Norway-based cod-farming company Norcod posted an increase in revenue in Q2 2025 and saw a steady increase in its EBIT margin, but higher production costs reduced gains in the period.
Norcod posted NOK 91 million (USD 9 million, EUR 7.7 million) in revenue in Q2 2025, up 6 percent from the NOK 86 million (USD 8.5 million, EUR 7.3 million) it posted in the same period of 2024. The higher revenue came on a harvested volume of 1,541 metric tons (MT) of farmed cod, down from a harvested volume of 1,830 MT in Q2 2024. However, for H1 2025, harvested volume was up 19 percent compared to H1 2024.
Norcod said the lower harvest total was due to a pause in harvesting in parts of Q2 to optimize fish size. Harvesting will continue to be paused in parts of Q3 to optimize the size of its fish and align with market demands.
The company posted an operating loss of NOK 47 million (USD 4.6 million, EUR 4 million) in Q2 2025, down from an operating loss of NOK 50 million (USD 4.9 million, EUR 4.2 million) in Q2 2024. Norcod said high production costs at sea resulted in higher expenses, which reached NOK 136 million (USD 13.5 million, EUR 11.5 million), up from NOK 133 million (USD 13.2 million, EUR 11.3 million) in Q2 2024.
“The increase is mainly explained by additional other operational expenses compared to the corresponding quarter last year, related to the early harvesting, extraordinary repair, and maintenance and development of new locations,” Norcod said in its Q2 2025 update.
Production costs per kilogram also increased in Q2 2025 to NOK 59.90 (USD 5.95, EUR 5.09) per kilogram of cod, up from NOK 47.60 (USD 4.72, EUR 4.04) in Q2 2024.
Despite the cost increases, the EBIT margin increased from negative 58.6 percent in Q2 2024 to negative 51.2 percent in Q2 2025.
“Most importantly, the year-over-year margin for the first half year improved by over 33 percent,” Norcod said.
Norcod had to deal with lower biomass due to both an escape incident that occurred in November 2024 and a more recent incident in which the Norwegian Directorate of Fisheries ordered the company to cull fish in six net pens due to the discovery of spawning-ready fish.
“Preventing maturation remains essential to reducing potential interaction between farmed and wild cod. We have maintained frequent gonad monitoring in close collaboration with the Directorate of Fisheries,” Norcod said in its Q1 2025 results. “These measures help identify early signs of maturation and have allowed us to act proactively and responsibly, including adjusting harvest plans when necessary and ahead of official notifications from the Directorate.”
The company said it also saw increased mortality and a temporary reduction in appetite in its cod at the company’s Jamnungen farming site in early June. Norcod said it is monitoring the situation to determine the cause.
Despite the setbacks of an escape and early maturation, the company said it is in a solid position for further growth. The company has secured two additional farming sites in Snyen, close to its existing site in Frosvika, that will be fully operational in 2026. Norcod said it also secured a new agreement for juvenile cod that will allow it to fully utilize the site.
The cod market is continuing to see high prices that will likely continue as suggested cod quotas are at low levels. Norway’s wild-caught cod landings were low in July 2025, but export value decreased at a slower rate due to high prices – prices which should benefit Norcod.
“Outlook remains highly positive: Limited wild catch and rising demand for sustainable, traceable whitefish reinforce Norcod’s premium positioning and long-term partnerships,” the company said.
