Norcod (NCOD) investor relations material

Strategic positioning and market environment

• Leading producer of premium Atlantic Cod with eight farming sites and one harvesting facility in Norway, targeting 8,000t WFE annual harvest volume and scaling to 25,000t WFE by expanding five new sites, including Snyen and Selsøy by 2027.

• Market for farmed cod is strong due to a 62% drop in wild cod quotas from 2021 to 2025, driving higher prices and sustained demand for premium, year-round supply.

• Listed on Euronext Growth since 2020 with a NOK 830m market cap as of April 2026.

• Strategic partnerships with major global seafood distributors and retailers, enabling delivery to European markets within 48–72 hours.

Operational performance and biological advancements

• Over 25 years of R&D have led to the 9th generation of fry, showing strong biological results and high survival rates (85–95% in 2025).

• High superior quality share (close to 90%) and low feed conversion ratios (FCR), supporting cost efficiency and premium pricing.

• Key biological risks such as escapes, maturation, and mortality have been addressed with upgraded nets, optimized lighting, and improved vaccines.

• Snow Cod brand differentiates the product, achieving a price premium over other farmed cod due to quality and branding.

Financials, funding, and growth strategy

• NOK 1.4bn raised in equity since 2018, with major investments in infrastructure and R&D; now entering a capex-light phase.

• Fully funded to reach 25,000t WFE production through contemplated equity raise and increased debt facilities.

• Revenue grew from NOK 73m in 2023 to NOK 444m in 2024, with a target of NOK 397m in 2025.

• Targeting positive operational EBIT in H2 2026, with cost potential of NOK 43 per kg at full scale and ROCE of 22% at NOK 80/kg price.