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Norcod
Norcod (NCOD) investor relations material
Norcod Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Q4 revenue reached NOK 123 million, with full-year turnover at NOK 444 million, up 12% year-over-year despite lower harvesting volumes.
Operating loss for Q4 was NOK 47 million, mainly due to extraordinary mortality, including NOK 43 million in one-off costs.
Jerónimo Martins became a key shareholder with an 80% stake, providing access to major European retailers.
Over 90% of Q4 harvest achieved superior quality; zero escapes reported throughout 2025.
1,737 tonnes harvested in Q4 and 7,723 tonnes for the year.
Financial highlights
EBIT margin improved by 12.5% year-over-year; adjusted EBIT margin up 33% excluding non-recurring mortality costs.
Q4 net loss was NOK 54 million, compared to NOK 41 million in the same quarter last year.
Production cost at sea increased to just over NOK 51 per kilo, up from NOK 46 per kilo last year, mainly due to mortality.
Available credit and cash at hand increased to NOK 103 million after a successful private placement.
Total assets at Q4-25 were NOK 608 million, down from NOK 674 million in Q4-24, mainly due to lower biological assets.
Outlook and guidance
Planned 2026 harvest volume revised to 5,800MT, with significant volume increases projected for 2027.
2026 expected as a transitional year; marked volume and profitability improvements anticipated from 2027.
Investment in a fish oil facility at Kråkøy to enhance value extraction, scheduled for summer 2026.
Green Financing Framework established and certified by DNV.
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Next Norcod earnings date
Q1 202618 Jun, 2026
Norcod
Next Norcod earnings date
Q1 202618 Jun, 2026
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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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