Norwegian cod-farming company Norcod posted reduced harvest volumes in Q1 2026 as the company delayed harvesting to increase average weight and build biomass.
In its Q1 2026 results, the company said it harvested a total of just 404 metric tons (MT) of cod, down from the 3,929 MT it harvested in Q1 2025. The company said that decrease was purposeful, and the cod it did harvest was meant to supply strategic customers while it worked on increasing harvest weights. Of the cod it harvested during the quarter, 94.4 percent achieved superior quality, the company said.
“Strong growth performance and good control of maturation allowed the fish to remain longer at sea and continue building biomass in line with the company’s production plan,” Norcod said.
As a result of the lower harvest, operating revenue dropped to NOK 30.7 million (USD 3.16 million, EUR 2.75 million), down from NOK 193 million (USD 19.85 million, EUR 17.31 million). Despite the drop, EBIT improved to a loss of NOK 12 million (USD 1.23 million, EUR 1.08 million), an improvement over the NOK 42 million (USD 4.32 million, EUR 3.77 million) loss it posted in Q1 2025.
Norcod said it saw strong fish health and welfare across all of its farming sites, which reflect the company’s efforts to improve biological conditions.
“Norcod continues to maintain a strong focus on operational control, fish welfare, and escape prevention,” it said. “The company’s strengthened procedures and revised net strategy remain in place and contributed to stable operations and zero escape incidents during the quarter.”
The company said its growth strategy is continuing to go according to plan, it is working to develop new farming locations, and it has several applications for new sites currently under review. It said it is also increasingly standardizing its equipment and operational procedures across multiple sites, which have shown in its improve biological performance.
The company also said access to high-quality juvenile cod continues to be a core tenant of its strategy. Norcod recently signed a juvenile supply agreement with Havland, ensuring exclusive access to cod juveniles.
The company also secured additional financing, including NOK 120 million (USD 12.34 million, EUR 10.76 million) in increased debt facilities and NOK 100 million (USD 10.28 million, EUR 8.97 million) in new equity and a shareholder loan, as well as a NOK 50 million (USD 5.14 million, EUR 4.49 million) loan form Innovation Norway.
“Supported by strong market conditions for fresh cod, continued operational progress, and a strengthened commercial platform, Norcod believes the company is well-positioned to execute its scale-up strategy and achieve sustainable profitability,” the company said.
