Norcod AS: Q2-26 Quarterly report

Q2 2026 HIGHLIGHTS

* Q2 was a quarter with strong biological performance, stable operations and biomass growth in addition to significant stocking activity * 57 MNOK in revenues from a low harvest volume of 791 tonnes, representing an increase on 21% in operating revenue per kilo YoY * 20 MNOK in operating loss with a 31% improvement in EBIT-margin YoY * The quarterly production cost at sea decreased to 55.6 NOK per kg WFE, with an expected further reduction later this year as we continue to harvest more optimal sized fish * 96.45% of harvested volume during the quarter achieved superior quality * Continued strong market development with achieved sales prices close to 8% above market average * Biomass at sea increased with 31% during Q2, with zero incidents or extraordinary mortality * Strengthened financial platform for our growth plan through a completed equity raise and increased debt facilities granted

POST Q2 2026 HIGHLIGHTS

* Moved into continuous harvesting with higher volumes * Progressing towards ASC Farm Standard certification for farmed cod * Installation of a fish oil facility at Kråkøy to increase utilisation of each harvested fish and creating additional value to the growing volumes

OPERATIONAL UPDATE The first half of 2026 has been characterised by strong growth, stable operations and significant stocking activity as Norcod builds production for higher future harvest volumes. With biomass increasing and new production now established at key sites, the company is well positioned to benefit from this build-up through the remainder of 2026 and into 2027. Good biological conditions and continued planned restocking of sites supported biomass growth during the quarter. Biomass at sea increased from 4,123 tonnes at the start of Q2 to 5,390 tonnes at quarter end, representing a net increase of 31% measured in tonnes. For the first half year, biomass at sea has increased by 76% or 2,330 tonnes. During the quarter, Norcod harvested a total of 791 tonnes round weight, all processed at the company's Kråkøy harvesting facility. Of the harvested volume, 96.45% achieved superior quality, reflecting continued strong fish quality. Stocking of juvenile fish at both Labukta and Jamnungen during the quarter further progressed Norcod's production growth plans. A total of 887,000 juveniles were stocked at Labukta and 1.785 million at Jamnungen. In addition, the first fish from the new Namdal Rensefisk juvenile facility were successfully moved to seaphase during Q2.

Norcod continued to strengthen and standardise its farming infrastructure during the quarter. The company received its first concrete feed barge from ScaleAQ, specifically adapted for cod farming, which was deployed at Labukta in May. More robust power supply systems with improved monitoring have also been installed at several sites. OUTLOOK Norcod enters the second half of 2026 with increased biomass, stable operations and the production platform in place to deliver significantly higher harvest volumes in line with the company's growth plan.

From the end of Q2 and onwards, Norcod has moved into continuous harvesting at higher volumes while continuing to build biomass at sea. Increasing harvest volumes and more consistent market deliveries are expected to support revenue growth and improved financial performance through the second half of the year.

Stocking at Labukta is expected to be completed in September, while start-up at the new Snyen site is planned for the second half of 2026. Snyen will be equipped with modern farming equipment adapted specifically for cod production and the exposed conditions at northern farming locations. Norcod remains on track with its production growth plan and target harvest volumes of 13,000--15,000 tonnes in 2027, supported by strong biological performance, increasingly standardised operations and secured production and juvenile capacity. The company is also progressing towards the new ASC Farm Standard, targeting certification during the autumn. This is expected to strengthen Norcod's market position and provide access to new customers and retail channels. Installation of the new fish oil facility at Kråkøy is underway. The facility will produce oil from cod liver and other by-products, increasing utilisation of each harvested fish and creating additional value from growing harvest volumes. With higher and more consistent harvest volumes now commencing, Norcod is moving from a period focused on stocking and biomass build-up towards increased production, sales and improved financial results. For further details, please see the attached Q2-26 Quarterly Report. 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 Us 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 2026-08-27 07:00 CEST.