"We will see an increase in standing biomass during the second half of the year
and are on track to harvest approximately 8,000 tonnes in 2025," the company said in its report for Q2 2025.
Photo: Norcod AS
Norwegian cod farming company Norcod continues to make progress towards profitability, reporting that it has reduced its losses and increased its revenues during the second quarter of 2025.
The cod farmer, which operates fish farms in Mid-Norway and along the Helgeland coast, reports second-quarter revenues of NOK 91m (EUR 8.0 / USD 9.1), a 6% increase on the NOK 86m (EUR 7.6 / USD 8.6) recorded in the same period last year.
The company posted an operating loss of NOK 47m (EUR 4.1 / USD 4.7), compared with a NOK 50m (EUR 4.4 / USD 5.0) loss in Q2 2024. According to the company, its EBIT margin for the first half of 2025 improved by 33% year-on-year.
Harvest volumes in the quarter totalled 1,541 tonnes (WFE), down 16% from 1,830 tonnes compared with the same period last year, although Norcod points out that first-half volumes were up 19% overall. Production costs at sea stood at NOK 59.9 (EUR 5.3 / USD 6.0) per kilogram, which Norcod said was due to lower harvest volumes, while feed conversion ratios came in at 1.14 (biological) and 1.34 (economic).
The company reports that 92% of the cod harvested in the quarter was classified as superior quality. All of the fish were processed at Norcod’s Kråkøy facility, where upgrades were carried out during the summer.
The company reports that harvesting was paused in parts of the second and third quarters to allow fish to reach larger sizes and thus fulfil market demand. Norcod's farming sites at Labukta and Frosvika were completely harvested and are now empty. Meanwhile, at its Jamnungen farming site, the company reported higher mortality and reduced appetite in early June, which it said it is monitoring closely.
Norcod stocked 1.27 million fish across three sites during the quarter, and said it expects standing biomass to rise in the second half of the year, thus remaining on track for a full-year harvest of around 8,000 tonnes. The company's longer-term goal is to produce 25,000 tonnes annually by 2030.
"We have aligned our future production plan at new and existing locations so we will have an ideal balance between spring and fall releases, which will ensure a stable 12-month production and harvest. This results in a temporary lower level of biomass at sea but lays the foundation for profitable growth," the company stated.
Looking ahead, Norcod emphasised its focus on what it described as “cost optimisation, operational efficiency, and a growth strategy designed to capitalise on scale-up benefits”.
The company has secured two additional sites due to become fully operational in 2026, including at Snyen in Meløy municipality, which will take its total to six active farming sites. Norcod confirmed that equipment and vessels for these are already in place, and that it has also expanded its land-based juvenile capacity with improved commercial terms.
"Prerequisites for further growth in 2026 are in place, and we are now preparing for continued growth throughout 2027," the company said.
"While acknowledging that biological challenges remain a risk, Norcod is
confident that ongoing operational improvements combined with strong market conditions and scale-up benefits provide a robust platform for long-term profitable cod farming," Norcod added.