable energy sources for this process will reduce the emissions and have a positive impact on climate change. Pelagia is working on an overall strategy for sustainability and wants to highlight where it can contribute. We have started measuring the company's carbon footprint for scope 1 and 2 and have implemented routines and systems for data collection. Pelagia's level of activity will depend on the availability of necessary fish resources in the areas where the factories are located. Pelagia is also dependent on regulation of fisheries stock that can maintain sustainable and long-term quotas in the North Atlantic. This requires cooperation between coastal states to ensure sustainable utilization of fish resources in these areas. The pelagic stocks have low CO2 emissions when landing at Pelagia's facilities and we take responsibility for keeping this emission as low as possible all the way to the customer. Source: SINTEF – Greenhouse gas emissions of Norwegian seafood products in 2017 (dated 2020) GHG emissions Reported 2022 Adjusted 2022 Direct Scope 1 91 084 91 084 Indirect Scope 2, market based 63 646 64 376 Indirect Scope 2, loca�on based 5 104 5 543 Total Scope 1 and 2, market based 154 730 155 460 Total Scope 1 and 2, loca�on based 96 634 96 627

Pelagia participates in the EU's PEFCR group for fish for human consumption (https://www.marinefishpefcr.eu/about-us). The group has developed a tool for calculating the environmental footprint at product level, and Pelagia has been testing the framework. The aim of the analysis is to test how the methodology can be used in our value chain and what needs to be revised for further use/standardization. The goal is that the environmental footprint will gradually become part of the competitive area for market participants, and that the information can be used in marketing/labelling to consumers when it has been implemented. It is of great importance to Pelagia that pelagic fish are competitive in the market compared to competitors, other fish species and aquaculture. Pelagia invests internal resources in this process both in the form of its own employees and consultancy services and has involved several of our partners to ensure good and correct information sharing in the future. The Board also emphasizes that the Group has established environmental management and control systems so that the authorities' and the market's requirements for environmental standards are met at all times. Work is in process to stimulate environmental awareness among employees through training and information. Although Pelagia's activity is linked to a renewable resource and is environmentally friendly compared to other food production, the company is ready to contribute to increased sustainability in its field, including reducing overall greenhouse gas emissions. In connection with this, Pelagia has specifically selected four of the UN's sustainability goals where the company wants to set specific operational goals for its activity. These four SDGs are Life in the Ocean (14), Responsible consumption and production (12), Decent work and economic growth (8) and Gender equality (5). The company will continue to work on concretizing measures related to these main goals. In 2023 Pelagia conducted an internal double materiality assessment to determine where Pelagia has the greatest impact and what factors will be critical for Pelagia and its stakeholders. In 2024 this assessment will be improved with input from external stakeholders and finalized to be published in the 2024 annual report. This will also provide a better basis for creating KPIs and targets to show how Pelagia works with sustainability. Pelagia has an ambition to put in place measurable, realistic, and timed goals for both long and short term. It’s important to verify that the development is proceeding as desired and that measures have the intended effects. We are in the initial phase of this work and see the importance of continuously and prioritized effort. Social conditions Pelagia is focused on the social conditions in the company and has therefore chosen to commit to two of the sustainability goals that cover this area; Decent work and economic growth (8) and Gender equality (5). Our production depends on access to raw materials, which are mainly wild-caught pelagic fish. Pelagic fishing is a seasonal activity. Our food division is highly seasonal and dependent on workers willing to work on a seasonal basis. This means that the number of employees from one month to the next month will vary considerably at the

factories. The feed and health division on the other hand is highly automated and production runs throughout the year on a 24/7 basis. This requires employees working shift during the year. Pelagia had 1.118 full-time man-hours in 2023 (1.130 full-time equivalents in 2022). The work relationship is controlled through national and local union agreements for more than 50% of our employees. The union agreements regulate both wages and guide the relationship between management and employee representatives. One of the agreements between Pelagia and its labor unions is that Pelagia AS does not have a corporate assembly. The Board of Directors of Pelagia AS is therefore directly responsible to the General Meeting. Work environment Work environment and safety is an integrated mindset with us working in Pelagia. We are committed to ensuring that Pelagia and our workplace create health-safe products while we carry out our work operations safely. We are working systematically to ensure a safe work environment. There is established a risk mapping (risk analysis) of activities and work carried out and on the basis of this implemented measures to reduce risk where risk conditions are not acceptable. Examples of risk reducing measures are requirement for protective gear for certain operations and jobs, change of tasks during a workday both for variety and reduction of exposure to certain environment risk. On the job training and awareness of health and safety measures are conducted minimum on an annual basis at our production facilities. We have a target of zero accidents in Pelagia, but unfortunately we are not there yet. We are committed to continuous improvement within health and safety. Focus on awareness and to follow procedure are important preventive measures. The number of incidents in the table below: We are pleased to see that the numbers of incidents have declined in 2023 compared to 2022. Absence due to sick leave has a small decrease from 3,71% in 2023 compared to 3,78% in 2022. In 2023 there was a factor of lost time injuries of 7,34 in Pelagia compared to 14,06 in 2022. The relative low level of sickness absence compared with other business sectors must partly be seen in conjunction with seasonal fluctuations in production. The annual well-being survey gives Pelagia an overview of how the employees experience the workplace. The working environment in Pelagia is good. The survey revealed focus areas where measures have been followed up during 2023. Focus on communication both on a corporate level with information and corporate tools have been improved. In addition, there has been an extra focus towards the follow up between managers and their employees through reviews and interviews.

Gender and equality The Board of Directors has adopted a code of conduct setting out standards of conduct for the company and its employees, last revised in June 2022. The ethical guidelines describe, among other things, what the Group believes constitutes proper behavior towards both employees and external parties. Pelagia, for example, will not accept conduct that discriminates against people on gender, ethnicity, religion or sexual orientation. The aim of the guidelines is to highlight the company's zero tolerance for discrimination on the basis of, for example, age, gender and educational and occupational background. Our report on Equality and Anti-Discrimination Act is published on our website (www.pelagia.com). Of the proportion of employees, 30% were women and 70% were men in 2023. The proportion of women is 20% among senior personnel, and the top management group consists of men only. There is not set a target to increase the level of female proportion of the senior personnel. However, where qualifications are equal, the sex with lowest representation will be chosen. In its recruitment policy, Pelagia wishes to attract the best applicants to key positions and we give all genders equal opportunities to develop their careers. The Board emphasizes that there shall be no discrimination on the basis of gender in matters such as salary, promotion, continuing education and recruitment. Measures to improve more female applicants are taken by attending educational fairs where we can market the many opportunities for all genders in different positions in Pelagia. The board consists of seven people – one woman and six men. Ensuring compliance with human rights and combating corruption and discrimination Pelagia has many suppliers and customers in different industries and parts of the world. As part of the work in connection with the Transparency Act, new procedures have been adopted for dealing with both new and existing suppliers. It sets even stricter requirements for how relevant companies must document and sign that they adhere to Pelagia's "Code of Conduct", which is based on the OECD's guidelines. Suppliers will also be categorised according to risk, in order to identify which suppliers require closer follow-up. From there, Pelagia will work structured to research suppliers from those categorized as highest risk to lowest. The Transparency Act went into effect on July 1, 2022. Pelagia has begun mapping value chains, categorization is being worked on, and new procedures have been produced for dealing with third parties. Due diligence will be carried out in connection with our value chains. Pelagia will publish an updated account of our due diligence in 2023 by 30.06.2024. This will be made available on the company's website alongside the report for 2022 www.pelagia.com. In addition, new guidelines have been drawn up and implemented to review both new and existing customers based on given risk factors. A more detailed description of these guidelines can be found in the account of our due diligence. A risk assessment is also made based on industry, product and location to ensure that we clarify relevant risks and handle this in a good way to help ensure that human rights violations, corruption, or bribery do not take place in Pelagia's value chain. It is based on the ethical guidelines that Pelagia has a zero-tolerance policy towards corruption and bribery, these are available on the website and distributed to all employees upon employment.

Information about Pelagia's guidelines in this area is also included in the Code of Conduct intended for partners. EU-Taxonomy On the 1st of January 2023, a new Norwegian law on sustainable finance entered into force and with this the taxonomy regulation (EU) 2020/852 developed by the EU. The report has been prepared at a consolidated level for Pelagia Holding AS with its subsidiaries, corresponding to the rest of the information in the annual report and will be published on Pelagia.com in its own document. Disposition of results The disposition of results below applies to Pelagia Holding AS which is the holding company in the Pelagia Group. Net financial results mainly consist of recognized dividends and group contributions from subsidiaries, as well as interest expenses. In addition to shares in subsidiaries and the group’s financing, assets and liabilities mainly consist of receivables and liabilities to subsidiaries. The equity was 23,3 % per. 31.12.2023 (23,2 % as of 31.12.2022). Allocation of the annual result in Pelagia Holding AS: Annual result: TNOK 545 137 Provisioned dividend: TNOK 400 000 Transferred to other equity: TNOK 145 137 The Board is not aware of any events after the closing of the annual accounts that have a significant impact on the assessment of the accounts for 2023. The company’s prospects Pelagia has its own operations in Ukraine through the subsidiary Pelagia Ukraine LLC. Because of Russia’s brutal invasion and warfare in Ukraine, the activity in the Ukrainian subsidiary is reduced to a minimum through 2022 and 2023. There are no material assets related to the activity in Ukraine in the balance sheet of the group. In February 2024 Pelagia participated in a private placement in Blue Ocean Technology AS making Pelagia the largest shareholder in the company with 54,75% of the shares. Blue Ocean Technology AS has developed technical solutions for dewatering, concentration and drying of sludge, which the aquaculture industry has adopted. The company has also come a long way in developing technology for further downstream value creation of sludge. In March 2024 Pelagia acquired 100% of the shareholding in Ideal Food Limited (“Ideal Foods”) and its subsidiaries. Ideal Foods is an established trader, specialising in the production of fish, shellfish and co- products to a global market. In addition, Ideal Nutritional Foods, a subsidiary of Ideal Foods, is a dedicated B2B supplier of fish products for a number of leading baby food producers. In April 2024 Pelagia acquired 100% of the shareholding in Charles Vial Ltd.

Pelagia has much of its sales in foreign currency and has an extensive use of currency futures to hedge its currency positions. With significant changes in the value of the Norwegian krone against e.g. USD, Euro and JPY can have significant accounting effects in the short term. The group’s ability to utilize its production capacities will depend on raw material supply in the North Atlantic, and hence the size of the global quotas that are distributed between the countries that have a share in the fishery resources. Overall, the outlook for the fisheries on which the group bases its operations is reasonably stable. Demand for pelagic fish is relatively good, but the group has experienced challenges related to the fact that the traditionally largest herring markets such as Russia and Ukraine are gone or heavily reduced. The group is still banned from the Russian market. The markets have also been periodically affected by currency restrictions in some countries, which has also been a challenge in 2023. For fishmeal and fish oil, demand in the markets is also good, but prices and margins are affected by varying raw material quotas in South America. The group buys all its raw materials at variable prices and sells finished goods on the world market. Thus, the company’s finances are not directly linked to the development in market prices, but to the margin achieved through production. The challenges of achieving good margins are normally highest when prices in the market fall, as there is normally a long lead time from production to market. The company has not entered into an agreement on board liability insurance. The board emphasizes that there is uncertainty associated with assessments of future conditions.

Pelagia Holding AS Consolidated income statement Amounts in NOK 1.000 (period 01.01. - 31.12.) Note 2023 2022 Sales revenue 4, 20 13 000 715 11 281 526 Change in inventories of finished goods 11 993 375 676 677 Raw materials and consumables used 20 8 377 367 7 333 708 Salaries and personell expenses 5 974 379 844 693 Depreciation 7, 8 417 723 354 688 Impairment 7, 9 41 355 - Other operating expenses 5, 6 930 645 735 845 Operating profit 1 265 871 1 335 915 Finance income 17 16 548 - Finance costs 17 255 365 175 748 Net finance -238 817 -175 748 Profit before taxes 1 027 055 1 160 167 Income tax expense 16 240 661 257 046 Net profit 786 394 903 121 Profit is attributable to: Owners of Pelagia Holding AS 779 888 823 093 Non-controlling interests 6 506 80 028 Total 786 394 903 121 Consolidated statement of comprehensive income Amounts in NOK 1.000 (period 01.01. - 31.12.) Note 2023 2022 Profit for the period 786 394 903 121 Other comprehensive income to be reclassified to profit or loss in subsequent periods Currency translation differences 73 416 12 198 Hedging reserves, cash flow hedges 3 -93 550 89 469 Tax expense/(revenue) 3 -20 581 19 683 Total other comprehensive income for the period, net of tax 447 81 984 Total comprehensive income for the period 786 841 985 105 Total comprehensive income for the period is atttributable to Owners of Pelagia Holding AS 772 893 907 614 Non-controlling interests 13 949 77 491 Total 786 841 985 105

Pelagia Holding AS Consolidated balance sheet per 31.12. Amounts in NOK 1.000 Note 2023 2022 Equity and liabilities Share capital 14 149 836 149 836 Share premium 14 1 347 615 1 347 615 Other equity 2 449 372 2 133 022 Non-controlling interests 15 198 610 178 119 Total equity 4 145 432 3 808 592 Liabilities Deferred tax liabilities 16 209 478 172 323 Employee benefit obligations 1 474 1 919 Derivatives 3 6 069 - Total non-current liabilities 217 021 174 242 Liabilities to financial institutions 3, 17 2 427 385 1 821 756 Other long-term non interest bearing loan 3, 17 14 067 12 661 Bond loan 3, 17 895 860 893 700 Lease liabilities 3, 18 84 721 60 984 Total other non-current liabilities 3 422 032 2 789 101 First year's instalment non-current liabilities 3, 17, 18 257 222 229 504 Current portion of provisions for lease liabilities 3, 18 16 554 22 391 Current debt to financial institutions 17 1 073 851 1 220 427 Derivatives 3 4 638 8 549 Trade payables 398 859 396 834 Tax payable 16 157 093 155 546 Public duties owing 71 656 58 150 Other current liabilities 6 279 597 282 059 Total current liabilities 2 259 470 2 373 459 Total liabilities 5 898 524 5 336 801 Total equity and liabilities 10 043 956 9 145 393 Bergen, April 29, 2024 ________________________ ________________________ __________________ Helge Singelstad Arne Møgster Gustav Witzøe Chairman of the board Board member Board member ________________________ ________________________ __________________ Egil Magne Haugstad Helge Arvid Møgster Helge Karstein Moen CEO Board member Board member ________________________ ________________________ Arne Myklebust Ragnhild Skåra Board member Board member

Pelagia Holding AS Consolidated statement of changes in equity Amounts in NOK 1.000 Share capital Share premium Currency translation differences accumulated Hedge reserve Retained earnings Total Non- controlling interests Total equity Equity 01.01.2022 149 836 1 347 615 167 185 - 1 321 516 2 986 153 181 765 3 167 918 Result for the period - - - - 823 093 823 093 80 028 903 121 Other comprehensive income - - 14 735 69 786 - 84 521 -2 537 81 984 Total comprehensive income for the period - - 14 735 69 786 823 093 907 614 77 491 985 105 Non-controlling interests on aquisition of subsidiary - - - - - - 85 570 85 570 Dividends paid - - - - -250 000 -250 000 - -250 000 Non-controlling interests buyout - - - - -13 293 -13 293 -166 707 -180 000 Total transactions with owners and non- controlling interests - - - - -263 294 -263 294 -81 137 -344 431 Equity 31.12.2022 149 836 1 347 615 181 920 69 786 1 881 316 3 630 473 178 119 3 808 592 Amounts in NOK 1.000 Share capital Share premium Currency translation differences accumulated Hedge reserve Retained earnings Total Non- controlling interests Total equity Equity 01.01.2023 149 836 1 347 615 181 920 69 786 1 881 316 3 630 473 178 119 3 808 592 Result for the period - - - - 779 888 779 888 6 506 786 394 Other comprehensive income - - 65 973 -72 969 - -6 996 7 443 447 Total comprehensive income for the period - - 65 973 -72 969 779 888 772 892 13 949 786 841 Dividends paid - - - - -450 000 -450 000 - -450 000 Non-controlling interests buyout* - - - - -6 542 -6 542 6 542 - Total transactions with owners and non- controlling interests - - - - -456 542 -456 542 6 542 -450 000 Equity 31.12.2023 149 836 1 347 615 247 893 -3 183 2 204 662 3 946 823 198 610 4 145 432 *) Concerns Pelagia Ukraine LLC. See note 15 and 21. Dividend of 400 MNOK has been proposed for 2023. Divident payments to Pelagia's shareholders are classified as liability from the date the dividend has beed approved by the General Meeting. Equity to owners of Pelagia Holding AS Equity to owners of Pelagia Holding AS

Consolidated statement of cash flow All figures in NOK 1.000 Note 2023 2022 Cash flows form operating activities Result before tax expense 1 027 055 1 160 167 Adjusted for: - Depreciations 7, 8, 18 417 723 354 688 - Impairment 7, 9 41 355 - - Taxes paid 16 -207 952 -86 919 - Interest expenses net 17 246 574 132 269 Change working capital: - Change trade receivables 280 959 -236 057 - Change inventories -993 375 -676 678 - Change trade payables 2 026 64 390 - Change other accruals 17 097 -101 363 Net cash flow from operating activities 831 462 610 497 Cash flows from investing activities Aquisition of subsidiary 21 - -47 754 Purchase of property, plant and equipment 8 -546 594 -450 361 Purchase of other intangible assets 7 -18 381 -25 141 Sale of property, plant and equipment 8 4 212 - Net cash flows from investing activities -560 763 -523 257 Cash flows from financing activities Raising of non-current liabilities 17 750 000 2 869 164 Repayment of non-current liabilities 17 -116 653 -2 440 620 Net change bank overdraft 17 -146 576 -34 493 Repayment lease liabilities 17, 18 -17 342 -16 819 Interest paid 17 -235 967 -120 837 Dividends paid to non-controlling interests - -180 000 Cash flow from purchase of shares in other companies -12 365 - Dividends paid to parent company's shareholders -450 000 -250 000 Net cash flows from financing activities -228 902 -173 606 Change in cash and cash equivalents net 41 797 -86 366 Net cash and cash equivalents as at 1st of January 129 272 215 638 Net cash and cash equivalents per 31st of December 171 069 129 272 Pelagia Holding AS

Pelagia Holding AS

Note 1 Accounting policies

Subsidiary Registered office Parent Company Owner share Pelagia AS Bergen Pelagia Holding AS 100 % Sirevåg Fryselager AS Sirevåg Pelagia AS 67 % Mat Miljølaboratoriet AS Måløy Pelagia AS 100 % Pelagia Technologies AS Bergen Pelagia AS 100 % Pelagia Innovation AS Bergen Pelagia AS 100 % Norsildmel Innovation AS Bergen Pelagia AS 100 % Norsildmel Hellas Ltd Athens Norsildmel Innovation AS 100 % Epax Norway AS Ålesund Pelagia AS 100 % Epax Pharma Holding UK Unlimited UK Pelagia AS 83 % Epax Pharma Holding UK Unlimited UK Epax Norway AS 17 % Pelagia Denmark AS Denmark Pelagia AS 100 % Pelagia Ukraine LLC Ukraine Pelagia AS 100 % Pelagia Feed (Ireland) Ltd. *) Ireland Pelagia AS 100 % Pelagia (UK) Ltd. UK Pelagia AS 100 % Pelagia (Greenock) Ltd. UK Pelagia (UK) Ltd. 100 % Pelagia Shetland Ltd. UK Pelagia AS 77 % Pelagia Bressay Ltd. UK Pelagia AS 100 % Projekt Skagen AS Denmark Pelagia AS 100 % Hordafor AS Austevoll Pelagia AS 100 % Arctic Protein EHF Iceland Pelagia AS 51 % Karmsund Protein AS Avaldsnes Pelagia AS 51 % Husøy Eiendom Karmøy AS Kopervik Karmsund Protein AS 100 %

Associated companies and joint venture Registered office Financial interest TD Moreproduct Ukraine 50 %

*) Pelagia Feed (Ireland) Limited, included in the consolidated financial statements of Pelagia Holding AS, has made use of the right to omit publication of the company accounts to «Registrar of Companies» in accordance with Section 357 i «the Companies Act 2014». The company has meets the requirements in section 357(a) to 357(h).

General information All amounts are in NOK 1,000 unless otherwise stated. Pelagia Holding Group ("Pelagia") is a group within production, sale and distribution of fish meal/fish oil and pelagic fish for consumption. Pelagia is an important party within pelagic sector in the North Atlantic. The main office is in Bergen, Norway.

Group structure The consolidated financial statements comprise the parent company Pelagia Holding AS and the following subsidiaries and associated companies:

Pelagia Holding AS

Note 1 continues

Basis for preparation Below are stated the principal accounting policies used in the preparation of the consolidated financial statements.

Framework for the preparation of the financial statements The consolidated financial statements of Pelagia Holding AS have been prepared in accordance with IFRS® Accounting Standards as adopted by the EU. For the presented consolidated financial statements there are no differences between IFRS® Accounting Standards as adopted by EU and IASB.

Assets and liabilities are measured at cost to the extent that other measurement bases are not required by accounting standards.

The preparation of financial statements in conformity with IFRS requires the use of certain accounting estimates. Management also needs to exercise judgement in applying the Group’s accounting policies. Areas involving a high degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in note 2 to the financial statements.

The consolidated financial statements have been prepared under the going concern assumption.

Revenue recognition Revenue is measured at fair value of the consideration, net after deduction of discounts and value added tax. Revenue is recognised when it can be reliably measured, it is probable that the transactions will generate future economic benefits that will accrue to the company and the criteria described below have been fulfilled. Revenues from the sale of goods are recognised in the income statement when control have been transferred to the buyer. No special discounts are granted, the prices vary and are agreed for each individual delivery. Standard payment terms are used to the largest extent possible but may vary based on delivery terms and instrument of payment. Pelagia uses different Incoterms delivery terms to various customers. Recognition of revenue takes place at the time of delivery as defined in Incoterms for the actual delivery terms. Sales orders for both pelagic fish for consumption and meal and oil are mainly transported by sea and by truck. Delivery terms most used are CIF (Cost Insurance Freight) and FOB (Free On Board). For both cases, transfer of risk and control ordinarily takes place as soon as the goods have been loaded on board the ship.

Consolidation and investment in associated companies

Subsidiaries Subsidiaries are all entities over which Pelagia has control. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.

Associates Associates are all entities over which Pelagia has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting. The investment is recognised at acquisition cost on the date of acquisition. The carrying amount includes any implicit goodwill identified on acquisition. When necessary, amounts reported by subsidiaries have been adjusted to conform with the Group's accounting policies.

Pelagia Holding AS

Note 1 continues

Foreign currency translation The consolidated financial statements are presented in NOK, which is the functional currency of the parent company and the Group’s presentation currency. All subsidiaries use local currency as their functional currency. Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement. Share of result from associates are translated at average rate of exchange. Share of equity (including goodwill and excess values) are translated at the exchange rate prevailing on the balance sheet date. Translation differences are recognised in other comprehensive income.

Derivatives and hedging Pelagia uses derivatives for hedging purposes. Forward exchange contracts are mainly used for such purposes. Derivatives are measured at fair value with value changes through profit or loss. The group does not apply hedge accounting for forward exchange contracts. Derivatives designated as hedging instruments at fair value through other comprehensive income - hedge accounting The Company designates certain financial power contracts as hedges of a specified risk associated with the cash flows of highly probable future power purchase transactions (cash flow hedges). At the inception of the hedge relationship, the company documents the financial relationship between the hedging instrument and the hedged item, including whether changes in cash flows of the hedging instruments are expected to offset changes in the cash flows of the hedged items. The entity documents its risk management objectives and strategy for undertaking its hedging transactions. The effective part of changes in the fair value of derivatives that are designated and qualify as hedging instruments in cash flow hedges is recognised in the cash flow hedge reserve in equity. Unrealized gains or losses relating to the ineffective part are recognised immediately in the income statement and the net effect is included in other operating expenses. Amounts accumulated in the hedging reserve in equity are reclassified to profit or loss in the periods in which the hedged item affects profit or loss. When a hedging instrument expires, is sold or terminated, or when a hedging relationship no longer meets the criteria for hedge accounting, any accumulated deferred gain or loss and deferred hedging costs remain in the cash flow reserve until the forecast transaction occurs. If the forecast transaction is no longer expected to occur, the cumulative gain or loss and deferred hedging costs are immediately reclassified from the cash flow reserve to profit or loss. Realised gains and losses on derivatives designated as hedging instruments are included in other operating expenses in the income statement.

Pelagia Holding AS

Note 1 continues

New and amended standards implemented in 2023 The accounting policies adopted are consistent with those of the previous financial year, except for the amendments to IFRS which have been implemented by the Group during the current financial year. Below we have listed the amendments in IFRS which have beed applicable for the Group's 2023 financial statements: - Amendments to IAS 8 - Definition of Accounting Estimates - Amendments to IAS 12 - Deferred Tax related to Assets and Liabilities arising from a Single Transaction - Amendments to IAS 12 - International tax reform - pillar two model rules - Amendments to IAS 1 - Disclosure of Accounting Policies and IFRS Practice Statement 2 These amendments have not had a material impact on the Gorup's consolidated financial statements in the current reporting period. New standards and interpretations not yet adopted The Group has not early adopted any accounting standard, interpretation or amendment that has been issued but is not yet effective. The Group will adopt new amendments and interpretations, if relevant, when they become effective. Below is a list of new amendments not yet effective: - Amendments to IAS 1 - Classification of Liabilities as Current or Non-current Liabilities with Covenants - Amendments to IAS 7 and IFRS 7 - Supplier Finance Arrangements - Amendments to IFRS 10 and IAS 28 - Sale or Contribution of Assets between an Investor and its Associate or Joint Venture.

Pelagia Holding AS

Note 2 Critical accounting estimates and judgements Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

Inventories Inventories are stated at the lower of acquisition cost and net realisable value. The prices of the Group’s products are sensitive due to currency conditions, changes in purchase price, quotas and catch volume and other market related circumstances. An estimate of net realisable value on the balance sheet date is performed by the sales department and is to a large extent based on realised prices in the market close to the balance sheet date. Factors like age and product quality are also emphasized in the assessment of net realisable value. A potential provision is also adjusted for uncertainty in expected sales prices, related to both market risk and turnover rates. See note 11 for information about impairment made at the balance sheet date.

Trade receivables Trade receivables require use of judgements in the assessment of provision for bad debts. Provision is made when there are objective indicators that the Group will not receive settlement in accordance with original terms. See note 12 for further information about trade receivables.

Intangible assets and goodwill Pelagia performs impairment tests for goodwill annually. Recoverable amounts from cash generating units have been determined based on calculations of assumed value in use. These calculations require the use of estimates and are further described in note 9.

Cash generating units Pelagia has several production facilities in the consumption activity. Due to variations in quotas and seasonal production there may be excess capacity in production plants compared to the supply of raw materials. As number of plants and sites are of strategic importance for the supply and pricing of raw materials, the value of the plants has to be considered as a whole (and as part of a portfolio). Impairment tests of pelagic consumption plants at value in use are therefore made based on a portfolio mind of thinking. The plants are assessed as part of groups based on given criteria. The groups are considered separate cash generating units. Goodwill is monitored at segment level, involving a group of cash generating units. Pelagia has identified three segments: FOOD, FEED and HEALTH for which annual impairment tests for goodwill is performed, see note 9.

Pelagia Holding AS

Note 3

Financial instruments and risk management Financial risk management

a) Market risk i) Currency risk The war in Ukraine and the impact on the global economy, including on energy prices and inflation, may increase volatility and risk associated with currency sales.

Currency position 31.12. GBP (1000) DKK (1000) USD (1000) EUR (1000) JPY (1000) Trade receivables 7 481 - 40 897 16 803 343 529 Prepayments - - - - -1 000 000 Forward exchange contracts / derivates -6 000 - -102 796 -68 566 -300 000 Net withdrawal overdraft facility -33 196 -64 965 -30 833 -23 764 182 286 Total -31 715 -64 965 -92 732 -75 526 -774 186 Trade receivables per currency ( NOK 1.000) 2023 2022 GBP 96 757 103 054 DKK - 29 364 USD 416 024 774 513 EUR 188 880 260 361 JPY 24 700 35 104 NOK 239 466 44 390 Total 965 827 1 246 786

Currency derivatives (fair value in TNOK) 2023 2022 USD 70 044 36 357 JPY 2 209 1 022 EUR 26 274 -8 047 Others 698 -502 Total currency derivatives 99 226 28 830

The group’s activities expose it to a variety of financial risks: market risk (including currency risk, price risk, cash flow interest rate risk), credit risk and liquidity risk. The group’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the group’s financial performance. To some extent, the group uses derivative financial instruments to hedge certain risk exposures. The risk management is carried out by a central treasury department under policies approved by the board of directors.

Currency risk arises when future commercial transactions or carrying assets and liabilities are denominated in a currency which is not the entity's functional currency. The group is exposed to currency risk through cash flows in foreign currency. A substantial part of the turnover will normally be in foreign currency, while the expenses are mainly in Norwegian Kroner. The entities in the group have different functional currencies, the most important being NOK and GBP. Changes in foreign exchange rates that affect trade receivables, other receivables, and liabilities in currencies other than the entity's functional currency will have direct impact on the income statement at year end. Over time there is a correlation between market prices translated into Norwegian Kroner and the price of raw materials. Changes in market prices translated into Norwegian Kroner will therefore over time be reflected in the prices of raw materials and eliminate parts of the currency risk. In order to manage the currency risk arising from future transactions and recognised assets and liabilities, entities in the group use forward exchangecontracts. Pelagia Group aims for all currency exposure arising from receivables and liabilities in foreign currency to be hedged 100%. For inventories, an assessment is made of the currencies in which future sales will be made, and around 50% of the estimated exposure is hedged from the time the goods are in stock. No direct cash flow hedges are made, other than for committed sales orders. The company has some investments in foreign subsidiaries where net assets are exposed to currency risk by translation.

Carrying value of derivatives are all mainly connected to different currency derivatives and financial electricity derivatives. Principally it concerns currency derivatives where the company sells currency. The group recognises currency derivatives at fair value with value change through profit or loss.

Pelagia Holding AS

Note 3 continues

10 % increase in NOK equals: GBP DKK USD EUR JPY Net impact on result before tax -41 021 -9 798 -94 330 -84 895 -5 567

The group's credit risk at the balance sheet date can be summarized as follows: Credit risk 2023 2022 Trade receivables at nominal value 991 981 1 304 221 Covered by credit insurance and cash against documents -549 446 -1 137 771 Credit exposure trade receivables 442 534 166 450 Counterparty risk related to credit insurance company and banks that have provided Letter of Credit is considered to be low. There is a minimal credit risk associated to cash and cash equivalents of 171,1 MNOK as of 31.12.2023.

Maturity profile financial liabilities 2024 2025 2026 2027 Later Total Bank loan 258 902 105 513 105 513 2 155 234 65 885 2 691 047 Bond loan* - 900 000 - - - 900 000 Bank overdraft 1 073 851 - - - - 1 073 851 Interest payments related to above loans 307 736 229 557 149 602 142 818 4 236 833 950 Leasing payments 16 554 12 643 12 476 9 237 160 348 211 258 Long-term not interest bearing loan - 14 067 - - - 14 067 Trade payables and other liabilities 907 205 - - - - 907 205 Total 2 564 248 1 261 779 267 592 2 307 289 230 469 6 631 377 *The bond loan has maturity in total in 2025.

If NOK in relation to the following foreign currency was 10% higher as of 31 December 2023 and all other variables were constant, it would lead to the following effects on profit before tax:

ii) Price risk Pelagia Group is exposed to price changes for its sold products. Pelagia Group is also exposed to risk related to prices of pelagic raw materials. The group does not apply raw material derivatives to reduce the price risk. Financial electricity derivatives are applied to reduce the price risk related to power, see seperate section on cash flow hedges of forecast power purchase transactions. iii) Interest rate risk Pelagia's bank deposits and debt are subject to floating rate of interest. This involves that Pelagia is exposed to liquidity risk as a result of changes in the market interest rates. Pelagia does not apply derivatives to hedge from this liquidity risk. Pelagia's borrowings are to a large extent related to operations and vary in line with seasonal fluctiations and are differently drawn during the year. In order to maintain this flexibility Pelagia's debt is mainly based on floating rate of interest. Pelagia also has acquisition financing. If the interest rates had been 1% higher (lower) during the year, with all other vairables held constant, the pre-tax result would have been reduced (increased) by approx. MNOK 47,6 in 2023 as a result of floating interest rate on borrowings and deposits. Equity would have been reduced (increased) by approx MNOK 37,1 in 2023. Sensitivity analysis is based on net interest bearing debt at year-end. The simulation is only carried out for

debt items that represent the main part of Pelagia's interest positions.

b) Credit risk The degree of credit risk varies based on the market segment in which Pelagia Group operates. The main part of the sales to Japan and Far East and Africa is based on prepayment and other forms of guranteed settlement, the counterparty risk is therefore low. In other markets, as Eastern Europe and EU it is necessary to sell shares of volume on credit in order to serve the markets. Pelagia has credit insurance with own risk for a large share of the customers, but will in periods be exposed without credit insurance for some of the customers. To handle risk, Pelagia has routines and systems for close follow-up of outstanding receivables. Internal credit limits have been established for customers where receivables are not secured throuth credit insurance. The internal limits are assessed based on the customer's financial position, history and any other factors. Pelagia's total credit exposure is mainly related to trade receivables. For further information, see note 12.

c) Liquidity risk Pelagic industry is capital demanding due to natural seasonal fluctuations. Pelagia is therefore focusing on having sufficient access to financing that ensures business opportunities and flexibility. The table below specifies Pelagia's financial liabilities that are not derivatives classified pursuant to the maturity structure. The amounts in the table are non-discounted contractual cash flows (including interests based on the current interest rate level).

The impact is calculated based on Pelagia's exposure to foreign currency on working capital and derivatives. 10 % weakening in NOK against the same currencies will give the opposite impact on the pre-tax result. Corresponding changes in foreign currency rates at year-end on other currencies have been estimated not to have material impact on the result.

Pelagia Holding AS

Note 3 continues

Capital management Booked equity ratio and interest cover ratio are shown in the table below: Equity ratio 2023 2022 Booked equity 4 145 432 3 808 592 Total assets 10 043 956 9 145 393 Equity % 41,3 % 41,6 % Interest cover ratio 2023 2022 EBITDA 1 724 949 1 690 603 Net interest expenses 246 574 132 269 Interest cover ratio 7,0 12,8

Financial instruments 31.12.2023 Amortised cost Fair value through profit and loss Fair value over comprehensive income Total Assets Other investments - 24 753 - 24 753 Other receivables 1 500 - - 1 500 Trade receivables and other current receivables* 973 276 - - 973 276 Currency derivatives - 99 225 - 99 225 Cash and cash equivalents 171 069 - - 171 069 Total 1 145 845 123 979 - 1 269 824 Liabilities Debt to credit institutions 3 758 458 - - 3 758 458 Bond loan 895 860 - - 895 860 Other long-term not interest bearing debt 14 067 - - 14 067 Leasing liabilities 101 275 - - 101 275 Financial derivatives - hedge accounting - - 4 638 4 638 Financial derivatives - 6 069 - 6 069 Trade payables and other current liabilities 678 456 - - 678 456 Total 5 448 116 6 069 4 638 5 458 823 *Trade receivables and other current receivables excl. of prepayments and public duties owing, cf. note 12.

Pelagia's objectives when managing capital is to safeguard the group's ability to continue as a going concern in order to provide returns for shareholders and other stakeholders and to maintain an optimal capital structure to reduce the capital costs. The group's current capital structure and key figures are considered to be at an acceptable level in relation to Pelagia's goals. In order to improve the capital structure, Pelagia may adjust the level of dividends to shareholders, return capital to shareholders, issue new shares or sell assets to repay borrowing. The financing consists of rolling credit facility (RCF) of MNOK 2 450. In addition a current multi-currency credit facility of MNOK 1 700 has been established, this has been drawn by MNOK 1 074. The covenants consist of demands to equity ratio (30%) and interest cover ratio (4.0x) in the consolidated financial statements of Pelagia Holding AS. The multi-currency agreement is short term by nature, otherwise committed until 2027 as part of the same financing agreement as the RCF, renewed in November 2022 with maturity in 2027. In addition the parent company in 2020 entered into a bond loan of MNOK 900 with maturity in 2025. There are covenants in the bond agreement related to equity ratio (30%) and interest coverage ratio (4.0x). The loan bears interest 3M NIBOR + 3,25%. For the bank loan an adjustment of the covenant demand to interest cover ratio has been agreed in 2024. With effect from the date of change the demand to interest cover ratio is 2.5x.

Pelagia Holding AS

Note 3 continues 31.12.2022 Amortised cost Fair value through profit and loss Fair value over comprehensive income Total Assets Other investments - 5 891 - 5 891 Other receivables 9 676 - - 9 676 Trade receivables and other current receivables* 1 259 352 - - 1 259 352 Currency derivatives - 28 841 - 28 841 Financial derivatives - hedge accounting - - 101 669 101 669 Cash and cash equivalents 129 272 - - 129 272 Total 1 398 300 34 732 101 669 1 534 701 Liabilities Debt to credit institutions 3 271 686 - - 3 271 686 Bond loan 893 700 - - 893 700 Other long-term not interest bearing debt 12 661 - - 12 661 Leasing liabilities 83 375 - - 83 375 Trade payables and other current liabilities 678 893 - - 678 893 Total 4 940 315 - - 4 940 315 *Trade receivables and other current receivables excl. of prepayments and public duties owing, cf. Note 12.

31.12.2023 Assets / (liabilities) Level 1 Level 2 Level 3 Total - Currency derivatives - 99 225 - 99 225 - Financial power contracts - -10 708 - -10 708 - Other investments - - 24 753 24 753 Total - 88 518 24 753 113 271 31.12.2022 Assets / (liabilities) Level 1 Level 2 Level 3 Total - Currency derivatives - 28 841 - 28 841 - Financial power contracts - 101 669 - 101 669 - Other investments - - 5 891 5 891 Sum - 130 510 5 891 136 401 Assessment of fair value The table below shows financial instruments at fair value according to valuation method. The various levels have been defined as follows: - Level 1: Listed price in an active market for an identical asset or liability. - Level 2: Valuation based on onther observable factors than noted priced (used in level 1), either directly (price) or indirectly (derived from prices) for the asset or the liability. - Level 3: Valuation based on factors not provided from observable markets (non-observable prerequisites). There were no transfers from level 1 to level 2 during the year.

The fair value of financial instruments traded in active markets is based on market prices at the balance sheet date. A market is regarded as active if the market prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occuring market transactions on an arm’s length basis. The market price used for financial assets held by the group is the current bid price, for financial liabilities the current selling price is used. These instruments are included in Level 1. The fair value of financial instruments that are not traded in an active market (for example, forward exchange contracts) is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where available and rely as little as possible on entity specific estimates. If all significant inputs required to determine the fair value of an instrument are obervable, then the instrument is included in level 2. If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. For amortized cost assets and liabilities, the book value is considered to be approximately equal to the fair value.

Pelagia Holding AS

Note 3 continues Fair value of hedging instruments where hedge accounting is applied 31.12.2023 Fair value hedge instrument Effective portion in OCI Ineffectiveness in P&L Hedged volume 2024* Hedged volume 2025* Cash flow hedge of highly probable power purchase -4 638 -4 082 -557 25 - 31.12.2022 Fair value hedge instrument Effective portion in OCI Ineffectiveness in P&L Hedged volume 2023* Hedged volume 2024* Cash flow hedge of highly probable power purchase 101 669 89 469 12 200 88 98 * Volum in GWh Change in fair value of hedging instruments where hedge accounting is applied

Cash flow hedge of highly probable power purchase 2023 2022 Ineffective portion, recognised in P&L, total -12 757 12 200 Effective portion, recognised in OCI, total -93 550 89 469 Change in fair valure, total -106 307 101 669 Deferred tax effective portion, recognised in OCI -20 581 19 683 Effective portion, recognised in OCI, net of tax -72 969 69 786 Reconciliation hedging reserves in other comprehensive income 2023 2022 Opening balance 1 January 69 786 - Effective portion of unrealised change in fair value of hedging instruments -80 589 116 665 Realised (gains) and losses reclassified to profit or loss -12 961 -27 197 Deferred tax (income) -20 581 19 683 Closing balance 31 December -3 184 69 786

Cash flow hedges of forecast power purchase transactions The group designates certain derivatives as hedges of a particular risk associated with the cash flows of highly probable forecast power purchase transactions (cash flow hedges). Pelagia Group hedges its exposure to the variability of a future transaction of electricity by entering into financial contracts with the electricity supplier for a predetermined delivery price of an agreed volume of electricity in the future. The Nordic system price is the main reference price in the Nordic electricity market, with area prices to a varying degree correlating to the system price. Management has considered the market structure and concluded that the system price can be characterized as an identifiable and measurable component of the power price. In general, a change in the system price will cause a change in the price in all price areas and will also impact the pricing of long-term contracts in all areas. In addition, most market participants develop expectation of future prices estimating future system price and area differentials individually. This implies that the system price is an identifiable risk component in the future purchase of electricity. The hedged item is the market price of the total expected power purchases, which exposes the company to profit risk from changes in future cash flows. Pelagias hedging instrument is forward contracts on power mainly on NASDAQ's Nordic Power Market, and some bilaterally. The forward contracts are both system hedges, which intends to hedge the system price component of the total expected power purchase, and area hedges, which intends to hedge the area price of expected power purchases in the relevant price area. Gains/losses on hedging of consumed electricity are settled monthly on electricity invoices at the hedging rate against the Nord Pool rate. The value of future power hedges are measured based on the market price on NASDAQ. The Group aims to have a hedge ratio of between 60-80% of expected consumption per year, actual power purchase volume will therefore always be significantly higher than the total volume in the hedging instruments, due to this there will be no consumption effects causing inefficiencies. Hedge effectiveness is measured by comparing the relationship between the change in value of the hedging instrument (the power hedge) and the change in value of the hedged item (the power price), where there should be an expectation that the value of the hedging instrument and the value of the hedged item will systematically change in opposite directions as a result of changes in the hedged risk. This is measured by comparing the change in the average market price against the change in the hedging gain/loss in the same year. The change in market price should have a negative correlation with the hedging gain/loss. The company has calculated an average hedge effectiveness of 88% over the last two years, which is used as a basis for recognition as at 31.12.2023. The effective portion of the change in value is recognized as a separate component of equity, while the ineffective portion is recognized in the income statement on an ongoing basis. Unrealized loss on open hedging transactions as of 31.12.2023 is MNOK 4,6, where the change in the effective part (88%), loss of MNOK 93,5 is recognised in OCI and change in the ineffective part (12%) loss of MNOK 12,7 is recognised in the income statement. Average hedged price is 52,82 EUR/mwh as of 31.12.2023 (31.12.2022: 61,41 EUR/mvh). The accounting implications of hedge accounting for the period is summarized in the table below. As of 31.12.2023 hedged volume consists of contracts entered before 01.01.2023, with the last part of the remaining contracts expiting in 2024, and thereby closing out the remaining OCI positions.

Pelagia Holding AS

Note 4 Sales revenues/segment information Segment information Food Feed Health Total Food Feed Health Total External operating income 5 590 190 6 620 943 789 583 13 000 715 5 563 573 5 075 736 642 217 11 281 526 Other gains - - - - - - - - Total operating income 5 590 190 6 620 943 789 583 13 000 715 5 563 573 5 075 736 642 217 11 281 526 Cost of goods 4 854 412 4 521 623 362 118 9 738 153 4 687 719 3 364 098 301 251 8 353 068 Contribution margin 735 778 2 099 320 427 465 3 262 562 875 854 1 711 638 340 966 2 928 458 Indirect wages 235 762 288 602 82 604 606 967 198 250 226 018 77 743 502 010 Indirect operating expenses ex. depreciation 242 014 619 496 69 135 930 645 216 353 468 271 51 222 735 845 Operating result before depreciation EBIT 258 002 1 191 221 275 726 1 724 949 461 251 1 017 349 212 002 1 690 603 Income recognition related to acuisition - - - - - - - - Impairment - 41 355 - 41 355 - - - - Depreciation 148 135 241 169 28 419 417 723 128 287 202 928 23 472 354 687 Operating result EBIT 109 867 908 697 247 307 1 265 871 332 964 814 421 188 530 1 335 915 Net interest 732 -208 258 -39 049 (246 575) -878 -106 409 -24 938 (132 224) Result from associated company - - - - - - - - Other financial items 2 935 11 321 -6 497 7 759 -20 261 -4 726 -18 536 (43 523) Result before taxes 113 534 711 760 201 761 1 027 055 311 825 703 286 145 056 1 160 167

Food Feed Health Total Food Feed Health Total Norway 115 546 3 629 187 157 574 3 902 307 231 030 2 081 549 163 445 2 476 024 Europe for the rest 428 901 1 572 706 28 273 2 029 880 344 133 1 459 855 28 597 1 832 585 Europe EU 1 980 162 847 236 159 242 2 986 640 1 572 068 950 963 94 198 2 617 229 Asia 2 231 703 529 810 90 781 2 852 294 2 153 888 533 061 102 700 2 789 649 Africa 565 545 2 377 105 568 027 981 397 - - 981 397 North-Amerika 264 754 39 626 255 630 560 010 280 180 46 534 234 880 561 594 Other 3 580 - 97 977 101 557 878 3 774 18 396 23 048 Total 5 590 191 6 620 942 789 582 13 000 715 5 563 574 5 075 736 642 216 11 281 526

Other intangible assets Goodwill Property, plant and equipment Other financial assets Other intangible assets Goodwill Property, plant and equipment Other financial assets Home country (Norway) 91 021 822 017 3 141 268 7 485 94 150 822 017 3 095 026 15 515 Other countries* - 379 708 637 623 18 768 10 455 381 468 475 261 52 Total 91 021 1 201 725 3 778 891 26 253 104 605 1 203 485 3 570 287 15 567 *Other countries mainly applies to the UK and Ireland Major customers One customer accounts for 13% of the consolidated sales, MNOK 1.743,2, all in the FEED segment. No other individual customer accounts for revenue that exceeds ten percent of consolidated sales.

2023 2022

Sales revenues distributed on geographical markets

Non-current assets by geographical area 2023 2022

Operating segments Pelagia's activities are divided into three segments; meal/oil (Feed), consumption (Food) and omega-3 (Health). The segment reporting is followed up by the Board of Directors as the top decision-maker. Meal/oil (Feed) The meal- and oil activity comprises production of fish meal, fish oil and concentrate of fish protein. The products are mainly sold to the aquaculture industry nationally. Consumption (Food) The consumption activity consists of receipt and processing of pelagic fish for consumption. Pelagic fish for human consumption is mainly frozen mackerel, herring and capelin catched with closing net or trawl in the Norwegian Sea and the North Sea. The company has production plants spread along the Norwegian coast. The fish is mainly subject to global export. Epax (Health) The activity consists of production of high-concentrate omega-3 ingredients. The product is used as ingredient for leading brands within food supplements and pharmaceutical products. Production plant for the activity is located in Ålesund. The product is mainly subject to global export.

Segment allocation Raw material is either from external suppliers or internal transactions of cut-off from the FOOD segment. Internal transactions are reallocation of cost of goods and does not generate revenue, these internal transactions are valued based on minimum price from Norges Sildesalgslag. Intersegment revenue and related costs are eliminated in the above table. Intersegment revenue is MNOK 84,4 in 2023 (2022: MNOK 148,6) in the FOOD segment, there is no intersegment revenue in the other segments. Group cost is allocated to the different segments by share of budgeted revenue, based on the assessment that revenue reflects the size of the segments and therefore is a fair indication of use of resources from the administration.

Pelagia Holding AS Note 5 Wage costs, full-time equivalents, renumerations etc. Specification of wage costs 2023 2022 Wages 791 437 686 406 Payroll tax 101 829 86 371 Pension costs 76 212 61 565 Other benefits 4 901 10 351 Total 974 379 844 693

Average number of full-time equivalents 1 118 1 130

Remunerations for executive employees: Wages Bonus Other benefits Total CEO - Egil Magne Haugstad 3 913 1 815 192 5 919 Shares owned by Board members and executive employees Remuneration paid to the members of the Board of Directors No Board of Directors' fee has been paid in 2023 or 2022.

Auditor: Auditor's fees exclusive of vat. 2023 2022 Statutory audit 6 177 5 885 Other certification services 301 454 Tax consultancy 1 150 816 Services other than audit 444 526 Total 8 071 7 681

Note 6 Specifications

Other operating expenses 2023 2022 Variable lease, short-term leasing agreements and lease of assets of minor value 23 405 20 910 Repair and maintenance 280 606 184 788 IT-expenses 39 955 32 107 Bad debts -1 834 7 758 Other expenses 588 512 490 283 Total other operating expenses 930 645 735 845

Specification of other current liabilities 2023 2022 Wages and public duties owing 82 650 79 860 Prepayments received* 72 330 112 119 Incurred costs 91 491 86 145 Other current liabilities 33 126 3 934 Total other current liabilities 279 597 282 059 *Concerns received prepayments from customers in the consumption segment (Food).

The CEO has a profit-based bonus scheme calculated from the group's pre-tax result. Bonus is 0.5 % of pre-tax result reduced by MNOK 100. The bonus is limited upward to 50 % of ordinary annual salary including holiday pay. In case of notice the CEO is entitled to a severance pay corresponding to 6 months fixed salary. Mutual notice period for the CEO is 6 months. No loan or other security has been granted to the board, the CEO or other related parties. There are no other profit sharing or options for the board or other related parties. The Board: The Chairman of the Board, Helge Singelstad, owns shares indirectly through his ownership in Austevoll Seafood ASA. The Board members Helge Møgster and Arne Møgster own shares indirectly through their owner interests in Laco AS. Laco controls Austevoll Seafood ASA. Board member Gustav Witzøe owns shares indirectly through his ownership in Kvarv AS. Executive employees: CEO Egil Magne Haugstad owns shares indirectly through his ownership in Egersund Fiskeri Investering AS. Egersund Fiskeri Investering AS owns 26,63% of the shares in Kvefi AS.

Pension obligations The pension schemes are generally financed through payments to an insurance company or pension funds determined by periodic actuary estimates. The Group has defined contribution plans. Per 31.12.2023 the Group has a defined benefit pension scheme of immaterial size. This scheme relates to entities entering the Group in 2019.

Pelagia Holding AS

Note 7 Intangible assets 2023 Other intangible assets Goodwill Customer portfolio Total Acquisition cost 01.01.2023 69 178 1 203 485 165 700 1 438 364 Translation differences - 29 140 - 29 140 Additions 21 669 - - 21 669 Acquisition cost 31.12.2023 90 847 1 232 625 165 700 1 489 172 Accumulated amortisation 01.01.2023 27 780 - 102 492 130 273 Amortisation 7 738 - 17 060 24 798 Impairment 10 455 30 900 - 41 355 Accumulated amortisation and impairment 31.12.2023 45 973 30 900 119 552 196 425 Book values 31.12.2023 44 873 1 201 725 46 148 1 292 746 Straight-line amortisation periods 5 years Intangible assets 2022 Other intangible assets Goodwill Customer portfolio Total Acquisition cost 01.01.2022 58 054 1 197 752 165 700 1 421 507 Translation differences - 5 733 - 5 733 Additions 11 124 - - 11 124 Acquisition cost 31.12.2022 69 178 1 203 485 165 700 1 438 364 Accumulated amortisation 01.01.2022 17 860 - 80 379 98 239 Amortisation 9 920 - 22 113 32 034 Accumulated amortisation 31.12.2022 27 780 - 102 492 130 273 Book values 31.12.2022 41 398 1 203 485 63 208 1 308 090 Straight-line amortisation periods 5 years Value of customer portfolio identified in the acquisition analysis in 2021 is based on expected earnings and estimated customer exit. This is reflected in the depreciation profile, which is degressive over a 10 year period. Intangible assets and goodwill Intangible assets are recognised in the balance sheet if it can be demonstrated that probable future economic benefits may be generated that can be assigned to the asset that is owned by the Group and the cost price of the asset can be reliably estimated. Intangible assets are recognised in accordance with the cost method of IAS 38. Intangible assets whose useful life is indefinite are not subject to depreciation but can be written down if recoverable amount is lower than cost price. Intangible assets with limited useful life are depreciated using the straight-line method over their estimated useful lives. The depreciation estimate and depreciation method are subject to an annual review based on the economic realities. Goodwill arises on the acquisition of an entity and constitutes consideration transferred less Pelagia's share of fair value of net identifiable assets and liabilities in the acquired entity. In addition goodwill may arise on acquisition if non- controlling interests are measured at fair value at the date of acquisition.

Pelagia Holding AS

Note 8

Property, plant and equipment 2023 Land, buildings and other real property Plant and equipment Right-of-use leased assets Ships Total Acquisition cost 01.01.2023 2 118 807 2 906 499 143 168 289 112 5 457 585 Translation differences 18 306 110 668 - - 128 974 Additions 310 551 228 814 34 930 - 574 296 Disposal - -16 733 - -660 -17 393 Acquisition cost 31.12.2023 2 447 664 3 229 249 178 098 288 452 6 143 462 Acc. depreciation and write down 01.01.2023 529 880 1 256 882 59 542 40 994 1 887 299 Translation differences 8 023 86 343 - - 94 366 Depreciation 133 630 217 768 16 483 25 044 392 925 Depreciation on disposals - -10 018 - - -10 018 Acc. depreciation and write down 31.12.2023 671 533 1 550 975 76 025 66 038 2 364 572 Book values 31.12.2023 1 776 131 1 678 273 102 073 222 413 3 778 891 Straight-line depreciation periods: 10 - 50 years 2 - 20 years 4 - 8 years 20 years

Property, plant and equipment

Property, plant and equipment are recognised in accordance with the cost method of IAS 16. When assets are sold or disposed of any loss or profit resulting from the realisation are recognised in the income statement.

The carrying amount of replaced parts is recognised in the income statement. All other repairs and maintenance expenses are charged to the income statement during the financial period in which they are incurred.

Plant in progress is classified as property, plant and equipment and recognised at incurred costs related to the asset. The plants are not depreciated before they are ready for use.

Depreciation period and depreciation method are reviewed annually to ensure that the method and period used are in accordance with the economic realities related to the asset. The same applies for scrap value. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is higher than its estimated recoverable amount.

Pelagia Holding AS

Note 8 continues Property, plant and equipment 2022 Land, buildings and other real property Plant and equipment Right-of-use leased assets Ships Total Acquisition cost 01.01.2022 1 720 561 2 496 104 76 047 199 700 4 492 412 Translation differences 4 907 20 398 - - 25 305 Additions 200 887 217 272 67 121 89 412 574 693 Acquisition business combination 192 450 171 839 - - 364 290 Disposal - 886 - - 886 Acquisition cost 31.12.2022 2 118 807 2 906 499 143 168 289 112 5 457 585 Acc. depreciation and write down 01.01.2022 445 104 1 039 324 45 328 19 464 1 549 221 Translation differences 1 530 14 582 - - 16 112 Depreciation 83 246 203 664 14 214 21 530 322 654 Depreciation on disposals - -689 - - -689 Acc. depreciation and write down 31.12.2022 529 880 1 256 882 59 542 40 994 1 887 299 - Book values 31.12.2022 1 588 926 1 649 617 83 626 248 117 3 570 287 Straight-line depreciation periods: 10 - 50 years 2 - 20 years 4 - 8 years 20 years

Note 9

Segment Other intangible assets Goodwill Customer portfolio Total Feed 36 133 1 153 125 46 148 1 235 406 Food - 48 600 - 48 600 Health 8 741 - - 8 741 Total intangible assets 44 874 1 201 725 46 148 1 292 746

Goodwill is monitored at segment level, involving a group of cash generating units. Recoverable amount is calculated based on value in use, i.e. on budgeted future cash flows based on the budget for 2024 and prognoses to and inclusive 2028. After 2028 the terminal value is calculated based on prognosis for 2028. Impairment of goodwill and other intangible assets in 2023 relates to Distral SA, a subsidiary sold in 2023.

The management assesses profitability within the segments consume (food) and meal/oil (feed) and omega-3 (health). The following is a statement of allocation of book value of intangible assets.

Impairment of non-financial assets The recoverable amount is the higher of an asset’s net selling price and value in use. The value in use is calculated by discounting expected future cashflows to present value by using pre-tax discount rate, reflecting the market's price setting of the time value of money and the risk related to the specific asset. Recoverable amount at the balance sheet date is calculated annually for goodwill and assets whose useful life is indefinite. An impairment loss is recognised when carrying value of an asset or cash generating unit exceeds its recoverable amount. Impairment loss is recognised in the income statement. For assets that are not mainly generating independent cash flows the recoverable amount is determined for the cash generating unit to which the asset belongs. Impairment calculated for cash generating units is divided so that carrying value of any goodwill in cash generating units is reduced first. Subsequently, the remaining impairment is distributed on the other assets in the unit proportionally based on carrying values.

Pelagia Holding AS

Note 9 continues

Key assumptions used in the calculation of value in use: Feed Food Health Budget period (year) 5 5 5 Growth rate terminal calculation 2,0 % 2,0 % 2,0 % Required rate of return after tax (WACC) 8,2 % 8,2 % 8,2 % Asset Beta 0,81 0,81 0,81 EBITDA-margin in budget period (average) 13,0 % 6,3 % 29,0 % EBITDA-margin in terminal 13,0 % 6,7 % 32,9 % In total Pelagia Group purchased approx. 1.4 mill tons of raw materials for its activities in 2023 compared to 1.3 million tons in 2022. The volume expectations in the budget period is for Feed reduced compared to 2023, for Food the budget period is at 2023 level. Overall the volume in the budget period is reduced compared to 2023. Calculation of terminal value is based on a total volume of 1.1 million tons. EBITDA-margin in the terminal value is slightly higher than in the budget period, yet, for the two segments Feed and Food, the margin used in the terminal is below the actual margin achieved in the period 2019-2023. Sensitivity analysis: Estimated value in use is sensitive to changes in the assumptions, of which required rate of return and EBITDA-margin are the most important. The conclusion of the sensitivity analysis is that no impairment is needed in Feed, Food or Health based on an isolated change of assumptions, by: a) increase in required rate of return by 1% - point or b) reduced EBITDA-margin by 10%

Climate risk For Pelagia and Pelagia's value chain there are several relevant impacts, risks and opportunities related to the external environment, climate and sustainability. In the fall of 2023, the first phase of a double materiality analysis was carried out, to give insight in which impacts, risks and opportunities are relevant. Large parts of Pelagia's operations are handling and processing of wild caught fish and this makes the Group dependent on a sea that is managed in a sustainable manner. Pelagia's activities will depend on the availability of the necessary fish resources in the areas where Pelagia is established with its production facilities. Pelagia is also dependent on a regulated fishery stock that can maintain sustainable fishing quotas in the North Atlantic in the long term. It also requires sensible cooperation between coastal states to maintain sustainable exploitation of fisheries resources in these areas as well. Changes in sea temperature can lead to changes in the swimming patterns of fish stocks, pelagic stocks swim in the open ocean and can move when necessary. This makes them more adaptable, but entirely dependent on the stocks being managed in a sensible way that does not lead to overfishing. To ensure that there is access to the necassary raw materials in the future, it is important to focus on sufficiently regulated and sustainable harvest. Pelagia buys practically all pelagic raw material through Norges Sildesalgslag, their supply is quota regulated to ensure sustainable harvest. The impairment test includes a reduction in expected volume as a result of sustainable harvest. It is expected that there will be sufficient catch volumes available in relevant local areas for Pelagia's facilities, this assumption is included in the assessment of the facilities usefull life. We have seen more and harsher extreme weather in recent years, and this may have an impact on Pelagias facilities. The risk due to extreme weather is closely monitored and preliminary indicators show that the risk of significant damage is low. Material investments as a consequence of more and harsher extreme weather is not expected. Pelagia has no climate goals today that will lead to material investments. There are no indications of regulatory requirements or climate risks that are expected to significantly affect the Group's financial position in the near future. For a description of the Group's climate and sustainability work, see the Board of Directors' annual report.

Pelagia Holding AS

Note 10 Shares in associated companies - the equity method

Company Classification Business address Owner- / voting share TD Moreproduct Associated Nikolajev, Ukraina 50 % Overview of profit share and book value 31.12.2022 Profit share Disposal 31.12.2023 TD Moreproduct - - - - Total - - - -

Note 11 Inventories 2023 2022 Raw materials 477 692 103 757 Goods in progress 163 276 209 103 Packing and supplements 205 120 136 880 Finished goods 2 815 763 2 219 293 Impairment of finished goods to net realisable value -60 388 -60 946 Total 3 601 463 2 608 088 Book value of inventory impaired to net realisable value 391 214 105 903 Write-downs of inventories to net realisable value amounted to MNOK -0,5 (2022: MNOK 4,9). These were recognised as a reduction of expense during the year ended 31 December 2023 and included in cost of sales in the statement of profit and loss. Inventories

According to IAS 2, Inventories are stated at the lower of acquisition cost and net realisable value. Acquisition cost is determined using specific assignment. Pelagia does not consider the various production batches of fish or fish meal and fish oil to be directly interchangeable, because of the production date being an important characteristic for the product. Due to significant fluctuations in the market for raw materials this accounting principle involves that acquisition cost for different consignments has corresponding variability. For finished goods and goods in progress acquisition cost consists of expenses for purchase of raw material, direct wage costs, other direct costs and indirect production costs (based on normal capacity). Borrowing costs are not included. Net realisation value is estimated selling price less variable costs for completion and sale.

Pelagia’s share of profit or loss in associates is recognised in the income statement and is added to the carrying value of the investment. Pelagia's share of other comprehensive income in the associate is recognised in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. When the Group’s share of losses in an associate equals or exceeds its interest in the associate (including any other unsecured receivables) Pelagia does not recognise further losses, unless Pelagia has incurred legal or constructive obligations or made payments on behalf of the associate. Pelagia determines at each reporting date whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the investment and its carrying value and recognises the amount adjacent to "Income from investment in associate" in the income statement. Dilution gains and losses arising from investments in associates are recognised in the income statement.

Pelagia Holding AS

Note 12 Trade receivables and other receivables Trade receivables 2023 2022 Trade receivables at nominal value 991 981 1 304 221 Provision for bad debts on trade receivables -26 154 -57 434 Trade receivables, net 965 827 1 246 786 Other current receivables 2023 2022 VAT receivable 35 024 76 733 Prepaid expenses 66 008 38 946 Other receivables, loans etc. 7 449 12 565 Other current receivables 108 482 128 244 Total current receivables 1 074 309 1 375 030 Non-current receivables 2023 2022 Other loans 1 500 9 676 Total non-current receivables 1 500 9 676 Long-term loan is interest-bearing.

Age distribution trade receivables 2023 2022 Not due 272 481 950 997 < 30 days 170 442 216 102 30-60 days 393 473 54 798 > 60 days 155 585 82 324 Total 991 981 1 304 221 Age distribution of provision for bad debts 2023 2022 Not due 16 062 14 163 < 30 days 495 1 710 30-60 days 549 14 089 > 60 days 9 048 27 473 Total 26 154 57 434 Expected credit loss 2023 2022 Not due 5,89 % 1,49 % < 30 days 0,29 % 0,79 % 30-60 days 0,14 % 25,71 % > 60 days 5,82 % 33,37 % Total 2,64 % 4,40 % Change in provision for losses on trade receivables 2023 2022 Opening balance provision 57 434 60 414 Reduction due to losses finally recorded -615 -12 343 Reduction due to reversal of previous provisions -47 771 -20 598 Increase due to new provisions 17 105 29 962 Per 31.12 26 154 57 434 Expensed losses on accounts receivable Established losses 615 12 343 Received on previously lost claims 38 424 -1 605 Change in provision loss receivables -31 281 -2 980 Total 7 758 7 758 Trade receivables are partly secured through credit insurance and other types of insurance (letter of credit, goods against documents etc.) The management assesses monthly the risk in outstanding receivables and makes provision for any receivables exposed to loss. The provision for losses on trade receivables mainly comprises receivables that have become due and have not been secured through credit insurance or in any other way. Separate assessments are made of the risk related to each individual customer. In addition a general provision is made for risk in the accounts receivable. See note 3 for specification and distribution of trade receivables in different currencies and further about credit risk.

Pelagia Holding AS

Note 13 Restricted funds 2023 2022 Restricted tax deductions 37 432 33 329 Total restricted funds 37 432 33 329

Note 14 Share capital, premium and shareholders' information Share capital and premium 2023 2022 Number of shares 149 835 600 149 835 600 Nominal value (NOK) 1 1 Share capital 149 836 149 836 Premium 1 347 615 1 347 615 Total paid-in equity 1 497 451 1 497 451 Shareholder structure 31.12 Holdings Holdings Austevoll Seafood ASA 74 917 800 74 917 800 Kvefi AS 74 917 800 74 917 800 Total 149 835 600 149 835 600

Note 15 Non-controlling interests Equity - non-controlling interests Subsidiary Minority share 2023 2022 Karmsund Protein AS 49 % 129 147 112 450 Pelagia Shetland Ltd. 23 % 65 825 55 902 Sirevåg Fryselager AS 33 % 2 701 2 440 Artic Protein EHF 49 % 937 280 Distral S.A. sold 2023 - 13 901 Pelagia Ukraine LLC minority buy-out 2023 - -6 542 P/F Biotech sold 2023 - -1 253 Lyngen Fabrikker AS sold 2023 - 941 Total 198 610 178 119 Total comprehensive income for the year attributable to non-controlling interests Subsidiary Profit/(loss) OCI 2023 Karmsund Protein AS 15 294 1 402 16 696 Pelagia Shetland Ltd. 4 512 5 411 9 923 Sirevåg Fryselager AS 369 -108 261 Artic Protein EHF 540 117 657 Distral S.A. -14 210 309 -13 901 P/F Biotech - 1 253 1 253 Lyngen Fabrikker AS - -941 -941 Total 6 506 7 443 13 949 Financial information realted to the Group's subsidiaries with material non-controlling interests TNOK excluding any consolidation entries 2023 2022 2023 2022 Total revenue 820 379 560 108 527 875 391 193 Profit/(loss) for the year 19 618 9 316 31 114 -10 125 Total assets 302 616 255 267 508 623 533 440 Total liabilities 39 316 31 660 248 410 304 340 Net assets/(liabilities) 263 300 223 607 260 213 229 099 Pelagia Shetland Ltd. Karmsund Protein AS

Pelagia Holding AS

Note 16 Tax expense of the year 2023 2022 Tax payable 157 093 155 546 Change in deferred tax 37 155 123 373 Too much, too little accrued last year/ currency effect tax payable last year 46 413 - Tax liability from acquisition - -21 873 Tax expense in P&L 240 661 257 046 Tax expense in OCI -20 581 19 683 Tax expense total 220 080 276 729

Current and deferred income tax The tax expense comprises current and deferred tax. Tax is recognised in the income statement, unless it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is also recognised in other comprehensive income or directly in equity. Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred income tax liabilities are provided on taxable temporary differences arising from investments in subsidiaries and associates, except for deferred income tax liability where the timing of fthe reversal of the temporary difference is controlled by Pelagia and it is probable that they will not be reversed in the foreseeable future. Deferred income tax assets and liabilities are offset when there is a legally enforcable right to offset current tax assets against current tax liabilities and the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.

OECD Pillar Two model rules Pelagia Group is within the scope of the OECD Pillar Two model rules. Pillar Two legislation will come into effect from January 1, 2025. Since the Pillar Two legislation was not effective at the reporting date, the group has no related current tax exposure. The group applies the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023. Under the legislation, the group is liable to pay a top-up tax for the difference between their effective tax rate per jurisdiction and the 15% minimum rate. All entities within the group have an effective tax rate that exceeds 15%, except for Pelagia Feed (Ireland) Ltd that operates in Ireland where the nominal tax rate is 12,5%. For 2023, the average effective tax rate (calculated in accordance with paragraph 86 of IAS 12) of Pelagia Feed (Ireland) Ltd is 5%. Pelagia Feed (Ireland) Ltd has a profit before tax in 2023 of TEUR 1.753. The group is in the process of assessing its exposure to the Pillar Two legislation for when it comes into effect. This assessment indicates for Pelagia Feed (Ireland) that the average effective tax rate based on accounting profit is 5% for 2023. However, although the average effective tax rate is below 15%, the group might not be exposed to paying Pillar Two income taxes due to the impact of specific adjustments envisaged in the Pillar Two legislation which give rise to different effective tax rates compared to those calculated in accordance with paragraph 85 of IAS 12. Also Ireland is expected to implement a top-up tax for entities in-scope, to reach the 15% effective rate. Due to the complexities in applying the legislation and calculating GloBE income, the quantitative impact of the enacted or substantively enacted legislation is not yet reasonably estimable. Therefore, even for those entities with an accounting effective tax rate above 15%, there may still be Pillar Two tax implications. The entity is currently engaged with tax specialists to assist them with applying the legislation.

Pelagia Holding AS

Note 16 continues Reconciliation of statutory tax rate to effective tax rate 2023 2022 Profit before tax 1 027 055 1 160 167 Income tax at statutory tax rate 22% 225 952 255 237 Impact of lower effective tax rate abroad -1 868 2 952 Other differences 16 577 -1 143 Tax expense 240 661 257 046 Tax expense in OCI -20 581 19 683 Tax expense total 220 080 276 729 Effective tax rate 23 % 22 % Weighted nominal tax rate 22 % 22 % Nominal tax rate for 2022 is 22% in Norway and Denmark, in UK and Ireland 19% and 12.5% respectively.

Specification of tax impact from temporary differences/losses carried forward: 2023 2022 Property, plant and equipment 216 448 179 554 Inventory 12 234 13 235 Receivables -9 534 -12 636 Right-of-use leased assets 5 496 9 029 Lease liability -5 321 -8 974 Pension liability -189 -296 Other temporary differences 14 567 31 083 Losses carried forward -24 224 -38 672 Total 209 478 172 323 Book value deferred tax 209 478 172 323 Specification of changes in deferred tax in the income statement: 2023 2022 Property, plant and equipment 36 894 115 467 Inventory -1 001 4 321 Receivables 3 101 4 058 Right-of-use leased assets -3 533 2 315 Lease liability 3 653 813 Pension liability 107 -3 Interests carried forward - 4 020 Other temporary differences -16 516 9 109 Losses carried forward 14 448 -16 726 Total 37 154 123 373 Change in book value deferred tax 2023 2022 Opening balance 01.01. 172 323 66 772 Recognised in the income statement in the period 37 154 123 373 Deferred tax asset from acquisition - -21 873 Other changes 1 4 050 Closing balance 31.12. 209 478 172 323

Tax payable in the balance sheet 2023 2022 Tax payable in the balance sheet 01.01. 155 546 113 828 Tax payable current year 157 093 155 546 Paid tax current year -155 546 -113 828 Tax payable in the balance sheet 31.12. 157 093 155 546 Tax payable in the balance sheet 01.01. 155 546 113 828 Payment/ repayment of tax on advance 52 406 -26 909 Total taxes paid in the cash flow statement 207 952 86 919

Losses carried forward relates entirely to subsidiary Karmsund Protein AS, which is 51% owned and not in tax group with the rest of the group. The entity has taxable income in 2023 using one third of the loss carried forward, remaining loss carried forward is expected to be applied against future taxable income.

Pelagia Holding AS

Note 17 Borrowings Non-current 2023 2022 Bank loan 2 427 385 1 821 756 Bond loan 895 860 893 700 Lease liability 84 721 60 984 Total 3 407 966 2 776 440 Current First year's instalment non-current liabilities 257 222 229 504 First year's instalment lease 16 554 22 391 Bank loan and current overdraft facilities 1 073 851 1 220 427 Total 1 347 627 1 472 322 *Bank loan and bond loan are recognised at amortised cost. Transaction costs are accrued according to the effective interest rate-method. See note 3 for further information about financial risk management.

Currency Currency amount Exchange rate 31.12 NOK 31.12 NOK 26 036 1,0000 26 036 DKK -64 965 1,5146 -98 396 EUR -23 764 11,2915 -268 328 GBP -33 196 13,0059 -431 743 JPY 182 286 0,0721 13 151 USD -30 833 10,2025 -314 572 Total deposit on corporate account -1 073 851 The balance on the group account is presented net in the balance sheet as a result of the net deduction on the group account scheme being considered to be a single financial instrument originating in a contract.

Carrying value and fair value of non-current borrowings: Carrying value of Pelagia's borrowings is approximately equal to fair value, as the interest level reflects market conditions.

Interest terms: Pelagia's interest terms are NIBOR plus margin. Margin is calculated based on equity ratio and the ratio between EBITDA divided on net interest expenses (interest coverage ratio).

Currency: Pelagia's long-term debt is in NOK. Corporate account arrangement: Most companies in the group participate in a multi-currency corporate account arrangement where the parent company Pelagia Holding AS is the main account holder. All participants are jointly and severally liable for the outstanding at the corporate account arrangement at any time. The corporate account arrangement is a multi-currency drawing facility. Net deposits are presented as cash and cash equivalents. Any bank overdrafts at the balance sheet date are classified as current liabilities to credit institutions. The group had the following currency exposure connected to the corporate account arrangement per 31.12.2023 (amount in 1000):

Pelagia Holding AS

Note 17 continues

Repayment profile interest bearing debt Bank loan Bond loan Lease liability Overdraft facility Total 2024 257 222 - 16 554 1 073 851 1 347 627 2025 103 833 895 860 12 643 - 1 012 336 2026 103 833 - 12 643 - 116 476 2027 2 153 833 - 9 570 - 2 163 403 2028 65 886 - 6 498 - 72 384 Later - - 43 367 - 43 367 Total 2 684 607 895 860 101 275 1 073 851 4 755 593 For further description of the group's financing, see note 3. For summary of assets pledged as security and guarantees, see note 19. Change in liabilities related to financing Bank loan Bond loan Lease liability Overdraft facility Total 31.12.2021 1 624 875 891 540 33 074 990 715 3 540 204 Cash flow changes Instalment leasing debt - - -16 820 - -16 820 Downpayment of debt -2 437 500 - -20 362 - -2 457 862 Raising of new debt 2 869 164 - - - 2 869 164 Net change bank overdraft - - - 229 712 229 712 Transaction cost -8 400 - - - -8 400 Non cash changes Raising of new leasing debt - - 87 483 - 87 483 Amortising of transaction costs 3 121 2 160 - - 5 281 31.12.2022 2 051 260 893 700 83 375 1 220 427 4 248 762 Cash flow changes Instalment leasing debt - - -17 342 - -17 342 Downpayment of debt -118 333 - - - -118 333 Raising of new debt 750 000 - - 750 000 Net change bank overdraft - - - -146 576 -146 576 Non cash changes Raising of new leasing debt - - 35 242 - 35 242 Amortising of transaction costs 1 680 2 160 - - 3 840 31.12.2023 2 684 607 895 860 101 275 1 073 851 4 755 593

Specification of financial income and financial expenses 2023 2022 Agio 16 548 - Total financial income 16 548 - Interest expenses borrowings 244 896 130 369 Interest expenses financial lease 1 678 1 857 Disagio - 33 928 Other financial expenses 8 791 9 595 Total financial expenses 255 365 175 748 Total net financial items -238 817 -175 748

Pelagia Holding AS

Note 18 Carrying amount The following amounts have been recognised in the company's balance sheet: Right of use leased assets 2023 2022 Property, including production facilities 102 073 83 627 Total 102 073 83 627 Lease liabilities 2023 2022 Current 16 554 22 391 Non-current 84 721 60 984 Total 101 275 83 375 Maturity structure lease liability Discounted cash flows Property, incl. Production facilities Total lease liability Less than 1 year (next year) 16 554 16 554 1-5 years 41 353 41 353 Over 5 years 43 368 43 368 Total lease liability 101 275 101 275 Items in the income statement - Depreciation and interest expenses The income statement presents the following amounts related to the lease liabilities:

Depreciation related to right of use assets 2023 2022 Property, including production facilities 16 483 14 214 Total depreciation 16 483 14 214

Interest expenses Interest expense on lease liability 1 678 1 857

Note 19 Mortgage- and guarantees 2023 2022 Book value of secured debt 3 758 458 3 271 686 Book value of mortgaged assets 2023 2022 Land, buildings and other real property 1 776 131 1 588 927 Plant and equipment 1 678 273 1 649 616 Ships 222 414 248 117 Receivables and other financial instruments 1 075 809 1 384 706 Inventory 3 601 463 2 608 088 Total 8 354 089 7 479 455

Leases

Leases where the company has control of an identified asset when determining the use and receiving the financial benefits, are recognised in the balance sheet from the time the company gains control of the asset in accordance with IFRS 16. The lease liability is measured at the present value of future fixed lease payments corresponding to the associated right of use of the asset. The discount rate used is equal to the company’s marginal borrowing rate. As basis for determining the lease term is used the irrevocable lease term adjusted for extension options that are reasonably certain that the company will exercise. Judgment is applied in assessing the discount rate and the probability of exercise of extension options. Each lease payment is allocated between interest expense and liability instalment. See note 3 for information about undiscounted lease payments. Depreciation period for the right of use of assets is determined based on estimated useful life of the asset and the lease term and in accordance with Pelagia’s other depreciation policies. Pelagia has chosen to make use of the recognition exceptions for short-term leases and leases where the underlying asset has low value. Leases with lease term twelve months or less have not been recognised in the balance sheet but recognised as expense directly in the income statement. The same applies for leases where the underlying asset has value lower than NOK 50 000. See note 6 for cost of short-term and low value leases. Pelagia’s right of use assets are related to long term rental of offices and production facilities.

Pelagia Holding AS

Note 20 Transactions with related parties

Pelagia is owned 50% by Austevoll Seafood ASA and 50% by Kvefi AS (Pelagia is considered a joint venture between

the two owners). The majority of transactions between Pelagia and its owners relate to purchase and sale of fish. The following transactions were accomplished between related parties: a) Sale of goods and services 2023 2022 - Austevoll Seafood ASA and its its related parties 80 736 274 665 - Kvefi AS and its its related parties 44 100 18 780 Total 124 837 293 446 b) Purchase of goods and services 2023 2022 - Austevoll Seafood ASA and its its related parties 265 313 151 387 - Kvefi AS and its its related parties 111 006 - Total 376 319 151 387 c) Trade receivable and trade payable balances 2023 2022 Trade receivables related parties - Austevoll Seafood ASA and its its related parties - - - Kvefi AS and its its related parties - 60 Total - 60 Trade payables to related parties - Austevoll Seafood ASA and its its related parties - - - Kvefi AS and its its related parties - - Total - - There have been no material transactions with related parties other than those stated in the table above.

Note 21 Increased ownership in Pelagia Ukraine LLC Pelagia AS has in 2023 acquired the remaining 28% of the company Pelagia Ukraine LLC from the minority owners and as of 31.12.23 owns 100% of the company. The acquisition has been made at fair value and no assets or liabilities have been identified that differ from the book value of the assets. Sale of subsidiaries Subsidiaries are deconsolidated from the date that control ceases. Any amounts previously recognised in other comprehensive income in respect for that entities are acounted for as if Pelagia had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss. In 2023 Pelagia has sold its shares in Distral SA and Lyngen Fabrikker AS. P/F Biotech is liquidated in 2023. The results up until time of sale/liquidation are included in the consolidated financial statements for 2023. Shares in Distral were sold for a symbolic fee, goodwill and other intangible assets related to Distral SA is impaired in 2023, see note 7 and note 9. Shares in Lyngen Fabrikker AS were sold for MNOK 1,8.

Pelagia Holding AS

Note 22 Subsequent events

Note 23 Other matters

Acquisition of Ideal Food Limited In March 2024 Pelaga has acquired 100% of the shareholding in Ideal Food Limited ("Ideal Foods") and its subsidiaries. Ideal Foods is an established trader, headquartered in Cornwall, United Kingdom, specialising in the production of fish, shellfish and co-products to a global market. In addition, Ideal Nutritional Foods, a subsidiary of Ideal Foods, is a dedicated B2B supplier of fish products for several leading baby food producers. The purchase price of the transaction is 11 MGBP, the purchase price allocation has not yet been completed. Pelagia expects to account for this acquisition as a business combination under IFRS 3. Investment in Blue Ocean Technology AS Pelagia becomes the majority shareholder in Blue Ocean Technology following a private placement of 25 MNOK in January 2024. Pelagia will after the share issue in Blue Ocean Technology AS own 54,75% of the shares in the company. Blue Ocean Technology has developed technical solutions for dewatering, concentration and drying of sludge, which the aquaculture industry has adopted. The company has also come a long way in developing technology for further downstream value creation of sludge. The purchase price allocation has not yet been completed. Pelagia expects to account for this investment as a business combination under IFRS 3. New bond issue In March 2024 Pelagia har completed a new senior unsecured bond issue of 1 000 MNOK with a tenor of 5 years, from March 2024 to March 2029. The bond has a coupon of 3 mnd NIBOR + 2,75% p.a.

Pelagia has its own operations in Ukraine through the company Pelagia Ukraina LLC. In 2021 Pelagia Ukraine had sales of approx. 85 MNOK. Due to Russia's brutal invasion and warfare in Ukraine, the activity in Ukraine is significantly reduced. At the end of 2023, there are no significant book assets in the company and there is thus no risk of loss related to the activity in Ukraine. In common with many other companies, Pelagia has experienced higher costs related to energy, international freight, logistics and cost increases in general related to the operations during 2022 and 2023. Most of these seems to stabalize, but we still see that the political situation could affect costs such as f.ex. international freight costs and inflation also in 2024.

All figures in NOK 1.000 Note 2023 2022 Cash flows form operating activities Result before tax expense 642 553 338 719 Adjusted for: - Taxes paid 5 -69 838 -49 340 - Dividends and group contribution recognised 3 -735 000 -400 000 - Interest expenses net 4 80 949 51 145 - Change trade receivables 427 208 - Change other accruals -11 -117 Net cash flow from operating activities -80 920 -59 385 Cash flows from investing activities Dividends and group contribution received 400 000 302 000 Interest received 216 250 85 877 Net cash flows from investing activities 616 250 387 877 Cash flows from financing activities Raising of non-current liabilities 7 750 000 2 796 881 Repayment of non-current liabilities 7 -96 160 -2 437 500 Net change bank overdraft 7 -148 156 296 612 Change net loans to subsidiaries 7 -304 424 -613 915 Interest paid 4 -286 592 -125 591 Dividends paid to shareholders -450 000 -250 000 Net cash flows from financing activities -535 332 -333 513 Change in cash and cash equivalents net -2 -5 021 Net cash and cash equivalents as at 1st of January 2 5 023 Net cash and cash equivalents per 31st of December 0 2 Statement of cash flow

Note 1 Accounting policies General information All amounts are in NOK 1,000 unless otherwise stated. Pelagia Holding AS is the parent company in Pelagia Group. Pelagia is a group within production, sale and distribution of fish meal/fish oil and pelagic fish for consumption. Pelagia is an important party within pelagic sector in the North Atlantic. The main office is in Bergen. Framework for the preparation of the financial statements The financial statements of Pelagia Holding AS have been prepared in accordance with Regulation of January 21st 2008 on simplified application of International Financial Reporting Standards (simplified IFRS), hereunder the latest amendments to this regulation, Regulation of February 7th. 2022 with effect from January 1st 2022. In accordance with the exception in §3-1 no 3 of the regulations, dividends and group contributions from subsidiaries are recognized in the same year in which the subsidiary allocates the amount. Statement of changes in equity is not included, note information of changes in equity is provided in accordance with the rules of the Norwegian Accounting Act. The financial statements have been prepared under the going concern assumption. Revenue recognition Services are recognised as they are earned. Classification of balance sheet items Assets intended for permanent ownership or use are classified as non-current assets. Assets related to the supply chain are classified as current assets. Other receivables are classified as current assets if they are repayable within one year. Similar criteria are applied to liabilities. Cash flow statement The cash flow statement is prepared using the indirect method. Cash and cash equivalents include bank deposits and other short-term liquid investments that are readily convertible to known amounts of cash at an insignificant risk and have a remaining maturity of less than three months from the date of acquisition.

Note 2 Remuneration and other benefits The company has no employees. The CEO is employed by the subsidiary Pelagia AS and receives a salary from there. No loans/guarantees have been granted to the CEO or Chairman of the Board. No Board of Directors' fee has been paid. Auditor: Auditor's fees exclusive of vat. 2023 2022 Statutory audit 1 071 1 070 Tax consultancy 734 45 Services other than audit - - Total 1 805 1 115 Note 3 Subsidiaries Subsidiary Registered office Owner share Equity (100 %) Net profit (100 %) Book value Pelagia AS Bergen 100 % 3 063 512 774 476 2 394 012 Total 2 394 012 Profit from investment in subsidiaries 2023 2022 Dividend 200 000 - Group contribution 535 000 400 000 Total profit from investment in subsidiaries 735 000 400 000 Note 4 Specification of financial income and financial expenses Financial income 2023 2022 Interest income corporate account arrangement 179 801 56 948 Interest from group companies on long term receivables 36 449 28 929 Other financial income 1 379 1 374 Total 217 629 87 251 Financial expenses 2023 2022 Interest expenses borrowings and corporate account arrangement 305 273 146 284 Other financial expenses 246 103 Total 305 520 146 386 Investment in subsidiaries The cost method is used for investments in subsidiaries. The cost price is increased when funds are added through a capital increase or when a group contribution is made to a subsidiary. Distributions received are initially recognized as income. Distributions that exceed the share of retained earnings after the acquisition are recognized as a reduction of the acquisition cost. Dividends/group contributions from subsidiaries are recognized in the same year in which the subsidiary allocates the amount.

Note 5 Tax Deferred tax Temporary differences 2023 2022 Interest carried forward - - Other temporary differences 10 580 14 420 Net temporary differences 10 580 14 420 Losses carried forward - - Basis for deferred tax / (tax asset) 10 580 14 420 Deferred tax / (tax asset) 22 % in the balance sheet 2 328 3 172 Basis for tax expense, change in deferred tax and tax payable 2023 2022 Profit before taxes 642 553 338 719 Dividend received -200 000 - Other permanent differences 246 102 Basis for this years tax expense 442 799 338 822 Change in temporary differences 3 840 -21 377 Change in losses carried forward - - Basis for tax expense in the financial statement 446 639 317 445 ÷ Group contribution - - Taxable income (basis for tax payable in the balance sheet) 446 639 317 445 Specification of the tax expense 2023 2022 Tax payable from this years profit 98 261 69 838 Too much, too little accrued last year - - Tax payable total 98 261 69 838 Change in deferred tax / (tax asset) -845 4 703 Tax expense 97 416 74 541 Reconciliation of this years tax expense Profit before tax 642 553 338 719 Income tax at statutory tax rate 22 % 141 362 74 518 Tax expense in the financial statement 97 416 74 541 Difference -43 946 23 The difference consists of the following: 22 % of non taxable dividend -44 000 - 22 % of other permanent differences 54 23 Total explained difference -43 946 23 Note 6 Equity Movement in equity Share capital Share premium Other equity Total Equity 01.01. 149 836 1 222 878 - 1 372 714 Result for the period - - 545 137 545 137 Dividend - - -400 000 -400 000 Equity 31.12. 149 836 1 222 878 145 137 1 517 851 The tax expense in the income statement includes both the tax payable for the period and the change in deferred tax. Deferred tax is calculated at the current tax rate on the basis of the temporary differences that exist between accounting and tax values, as well as any tax losses carried forward at the end of the financial year. Tax-increasing and tax-reducing temporary differences that reverse or may reverse in the same period are offset. The recognition of deferred tax assets on net tax-reducing differences that have not been settled and losses carried forward is justified on the basis of expected future earnings. Deferred tax and tax assets that can be capitalised are recorded net in the balance sheet. Tax on any group contribution received that is recognized as a reduction of cost or directly against equity is recognized directly against tax in the balance sheet (against tax payable if the group contribution effects tax payable and against deferred tax if the group contribution effects deferred tax). The recognition of deferred tax assets on net unrecognized tax losses and tax losses carried forward is justified on the basis of expected future earnings. Deferred tax and tax assets that can be capitalized are recognized net in the balance sheet.

Note 7 Receivables and liabilities Receivables due in later than one year 2023 2022 Loan Pelagia AS 643 936 607 487 The loan is interest-bearing and instalment-free until 31.12.2025. Non-current liabilities 2023 2022 Bond loan 895 860 893 700 Liabilities to financial institutions 2 343 560 1 691 880 Total 3 239 420 2 585 580 Current liabilities First year's instalment non-current liabilities 100 000 100 000 Current debt to financial institutions 1 073 604 1 221 759 Total 1 173 604 1 321 759 Liabilities to financial institutions and bond loan are accounted for at amortized cost. Transaction costs are accrued using the effective interest method. Book value and fair value of non-current liabilities: Book value of non-current liabilities is approximately equal to fair value, as interest rates reflect market conditions. Interest rate: Pelagia Holdings interest rate terms are NIBOR pluss margin. Margin is calculated based on equity ratio and the ratio of EBITDA over net interest cost (interest coverage ratio). Currency Pelagia Holdings non-current liabilities are nominated in NOK. Corporate account arrangement: Most companies in the group participate in a multi-currency corporate account arrangement where the parent company Pelagia Holding AS is the main account holder. All participants are jointly and severally liable for the outstanding at the corporate account arrangement at any time. The group had the following currency exposure connected to the corporate account arrangement per 31.12.2023: Currency Currency amount Exchange rate 31.12 NOK 31.12 NOK 26 283 1,0000 26 283 DKK -64 965 1,5146 -98 396 EUR -23 764 11,2915 -268 328 GBP -33 196 13,0059 -431 743 USD -30 833 10,2025 -314 572 JPY 182 286 0,0721 13 151 Total deposit on corporate account -1 073 604 The balance on the group account is presented net in the balance sheet as a result of the net deduction on the group account scheme being considered to be a single financial instrument originating in a contract. Liabilities Liabilities, except of certain provisions for liabilities, are capitalized at the nominal amount of the liability. Receivables Other receivables, both current and non-current, are stated at the lower of nominal value and fair value. Fair value is the present value of expected future cash flows. No discounting is applied when the effect of discounting is immaterial to the financial statements.

Note 7 continues Repayment profile interest bearing debt Bank loan Bond loan Overdraft facility Total 2024 100 000 - 1 073 604 1 173 604 2025 100 000 900 000 - 1 000 000 2026 100 000 - - 100 000 2027 2 150 000 - - 2 150 000 Later - - - - Total 2 450 000 900 000 1 073 604 4 423 604 Prepaid interest -6 440 -4 140 - -10 580 Total book value 2 443 560 895 860 1 073 604 4 413 024 Change in liabilities related to financing Bank loan Bond loan Overdraft facility Total 31.12.2021 1 434 659 891 540 925 147 3 251 346 Repayment of debt -2 437 500 - - -2 437 500 Raising of new loan 2 800 000 - - 2 800 000 Transaction costs -8 400 - - -8 400 Amortising of transaction costs 3 121 2 160 - 5 281 Net payment to corporate account - - 296 612 296 612 31.12.2022 1 791 880 893 700 1 221 759 3 907 339 Repayment of debt -100 000 - - -100 000 Raising of new loan 750 000 - - 750 000 Transaction costs - - - - Amortising of transaction costs 1 680 2 160 - 3 840 Net payment to corporate account - - -148 156 -148 156 31.12.2023 2 443 560 895 860 1 073 603 4 413 024 2023 2022 Book value of secured debt 3 517 164 3 013 639 Book value of mortgaged assets 2023 2022 Investment in subsidiaries 2 394 012 2 394 012 Loans to group companies 643 936 607 487 Other receivables 3 459 790 2 902 923 Total 6 497 737 5 904 422 The financing consists of rolling credit facility (RCF) of MNOK 2 450. In addition a current multi-currency credit facility of MNOK 1 700 has been established, this has been drawn by MNOK 1 074. The covenants consist of demands to equity ratio (30%) and interest cover ratio (4.0x) in the consolidated financial statements of Pelagia Holding AS. The multi-currency agreement is short term by nature, otherwise committed until 2027 as part of the same financing agreement as the RCF, renewed in November 2022 with maturity in 2027. In addition the parent company in 2020 entered into a bond loan of MNOK 900 with maturity in 2025. There are covenants in the bond agreement related to equity ratio (30%) and interest coverage ratio (4.0x). The loan bears interest 3M NIBOR + 3,25%. For the bank loan an adjustment of the covenant demand to interest cover ratio has been agreed in 2024. With effect from the date of change the demand to interest cover ratio is 2.5x. The covenants are met.

Note 8 Intercompany balances Receivables from group companies 2023 2022 Non-current loans 643 936 607 487 Dividends and group contribution 735 000 702 000 Receivables from corporate account arrangement 2 724 603 2 200 747 Total 4 103 539 3 510 234 Liabilities to group companies 2023 2022 Liabilities from corporate account arrangement 38 466 84 586 Total 38 466 84 586 *Pelagia Holding AS is the main account holder for the corporate account arrangement. Group companies bank overdraft and deposits included in the corporate account arrangement are presented accordingly as current receivables and other current liabilities. Note 9 Share capital The share capital of NOK 149 835 600 is composed of 149 835 600 shares of NOK 1. Shareholder structure 31.12 Holdings Owner share Austevoll Seafood ASA 74 917 800 50 % Kvefi AS 74 917 800 50 % Total 149 835 600 100 % Note 10 Specification of current liabilities Other current liabilities 2023 2022 Incurred interest 27 004 16 397 Corporate account arrangement overdraft 38 466 84 586 Total 65 470 100 983 Note 11 Subsequent events There are no subsequent events that could have a material impact on the financial statements presented.

PricewaterhouseCoopers AS, Sandviksbodene 2A, Postboks 3984 - Sandviken, NO-5835 Bergen T: 02316, org. no.: 987 009 713 MVA, www.pwc.no Statsautoriserte revisorer, medlemmer av Den norske Revisorforening og autorisert regnskapsførerselskap To the General Meeting of Pelagia Holding AS Independent Auditor’s Report Report on the Audit of the Financial Statements Opinion We have audited the financial statements of Pelagia Holding AS, which comprise: • the financial statements of the parent company Pelagia Holding AS (the Company), which comprise the balance sheet as at 31 December 2023, the income statement, statement of comprehensive income and statement of cash flow for the year then ended, and notes to the financial statements, including a summary of significant accounting policies, and • the consolidated financial statements of Pelagia Holding AS and its subsidiaries (the Group), which comprise the balance sheet as at 31 December 2023, the income statement, statement of comprehensive income, statement of changes in equity and statement of cash flow for the year then ended, and notes to the financial statements, including material accounting policy information. In our opinion • the financial statements comply with applicable statutory requirements, • the financial statements give a true and fair view of the financial position of the Company as at 31 December 2023, and its financial performance and its cash flows for the year then ended in accordance with simplified application of international accounting standards according to section 3- 9 of the Norwegian Accounting Act, and • the consolidated financial statements give a true and fair view of the financial position of the Group as at 31 December 2023, and its financial performance and its cash flows for the year then ended in accordance with IFRS Accounting Standards as adopted by the EU. Our opinion is consistent with our additional report to the Audit Committee. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company and the Group as required by relevant laws and regulations in Norway and the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit Regulation (537/2014) Article 5.1 have been provided. We have been the auditor of the Company for 11 years from the election by the general meeting of the shareholders on 31 May 2013 for the accounting year 2013. Key Audit Matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Valuation of Inventory has the same characteristics and risks as last year and continues to be a focus area this year.

2 / 4 Key Audit Matters How our audit addressed the Key Audit Matter Valuation of Inventory The Group's inventory comprises mainly products for consumption, fish meal and concentrated oils produced from pelagic fish. The inventories are distributed throughout multiple locations and countries, of which some are administered by independent third parties. At the balance sheet date, the book value of the Group's inventories was TNOK 3 601 463, equivalent to 36% of the Group's total assets. The Group measures its inventories according to IAS 2 Inventories. Measurement according to IAS 2 implies valuation of inventories at the lower of acquisition cost and net realisable value. The Group’s assessment of net realisable value is mainly based on realised prices in the market close to the balance sheet date. Factors like age and product quality are also emphasised in the assessment. A potential provision is adjusted for uncertainty in expected sales prices, related to both market risk and turnover rates. A provision of TNOK 60 388 was recognised at the balance-sheet date. We focused on valuation of inventory because inventory is a substantial item in the balance sheet, and due to management’s use of judgement in measuring its net realisable value. See notes 2 and 11 to the consolidated financial statements for further information on management’s valuation of inventory. We obtained an understanding of the Group’s policies and internal controls related to determining net realisable value of inventories, including assessing the need for provisions. We also examined whether the principles for calculating the provisions were applied consistently year-on-year. We obtained and reviewed management’s documentation of recognised provision. We tested the mathematical accuracy of the model. The reasonableness of key assumptions for net realisable value was evaluated by comparison to actual sales prices in the market close to the balance sheet date. Through discussions with management, we challenged their use of judgement relating to uncertainty of expected sale prices, because of market risk and turnover rates. Consistent use of principles year-on-year was also an important part of our discussions with management. Out audit procedures did not uncover material misstatements relating to valuation of inventories. We read the notes to the financial statements and found that the disclosures given were sufficient and appropriate. Other Information The Board of Directors and the Managing Director (management) are responsible for the information in the Board of Directors’ report and the other information accompanying the financial statements. The other information comprises information in the annual report, but does not include the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the information in the Board of Directors’ report nor the other information accompanying the financial statements. In connection with our audit of the financial statements, our responsibility is to read the Board of Directors’ report and the other information accompanying the financial statements. The purpose is to consider if there is material inconsistency between the Board of Directors’ report and the other information accompanying the financial statements and the financial statements or our knowledge obtained in the audit, or whether the Board of Directors’ report and the other information accompanying the financial statements otherwise appears to be materially misstated. We are required to report if there is a material misstatement in the Board of Directors’ report or the other information accompanying the financial statements. We have nothing to report in this regard. Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report • is consistent with the financial statements and

3 / 4 • contains the information required by applicable statutory requirements. Our opinion on the Board of Director’s report applies correspondingly to the statements on Corporate Governance and Corporate Social Responsibility. Responsibilities of Management for the Financial Statements Management is responsible for the preparation of financial statements of the Company that give a true and fair view in accordance with simplified application of international accounting standards according to the Norwegian Accounting Act section 3-9, and for the preparation of the consolidated financial statements of the Group that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU. Management is responsible for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Company’s and the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: • identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error. We design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's and the Group's internal control. • evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. • conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's and the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company and the Group to cease to continue as a going concern. • evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves a true and fair view.

4 / 4 • obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated with the Board of Directors, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Report on Other Legal and Regulatory Requirements Report on Compliance with Requirement on European Single Electronic Format (ESEF) Opinion As part of the audit of the financial statements of Pelagia Holding AS, we have performed an assurance engagement to obtain reasonable assurance about whether the financial statements included in the annual report, with the file name pel-2023-12-31-en.zip, have been prepared, in all material respects, in compliance with the requirements of the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) and regulation pursuant to Section 5-5 of the Norwegian Securities Trading Act, which includes requirements related to the preparation of the annual report in XHTML format, and iXBRL tagging of the consolidated financial statements. In our opinion, the financial statements, included in the annual report, have been prepared, in all material respects, in compliance with the ESEF regulation. Management’s Responsibilities Management is responsible for the preparation of the annual report in compliance with the ESEF regulation. This responsibility comprises an adequate process and such internal control as management determines is necessary. Auditor’s Responsibilities For a description of the auditor’s responsibilities when performing an assurance engagement of the ESEF reporting, see: https://revisorforeningen.no/revisjonsberetninger Bergen, 29 April 2024 PricewaterhouseCoopers AS Ole Martin Waage State Authorised Public Accountant