Company Overview - Mowi ASA is one of the world's leading seafood companies and the largest producer of farm-raised Atlantic salmon, with an estimated harvest of 605,000 tonnes in 2026 from seven countries [2][3] - The company is headquartered in Bergen, Norway, employs 12,300 people across 26 countries, and is listed on the Oslo Stock Exchange [3] - Mowi reported a turnover of EUR 5.6 billion in 2024 [3] Sustainability and Market Position - Mowi is recognized as the most sustainable listed animal protein producer globally, according to Coller FAIRR [3] - The company operates under its own MOWI brand, providing high-quality salmon and other seafood to consumers worldwide [3] Financial Activities - Mowi has mandated several banks to arrange a series of fixed income investor meetings, indicating potential future NOK-denominated senior unsecured green bond issues, swapped to EUR, with a minimum tenor of 5 years [1][2] - The issuance of these bonds is subject to market conditions [2]

Core Insights - The company reported a weaker performance across all segments in the third quarter, primarily due to biological challenges in Leroy caused by high sea temperatures and increased sea lice pressure, along with significantly lower salmon spot prices [2] - The pelagic activity also faced margin pressure, particularly in fish and marine oil products, impacting results in both South America and the North Atlantic [2] Financial Performance - Revenue for the third quarter was just over NOK 10 billion, with an EBITDA of NOK 652 million and an EBIT of NOK 73 million [3] - Including 50% of the EBITDA from Pelagia, the total EBITDA amounts to just under NOK 800 million [3] Market Insights - The presentation will provide insights into the different markets the company operates in, although specific details were not disclosed in the provided excerpts [1]

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]

Core Insights - SalMar reported a record high harvest volume and activity level in Q3 2025, indicating robust operational performance despite lower salmon prices [2][3]. Company Performance - The company expressed satisfaction with the financial results for Q3 2025, which improved compared to the previous quarter [3]. - Employees across the value chain worked continuously to ensure effective operations, including lice treatments and readiness of farming sites and processing plants [2][3]. Future Outlook - SalMar is laying the groundwork for increased volumes in 2026 and aims to reduce cost levels moving forward [3]. - The presentation will cover highlights, segment performance, and focus on volume projections for 2026 and new units for post-smolt production at sea [4].

Financial Data and Key Metrics Changes - CAVA's revenue in Q3 2025 grew 20% year over year to $289.8 million and 66.8% compared to Q3 2023 [19][6] - Same restaurant sales increased 1.9%, with guest traffic approximately flat [19][7] - Adjusted EBITDA for Q3 was $40 million, a 19.6% increase versus Q3 2024 [22] - Net income reported was $14.7 million, with diluted EPS at 12 cents [23] - Year-to-date free cash flow was $23.3 million [24] Business Line Data and Key Metrics Changes - CAVA opened 17 net new restaurants, bringing the total to 415 locations [19][9] - Restaurant-level profit margin was 24.6%, compared to 25.6% in Q3 2024 [20] - Food, beverage, and packaging costs were 30.1% of revenue, reflecting a slight increase due to tariffs and new menu items [20] - Labor costs were 25.5% of revenue, reflecting a 2% wage increase [20] Market Data and Key Metrics Changes - CAVA's same restaurant sales growth accelerated by 350 basis points to 20% on a two-year basis [19][31] - The overall restaurant industry has seen a decline in transactions by 7% since 2019, while CAVA has grown transactions in the mid-20s [58] Company Strategy and Development Direction - CAVA aims to expand its Mediterranean cuisine across the U.S., focusing on community engagement and brand loyalty [6][8] - The company is investing in technology and operational improvements to enhance guest experiences and streamline operations [14][13] - CAVA plans to introduce new menu items, including salmon, and expand its catering test in 2026 [45][10] Management's Comments on Operating Environment and Future Outlook - Management acknowledges macroeconomic pressures affecting consumer spending, particularly among younger demographics [8][56] - Despite challenges, CAVA remains confident in its long-term structural health and market share growth [25][26] - The company anticipates 68-70 net new restaurant openings in 2025 and same restaurant sales growth of 3%-4% [24] Other Important Information - CAVA's loyalty program has grown by approximately 36% since its relaunch, enhancing guest engagement [12][58] - The company has zero debt and $387.7 million in cash and investments, with access to a $75 million undrawn revolver [23][24] Q&A Session Summary Question: Impact of honeymoon dynamics on same-store sales - Management noted that honeymoon impacts remain similar to previous quarters, with macroeconomic pressures being the primary concern [30][31] Question: Performance of salmon test - The salmon test has shown broad-based appeal and is expected to launch in late spring 2026 if current trends continue [37] Question: Changes in operations leadership - Leadership changes were made to proactively address future business needs and enhance guest experiences [40] Question: Traffic-driving initiatives for the next year - CAVA plans to innovate with pita chips and expand catering tests, alongside efficient marketing strategies [45] Question: Value perception among non-CAVA users - CAVA's value perception is strong, supported by biannual brand health surveys and third-party research [78] Question: Technology's role in improving throughput and guest frequency - Technology, including the kitchen display system, is expected to enhance order accuracy and improve guest experiences [82]

Financial Data and Key Metrics Changes - CAVA's revenue in Q3 2025 grew 20% year over year to $289.8 million and 66.8% compared to Q3 2023 [19][20] - Same restaurant sales increased 1.9%, with guest traffic approximately flat [19][20] - Adjusted EBITDA for Q3 was $40 million, a 19.6% increase versus Q3 2024 [22] - Net income reported was $14.7 million, with diluted EPS at 12 cents [23] - Year-to-date free cash flow was $23.3 million [24] Business Line Data and Key Metrics Changes - CAVA opened 17 net new restaurants, bringing the total to 415 locations [19][20] - Restaurant-level profit margin was 24.6%, down from 25.6% in Q3 2024 [20] - Food, beverage, and packaging costs were 30.1% of revenue, reflecting a slight increase due to tariffs and new menu items [20][21] Market Data and Key Metrics Changes - CAVA's same restaurant sales growth accelerated by 350 basis points to 20% on a two-year basis [19][20] - The company has maintained and increased market share despite overall restaurant industry sales growth [7][19] Company Strategy and Development Direction - CAVA aims to expand its Mediterranean cuisine across the U.S. while enhancing guest loyalty and operational integrity [6][9] - The company is focusing on culinary innovation, including the introduction of Chicken Shawarma and a salmon offering [10][11] - Project Soul, a restaurant redesign initiative, aims to create welcoming dining environments [9] Management's Comments on Operating Environment and Future Outlook - Management acknowledges macroeconomic pressures affecting consumer spending, particularly among younger demographics [8][56] - Despite challenges, CAVA remains confident in its long-term structural health and market positioning [25][26] - The company anticipates 68-70 net new restaurant openings in 2025 and same restaurant sales growth of 3%-4% [24] Other Important Information - CAVA's loyalty program has grown by approximately 36% since its relaunch, enhancing guest engagement [12][58] - The company has zero debt and $387.7 million in cash and investments, with access to a $75 million undrawn revolver [23][24] Q&A Session Summary Question: Impact of honeymoon phase on same-store sales - Management indicated that the honeymoon impact remains similar to previous quarters, with macroeconomic pressures being the primary concern [30][31] Question: Performance of salmon test - The salmon test has shown broad-based appeal and is expected to launch in late spring 2026 if current trends continue [37] Question: Changes in operations leadership - The leadership change was proactive to align capabilities with future growth, focusing on delivering exceptional guest experiences [40] Question: Future traffic-driving initiatives - CAVA plans to expand its pita chip innovation and catering tests, alongside enhancing marketing efforts [45] Question: Value perception among non-CAVA users - CAVA's value perception is strong, supported by biannual brand health surveys and third-party research [78] Question: Technology's role in improving service - The new kitchen display system is expected to enhance order accuracy and improve throughput, positively impacting guest frequency [82] Question: Expectations for restaurant-level margins - Management is focused on sustainable margin expansion while investing in labor and guest experience [92][93]

Financial Data and Key Metrics Changes - CAVA's revenue in Q3 2025 grew 20% year-over-year to $289.8 million and 66.8% compared to Q3 2023 [19] - Same restaurant sales growth was 1.9%, with guest traffic approximately flat [19] - Adjusted EBITDA for Q3 was $40 million, a 19.6% increase versus Q3 2024 [23] - Net income reported was $14.7 million, with diluted EPS at 12 cents [24] - Year-to-date free cash flow was $23.3 million [25] Business Line Data and Key Metrics Changes - CAVA opened 17 net new restaurants, bringing the total to 415 locations [19] - Restaurant-level profit margin was 24.6%, compared to 25.6% in Q3 2024 [20] - Food, beverage, and packaging costs were 30.1% of revenue, reflecting a slight increase due to tariffs and new menu items [20] - Labor costs were 25.5% of revenue, reflecting a 2% wage increase [20] Market Data and Key Metrics Changes - CAVA's same restaurant sales accelerated by 350 basis points to 20% on a two-year basis [19] - The restaurant industry has seen a 7% decline in transactions since 2019, while CAVA has grown transactions in the mid-20s [42] Company Strategy and Development Direction - CAVA aims to expand its Mediterranean cuisine across the U.S. while enhancing guest loyalty and operational integrity [5][8] - The company is focusing on culinary innovation, including the introduction of Chicken Shawarma and a salmon offering [10][11] - CAVA is investing in technology to improve guest experiences, including a new kitchen display system [14][51] Management's Comments on Operating Environment and Future Outlook - Management acknowledged macroeconomic pressures affecting consumer spending but remains confident in the brand's resilience and market share growth [5][26] - The company expects to open 68-70 new restaurants in 2025 and anticipates same restaurant sales growth of 3%-4% [25][27] - Management emphasized the importance of delivering exceptional guest experiences to drive long-term traffic and competitive advantage [33][56] Other Important Information - CAVA's loyalty program has grown by approximately 36% since its relaunch, enhancing guest engagement [12][42] - The company has zero debt and $387.7 million in cash and investments, providing a strong liquidity position [24] Q&A Session Summary Question: Changes in same-store sales dynamics - Management noted that the honeymoon impact remains similar to previous quarters, with macro pressures being the primary concern [29] Question: Performance of the salmon test - The salmon offering has shown broad appeal and is expected to launch more widely in late spring 2026 if current trends continue [31] Question: Leadership changes in operations - The leadership transition was proactive to ensure the company is prepared for future growth and operational integrity [32] Question: Pipeline of traffic-driving initiatives - Management highlighted upcoming innovations in pita chips and catering tests, along with efficient marketing strategies [34] Question: Value perception among non-CAVA users - CAVA's value perception remains strong, supported by biannual brand health surveys and third-party research [47] Question: Technology's impact on throughput and guest frequency - The new kitchen display system has improved order accuracy and guest satisfaction, which correlates with increased sales [52]

Consolidated Harvest Volumes - Total consolidated harvest volumes for Q3 2025 amount to 93.2 thousand tonnes gutted weight [1] - Breakdown of harvest volumes includes: - Farming Central Norway: 47.0 thousand tonnes - Farming Northern Norway: 42.5 thousand tonnes - SalMar Ocean: 0 thousand tonnes - Icelandic Salmon: 3.8 thousand tonnes [1] Upcoming Report and Presentation - The Q3 2025 report is scheduled for release on Thursday, 6 November at 06:30 CET [1] - A presentation will follow, available through Norwegian webcast at 08:00 CET and English webcast (recording) at 10:00 CET [1]

Harvest Volumes of Salmon and Trout - Total harvest volume of salmon and trout for Q3 2025 was 59,100 GWT, an increase from 51,400 GWT in Q3 2024, indicating a growth in production [1] - Harvest volumes by region/company for Q3 2025 include: - Lerøy Aurora: 20.1 GWT (up from 17.6 GWT in Q3 2024) - Lerøy Midt: 21.4 GWT (up from 16.9 GWT in Q3 2024) - Lerøy Sjøtroll: 17.6 GWT (of which 10.4 GWT was trout, compared to 16.8 GWT in Q3 2024, of which 6.8 GWT was trout) [1] Catch Volumes of Wildfish - Total wild catch volumes in Lerøy Havfisk for Q3 2025 were 13.5 thousand tonnes, slightly up from 13.3 thousand tonnes in Q3 2024 - Cod catch in Q3 2025 was 1.2 thousand tonnes, down from 1.5 thousand tonnes in Q3 2024 [1]

Core Insights - CAVA Group, Inc. is establishing itself as a leader in the fast-casual Mediterranean dining sector, showing significant growth in revenue and profitability [1][4] Financial Performance - In Q2 2025, CAVA's revenues increased by 20.3% year-over-year to $278.2 million, with same-restaurant sales rising by 2.1% [1][9] - The company achieved a restaurant-level profit margin of 26.3% and net income of $18.4 million [1] - CAVA's forward price-to-sales ratio stands at 5.37X, which is above the industry average of 3.59X [10] Growth Strategy - CAVA's growth strategy focuses on aggressive expansion and menu innovation, currently operating nearly 400 restaurants across 28 states [2] - New restaurant openings are exceeding sales expectations, with recent cohorts averaging above $3 million in unit volumes, surpassing the company's target of $2.3 million [2] - Management aims to reach at least 1,000 locations by 2032, highlighting the brand's broad consumer appeal [2] Menu Innovation - CAVA is set to roll out chicken shawarma nationwide this fall, alongside testing salmon and expanding its pita chip offerings [3] - These menu innovations aim to diversify protein choices and keep customers engaged with fresh offerings that balance health, flavor, and value [3] Operational Investments - The company is investing in kitchen display systems, AI-driven food preparation, and new oven technology to enhance consistency and guest experience [4] - With strong cash reserves and no debt, CAVA is well-positioned to benefit from the Mediterranean dining trend [4] Competitive Landscape - CAVA faces competition from Chipotle Mexican Grill, which has over 3,500 units and a strong digital ecosystem [5] - Sweetgreen, although smaller, competes directly in urban areas with a focus on sustainability and technology-enabled ordering [6] Valuation and Earnings Estimates - The Zacks Consensus Estimate for CAVA's earnings per share (EPS) indicates a year-over-year increase of 33.3% for 2025 and 18.8% for 2026 [12] - EPS estimates for 2025 and 2026 have seen a decline in the past 60 days [12]