Aqua Bio Technology ASA: Group consolidation completed – Changes in financial reporting

Aqua Bio Technology ASA ("ABT" and together with its subsidiaries, the "Group") has received consolidated gross revenues year to date of approx. 20 MNOK following the consolidation of its new subsidiary Coverbrands AS in the Group's financial accounts. The Group's consolidated gross revenue for January was higher than expected and increases the likelihood that the Group will deliver the estimated gross revenues of 140-150 MNOK in 2024.

Changes in financial reporting to the market:
Due to the Group's increased activity ABT will start with quarterly reports to the market from end of Q1 2024 and an updated financial calendar will be issued.

Strategy going forward:
Further developing ABT while establishing new agreements with third-party distributors in the Nordics and the global market and assessing consolidation opportunities in the Nordic cosmetic market as further highlighted below.

Consolidation opportunities in the Nordic cosmetic market:
Production and distribution of skincare products is a profitable industry, but there are also low entry barriers for new brands and skincare retailers. The Nordic cosmetic market is fragmented with many skincare retailers and pursuing consolidation opportunities for further growth may therefore be beneficial for ABT and its shareholders. ABT has throughout 2023 and into 2024 been contacted by retailers and distributors within the skincare sector who want to be part of ABT's consolidation strategy.

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For further information, please contact CEO Håvard Lindstrøm mobile phone +47 941 32 288.

Aqua Bio Technology (ABT) is developing and commercializing sustainable biotechnology for use in skincare products. ABT's cosmetics ingredients are highly effective and they provide the cosmetics industry with natural alternatives to traditional ingredients. ABT is also marketing and distributing natural skincare products developed by partners towards consumers and professional users. ABT's focus on commercialization and development of natural ingredients and natural skincare products has been, and will continue to be, an important part of the Company's strategy going forward. Aqua Bio Technology is listed on the Euronext Expand market of the Oslo Stock Exchange.