Norcod — Report Publication Announcement 2026

May 28, 2026

Norcod AS: Integrated annual report 2025

Norcod AS: Integrated annual report 2025

Norcod has today published its Annual Report for 2025, including the ESG

report.

Financial and strategic highlights are summarised below.

Revenue grew compared to 2024, from 397 MNOK to 444 MNOK, or 12 percent,

supported by strong market conditions and higher achieved sales prices for

Snow Cod. During 2025, Norcod harvested 7,723 tonnes cod (WFE), compared to

8,333 tonnes in 2024, a decrease of 7.3 percent.

The reduction in harvest volumes was primarily related to extraordinary

mortality and early harvest at the Jamnungen site during the second half of

the year. Operating loss before fair value adjustment of biomass ended at 230

MNOK (-223 MNOK in 2024), while net loss for the period ended at 235 MNOK,

unchanged from 2024. However, we saw an 34% improvement of the EBIT-margin

excluding non-recurring items from -176 MNOK in 2024 to -116 MNOK in 2025.

Other highlights include:

Throughout 2025, 89 percent of fish harvested were categorised as

superior quality, the highest classification.

Norcod achieved a biological feed conversion ratio (bFCR) of 1.06 in

2025, demonstrating continued strong feed efficiency.

Norcod recorded zero escape incidents across all sites in 2025

following the implementation of a strengthened net strategy and operational

routines.

Snow Cod accounted for 38% of the export value for fresh cod from

Norway in 2025, up from 28% in 2024.

Norcod experienced approximately 35% higher achieved sales prices for

Snow Cod compared with 2024, supported by strong market conditions and high

product quality.

During 2025, Norcod secured approval for two new farming sites and

increased biomass capacity at existing locations as part of its growth plan

towards 25,000 tonnes by 2029.

"2025 was the year when Norcod moved into a new phase. Over the past years, we

have invested heavily in biology, infrastructure, people and market

development to demonstrate that cod farming can be done at scale and with

commercial viability. In 2025, those building blocks came together in a way

that gives us a clearer line of sight to profitability," says Christian Riber,

CEO of Norcod.

"The year also showed that we are building a more robust operational platform.

We recorded zero escape incidents, improved biological control and continued

to strengthen our market position for Snow Cod. At the same time, the events

at Jamnungen and Bjørnvika underline that cod farming remains a young industry

where operational discipline and continuous improvement remain critical."

"Demand for stable, premium-quality cod continues to grow while wild cod

quotas remain under pressure. Together with our shareholders and commercial

partners, we have built a unique platform with direct access to key customers

and markets across Europe, North America and Asia. Combined with continued

improvements in biology, operations and product quality, this gives Norcod a

strong position as we scale production and establish Snow Cod as a premium,

year-round product in the international seafood market."

The integrated annual report for 2025 is attached in PDF and also available on

our website.

For further information, please contact:

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

cr@norcod.no

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

sh@norcod.no

About Norcod:

Norcod's core business is commercial sea farming of cod and is involved in the

entire value chain through ownership and partnerships. 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. The information was submitted for publication, through the

agency of the contact persons set out above, at 2026-05-28 22:00 CEST.