Core Insights - The third quarter performance of Brim hf. is strong, driven by successful mackerel fishing and high seafood prices, with a return on equity of 12% over the past 12 months [2] Financial Performance - Revenue for the first nine months of 2025 reached €295 million, up from €284 million in the previous year [7] - EBITDA for the same period was €69 million, representing 23.2% of operating revenue, compared to €47 million or 16.6% the previous year [7] - Profit before tax for the first nine months was €48 million, an increase from €28 million in the same period of 2024 [8] - The net profit for the period was €40 million, up from €24 million the previous year [8] - The third quarter revenue was €111 million, slightly up from €110 million in Q3 2024, with a profit of €29 million compared to €19 million in the same quarter of the previous year [9] Operational Highlights - The company’s catch of bottom trawlers was 12,000 tons in Q3, down from 14,000 tons the previous year, with one less bottom trawler operating [3] - Mackerel catch from pelagic vessels was 18,600 tons, with strong processing performance and high market prices [4] - The total catch of blue whiting was 10,300 tons, and herring catch was 10,700 tons, including 3,100 tons of Icelandic herring [5] Strategic Developments - On September 23, the company announced a bid for the entire share capital of Lýsi hf. for 24.7 billion ISK (approximately €173 million), aiming to enhance raw material sourcing and extend its value chain in seafood [6] Balance Sheet Overview - Total assets at the end of Q3 2025 were €983 million, with fixed assets of €809 million and current assets of €173 million [10] - Equity amounted to €505 million, with an equity ratio of 51.4%, up from 49.1% at the end of 2024 [10] - Total liabilities were €478 million, decreasing by €29 million since the beginning of the year [10] Cash Flow Analysis - Cash flow from operations was €23 million for the first nine months, slightly up from €22 million in the same period of 2024 [11] - Investment activities were positive by €4 million, while financing activities were negative by €53 million [11] - Cash decreased by €28 million, totaling €24 million at the end of the period [11] Shareholder Information - The closing share price on September 30, 2025, was 62.5 ISK per share, with a market capitalization of 120 billion ISK [13]

Core Viewpoint - Papua New Guinea (PNG) will cease exporting tuna overseas, mandating that all catches in its waters be processed domestically to enhance local industry and economic development [1][2] Group 1: Policy Changes - The PNG government is implementing policies to promote foreign investment, including tax incentives in special economic zones to encourage business operations and local investment [1] - The National Fisheries Authority (NFA) is focusing on teaching local communities downstream processing skills to ensure that products are processed within PNG rather than exported [1][2] Group 2: International Cooperation - A memorandum of understanding was signed between the NFA and China in July, establishing a strategic cooperation framework for direct exports of seafood to cold storage facilities in PNG, although tuna is excluded from this arrangement [1] - The collaboration with the Guangzhou Fishery Association is seen as a milestone achievement for PNG's seafood industry [1] Group 3: Local Capacity Building - PNG lacks expertise in processing, prompting the government to seek foreign investors to build and operate processing facilities while training local people to acquire practical skills and knowledge [2] - The establishment of special economic zones by the Ministry of International Trade and Investment is expected to help the fisheries sector achieve its goals [2]