Then I think we'll start, Bjørn.

Thank you, Edvin, and thank you all for taking time to watch this Quarter 4 presentation for Icelandic Salmon. My name is Bjørn Hembre, and with me today I have our CFO, Edvin Aspli.

After the presentation, there will be a Q&A session where you can ask questions by raising your virtual hand in Teams, or you can type your questions in the chat. First, a brief overview of Icelandic Salmon.

We are a company that is listed on the Euronext Growth market in Oslo, and the Nasdaq First North in Reykjavik. The company is the sole owner and parent company of Arnarlax, AHF, and all operational activities in the group are performed in Arnarlax AHF.

We are present throughout the value chain from smolt to sales. We have four smolt facilities with a capacity to supply us with up to 25 to 30,000 ton of harvested volume.

We have our farming operations in the Westfjords of Iceland with a total maximum allowed biomass of 23,700 tons. All our production is ASC certified.

We have our harvesting facility in Bíldudalur in the Westfjords with a capacity of 30,000 ton per year. The harvesting facility itself is BRCGS certified, which is a food safety standard.

Then we have our own sales team located in Reykjavik that sells all our products out into the markets. Now let's take a look at the highlights from Quarter 4 '24.

It was a positive biological and financial development at the end of 2025. Sorry, I said, yeah, '25.

This was driven by several things. That we started harvesting on the spring '24 generation, which have had a good biological development and a significant lower cost level than the 2023 generation.

Secondly, the temperature in sea have been above normal and given a good growth on the biomass, which at the end of the quarter was all-time high. This means the utilization of the MIB is increasing, and that gives positive scale effects on general cost levels.

The biomass at the end of Quarter 4 was at 18,000 ton, which is 40% higher than year-end 2024. The temperature in Q4 '25 was 1.3° above Q4 in 2024.

[coughs] Sorry. Harvested volume in the quarter ended at 3,800 tons, and 12,700 tons for the full year.

For the full year, that's 300 tons below guiding, and that is due to movement of volumes into Quarter 1. The harvest volume was from finalizing the '23 generation, but mainly from the spring 2024 generation.

The operational EBIT for the quarter ended at €2.6 million, and -€18.1 million for the full year. Operational EBIT per kilo ended for the quarter at 70 eurocents per kilo.

There was a positive effect of non-operational character in the quarter. There was a ruling in the National Tax Committee where we had claimed a refund of paid tax of €2.5 million plus interest, and the committee supported our claim.

Secondly, a write-down on biomass from Quarter 3 was partly reversed based on new data points, with a positive effect of €600,000. I will then give the word to our CFO, Edvin Aspli, take the screen, Edvin.

Thank you, Bjørn, and good morning, everyone. When it comes to the group's balance, the total assets increased by 10 million to 278 million in the fourth quarter.

This was mainly driven by a stronger equity position, with equity ratio increasing to 45%. A key contributor there was the fair value adjustment of 7.5 million, but more importantly, a long-awaited positive net result for the quarter.

The net interest-bearing debt, including leasing, ended at 129 million. Finally, the available liquidity amounted to 43 million at the end of the fourth quarter.

As mentioned in our last presentation, under the updated loan agreements, both the interest coverage ratio and the leverage covenants are waived throughout the fourth quarter of 2026. In addition, a new minimum liquidity covenant was introduced, set at €10 million, including cash, revolving facilities, and overdraft.

Equity ratio covenant remained unchanged at 35%. Overall, the positive end to the year with a strengthened equity position reduced the short-term pressure related to the covenant compliance into 2026.

On the next slide, we have the development in the net interest-bearing debt during the quarter. It increased by 5.9 million, while the isolated increase in net debt was 7.5 million.

This was mainly driven by a considerable increase in working capital following a very strong production due to the high temperatures that Bjørn mentioned, combined with a record-high biomass level. The positive operational result of 7 million in the quarter partly offset this increase.

In addition, we recognized this positive effect from the favorable court ruling related to the earlier tax case following the Fjardalax merger that also Bjørn mentioned in the introduction. The case concerned whether Arnarlax could utilize the tax losses from the Fjardalax merger.

As a result of the ruling, the group received a refund of 2.5 million in previously paid taxes in December plus interest. For other cash movements, investments were in line with expectations at 0.7 million, and leasing assets continue to decline with a reduction of 1.6 million.

We also recognized some additional financing costs in the quarter related to the updated loan agreements. With that, I think we conclude the group's financials, and I will hand the word back to you, Bjørn.

Thank you, Edvin. [clears throat] Take a brief update on sales and market.

There was a positive development in the market price from Quarter 3 to Quarter 4, and for the sold volume within the company, the price was up 76 eurocents per kilo between quarters. There is still a good price achievements by our sales team compared to the market price, underbuilding the strategic move to sell all our fish ourselves.

The volume sold to North America decreased from 21% in Quarter 3 to 15% in Quarter 4. This was partly driven by tariffs into the US market, but also the fact that we had a lower share of 6 kg plus fish in the harvested volume.

It seems like the general low price in Q3 compensated for the tariffs, but with increasing prices we could see a more effect of the tariffs into the US market. The access to 6 kg plus fish also reduced the volumes into the Asian market, which went from 23% in Quarter 3 to 16% in Quarter 4.

This means that approximately 70% of our volumes goes into the European market in Quarter 4. For full year '25, 15% of the sold volume went to North America, which is the same as '24, and into the Asian market, we sold 14% in '25, and that is up 1% compared to 2024.

The contract share for Quarter 4 ended at 2%, which was also the number for the full year 2025. [clears throat] So if we look a bit into the future, as we see it, there is still a satisfying trend when it comes to both operational and financial performance.

What has been positive for the biology is, of course, the mentioned high temperatures in sea, and we see that is continuing into Quarter 1. This has given a good growth on the before-mentioned all-time high biomass.

Other positive things to mention is that we had strong signals that the winter wound vaccine that was implemented on the 2024 generation have a good effect. Implementation of our smolt strategy also seem to have a good effect, and the main item there is to secure that we have a good weight on the fish the first winter it in sea.

Historical data shows a significant correlation between size of fish going into first winter in sea and the survival ratio that winter. This means that the focus is now not to have as big smolt as possible early in the season of the output, but more to secure a sufficient weight on the smolts that we put out later in the smolt season.

The operational organization have worked hard to improve operational procedures that we now start to see a positive effect of, both biologically and financially. This includes a cost-saving project that was implemented in Quarter 3, and is a continuous work going forward with a changed cost culture.

It can be observed material effects of this cost-saving program already. [coughs] Sorry.

The winter season is the most challenging time of the year in Iceland, but we see a satisfying biology, even though we have to do some selective cage harvesting to manage performance and mitigate winter risk. This means that part of the harvested volume in Quarter 1 will be relatively small fish from the autumn fish output of 2024.

This will have a negative cost effect in Quarter 1, but we expect a general cost decrease for 2026 compared to 2025. The CAPEX of '26 is expected to be €4.77 million, and this is mainly related to maintenance CAPEX.

It is expected that it will also be a build-up of biomass for the full year 2026 due to better [clears throat] MIB utilization. Expect part of 2026 to reach full MIB utilization for the first time in our operational history.

The contract share for Quarter 1 is expected to be 10%, and also 10% for the full year '26. The harvest profile will be a bit backloaded, and contracts is expected to give a positive contribution to general price achievement.

There's still a strong demand for Icelandic salmon in the market, and the market prices have been quite low in the beginning of 2026, but we expect them to strengthen in February and March, and also into Quarter 2. The new aquaculture law have been put out for hearing, and the hearing period is over.

The ministry received over 900 comments to the law, but a big part of that is sent in as a part of campaigns against the salmon farming, where the comments have exactly the same wording. It has been pointed out by the Minister of Industry that surprisingly many of the comments are of foreign origin.

There was many positive proposals in the new law from an industry perspective, and the companies have been able to unify on common comments on most of the content in the law. The big picture is that there will be a potential to grow the industry within a sustainable framework, and that tax levels should be at a compatible level to other salmon farming nations.

The plan further on the new aquaculture law is that the ministry will send the revised law proposal over to Althingi this month, in February 2026. I didn't mention the volume guidance for '26 specifically, but that is 21,300 tons, with the increase of the 300 tons from previous guiding with the volume we moved into Quarter 1.

[clears throat] We still see a potential of harvesting 26,000 ton on our existing licenses as they are today, and take a big step towards that with reaching 21,300 tons in '26, which is an increase of 67% from 2025. Most CAPEX is made to reach the goal of 26,000 ton.

I will then thank you all for listening to our presentation, and we will now move directly into the Q&A session. Please raise your virtual hand if you want to ask a question, or you can send the question in the chat.

Thank you so far.

All right. As Bjørn mentioned, you could either raise your hand, and I will unmute you if you want to ask questions, or you can just type them in the chat.

I see that we have already a question here from Kristoffer Haugland. The first one is, "You guide on significantly higher volumes in Quarter 1 '26 versus Quarter 1 '25, which was 1,100 tons.

Does that mean 2,000 tons of harvest, or 3,000 tons of harvest?"

We haven't maybe guided specifically on the quarter, so, but it means higher volume in Quarter 1 this year, yeah. We haven't specified that number.

Next one, "How should we think about Quarter 2 harvest and the total distribution of first half versus second half? Every year has been around 40 to 60, 40%, 60%, except 2024, which was 30 to 70%."

Let me do a quick calculation. Also, it will be quite similar between 35 and 40% in the first half, and, yeah, the rest in the second half.

A final question from Kristoffer, "How do you see the risk of BKD in 2026 versus recent years?"

I can comment very specific on that, and that is the risk mitigating measure we are doing now with early harvest on the autumn '24, '24 generation so that we take out the BKD-infected fish we have, as we speak.

On to the next one, a question from Yngve, "The new aquaculture law implications for your tax expectations going forward, will it imply effect of tax cost in 2026?" I can comment on that, and it's still too early to say, but the indications is that there will be a reduction in taxes, but I don't think we should conclude anything now as nothing is confirmed yet.

We could say that the ministry have stated that the taxes should be at a compatible level to other nations, yeah.

Next one, a question from Urata: "Will you release 6 million smolts or more in 2026? If not, how many will be released?"

We will not release 6 million smolts in 2026, we will be at approximately 5.4 million.

Next question from Bjørn: "Are you seeing significant improvements in market pricing, or is it Quarter 4 versus Quarter 3 improvement more of a seasonal origin?"

Of course, [clears throat] there was high expectations for prices going into 2026. Then this high temperature that we see in Iceland was also the same situation for basically rest of Europe and Norway, which gave a good production and higher volumes into the market.

We expect when temperatures now are normalized more in Norway with long periods of cold weather that the supply to the market will decrease, and that we will see an increased price in especially rest of first half of the year, maybe more uncertain about second half of the year.

Another question from Urata: "How do you see contract prices for '26 compared to '25?"

Of course, the kind of general guidance for a contract price is, of course, the forward prices. And [clears throat] we see that we have better expectations for 2026 than we had at this time in 2025, and that also means higher contract prices.

One final question maybe from [unclear]: "You mentioned the importance of having larger smolts released to sea for the first winter. How large do you estimate to have the smolts once released?

Will you need to invest in a new smolt facility, or are you capable of raising the smolts to your preferred size in your current facilities?"

It is something that we can do within our existing facilities. Basically we are taking down the average weight on the biggest smolts in the start of the smolt season from maybe 700 g to 500 g to be able to reach approximately 200 g, or could say 180 to 200 g, at the end of the season.

Because we need to get this fish up to 600 g before we reach January. We see that there is a kind of a break point: if you reach 600 g, the survival ratio is significantly higher than if the fish is smaller.

We do it within existing facility, and it doesn't affect the number of smolts, it's more that it's a movement of size between early and late output.

Another question from Yngve: "Are you expecting any new licenses granted in 2026?"

We usually used to mention the licenses in the presentation. We have still the two applications for 4,500 tons in Arnarfjörður in the system, and we also have the 10,000 ton application in Ísafjarðardjúp.

It is still in progress, and we hope that we will see a result of, especially the 10,000 ton in Ísafjörður this year, which is of course signaled that it probably is there a license. We hope that this will be sorted out in relation to when the new law is launched.

Since we have been trying to give dates for this for so many years, we have decided not to kind of mention it specifically in the presentation, but since you're asking, that is the answer.

All right. We still have a couple minutes left.

Any more questions at the end? No, I don't see any more questions.

Then I think we conclude, Bjørn.

Yeah. Thank you all for showing up, and have a great day.

Thank you.