"This is a major milestone for Ode, and I thank our employees, customers and partners for their contribution," said CEO Ola Kvalheim.
Photo: Ode.
Accustomed to setting milestones—it was the first to launch a wellboat dedicated to cod, the first to bet on deep farming with submersible pens, the first to bring that deep-farmed cod to market, and, more recently, the first to stock juvenile cod directly into submersible pens, for example—the Norwegian cod farmer Ode has set another one proving that cod farming can be profitable.
As the company highlighted in a release, several companies have been farming cod since the early 2000s; however, this is the first time one of them has posted profitable annual results.
Moreover, the Norwegian largest producer of farmed cod reached another milestone in last year: it became Norway's largest supplier of cod in 2025. This was the first time a cod farming company achieved such a position, surpassing wild cod suppliers.
Ode harvested a HOG equivalent volume of 10,018 tons last year, a 110% increase over the 4,770 tons harvested in 2024. As the company highlighted, this represented approximately 65% of Norway's total farmed cod production, which amounted to 15,493 tons, and almost a third of the country's combined export volume of fresh cod, both wild and farmed.
Thus, the company's revenue grew from NOK 401 million in 2024 to NOK 877 million (USD 91 million / EUR 80 million) in 2025, representing a 118.7% increase.
EBITDA reached NOK 109 million (USD 11 million / EUR 10 million), with a margin of 12.4%, while net profit after tax was NOK 66 million (USD 7 million / EUR 6 million), equivalent to a net margin of 7.5%.
"Although expected as part of our business plan, this is a major milestone for Ode, and I thank our employees, customers and partners for their contribution," said Ola Kvalheim, CEO of Ode, commenting on the results.
"Five years of significant investment in our organization, value chain and product offering — coupled with strong biology and consistently high quality — delivered both record revenue growth and profitability in 2025," he continued.
It is precisely this focus on the later stages of the value chain—what Ode defines as its "unique downstream focus"—that has led the Norwegian cod farmer to invest significantly in product and market development and in building the Ode brand.
Three years ago, in an interview with WeAreAquaculture, the company's CEO was already talking about creating a new culture of farmed cod. "We have the biology, we have the breeding, we have the technology, we have the knowledge and experience for cod farming, so the production, we know we can do it," he then told us.
Now, Ode said that the goal has been to revolutionize the cod category with a global, growing and predictable business where retailers and foodservice can rely on consistent, high-quality fresh cod every day.
"Together with our partners, we build new demand every day through consistent quality, positive eating experiences and exciting product development. Satisfied customers, the right product mix and reliable supply growth will deliver long-term demand growth," Kvalheim explained.
"The salmon industry has in many ways provided the blueprint for this journey — and we can learn from both their successes and their failures," the CEO of Ode added.
Founded in 2020, in these few years Ode has developed a fully integrated value chain for farmed cod, encompassing broodstock, hatchery, juveniles, sea farms—in Møre og Romsdal, Vestland and Trøndelag, harvesting, processing, sales and marketing.
The company employs more than 300 people now, and, since 2022, has expanded its operations at an average rate exceeding 300% annually. Its recent moves include the acquisition of juvenile cod producer Lumarine and the takeover of a Mowi land-based cleaner fish facility to convert it to juvenile and broodstock cod production.
Nevertheless, Ode does not limit its business movements to the coast. Although the headquarters remains in Ålesund, close to operations and production, the cod producer has recently opened a new office in Oslo, claiming that its presence in the capital shortens the distance to key decision-making environments.
"In 2025 we evolved from a fast-paced scale-up into a professionalized corporation — building the systems, structure and governance needed for continued growth — while keeping our passionate and ambitious start-up culture," said Ola Kvalheim, taking stock.
"In 2026 we are building on this platform by investing heavily in becoming the most technologically advanced aquaculture business in the world," the CEO of Ode concluded.