Aerial view of Norcod's Kråkøy Slakteri facilities in Åfjord, Trøndelag County.
Photo: Norcod / Kråkøy Slakteri.
Norwegian cod farming company Norcod has reported stable operations and "stronger than expected" biological development in the first quarter of 2026, following the extraordinary mortality and disease-related costs of last year's final quarter.
The company has posted revenues of NOK 31 million in Q1 2026, with harvest volumes limited to 404 tonnes of smaller-sized fish from its Bjørnvika site. Harvesting began towards the end of the quarter, primarily to supply strategic customers while allowing remaining biomass to continue growing at sea, the company said.
Operating loss for the quarter was NOK 12 million, a significant improvement from the NOK 47 million operating loss reported in Q4 2025, the majority of which Norcod was linked to an extraordinary mortality event.
“Q1 was a quarter of focus on stable operations, upscaling of biomass and strong biological development, with better growth than budgeted,” Norcod stated in its quarterly report.
The company said fish health and welfare were good across all sites during Q1, with stable biological conditions and strong growth performance. Biomass at sea increased by 35% during the quarter, measured in tonnes, supported by low mortality and higher-than-expected growth.
Norcod said the positive biological development reflected operational improvements and management initiatives introduced across its farming operations.
The quarter also marked a contrast with the end of 2025, when Norcod reported biological challenges at its Jamnungen and Bjørnvika sites. Jamnungen had experienced a vibriosis outbreak in November 2025, while Bjørnvika recorded increased mortality due to cod pox during Q4. At the time, Norcod said mortality levels at Bjørnvika had since normalised.
In Q1 2026, Norcod reported zero extraordinary mortality and no escape incidents. The company said its strengthened procedures and revised net strategy remained in place and had contributed to stable operations.
Of the 404 tonnes of cod harvested in the quarter, 94.4% achieved superior quality, with all of the fish processed at Norcod’s Kråkøy Slakteri harvesting facility.
Production cost at sea for the quarter ended at NOK 73.4 per kg whole fish equivalent. Norcod said the figure was affected by the limited harvest of smaller-sized fish.
Commercially, the company said it had seen continued strong market development, with operating revenue per kilo harvested increasing 55% year-on-year.
Following the end of the quarter, Norcod reports it has secured NOK 270 million in additional financing to support its growth plans.
The package includes NOK 120 million in increased debt facilities from DNB, NOK 100 million in new equity and shareholder loan, and a NOK 50 million loan from Innovation Norway, which is subject to final committee approval.
The financing follows Norcod’s updated funding plan announced in May, after the company explored but ultimately moved away from a potential bond issue due to market conditions.
As previously reported by WeAreAquaculture, Norcod completed a private placement in May, allocating 8,508,577 shares at NOK 10 per share and raising gross proceeds of NOK 85.1 million. Together with a shareholder loan of approximately NOK 15 million from Jerónimo Martins Agro-Alimentar, the placement formed the NOK 100 million equity and shareholder loan component of the wider financing package.
The company said the additional capital will support its continued growth and upscaling strategy, including higher biomass and future production expansion.
Norcod had already received a major investment boost in autumn 2025, when Jerónimo Martins Agro-Alimentar, part of Portuguese retail group Jerónimo Martins, invested NOK 157 million in the company. The investment gave Jerónimo Martins an 18.06% stake and strengthened Norcod’s access to major European supermarket chains.
“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,” Norcod CEO Christian Riber said at the time.
Norcod said stocking has now commenced at Jamnungen and Labukta, with a total of 3.6 million juveniles being stocked across the two sites. Jamnungen is Norcod’s first fully utilised 5,160-tonne maximum allowed biomass site, while both Jamnungen and Labukta have 10 pens available.
The company said it remains on track to double biomass at sea during 2026 and achieve target harvest volumes of 13,000 to 15,000 tonnes in 2027.
This follows Norcod’s earlier guidance that 2026 would be a “transitional year” in terms of volumes, with higher harvest volumes and improved profitability expected from 2027 as production ramps up.
In its Q4 2025 report, the company revised its planned 2026 harvest volume down to 5,800 tonnes, partly reflecting the impact of the Jamnungen mortality event and limited harvesting expected in the first quarter.
Norcod also confirmed that installation of a new fish oil facility at Kråkøy is scheduled for Q3 2026. The company said the facility 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,” the company said.
Norcod also announced this month it has inked a five-year agreement with Havland for the supply of juveniles for its cod farming operations in Norway, stating that the new deal targets expanded capacity towards 7.5 million juveniles annually.