Cod farmer Ode records historic profit

Ode, which is based in Ålesund on Norway’s west coast, is Norway’s largest producer of farmed cod.

The company posted revenue of NOK 877 million (£68.5m) in 2025, up 118.7% from NOK 401 million (£31.3m) in 2024. EBITDA came in at NOK 109 million (£8.5m), a margin of 12.4%, while the net result after tax was NOK 66 million (£5.2m) a net margin of 7.5%.

After some abortive attempts in earlier decades, several companies have been farming cod in Norway since the early 2000s, but this is the first time a cod farmer has recorded a year in profit.

Ola Kvalheim, CEO of Ode, said:  “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. 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.”

 Ode harvested 10,018 tonnes of HOG equivalent volume in 2025, up 110% from 4,770 tonnes in 2024. That accounted for approximately 65% of Norway’s total farmed cod production, and almost a third of the country’s combined export volume of fresh wild-caught and farmed cod.

Kvalheim said: “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. In 2026 we are building further on this platform by investing heavily in becoming the most technologically advanced aquaculture business in the world.”

 Established in 2020, Ode has built a fully integrated value chain for farmed cod, involving broodstock, hatchery, juveniles, sea farms, harvesting, processing and sales & marketing. The company employs more than 300 people and has grown operations by more than 300% per year on average since 2022.

The company attributes much of its success to a focus on downstream operations, and its investment in product and market development and in the Ode brand.

Kvalheim said: “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. The salmon industry has in many ways provided the blueprint for this journey – and we can learn from both their successes and their failures.”