Core Viewpoint - The company reported strong financial performance in the first half of 2025, with normalized profit before tax doubling year-on-year and significant sales growth across various divisions [1][8]. Financial Performance - Group sales for Q2 2025 reached €114.6 million, a 17% increase compared to Q2 2024 [2]. - Normalized profit before tax for 1H 2025 was €2.3 million, up from €1.1 million in 1H 2024 [8]. - Total sales for 1H 2025 amounted to €233.8 million, reflecting a 10% increase from 1H 2024 [8]. - EBITDA for 1H 2025 was €9.2 million, up from €5 million in 1H 2024 [8]. - Net profit improved to €1.1 million in 1H 2025, compared to a loss of €0.7 million in 1H 2024 [8]. Division Performance - The VA S-Europe division reported sales of €52.9 million in Q2 2025, a 3% increase from Q2 2024, with strong sales of premium products like cod [3]. - The VA N-Europe division achieved sales of €14.3 million in Q2 2025, a 5% rise from the same quarter last year, with pre-tax profit improving to €0.4 million from a loss of €0.1 million [4]. - The S&D division maintained strong sales momentum, particularly from frozen-at-sea products driven by high cod demand [5]. Market Outlook - The normalized profit before tax outlook for 2025 remains between €7.5 million and €9.5 million, with expectations of stable salmon prices and high cod prices [6][9]. - The CEO noted that strong demand for cod and record-high prices were driven by the U.S. ban on Russian fish and quota reductions in key fishing areas [7]. Strategic Initiatives - The company is focused on enhancing the performance of existing business units and optimizing its capital structure [11]. - An important step was taken to strengthen operations in Argentina by signing an offer letter to acquire two vessels, aiming to leverage existing expertise in the region [11]. - The company has begun selling and marketing Icelandic salmon, with plans for expansion as salmon farming grows in Iceland [11].