Core Viewpoint - Icelandic Salmon faced significant challenges in the first quarter of 2025, including biological setbacks and low harvest volumes, which negatively impacted financial results. The company aims to build biomass and anticipates a stronger performance in the second half of the year [2][4][9]. Financial Performance - Operating income for Q1 2025 was EUR 10.4 million, a decrease from EUR 27.5 million in Q1 2024 [3]. - Operational EBIT was negative EUR 3.0 million, compared to negative EUR 0.5 million in the prior year [3]. - EBIT/kg was negative EUR 2.68, worsening from negative EUR 0.20 in Q1 2024; adjusted for mortality-related costs, EBIT/kg was negative EUR 1.22 [3]. Operational Highlights - The company harvested 1,100 tonnes in Q1 2025, down from 2,800 tonnes in the same quarter last year, reflecting early harvests and a strategic focus on biomass [5]. - Mortality-related costs amounted to EUR 1.6 million [5]. - Smolt operations performed well, with plans to transfer a record-high number of smolt to sea in 2025 [6]. Strategic Developments - The Group is working to reinstate a license for 10,000 tonnes MAB of sterile salmon, which was revoked in 2024, and is pursuing larger sites for better MAB utilization [7]. - Investments in the quarter totaled EUR 4.4 million, primarily for biomass preparation [7]. Market Conditions and Outlook - Demand for Icelandic Salmon's products remains solid, but the quarter was affected by increased global supply and lower prices, particularly for smaller fish [8]. - North America is a key market, although low average weights led to reduced sales volumes, while sales to Europe increased [9]. - The Group maintains its 2025 harvest volume guidance of 15,000 tonnes, with expectations of improvement in the second half of the year [9].