(Trondheim, August 20, 2024)

Q2 2024 Highlights

•	86 MNOK in revenues, up 121% from 39 MNOK in Q2-23
•	47 MNOK in operating loss, 34% improvement from 71 MNOK in Q2-23
•	Production cost at sea NOK 47,6 per kg WFE
•	1 830 tons WFE harvested, up 76% from 1 038tons WFE in Q2-23
•	Completed cycle at Jamnungenwith Economic Feed Conversion Ratio of 1,06 
•	Initiated measures to improve the company's financial performance, streamline operations and develop a more efficient and  commercially oriented business
•	Increased financial and operational headroom from additional credit and revised covenant structure on DNB credit facility

Operational update

During the quarter, Norcod has harvested a total of 1 830 tons, of which 175 tons from Norcod’s site Jamnungen(Frøya). The vast majority, 1655 tons, was harvested at Forså(Ibestad) through a joint venture with KimeAqua, who owns and operates the farming site. All biomass was processed at Norcod’s harvesting facility Kråkøy Slakteri. 
	
•	For the completed cycle at Jamnungen, biological feed conversion ratio (BFCR) came in at 0,98 with an economic feed conversion ratio (EFCR) of 1,06. At Forså, the BFCR was 1,07 and EFCR came in at 1,21.
•	95,7% of the harvested volume in Q3 holds superior quality. 
•	During the quarter, Norcod has initiated a successful start of the third cycle at Jamnungen, with further improvements in biological results compared to previous cycles. 

Outlook

Although Norcod recognizes that instability in the world economy and geopolitical unrest pose risks for the company, Norcod firmly believes that the favourable market conditions provide a strong foundation in the ongoing commercialisation phase for farmed cod. 

The company’s number one priority commercially is to achieve profitability at the current, annual production level of approximately 10 000 tons.

To achieve this, the key tasks at hand are two fold: 

1.	Continued focus on cod biology and fine tuning of the feeding regime, the production processes, and the utilization of production capacity. 

2.	Stepping up our efforts to develop the market and positioning our product in a premium niche category, with corresponding sales prices and contracts.

Norcod has initiated measures to focus resources in key areas and improve the company's financial performance, with the ambition of streamlining operations and developing a more efficient and commercially oriented business.

Beyond this, we will take a step-by-step approach to building up volume in line with market demand at favourable sales prices.


Full report is attached, and is also available at Norcod's website at : https://www.norcod.com/investor-relations/reports-presentations

For further information, please contact: 

Christian Riber, Chief Executive Officer, phone: +47 905 37 990 E-mail: [email protected] 
or 
Kia Zadegan, Chief Operating Officer, phone: +47 915 85 801 E-mail: [email protected] 

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). 

About Norcod: Norcod AS’ core business is commercial sea farming of cod. Norcod’s existing fish farms are located in Mid-Norway 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.