Core Viewpoint - JBS NV has shown strong financial performance, leading to a rally in its stock price, reaching a 7-month high, driven by significant growth in net income and sales [1]. Financial Performance - JBS NV's attributable net income increased by 14.5% to $2.02 billion in 2024, up from $1.767 billion [1]. - Net sales rose by 11.66% to $86.18 billion from $77.18 billion year-on-year [1]. - In Q4, attributable net income was $415 million, slightly up from $413 million year-on-year, while net sales increased by 15.5% to $23.06 billion from $19.97 billion [2]. Business Unit Performance - JBS Beef North America reported record sales in both Q4 and full-year 2025, driven by strong US demand, despite rising cattle prices [3]. - In Brazil, higher prices helped offset increased cattle costs, with Q4 showing strong demand for barbecue cuts [3]. - Sales in Australia also increased due to higher prices in domestic and export markets, supported by increased volumes [4]. Company Overview - JBS NV is a global leader in protein and food processing, focusing on various products including processed beef, chicken, salmon, sheep, and pork [4].

Core Insights - JBS is committed to sustainable agriculture and aims to reduce environmental impact while ensuring food supply for the global population [1] - The company is a significant player in the global food industry, with a market capitalization of $16 billion and leading positions in poultry, beef, and pork production [3] Company Overview - Founded in Brazil in 1953, JBS has its headquarters in Sao Paulo and Amsterdam, employing over 280,000 people and operating more than 250 production facilities globally [2] - JBS has sales relationships with customers in over 180 countries, highlighting its extensive global reach [2] Financial Performance - In Q3 2025, JBS reported net sales of $22.6 billion, reflecting a 13% year-over-year increase [8] - The company's earnings per share (EPS) for Q3 was 52 cents, down 16% from Q3 2024, but it exceeded forecasts by 5 cents [8] Analyst Insights - UBS analyst Matheus Enfeldt is optimistic about JBS, projecting a price target of $19.50, indicating a potential share price increase of 28% [9] - The consensus rating for JBS is a Strong Buy, based on 5 recent positive analyst reviews, with a current trading price of $15.21 and an average price target of $20.75, suggesting a 36% upside [10]

Core Insights - Mowi has entered into a Transaction Agreement to acquire Torghatten Aqua AS's salmon farming seawater business, enhancing its presence in Northern Norway [1][3] - The acquisition includes 3.37 licenses, allowing for a maximum biomass of 2,628 tonnes, with an expected annual harvest of approximately 4,500 GWT [2] - Mowi will return its 33.34% stake in Torghatten Aqua to facilitate the development of its non-seawater operations, with a net cash consideration of NOK 293 million (EUR 26 million) payable upon closing [4] Company Overview - Mowi is a leading global seafood company and the largest producer of farm-raised Atlantic salmon, with an estimated harvest of 605,000 tonnes in 2026 from multiple countries [5][6] - The company is recognized for its sustainability, ranked as the most sustainable listed animal protein producer globally by Coller FAIRR [6] - Mowi operates with a workforce of 12,500 employees across 26 countries and reported a turnover of EUR 5.7 billion in 2025 [6]

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 Insights - SalMar experienced a financially weak year in 2025, but operationally and biologically, it showed strong performance with several positive developments [1][2] Financial Performance - Key indicators are improving, with record high biomass at sea and lower cost levels [3] - Financial performance is expected to improve as operational metrics show positive trends [2] Operational Highlights - The company harvested fish at the end of Q4 and in January with superior grades not seen in the last decade [3] - Mortality rates continue to decline, indicating better fish health and management practices [3] - Greenhouse gas emissions are significantly decreasing, reflecting the company's commitment to sustainability [3] Employee Engagement - The dedication and effort of employees have been crucial in navigating a challenging year, contributing to the company's operational success [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]

Core Insights - Mowi achieved record-high revenues of EUR 1.59 billion in Q4 2025 and EUR 5.73 billion for the full year, with harvest volumes reaching 559,000 tonnes, marking an annual growth of 11.4% [1][3] - The company expects to continue its growth trajectory, projecting a harvest of 605,000 tonnes in 2026, which represents an annual growth of 8.3% compared to the industry's expected growth of 1% [5] Financial Performance - Operational EBIT for Q4 2025 was EUR 213 million, while the full year operational EBIT reached EUR 727 million, yielding a return on capital employed of 13.3% [3] - Mowi Consumer Products division reported operational EBIT of EUR 197 million with record-high volumes of 265,000 tonnes for the year [6] Cost Management - Farming costs decreased by EUR 197 million in 2025, with expectations for further reductions in 2026 [2] Market Dynamics - Salmon prices increased in Q4 2025 after a year of low prices due to a 12% growth in supply [3] - Global demand for salmon showed positive growth, particularly in Asia and America, with Mowi expanding its brand presence to 23 countries [7] Strategic Initiatives - Mowi entered a strategic partnership with Nutreco-owned Skretting for feed production, expected to yield at least EUR 55 million in annualized net cost savings [11] - The company aims to redefine the salmon category and increased branded volumes by 30% in 2025 [8] Future Outlook - Supply growth in the salmon industry is expected to normalize to around 1% in 2026, with Mowi anticipating a tighter market balance going forward [9]

Core Viewpoint - SalMar is entering 2026 with strong operational performance, record-high biomass, and a lower cost level, positioning the company well to meet market demand for salmon [5]. Group 1: Financial Performance - In 2025, SalMar harvested a record 300,900 tonnes of salmon, marking the first time the Group exceeded 300,000 tonnes in a single year [7]. - Operational EBIT for Norway in Q4 2025 was NOK 1,843 million, with a harvest volume of 80,300 tonnes and an operational EBIT per kg of NOK 23.0 [7]. - For the Group, operational EBIT in Q4 2025 was NOK 1,834 million, with a total harvest volume of 84,100 tonnes and an operational EBIT per kg of NOK 21.8 [7]. - The board of directors proposed a cash dividend of NOK 10.00 per share for the financial year 2025 [7]. Group 2: Market Outlook - SalMar anticipates low global supply growth in 2026 following high supply growth in 2025, alongside strong demand for its products [3]. - The company maintains its volume guidance for 2026 at 296,000 tonnes in Norway, Ocean, and Iceland, while reducing Scottish Sea Farms by 2,000 tonnes to 43,000 tonnes [4]. - The total expected volume for the Group, adjusted for SalMar's share of Scottish Sea Farms, is 318,000 tonnes, representing a 6% increase in harvested volume compared to 2025 [4]. Group 3: Operational Developments - SalMar has invested significantly in the value chain over the years to enhance biological performance, expecting to lower investment levels to NOK 1.1 billion in 2026, primarily for maintenance [2]. - The company has achieved the highest share of superior quality salmon in 10 years, which supports strong future performance [3][5]. - Continued strong operational and biological performance in Norway is noted, with lower costs in the value chain contributing to improved results [7].