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Norcod (NCOD) investor relations material
Norcod Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary28 Aug, 2025
Executive summary
Harvest volume in Q2 2025 was low due to early harvesting, but total H1 harvest rose 19% year-over-year.
Revenue for Q2 2025 increased 6% to 91 MNOK, and H1 revenue rose 39% year-over-year, driven by higher prices and net volume growth.
Production costs per kg WFE increased to 59.9 NOK due to operational challenges, but are expected to decrease from Q3.
EBIT margin improved by 31-33% year-over-year for H1 2025, and net loss narrowed to NOK 52 million from NOK 57 million.
The cod market remains robust, with high prices and demand supporting a positive outlook.
Financial highlights
Operating revenue for Q2 2025 was 91 MNOK, up from 86 MNOK in Q2 2024.
Operating expenses rose to 136 MNOK, mainly due to higher operational and maintenance costs.
Available credit and cash at hand totaled 92 MNOK at quarter-end.
Net cash flow from operating activities improved to -71 MNOK from -92 MNOK year-over-year.
Net interest-bearing debt stood at 277 MNOK.
Outlook and guidance
Expectation of increased biomass and biological assets from Q3 onward, supporting future growth and stable harvests.
On track to harvest 8,000 tonnes for the year, with a sharp increase in biomass anticipated from fall onward.
Growth prerequisites for 2026 are secured, with preparations for expansion into 2027.
Focus remains on cost optimization, operational efficiency, and scaling up for profitable growth.
Profitability is trending positively with higher sales prices and lower production costs expected.
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Q3 202513 Nov, 2025
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Frequently asked questions
Norcod is a Norway-based aquaculture company specializing in the farming of Atlantic cod. The company focuses on sustainable, environmentally conscious production practices and supplies cod to markets in Europe and internationally. It manages all stages of the production process from hatchery to harvest. Norcod is headquartered in Trondheim, Norway, and its shares are listed on the Euronext Growth Oslo.
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