Norcod

Quarterly Report • Nov 13, 2025

Norcod AS: Q3-25 Quarterly report

Norcod AS: Q3-25 Quarterly report

Q3 2025 HIGHLIGHTS

* 37 MNOK in revenues, YTD improvement of 17,6% YoY

* 65 MNOK in operating loss including a cost of 43 MNOK relating to

extraordinary mortality, still 12% down from 73 MNOK in Q3-24

* YTD EBIT-margin improved by 23% year-over-year

* Production cost at sea ended at 58 NOK per kg WFE during the quarter due to

a low harvest volume and extraordinary mortality

* 515 tonnes WFE harvested, similar YTD harvesting levels as 2024

* New sales and distribution agreement with Sirena Group strengthens market

access and scalability.

* The cod market is continuing its strong outlook and demand with YoY sales

prices up 31%

POST Q2 2025 HIGHLIGHTS

* Jerónimo Martins, the world's 25th largest food retailer, became a key

shareholder through a NOK 157 million investment. The partnership greatly

strengthens Norcod's position in the market and opens direct access to major

European retailers.

* Norcod has moved from planning to implementation of its growth strategy,

progressing according to schedule towards 25,000 tonnes of annual

production.

* Frosvika will be restocked in Q4, and four further sites will be stocked in

2026, including two new sites: Snyen and Selsøy

OPERATIONAL UPDATE

During the quarter, Norcod has harvested a total of 515 tonnes from Jamnungen.

All biomass was processed at Norcod's harvesting facility Kråkøy Slakteri.

In Q3, 84% of the harvested volume held superior quality.

During the quarter, Norcod experienced significant mortalities at the

Jamnungen site due to Vibrio infection. Investigations confirmed that the

incident involved a bacterial strain not covered by the existing vaccine. In

close consultation with veterinarians at the Norwegian Food Safety Authority

it was decided to treat the affected fish with medicine feed to treat the

infection and secure fish welfare. Despite continuous monitoring and prompt

and effective treatment, the incidence led to significantly elevated mortality

levels.

Norcod's vaccination programme uses autogenous vaccines, enabling adaptation

to emerging bacterial strains. The identified Vibrio strain will therefore be

included in future vaccine formulations to prevent reoccurrence.

We have been preparing the Frosvika site for stocking of fish in Q4.

Throughout the summer, we have experienced favourable temperatures for growth,

and the Bjørvika site has performed well with strong growth and low mortality.

Production at the Skogsøya and Pålskjæra sites at Mausund is progressing

according to plan, with strong growth and low mortality.

Our two new sites, Snyen and Selsøy, are currently being prepared for stocking

in 2026.

At the start of Q3, Norcod temporarily paused harvesting to allow the fish to

grow and reach an average weight 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 to

have an ideal balance between spring and fall releases, which will ensure a

stable 12-month production and harvest in the future. This results in a

temporary lower level of biomass at sea but lays the foundation for profitable

growth.

OUTLOOK

Norcod has entered the next phase of its growth strategy, commencing the

planned scale-up towards 25,000 tonnes of annual production. The foundation

for growth is firmly in place, with strong biological performance at key sites

and the first step in execution beginning in Q4 with stocking at Frosvika.

While Jamnungen experienced weaker biological results this year, operations at

all other sites demonstrated solid biological and operational control,

confirming that Norcod's farming model and management routines are robust and

scalable.

Production volume for 2025 is on track, although a temporary dip is expected

in 2026 due to increased mortality at Jamnungen.

The company's growth trajectory is strengthened by strategic ownership and a

unique sales and distribution setup. The addition of Jerónimo Martins as a new

key shareholder, investing NOK 157 million, brings both production expertise

and direct retail access. Alongside existing partners Sirena Group and High

Liner Foods, Norcod now has unmatched access to leading retailers across

Europe and the United States.

With some of the best farming locations in Norway, the integrated Kråkøy

harvesting plant, and a powerful commercial network, Norcod is well positioned

to deliver on its growth strategy and capture the expanding market for premium

farmed cod.

MANAGEMENT COMMENTS

CEO of Norcod, Christian Riber said: "We are now putting our growth strategy

into practice, with a clear path toward 25,000 tonnes of annual production.

The investment from Jerónimo Martins and our strengthened sales partnerships

give Norcod the reach and stability needed to realise this potential in a

growing global market for farmed cod."

COO in Norcod, Arve-Olav Lervåg, said: "The Jamnungen site had shown

biological performance above benchmark throughout the cycle, which makes the

incident particularly disappointing. Our team responded swiftly and in close

cooperation with the Norwegian Food Safety Authority and our veterinarians to

safeguard fish welfare. We take these events seriously, and the lessons

learned are already being used to safeguard against recurring incidents. We

remain confident in the Jamnungen's strong underlying performance and its

contribution to Norcod's long-term profitability.

For further details, please see the attached Q3 Quarter Report.

CONTACT

Christian Riber, Chief Executive Officer, phone: +47 905 37 990, E-mail:

cr@norcod.no

Stian Vollan-Hansen, Chief Financial Officer, phone: +47 481 78 846, E-mail:

svh@norcod.no

About Us

Norcod's core business is commercial sea farming of cod through ownership and

partnerships is involved in the entire value chain. Norcod's existing fish

farms are located in Mid-Norway and along the Helgeland coast with ideal

conditions for cod. The company is contributing to blue ocean value creation

with minimal impact on the environment while supporting local communities.

Norcod is listed on Oslo's Euronext Growth market.

This information has been submitted pursuant to the Securities Trading Act §

5-12 and MAR Article 17. The information was submitted for publication at

2025-11-13 08:00 CET.