Group 1 - The investment approach focuses on long-only strategies, evaluating companies from an operational and buy-and-hold perspective rather than market-driven dynamics [1] - The emphasis is on understanding the long-term earnings power of companies and the competitive dynamics within their industries [1] - Most investment calls are expected to be holds, indicating a cautious approach where only a small fraction of companies are deemed suitable for buying at any given time [1] Group 2 - Hold articles are considered important for providing information to future investors and introducing skepticism in a generally bullish market [1]

Group 1: Company Performance - Mowi reported record annual sales of €5.73 billion ($6.80 billion) in 2025, driven by high harvest volumes of 559,000 tonnes [1] - The fourth-quarter volumes reached 152,000 tonnes, marking a seasonal high for the company [1] - The CEO stated that Mowi expects to harvest 605,000 tonnes in 2026, representing an annual growth of 8.3%, significantly higher than the expected industry growth of 1% [2] Group 2: Market Conditions - Salmon prices increased in the final quarter of 2025, concluding a year characterized by low prices due to a 12% growth in supply [2] - Mowi reported that there is currently 8.7% more fish in the sea compared to the same time last year, positioning the company well for further growth [2] Group 3: Operational Achievements - Mowi's downstream processing business achieved operational EBIT of €197 million and processed volumes of 265,000 tonnes [3] - The company noted a reduction in farming costs by €197 million, with expectations for further decreases in 2026 [4] Group 4: Strategic Developments - Mowi's acquisition of an increased stake in Nova Sea was approved by the European Commission, raising its interest from 49% to 95% [4]

Core Insights - Mowi achieved record-high revenues of EUR 1.59 billion in Q4 2025 and EUR 5.73 billion for the full year, with harvest volumes reaching 559,000 tonnes, marking an annual growth of 11.4% [1][3] - The company expects to continue its growth trajectory, projecting a harvest of 605,000 tonnes in 2026, which represents an annual growth of 8.3% compared to the industry's expected growth of 1% [5] Financial Performance - Operational EBIT for Q4 2025 was EUR 213 million, while the full year operational EBIT reached EUR 727 million, yielding a return on capital employed of 13.3% [3] - Mowi Consumer Products division reported operational EBIT of EUR 197 million with record-high volumes of 265,000 tonnes for the year [6] Cost Management - Farming costs decreased by EUR 197 million in 2025, with expectations for further reductions in 2026 [2] Market Dynamics - Salmon prices increased in Q4 2025 after a year of low prices due to a 12% growth in supply [3] - Global demand for salmon showed positive growth, particularly in Asia and America, with Mowi expanding its brand presence to 23 countries [7] Strategic Initiatives - Mowi entered a strategic partnership with Nutreco-owned Skretting for feed production, expected to yield at least EUR 55 million in annualized net cost savings [11] - The company aims to redefine the salmon category and increased branded volumes by 30% in 2025 [8] Future Outlook - Supply growth in the salmon industry is expected to normalize to around 1% in 2026, with Mowi anticipating a tighter market balance going forward [9]

Core Points - The Board of Directors of Mowi ASA has decided to offer all permanent employees the opportunity to purchase shares at a discounted price based on the average purchasing price of NOK 222.22 per share on 26 November 2025 [1][2] - A total of 1,245 employees accepted the offer, resulting in the purchase of 247,679 shares to be sold to these employees [2] - The company has provided three alternative offers for employees to purchase shares, with varying amounts and taxable discounts [5] Summary by Category Employee Share Purchase Program - Mowi ASA is offering a share purchase program to all permanent employees across its subsidiaries in Norway, Scotland, Canada, and Poland [1] - The average share price for the offer is set at NOK 222.22 per share as of 26 November 2025 [1] Participation and Acceptance - The acceptance period concluded with 1,245 employees participating, leading to a total of 247,679 shares being accepted [2] - The company purchased these shares in the market at the average price of NOK 222.22 to fulfill its obligations [2] Alternative Purchase Options - Employees were presented with three alternatives for share purchases: - Alternative 1: Purchase 45 shares valued at approximately NOK 10,000, with a taxable discount of NOK 2,000, resulting in a purchase price around NOK 8,000 [5] - Alternative 2: Purchase 112 shares valued at approximately NOK 25,000, with a taxable discount of NOK 5,000, resulting in a purchase price around NOK 20,000 [5] - Alternative 3: Purchase 225 shares valued at approximately NOK 50,000, with a taxable discount of NOK 10,000, resulting in a purchase price around NOK 40,000 [5]

Core Insights - Mowi reported revenues of €1.39 billion (NOK 16.4 billion) and an operational EBIT of €112 million (NOK 1.318 billion) in Q3 2025, achieving satisfactory results despite low salmon prices due to high supply growth [1][2] - The company slaughtered a record 166,000 tons in Q3 and raised its volume guidance for 2025 from 545,000 tons to 554,000 tons, reflecting a growth of 10.5% from 2024 [3] - Mowi's operational costs have decreased significantly, with a reduction of €50 million (NOK 588 million) in Q3 compared to the same quarter last year, and €126 million (NOK 1.5 billion) year-to-date [5] Company Performance - Mowi has transitioned from a 400,000-ton producer to a 600,000-ton producer in just a few years, becoming one of the most profitable aquaculture companies through a strong focus on cost and operations [4] - Mowi Consumer Products achieved its best quarter ever, benefiting from strong operations, record-high volumes, and lower raw material prices [6][7] - Mowi Feed also reported a strong quarter with record earnings and the second-highest sales volume ever [7] Market Outlook - The year 2025 has seen an unusually high supply growth, which is expected to normalize to around 1% next year, leading to a tighter market balance [8] - Mowi's board has decided on a dividend of NOK 1.50 per share for Q3 [8] Company Overview - Mowi is one of the world's leading seafood companies and the largest producer of Atlantic salmon, with an estimated slaughter volume of 605,000 tons in 2026 from seven farming countries [9][10] - The company employs 12,300 people across 26 countries and is listed on the Oslo Stock Exchange, with a revenue of €5.62 billion (NOK 65.3 billion) in 2024 [10]

Core Insights - Mowi reported revenues of EUR 1.39 billion and operational EBIT of EUR 112 million in Q3 2025, achieving solid results despite low salmon prices due to high supply growth [1][2] - The company harvested a record-high 166,000 tonnes of salmon in Q3 2025 and raised its volume guidance for 2025 from 545,000 tonnes to 554,000 tonnes, reflecting a growth of 10.5% from 2024 [3][4] - Mowi's farming costs were reduced by EUR 50 million in Q3 2025 compared to the same quarter last year, contributing to improved profitability [5][6] Company Performance - Mowi's processing business, Mowi Consumer Products, achieved its best quarter ever with record-high volumes and lower raw material prices [6][7] - The feed division, Mowi Feed, also reported strong performance with record-high earnings and its second-highest sales volumes [7] - The company has transitioned from a 400,000-tonne farmer to a 600,000-tonne farmer in just a few years, focusing on cost efficiency and operational excellence [4] Market Outlook - The year 2025 has seen abnormally high supply growth, but this is expected to normalize to around 1% next year, leading to a tighter market balance [8] - Mowi anticipates harvesting 605,000 tonnes in 2026, which is a 9.2% increase from 2025, with 380,000 tonnes expected to be harvested in Norway [3][8] - The board of Mowi has decided to pay a quarterly dividend of NOK 1.50 per share, reflecting confidence in future performance [8]

Group 1 - Mowi has acquired a controlling stake in Nova Sea from Vigner Olaisen AS, as announced on 21 October 2025 [1] - 30% of the purchase price for the acquisition has been settled through the issuance of new shares in Mowi, totaling 10,179,505 new shares issued to Vigner Olaisen AS [2] - Following the share issuance, Mowi's new share capital is NOK 3,954,679,470, divided into 527,290,596 shares, each with a nominal value of NOK 7.50 [2]

Core Insights - Mowi has received final approval for its acquisition of a controlling stake in Nova Sea AS, increasing its ownership from 49% to 95% [1] - The acquisition is expected to enhance Mowi's production capacity, with a projected harvest of 597,000 tonnes in 2025, marking a significant increase from 400,000 tonnes in previous years [2] - Mowi's CEO emphasizes the strategic importance of the acquisition for sustainable growth in Northern Norway, aiming to create more jobs and stimulate coastal activities [3] Production and Growth - Mowi anticipates harvesting 597,000 tonnes in 2025, with 372,000 tonnes sourced from Norway, including 161,000 tonnes from Northern Norway, a prime region for Atlantic salmon farming [2] - The company has achieved an annual growth rate of 6.9% in production, significantly outpacing the industry average of 3.6% during the same period [2] Strategic Fit and Synergies - The acquisition is expected to yield significant synergies, preliminarily estimated at NOK 400 million (EUR 34 million) annually, through improved resource utilization and an enhanced license portfolio [4] - Mowi's CEO believes that the operational fit between Mowi and Nova Sea will lead to better biological results and biosecurity in the region [5] Company Overview - Mowi is one of the world's leading seafood companies and the largest producer of farm-raised Atlantic salmon, with an estimated harvest of 597,000 tonnes in 2025 from multiple countries [6] - The company reported a turnover of EUR 5.6 billion in 2024 and employs 11,800 people across 26 countries [7]

Core Viewpoint - Mowi has received approval from the European Commission to increase its stake in Nova Sea from 49% to 95%, with the acquisition valued at Nkr7.4 billion ($736.2 million) [1][3]. Group 1: Regulatory Approval - The European Commission became aware of Mowi's acquisition in September and invited comments from parties due to the operational activities of both companies [2]. - The transaction was reviewed under the normal merger procedure, concluding that it would not raise competition concerns due to its limited impact on the market [3]. Group 2: Operational Impact - With the increased ownership, Mowi and Nova Sea are projected to harvest 157,000 tonnes of salmon in northern Norway by 2025, contributing to a total of 367,000 tonnes in Norway and 572,000 tonnes globally [4]. - Mowi anticipates annual synergies of approximately Nkr400 million from the integration, driven by improved capacity utilization and targeted investments [4]. Group 3: Financial Performance - Mowi reported unprecedented salmon harvest volumes of 166,000 gutted-weight tonnes (GWT) in the third quarter, an increase from 161,000 GWT in the same quarter last year [5]. - The company expects to report an operational EBIT of around €112 million ($130.6 million) for the third quarter, compared to €173 million and €203.1 million in the same quarters of the previous two years [6]. - For consumer products, operational EBIT for the current third quarter is projected at €66 million, surpassing the previous all-time high of €43.5 million [6].

Core Points - Mowi has received approval from the EU Commission for its acquisition of a controlling stake in Nova Sea AS [1] - The acquisition will increase Mowi's ownership share in Nova Sea AS from 49% to 95% [1] - Only the approval from the Norwegian competition authority is pending before the transaction can be finalized [1]