Norwegian farmed cod producer Ode has become the first company in the sector to report profitable annual results, marking a significant milestone for the emerging industry after more than two decades of commercial cod farming.
The company, Norway’s largest producer of farmed cod, more than doubled revenue in 2025 to NOK 877 million (€80 million), up 118.7% from the previous year.
EBITDA reached NOK 109 million (€10 million), representing a 12.4% margin, while net profit after tax totalled NOK 66 million (€6 million), an improvement of NOK 301 million (€27 million) compared with 2024.
Chief executive Ola Kvalheim described the results as a landmark achievement for the business and the wider cod farming sector.
“Although expected as part of our business plan, this is a major milestone for Ode, and I thank our employees, customers and partners for their contribution,” he said.
“Five years of significant investment in our organisation, value chain and product offering – coupled with strong biology and consistently high quality – delivered both record revenue growth and profitability in 2025.”
Ode harvested 10,018 tonnes (HOG equivalent) during the year, more than doubling production from 4,770 tonnes in 2024. The company accounted for around 65% of Norway’s total farmed cod production and almost one-third of the country’s combined exports of fresh wild and farmed cod.
Kvalheim said the company had matured rapidly while retaining its entrepreneurial approach.
“In 2025 we evolved from a fast-paced scale-up into a professionalised corporation – building the systems, structure and governance needed for continued growth – while keeping our passionate and ambitious start-up culture,” he said.
“In 2026 we are building further on this platform by investing heavily in becoming the most technologically advanced aquaculture business in the world.”
Founded in 2020, Ode has developed a fully integrated value chain spanning broodstock, hatchery, sea farming, harvesting, processing and sales. Employing more than 300 people, the company has expanded operations by an average of more than 300% annually since 2022.
Looking ahead, Kvalheim said continued market development would underpin future growth.
