Core Insights - Iceland Seafood has published its Annual and ESG Report for the year 2025, emphasizing its commitment to sustainability by making the report available exclusively on its website and discontinuing printed copies to reduce environmental impact [1] Group 1 - The report is part of the company's sustainability efforts [1] - The decision to discontinue printed copies aligns with the company's goal to reduce its environmental footprint [1] - The report can be accessed directly through the company's website [1]

Core Insights - Thai Union Group PCL is enhancing fisher welfare by providing free Wi-Fi on fishing vessels as part of its SeaChange® sustainability strategy [2][3][5] Group 1: Commitment to Fisher Welfare - The company aims to have 50% of tuna sourced from long-distance fishing vessels equipped with Wi-Fi by the end of 2026, increasing to 75% by 2028 [2][4] - This initiative addresses the critical aspect of seafarer welfare by ensuring consistent communication access, particularly for those on longer voyages [2][3] Group 2: Technological Integration - The initiative represents a practical demonstration of the company's commitment to sustainability and worker empowerment through technology [3][5] - Thai Union is the first global seafood processor to make such a commitment, aiming to set a new industry benchmark [5][6] Group 3: Broader Sustainability Strategy - The Wi-Fi initiative is part of a larger strategy to uplift the people behind seafood products and uphold ethical practices [3][6] - The company has recorded sales of over THB 133 billion in 2025 and employs more than 44,000 people globally [7]

Group 1 - The Financial Supervisory Authority of Norway approved the base prospectus for Lerøy Seafood Group ASA's senior unsecured green bond listing on Euronext Oslo Børs [1] - The bond, amounting to NOK 500 million, was issued on 1 October 2025 and has the ISIN NO0013669804 [1] - The listing on Oslo Børs will facilitate trading in the secondary market for the bond [1] Group 2 - The base prospectus, including appendices, is accessible on the Company's website [2] - Contact information for the CFO and Head of Finance & IR of Lerøy Seafood Group ASA is provided for further inquiries [2] - The information is subject to disclosure requirements under the Norwegian Securities Trading Act [2]

Group Strategy - Lerøy Seafood Group is conducting its Capital Markets Day in Bergen, focusing on the overall strategy of the company [1] - Presentations will cover various aspects including VAP sales and distribution, farming, whitefish, and capital efficiency for stronger returns [1] Site Visits - The company has planned site visits to several facilities including Kjærelva smolt facility, submerged locations at Gjengane and Hestabyneset, and the Feed center in Austevoll [2] - A primary processing facility at Lerøy Austevoll will also be included in the site visits [2]

Core Viewpoint - Lerøy Seafood Group ASA has presented an updated strategy and financial targets for 2030, focusing on scalable growth, cost reductions, and improved capital efficiency through a fully integrated seafood value chain [1][2]. Group Strategy - The strategy is based on four priorities: Growth, Cost, Simplify, and Leadership, supported by a refined capital allocation framework [2]. - Lerøy aims to enhance operational robustness and integration, serving high-quality seafood in over 80 countries [2]. Operational Performance - Biological KPIs have shown significant improvement since 2022, indicating effective operational enhancements [3]. - The Value Added Processing, Sales & Distribution (VAP S&D) segment achieved operational EBIT of NOK 1,290 million in 2025, meeting targets set in 2022 [4]. Farming Segment - The farming segment recorded a harvest volume of 195,600 tonnes in 2025, with expectations of 195,000 GWT for 2026, reflecting lower costs per produced kilo [6][7]. - The biological performance has been industry-leading, with a focus on translating this into cost leadership across all regions [7]. Financial Targets - Lerøy targets NOK 50 billion in revenues and aims for a NOK 1 billion reduction in the cost base through initiatives in 2026 [8]. - The company is targeting a 15% return on capital employed (ROCE) by leveraging improved operational efficiencies and strategic partnerships [12][16]. Wild Catch Segment - The Wild Catch segment contributes approximately 15% of downstream volumes, operating under reduced cod quotas but positioned for potential recovery by 2030 [11]. Investment and Returns - Lerøy has come off an intensive investment cycle, focusing on harvesting improved returns from strengthened assets and operational capabilities [13][14]. - The integrated value chain is designed to reduce earnings volatility and support stable cash flow generation, aiming for consistent dividend growth [15].

Core Viewpoint - The company reported a strong financial performance in 2025, exceeding its normalized profit before tax (PBT) outlook, with a normalized PBT of €10.6 million, up from €7.4 million in 2024, indicating resilience and competitiveness across all divisions despite external challenges [6][8]. Financial Performance - Total sales for 2025 reached €484.3 million, a 9% increase from €444.0 million in 2024 [8]. - Sales for Q4 2025 were €136.7 million, up 6% from €128.9 million in Q4 2024 [8]. - Net profit for 2025 was €7.4 million, improved from €2.8 million in 2024 [8]. - EBITDA for 2025 was €22.8 million, up from €18.0 million in 2024 [8]. - The net margin for 2025 was €50.7 million, an increase of €5.5 million compared to the previous year [8]. Division Performance - The VA S-Europe division reported sales of €60.3 million in Q4, a 1.2% decrease from Q4 2024, with total annual sales of €212.9 million, down 1% in value and 2% in volume [2]. - The VA N-Europe division achieved sales of €20.6 million in Q4, a 20% increase from the previous year, with total sales for 2025 reaching €63.3 million, an 11% increase [3]. - The S&D division recorded sales of €59.7 million in Q4, an 11% increase from Q4 2024, with total sales for 2025 amounting to €221.5 million, a 22% increase [4]. Market Conditions - The year was characterized by high prices and strong demand for cod products, while mackerel prices were also very high [5]. - Salmon prices were lower and more stable compared to the previous year, positively impacting salmon-related operations [9]. - Demand for whitefish products remained strong, driven by reduced cod quota allocations and the ban on Russian fish [10]. Strategic Developments - The company successfully refinanced its parent company, ISI hf., strengthening its financial position and reducing refinancing risk [11]. - Investment in a freezer trawler operation in Argentina enhances the company's position within the value chain, allowing for increased supply and a broader product range [12]. - The growth of salmon farming in Iceland presents opportunities for the company to leverage its sales network and promote Icelandic salmon in key markets [13]. Future Outlook - The company anticipates a normalized PBT outlook for 2026 between €11.5 million and €13.5 million, indicating continued growth potential [8].

Core Viewpoint - The financial performance of Iceland Seafood in 2025 exceeded initial forecasts, with a pre-tax profit of 1.5 billion ISK (€10.6 million), indicating strong operational resilience despite external challenges [5]. Group 1: Financial Performance - The operational revenue for the company reached over 70.1 billion ISK (€484.3 million) in 2025, marking a 9% increase from 2024 [5]. - The EBITDA for 2025 was 3.3 billion ISK (€22.8 million), up from 2.6 billion ISK (€18.0 million) in 2024 [5]. - The net profit after tax for 2025 was 1.1 billion ISK (€7.4 million), compared to 402 million ISK (€2.8 million) in 2024 [5]. Group 2: Regional Performance - In Southern Europe, operational revenue was 8.7 billion ISK (€60.3 million) in Q4 2025, a 1.2% decrease compared to the same period in 2024 [2]. - Northern Europe saw operational revenue of 3 billion ISK (€20.6 million) in Q4 2025, representing a 20% increase from Q4 2024 [3]. - The sales and distribution segment generated 8.6 billion ISK (€59.7 million) in Q4 2025, an 11% increase from the same quarter in 2024 [4]. Group 3: Market Trends - There was a notable increase in demand for whitefish products and rising prices throughout the year, attributed to reduced quotas for cod in the Barents Sea and trade bans on Russian fish [9]. - The price of cod and related species increased, while salmon prices were lower and more stable compared to the previous year, positively impacting salmon-related operations [8]. - The company anticipates continued high demand and prices for fish products, provided there is no increase in supply [9]. Group 4: Strategic Developments - A significant step in 2025 was the successful refinancing of the parent company ISI hf., which strengthened its financial position and reduced refinancing risks [10]. - The company invested in frozen trawler operations in Argentina, enhancing its position within the value chain and allowing for increased supply and product variety of high-quality wild shrimp [10]. - The growth of Icelandic salmon farming presents positive developments, with the company beginning sales and marketing of Icelandic salmon through its distribution network [11].

Core Insights - Lerøy Seafood Group reported solid operations and good biological performance in Q4 2025, with an operational EBIT of NOK 758 million, driven by strong contributions from Farming and the Value-Added Processing, Sales and Distribution (VAP S&D) segment [1] Farming Segment - The farming segment achieved an operational EBIT of NOK 564 million in Q4 2025, slightly lower than the same period last year, but salmon and trout prices improved significantly towards the end of the quarter [2] - Biological performance in the farming segment was better than expected, and costs declined quarter-on-quarter, leading to a favorable biological situation entering 2026 [2] VAP S&D Segment - The VAP S&D segment delivered an operational EBIT of NOK 317 million in Q4 2025, marking a 15% increase compared to the same period last year [3] - The operational EBIT for the entire year 2025 reached NOK 1,290 million, surpassing the ambitious target of NOK 1.25 billion set in 2022 [3][4] Wild Catch Segment - The wild catch segment reported an operational EBIT of NOK -29 million in Q4 2025, a decline from NOK 6 million in the same quarter last year, due to lower catch volumes and high raw material prices impacting margins [5] Outlook for 2026 - For 2026, Lerøy expects a decrease in cost per produced kilo in farming compared to 2025, with a guided harvest volume in Norway remaining at 195,000 GWT and a total expected volume of 216,500 GWT including Scottish Sea Farms [6] - Continued good biological development is anticipated to result in high harvest volumes, which may initially lower salmon prices but is expected to be positive for long-term earnings [7]

Core Points - Lerøy Seafood Group ASA will present its Q4 2025 results on February 24, 2026, at 08:00 CET in Oslo [1] - The presentation will be conducted in Norwegian and will include a Q&A session, with seafood served from 07:45 CET [1] - A live broadcast of the presentation will be available for those who wish to follow in Norwegian and submit questions [1] - The quarterly report and presentation will be published at 06:30 CET on the same day [1] - An English recording of the presentation will be accessible from 12:00 CET on the company's investor relations website [2] - This information complies with the disclosure requirements of the Norwegian Securities Trading Act [2]

Group 1: Company Performance - Mowi reported record annual sales of €5.73 billion ($6.80 billion) in 2025, driven by high harvest volumes of 559,000 tonnes [1] - The fourth-quarter volumes reached 152,000 tonnes, marking a seasonal high for the company [1] - The CEO stated that Mowi expects to harvest 605,000 tonnes in 2026, representing an annual growth of 8.3%, significantly higher than the expected industry growth of 1% [2] Group 2: Market Conditions - Salmon prices increased in the final quarter of 2025, concluding a year characterized by low prices due to a 12% growth in supply [2] - Mowi reported that there is currently 8.7% more fish in the sea compared to the same time last year, positioning the company well for further growth [2] Group 3: Operational Achievements - Mowi's downstream processing business achieved operational EBIT of €197 million and processed volumes of 265,000 tonnes [3] - The company noted a reduction in farming costs by €197 million, with expectations for further decreases in 2026 [4] Group 4: Strategic Developments - Mowi's acquisition of an increased stake in Nova Sea was approved by the European Commission, raising its interest from 49% to 95% [4]