Norcod doubles quarterly harvest as biomass continues to build

Norcod harvested 791 tonnes of cod in the second quarter of 2026, almost twice the 404 tonnes harvested in Q1, as the company continued to build biomass ahead of higher planned production volumes.

The Norwegian cod farming company, which operates in mid-Norway along the Helgeland coast, reported NOK 57 million in operating revenue for the quarter, up from NOK 31 million in Q1, but recorded an operating loss of NOK 20 million.

Norcod said its EBIT margin improved by 31% year-on-year, while operating revenue per kilogram was 21% higher than in the same quarter last year.

Production costs at sea fell from NOK 73.4 per kg whole fish equivalent in Q1 to NOK 55.6 per kg in Q2. The company said it expects costs to fall further as it begins harvesting more fish at what it considers optimal sizes.

Of the 791 tonnes harvested during the quarter, 96.45% achieved superior quality, compared with 94.4% in Q1. All fish were processed at the company's Kråkøy harvesting facility.

Norcod also said achieved sales prices were close to 8% above the market average.

Q2 nevertheless remained loss-making for Norcod, with the company reporting a NOK 20 million operating loss, up from NOK 12 million in Q1.

Biomass at sea increased from 4,123 tonnes at the beginning of Q2 to 5,390 tonnes at the end of June, representing growth of 31% during the quarter.

Overall, during the first half of 2026, biomass increased by 2,330 tonnes, or 76%.

Norcod reported no extraordinary mortality or other incidents during Q2, continuing the more stable biological performance reported in the first quarter following disease and mortality problems at Jamnungen and Bjørnvika in late 2025.

The company stocked 887,000 juveniles at Labukta and 1.785 million at Jamnungen during the quarter. The first fish from the new Namdal Rensefisk juvenile facility were also transferred to sea.

Stocking at Labukta is expected to be completed in September, while the new Snyen farming site in Meløy municipality, for which it secured approval in 2025, is scheduled to begin operations during the second half of 2026. The company said that the Snyen site will be "equipped with modern farming equipment adapted specifically for cod production and the exposed conditions at northern farming locations."

Following the end of Q2, Norcod said it had moved into continuous harvesting at higher volumes while continuing to build biomass. The company has previously described 2026 as a "transitional year" and revised its planned harvest volume for this year to around 5,800 tonnes following the biological challenges in late 2025.

"With higher and more consistent harvest volumes now commencing, Norcod is moving from a period focused on stocking and biomass build-up towards increased production, sales and improved financial results," the company said in its stock exchange update.

It continues to target between 13,000 and 15,000 tonnes of harvested cod in 2027, rising to 25,000 tonnes in 2029.

The latest report also confirms that installation of a fish oil facility at Kråkøy is underway, aiming to extract additional value from processing by-products. During Q2, the company also deployed its first concrete feed barge from ScaleAQ designed specifically for cod farming at Labukta.

Norcod said it is also progressing towards certification under the new ASC Farm Standard, and is aiming to achieve certification this autumn.

Earlier this year, the company secured a financing package with new equity and increased debt facilities to support its production expansion. At the time, Norcod said the funding would enable it to increase biomass and target profitable operations during the second half of 2026.

In June, the company announced it had inked a five-year agreement with Havland for the supply of juveniles for its cod farming operations in Norway.