Norcod AS: Q3-25 Quarterly report

Q3 2025 HIGHLIGHTS

• 37 MNOK in revenues, YTD improvement of 17,6% YoY
• 65 MNOK in operating loss including a cost of 43 MNOK relating to extraordinary mortality, still 12% down from 73 MNOK in Q3-24
• YTD EBIT-margin improved by 23% year-over-year
• Production cost at sea ended at 58 NOK per kg WFE during the quarter due to a low harvest volume and extraordinary mortality
• 515 tonnes WFE harvested, similar YTD harvesting levels as 2024
• New sales and distribution agreement with Sirena Group strengthens market access and scalability.
• The cod market is continuing its strong outlook and demand with YoY sales prices up 31%

POST Q2 2025 HIGHLIGHTS

• Jerónimo Martins, the world’s 25th largest food retailer, became a key shareholder through a NOK 157 million investment. The partnership greatly strengthens Norcod’s position in the market and opens direct access to major European retailers.
• Norcod has moved from planning to implementation of its growth strategy, progressing according to schedule towards 25,000 tonnes of annual production.
• Frosvika will be restocked in Q4, and four further sites will be stocked in 2026, including two new sites: Snyen and Selsøy

OPERATIONAL UPDATE

During the quarter, Norcod has harvested a total of 515 tonnes from Jamnungen. All biomass was processed at Norcod’s harvesting facility Kråkøy Slakteri.
In Q3, 84% of the harvested volume held superior quality.

During the quarter, Norcod experienced significant mortalities at the Jamnungen site due to Vibrio infection. Investigations confirmed that the incident involved a bacterial strain not covered by the existing vaccine. In close consultation with veterinarians at the Norwegian Food Safety Authority it was decided to treat the affected fish with medicine feed to treat the infection and secure fish welfare. Despite continuous monitoring and prompt and effective treatment, the incidence led to significantly elevated mortality levels.
Norcod’s vaccination programme uses autogenous vaccines, enabling adaptation to emerging bacterial strains. The identified Vibrio strain will therefore be included in future vaccine formulations to prevent reoccurrence.

We have been preparing the Frosvika site for stocking of fish in Q4.
Throughout the summer, we have experienced favourable temperatures for growth, and the Bjørvika site has performed well with strong growth and low mortality.
Production at the Skogsøya and Pålskjæra sites at Mausund is progressing according to plan, with strong growth and low mortality.
Our two new sites, Snyen and Selsøy, are currently being prepared for stocking in 2026.

At the start of Q3, Norcod temporarily paused harvesting to allow the fish to grow and reach an average weight 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 to have an ideal balance between spring and fall releases, which will ensure a stable 12-month production and harvest in the future. This results in a temporary lower level of biomass at sea but lays the foundation for profitable growth.

OUTLOOK

Norcod has entered the next phase of its growth strategy, commencing the planned scale-up towards 25,000 tonnes of annual production. The foundation for growth is firmly in place, with strong biological performance at key sites and the first step in execution beginning in Q4 with stocking at Frosvika.

While Jamnungen experienced weaker biological results this year, operations at all other sites demonstrated solid biological and operational control, confirming that Norcod’s farming model and management routines are robust and scalable.

Production volume for 2025 is on track, although a temporary dip is expected in 2026 due to increased mortality at Jamnungen.

The company’s growth trajectory is strengthened by strategic ownership and a unique sales and distribution setup. The addition of Jerónimo Martins as a new key shareholder, investing NOK 157 million, brings both production expertise and direct retail access. Alongside existing partners Sirena Group and High Liner Foods, Norcod now has unmatched access to leading retailers across Europe and the United States.

With some of the best farming locations in Norway, the integrated Kråkøy harvesting plant, and a powerful commercial network, Norcod is well positioned to deliver on its growth strategy and capture the expanding market for premium farmed cod.

MANAGEMENT COMMENTS

CEO of Norcod, Christian Riber said: “We are now putting our growth strategy into practice, with a clear path toward 25,000 tonnes of annual production. The investment from Jerónimo Martins and our strengthened sales partnerships give Norcod the reach and stability needed to realise this potential in a growing global market for farmed cod.”

COO in Norcod, Arve-Olav Lervåg, said: “The Jamnungen site had shown biological performance above benchmark throughout the cycle, which makes the incident particularly disappointing. Our team responded swiftly and in close cooperation with the Norwegian Food Safety Authority and our veterinarians to safeguard fish welfare. We take these events seriously, and the lessons learned are already being used to safeguard against recurring incidents. We remain confident in the Jamnungen’s strong underlying performance and its contribution to Norcod’s long-term profitability.

For further details, please see the attached Q3 Quarter Report.

CONTACT
Christian Riber, Chief Executive Officer, phone: +47 905 37 990, E-mail: cr@norcod.no

Stian Vollan-Hansen, Chief Financial Officer, phone: +47 481 78 846, E-mail: svh@norcod.no