Norway-based cod farming company Norcod posted a drop in revenue and slightly improved EBIT in Q3 2025 as the company announced a NOK 157 million (USD 15.5 million, EUR 13.4 million) investment from Jerónimo Martins Agro-Alimentar via a private placement.
Norcod posted NOK 37 million (USD 3.6 million, EUR 3.1 million) in revenue in Q3 2025, a drop from the NOK 69 million (USD 6.87 million, EUR 5.88 million) it posted in Q3 2024. That lower revenue coincided with lower harvest volumes, with the company harvesting 515 metric tons (MT) whole fish equivalent (WFE) compared to 1,348 MT WFE in Q3 2024.
Production costs in the quarter were also up slightly year over year, reaching NOK 58 (USD 5.74, EUR 4.94) per kilogram in Q3 2025 compared to NOK 56 (USD 5.54, EUR 4.77) per kilogram in Q3 2024.
Despite that, the company’s EBIT improved to a loss of NOK 64.7 million (USD 6.4 million, EUR 5.5 million) compared to a loss of NOK 73.2 million (USD 7.2 million, EUR 6.2 million). Part of that operating loss included NOK 43 million (USD 4.2 million, EUR 3.6 million) in losses relating to extraordinary mortality, the company said.
“During the quarter, Norcod experienced significant mortalities at the Jamnungen site due to Vibrio infection,” the company said in a press release. “Investigations confirmed that the incident involved a bacterial strain not covered by the existing vaccine. In close consultation with veterinarians at the Norwegian Food Safety Authority it was decided to treat the affected fish with medicine feed to treat the infection and secure fish welfare.”
Despite the efforts the farm had significantly elevated mortality – but the company added it has added that strain of Vibrio to its vaccination regimen to prevent reoccurrence of the problem.
Year to date, Norcod’s revenue has increased 17.6 percent and its EBIT-margin has improved 23 percent year over year. Norcod CEO Christian Riber said the company is entering its growth phase.
“We are now putting our growth strategy into practice, with a clear path toward 25,000 MT of annual production,” Riber said.
Part of that growth strategy has been helped by an investment from Jerónimo Martins Agro-Alimentar, a subsidiary of major food company Jerónimo Martins, which operates thousands of retail markets. Norcod said the NOK 157 million private placement marks a major milestone for the company, “laying the foundation for what could evolve into a long-term strategic partnership with one of Europe’s most respected and successful food retail groups.”
Norcod said the new investment will accelerate its growth strategy, as the additional capital can support its expansion plans to help it move toward large-scale production of its farmed cod.
“The investment from Jerónimo Martins and our strengthened sales partnerships give Norcod the reach and stability needed to realize this potential in a growing global market for farmed cod,” Riber said.
Norcod Board Chair Renate Larsen said Jerónimo Martins Agro-Alimentar’s decision to invest in the company is a “clear vote of confidence” in its strategy and operations.
“We view this partnership as transformative, both in terms of industrial know-how and potential international reach,” Larsen said. “With Jerónimo Martins Agro-Alimentar, Artha and High Liner Foods as strategic anchors, Norcod is exceptionally well positioned to deliver on its growth ambitions and to create lasting value for all shareholders.”
