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Norcod Interim / Quarterly Report 2025
3675_rns_2026-02-26_8979132f-a970-4bb0-b433-18d610afbdd5.pdf
Interim / Quarterly Report
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norcod
Q4-2025
Quarterly report
Q4 2025 Highlights
- 123 MNOK in revenues in Q4 and 444 MNOK for whole year 2025, an increase of 11.9% from 2024
- 47 MNOK in operating loss including one-off items amounting to 43 MNOK related to extraordinary mortality during the quarter
- Yearly EBIT-margin improved by 12.5% from 2024 to 2025, excluding non-recurring items the improvement is 33.1%
- The quarterly production cost at sea ended at 51.3 NOK per kg WFE, impacted by the mortality situation
- 1 737 tonnes WFE harvested during Q4 and a total of 7 723 tonnes in 2025
- Continued strong market development with YoY sales prices up 35%
- Jerónimo Martins, the world's 25th largest food retailer, became a key shareholder. This partnership greatly strengthens Norcod's position in the market and opens direct access to major European retailers
- 91.7% of harvested volume in Q4 achieved superior quality
- Zero escapes during whole year 2025
Post Q4 2025 Highlights
- Limited harvesting in Q1 due to the mortality at Jamnungen
- The company is evaluating various options regarding its financing structure in order to execute on the growth targets
norcod
Operational update
Operational update
During the quarter, Norcod harvested a total of 1.737 tonnes from the Jamnungen site. All biomass was processed at Norcod's harvesting facility, Kråkøy Slakteri.
In Q4, 91.7 % of harvested volume achieved superior quality.
Despite the challenges with increased mortality due to the Vibriosis outbreak in Q3 at Jamnungen, the site delivered strong biological performance. Following harvest completion, the project achieved a biological feed conversion ratio (bFCR) of 0.998. The site also demonstrated solid growth performance, with the final cage harvested at an average round weight of 3.5 kg after a 16-month production period, compared to 18 months budgeted.
In Q4, full stocking was completed at the Frosvika site. The fish have had a good start, with strong growth and low mortality.
The Bjørnvika site experienced increased mortality due to cod pox during Q4. Mortality levels have now normalised, and the fish are growing well. To address clarify on some misconceptions from recent media coverage, a more detailed description of the virus is provided on a separate slide.
At our Skogsøya and Pålskjæra sites, performance in Q4 was strong, with growth well above budget and mortality below budget.
Norcod has reviewed and strengthened procedures to prevent escapes and implemented a new net strategy with positive results.
Since introducing the new net strategy, no escape incidents have occurred on any of our sites, resulting in an escape-free 2025. We continue to work in a structured and systematic manner to ensure our zero-escape vision.
Update on Codpox
In Q4, Norcod recorded increased mortality at Bjørnvika linked to the presence of cod pox virus following a period of handling.
Cod pox was first described in farmed Atlantic cod in Norway in the mid-2000s, with initial reports around 2006. It belongs to the same virus family as salmon pox. Both are viral gill diseases caused by poxvirus-like agents that can impair respiration and increase mortality, particularly under stress.
Cod pox primarily affects the gills of Atlantic cod and may lead to elevated mortality. The risk of outbreaks increases during periods of stress, handling, and other production-related strain. The virus can spread between fish within a site.
Such events may reduce fish welfare, impact growth and operations, with severity varying between cases. There is currently no specific treatment available, but experience confirms that most fish recover well by themselves with time and lack of stress. Management is therefore based on strict biosecurity measures, minimizing stress and close fish health monitoring. At present, no vaccine against cod pox is available.
We have implemented monthly screening at all sites, with additional testing prior to handling operations. In addition, we are evaluating the use of functional health feed to further strengthen robustness and overall fish health.
Status for further growth in Norcod
Norcod's continued growth is progressing, driven by new site development, expansion of existing sites and increased juvenile production capacity.
- Stocking in 2026 – Norcod plans to increase stocking by approximately 50% in 2026 compared with previous years. The increase is driven by higher MAB and additional cages at the Jamnungen site, as well as the introduction of new sites. This step-up in volume will strengthen our ability to deliver stable weekly volumes and forms a key part of the plan to reach 25,000 tonnes of production by 2030.
- Site Development – At the Jamnungen site, expansion from eight to ten cages has been approved, enabling full utilisation of the site's full licensed capacity with a maximum allowed biomass (MAB) of 5,160 tonnes. An application is also under review for the Frosvika site, where we are seeking increased MAB and an expanded site area. This forms part of our growth strategy, aimed at developing larger and more robust farming sites. As of today, we have two applications under review for new sites – one in Trøndelag and one in Nordland. In addition, several new areas are currently being assessed as part of the preparation for future site applications.
- Juvenile Capacity – Norcod has secured solid juvenile on-growing capacity. In January, an agreement was signed with Namdal Rensefisk for juvenile on-growing, with an annual capacity of 800,000 fish per year. Norcod now has agreements in place for juvenile on-growing at three facilities, helping to secure sufficient capacity to support future growth.
- People and Recruitment – People and competence remain critical to strong production performance. Recently, Norcod has carried out a thorough recruitment process to strengthen the organisation with additional skilled employees in line with the company's continued growth. Several new employees have already joined the company and are currently undergoing training at existing sites.
Financial update
Highlights
Harvest volume (tonnes WFE)
Revenues (MNOK)
Production cost at sea (NOK per kg WFE)
Available credit and cash at hand (MNOK)
Biological assets (MNOK)
Balance sheet development - Assets (MNOK)
Biomass at sea (tonnes)
Balance sheet development - Equity and liabilities (MNOK)
Financial review
| Q4 - 2025 | FY 2025 | Q4 - 2024 | FY 2024 | FY Y/Y-% | |
|---|---|---|---|---|---|
| Operating revenue | 122 769 | 444 372 | 123 721 | 397 183 | 11,9 % |
| Production cost* | -89 168 | -384 071 | -110 016 | -382 866 | -0,3 % |
| Other operating expenses | -49 242 | -189 920 | -62 103 | -208 130 | 8,7 % |
| EBIT excl non-recurring items and FV adjustment of biomass | -15 642 | -129 619 | -48 398 | -193 813 | 33,1 % |
| Non-recurring items | -43 006 | -92 515 | -5 872 | -28 896 | |
| FV-adjustment of biomass | 12 099 | 21 479 | 18 572 | 17 740 | |
| EBIT | -46 549 | -200 655 | -35 698 | -204 969 | 2,1 % |
| EBIT-margin | -37,9 % | -45,2 % | -28,9 % | -51,6 % | 12,5 % |
| Harvest volume WFE | 1 737 | 7 723 | 2 390 | 8 333 | -7,3 % |
| Production cost NOK per kg* | 51,3 | 49,7 | 46,0 | 45,9 | 8,2 % |
- before harvest, wellboat, freight and non-production admin
Financial review
Profit and Loss fourth quarter 2025
Operating revenues for the fourth quarter were 123 MNOK based on a harvested volume of 1 737 tonnes, slightly down from 124 MNOK in Q4-24. However, the harvest volume were 38% higher than with a total of 2 390 tonnes, illustrating the positive development in achieved sales prices. Operating expenses ended at 181 MNOK, up from 178 MNOK in the corresponding quarter last year. The increase is mainly explained by costs related to extraordinary mortality.
Production cost per kg had an increase from 46 NOK per kg WFE in Q4-24 to 51.3 NOK per kg WFE in Q4-25. This is a result of the mortality situation at Jamnungen which increased the total cost of the production cycle while the harvest volume decreased at the same time, thus reducing harvestable biomass for cost distribution.
A total of 43 MNOK is classified as non-recurring items related to the extraordinary mortality during the quarter.
The operating loss ended at 47 MNOK in Q4-25, up from 36 MNOK in Q4-24. Net loss for the period ended at 54 MNOK compared to 41 MNOK the corresponding quarter last year.
Despite the challenging mortality situation, we still had a positive development in the overall yearly performance, with an 12.5% improvement of EBIT-margin year-over-year for 2025 compared to 2024. Excluded the non-recurring items, the EBIT has improved with 33% from -194 MNOK in FY 2024 to -130 MNOK in FY 2025.
Financial review
Balance sheet development
Total assets ended at 608 MNOK in Q4-25, down from 674 MNOK in Q4-24. The change from last year is mainly explained by a decrease in biological assets due to the increased mortality and postponed stocking of new fish from last fall until this spring in order to optimise the foundation for the next growth cycle.
Available credit at the end of the quarter is 91 MNOK, and together with 12 MNOK in cash at hand the total available funds ended at 103 MNOK, up from 34 MNOK in Q4-24.
Total equity ended at 241 MNOK, up from 156 MNOK in Q4-24.
The non-current liabilities ended at 152 MNOK in Q4-25, up from 128 MNOK in Q4-24 mainly due to an increase in long-term interest-bearing debt through the first part of a term-loan from DNB.
The current interest-bearing debt ended at 108 MNOK, down from 205 MNOK in Q4-24. Total current liabilities ended at 215 MNOK in Q4-25, down from 390 MNOK in Q4-24. This development is mainly due to downpayment of debt and credit facilities with the funds raised through private placements last year.
Financial review
Cash flows
Net cash flows from operating activities ended at -48 MNOK in Q4-25, compared to -51 MNOK in Q4-24. The handling of the situation at Jamnungen has demanded cashflow and generated loss of revenue. In addition to there has been a significant downpayment of accounts payable throughout the period.
The investing activities generated net cash flows of -18 MNOK in Q4-25 as opposed to -1 MNOK in Q4-25. This difference is related to upfront payments on leasing contracts for new equipment currently under construction, whereas it was less payments for new purchases in the corresponding quarter last year.
Net cash flows from financing activities ended at 58 MNOK in Q4-25, compared to -66 MNOK during Q4-24. The funds received from the private placement during this quarter were utilized for downpayment of debt, while the utilisation of the overdraft facilities were increased in Q4-24. This increased our available credit facilities and funds entering 2026.
norcod
Market update
Market update
The market for cod is exceptionally strong in the current climate. Sharply reduced wild quotas, combined with resilient demand across key regions, means high prices and strong demand for both farmed and wild fresh cod. Over the past three years, prices have increased significantly, with farmed cod achieving a 24% premium to wild-caught cod in January 2026.
Price development for farmed cod continues to reflect growing recognition of consistent quality and year-round availability in the markets. The supply constraints on wild catch are reinforcing demand for stable, premium farmed volumes and supporting sustained price premiums. In the past year, Norcod has seen a 35% increase in achieved sales prices.
Norcod maintains a very high share of superior-grade fish, enabling continued premium pricing and strong customer satisfaction. Farmed cod is clearly differentiated from wild catch through reliable year-round supply and consistent quality, supporting long-term premium positioning.
Norcod's established commercial platform provides a clear competitive advantage. Our long-term partnership with Sirena Group ensures structured sales, logistics and market development. High Liner Foods strengthens distribution and penetration in North America, Hi-Chain in the vast Chinese market, and the recent investment from Jerónimo Martins opens for direct access to major European retail chains.
Market access and positioning continue to advance, with favourable conditions for sustainable and traceable whitefish underpinning Norcod's premium strategy and long-term growth outlook.
Price development for farmed and wild-caught North Atlantic cod:
Sources: Norwegian Seafood Council, Institute of Marine Research
norcod
Outlook
Outlook
Norcod has revised its planned harvest volume for 2026 to 5,800MT, with full focus on stocking existing and new sites to achieve significant harvest volume increases in 2027.
Our Frosvika site was restocked in Q4 and both Jamnungen and Labukta will follow suit in H1. Increased fry capacity has been secured to support the projected growth trajectory and ensure sufficient juvenile supply for expanding biomass.
While 2026 will represent a transitional year in terms of volume, the company expects marked increases in harvest volumes and improved profitability from 2027, supported by strengthened biological control, operational experience and scalable farming routines.
Norcod continues to strengthen its industrial platform. Investment in a fish oil facility at the Kråkøy harvesting plant, scheduled for installation in summer 2026, will increase whole-fish utilisation and improve value extraction across the production cycle.
The company is also evaluating various options regarding its financing structure in order to execute on the communicated growth targets. A Green Financing Framework has been established in this context and certified with a second-party opinion from DNV.
With new sites coming into operation, strong biological performance and a strengthened commercial platform supported by a continued strong market for fresh cod, Norcod is well positioned to deliver on its scale-up plan and move towards sustainable profitability.
norcod
Financials
ORACLE
Interim condensed consolidated statement of comprehensive income
| (Amounts in NOK '000) | Note | Q4 - 2025 | FY 2025 | Q4 - 2024 | FY 2024 |
|---|---|---|---|---|---|
| Operating revenue | 122 769 | 444 372 | 123 721 | 397 183 | |
| Cost of materials | 101 771 | 397 390 | 106 702 | 373 036 | |
| Salaries and personnel expenses | 24 207 | 80 162 | 23 734 | 88 821 | |
| Depreciation, amortization and impairment | 14 679 | 44 380 | 9 458 | 36 550 | |
| Other operating expenses | 40 759 | 144 575 | 38 097 | 121 485 | |
| Operating expenses | 181 416 | 666 507 | 177 991 | 619 892 | |
| Operating profit/ loss(-) before fair value adj. of biomass | -58 648 | -222 134 | -54 270 | -222 709 | |
| Fair value adjustment biomass | 1 | 12 099 | 21 479 | 18 572 | 17 740 |
| Operating profit/loss | -46 549 | -200 655 | -35 698 | -204 969 | |
| Share of profit/ loss(-) from associates | 0 | 0 | 0 | 0 | |
| Net financial items | 2 | -7 612 | -26 809 | -4 992 | -30 033 |
| Profit/loss before tax | -54 161 | -227 464 | -40 689 | -235 003 | |
| Income tax expenses | 0 | 0 | 0 | 0 | |
| Net profit/loss for the period | -54 161 | -227 464 | -40 689 | -235 003 | |
| Other comprehensive income | 0 | 0 | 0 | 0 | |
| Total comprehensive income for the period | -54 161 | -227 464 | -40 689 | -235 003 |
IntePand
Interim condensed consolidated statement of financial position
| (Amounts in NOK '000) | Note | Q4 - 2025 | Q4 - 2024 | 2024 |
|---|---|---|---|---|
| ASSETS | ||||
| Non-current assets | ||||
| Concessions, patents, licenses, trademarks and similar rights | 2 | 2 000 | 2 000 | 2 000 |
| Goodwill | 3 | 870 | 0 | 0 |
| Property, plant & equipment | 150 673 | 145 933 | 145 933 | |
| Right-of-use assets | 189 316 | 193 127 | 193 127 | |
| Other investments | 3 | 3 | 3 | |
| Total non-current assets | 342 861 | 341 064 | 341 064 | |
| Current assets | ||||
| Inventories | 1 | 11 417 | 13 242 | 13 242 |
| Biological assets | 1 | 171 890 | 264 423 | 264 423 |
| Short-term receivables | 69 036 | 32 715 | 32 715 | |
| Cash and cash equivalents | 12 307 | 22 533 | 22 533 | |
| Total current assets | 264 651 | 332 914 | 332 914 | |
| TOTAL ASSETS | 607 512 | 673 978 | 673 978 |
Interim condensed consolidated statement of financial position
| (Amounts in NOK '000) | Note | Q4 - 2025 | Q4 - 2024 | 2024 |
|---|---|---|---|---|
| EQUITY AND LIABILITIES | ||||
| Equity | ||||
| Share capital | 35 184 | 21 902 | 21 902 | |
| Treasury Shares | -3 707 | -3 707 | -3 707 | |
| Share premium | 1 303 855 | 1 005 143 | 1 005 143 | |
| Retained earnings | -1 094 710 | -867 246 | -867 246 | |
| Total equity | 240 621 | 156 092 | 156 092 | |
| Liabilities | ||||
| Non-current interest-bearing debt | 4 | 48 557 | 17 018 | 17 018 |
| Lease liabilities | 4 | 103 338 | 111 156 | 111 156 |
| Total non-current liabilities | 151 896 | 128 174 | 128 174 | |
| Current leasing Liabilities | 36 750 | 34 661 | 34 661 | |
| Current interest-bearing debt | 107 976 | 205 270 | 205 270 | |
| Trade payables | 51 747 | 119 981 | 119 981 | |
| Other current liabilities | 18 522 | 29 799 | 29 799 | |
| Total current liabilities | 214 995 | 389 711 | 389 711 | |
| TOTAL EQUITY AND LIABILITIES | 607 512 | 673 978 | 673 978 |
O
Interim condensed consolidated statement of changes in equity
(Amounts in NOK '000)
| 2024 | Share capital | Treasury shares | Share premium | Retained earnings | Total equity |
|---|---|---|---|---|---|
| Equity as of 1 Jan 2024 | 14 714 | -3 707 | 846 042 | -632 242 | 224 806 |
| Issue of shares 11.03.2024 | 773 | 17 184 | 17 957 | ||
| Issue of shares 20.03.2024 | 6 310 | 140 246 | 146 556 | ||
| Issue of shares 15.04.2024 | 105 | 1 671 | 1 776 | ||
| Net profit/loss for the year | -235 003 | -235 003 | |||
| Equity as of 31 Dec 2024 | 21 902 | -3 707 | 1 005 143 | -867 246 | 156 092 |
| 2025 | Share capital | Treasury shares | Share premium | Retained earnings | Total equity |
| --- | --- | --- | --- | --- | --- |
| Equity as of 1 Jan 2025 | 21 902 | -3 707 | 1 005 143 | -867 246 | 156 092 |
| Issue of shares 24.03.2025 | 6 862 | 149 122 | 155 984 | ||
| Issue of shares 16.04.2025 | 66 | 1 075 | 1 141 | ||
| Issue of shares 10.12.2025 | 6 354 | 148 515 | 154 869 | ||
| Net profit/loss for the year | -227 464 | -227 464 | |||
| Equity as of 31 Dec 2025 | 35 184 | -3 707 | 1 303 855 | -1 094 710 | 240 621 |
O
Interim condensed consolidated statement of cash flows
| (Amounts in NOK '000) | Note | Q4 - 2025 | FY 2025 | Q4 - 2024 | FY 2024 |
|---|---|---|---|---|---|
| Profit/loss before tax | -54 161 | -227 464 | -40 689 | -235 003 | |
| Taxes paid | 0 | 0 | 0 | 0 | |
| Cash flow from operating activities | 0 | ||||
| Depreciation and amortization | 14 679 | 44 380 | 9 458 | 36 550 | |
| Impairment of intangible assets | 5 | 0 | 0 | 0 | 502 |
| Gains/losses on sale of non-current assets | -13 | 1 748 | 0 | 0 | |
| Change in inventory and biological assets | 1 | 43 371 | 115 837 | -3 258 | 20 220 |
| Fair value adjustment | 1 | -12 099 | -21 479 | -18 572 | -17 740 |
| Change in accounts receivable | -1 517 | -7 169 | -999 | 15 685 | |
| Change in accounts payable | -23 176 | -68 234 | 1 412 | -15 882 | |
| Change in other current receivables and other current liabilities | -15 464 | -34 757 | 1 391 | 9 557 | |
| Net cash flow from operating activities | -48 380 | -197 138 | -51 257 | -186 111 | |
| Cash flows from investing activities | |||||
| Payments for purchase of property, plant & equipment | -17 988 | -28 846 | -1 450 | -15 336 | |
| Proceeds from sale of property, plant & equipment | -0 | 21 825 | 0 | 4 228 | |
| Payments for goodwill | 3 | 0 | -870 | 0 | 0 |
| Net cash flow from investing activities | -17 988 | -7 890 | -1 450 | -11 107 | |
| Cash flows from financing activities | |||||
| Receipts from new non-current debt | 0 | 48 000 | 3 500 | 3 500 | |
| Net change in bank overdraft | -82 042 | -80 081 | 71 660 | 68 701 | |
| Repayment of debt | -614 | -33 674 | -344 | -1 461 | |
| Repayment of lease liability | -12 103 | -45 160 | -7 516 | -24 732 | |
| Interest paid | 2 | -1 819 | -6 276 | -846 | -11 322 |
| Proceeds from issues of shares | 154 869 | 311 993 | 0 | 166 289 | |
| Net cash flow from financing activities | 58 291 | 194 802 | 66 453 | 200 975 | |
| Net (decrease)/increase in cash and cash equivalents | -8 078 | -10 226 | 13 746 | 3 757 | |
| Cash and cash equivalents at the beginning of the period | 20 385 | 22 533 | 8 788 | 18 777 | |
| Cash and cash equivalents at close of the period | 12 307 | 12 307 | 22 533 | 22 533 |
Norcod
Notes
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 25 Feb 2026. 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.
Q
Note 1 Inventories and biological assets
| 31.12.2025 | 30.09.2025 | 31.12.2024 | 31.12.2024 | ||
|---|---|---|---|---|---|
| Book value of inventories | |||||
| Feed and other materials | 11 417 | 16 747 | 13 242 | 13 242 | |
| Total inventories | 11 417 | 16 747 | 13 242 | 13 242 | |
| Book value of biological assets | |||||
| Roe and cod fry at cost | 17 320 | 38 702 | 17 878 | 17 878 | |
| Biological assets held at sea farms at cost | 237 582 | 254 240 | 351 035 | 351 035 | |
| Total Biological assets before fair value adjustment | 254 901 | 292 942 | 368 913 | 368 913 | |
| Fair value adjustment of biological assets | -83 011 | -95 110 | -104 490 | -104 490 | |
| Total biological assets | 171 890 | 197 832 | 264 423 | 264 423 | |
| Q4 - 2025 | Q3 - 2025 | YTD 2025 | Q4 - 2024 | FY 2024 | |
| Reconciliation of changes in carrying amount of biological assets | Statement of comprehensive income post | ||||
| Opening balance biological assets | 197 832 | 176 102 | 264 423 | 248 356 | 272 052 |
| Increase resulting from production in the period | Cost of materials | 78 517 | 93 984 | 343 022 | 113 384 |
| Reduction due to extraordinary mortality | -27 389 | -43 173 | -72 963 | -5 872 | -28 896 |
| Fair value adjustment of biomass | Fair value adjustment biomass | 12 099 | 776 | 21 479 | 18 572 |
| Reduction due to harvesting in the period | -89 168 | -29 856 | -384 071 | -110 016 | -382 866 |
| Closing balance biological assets | 171 890 | 197 832 | 171 890 | 264 423 | 264 423 |
| Volumes of biological assets in sea (1 000 kg) | |||||
| Opening balance biological assets in sea | 3 801 | 3 716 | 6 746 | 7 083 | 7 817 |
| Closing balance biological assets in sea | 3 060 | 3 801 | 3 060 | 6 746 | 6 746 |
The group had no uninvoiced finished goods in Q4 2025.
GROUPE
Note 1 Inventories and biological assets
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:
- The risk of incidents that affect the cash flow
- The time value of money
- 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.
O
Note 2 Financial items
| Q4 - 2025 | YTD 2025 | Q4 - 2024 | FY 2024 | |
|---|---|---|---|---|
| Financial income | ||||
| Other financial income | 87 | 1 217 | 34 | 1 240 |
| Total financial income | 87 | 1 217 | 34 | 1 240 |
| Financial expenses | ||||
| Impairment of financial assets | 0 | 0 | 0 | 502 |
| Interest on long term loans from credit institutions | 4 636 | 15 448 | 2 114 | 12 872 |
| Interest expenses leasing | 1 831 | 6 303 | 846 | 11 032 |
| Adjustments due to currency loss | 501 | 2 188 | 39 | 2 147 |
| Other financial expenses | 731 | 4 087 | 2 027 | 4 721 |
| Total financial expenses | 7 699 | 28 026 | 5 025 | 31 274 |
| Net financial items | -7 612 | -26 809 | -4 992 | -30 033 |
G
Note 3 Goodwill
As of 31 December 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.
The Group will conduct its annual impairment testing as part of the year-end closing process, prior to the approval and issuance of the annual financial statements.
| Consideration transferred (TNOK) | 982 |
|---|---|
| Fair value of net identifiable assets acquired (TNOK) | -112 |
| Goodwill recognised (TNOK) | 870 |
Norcod
Note 4 Interest-bearing liabilities
| 31.12.2025 | 31.12.2024 | |
|---|---|---|
| Non-Current interest-bearing liabilities | ||
| Non-current interest-bearing debt | 48 557 | 17 018 |
| Non current liabilities for right-of-use assets | 103 338 | 111 156 |
| Non-current leasing liabilities | 151 896 | 128 174 |
| Current interest-bearing debt: | ||
| Current liabilities for right-of-use assets | 36 750 | 34 661 |
| Current interest-bearing debt | 107 976 | 205 270 |
| Total current interest-bearing debt | 144 726 | 239 931 |
| Total interest-bearing debt | 296 622 | 368 105 |
| Cash and bank deposits | 12 307 | 22 533 |
| Net interest-bearing debt | 284 314 | 345 572 |
Note 5 Associated companies and other investments
As of 31 December 2025, Norcod does not hold any investments in associated companies.
DEVOTED TO
PEOPLE · COD · NATURE