Q2 2025 HIGHLIGHTS
• 91 MNOK in revenues, up 6% from 86 MNOK in Q2-24
• 47 MNOK in operating loss, 7% down from 50 MNOK in Q2-24
• EBIT-margin for H1 improved by 33% year-over-year
• Production cost at sea ended at 59,9 NOK per kg WFE during the quarter due to lower harvest volume
• 1 541 tonnes WFE harvested, down 16% from 1 830 tonnes WFE in Q2-24 
• Harvest volume in H1 2025 is up 19% compared to H1 2024
• The cod market is continuing its strong outlook with high prices and demand

POST Q2 2025 HIGHLIGHTS
• Harvesting was paused in parts of Q2 and Q3 to optimise fish size and align with market demand
• Progressing according to Norcod’s growth plan:
• Secured two additional sites that will be fully operational in 2026
• Equipment and boats are secured and on track for the two new sites in 2026
• Expanded juvenile capacity from the land-based phase with improved commercial terms.

OPERATIONAL UPDATE
During the quarter, Norcod has harvested a total of 1 541 tonnes from Frosvika and Labukta. All biomass was processed at Norcod’s harvesting facility Kråkøy Slakteri. 
The sites Labukta and Frosvika were completely harvested during Q2, and both sites have now been emptied.

The biological feed conversion ratio (BFCR) came in at 1.14 with an economic feed conversion ratio (EFCR) of 1.34. 
92.14% of the harvested volume in Q2 holds superior quality. 

At our site Jamnungen we saw an increase in mortality and a temporary reduction in appetite in early June. We are monitoring further development closely.

A total of 1.273 million fish were stocked across three sites during Q2.

We will see an increase in standing biomass during the second half of the year and are on track to harvest approximately 8 000 tonnes in 2025.

During parts of Q2 and Q3, Norcod temporarily paused harvesting to allow the fish to grow and reach an average weight better aligned with market demand. This period was also used to upgrade the Kråkøy processing plant, including the installation of a new gutting machine.

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

OUTLOOK
The company’s top priority is to build a solid foundation for profitable growth by focusing on cost optimisation, operational efficiency, and a growth strategy designed to capitalise on scale-up benefits.

Prerequisites for further growth in 2026 are in place, and we are now preparing for continued growth throughout 2027.

The company will continuously assess its growth and scaleup plans according to the development in biomass and the company’s financial position. 

While acknowledging that biological challenges remain a risk, Norcod is confident that ongoing operational improvements combined with strong market conditions and scale-up benefits provide a robust platform for long-term profitable cod farming.


For further details, please see the attached Q2 Financial Report.


CONTACT
Christian Riber, Chief Executive Officer, phone: +47 905 37 990, E-mail: [email protected]
Stian Vollan-Hansen, Chief Financial Officer, phone: +47 481 78 846, E-mail: [email protected]


ABOUT NORCOD: 
Norcod’s core business is commercial sea farming of cod through ownership and partnerships is involved in the entire value chain. Norcod’s existing fish farms are located in Mid-Norway and along the Helgeland coast with ideal conditions for cod. The company is contributing to blue ocean value creation with minimal impact on the environment while supporting local communities. Norcod is listed on Oslo’s Euronext Growth market. 


This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act and the EU Market Abuse Regulation (MAR).