Cod farmer makes a profit for the first time
Ode more than doubled turnover last year and netted £5.15m
Published
Norwegian cod farmer Ode more than doubled its turnover from NOK 401 million in 2024 to NOK 877m last year. At the same time, the fish farming company turned a loss of NOK 242m into a positive annual result of NOK 66m (£5.15m), an improvement of NOK 301 million compared to 2024.
The Ålesund-based farmer said this is the first time a company in cod farming has delivered an annual profit.
"Although this was expected as part of our business plan, it is a major milestone for Ode. I would like to thank our employees, customers and partners for their contributions. Five years of significant investments in our organisation, value chain and product offering – combined with good biology and consistently high quality – resulted in both record sales growth and profitability in 2025," said founder and chief executive Ola Kvalheim in a press release.
Harvested more than 10,000 tonnes
The company harvested 10,018 tonnes (head-on gutted) in 2025, an increase of 110% from 4,770 tonnes the previous year.
According to Ode, this corresponded to around 65% of Norwegian production of farmed cod in 2025, and close to a third of total Norwegian exports of fresh wild-caught and farmed cod.
"We have shown that cod can be produced efficiently and sustainably, with products that customers value and good profitability."
The company was established in 2020 and has built a fully integrated value chain, from broodstock and fingerlings to sea production, harvest, processing, and sales. Ode currently has more than 300 employees.
"Value creation from farmed cod occurs in coastal communities, with those who run the facilities, produce the food, and develop the company."
Focus on technology
Kvalheim believes the company has now laid the foundation for further growth.
"In 2025, we evolved from a fast-growing start-up to a professionalised company, with the systems, structure, and governance needed for further growth, while maintaining the committed and ambitious start-up culture. In 2026, we will build on this by investing heavily to become the world's most technologically advanced aquaculture company."
The chief executive also says that the company will continue its work on developing the market for farmed cod.
"Together with our partners, we create new demand every day through consistent quality, great dining experiences, and exciting product development. Satisfied customers, the right product mix, and reliable growth in deliveries will provide long-term demand growth. The salmon industry has in many ways shown the way on this journey, and we can learn from both their successes and their mistakes," said Kvalheim.
