Norcod (NCOD) investor relations material

Executive summary

• Q4 revenue reached NOK 123 million, with full-year turnover at NOK 444 million, up 12% year-over-year despite lower harvesting volumes.

• Operating loss for Q4 was NOK 47 million, mainly due to extraordinary mortality, including NOK 43 million in one-off costs.

• Jerónimo Martins became a key shareholder with an 80% stake, providing access to major European retailers.

• Over 90% of Q4 harvest achieved superior quality; zero escapes reported throughout 2025.

• 1,737 tonnes harvested in Q4 and 7,723 tonnes for the year.

Financial highlights

• EBIT margin improved by 12.5% year-over-year; adjusted EBIT margin up 33% excluding non-recurring mortality costs.

• Q4 net loss was NOK 54 million, compared to NOK 41 million in the same quarter last year.

• Production cost at sea increased to just over NOK 51 per kilo, up from NOK 46 per kilo last year, mainly due to mortality.

• Available credit and cash at hand increased to NOK 103 million after a successful private placement.

• Total assets at Q4-25 were NOK 608 million, down from NOK 674 million in Q4-24, mainly due to lower biological assets.

Outlook and guidance

• Planned 2026 harvest volume revised to 5,800MT, with significant volume increases projected for 2027.

• 2026 expected as a transitional year; marked volume and profitability improvements anticipated from 2027.

• Investment in a fish oil facility at Kråkøy to enhance value extraction, scheduled for summer 2026.

• Green Financing Framework established and certified by DNV.