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]