Ode, Norway's largest producer of farmed cod, grew revenue by 118.7% from NOK 401 million in 2024 to NOK 877 million (USD 91m / EUR 80m). EBITDA came in at NOK 109 million (USD 11m / EUR 10m), a margin of 12.4%, while the net result after tax of NOK 66 million (USD 7m / EUR 6m) corresponds to a net margin of 7.5%.

Several companies have farmed cod since the early 2000s, but Ode's 2025 accounts are the first to prove the business can be profitable.

“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 organization, value chain and product offering — coupled with strong biology and consistently high quality — delivered both record revenue growth and profitability in 2025,” says Ola Kvalheim, CEO of Ode.

Ode harvested 10,018 tonnes of HOG equivalent volume in 2025, up 110% from 4,770 tonnes in 2024. That accounted for approximately 65% of Norway's total farmed cod production of 15,493 tonnes, 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 professionalized 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 on this platform by investing heavily in becoming the most technologically advanced aquaculture business in the world,” says Kvalheim.

Established in 2020, Ode has built a fully integrated value chain for farmed cod — broodstock, hatchery, juveniles, sea farms, harvesting, processing and sales & marketing. The company employs more than 300 people and has grown operations by more than 300% per year on average since 2022.  

With its unique downstream focus, Ode has invested significantly in product and market development and in building the Ode brand. The goal has been to revolutionize the cod category: a global, growing and predictable business where retailers and foodservice can rely on consistent, high-quality fresh cod every day.

“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,” says Kvalheim.

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