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10-Q - Norcod AS: Q2-25 Quarterly report - Attachment: Norcod Q2 2025 Quarterly report.pdf

Company: Norcod Date: 2025-08-28 Language: English Register to download
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## Q2-2025

Quarterly report

![](_page_1_Picture_0.jpeg)

### Q2 2025 Highlights

- 91 MNOK in revenues, up 6% from 86 MNOK in Q2-24
- 47 MNOK in operating loss, 7% down from 50 MNOK in Q2-24
- EBIT-margin for H1 improved by 33% year-over-year
- Production cost at sea ended at 59,9 NOK per kg WFE during the quarter due to lower harvest volume
- 1 541 tonnes WFE harvested, down 16% from 1 830 tonnes WFE in Q2-24
- Harvest volume in H1 2025 is up 19% compared to H1 2024
- The cod market is continuing its strong outlook with high prices and demand

### Post Q2 2025 Highlights

- Harvesting was paused in parts of Q2 and Q3 to optimise fish size and align with market demand
- Progressing according to Norcod's growth plan:
	- Secured two additional sites that will be fully operational in 2026
	- Equipment and boats are secured and on track for the two new sites in 2026
	- Expanded juvenile capacity from the land-based phase with improved commercial terms.

![](_page_2_Picture_0.jpeg)

# Operational update

## Operational update

#### **During the quarter, Norcod has harvested a total of 1 541 tonnes from Frosvika and Labukta. All biomass was processed at Norcod's harvesting facility Kråkøy Slakteri.**

The sites Labukta and Frosvika were completely harvested during Q2, and both sites have now been emptied.

The biological feed conversion ratio (BFCR) came in at 1.14 with an economic feed conversion ratio (EFCR) of 1.34.

92.14% of the harvested volume in Q2 holds superior quality.

At our site Jamnungen we saw an increase in mortality and a temporary reduction in appetite in early June. We are monitoring further development closely.

A total of 1.273 million fish were stocked across three sites during Q2.

We will see an increase in standing biomass during the second half of the year and are on track to harvest approximately 8 000 tonnes in 2025.

During parts of Q2 and Q3, Norcod temporarily paused harvesting to allow the fish to grow and reach an average weight better aligned with market demand. This period was also used to upgrade the Kråkøy processing plant, including the installation of a new gutting machine.

We have aligned our future production plan at new and existing locations so we will have an ideal balance between spring and fall releases, which will ensure a stable 12-month production and harvest. This results in a temporary lower level of biomass at sea but lays the foundation for profitable growth.

![](_page_3_Picture_10.jpeg)

![](_page_4_Figure_0.jpeg)

### Total export volume during the quarter Standing biomass at the end of the quarter

![](_page_4_Figure_3.jpeg)

reduction during the quarter was 297 tonnes.

According to officially reported statistics by the Norwegian Seafood Council and company estimates, Norcod's share of the total export volume of 3 403 tonnes harvested farmed cod during the quarter was 34%

Source: Directorate of Fisheries, Norwegian Seafood Council and company estimates.

### Status for further growth in Norcod

**We are progressing according to Norcod's growth plan, having secured two additional sites that will be fully operational in 2026. In addition, new agreement ensure sufficient juvenile capacity from the land-based phase.** 

- **Equipment and feed barges**  Agreements signed with ScaleAQ for equipment covering two full locations and three feed barges, with deliveries scheduled for spring and fall 2026.
- **Boats**  Five new boats secured. One used boat (Sjøvåg) will be delivered in November 2025, two new boats from Euro-Industry are scheduled for delivery fall 2025 and spring 2026 and two new Promek boats will be delivered in September/October 2026.
- **Done testing**  Over the last five years we have tested out different equipment and technology. We are now at a stage where we know what equipment will ensure a stable production going forward, and this has been the bases of our choices for the two new sites in 2026.
- **New juvenile agreement**  The new agreement allows us to fully control and utilize the facility. This enables us to manage both the number of fish and their average weight, which will give us much more flexibility to optimize future releases.
- **Two new sites**  During Q2 we were granted our new site Snyen close to our existing site Frosvika. Snyen has 3.599mt MAB capacity and will go into operation during 2026. Also, we have leased the Cod farming site Selsøy for two full production cycles (4.5 years), located near our existing sites Labukta and Bjørnvika.

![](_page_5_Picture_7.jpeg)

![](_page_6_Picture_0.jpeg)

# Financial update

## Highlights

![](_page_7_Picture_1.jpeg)

### Harvest volume (tonnes WFE)

![](_page_7_Figure_3.jpeg)

Revenues (MNOK)

![](_page_7_Figure_5.jpeg)

### Production cost at sea (NOK per kg WFE)

![](_page_7_Figure_7.jpeg)

### Available credit and cash at hand (MNOK)

![](_page_7_Figure_9.jpeg)

Available credit Cash at hand

![](_page_8_Figure_0.jpeg)

![](_page_8_Figure_2.jpeg)

![](_page_8_Figure_3.jpeg)

<sup>659</sup>624 <sup>658</sup> 564 547 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25

Non-current assets Inv. and biological assets Other current assets Cash

Balance sheet development – Assets (MNOK) Balance sheet development – Equity and liabilities (MNOK)

![](_page_8_Figure_7.jpeg)

Equity Non-current liabilities Current liabilities

|                                                                                    | Q2<br>- 2025       | YTD<br>2025        | Q2<br>- 2024       | YTD<br>2024        | Y/Y-%                | FY<br>2024         |
|------------------------------------------------------------------------------------|--------------------|--------------------|--------------------|--------------------|----------------------|--------------------|
|                                                                                    |                    |                    |                    |                    |                      |                    |
| Operating<br>revenue                                                               | 91<br>345          | 284<br>799         | 86<br>045          | 204<br>514         | 39<br>3<br>%<br>,    | 397<br>183         |
| Production<br>cost*                                                                | -92<br>277         | -265<br>047        | -87<br>159         | -197<br>315        | -34<br>3<br>%<br>,   | -382<br>866        |
| Other<br>operating<br>expenses                                                     | -43<br>763         | -115<br>352        | -46<br>158         | -102<br>335        | -12<br>%<br>7<br>,   | -208<br>130        |
| excl<br>and<br>adjustment<br>of<br>biomass<br>EBIT<br>non-recurring<br>items<br>FV | -44<br>696         | -95<br>600         | -47<br>272         | -95<br>136         | -0<br>%<br>5<br>,    | -193<br>813        |
|                                                                                    |                    |                    |                    |                    |                      |                    |
| Non-recurring<br>items                                                             | 0                  | -2<br>401          | 0                  | 0                  |                      | -28<br>896         |
| FV-adjustment<br>of<br>biomass                                                     | -2<br>063          | 8<br>604           | -3<br>160          | -896               | -1060<br>3<br>%<br>, | 17<br>740          |
| EBIT                                                                               | -46<br>759         | -89<br>397         | -50<br>432         | -96<br>032         | 6<br>9<br>%<br>,     | -204<br>969        |
| EBIT-margin                                                                        | -51<br>2<br>%<br>, | -31<br>4<br>%<br>, | -58<br>6<br>%<br>, | -47<br>0<br>%<br>, | 33<br>2<br>%<br>,    | -51<br>6<br>%<br>, |
|                                                                                    |                    |                    |                    |                    |                      |                    |
| volume<br>Harvest<br>WFE                                                           | 1<br>541           | 5<br>470           | 1<br>830           | 4<br>595           | 19<br>0<br>%<br>,    | 8<br>333           |
| Production<br>per kg*<br>NOK<br>cost                                               | 59<br>9<br>,       | 48<br>5<br>,       | 47<br>6<br>,       | 42<br>9<br>,       | 12<br>8<br>%<br>,    | 45<br>9<br>,       |

*\* before harvest, wellboat, freight and non-production admin*

### **Profit and Loss second quarter 2025**

Operating revenues for the second quarter were 91 MNOK based on a harvested volume of 1.541 tonnes, up from 86 MNOK and a harvested volume of 1.830 tonnes in Q2-24. Operating expenses ended at 136 MNOK, up from 133 MNOK in Q2-24. The increase is mainly explained by additional other operational expenses compared to the corresponding quarter last year, related to the early harvesting, extraordinary repair and maintenance and development of new locations.

Production cost per kg increased from 47.6 NOK per kg WFE in Q2-24 to 59.9 NOK per kg WFE in Q2-25. The increase is mainly explained by effects from the early harvest in addition to completing harvesting from the site where we had the escape in November 24 and other challenges. This contributed to a reduced available harvest volume and drives up the production cost per kilo.

Despite high production cost operating loss ended at 47 MNOK, down from 50 MNOK in the corresponding quarter last year. Net loss for the period ended at 52 MNOK, down from 57 MNOK in Q2-24.

The company manages to continue improving its overall financial performance, where we se an improvement in EBIT-margin from -58,6% in Q2- 24 to -51,2% in Q2-25. Most importantly, the year-over-year margin for the first half year improved by over 33%, from -47% in the first half of 2024 to -31,4% in the first half of 2025.

![](_page_10_Picture_6.jpeg)

### **Balance sheet development**

Total assets ended at 547 MNOK in Q2-25, down from 659 MNOK in Q2-24. The change from last year is mainly explained by a decrease in biological assets due to the increased harvesting and postponed stocking of new fish in order to optimize future growth cycles. Hence there has neither been a need for significant investments in non-current assets during the quarter.

Available credit at the end of the quarter is 82 MNOK, and together with 10 MNOK in cash at hand the total available funds ended at 92 MNOK, up from 42 MNOK in Q2-24. The additional funding secured during Q1 enables us to continue with our scale-up plan even though we have had a harvesting halt during the summer.

Total equity ended at 211 MNOK, down from 279 MNOK in Q2-24.

Total non-current liabilities ended at 119 MNOK in Q2-25, down from 140 MNOK in Q2-24 mainly due to a reclassification of some non-current lease liabilities and interest-bearing debt over to current liabilities. The current interest-bearing debt ended at 137 MNOK, up from 121 MNOK in Q2-24. Total current liabilities ended at 217 MNOK in Q2-25, down from 240 MNOK in Q2- 24. The change is mainly due to more downpayment of trade payables than in the corresponding quarter last year.

![](_page_11_Picture_6.jpeg)

### **Cash flows**

Net cash flows from operating activities ended on -71 MNOK in Q2-25, compared to -92 MNOK in Q2-24. More favourable prices affects cashflows positively even though the harvesting was reduced during the quarter.

Net cash flows from investing activities were -4 MNOK in Q2-25 compared to +3 MNOK in Q2-24. This change is due to payments related to minor purchases of equipment in this quarter and no proceeds from sale of equipment compared to corresponding quarter last year.

Net cash flows from financing activities ended at +76 MNOK in Q2-25, compared to -14 MNOK during Q2-24. This change is primarily explained by increased utilization of the bank overdraft facilities.

![](_page_12_Picture_5.jpeg)

![](_page_13_Picture_0.jpeg)

# Market update

## Market update

The cod market is continuing its strong outlook with high prices and demand.

Norcod's strategy remains focused on premium positioning, consistent supply, and strengthening presence in high-value regions.

Snow Cod continues to gain traction, with a high share of contract-based sales ensuring stability, while a smaller share is kept open for new customers and opportunities.

Outlook remains highly positive: limited wild catch and rising demand for sustainable, traceable whitefish reinforce Norcod's premium positioning and long-term partnerships.

![](_page_14_Picture_5.jpeg)

![](_page_15_Picture_0.jpeg)

# Outlook

### Outlook

The company's top priority is to build a solid foundation for profitable growth by focusing on cost optimisation, operational efficiency, and a growth strategy designed to capitalise on scale-up benefits.

Prerequisites for further growth in 2026 are in place, and we are now preparing for continued growth throughout 2027.

The company will continuously assess its growth and scaleup plans according to the development in biomass and the company's financial position.

While acknowledging that biological challenges remain a risk, Norcod is confident that ongoing operational improvements combined with strong market conditions and scale-up benefits provide a robust platform for long-term profitable cod farming.

![](_page_16_Picture_5.jpeg)

![](_page_17_Picture_0.jpeg)

# Financials

![](_page_18_Picture_0.jpeg)

### Interim condensed consolidated statement of comprehensive income

| (Amounts<br>'000)<br>in<br>NOK                                                       | Note        | Q2<br>- 2025 | YTD<br>2025 | Q2<br>- 2024 | YTD<br>2024 | FY<br>2024  |
|--------------------------------------------------------------------------------------|-------------|--------------|-------------|--------------|-------------|-------------|
| Operating<br>revenue                                                                 |             | 91<br>345    | 284<br>799  | 86<br>045    | 204<br>514  | 397<br>183  |
| of<br>materials<br>Cost                                                              |             | 76<br>413    | 248<br>272  | 79<br>198    | 182<br>222  | 373<br>036  |
| Salaries<br>and<br>personnel<br>expenses                                             |             | 16<br>281    | 38<br>231   | 19<br>221    | 41<br>423   | 88<br>821   |
| and<br>Depreciation<br>, amortization<br>impairment                                  |             | 9<br>808     | 19<br>638   | 9<br>248     | 18<br>215   | 36<br>550   |
| Other<br>operating<br>expenses                                                       |             | 33<br>537    | 76<br>659   | 25<br>649    | 57<br>789   | 121<br>485  |
| Operating<br>expenses                                                                |             | 136<br>040   | 382<br>800  | 133<br>316   | 299<br>650  | 619<br>892  |
| profit/<br>Operating<br>loss(-)<br>before<br>fair<br>value<br>adj<br>. of<br>biomass |             | -44<br>696   | -98<br>001  | -47<br>272   | -95<br>136  | -222<br>709 |
|                                                                                      |             |              |             |              |             |             |
| value<br>adjustment<br>biomass<br>Fair                                               | 1           | -2<br>063    | 8<br>604    | -3<br>160    | -896        | 17<br>740   |
| profit/loss<br>Operating                                                             |             | -46<br>759   | -89<br>397  | -50<br>432   | -96<br>032  | -204<br>969 |
| profit/<br>Share<br>of<br>loss(-)<br>from<br>associates                              |             | 0            | 0           | 0            | 0           | 0           |
| financial<br>Net<br>items                                                            | 2<br>3<br>, | -5<br>290    | -12<br>414  | -6<br>815    | -16<br>230  | -30<br>033  |
| Profit/loss<br>before<br>tax                                                         |             | -52<br>049   | -101<br>810 | -57<br>246   | -112<br>262 | -235<br>003 |
| Income<br>tax<br>expenses                                                            |             | 0            | 0           | 0            | 0           | 0           |
| profit/loss<br>for<br>the<br>period<br>Net                                           |             | -52<br>049   | -101<br>810 | -57<br>246   | -112<br>262 | -235<br>003 |
| Other<br>comprehensive<br>income                                                     |             | 0            | 0           | 0            | 0           | 0           |
| Total<br>comprehensive<br>income<br>for<br>the<br>period                             |             | -52<br>049   | -101<br>810 | 246<br>-57   | -112<br>262 | -235<br>003 |

![](_page_19_Picture_0.jpeg)

### Interim condensed consolidated statement of financial position

| (Amounts<br>'000)<br>in<br>NOK                                                    | Note | Q2<br>- 2025 | Q2<br>- 2024 | 2024       |
|-----------------------------------------------------------------------------------|------|--------------|--------------|------------|
|                                                                                   |      |              |              |            |
| ASSETS                                                                            |      |              |              |            |
| Non-current<br>assets                                                             |      |              |              |            |
| licenses<br>, trademarks<br>and<br>similar<br>rights<br>Concessions<br>, patents, |      | 2<br>000     | 2<br>000     | 2<br>000   |
| Goodwill                                                                          | 4    | 870          | 0            | 0          |
| , plant<br>&<br>Property<br>equipment                                             |      | 142<br>084   | 141<br>307   | 145<br>933 |
| Right-of-use<br>assets                                                            |      | 186<br>298   | 181<br>225   | 193<br>127 |
| Other<br>investments                                                              | 3    | 3            | 3            | 3          |
| Total<br>non-current<br>assets                                                    |      | 331<br>255   | 324<br>536   | 341<br>064 |
|                                                                                   |      |              |              |            |
| Current<br>assets                                                                 |      |              |              |            |
| Inventories                                                                       | 1    | 11<br>384    | 9<br>964     | 13<br>242  |
| Biological<br>assets                                                              | 1    | 176<br>102   | 251<br>865   | 264<br>423 |
| Short-term<br>receivables                                                         |      | 18<br>732    | 34<br>246    | 15<br>868  |
| Cash<br>and<br>cash<br>equivalents                                                |      | 9<br>900     | 38<br>177    | 22<br>533  |
| Total<br>current<br>assets                                                        |      | 216<br>118   | 334<br>252   | 316<br>066 |
| TOTAL<br>ASSETS                                                                   |      | 547<br>372   | 658<br>788   | 657<br>130 |

![](_page_20_Picture_0.jpeg)

### Interim condensed consolidated statement of financial position

| (Amounts in NOK '000)             | Note | Q2 - 2025 | Q2 - 2024 | 2024      |
|-----------------------------------|------|-----------|-----------|-----------|
|                                   |      |           |           |           |
| EQUITY AND LIABILITIES            |      |           |           |           |
| Equity                            |      |           |           |           |
| Share capital                     |      | 28 830    | 21 902    | 21 902    |
| Treasury Shares                   |      | -3 707    | -3 707    | -3 707    |
| Share premium                     |      | 1 155 340 | 1 005 143 | 1 005 143 |
| Retained earnings                 |      | -969 056  | -744 505  | -867 246  |
| Total equity                      |      | 211 406   | 278 833   | 156 092   |
|                                   |      |           |           |           |
| Liabilities                       |      |           |           |           |
| Non-current interest-bearing debt | 5    | 15 941    | 29 816    | 17 018    |
| Lease liabilities                 | 5    | 103 218   | 110 362   | 111 156   |
| Total non-current liabilities     |      | 119 158   | 140 178   | 128 174   |
| Current leasing Liabilities       |      | 30 896    | 32 090    | 34 661    |
| Current interest-bearing debt     |      | 137 052   | 120 726   | 205 270   |
| Trade payables                    |      | 46 264    | 88 487    | 119 981   |
| Other current liabilities         |      | 2 596     | -1 527    | 12 952    |
| Total current liabilities         |      | 216 808   | 239 776   | 372 864   |
| TOTAL EQUITY AND LIABILITIES      |      | 547 372   | 658 788   | 657 130   |

![](_page_21_Picture_0.jpeg)

### Interim condensed consolidated statement of changes in equity

| (Amounts<br>'000)<br>in<br>NOK            | Paid-in<br>equity |                    |                  | Other<br>equity |                 |
|-------------------------------------------|-------------------|--------------------|------------------|-----------------|-----------------|
|                                           |                   |                    |                  | Retained        |                 |
| 2024                                      | Share<br>capital  | shares<br>Treasury | Share<br>premium | earnings        | Total<br>equity |
| Equity<br>as of<br>1<br>Jan<br>2024       | 14<br>714         | -3<br>707          | 846<br>042       | -632<br>242     | 224<br>806      |
| of<br>shares<br>Issue<br>11<br>03<br>2024 | 773               |                    | 17<br>184        |                 | 17<br>957       |
| of<br>shares<br>Issue<br>20<br>03<br>2024 | 6<br>310          |                    | 140<br>246       |                 | 146<br>556      |
| of<br>shares<br>Issue<br>15<br>04<br>2024 | 105               |                    | 1<br>671         |                 | 1<br>776        |
| profit/loss<br>for<br>the<br>Net<br>year  |                   |                    |                  | -235<br>003     | -235<br>003     |
| Equity<br>as of<br>31<br>2024<br>Dec      | 21<br>902         | -3<br>707          | 005<br>143<br>1  | -867<br>246     | 156<br>092      |

|                                           |                  |                    |                  | Retained    |                 |
|-------------------------------------------|------------------|--------------------|------------------|-------------|-----------------|
| 2025                                      | Share<br>capital | shares<br>Treasury | Share<br>premium | earnings    | Total<br>equity |
| as of<br>Equity<br>2025<br>1<br>Jan       | 21<br>902        | -3<br>707          | 005<br>143<br>1  | -867<br>246 | 156<br>092      |
| of<br>shares<br>24<br>03<br>2025<br>Issue | 6<br>862         |                    | 149<br>122       |             | 984<br>155      |
| of<br>shares<br>16<br>04<br>2025<br>Issue | 66               |                    | 075<br>1         |             | 1<br>141        |
| profit/loss<br>for<br>the<br>Net<br>year  |                  |                    |                  | -101<br>810 | -101<br>810     |
| as of<br>Equity<br>30<br>2025<br>Jun      | 28<br>830        | -3<br>707          | 339<br>1<br>155  | -969<br>057 | 211<br>406      |

![](_page_22_Picture_0.jpeg)

#### Interim condensed consolidated statement of cash flows

| (Amounts<br>in NOK '000)                                                                  | Note | Q2<br>- 2025 | YTD<br>2025 | Q2<br>- 2024 | YTD<br>2024 | FY<br>2024  |  |
|-------------------------------------------------------------------------------------------|------|--------------|-------------|--------------|-------------|-------------|--|
|                                                                                           |      |              |             |              |             |             |  |
| Profit/loss<br>before<br>tax                                                              |      | -52<br>049   | -101<br>810 | -57<br>246   | -112<br>262 | -235<br>003 |  |
| paid<br>Taxes                                                                             |      | 0            | 0           | 0            | 0           | 0           |  |
| Cash<br>flow<br>from<br>operating<br>activities                                           |      |              |             |              |             |             |  |
| and<br>Depreciation<br>amortization                                                       |      | 9<br>808     | 19<br>638   | 9<br>248     | 18<br>215   | 36<br>550   |  |
| of<br>intangible<br>Impairment<br>assets                                                  | 3    | 0            | 0           | 502          | 502         | 502         |  |
| Change<br>biological<br>in<br>inventory<br>and<br>assets                                  | 1    | -1<br>760    | 98<br>784   | -14<br>063   | 17<br>421   | 20<br>220   |  |
| value<br>Fair<br>adjustment                                                               | 1    | 2<br>063     | -8<br>604   | 3<br>160     | 896         | -17<br>740  |  |
| Change<br>receivable<br>in<br>accounts                                                    |      | 19<br>149    | 263         | 15<br>307    | 182         | 15<br>685   |  |
| Change<br>payable<br>in<br>accounts                                                       |      | -16<br>623   | -73<br>717  | -18<br>921   | -47<br>375  | -15<br>882  |  |
| Change<br>other<br>receivables<br>other<br>liabilities<br>in<br>and<br>current<br>current |      | -31<br>091   | -9<br>451   | -29<br>697   | -10<br>281  | 9<br>557    |  |
| cash<br>flow<br>from<br>operating<br>activities<br>Net                                    |      | -70<br>502   | -74<br>899  | -91<br>710   | -132<br>703 | -186<br>111 |  |
|                                                                                           |      |              |             |              |             |             |  |
| Cash<br>flows<br>from<br>investing<br>activities                                          |      |              |             |              |             |             |  |
| for<br>purchase<br>of<br>plant<br>&<br>Payments<br>equipment<br>property,                 |      | -3<br>009    | -5<br>793   | -856         | -2<br>042   | -15<br>336  |  |
| Proceeds<br>from<br>sale<br>of<br>plant<br>&<br>equipment<br>property,                    |      | 0            | 0           | 4<br>228     | 4<br>228    | 4<br>228    |  |
| for<br>goodwill<br>Payments                                                               | 4    | -870         | -870        | 0            | 0           | 0           |  |
| cash<br>flow<br>from<br>investing<br>activities<br>Net                                    |      | -3<br>879    | -6<br>662   | 3<br>372     | 2<br>186    | -11<br>107  |  |
| Cash<br>flows<br>from<br>financing<br>activities                                          |      |              |             |              |             |             |  |
| from<br>debt<br>Receipts<br>new non-current                                               |      | 0            | 0           | 0            | 0           | 3<br>500    |  |
| change<br>bank<br>overdraft<br>Net<br>in                                                  |      | 83<br>882    | -69<br>467  | -7<br>393    | 1<br>370    | 68<br>701   |  |
| of<br>debt<br>Repayment                                                                   |      | -502         | -1<br>077   | -428         | -772        | -1<br>461   |  |
| of<br>lease<br>liability<br>Repayment                                                     |      | -7<br>309    | -14<br>516  | -5<br>634    | -10<br>016  | -24<br>732  |  |
| paid<br>Interest                                                                          | 2    | -1<br>510    | -3<br>136   | -2<br>665    | -6<br>954   | -11<br>322  |  |
| Proceeds<br>from<br>of<br>shares<br>issues                                                |      | 1<br>141     | 157<br>125  | 1<br>776     | 166<br>289  | 166<br>289  |  |
| cash<br>flow<br>from<br>financing<br>Net<br>activities                                    |      | 75<br>701    | 68<br>929   | -14<br>344   | 149<br>916  | 200<br>975  |  |
|                                                                                           |      |              |             |              |             |             |  |
| (decrease)/increase<br>cash<br>and<br>cash<br>equivalents<br>Net<br>in                    |      | 1<br>320     | -12<br>633  | -102<br>682  | 19<br>400   | 3<br>757    |  |
| Cash<br>and<br>cash<br>equivalents<br>the<br>beginning<br>of<br>the<br>period<br>at       |      | 8<br>580     | 22<br>533   | 140<br>859   | 18<br>777   | 18<br>777   |  |
| Cash<br>and<br>cash<br>equivalents<br>close<br>of<br>the<br>period<br>at                  |      | 9<br>900     | 9<br>900    | 38<br>177    | 38<br>177   | 22<br>533   |  |

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#### **General information and accounting principles**

Norcod (the Group) consists of Norcod AS, Norcod Equipment AS, Kråkøy Norcod AS, Kråkøy Norcod Eiendom AS and Norway Royal Cod AS. The Groups head office is located at Thomas Angells gate 22 in Trondheim, Norway. Norcod AS is listed on the Oslo Stock Exchange Euronext Growth under the ticker NCOD.

The condensed, consolidated interim financial statements have been drawn up in accordance with International Financial Reporting Standards (IFRS), including the International Accounting Standards 34 (IAS34) for interim financial reporting and are authorized for issue by the board of directors on 27 Aug 2025. The Group's accounting principles and calculation methods used in the most recent annual accounts are described in the annual report for 2024. No accounting principles have been changed or other standards have been adopted during the period. The annual report is published on www.norcod.no.

The condensed consolidated interim financial statements have not been audited. As a result of rounding differences, numbers or percentages may not add up to the total.

All figures in the notes are in NOK 1 000, unless otherwise specified.

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#### Note 1 Inventories and biological assets

|                                                                                           |                                                    | 30.06.2025   | 31.03.2025   |             | 30.06.2024   |             | 31.12.2024  |
|-------------------------------------------------------------------------------------------|----------------------------------------------------|--------------|--------------|-------------|--------------|-------------|-------------|
| Book<br>value<br>of<br>inventories                                                        |                                                    |              |              |             |              |             |             |
| Feed<br>and<br>other<br>materials                                                         |                                                    | 11<br>384    | 8<br>971     |             | 9<br>964     |             | 13<br>242   |
| Total<br>inventories                                                                      |                                                    | 11<br>384    | 8<br>971     |             | 9<br>964     |             | 13<br>242   |
|                                                                                           |                                                    |              |              |             |              |             |             |
| Book<br>value<br>of<br>biological<br>assets                                               |                                                    |              |              |             |              |             |             |
| and<br>cod<br>fry<br>Roe<br>at<br>cost                                                    |                                                    | 20<br>639    | 35<br>750    |             | 208<br>17    |             | 878<br>17   |
| Biological<br>held<br>sea farms<br>assets<br>at<br>at<br>cost                             |                                                    | 251<br>349   | 236<br>891   |             | 357<br>783   |             | 351<br>035  |
| Total<br>Biological<br>before<br>fair<br>value<br>adjustment<br>assets                    |                                                    | 271<br>988   | 272<br>641   |             | 374<br>991   |             | 368<br>913  |
| value<br>adjustment<br>of<br>biological<br>Fair<br>assets                                 |                                                    | -95<br>886   | -93<br>823   |             | -123<br>126  |             | -104<br>490 |
| Total<br>biological<br>assets                                                             |                                                    | 176<br>102   | 178<br>818   |             | 251<br>865   |             | 264<br>423  |
|                                                                                           |                                                    | Q2<br>- 2025 | Q1<br>- 2025 | YTD<br>2025 | Q2<br>- 2024 | YTD<br>2024 | FY<br>2024  |
| Reconciliation<br>of<br>changes<br>of<br>biological<br>in<br>carrying<br>amount<br>assets | of<br>comprehensive<br>Statement<br>income<br>post |              |              |             |              |             |             |
| balance<br>biological<br>Opening<br>assets                                                |                                                    | 178<br>818   | 264<br>423   | 264<br>423  | 243<br>839   | 272<br>052  | 272<br>052  |
| resulting<br>from<br>production<br>the<br>period<br>Increase<br>in                        | of<br>materials<br>Cost                            | 91<br>624    | 78<br>898    | 170<br>522  | 98<br>344    | 178<br>024  | 386<br>393  |
| Reduction<br>due<br>extraordinary<br>mortality<br>to                                      |                                                    | 0            | -2<br>401    | -2<br>401   | 0            | 0           | -28<br>896  |
| Fair<br>value<br>adjustment<br>of<br>biomass                                              | Fair<br>value<br>adjustment<br>biomass             | -2<br>063    | 10<br>667    | 8<br>604    | -3<br>160    | -896        | 740<br>17   |
| harvesting<br>the<br>Reduction<br>due<br>in<br>period<br>to                               |                                                    | -92<br>277   | -172<br>769  | -265<br>047 | -87<br>159   | -197<br>315 | -382<br>866 |
| Closing<br>balance<br>biological<br>assets                                                |                                                    | 176<br>102   | 178<br>818   | 176<br>102  | 251<br>865   | 251<br>865  | 264<br>423  |
|                                                                                           |                                                    |              |              |             |              |             |             |
| Volumes<br>of<br>biological<br>in<br>sea (1<br>kg)<br>000<br>assets                       |                                                    |              |              |             |              |             |             |
| Opening<br>balance<br>biological<br>in<br>assets<br>sea                                   |                                                    | 4<br>013     | 6<br>746     | 6<br>746    | 6<br>640     | 7<br>817    | 7<br>817    |
| Closing<br>balance<br>biological<br>in<br>assets<br>sea                                   |                                                    | 3<br>716     | 013<br>4     | 3<br>716    | 080<br>7     | 080<br>7    | 6<br>746    |

The group had no uninvoiced finished goods in Q2 2025.

#### **Biological Assets**

Biological assets are, in accordance with IAS 41 Agriculture, measured at fair value in accordance with IFRS 13. Biomass measured at fair value, is categorized at Level 3 in the fair value hierarchy, as the input is mostly unobservable. All cod at sea are subject to a fair value calculation, while roe and cod fry are measured at cost as cost is deemed a reasonable approximation for fair value as there is little biological transformation.

The technical model used to calculate the fair value of biomass is a present value model. Present value is calculated on the basis of estimated revenues less production costs remaining until the cod is harvestable at the individual site. The cod is harvestable when it has reached the estimated weight required for harvesting specified in the company's budgets and plans. The estimated value is discounted to present value on the date of reporting. The expected biomass at harvest is calculated on the basis of the number of individuals held at sea farms on date of reporting, adjusted for expected mortality up until the point of harvest and multiplied by the fish's estimated weight at harvest. The price is calculated using the Group's best estimate of future prices and are not observable. The price includes the Group's best estimate of the future prices of cod liver and other products of the cod that will be sold. Prices are adjusted for expected costs related to harvesting, sales and carriage costs. The Group applies a monthly discount rate of 2 %.

Estimated remaining production costs are estimated costs that a market participant would presume necessary for the farming of fish up until they reach a harvestable weight. In the model, instead of being a separate cost element in the calculation, compensation for estimated license fees and site leasing costs is included in the discount factor, and thereby reduces the fair value of the biomass.

The fair value of the biomass is calculated using a monthly discounting of the cash flow based on an expected harvesting month according to the harvesting plan. The discount factor is intended to reflect three main components:

1. The risk of incidents that affect the cash flow

2. The time value of money

3. Synthetic license fees and site leasing costs

The discount factor is set on the basis of an average for all the Group's sites and which, in the Group's assessment, provides a sensible growth curve for the fish – from cod fry to harvestable fish.

The risk adjustment must take account of the risk involved in investing in live fish. Currently the Group expects a cod to spend on average 16-18 months at a sea farm, and the risk will be higher the longer the time until harvest. Biological risk, the risk of increased costs and price risk will be the most important elements to be recognized. The present value model includes a theoretical compensation for license fees and site leasing costs as a surplus to the discount factor in the model, instead of being a cost-reducing factor in the calculation.

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### Note 2 Financial items

|                                                                        | Q2<br>- 2025 | YTD<br>2025 | Q2<br>- 2024 | YTD<br>2024 | FY<br>2024 |
|------------------------------------------------------------------------|--------------|-------------|--------------|-------------|------------|
| Financial<br>income                                                    |              |             |              |             |            |
| Currency<br>gains                                                      | 0            | 0           | 85           | 0           |            |
| Other<br>financial<br>income                                           | 1<br>014     | 1<br>023    | 1<br>080     | 1<br>139    | 1<br>240   |
| Total<br>financial<br>income                                           | 014<br>1     | 023<br>1    | 165<br>1     | 139<br>1    | 240<br>1   |
|                                                                        |              |             |              |             |            |
| Financial<br>expenses                                                  |              |             |              |             |            |
| of<br>financial<br>Impairment<br>assets                                | 0            | 0           | 502          | 502         | 502        |
| on long<br>loans<br>from<br>credit<br>Interest<br>institutions<br>term | 1<br>920     | 5<br>957    | 3<br>466     | 6<br>519    | 12<br>872  |
| expenses leasing<br>Interest                                           | 1<br>510     | 3<br>136    | 2<br>582     | 6<br>954    | 11<br>032  |
| Adjustments<br>due<br>currency loss<br>to                              | 1<br>204     | 1<br>490    | 0            | 938         | 2<br>147   |
| Other<br>financial<br>expenses                                         | 1<br>669     | 2<br>853    | 1<br>430     | 2<br>456    | 4<br>721   |
| financial<br>Total<br>expenses                                         | 6<br>304     | 13<br>436   | 980<br>7     | 368<br>17   | 31<br>274  |
| financial<br>items<br>Net                                              | -5<br>290    | -12<br>414  | -6<br>815    | -16<br>230  | -30<br>033 |

#### Note 3 Associated companies and other investments

As of 30.06.2025, Norcod does not hold any investments in associated companies.

### Note 4 Goodwill

As of 30 June 2025, the Group has recognised goodwill of TNOK 870, arising from the acquisition of subsidiary, Norway Royal Cod AS, completed during the second quarter of 2025.

The goodwill represents the excess of the consideration transferred over the fair value of the identifiable net assets acquired. The acquisition has been accounted for using the purchase method in accordance with IFRS 3 – Business Combinations.

The allocation of the purchase price is considered provisional and may be adjusted within the 12-month measurement period, as permitted by IFRS 3.

#### Impairment testing:

Goodwill is not amortised but is tested for impairment at least annually or more frequently if there are indicators of impairment, in accordance with IAS 36 – Impairment of Assets.

As at 30 June 2025, no impairment indicators have been identified. The Group will perform its annual impairment test in the fourth quarter.

| 870  |
|------|
| -112 |
| 982  |
|      |

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#### Note 5 Interest-bearing liabilities

|                                                                                | 30<br>06<br>2025 | 30<br>06<br>2024 | 31<br>12<br>2024 |
|--------------------------------------------------------------------------------|------------------|------------------|------------------|
| interest-bearing<br>liabilities<br>Non-Current                                 |                  |                  |                  |
| interest-bearing<br>debt<br>Non-current                                        | 15<br>941        | 29<br>816        | 17<br>018        |
| liabilities<br>for<br>right-of-use<br>Non<br>current<br>assets                 | 103<br>218       | 110<br>362       | 111<br>156       |
| debt<br>shareholders<br>and<br>other<br>long-term<br>debt<br>Non-current<br>to | 0                | 0                | 0                |
| leasing<br>liabilities<br>Non-current                                          | 119<br>158       | 140<br>178       | 128<br>174       |
|                                                                                |                  |                  |                  |
| interest-bearing<br>debt:<br>Current                                           |                  |                  |                  |
| liabilities<br>for<br>right-of-use<br>Current<br>assets                        | 30<br>896        | 32<br>090        | 34<br>661        |
| interest-bearing<br>debt<br>Current                                            | 137<br>052       | 120<br>726       | 205<br>270       |
| Total<br>interest-bearing<br>debt<br>current                                   | 167<br>948       | 152<br>816       | 239<br>931       |
|                                                                                |                  |                  |                  |
| Total<br>interest-bearing<br>debt                                              | 287<br>107       | 292<br>994       | 368<br>105       |
|                                                                                |                  |                  |                  |
| Cash<br>and<br>bank<br>deposits                                                | 9<br>900         | 38<br>177        | 22<br>533        |
| interest-bearing<br>debt<br>Net                                                | 277<br>207       | 254<br>817       | 345<br>572       |

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