© Ode
Ode, Norway’s largest producer of farmed cod, reported revenue of NOK 877 million (€80 million) in 2025, up 118.7 percent from NOK 401 million the previous year. EBITDA reached NOK 109 million (€10 million), giving an EBITDA margin of 12.4 percent. Net profit after tax was NOK 66 million (€6 million), equivalent to a net margin of 7.5 percent.
Companies have been farming cod commercially in Norway since the early 2000s, but 2025 marked the first year Ode turned a profit.
“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. 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,” said Ola Kvalheim, chief executive of Ode, in a press release.
Ode dominates Norway’s farmed cod production
Ode harvested 10,018 tonnes of HOG equivalent volume in 2025, up 110 percent from 4,770 tonnes in 2024. The volume accounted for approximately 65 percent of Norway's total farmed cod production and almost a third of the country's combined export volume of fresh wild-caught and farmed cod.
“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. In 2026 we are building further on this platform by investing heavily in becoming the most technologically advanced aquaculture business in the world,” said Kvalheim.
Established in 2020, Ode operates across the farmed cod value chain, from broodstock and hatcheries to sea farming, harvesting, processing, sales and marketing. The company employs more than 300 people and said its operations have grown by an average of more than 300 percent a year since 2022.
Ode has also invested in product development, marketing and building its brand as it seeks to expand demand for farmed cod. The company is targeting retailers and foodservice customers with a year-round supply of fresh cod.
“Together with our partners, we build new demand every day through consistent quality, positive eating experiences and exciting product development. Satisfied customers, the right product mix and reliable supply growth will deliver long-term demand growth. The salmon industry has in many ways provided the blueprint for this journey – and we can learn from both their successes and their failures,” added Kvalheim.
