Norcod AS: Integrated annual report 2024

28 May 2025 13:00 CEST

Norcod has today published its Annual Report for 2024, including ESG reporting.
Financial and strategic highlights are summarised below.

Revenue grew compared to 2023, from 269 MNOK to 397 MNOK, or 47%, supported by
increased harvest volumes, favourable market conditions and improvements in
biological performance and feed efficiency. Operating expenses ended at 620
MNOK, up from 524 MNOK in 2023. Net loss for the period ended on 235 MNOK, down
from 246 MNOK in 2023.

During 2024, Norcod harvested 8,333 tonnes cod (WFE), compared to 6,155 tonnes
in 2023, corresponding to an increase of 35%.

Other highlights include:
• Throughout 2024, 90.2% of fish harvested were categorised as superior quality,
the highest classification.
• Production costs at sea were down by almost 10%, from 50.7 NOK/kg in 2023, to
45.9 NOK/kg in 2024.
• Norcod reduced its product carbon footprints by 12% per kg HoG and edible
yield in 2024, compared with 2023.
• Norcod saw favourable market developments in 2024, including a rise of
approximately 25% in achieved sales prices from Q1 to Q4.

“Although our financial results have improved compared to 2023, and the market
fundamentals and measures we have implemented to streamline operations during
the year have laid a strong foundation for profitable growth, we still have a
way to go,” says Christian Riber, CEO of Norcod.

“We are witnessing growing awareness and recognition of the advantages of Snow
Cod, offering a reliable supply of fresh, premium quality cod. Norcod firmly
believes that the favourable market conditions, further improvements in our
production and measures to address key challenges, provide a strong foundation
in the ongoing commercialisation phase for farmed cod.”

The integrated annual report for 2024 is attached in PDF and also available on
our website.

For further information, please contact:
Christian Riber, Chief Executive Officer, phone: +47 905 37 990, E-mail:
cr@norcod.no
Stian Vollan-Hansen, Chief Financial Officer, phone: +47 481 78 846, E-mail:
svh@norcod.no

More information:
Access the news on Oslo Bors NewsWeb site

647818_Norcod Integrated Annual Report 2024.pdf