Norcod (NCOD) investor relations material

Strategic positioning and market environment

• Leading producer of premium Atlantic Cod with eight farming sites and one harvesting facility in Norway, targeting 8,000t WFE annual harvest volume and aiming for 25,000t WFE in the medium term.

• Market for farmed cod is strong due to a 62% drop in wild cod quotas from 2021 to 2025, driving higher prices and demand for year-round, high-quality supply.

• Listed on Euronext Growth since 2020 with a NOK 770m market cap as of May 2026.

• Strategic partnerships with major seafood distributors and retailers enable global reach and rapid delivery to key markets.

Operational performance and biological advancements

• Over 25 years of R&D have led to the 9th generation of fry, showing strong biological results and high survival rates (up to 87% in 2025).

• High superior quality share and low feed conversion ratios (FCR) support cost efficiency and premium pricing.

• Key biological risks such as escapes, maturation, and mortality have been addressed with upgraded nets, optimized lighting, and improved vaccines.

• Strategic site locations offer optimal conditions, contributing to consistent year-round supply and strong biological performance.

Financial development and growth strategy

• NOK 1.4bn raised in equity since 2018, with major investments in infrastructure and R&D; now entering a capex-light phase.

• EBITDA expected to turn positive in H2 2026, with cost per kg targeted at NOK 43 at 25,000t WFE production.

• Illustrative project economics show potential EBIT per kg of NOK 15–26 at 25,000t WFE, with a 22% ROCE at NOK 80/kg price.

• Scaling up production leverages economies of scale, reducing costs for fry, juveniles, and other operating expenses.