Norwegian cod farming company Norcod has had its first-ever profitable quarter, according to its Q3 2026 results.
Norcod said it achieved a net profit of NOK 8.5 million (USD 900,000, EUR 800,000) in Q3 2026, and an EBIT of NOK 23 million (USD 2.45 million, EUR 2.18 million). That came on operating revenue of NOK 89 million (USD 9.5 million, EUR 8.4 million), up from NOK 37 million (USD 3.9 million, EUR 3.5 million) during the same quarter of 2025.
“Delivering our first profitable quarter is a significant moment for Norcod,” Norcod CEO Christian Riber said in a release. “We have spent years building the foundations for a new industry, investing, developing, learning, and adjusting, but always with a clear and ambitious goal. This quarter is a milestone for us, yet it’s only the beginning of cod farming realizing its potential.”
The company said it had record-high biomass at sea during the quarter, reaching 6,732 metric tons (MT) of live weight, valued at NOK 475 million (USD 51 million, EUR 45 million). That total is a 27 percent increase from the biomass it had in Q2 2026, and Norcod said growth has gone according to plan, and the company said it had strong biological results at all of its sites.
Production costs at sea also dropped during Q3 2026, reaching NOK 49.80 (USD 5.30, EUR 4.72) per kilogram, down from NOK 55.60 (USD 5.92, EUR 5.27) per kilogram in Q2 2026, and from the NOK 57.90 (USD 6.16, EUR 5.49) it had in Q3 2025. The company harvested 1,361 MT of cod during the quarter, which achieved 92.7 percent superior quality. The company said the harvest was at a more optimal weight compared to previous periods, which was in line with the company’s strategy.
The company said the first profitable quarter demonstrated that its structured investment and growth strategy has been working, and that as biomass continues to increase and more production capacity comes online, it will see higher harvests in the coming quarters.
"I am incredibly excited about what lies ahead,” Riber said. “With record amounts of fish in the sea, new sites in preparation and production growth on track, we are exactly where we planned to be on our growth journey.”
The company currently has 10 stocked net pens, and it is prepping to stock a new site to expand its production capacity in Snyen. It also said it has another side, Selsøy, which will be ready for stocking in Q1 2027, bringing Norcod’s total production on track for 25,000 MT by 2029.
The company said it also began fish oil production in Q4 2026, bringing fish utilization to 98 percent.
Norcod wasn’t without challenges during Q3 2026. The company detected Franciscella, a bacterial pathogen that can affect Atlantic cod, at its Mausund site. Norcod said it handled the detection in accordance with strict routines, and the illness caused minimal impacts on its operations and revenue, with its harvests going according to plan.
The company said looking forward the market for its cod continues to be solid, with its products receiving a 19 percent premium above fresh wild cod from Norway.
