Norcod AS: Q4-25 Quarterly report

26 Feb 2026 07:00 CET

Q4 2025 HIGHLIGHTS
* 123 MNOK in revenues in Q4 and 444 MNOK for whole year 2025, an increase of
11.9% from 2024
* 47 MNOK in operating loss including one-off items amounting to 43 MNOK
related to extraordinary mortality during the quarter
* Yearly EBIT-margin improved by 12.5% from 2024 to 2025, excluding
non-recurring items the improvement is 33.1%
* The quarterly production cost at sea ended at 51.3 NOK per kg WFE, impacted
by the mortality situation
* 1,737 tonnes WFE harvested during Q4 and a total of 7,723 tonnes in 2025
* Continued strong market development with YoY sales prices up 35%
* Jerónimo Martins, the world's 25th largest food retailer, became a key
shareholder. This partnership greatly strengthens Norcod's position in the
market and opens direct access to major European retailers
* 91.7% of harvested volume in Q4 achieved superior quality
* Zero escapes during whole year 2025

POST Q4 2025 HIGHLIGHTS
* Limited harvesting in Q1 due to the mortality at Jamnungen
* The company is evaluating various options regarding its financing structure
in order to execute on the growth targets

OPERATIONAL UPDATE
During the quarter, Norcod harvested a total of 1.737 tonnes from the
Jamnungen site. All biomass was processed at Norcod's harvesting facility,
Kråkøy Slakteri.

In Q4, 91.7% of harvested volume achieved superior quality.

Despite the challenges with increased mortality due to the Vibriosis outbreak
in Q3 at Jamnungen, the site delivered strong biological performance.
Following harvest completion, the project achieved a biological feed
conversion ratio (bFCR) of 0.998. The site also demonstrated solid growth
performance, with the final cage harvested at an average round weight of 3.5
kg after a 16-month production period, compared to 18 months budgeted.

In Q4, full stocking was completed at the Frosvika site. The fish have had a
good start, with strong growth and low mortality.

The Bjørnvika site experienced increased mortality due to cod pox during Q4.
Mortality levels have now normalised, and the fish are growing well. To
address clarify on some misconceptions from recent media coverage, a more
detailed description of the virus is provided in the report.

At our Skogsøya and Pålskjæra sites, performance in Q4 was strong, with growth
well above budget and mortality below budget.

Norcod has reviewed and strengthened procedures to prevent escapes and
implemented a new net strategy with positive results.

Since introducing the new net strategy, no escape incidents have occurred on
any of our sites, resulting in an escape-free 2025. We continue to work in a
structured and systematic manner to ensure our zero-escape vision.

OUTLOOK
Norcod has revised its planned harvest volume for 2026 to 5,800MT, with full
focus on stocking existing and new sites to achieve significant harvest volume
increases in 2027.

Our Frosvika site was restocked in Q4 and both Jamnungen and Labukta will
follow suit in H1. Increased fry capacity has been secured to support the
projected growth trajectory and ensure sufficient juvenile supply for
expanding biomass.

While 2026 will represent a transitional year in terms of volume, the company
expects marked increases in harvest volumes and improved profitability from
2027, supported by strengthened biological control, operational experience and
scalable farming routines.

Norcod continues to strengthen its industrial platform. Investment in a fish
oil facility at the Kråkøy harvesting plant, scheduled for installation in
summer 2026, will increase whole-fish utilisation and improve value extraction
across the production cycle.

The company is also evaluating various options regarding its financing
structure in order to execute on the communicated growth targets. A Green
Financing Framework has been established in this context and certified with a
second-party opinion from DNV.

With new sites coming into operation, strong biological performance and a
strengthened commercial platform supported by a continued strong market for
fresh cod, Norcod is well positioned to deliver on its scale-up plan and move
towards sustainable profitability.

For further details, please see the attached Q4-25 Quarterly Report.

Contact
Christian Riber, Chief Executive Officer, phone: +47 905 37 990,
E-mail: cr@norcod.no
Stian Hansen, Chief Financial Officer, phone: + 47 481 78 846,
E-mail: sh@norcod.no

About Us
Norcod's core business is commercial sea farming of cod and is involved in the
entire value chain through ownership and partnerships. Norcod's existing fish
farms are located in Mid-Norway and along the Helgeland coast with ideal
conditions for cod. The company is contributing to blue ocean value creation
with minimal impact on the environment while supporting local communities.
Norcod is listed on Oslo's Euronext Growth market.

This information has been submitted pursuant to the Securities Trading Act §
5-12 and MAR Article 17. The information was submitted for publication,
through the agency of the contact persons set out above, at 2026-02-26 07:00
CET.

More information:
Access the news on Oslo Bors NewsWeb site

666859_Norcod Q4 2025 Quarterly Report.pdf