Norwegian cod farmer Norcod reported increased revenue and a reduced operating loss in its second-quarter financial results for 2025. The report, released on August 28, showed that the company achieved revenue of NOK91 million ($8.46 million), representing a six per cent increase from the NOK86 million in the same quarter last year.
Despite the growth in revenues, the company recorded an operating loss of NOK47 million for the quarter, though this marks a seven per cent improvement from the NOK50 million loss in Q2 2024.
The improved financials came despite a significant strategic adjustment to harvest volumes during the quarter. Norcod harvested 1,541 tonnes of fish, a 16 per cent decrease from the 1,830 tonnes harvested in the previous equivalent period. This reduction in harvest volume contributed to a higher production cost at sea, which came in at NOK59.9 per kilogramme of whole fish equivalent.
According to the company, this lower harvest volume was a deliberate decision to, “optimise fish size and align with market demand.” The report also highlights that 92.14 per cent of the quarter's harvested volume was of "superior" quality.
While the quarterly numbers show a short-term reduction in harvest, the company's performance for the first half of 2025 provides a more positive picture. Total harvest volume for the first six months of the year was up 19 per cent compared to the first half of 2024.
The company's profitability also improved during this period, demonstrating a 33 per cent improvement year-on-year. Norcod said this was part of a broader plan to improve long-term efficiency and profitability.
Looking ahead, Norcod stated that it is focused on building a solid foundation for profitable growth. The company has secured two additional farming sites that are expected to be fully operational in 2026, with the necessary equipment and boats already secured. This expansion is designed to capitalise on economies of scale.
Norcod also stated that its future production plan is aligned to ensure a stable 12-month harvest cycle, which will result in a temporary lower level of biomass at sea in the short term but lays the foundation for more consistent production in the future.
Norcod said that while biological challenges remain a risk, ongoing operational improvements and a strong market provide a, “robust platform for long-term profitable cod farming.” The company is on track to harvest approximately 8,000 tonnes in 2025 and is already preparing for continued growth throughout 2027.