Norcod (NCOD) Q2 2025 earnings summary

Executive summary

• Revenue increased by 6% in Q2 2025 to NOK 91 million, despite a 16% drop in harvest volume to 1,541 tonnes, with operational losses reduced and EBIT margin for H1 improved by over 33% year-over-year.

• Harvest volumes were 16% lower in Q2 2025 compared to Q2 2024, but H1 2025 volumes rose nearly 20% year-over-year.

• Production costs were extremely high in Q2 due to lower volumes, early harvesting, and site-specific challenges, but operational improvements and market demand remain strong.

• Strategic pause in harvesting mid-Q2 and Q3 to capitalize on rising market prices and achieve higher average fish weights.

• The cod market remains robust, with high prices and demand supporting a positive outlook.

Financial highlights

• Q2 revenue was NOK 91 million on 1,541 tons harvested, up NOK 5 million despite 16% lower volume year-over-year due to higher prices.

• Net loss for Q2 was NOK 52 million, an improvement from NOK 57 million in Q2 2024; operating loss improved to NOK 47 million from NOK 50 million.

• EBIT margin improved for Q2 and by 31%-33% for H1 2025 compared to H1 2024, from -47% to -31.4%.

• Cash flow from operations improved to minus NOK 71 million from minus NOK 92 million year-over-year.

• Available credit and cash at hand totaled NOK 92 million at quarter-end, up from NOK 42 million a year earlier.

Outlook and guidance

• Strong cod market outlook with high demand and prices expected to rise to NOK 70-80 per kilo in Q3.

• On track to harvest 8,000 tons in 2025 as planned, with biomass expected to increase from fall onwards.

• Growth plan includes new sites and increased releases, with preparations ahead of schedule for 2026 and 2027.

• Focus remains on cost optimization, operational efficiency, and scaling up for profitable growth.

• Ongoing assessment of scale-up pace based on market and biological developments.