Jerónimo Martins diversifies its aquaculture strategy across Mediterranean species, salmon and cod

Jerónimo Martins is developing its aquaculture business along two lines: producing Mediterranean species through Seaculture and investing in Norwegian salmon and cod producers. The group includes these operations in its strategy to strengthen its presence in products it considers strategic.

In Morocco, Seaculture produces meagre, gilthead seabream and sea bass, and doubled its cages in 2025 near the Chafarinas Islands, as previously reported by misPeces.

In Portugal, Seaculture operates an offshore farm in the Algarve and a packing facility which, according to the company, enables it to supply 3,015 tonnes of gilthead seabream and sea bass to Pingo Doce and Recheio within 24 hours in 2025.

The diversification also extends to Norway. Jerónimo Martins Agro-Alimentar (JMA) increased its stake in Andfjord Salmon to 39.72% following a capital increase completed in January 2026.

In December 2025, JMA acquired an 18.06% stake in Norcod, a cod producer.

A few days ago, Andfjord announced the first smolt release into pool K2 at Kvalnes: approximately 800,000 fish, with an average weight of around 110 grams.

The company said K2 is its fourth pool in operation and that its five pools ready for operation have a combined production capacity of 11,000 tonnes.

Some of the salmon will be sold as post-smolts, while the rest will be grown to market size.

Norcod recently reported EBIT of NOK 23 million and a net profit of NOK 8.5 million for the third quarter. Biomass at sea reached 6,732 tonnes at the end of the period, and the company harvested 1,361 tonnes.

Norcod is also preparing for the first stocking at Snyen, planned for the fourth quarter.

At the start of the fourth quarter, Norcod began producing fish oil at Kråkøy. The new operation enables the company to utilise up to 98% of each cod.