Norcod (NCOD) investor relations material

Executive summary

• Q1 2026 focused on stable operations, upscaling biomass, and strong biological development, with growth exceeding budgeted targets.

• Harvest volumes were intentionally low, with 404 tonnes harvested late in the quarter to serve strategic customers and support biomass growth.

• 94.4% of harvested volume achieved superior quality, reflecting operational improvements and strong biological management.

• No incidents or extraordinary mortality occurred during the quarter.

Financial highlights

• Operating revenue was 31 MNOK, down 84% year-over-year due to lower harvest volumes, but revenue per kilo increased 55% YoY.

• Operating loss improved to 12 MNOK from 43 MNOK in Q1-25, a 71% reduction.

• Net loss for the period was 19 MNOK, compared to 50 MNOK in Q1-25.

• Production cost per kg increased to 73.4 NOK from 44.0 NOK YoY, due to limited harvest of smaller fish.

• Positive fair value adjustment of biomass contributed 24 MNOK.

Outlook and guidance

• Additional financing of 270 MNOK secured post-Q1, including increased debt, new equity, and a loan from Innovation Norway.

• Stocking of 3.6 million juveniles commenced at two sites, supporting plans to double biomass at sea in 2026 and target 13,000–15,000 tonnes harvest in 2027.

• Installation of a new fish oil facility scheduled for Q3 to enhance value extraction.

• Continued strong market conditions and operational progress expected to support scale-up and sustainable profitability.