Norcod posts first-ever profitable quarter in Q3, sea biomass hits record 6,732 tonnes

Norwegian farmed Atlantic cod (Gadus morhua) producer Norcod achieved its first profitable quarter since the company's founding in Q3 2026. According to its Q3 results released on 10 November, the company posted a net profit of NOK 8.5 million (approximately USD 0.9 million, EUR 0.8 million) for the quarter, earnings before interest and taxes (EBIT) of NOK 23 million (approximately USD 2.45 million, EUR 2.18 million), and revenue of NOK 89 million (approximately USD 9.5 million, EUR 8.4 million), up significantly from NOK 37 million (approximately USD 3.9 million, EUR 3.5 million) in the same period of 2025.

Norcod CEO Christian Riber said in the announcement that delivering the first profitable quarter is an important moment for Norcod, noting that the company has spent years investing capital, carrying out development, building experience and making adjustments to establish a new industry, and that this quarter is a milestone.

The company's sea biomass reached a record high of 6,732 metric tonnes live weight during the quarter, valued at NOK 475 million (approximately USD 51 million, EUR 45 million), up 27% from the biomass in Q2 2026. Norcod said the growth is proceeding according to plan, with solid biological performance at all farming sites.

On costs, sea production cost in Q3 2026 fell to NOK 49.80 per kilogram (approximately USD 5.30, EUR 4.72), down from NOK 55.60 per kilogram (approximately USD 5.92, EUR 5.27) in Q2 and NOK 57.90 per kilogram (approximately USD 6.16, EUR 5.49) in Q3 2025. The company harvested 1,361 metric tonnes of cod during the quarter, with a superior-grade rate of 92.7%. The company said the cod harvested this quarter had more ideal weights than in previous periods, in line with its strategy.

On capacity, Norcod currently has 10 stocked cages and is preparing to stock a new site at Snyen to expand capacity. The company also said another site, Selsøy, will be ready for stocking in Q1 2027, keeping Norcod on track for its target of total production of 25,000 metric tonnes by 2029. The company started fish oil production in Q4 2026, raising fish utilisation to 98%.

The third quarter was not without challenges. Norcod detected Franciscella — a bacterial pathogen that can affect Atlantic cod — at its Mausund site. The company said the detection was handled under strict protocols, the impact on operations and revenue was minimal, and harvesting proceeded as planned.

The company said its cod products command a 19% premium over Norwegian wild fresh cod.