Core Viewpoint - The company has demonstrated a significant operational turnaround in the first nine months of 2025 compared to the same period in 2024, with positive financial results and a strong outlook for the future [7][14]. Financial Performance - Total sales for the group in Q3 amounted to 16.4 billion ISK (€113.7 million), reflecting an 11% increase compared to the previous year [2]. - Profit from regular operations before tax reached 590 million ISK (€4.1 million) for the first nine months of 2025, an increase of 230 million ISK (€1.6 million) from the same period in 2024 [14]. - Revenue for the first nine months of 2025 was 50.1 billion ISK (€347.6 million), marking an 11% increase or 4.8 billion ISK (€33.6 million) from the same period in 2024 [14]. - EBITDA for the first nine months of 2025 increased by 55% to 2.0 billion ISK (€14.0 million) from 1.3 billion ISK (€9.0 million) in 2024 [14]. Regional Performance - Revenue from operations in Southern Europe for Q3 was 6.1 billion ISK (€42.6 million), a 10% decrease compared to the same period in 2024 [3]. - Northern Europe operations saw revenues of 2 billion ISK (€14.0 million) in Q3, a 5% increase from the previous year [4]. Market Conditions - The year has been characterized by high demand and prices for cod, influenced by the U.S. ban on Russian fish imports and decreasing quotas in the Barents Sea and Atlantic [8]. - The price of salmon was lower than anticipated, positively impacting operational results in the salmon sector compared to previous years [8]. Future Outlook - The company maintains its earnings forecast for 2025, projecting a profit before tax from regular operations in the range of 1.1 to 1.4 billion ISK (€7.5 million - €9.5 million) [6][14]. - The company plans to continue focusing on improving operations and exploring new opportunities, including recent acquisitions in Argentina to enhance shrimp operations [10][11].