Norcod sales surge, but profits yet to emerge
Farmed cod sales continue to march ahead at pace, as the latest figures from Norcod, one of the largest names in the business, show.
Norcod’s fourth quarter revenues totalled NOK 123 million (£9.6m) and NOK 444 million (£34.7m) for the whole of 2025, an increase of 11.9%.
The company made an operating loss of NOK 47 million (£3.6m), however, which included one-off items, amounting to NOK 43m, related to extraordinary mortality during the quarter.
Norcod said the yearly EBIT-margin improved by 12.5% from 2024 to 2025, excluding non-recurring items the improvement is 33.1%. It harvested 1,737 tons during the final quarter taking the total for the year to 7.723 tons.
The company said 2025 saw a continued strong market development with year on year sales prices rising by 35%.
During the year Jerónimo Martins, the world’s 25th largest food retailer, became a key shareholder which, said Norcod, greatly strengthened its position in the market by opening direct access to major European retailers.
Norcod said it has revised its planned harvest volume for 2026 to 5,800 tons with full focus on stocking existing and new sites to achieve significant harvest volume increases in 2027.
Its Frosvika site was restocked during Q4 and both Jamnungen and Labukta will follow suit in H1 this year.
Increased fry capacity has been secured to support the projected growth trajectory and ensure sufficient juvenile supply for expanding biomass.
Norcod said: “ While 2026 will represent a transitional year in terms of volume, the company expects marked increases in harvest volumes and improved profitability from 2027, supported by strengthened biological control, operational experience and scalable farming routines. Norcod continues to strengthen its industrial platform.
“Investment in a fish oil facility at the Kråkøy harvesting plant, scheduled for installation in summer 2026, will increase whole-fish utilisation and improve value extraction across the production cycle.
“The company is also evaluating various options regarding its financing structure in order to execute on the communicated growth targets.”
A Green Financing Framework has now been established in this context and certified with a second-party opinion from DNV.
The report said: “With new sites coming into operation, strong biological performance and a strengthened commercial platform supported by a continued strong market for fresh cod, Norcod is well positioned to deliver on its scale-up plan and move towards sustainable profitability.”
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