Norcod (NCOD) investor relations material

Executive summary

• Achieved strong biological performance in Q2 2026, with a 31% increase in biomass at sea and stable operations, supported by zero extraordinary mortality incidents.

• Harvested 791 tonnes, generating NOK 57 million in revenue, with operating revenue per kilo up 21% year-over-year.

• EBIT margin improved by 31% year-over-year, with operating loss reduced to NOK 20 million, a 57% improvement from Q2 2025.

• Superior fish quality above 96% of harvested volume enabled premium pricing, with sales prices about 8% above market average.

• Strengthened financial platform through equity raise and increased debt facilities to support growth plans.

Financial highlights

• Operating revenue for Q2 2026 was NOK 57 million, down from NOK 91 million in Q2 2025 due to lower harvest volume.

• Production cost per kilo decreased to NOK 55.6 from NOK 59.9 year-over-year, with further reductions expected.

• Net loss for the period was NOK 31.5 million, improved from NOK 52 million in Q2 2025.

• Total assets increased to NOK 860 million, up from NOK 547 million in Q2 2025, driven by biological asset growth and equipment investments.

• Available funds at quarter-end were NOK 87 million, with NOK 8 million in cash and NOK 79 million in credit.

Outlook and guidance

• Entering H2 2026 with increased biomass and stable operations, enabling higher harvest volumes and revenue growth.

• Targeting 13,000–15,000 tonnes harvest volume in 2027, supported by operational standardization and secured juvenile capacity.

• Anticipating continued reduction in production costs and improved margins as scale increases.

• Progressing towards ASC Farm Standard certification in autumn 2026, expected to enhance market access and enable delivery of ASC Snow Cod.

• Installation of a fish oil facility at Kråkøy underway to increase value from by-products.