Norcod (NCOD) Q2 2025 earnings summary

Executive summary

• Revenue increased by 6% in Q2 2025 to NOK 91 million, despite a 16% decrease in harvest volume to 1,541 tonnes, driven by higher market prices and improved operational efficiency.

• Operating loss improved to NOK 47 million from NOK 50 million in Q2 2024; net loss narrowed to NOK 52 million from NOK 57 million.

• EBIT margin for H1 2025 improved by over 33% year-over-year, from -47% to -31.4%.

• Production costs were exceptionally high in Q2 due to lower volumes and site-specific challenges, but a significant reduction is expected from Q3.

• Strategic pause in harvesting mid-Q2 to capitalize on rising market prices and allow for larger average fish size.

Financial highlights

• Q2 revenue was NOK 91 million, up NOK 5 million year-over-year despite lower volumes.

• Production cost per kilo rose to NOK 59.9 in Q2, up 12% due to lower volumes and site-specific issues.

• Cash flow from operations improved to minus NOK 71 million from minus NOK 92 million in Q2 2024.

• Available credit and cash at quarter-end totaled NOK 92 million, up from NOK 42 million a year earlier.

• Net loss for Q2 was NOK 52 million, an improvement from NOK 57 million in Q2 2024.

Outlook and guidance

• Strong cod market outlook with continued high demand and prices expected to reach NOK 70-80 per kilo in Q3.

• On track to harvest 8,000 tons in 2025 as planned, with biomass expected to increase from fall onwards.

• Growth plan includes new sites and increased releases, with preparations ahead of schedule for 2026 and 2027.

• Ongoing assessment of scale-up pace based on market and biological developments.

• Focus remains on cost optimization, operational efficiency, and scaling up for profitable growth.