Norcod AS: Q3-26 Quarterly report

HIGHLIGHTS
• Q3 was Norcod’s first profitable quarter, with an EBIT of 23 MNOK and net profit of 8.5 MNOK
• Record-high biomass at sea with 6,732 tonnes, valued at 475 MNOK at the end of the quarter, a 27 percent increase from Q2, with growth progressing according to plan
• Operating revenues increased to 89 MNOK, compared with 37 MNOK in Q3 2025
• The quarterly production cost at sea decreased to 49.8 NOK per kg WFE, down from 55.6 NOK/kg last quarter
• Strong biological results across all sites with good growth rates in accordance with plan
• Continued premium pricing for Snow Cod by Norcod in Q3, achieving approximately 19 percent above market average for fresh wild cod from Norway
• New Snyen site prepared for first stocking in Q4, expanding production capacity and supporting further growth

The third quarter of 2026 marks and important milestone for Norcod, with record-high valued biomass at sea and strong biological performance resulting in Norcod’s first profitable quarter – in accordance with the company’s growth plans.
 
“Delivering our first profitable quarter is a significant moment for Norcod. We have spent years building the foundations for a new industry, investing, developing, learning and adjusting, but always with a clear and ambitious goal. This quarter is a milestone for us, yet it’s only the beginning of cod farming realising its potential,” says Christian Riber, CEO of Norcod.

Biomass at sea reached a record 6,732 tonnes at the end of Q3, a net volume increase of 25 percent from end of Q2. The current value of the biomass is 475 MNOK. The growth is according to Norcod’s operational plans, supported by strong biological conditions and continued stocking activity.
 
During the quarter, Norcod harvested a total of 1,361 tonnes, with 92.7 percent achieving superior quality grading.  
 
OUTLOOK
Norcod’s first profitable quarter demonstrates the results of its structured investment and growth strategy. With biomass increasing according to plan, continuous harvesting established and new production capacity coming online, Norcod is on track to deliver significantly higher harvest volumes and sustained profitable growth in the years ahead.

“I am incredibly excited about what lies ahead. With record amounts of fish in the sea, new sites in preparation and production growth on track, we are exactly where we planned to be on our growth journey,” says Riber.

Norcod enters the final quarter of 2026 with a strong foundation for continued growth and profit. The completion of stocking at the Labukta site in early Q4 will bring the location to a total of ten stocked pens, securing a stable production base for future harvests. At the same time, preparations for first stocking at the new Snyen site are nearing completion, further expanding Norcod’s production capacity. The next new site, Selsøy, is being prepared and planned for stocking in Q1 2027, bringing Norcod’s sea farm locations to eight and production on track for 25,000 tonnes by 2029.

At the beginning of Q4, Norcod also commenced fish oil production at Kråkøy, bringing fish utilisation and value creation to 98 percent.

For further details, please see the attached Q3-26 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