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Norcod Investor Presentation 2026
3675_rns_2026-05-12_90a9fcdd-6998-4e64-bae6-3b2d6ff9b23e.pdf
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norcod
Company Presentation
May 2026
norcod
Disclaimer
THIS DOCUMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN, HONG KONG OR SOUTH AFRICA OR TO ANY RESIDENT THEREOF OR ANY OTHER JURISDICTION WHERE SUCH DISTRIBUTION IS UNLAWFUL. THIS DOCUMENT IS NOT AN OFFER OR AN INVITATION TO BUY OR SELL SECURITIES.
ABOUT THIS PRESENTATION
THIS PRESENTATION (THE "PRESENTATION") HAS BEEN PRODUCED BY NORCOD AS ("NORCOD" OR THE "COMPANY") IS FOR INFORMATION PURPOSES ONLY AND DOES NOT IN ITSELF CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY FINANCIAL INSTRUMENTS. BY ATTENDING A MEETING WHERE THIS PRESENTATION IS PRESENTED, OR BY READING THIS PRESENTATION, YOU (THE "RECIPIENT") AGREE TO BE BOUND BY THE FOLLOWING TERMS, CONDITIONS AND LIMITATIONS.
NEITHER THE DELIVERY OF THIS PRESENTATION NOR ANY FURTHER DISCUSSIONS WITH THE RECIPIENT OR ANY OTHER PERSON SHALL, UNDER ANY CIRCUMSTANCES, CREATE ANY IMPLICATION THAT THERE HAS BEEN NO CHANGE IN THE AFFAIRS OF THE COMPANY SINCE THE DATE OF THIS PRESENTATION. THE COMPANY DOES NOT UNDERTAKE ANY OBLIGATION TO REVIEW OR CONFIRM, OR TO RELEASE PUBLICLY OR OTHERWISE TO THE RECIPIENT OR ANY OTHER PERSON, ANY REVISIONS TO THE INFORMATION CONTAINED IN THIS PRESENTATION TO REFLECT EVENTS THAT OCCUR OR CIRCUMSTANCES THAT ARISE AFTER THE DATE OF THIS PRESENTATION. THE COMPANY DOES NOT INTEND TO UPDATE THE INFORMATION AFTER ITS DISTRIBUTION, EVEN IN THE EVENT THE INFORMATION BECOMES MATERIALLY INACCURATE.
FORWARD LOOKING INFORMATION AND STATEMENTS
THIS PRESENTATION INCLUDES AND IS BASED ON, AMONG OTHER THINGS, FORWARD-LOOKING INFORMATION AND STATEMENTS. SUCH FORWARD-LOOKING INFORMATION AND STATEMENTS ARE BASED ON THE CURRENT EXPECTATIONS, ESTIMATES AND PROJECTIONS OF THE COMPANY OR ASSUMPTIONS BASED ON INFORMATION AVAILABLE TO THE COMPANY. SUCH FORWARD-LOOKING INFORMATION AND STATEMENTS ARE SOLELY OPINIONS AND FORECASTS WHICH REFLECT CURRENT VIEWS WITH RESPECT TO FUTURE EVENTS AND ARE SUBJECT TO RISKS, UNCERTAINTIES AND ASSUMPTIONS. NONE OF THE COMPANY OR ANY OF ITS REPRESENTATIVES PROVIDES ANY ASSURANCE THAT THE ASSUMPTIONS UNDERLYING SUCH FORWARD-LOOKING STATEMENTS ARE FREE FROM ERRORS, NOR DO ANY OF THEM ACCEPT ANY RESPONSIBILITY FOR THE FUTURE ACCURACY OF THE OPINIONS EXPRESSED IN THIS PRESENTATION.
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THE INFORMATION CONTAINED IN THIS PRESENTATION IS FURNISHED BY THE COMPANY AND HAS NOT BEEN INDEPENDENTLY VERIFIED. NO REPRESENTATION OR WARRANTY (EXPRESS OR IMPLIED) IS MADE AS TO THE ACCURACY OR COMPLETENESS OF ANY INFORMATION CONTAINED HEREIN. NONE OF THE COMPANY, ANY REPRESENTATIVE ACTING ON BEHALF OF THE COMPANY, OR ANY OF ITS RESPECTIVE PARENT OR SUBSIDIARY UNDERTAKINGS OR ANY SUCH PERSON'S DIRECTORS, OFFICERS, EMPLOYEES, ADVISORS OR REPRESENTATIVES (COLLECTIVELY THE "REPRESENTATIVES") SHALL HAVE ANY LIABILITY WHATSOEVER ARISING DIRECTLY OR INDIRECTLY FROM THE USE OF THIS PRESENTATION OR OTHERWISE ARISING IN CONNECTION THEREWITH, INCLUDING BUT NOT LIMITED TO ANY LIABILITY FOR ERRORS, INACCURACIES, OMISSIONS OR MISLEADING STATEMENTS IN THIS PRESENTATION. THE RECIPIENT ACKNOWLEDGES THAT IT WILL BE SOLELY RESPONSIBLE FOR ITS OWN ASSESSMENT OF THE COMPANY'S BUSINESS AND THE MARKET, THE MARKET POSITION AND CREDIT WORTHINESS OF THE COMPANY. THE RECIPIENT WILL BE REQUIRED TO CONDUCT ITS OWN ANALYSIS AND ACCEPTS THAT IT WILL BE SOLELY RESPONSIBLE FOR FORMING ITS OWN VIEW OF THE POTENTIAL FUTURE PERFORMANCE OF THE COMPANY, ITS BUSINESS AND THE SHARES. THE CONTENT OF THIS PRESENTATION IS NOT TO BE CONSTITUED AS LEGAL, CREDIT, BUSINESS, INVESTMENT OR TAX ADVICE. THE RECIPIENT SHOULD CONSULT WITH ITS OWN LEGAL, CREDIT, BUSINESS, INVESTMENT AND TAX ADVISERS AS TO LEGAL, CREDIT, BUSINESS, INVESTMENT AND TAX ADVICE.
norcod
- Introduction
- Company highlights
- Appendix
norcod
A leading Norwegian cod farmer producing ~8,000t WFE annual harvest volume from ideally located farming sites
Key facts
A market leading producer of premium Atlantic Cod with operations across eight farming sites and one harvesting facility along the Norwegian coast¹
A proven track record of growing and scaling cod farming in Norway to ~8,000t WFE² with strong biological results
>25 years of R&D has enabled quantum leaps in biological development – 9th generation of fry is currently performing very well
Listed on the Euronext Growth since 2020 with a market capitalisation of NOK ~770m³
Experienced management team with proven access to raise capital supported by highly reputable owners with deep industry competence
Ideally located in Central Norway
Harvest volume development
Harvest volume ('000t WFE)
Revenue development
Revenues (NOKm)
1) Eight farming sites including Snyen opening during 2026 and Selsøy during Spring 2027
2) WFE - Whole Fish Equivalent, i.e., the entire fish calculated in the size measurement (as opposed to Head-on-Gutted (HOG) where the gutting loss is accounted for)
3) Market cap as of 08/05/2026
norcod
Norcod and cod farming is at an inflection point, ready to ramp up production
Harvest volume and targets, ('000t WFE)
NOK ~1.4bn raised in equity since 2018 with major investments made, now set for a capex light future with equity proceeds and debt increase enabling scaled growth
1) Illustrative EBITDA at current pricing levels around 80 gross revenue/kg HOG, see page 17 for calculations
2) Q3-25 biological incident at Jamnungen caused extraordinary mortality from a bacterial strain not covered by the existing vaccine. Biomass loss requires rebuilding stock
3) Strategic change in production plan to ensure stable 12-month production. To achieve this, release to sea has thereby been delayed, reducing expected harvest volumes in 2026E
norcod
Proven operations with strong biological results
Continued improvements in biology and growth rate
Sustained high survival rates
High superior quality share
FCR is stabilizing at a low level
Sources: Veterinærinstituttet, Fiskehelserapporten
norcod
- Introduction
- Company highlights
- Appendix
norcod
Investment highlights
The market for farmed cod has never been stronger
- Falling Atlantic wild cod quotas, dropping 62% from 2021 to 2025
- Increasing prices for farmed cod, driven by development of end markets and available supply
- Prices for farmed cod expected to remain high due to ability to produce high-quality product with year-round delivery
Proven operations at scale with strong biological results
- Delivering strong operational KPIs based on existing generations
- Premium product adopted by high-end markets with year-round supply
- Targeting high utilization of the fish, close to 98%
- Logistical setup to accommodate short delivery time of 48-72 hours to primary markets
Estimated to be fully funded to a production of 25,000t
- Contemplated equity raise together with increased debt facilities, in addition to certain amendments to the financial covenants, estimated to fully finance production of up to 25,000t WFE annually
- Current MAB capacity of existing licenses of 19,079t MAB with plans to invest in 2 new sites to reach production target of 25,000t WFE
Closing in on profitability with considerable upside
- EBIT cost potential of NOK -43 per kg at 25,000t WFE production
- Expecting to reach positive operational EBIT in H2 2026
- Attractive economics with limited capex per kg – primarily related to site infrastructure and biomass
norcod
The market for farmed cod has never been stronger
Reduced supply of wild Atlantic Cod
Supply of wild Atlantic cod have fallen more than 75% since 1970, reaching a historical low – tightening global supply and strengthening the long-term price outlook for farmed cod
Falling wild catch quotas
Wild cod quotas have declined sharply due to historical overfishing and weak stock recovery, driving regulators to restrict catches and structurally tighten supply from wild fisheries
Prices driven by strong demand
Cold prices have risen sharply as strong demand for premium farmed cod, combined with reduced wild catch, is driving a tighter and more valuable market
Sources: Norsk Sjømatråd, Havforskningsinstituttet
1) Northeast Atlantic cod quota. The quotas are set through a process that incorporates scientific advice from global organizations such as ICES and national research institutes, which is then considered by authorities when determining total allowable catches to ensure sustainable fisheries management
2) Wild catch prices have been converted to HOG at a HOG-to-WFE ratio of 80%
3) Average price premium farmed vs. wild-caught North Atlantic cod during 2023-2025
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Norcod is a part of every step of the value chain
From broodstock to final product in only 26 months
| 1 day | 14 days | 3 months | 5 months | 18 months | 1 day | 1 day | 3 days |
|---|---|---|---|---|---|---|---|
| Juvenile | Sea phase | Harvest | Logistics | Product | |||
| Cod biology has developed vastly through 20 years of dedicated R&D. The current 8^{th} generation of broodstock is a highly stable product with high yields | Better growth rate. Vaccination to prevent prominent diseases | Better farming equipment, increased feed and fish performance, improved lighting regime | Professionalised methods and facilities ensuring quality | Infrastructure and logistics in place | Sustainable, delicious end product with high nutritional value |
Value chain partners and ownership
| Fry supply and partner | Growth facility partners | Core operations | Harvest | Sirena, shareholder and sales/distribution partner |
|---|---|---|---|---|
norcod
Key biological risks addressed — measures implemented across all sites now driving improved KPIs and reducing risk for future incidents
| Escapes | Maturation | Mortality | |
|---|---|---|---|
| Description | · Net integrity is a known challenge; cod require species-specific containment (cod is calmer compared to salmon) | · Cod naturally mature late in the cycle, potentially triggering early harvest and reduce biomass yield | · Gut health is the primary driver of mortality; 2024 heatwave temporarily increased rates |
| Actions taken | · Upgraded net regime (cycle-based changes + Hexagon/Ntex nets) · Enhanced monitoring and surveillance routines | · Optimised lighting strategies rolled out to delay maturation · Continuous condition monitoring with authority-approved early-harvest triggers | · Scientific programs (NOFIMA, NMBU, Fôrcod) to improve gut health & feed · Adjusted feeding regimes and reduced handling during high-temperature periods · Vaccine formulation updated for Vibrio strain causing extraordinary mortality in Jamnungen during Q3-25¹ · Monthly screening at all sites, with additional testing prior to handling operations, implemented to reduce risk of cod pox related to Q4-25 mortality |
| Status | · No repeat incidents since upgrades · Higher recapture rates due to cod behaviour · Operational procedures fully standardised | · Delayed maturation in latest generations · Reduced early-harvest events · Measures embedded in all new production cycles | · Strong and positive biological development since Q4-25 with 40% increase in biomass value during the quarter · Improved feed performance and growth post 2024 heatwave · Scalable measures in place to further strengthen biology |
Sources: Company information
1) Extraordinary mortality at Jamnungen site in Q3-25 related to Vibrio infection – bacterial strain not covered by the vaccination program at the time
norcod
High quality farmed cod ensures stable and premium prices
Differentiating the Norcod product brand through Snow Cod
From the Cold Pristine Ocean
Surrounded by Norway's Snowy Landscapes,
- The Snow Cod name is storytelling at its best
- Snowy and pristine crisp environment of Norway
- White meat of the fish
- The purity of the meat (sashimi grade)
- The pure and delicate taste
- Cold and Fresh
These references will all play into the subconscious mind of the customer and consumer to help build a premium position, preference and even elevate the consumption experience
Bright White
Firm Flesh
Fresh
Pure Flavour
All Natural
The Snow Cod prices above other farmed cod
Cod price development for Norcod HOG Gross vs Farmed Cod HOG Gross (Excl. Norcod)
Sources: NSC December 2025
norcod
Norcod's farming sites are strategically located for best-in-class conditions
Farming sites located in leading areas for aquaculture
Cost farming competitors
Skoşeya & Palskjera
Jamnungen
Cod farming competitors
Best-in-class locations and sites enable:
Sources: Salmar 2025 annual report
1) Harvest volumes and EBIT for Salmar's Farming Central Norway for 2025
2) Survival rate at sea for 2025
norcod
Global provider of whole cod with delivery times within 2-3 days to the European markets
Global reach with strong partnerships
| Partners | Norcod shareholding | Relevance | Key markets |
|---|---|---|---|
| Jerónimo Martins | ~18% | 25th largest food retailer globally with EUR ~36.0bn¹ revenue | Europe, South America |
| HIGH LINER FOODS | ~15% | Major supplier of frozen seafood products with USD ~1,027m¹ revenue | North America |
| Sirena | ~7% | Global logistics company focused on premium seafood products | Europe, North America, China |
| Hi-CHAIN | n.a. | Major distributor and supplier of seafood to the Chinese seafood industry | China |
Strong commercial and ownership platform
In 2024, Norcod strengthened its partnership with Sirena Group, backed by a long-term owner with investments across sea- and land-based aquaculture and direct access to European retail
Proven European base coupled with scalable global expansion strategy
Europe remains the core market, with Spain as the largest market, validating strong demand and Snow Cod's premium positioning. Growth is driven by premium-led expansion into the UK, China, and the US, supported by the 2024 Hi-Chain partnership in China
Unique retail and market access
Together with Sirena Group, High Liner Foods, and Jerónimo Martins, Norcod benefits from exceptional retail insight and access, creating a powerful platform
Delivery to main markets in ~48 - 72 hours
- Delivery within 48 hours
- Delivery within 72 hours
- Norcod headquarters
- Norcod has a logistical setup that enables the delivery of cod to European customers in Northern, Eastern and Western Europe within ~48 hours from it leaving water
- Customers in Southern Europe will receive Norcod's products within ~72 hours, which ensures a much fresher cod upon arrival compared to what is currently possible in most instances
Source: Jerónimo Martins annual report, High Liner Foods quarterly report
1) Reported 2025 figures
norcod
Green visions for a blue future
GLOBALG A.P.
Norcod in a sustainable global food system
- Zero use of antibiotics
- Certified feed ingredients
- Best possible score regarding seabed surveys
- Hybrid-electric vessels and feed barges
- Highly nutritious and flavourful product good for everyone and the planet
- 90% utilization of the cod for human consumption
Looking ahead
- Targeting 98% utilization of the cod for human consumption
- 50% reduction in carbon footprint by 2030 (Scope 1, 2, 3) per kg edible yield
- Zero escape vision
- Aiming to increase the survival rate to 90% per cycle within 2030
- Available tools not only to prevent and detect, but fully control maturation
Devoted to
| People | Cod | Nature | Innovation & Profit |
|---|---|---|---|
| Human rights | Fish Welfare | The ocean | Research and development |
| Safe work environment | Production environment | Local and global environment | |
| Local communities | Product quality | Biodiversity | Year-round harvest |
| Gender equality | Increase yield | Responsible producer | |
| Aquaculture education | Food safety | Fish feed | Market development |
| Customers | Climate action |
norcod
Progressing according to the growth strategy and benefiting from significant economies of scale
Illustrative all-in EBIT cost breakdown¹
NOK/kg (WFE)
Phase III – scaling up for profitability
1 Scaling up to ~15,000t WFE
- Already seeing potential to reach positive operational EBIT for H2 2026 based on current cost-of-stock and achieved prices
- Volume scalable on existing fixed cost base, primarily comprised of salary and on-site personnel, harvesting costs and G&A
- Large cost savings potential related to fry and juvenile based on shorter transportation time to sea through new site that can handle both fry and grow-out
2 Scaling up to ~25,000t WFE
- Fry and juvenile and other operating expenses comprises majority of scale benefits from ~15,000 to ~25,000t WFE
- Additional scale benefits with regards to G&A, but some need to upscale organization in order to handle increased production volume
- ~3,600t MAB capacity for new sites will take production to ~25,000t WFE. Potential for further cost saving if site MAB is expanded to ~5,200t, as seen for Jamnungen
¹) Excluding costs related to logistics, insurance and sales commission to Sirena, which is netted against revenues
²) Example based on 2024 harvest volume and EBIT cost
³) Includes operating expenses, equipment and maintenance
⁴) Includes wellboat and harvesting, packaging and boxes
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Illustrative project economics
Illustrative economics at 25kt WFE run-rate
| Norcod pricing YTD26 | ||||||
|---|---|---|---|---|---|---|
| Gross revenue/kg HOG | 70 | 75 | 80 | 85 | 90 | 95 |
| Gross revenue/kg WFE¹ | 56 | 60 | 64 | 68 | 72 | 76 |
| Other income/kg WFE² | 2 | 2 | 2 | 2 | 2 | 2 |
| Sales and logistics/kg WFE³ | (7) | (7) | (8) | (8) | (9) | (9) |
| Opex/kg WFE | (40) | (40) | (40) | (40) | (40) | (40) |
| D&A/kg WFE | (3) | (3) | (3) | (3) | (3) | (3) |
| EBIT per kg WFE | 8 | 12 | 15 | 19 | 22 | 26 |
| Harvest volume WFE | 25 | 25 | 25 | 25 | 25 | 25 |
| EBIT (NOKm) | 198 | 298 | 373 | 473 | 548 | 645 |
Comparison of capex vs. salmon farming
Commentary
- At 25,000t WFE run-rate harvest, Norcod expects to have a substantial earnings generation
- The cash flow foundation will enable strong organic growth and facilitate meaningful annual investment capacity
- Additionally, cod farmers have a substantially lower cost of expanding than salmon farmers, as there is limited cost for sea-based cod licenses
- At a NOK 80/kg gross cod price (HOG), Norcod is estimated to have an incremental return on capital potential of ~22% for capacity expansion⁴
- Further upside achievable which have not been quantified in the analysis, including effects from the fish oil production line and scale economies on e.g. feed, fry and juveniles
1) Gross revenue converted from HOG to WFE at a ratio of 80%
2) Targeting ~NOK 2/kg of additional revenue from off-cuts, such as sale of liver and other waste biomass
3) Sales and logistics include costs related to logistics, insurance and sales commission to Sirena, which is netted against revenues, and is for simplicity calculated as ~12% of gross revenue
4) Norcod incremental investment/kg assuming capex for a new 3,600t MAB site, equiv. to a harvest volume of ~2,867t p.a. and based on a ~1.2 MAB utilization and time in sea of ~18 months. Site capex is estimated based on a NOK 107m investment per site and the biomass build-up investment cost of ~NOK 32 per kg WFE is based on target cost figures. Using the EBIT generation at a ~NOK 80/kg gross revenue from the illustrative run-rate economics calculation for Norcod. Salmon calculations are based on illustrative calculations from DNB Carnegie Equity Research and MOWI Industry Handbook 2025. Converted from HOG to WFE at a ratio of ~84%
norcod
Experienced management team and BoD with a strong shareholder base
Management team
Christian Riber – Chief Executive Officer
- 12 years experience as Commercial Director at Sirena
- 2 years experience as Account Manager at Experian
- Education from Copenhagen Business School
Arve Olav Lervaag – Chief Operational Officer
- More than 25 years of strategic and operational experience in aquaculture from Norway Royal Salmon, Lerøy and other seafood companies
- Most recent role as COO Farming in Norway Royal Salmon
Stian Vollan-Hansen – Chief Financial Officer
- 9 years in various positions at Entro, including CFO. Versatile experience from business development and financial management
- Master's degree in economics from NTNU Business School
Julianne Jacobsen – Fish Health Manager
- 4 years experience from lumpfish farming and R&D at Lerøy Mott
- Master's degree in Zoo Physiology from NTNU
- 5 years experience in Norcod R&D projects and production
Board of Directors
Renate Larsen – Chair of the Board
- Extensive leadership experience from the seafood industry, including previous positions as CEO at the Norwegian Seafood Council and CEO and CFO at Lerøy Aurora
- Comprehensive experience from board positions in large Norwegian companies
Trine Danielsen – Member of the Board
- CEO Stiim Aqua Cluster
- Previous experience as State secretary in Norway's Ministry of Trade, Industry and Fisheries
Hego Dahl – Member of the Board
- Partner and Chairperson at AGP Advokater, specialized in Transactions, Capital Markets and Corporate
- Comprehensive experience from relevant board positions, including board member at Kaldvik since 2023
Antohio Serrano
- Group CEO at Jeronimo Martins Agro-Alimentar S.A., and former Portugal government minister
- Extensive experience within international food industry sales, marketing, logistics and distribution
Antonio Marrins
Juristimo
Paul Jewer – Member of the Board
- CEO of Highliner Foods, a leading North American processor and marketer of value-added frozen seafood
- Former CFO and SVP Finance at Sobeys
Boe Spurré – Member of the Board
- Group CEO at Sirena A/S
- Previous experience as CFO at ISS Damage Control, CEO and CFO at Ketemyl as well as auditor at EY
norcod
- Introduction
- Company highlights
- Appendix
norcod
Norcod is the culmination of an ambitious endeavour to raise premium Atlantic Cod sustainably and commercially
norcod
Shareholder overview
| Shareholder overview^{1} | Ownership share (%) |
|---|---|
| Artha Kapitalforvaltning * | 35.96% |
| Jeronimo Martins Agro-Alimentar S.A.* | 18.06% |
| Highliner Foods + | 15.15% |
| Sirena Group AS * | 6.90% |
| Codinvest Aps | 5.78% |
| Ronja Capital AS | 2.45% |
| Nordnet Bank AB | 1.83% |
| Kinondo Invest Aps | 0.98% |
| Jan Heggelund | 0.96% |
| Other | 11.93% |
| Total | 100.0% |
- Shareholders with a representative on Norcod's Board of Directors
1) As of end of year 2025
 |
||
|---|---|---|