Norwegian cod farming company Norcod reported strong biological performance and stable operations as it moves to continuous harvesting, posting an improved EBIT margin in Q2 2026.
Norcod reported NOK 57 million (USD 6.1 million, EUR 5.2 million) in revenues from 791 metric tons (MT) of harvest volume, which achieved 96.45 percent superior quality, resulting in a 21 percent increase in year-over-year operating revenue per kilogram. The revenue total resulted in a NOK 20 million (USD 2.1 million, EUR 1.8 million) operating loss, but the company saw a 31 percent year-over-year improvement in EBIT margin.
“The first half of 2026 has been characterized by strong growth, stable operations and significant stocking activity as Norcod builds production for higher future harvest volumes,” the company said. “With biomass increasing and new production now established at key sites, the company is well positioned to benefit from this build-up through the remainder of 2026 and into 2027.”
Norcod delayed its harvests in Q1 2026 to increase the average weight of its cod and build biomass at its farms. The company only harvested 404 MT of cod in the quarter, down sharply from the 3,929 MT it harvested in the same quarter of 2025. The company said in Q2 2026 it continued to see stable operations and “significant” stocking activity to build production for future higher harvest volumes.
Biomass at sea increased at its facilities from 4,123 MT at the start of Q2 2026 to 5,390 MT by the end, and biomass at sea has increased 76 percent, or 2,330 MT, in the first half of the year.
The company said its operational growth strategy is continuing to go to plan, and that the juvenile capacity, farming sites, operational platforms, and financing are all in place for the next phase of its planned growth. The company said it now has six large farming sites and eight farming sites total, with a combined capacity to support 20,000 metric ton (MT) in annual harvests. It plans to target harvest volumes of 13,000 to 15,000 MT of cod in 2027.
Norcod also took delivery of a concrete feed barge from ScaleAQ that was specifically adapted to cod farming, which it deployed at its Labukta cod farming site in May. It also installed improved power supply and monitoring systems at several sites.
“The company is also progressing towards the new ASC Farm Standard, targeting certification during the autumn,” Norcod said. “This is expected to strengthen Norcod's market position and provide access to new customers and retail channels.”
Looking forward, Norcod said the market for fresh cod remains strong, and limited volumes due to lower quotas have lead to high prices and strong demand in its key markets.
“Norcod enters the second half of 2026 with increased biomass, stable operations and the production platform in place to deliver significantly higher harvest volumes in line with the company’s growth plan,” the company said. “With higher and more consistent harvest volumes now commencing, Norcod is moving from a period focused on stocking and biomass build-up towards increased production, sales and improved financial results.”
