Norcod AS: Integrated annual report 2025

28 May 2026 22:01 CEST

Norcod has today published its Annual Report for 2025, including the ESG
report.
Financial and strategic highlights are summarised below.

Revenue grew compared to 2024, from 397 MNOK to 444 MNOK, or 12 percent,
supported by strong market conditions and higher achieved sales prices for
Snow Cod. During 2025, Norcod harvested 7,723 tonnes cod (WFE), compared to
8,333 tonnes in 2024, a decrease of 7.3 percent.
The reduction in harvest volumes was primarily related to extraordinary
mortality and early harvest at the Jamnungen site during the second half of
the year. Operating loss before fair value adjustment of biomass ended at 230
MNOK (-223 MNOK in 2024), while net loss for the period ended at 235 MNOK,
unchanged from 2024. However, we saw an 34% improvement of the EBIT-margin
excluding non-recurring items from -176 MNOK in 2024 to -116 MNOK in 2025.

Other highlights include:
Throughout 2025, 89 percent of fish harvested were categorised as
superior quality, the highest classification.
Norcod achieved a biological feed conversion ratio (bFCR) of 1.06 in
2025, demonstrating continued strong feed efficiency.
Norcod recorded zero escape incidents across all sites in 2025
following the implementation of a strengthened net strategy and operational
routines.
Snow Cod accounted for 38% of the export value for fresh cod from
Norway in 2025, up from 28% in 2024.
Norcod experienced approximately 35% higher achieved sales prices for
Snow Cod compared with 2024, supported by strong market conditions and high
product quality.
During 2025, Norcod secured approval for two new farming sites and
increased biomass capacity at existing locations as part of its growth plan
towards 25,000 tonnes by 2029.

"2025 was the year when Norcod moved into a new phase. Over the past years, we
have invested heavily in biology, infrastructure, people and market
development to demonstrate that cod farming can be done at scale and with
commercial viability. In 2025, those building blocks came together in a way
that gives us a clearer line of sight to profitability," says Christian Riber,
CEO of Norcod.

"The year also showed that we are building a more robust operational platform.
We recorded zero escape incidents, improved biological control and continued
to strengthen our market position for Snow Cod. At the same time, the events
at Jamnungen and Bjørnvika underline that cod farming remains a young industry
where operational discipline and continuous improvement remain critical."

"Demand for stable, premium-quality cod continues to grow while wild cod
quotas remain under pressure. Together with our shareholders and commercial
partners, we have built a unique platform with direct access to key customers
and markets across Europe, North America and Asia. Combined with continued
improvements in biology, operations and product quality, this gives Norcod a
strong position as we scale production and establish Snow Cod as a premium,
year-round product in the international seafood market."

The integrated annual report for 2025 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 Hansen, Chief Financial Officer, phone: + 47 481 78 846, E-mail:
sh@norcod.no

About Norcod:
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. The information was submitted for publication, through the
agency of the contact persons set out above, at 2026-05-28 22:00 CEST.

More information:
Access the news on Oslo Bors NewsWeb site

674828_Norcod Integrated Annual Report 2025.pdf