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]

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 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].

Group 1 - Mowi's acquisition of a majority share in Nova Sea is under scrutiny by the European Commission, with the company aiming to increase its stake to 95% [1][2] - The European Commission is inviting comments from interested parties regarding the transaction, which could fall under the Merger Regulation [2] - Mowi plans to acquire Vigner Olaisen's 46% stake in Nova Sea for Nkr7.4 billion ($748 million), with 30% of the payment in Mowi shares and 70% in cash, valuing Nova Sea at Nkr16 billion [3][4] Group 2 - Mowi's business activities encompass the full value chain for Norwegian Farmed Atlantic Salmon, while Nova Sea is focused on farming and primary processing [4] - Mowi intends to extend a voluntary cash offer of Nkr800 million to shareholders owning the remaining 5% of Nova Sea [4] - Nova Sea is projected to harvest 52,000 tonnes of salmon in 2025, and combined with Mowi, they are expected to harvest 157,000 tonnes in northern Norway, contributing to a total of 367,000 tonnes in Norway and 572,000 tonnes globally [6] Group 3 - Mowi anticipates annual synergies of approximately Nkr400 million from the integration, driven by improved capacity utilization and targeted investments to enhance fish health [6] - Mowi CEO Ivan Vindheim highlighted Nova Sea's strong biological performance and industry-leading margins, emphasizing the significance of the acquisition after 30 years of collaboration [5] - Aino Olaisen, the chairman of Nova Sea's board, is proposed to join Mowi's board following the acquisition [5]