Norcod (NCOD) Q3 2025 earnings summary

Executive summary

• Q3-2025 revenue reached 37 MNOK, a 17.6% year-over-year increase, despite lower harvest volume due to extraordinary mortality at Jamnungen.

• Operating loss was 65 MNOK, including 43 MNOK in non-recurring costs from mortality, but improved 12% from Q3-24.

• Strategic investment of NOK 157 million by Jerónimo Martins post-Q3 strengthens capital base and market access.

• Growth strategy implementation is on track, targeting 25,000 tonnes annual production.

Financial highlights

• Operating revenue for Q3-25 was 37 MNOK on 515 tonnes harvested, down from 69 MNOK and 1,348 tonnes in Q3-24.

• Production cost per kg increased to 58 NOK (Q3-25) from 56 NOK (Q3-24) due to low harvest and mortality-related costs.

• Net loss for Q3-25 was 71 MNOK, improved from 82 MNOK in Q3-24.

• YTD EBIT margin improved from -61.9% to -47.9% year-over-year.

• Available funds at quarter-end were 28 MNOK, down from 92 MNOK in Q3-24.

Outlook and guidance

• Growth plan progressing, with Frosvika to be restocked in Q4 and four sites to be stocked in 2026, including two new sites.

• Temporary dip in 2026 production expected due to Jamnungen mortality, but long-term growth trajectory remains strong.

• Strategic partnerships and new shareholder support position the company for expanded market access and premium pricing.