One of Norcod's cod farms.
Photo: Norcod.
Norwegian cod farming company Norcod has published its results for the final quarter and full year of 2025, reporting an operating loss of NOK 47 million (EUR 4.0m / USD 4.3m) in the final quarter. The company said NOK 43 million of the loss was linked to "extraordinary mortality" during the period.
For the full year, revenues reached NOK 444 million (EUR 37.7m / USD 40.8m), up 11.9% compared with 2024. Fourth-quarter revenues totalled NOK 123 million (EUR 10.5m / USD 11.3m). According to the company, sales prices were 35% higher year on year, reflecting continued strength in the cod market.
Excluding non-recurring items, Norcod said its EBIT margin improved by 33.1% compared with the previous year. Including one-off effects, the margin improvement was 12.5%, the company said.
Norcod harvested 1,737 tonnes whole fish equivalent in the fourth quarter, bringing its total 2025 harvest volumes to 7,723 tonnes, and the company reported that 91.7% of the harvested volume in Q4 achieved superior quality.
However, production cost at sea in the quarter was NOK 51.3 per kg whole fish equivalent (EUR 4.36 / USD 4.72 per kg), with Norcod noting the mortality situation affected costs.
The quarter followed earlier biological challenges at the Jamnungen site, which had experienced a vibriosis outbreak in November, following which harvesting at the site was completed during Q4. According to Norcod, the biological feed conversion ratio ended at 0.998, and the final cage reached an average round weight of 3.5 kg after 16 months in production, compared with 18 months budgeted.
The company also faced disease problems at another of its sites, Bjørnvika, where it reported increased mortality due to cod pox during the quarter, although it said mortality levels have since "normalised".
Meanwhile, other farming sites fared better: Frosvika was fully stocked in Q4, with fish reported to have had a good start, and at Skogsøya and Pålskjæra, growth was above budget and mortality below budget, according to the company.
Norcod also said it has improved procedures to prevent escapes and implemented a new net strategy, confirming that no escape incidents were recorded at its sites in 2025.
Looking ahead, Norcod said it has revised its planned harvest volume for 2026 to 5,800 tonnes. The company expects limited harvesting in the first quarter due to the mortality at Jamnungen - a scenario it had already announced in previous updates.
Norcod said its facility at Frosvika was restocked in Q4, while Jamnungen and Labukta are scheduled for restocking in the first half of 2026, adding that it has secured increased fry capacity to support future biomass growth.
The company is also investing in a fish oil facility at its Kråkøy harvesting plant, scheduled for installation in summer 2026, which it said will improve whole-fish utilisation. It is also evaluating options for its financing structure to support its growth plans and has established a Green Financing Framework certified with a second-party opinion from DNV.
Norcod said it expects 2026 to be a "transitional year" in terms of volumes, with higher harvest volumes and improved profitability anticipated from 2027 as production ramps up.
Norcod received a major investment boost during the autumn through a NOK 157 million investment from global retailer Jerónimo Martins - a Portuguese group which has also previously invested in Andfjord Salmon - giving Norcod direct 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.
