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Norcod (NCOD) investor relations material
Norcod Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Q3-2025 revenue reached 37 MNOK, a 17.6% year-over-year increase, despite lower harvest volume due to extraordinary mortality at Jamnungen.
Operating loss was 65 MNOK, including 43 MNOK in non-recurring costs from mortality, but improved 12% from Q3-24.
Strategic investment of NOK 157 million by Jerónimo Martins post-Q3 strengthens capital base and market access.
Growth strategy implementation is on track, targeting 25,000 tonnes annual production.
Financial highlights
Operating revenue for Q3-25 was 37 MNOK on 515 tonnes harvested, down from 69 MNOK and 1,348 tonnes in Q3-24.
Production cost per kg increased to 58 NOK (Q3-25) from 56 NOK (Q3-24) due to low harvest and mortality-related costs.
Net loss for Q3-25 was 71 MNOK, improved from 82 MNOK in Q3-24.
YTD EBIT margin improved from -61.9% to -47.9% year-over-year.
Available funds at quarter-end were 28 MNOK, down from 92 MNOK in Q3-24.
Outlook and guidance
Growth plan progressing, with Frosvika to be restocked in Q4 and four sites to be stocked in 2026, including two new sites.
Temporary dip in 2026 production expected due to Jamnungen mortality, but long-term growth trajectory remains strong.
Strategic partnerships and new shareholder support position the company for expanded market access and premium pricing.
How will new vaccine impact future biological risk?
Jerónimo Martins investment impact on growth funding
Sales strategy changes with new market access
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Next Norcod earnings date
Q4 202513 Feb, 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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