Norcod reported revenues of NOK123 million ($11.6 million) for the fourth quarter of 2025. Total revenues for the full year reached NOK444 million, representing an 11.9 per cent increase compared to 2024.
The fish farming company recorded an operating loss of NOK47 million for the final quarter of the year. This figure includes one-off items totalling NOK43 million related to extraordinary fish mortality at the Jamnungen site, the company stated.
During the quarter, the company harvested 1,737 tonnes of fish, contributing to a yearly total of 7,723 tonnes. It noted that 91.7 per cent of the volume harvested in the fourth quarter achieved "superior" quality.
Sales prices for fresh cod rose 35 per cent year-on-year amid what the firm described as continued market development. The company also announced that Jerónimo Martins, a food retailer, has become a key shareholder to strengthen its commercial position.
Following the completion of harvesting at Jamnungen, the site achieved a biological feed conversion ratio of 0.998 despite an earlier Vibriosis outbreak. The final cages were harvested at an average round weight of 3.5 kilograms after a 16-month production period, compared to the 18 months originally budgeted.
Stocking was completed at the Frosvika site during the quarter, while mortality levels at Bjørnvika have now normalised following an outbreak of cod pox. Norcod reported that no escape incidents occurred across any of its sites during 2025.
The company has revised its planned harvest volume for 2026 to 5,800 tonnes to focus on stocking existing and new sites. It stated that 2026 will represent a "transitional year in terms of volume" as it prepares for harvest increases in 2027.
Investment in a new fish oil facility at the Kråkøy plant is scheduled for installation in the summer of 2026 to increase whole-fish utilisation. The company is also evaluating various options regarding its financing structure to support its growth targets.
Marked increases in harvest volumes and improved profitability from 2027 are expected to occur, according to Norcod. The firm added that it is well positioned to deliver on its scale-up plan as new sites come into operation.
