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]

Norwegian seafood giant Mowi reported a record year for sales and is confident of repeating the endeavour in the new year. The salmon processer posted annual sales of €5.73bn ($6.80bn) in 2025 based on all-time high harvest volumes of 559,000 tonnes. Fourth-quarter volumes of 152,000 tonnes were also judged as a seasonal high, Mowi said. CEO Ivan Vindheim said: “2025 marked yet another record harvest year for Mowi and we expect to continue down this path by harvesting 605,000 tonnes in 2026. This repre ...

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].

Core Viewpoint - Lerøy Seafood Group ASA is hosting its Capital Markets Days on March 2 and 3, 2026, to engage with investors, analysts, and stakeholders [1] Group 1: Management Presentations - Management will outline the Group's strategic priorities, targets for 2030, operational developments, and capital allocation priorities during presentations at the headquarters in Bergen, Norway on March 2 [2] - A live webcast will be available for those unable to attend in person, including a Q&A session for digital question submissions [2] Group 2: Tour of Operations - Participants will have the opportunity to join a guided tour of Lerøy's salmon and trout operations at Lerøy Sjøtroll in Austevoll on March 3 [3] Group 3: Participation Details - The management presentations will start at 13:00 on March 2, with lunch served from 12:00 [4] - Common transportation will be provided from Lerøy's headquarters to Lerøy Sjøtroll on March 2, with return transportation to Bergen on March 3 [4] - Interested participants must complete a request form for physical attendance by February 2, with limited capacity for in-person participation [5]

Core Viewpoint - Kaldvik AS is facing potential financial covenant breaches due to negative factors impacting its outlook for Q1 2026, including early harvest and declining salmon prices [1][2] Group 1: Financial Performance and Outlook - The Company reported Q3 2025 results on 21 November 2025, which indicated a deteriorating outlook for Q1 2026 [1] - External factors, particularly a reduction in salmon prices, have contributed to the Company's challenging financial situation [1] - The Company is at risk of breaching one or more financial covenants in its senior bank debt facility in Q1 or later in 2026 [1] Group 2: Actions and Communication - In anticipation of a potential covenant breach, the Company has begun discussions with its lenders to request a covenant waiver [2] - The Company will provide further updates as material developments occur [2] Group 3: Company Overview - Kaldvik AS is the leading salmon farmer in Iceland, with a fully integrated value chain from hatchery to sales [3] - The Company is dual-listed on Euronext Growth Oslo and First North Iceland Growth Market [3] - Kaldvik AS focuses on providing sustainable premium products to its customers [3]

Core Viewpoint - SalMar ASA has issued 209,402 new shares as part of the acquisition of 49% of Øylaks MTB AS, reflecting the company's strategic expansion in the salmon industry [1] Group 1: Share Capital Increase - The share capital increase related to the issuance of the new shares has been registered with the Norwegian Register of Business Enterprises [2] - The new share capital of SalMar is NOK 33,899,229.25, divided into 135,596,917 shares, each with a par value of NOK 0.25 [2] Group 2: Company Overview - SalMar is recognized as one of the world's largest and most efficient producers of salmon, with farming operations in Central Norway, Northern Norway, Offshore, and Iceland [2] - The company also has significant harvesting and secondary processing operations and owns 50% of Scottish Sea Farms Ltd [2]

Core Insights - Norway achieved record seafood export sales in 2025, with total exports reaching 2.8 million tonnes valued at Nkr181.5 billion ($17.9 billion), marking a 4% increase from 2024 [1] - Salmon exports were the primary contributor, with 1,414,909 tonnes exported worth Nkr124.7 billion, a 2% increase in value from 2024 [1] Export Markets - The US accounted for 9% of total exports, the highest share since 1989, although tariffs introduced in April and August raised duties on Norwegian seafood to 15% or more [2] - Exports to the US surged by 55% in Q1 2025 compared to Q1 2024 but saw a 1% decline in Q4 2025 [2] - Poland remained the largest single market in Europe for the 12th consecutive year, despite Europe's share of export sales in value terms decreasing from 67% to 63% [4] Growth in Specific Markets - China experienced the highest value growth, with exports rising 59% to Nkr12.3 billion, moving from sixth to third place in 2025 [4] - Salmon exports to China were valued at Nkr8.1 billion, with volumes increasing by 99% year-on-year to 90,906 tonnes [4][5] - The volume of salmon exported to China was twice as high as the previous year, driven by strong demand and a shift in purchasing patterns [5] Other Seafood Categories - Trout farming also performed well, with Norway exporting 86,903 tonnes of trout worth Nkr7.4 billion in 2025, reflecting a 16% increase in volume and a 10% increase in value [5]

Harvest Volumes of Salmon and Trout - Total harvest volume of salmon and trout for Q4 2025 was 49,300 GWT, a decrease from 56,800 GWT in Q4 2024 [1] - For the full year 2025, harvested volume of salmon and trout was 195,600 GWT, an increase from 171,200 GWT in 2024 [1] - Harvest volumes by region/company for Q4 2025 included Lerøy Aurora at 16.4 GWT (up from 15.4 GWT), Lerøy Midt at 16.2 GWT (down from 22.6 GWT), and Lerøy Sjøtroll at 16.8 GWT (down from 18.8 GWT) [1] Catch Volumes of Wildfish - Total wild catch volumes in Lerøy Havfisk for Q4 2025 were 7.6 thousand tonnes, down from 9.8 thousand tonnes in Q4 2024 [2] - The catch volume for 2025 was 57,700 tonnes, a decrease from 65,000 tonnes in 2024 [2] Upcoming Report - The complete Q4 2025 report will be released on 24 February at 06:30 CET [3]

Group 1 - Captain Fresh has put its IPO application on hold to expedite the closure of an acquisition, reportedly of Spanish tuna company Frime [1][2] - The company has received regulatory approval for the acquisition and is in the final steps of the transaction, which is expected to significantly enhance its global market position [2][3] - Captain Fresh has stated that its IPO roadmap remains unaffected and it is committed to its original listing timelines, planning to file a fresh IPO once the acquisition is completed [3] Group 2 - In the first six months of its 2026 financial year, Captain Fresh has substantially surpassed its previous full-year EBITDA and PAT, indicating significant margin expansion and a path of profitable growth [4] - Founded in 2020, Captain Fresh has evolved from a technology-driven platform to a branded seafood player, with a portfolio that includes shrimp, salmon, crab, and lobster [4][5] - The company has made several acquisitions, including CenSea and Ocean Garden, which have expanded its product offerings and market reach [5][6]