Core Insights - The third quarter of 2025 was challenging for the Farming segment, with operational EBIT at NOK -306 million due to low salmon prices and adverse biological conditions [2][3] - The VAPS&D segment performed strongly, achieving a record-high operational EBIT of NOK 410 million, aligning with the ambitious target of NOK 1,250 million for the year [4] - The Wild Catch segment experienced low seasonal performance with operational EBIT at NOK 3 million, but high cod prices helped offset declining catch volumes [5] Farming Segment - Operational EBIT for the Farming segment was NOK -306 million in Q3 2025, reflecting a difficult quarter [2] - The spot price for salmon decreased by NOK 8 per kg compared to the same period last year, with increased costs driven by high sea temperatures and sea lice pressure [3] - Despite the challenges, the long-term outlook for the Farming segment remains positive, with expectations of lower costs per kg in 2026 [6] VAPS&D Segment - The VAPS&D segment achieved operational EBIT of NOK 410 million in Q3 2025, indicating strong performance and demand [4] - The 12-month rolling operational EBIT is on track with the target set in 2022, demonstrating consistent growth [4] Wild Catch Segment - The Wild Catch segment's operational EBIT was NOK 3 million in Q3 2025, attributed to the low season [5] - Record-high cod prices are expected to continue, although there may be further reductions in cod quotas in 2026 [5] Outlook - The company anticipates a more balanced salmon market in 2026, following stabilization of supply growth [6] - Expected harvest volume for Norwegian operations remains at 195,000 GWT for both 2025 and 2026, with total volume including Scottish Seafarms projected to reach 217,500 GWT in 2026 [7]

Company Overview - Reliance is a leading global diversified metal solutions provider with over 85 years of operational experience[7,8] - The company serves over 125,000 customers with over 100,000 metal products[8,16] - In 2024, approximately 50% of orders included value-added processing[14] Financial Performance - Reliance achieved EPS of $15.56 in 2024, the 4th highest level in its history[20] - In 2024, the company reported cash flow from operations of $1.43 billion, the 3rd highest in its history[23] - For Q1 2025, net sales were $3.48 billion[67] - Q1 2025 saw a gross profit margin of 29.7%[69] Capital Allocation and Stockholder Returns - Since 2020, Reliance has repurchased $3.20 billion of its common stock[50] - In Q1 2025, $253.2 million of share repurchases resulted in a 2% reduction in outstanding shares[50] - The company's capital expenditures since 2020 total $1.74 billion[52] Market Position and Growth - Reliance's U S tons sold represented approximately 15% of total Metals Service Center Institute shipments in 2024[93] - In Q1 2025, Reliance's year-over-year growth in shipments outperformed MSCI by 9.5%[58] - 2024 acquisitions contributed approximately $400 million of annualized net sales[111]