Norcod AS: Q1-26 Quarterly report

Q1 2026 HIGHLIGHTS
· Q1 was a quarter of focus on stable operations, upscaling of biomass and strong biological development, with better growth than budgeted
· 31 MNOK in revenues due to harvest of limited volumes of smaller sized fish commencing at the end of the quarter to serve strategic customers
· 12 MNOK in operating loss showing improvements from previous quarters
· The quarterly production cost at sea ended at 73.4 NOK per kg WFE, impacted by the limited harvest volumes of smaller sized fish totalling 404 tonnes
· 94.4% of harvested volume in Q1 achieved superior quality
· Continued strong market development with operating revenue per kilo harvested increasing 55% YoY
· Zero incidents or extraordinary mortality during the quarter
 
POST Q1 2026 HIGHLIGHTS
· Secured new funding for planned further growth with 270 MNOK in additional financing through a combination of equity and debt
· Stocking commenced at Jamnungen and Labukta with a total number of 3.6 million juveniles according to scale-up plan
 
OPERATIONAL UPDATE
The first quarter of 2026 was characterised by stable operations and strong biological performance in line with Norcod’s long-term growth plan.

The combination of low mortality and higher-than-expected growth has strengthened biomass development during the quarter, with a 35 percent increase in biomass at sea volumes measured in tonnes. This provides a solid foundation for Norcod’s harvest plan and operational targets for 2026.

Harvest volumes in Q1 were intentionally low and harvesting first commenced towards the end of the quarter, supplying strategic customers whilst continuing biomass growth for higher average weights. Strong growth performance and good control of maturation allowed the fish to remain longer at sea and continue building biomass in line with the company’s production plan.

During the quarter, Norcod harvested a total of 404 tonnes from the Bjørnvika site. All biomass was processed at Norcod’s harvesting facility, Kråkøy Slakteri.

In Q1, 94.4% of harvested volume achieved superior quality.

Fish health and welfare were good across all sites, with stable biological conditions and strong growth performance. The positive development reflects the continued benefits of operational improvements and biological management initiatives implemented across the farming operations.

Norcod continues to maintain a strong focus on operational control, fish welfare and escape prevention. The company’s strengthened procedures and revised net strategy remain in place and contributed to stable operations and zero escape incidents during the quarter.
 
OUTLOOK
Norcod continues to progress according to its growth strategy, increasing biomass, strengthening operational consistency and preparing for significantly higher harvest volumes from 2027 onwards.

During Q2 2026, Norcod secured additional financing to support the continued scaling of the company. The financing package includes 120 MNOK in increased debt facilities from DNB, 100 MNOK in new equity and shareholder loan, as well as a 50 MNOK loan from Innovation Norway, subject to a final committee approval. This strengthens the company’s financial platform and supports continued execution of the growth plan.

Stocking commenced during the quarter at Jamnungen, Norcod’s first fully utilised 5,160 tonnes MAB site, as well as at Labukta, with 10 pens available at both sites. We are stocking a total of 3.6 million juveniles at these sites. The company remains on track to double biomass at sea during 2026 and achieve target harvest volumes of 13,000–15,000 tonnes in 2027.

The growth is supported by improved biological control, increasingly standardised operations, strengthened operational expertise and utilisation of established infrastructure and farming capacity.

Installation of the new fish oil facility at Kråkøy is scheduled for Q3 and will increase whole-fish utilisation and value extraction across the production cycle.

Supported by strong market conditions for fresh cod, continued operational progress and a strengthened commercial platform, Norcod believes the company is well positioned to execute its scale-up strategy and achieve sustainable profitability.
 
For further details, please see the attached Q1-26 Quarterly Report.
 
Contact
Christian Riber, Chief Executive Officer, phone: +47 905 37 990, E-mail: cr@norcod.no
Stian Hansen, Chief Financial Officer, phone: + 47 481 78 846, E-mail: sh@norcod.no
 

About Us
Norcod's core business is commercial sea farming of cod and is involved in the entire value chain through ownership and partnerships. 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.