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].

Group 1 - The investment strategy focuses on long-only investment, evaluating companies from an operational and buy-and-hold perspective [1] - The approach does not prioritize market-driven dynamics or future price action, instead emphasizing long-term earnings power and competitive dynamics [1] - Most recommendations will be holds, indicating a cautious approach to market conditions, with only a small fraction of companies deemed suitable for purchase at any time [1] Group 2 - The articles aim to provide important information for future investors and introduce skepticism in a generally bullish market [1] - There is a clear distinction made between the author's opinions and professional investment advice, emphasizing the need for readers to conduct their own due diligence [2][3]

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Core Insights - The company is optimistic about biological development in Q2 2025, which is expected to lead to increased volume and positive cost development in the latter half of the year [1] - The merger with Wilsgård AS enhances SalMar's presence in Norway and strengthens its operational capabilities [2][3] - SalMar has issued NOK 2 billion in new green bonds to support sustainable development and improve capital access [3] - The company has increased its volume guidance for 2025, anticipating a total harvest of 298,000 tonnes, an 18% increase compared to 2024 [5] - Despite lower salmon prices in the first half of 2025, strong demand for SalMar's products continues, with expectations of lower global supply growth in the second half [6] Financial Performance - Q2 2025 operational EBIT for Norway was NOK 696 million, with a harvest volume of 54,500 tonnes and EBIT per kg of NOK 12.8 [8] - Group operational EBIT for Q2 2025 was NOK 524 million, with a total harvest volume of 64,500 tonnes and EBIT per kg of NOK 8.1 [8] - The first half of 2025 was characterized by lower salmon prices due to increased volume and a high proportion of downgraded fish [8] Operational Developments - Strong biological performance was noted in Northern Norway, contributing to positive cost development [8] - The company is entering the third quarter with record-high biomass for the season, setting the stage for increased volume [4] - The share of superior quality fish has significantly increased from July 2025 onwards compared to the first half [4]

Core Insights - Lerøy Seafood Group ASA (LSG) reported solid operational results across all segments in Q2 2025, achieving an operational EBIT of NOK 680 million, demonstrating the robustness of its fully integrated value chain in the seafood industry [1][8]. Farming Segment - The Farming segment recorded an operational EBIT of NOK 256 million in Q2 2025, with strong biological performance reflected in high survival rates, superior quality share, and increased average harvest weight, while costs per kg are declining [2][3]. - Despite strong biological performance, low prices for salmon and trout due to increased supply growth impacted results, although contracts provided some earnings stability [4][3]. VAP S&D Segment - The VAP S&D segment achieved an operational EBIT of NOK 351 million in Q2 2025, marking the tenth consecutive quarter of growth in 12-month rolling operational EBIT [5]. - The segment's positive development is driven by improved capacity utilization and strengthened relationships with key customers, moving closer to the target of NOK 1,250 million in operational EBIT for 2025 [6]. Wild Catch Segment - The Wild Catch segment delivered an operational result of NOK 148 million in Q2 2025, with historically high prices for cod, although there are prospects for further reductions in cod quotas in 2026, posing challenges for whitefish factories [7]. - The segment's performance is expected to face challenges ahead due to reliance on volumes for profitability [7]. Strategic Outlook - The company is optimistic about future development, entering a new strategy period with new targets to be set, while maintaining a strong position with strategic customers amid strong global demand for seafood [8].

Core Viewpoint - Icelandic Salmon faced significant challenges in the first quarter of 2025, including biological setbacks and low harvest volumes, which negatively impacted financial results. The company aims to build biomass and anticipates a stronger performance in the second half of the year [2][4][9]. Financial Performance - Operating income for Q1 2025 was EUR 10.4 million, a decrease from EUR 27.5 million in Q1 2024 [3]. - Operational EBIT was negative EUR 3.0 million, compared to negative EUR 0.5 million in the prior year [3]. - EBIT/kg was negative EUR 2.68, worsening from negative EUR 0.20 in Q1 2024; adjusted for mortality-related costs, EBIT/kg was negative EUR 1.22 [3]. Operational Highlights - The company harvested 1,100 tonnes in Q1 2025, down from 2,800 tonnes in the same quarter last year, reflecting early harvests and a strategic focus on biomass [5]. - Mortality-related costs amounted to EUR 1.6 million [5]. - Smolt operations performed well, with plans to transfer a record-high number of smolt to sea in 2025 [6]. Strategic Developments - The Group is working to reinstate a license for 10,000 tonnes MAB of sterile salmon, which was revoked in 2024, and is pursuing larger sites for better MAB utilization [7]. - Investments in the quarter totaled EUR 4.4 million, primarily for biomass preparation [7]. Market Conditions and Outlook - Demand for Icelandic Salmon's products remains solid, but the quarter was affected by increased global supply and lower prices, particularly for smaller fish [8]. - North America is a key market, although low average weights led to reduced sales volumes, while sales to Europe increased [9]. - The Group maintains its 2025 harvest volume guidance of 15,000 tonnes, with expectations of improvement in the second half of the year [9].

Company Overview - SalMar ASA is one of the world's largest and most efficient producers of salmon, with farming operations in Central Norway, Northern Norway, Offshore, and Iceland, as well as significant harvesting and secondary processing operations [9] - The company owns 50% of Scottish Sea Farms Ltd, further enhancing its market presence [9] Recent Developments - SalMar has completed the purchase of a controlling stake in AS Knutshaugfisk, which has 3,466 tons MTB in licenses and four farming locations in Central Norway [2] - A merger plan between Wilsgård AS and SalMar Farming AS has been approved, with SalMar holding a 37.5% stake in Wilsgård. This merger is expected to enhance operational efficiency and financial robustness [3][4] Financial Performance - In Q1 2025, SalMar reported an operational EBIT of NOK 798 million with a harvest volume of 42,700 tonnes, resulting in an operational EBIT per kg of NOK 18.7 [7] - The harvest volume for Norway was 40,400 tonnes, with an operational EBIT of NOK 852 million, translating to NOK 21.1 per kg [7] - The first quarter was characterized by low harvest volumes, primarily due to late harvesting and fish welfare considerations, leading to a high share of downgraded fish and negatively impacting price achievement [7] Future Outlook - For 2025, SalMar expects a total harvest volume of 294,000 tonnes, representing a 17% growth compared to 2024, with specific contributions from Norway, SalMar Ocean, Iceland, and Scottish Sea Farms [5] - The company anticipates strong demand for its products despite global market uncertainties and expects lower global supply growth in the latter half of 2025 [6]

Core Insights - Mowi reported operating revenues of EUR 1.36 billion and an operational profit of EUR 214 million in Q1 2025, showing an increase compared to the same quarter last year due to strong biological and operational performance [1][2] - The company harvested 108,000 tonnes in Q1 2025, a 12% increase year-on-year, and maintains a harvest volume guidance of 530,000 tonnes for the year, projecting a 6% annual growth [3][5] - Mowi's feed segment also performed well, contributing to the overall growth in harvest volumes, with record-high earnings and sold volumes for the first quarter [7][8] Financial Performance - Mowi's operational profit of EUR 214 million reflects strong performance driven by high harvest volumes and improved cost management [1] - The company plans to pay a quarterly dividend of NOK 1.70 per share, indicating confidence in its financial health [8] Market Dynamics - Global supply growth in Q1 2025 was 13% in Europe and 8% globally, attributed to a one-off correction after three years of challenging biological conditions [6][7] - Demand for salmon remained strong across Europe, the Americas, and Asia, although high supply growth has put pressure on market prices [6] Strategic Initiatives - Mowi's strategic focus on volume growth across the value chain is evident, with a projected increase in harvest volumes from 375,000 tonnes in 2018 to 600,000 tonnes by the end of 2026, representing a CAGR of 5.1% [5] - The company has increased its ownership of Nova Sea from 49% to 95%, which is expected to further enhance its harvest capacity [3]

Company Overview - Kaldvik AS is a leading salmon farmer in Iceland, known for its fully integrated value chain from hatchery to sales, which allows the company to offer sustainable premium products [1] - Kaldvik AS is dual-listed on Euronext Growth Oslo and First North Iceland Growth Market [1] Q1 2025 Harvest Data - The harvested volume for Q1 2025 was reported at 6.383 tonnes gutted weight (GWT) [1] - A complete report for Q1 2025 is scheduled for publication on May 21, 2025 [1]

Consolidated Harvest Volumes - Total consolidated harvest volumes for Q1 2025 reached 42.7 thousand tonnes gutted weight [1] - Breakdown of harvest volumes includes: - Farming Central Norway: 21.1 thousand tonnes - Farming Northern Norway: 19.3 thousand tonnes - SalMar Ocean: 1.2 thousand tonnes - Icelandic Salmon: 1.1 thousand tonnes [1] Focus on Biomass and Harvest Timing - The company has focused on building biomass during the period, resulting in most of the volume being harvested late in the quarter [1] - There was also a necessity to harvest fish due to fish welfare considerations [1] Upcoming Financial Reporting - The Q1 2025 report is scheduled for release on Tuesday, 20 May at 06:30 CEST [2] - Following the report, a presentation will be available through Norwegian webcast at 08:00 CEST and an English webcast recording at 10:00 CEST [2]