Norcod trims Q3 year-on-year losses

Cod farming company Norcod had revenues of NOK 37 million (£2.8m) in the third quarter, up 17.6% compared to the same period last year. 

At the same time, it reduced operating losses from NOK -73 million kroner in Q3 2024 to NOK -65m this year – despite extraordinary costs of NOK 43m related to mortality at its Jamnungen farm.

"We take the incident at Jamnungen very seriously. Our team reacted quickly and in close cooperation with the Norwegian Food Safety Authority and our veterinarians to ensure fish welfare. The lessons learned from this are already being used to prevent it from happening again," said Arve-Olav Lervåg, operations director at Norcod.

According to the company, 515 tonnes of whole cod were harvested in the quarter, roughly on par with last year. The production cost was NOK 58 per kilo, up from NOK 56 in the same period last year, due to lower volume and additional costs related to the incident.

Vibriosis caused high mortality

The mortality at Jamnungen was due to a Vibrio infection from a strain of bacteria that was not covered by the existing vaccine. Norcod states that the relevant strain is now being included in future vaccine formulations.

"Jamnungen had had biological results above industry averages throughout the cycle, which makes the incident extra disappointing. We still have strong faith in the site’s potential and its importance to Norcod’s long-term profitability," said Lervåg.

Despite the mortality, the farmer writes that the fish maintained high quality, and 84% of the volume was classified as superior.

Prices and market strong

The market for farmed cod continues to show strength. The average selling price per kilogram increased by 31% from September 2024 to September 2025. 

The company also highlights a new sales and distribution agreement with Sirena Group, which will strengthen market access and scalability.

"We see a strong and growing global market for farmed cod. Prices continue to rise, and demand is good in all key markets," the company writes in its Q3 2025 report.

Ready for the next growth phase

Norcod is now implementing the next phase of its growth strategy, which involves scaling up to 25,000 tonnes of annual production. Work on the stocking at its Frosvika site will start in the current quarter, and the company plans to stock fish at four other locations in 2026, including the new locations at Snyen and Selsøy.

The company states that production at the Bjørvika, Skogsøya and Pålskjæra locations has proceeded as planned with good growth and low mortality.

“We are now in the process of implementing our growth strategy, with a clear path towards 25,000 tonnes of annual production. The investment from Jerónimo Martins and our strengthened sales agreements give us the reach and stability needed to realise this potential,” said chief executive Christian Riber.

Strengthened by new owners

Portuguese food giant Jerónimo Martins has agreed to become a new strategic owner in Norcod, through an investment of NOK 157m. The company will own 18% percent of Norcod, subject to the deal being approved at an EGM later this month.

"This partnership gives us both production expertise and direct access to major European retailers," writes Norcod.

Seeing positive development

Despite the challenges at Jamnungen, Norcod believes that the company is on solid ground.

The operating margin has improved by 23% compared to last year, and losses are gradually reducing. 

Norcod points to strong biological results at most locations, and expects production volumes for 2025 to remain as planned, while there may be a temporary decline in 2026 due to mortality.

"We have a solid foundation for further growth, with good locations, an integrated slaughterhouse on Kråkøy and strong commercial partners. Norcod is well positioned to deliver on its growth strategy and participate in the growing market for premium farmed cod," said Riber.