Norcod's H1 EBIT margin improves despite lower Q2 harvest

Norcod AS achieved MNOK 91 in revenues for Q2-25, a 6% increase from MNOK 86 in Q2-24, despite a 16% decrease in harvested volume to 1,541 tonnes WFE. The operating loss for Q2-25 was MNOK 47, an improvement from MNOK 50 in Q2-24. Notably, the EBIT-margin for H1-25 improved by 33% year-over-year, moving from -47.0% in H1-24 to -31.4% in H1-25, reflecting enhanced financial performance. Production cost at sea, however, increased to NOK 59.9 per kg WFE in Q2-25 due to lower harvest volumes.

Total assets stood at MNOK 547 at the end of Q2-25, down from MNOK 659 in Q2-24, primarily due to decreased biological assets from increased harvesting and postponed stocking. Available funds, including credit and cash, rose to MNOK 92 in Q2-25, up from MNOK 42 in Q2-24. The company secured two additional sites to be fully operational in 2026 and expanded juvenile capacity, reinforcing its growth strategy.