Then it's a pleasure for me to welcome you to the fourth-quarter presentation for Austevoll Seafood. I will first start by taking you through the highlights of the quarter.

Thereafter, I would go more in detail in the different segments we are operating within and also give some insights into the start of 2026. Britt Kathrine Drivenes, our CFO, will take you more in detail through the financial figures, and then I will end this presentation by taking you briefly through the different markets we are operating within.

Starting up, we have had quite good activity in all the segments in our group in fourth quarter. In Peru in particular, we had the second season in Peru.

Volumes were lower, but it's compensated by very good yields and also higher prices for fishmeal and fish oil into first quarter this year. We also caught approximately 40,000 tonnes in end of November and December in Chile.

We caught the remaining quota. We are satisfied with the performance there.

In the food segment of Pelagia, we were in the tail of the mackerel season and also executed the herring season in fourth quarter. Also we have had quite satisfactory biological development in fourth quarter compared with third quarter in 2025.

All in all, we are more in line in this quarter with the same quarter last year. Revenue of 9.4 billion NOK, EBITDA just south of 1.4 billion NOK, and an EBIT including income from associated on 700 million NOK.

In this quarter, the associated company contributed negative to the EBIT, and Britt will take you more in detail through that. If we take into account the 50% of our share in Pelagia, we had a EBITDA in this quarter in line with the EBITDA in the quarter of last year, around 1.5 billion NOK, whereas Lerøy is marginally better and the pelagic segments is marginally worse the same period last year.

Looking for the full-year figures: 39 billion NOK in revenue, EBITDA of 5.2, and an EBIT just south of 3 billion NOK. Total balance, total assets is 53 billion NOK, equity ratio 52, and net interest-bearing debt of 8.7.

If you look at the same exercise with 50% of the EBITDA of Pelagia, you see that we are delivering a lower volume in 2025 versus 2024. It's mainly explained by a lower contribution from the feed segments in Pelagia and also lower contribution from Peru as a consequence of falling fish oil prices during the year.

Also, when it comes to dividend, board is also suggesting 6.5 NOK, which is a similar dividend per share as in 2024. Austevoll Seafood is all about volumes.

This year, we are aiming to catch on our own vessels a volume of approximately 450,000 tonnes. When it comes to the pelagic factories, we are expecting a volume of 1,750,000 tonnes.

We are aiming to both catch and process in our fleet and land-based whitefish segment approximately 80,000 tonnes of whitefish. We are guiding on approximately 224,000 tonnes for salmon in 2026.

Then I will take you through more in detail through our presentation. When I had the presentation after the third quarter in November, the season were yet not announced.

We were guiding on a volume on 1.2, 1.3 million tonnes and it resulted in when the season started up a total quota of 1.6 million tonnes, which was caught by the end of January. Higher quota than expected, but lower quota than the same period last year, approximately 900,000 tonnes less.

Looking at the result, we had a good execution of the fishing season. Started up late November and finish in the middle of August.

The majority of the fishery was happening in around our factory in Coishco, mainly due to it was higher oil yield in that plant. We caught 113,000 tonnes, down from 170,000 tonnes same season last year.

The combined fish oil yield was much better. I would say all in all, the fish oil production were in line with the same fishing season in 2024/2025, although the volume were lower.

The combined fishmeal and fish oil yield was 29%, up from 27.4%. You can also see that the share of Super Prime and Prime quality was 82% versus 75% same period last year.

All in all, a good execution of the season, and it's also pleasant to observe that the prices going into first quarter 2026 is on a considerably higher level than it was in the same period in 2025. Also, we had a good production in the south, 100,000 tonnes we were purchasing during first half and second half of 2025.

Contribution were a bit lower than average due to falling fish oil prices, which were taking our margins down. However, if you look at same period this year, better balance between raw material purchase and fishmeal prices and hoping to have a better contribution in 2026.

Far this year, we have caught 51,000 tonnes, it's a pretty good start of the season. All in all, in the start of 2026, we are expecting lower volume of sale, but that's more than compensated by higher prices and also a good start in particular of fishmeal activity in the south.

Chile, we have a good fourth quarter in Chile. I would say when we started the fourth quarter, we had 41,000 tonnes to catch.

The fishing started in end November, and it has been a good catch period and also a good production. We have taken double of the volume we did same quarter in 2024.

All in all, a record year: 146,000 tonnes of jack mackerel and mackerel into our factory, it's the highest ever, and it's up from 133,000 tonnes in 2024. There is a change in legislation in Chile, meaning that it's a redistribution of quota from the industry to the coastal fishing vessels.

Before, we had 90%; now we will have 70%. The new quota will have an increase between 5.7 to 15% in 2025, and this will be concluded in March.

All in all, we will reduce our own quota down to 68 to 74% depending on the final quota set in 2026, which is down from 81,000 tonnes. Then we are planning to purchase approximately 58,000 tonnes from fishing vessels outside the 200 miles.

That's has also be implemented a new tax on approximately $90 per ton on that volume. I would say framework a bit change.

Condition is a bit worse for us, saying that I think it's also compensated by higher prices on end product at least as we observe it in the start of the season. When it comes to the North Atlantic pelagic quota, it's been quite stable from 2014 to 2024.

The two last year, you have seen that quota have been reducing with approximately a total of 1.4 million tonnes, which is a high reduction, mainly driven by a reduction in both mackerel and in blue whiting. Also the North Sea herring is down.

We have had an increase in the herring in the Norwegian Spring-spawning herring in the north. This is the basis for the raw material intake for Pelagia.

All other equal is, of course, negative when the raw material is going down from year to another. Saying that, in 2025 was also a reduction.

In addition, we had falling fish oil prices, meaning that the stock we started the year with had pressure margins. Also the start of the season where we produced fishmeal and fish oil was also hammered by falling fish oil prices, which reduced the margin in this segment.

All in all, volume-wise, we're happy with the intake. Again, all in all, in 2025, this segment in Pelagia were contributing to negative EBIT.

Normally this has been the segment which has been the most profitable for Pelagia. When it comes to the food segments in Pelagia and the season in fourth quarter has been marked by the tail of the mackerel season and also has been a good season for the Norwegian Spring-spawning herring.

All in all, raw material just south of last year, but I would say we are happy with the performance. They are delivering more or less in line with the same season in terms of result in fourth quarter 2024 if you take away the drop of volume in the same period.

In the quarter, revenue of 3.8 million NOK, EBITDA of 223 in line with the same EBITDA in fourth quarter 2024. If you look at full-year figures, you see that the revenue is 13.4 billion NOK, EBITDA of 847 million NOK.

It's down from 1.3 billion NOK, and it can be explained by falling fish oil prices and lower contribution from the feed segment of Pelagia. Hopefully we will hit the prices better this year.

Then to the salmon and whitefish: EBIT is in total 40 million NOK less than it was same period same quarter last year. Farming EBIT of 564.

You have Lerøy Havfisk, Lerøy Seafood, which has had a very good year consider the falling quotas. However, in fourth quarter, due to low volume and both for the fleet and also for the land-based factory, we had a negative contribution, but I would say more or less in line with what we expected.

Then it's pleasant also to see good contribution from VAP sales and distribution, around 317 million NOK. All in all, this segment has contributed to a total of 1 billion 290 million NOK in 2025, which is over the target we set in 2022.

Slaughter volume 49,000 tonnes: it's 16,000 tonnes in Lerøy Aurora, 16,000 tonnes in Lerøy Midt, and 17,000 tonnes in Lerøy Sjøtroll. EBIT per kilo: 17.9, 20 NOK per kilo in the north, 20 NOK per kilo in the Midt, and just below 14 NOK per kilo in Lerøy Sjøtroll.

We remain volume guiding approximately 195,000 tonnes in Norway, and if you include the volume from Scotland, it's 217,000 tonnes. Also to comment a bit on the result from Lerøy Havfisk, quota, as I said, significantly down in 2025, but it's compensated by prices, meaning that we are delivering more than 100 million better in this segment in 2025 versus 2024.

Cod prices is up with approximately 30%, haddock prices up with 48%, and saithe prices up with 22% versus same period last year. Then I give the floor to Britt Kathrine.

Thank you, Arne. As normal, we start with this table and that sums up the activity in the quarter, and also sums up what Arne have taken you through in details for each segment.

As you can see, we have had good activity within all segments in fourth quarter this year. We also have some estimation for 2026.

I want to highlight that the quotas are not finally set yet, this is an estimation and will be updated as we have more more accurate informations and the quotas are set during the year. Arne has taken you through the key figures in the beginning of the presentations, this is just for to give you an overview easily.

As mentioned, the EBITDA in fourth quarter this 2025 was 1.5 billion, and that is in line with the same quarter in 2024. As we have already been through the key financial figures, I will start with the line income from associates.

It's negative with 66 million compared to a positive 54 million in fourth quarter in 2024. The two largest associated companies are Pelagia and Norskott Havbruk, and Norskott Havbruk owns Scottish Sea Farms.

Arne has already taken you through Pelagia in detail, you are well aware of how they have been contributing in fourth quarter. I will comment Scottish Sea Farm, and they have had substantial biological challenging challenges in the quarter with the ISA outbreak and some higher mortality, but also slaughtered the salmon on lower weights, which have again given a lower price on the products and also higher cost.

Are the main reason for the negative contribution from income from associates in the quarter. Looking into EBIT including income in associates, that came in at 702 million, down from 899 million, and again explained by the negative income from associates, but also some higher depreciations as a consequence of investments especially in farming and shielding technology, but also two secondhand fishing vessels bought in 2025 for for Chile and Peru.

Profit before tax and fair value adjustments are down 5%, came in at 486 million, down from 510 million in fourth quarter 2024. Net profit in the quarter was 248 million, down from 1.8 billion in fourth quarter 2024.

Again, fourth quarter in 2024 was substantially impacted by a very high fair value adjustment related to biological assets, 725 million. This does not have a cash effect at all; it's only a a technical IFRS adjustment.

Looking at the Lerøy Seafood Group, I will take you through the main activity here. The slaughtered volume came in in in accordance with guiding, but it was lower than same quarter 2024.

It was 49,200 tonnes, down from 56,800 tonnes. There has been a positive price development, but late in the quarter, and the harvest profile for Lerøy was impacted by a ISA outbreak in Lerøy Aurora, and also some and some of the majority, or not the majority, but 44% of the volume was was harvested early in the quarter with the lowest prices.

The contract share contract share was 29%. We expected the cost to increase in fourth quarter compared to third quarter, but actually it it was better, it was down compared with third quarter in 2025.

This gave an EBIT in the value chain of 17.9 NOK, up from 15.3 NOK in same quarter 2024. Due to lower slaughter volumes, the EBIT in the farming segment was a little bit lower than last year.

It was 564 million, down from 594 million. The wild catch segment, the the quotas has been down in 2025 as we have been talking about during the year, and the the fishing volume is a little bit lower compared with same quarter in '24, but the prices has increased, so that has compensating compensated the the trawler fleet.

However, lower raw material material availability and high raw material prices are still very challenging for the onshore business. EBIT for this segment is minus 29 million in the quarter compared to 6 million in same quarter in '24.

VAP, sales and distribution, they has surpassed their ambitious target which was set in 2021/2022 of NOK 1.25 billion in 2025, the best year ever. The EBIT in the quarter was 317 million, up from 275 million in same quarter in 2024.

To sum up, the EBIT for Lerøy in total in the quarter was 758 million, down from 799 million in same quarter in 2024. Austral has had have had a very good activity in the quarter.

The season started 7th of November, and of the total quota of 114,000 tonnes, 93,000 was caught in fourth quarter, and the remaining part of the quota was caught in January 2026. In the same season in 2024, the total quota was 169,000 tonnes, and and and out of this, 122,000 tonnes was caught in fourth quarter in 2024.

Total raw material intake, including purchase from third party, in the quarter was 146,000 tonnes, down from 191,000 tonnes. Price achievement: we have seen higher prices for fishmeal, 6% up year on year, and for fish oil, 12% down year on year.

What we see is that going into 2026, we still see good prices for both fishmeal and fish oil, this gives us a very good start of of the year. The revenue in the quarter was 185 million, the EBITDA was 51 million, and the EBIT was minus 13 million.

Also in Chile, we have had a very good activity in fourth quarter. Total in a total catch of 40,000 tonnes, up from 21,000 tonnes in same quarter in '24.

Price achievement also up for the finished products for frozen fish and for fishmeal, but down for fish oil compared to same quarter in '24. We see that the revenue is down, 262 million, down from 395 million, and that is due to lower sales volume for fishmeal and fish oil, but the earnings are up.

The EBIT is 47 million, up from 25, and that is because of a higher sales volume of frozen fish and also higher prices, which again gives a higher margin. Also for in Chile, we see that the prices are continuing to be good into 2026.

Kobbevik og Furuholmen, slaughter volume of 2,300 tonnes in the quarter, up from 1,300 tonnes in same quarter last year. The company sells all the fish in the spot market, but the majority here was sold sold in October/November at the the part of the quarter with the lowest prices.

Also we have had some increased cost year on year, the EBIT came in at 25 million, marginally down from 29 million, but the EBIT per kilo is NOK 10.7, down from 22.1. Brødrene Birkeland, as mentioned in last quarterly report, there was a decided a demerger in November with the transfer of the shares in the fishing company Opilio AS.

This demerger took place in December, and and after the demerger, we only hold shares in Brødrene Birkeland AS. The remaining activity in Brødrene Birkeland is owning property, and from 2026, because of the limited activity in the company, it will be reported not as a separate segment, but under the segment Others.

Since the demerger took place on the 30th of December, the full year and also in fourth quarter, the result from Opilio is included, and the negative result is is from Opilio in this quarter. Total assets by the end of 2025, a little bit over 53 billion, down from 55.6 billion by the end of 2024.

We have a strong balance sheet. The equity ratio is 52%.

I can comment some of the lines here. You see the tangible fixed assets are up, and that is that has increased from investment in farming, but also the two secondhand vessel we have bought for Peru and Chile.

This fair value adjustment of biomass is has had a sharp reduction from 3.1 billion to 1. close to 1.9 billion.

The net interest-bearing debt by the end of the year is 8.7 billion, and that is up from 8 billion by the end of 2024. Looking at the cash flow for the quarter, cash from operating activities is 543 million.

We build working capital, and that is subject to the high operational activity that we have in Chile and Peru in in fourth quarter, but also high prices on whitefish and salmon and trout late in Q4. Cash from investing activity is minus 438 million, down from minus 562 million.

Cash from financing activities is positive with 304 million, and I would like to mention that Lerøy issued an additional green bond of NOK 500 million in October in 2025. We started the period with or the quarter with a cash position of 4.7 billion, and we ended the quarter with a cash position of 5.1 billion.

Thank you. Then

I will end this presentation by giving our view on the different segments we are operating in when it comes to market, starting off with the supply of fishmeal. As you can see, among the largest producer of fishmeal, the production was approximately 4.6% up versus same year 2024.

Peru, as I mentioned, successfully captured 98% of the anchovy quota, yielding to approximately 380,000 tonnes of fishmeal for second season. Prices, you can see during the year has been increasing from $1,150 per ton to $1,850 per ton, comparing high quality with the low quality fishmeal.

Feed producers are building stock mainly to the start of the aquaculture season, and it's China once again who is the main importer of fishmeal during 2025. If you look at 2025, China has a record importation, over 2 million tonnes, whereas approximately 1 million tonnes came from Peru.

Although they have been quite active in the market, you can also see from the graph that the current stock is approximately 24% down from 2025 and also lower than the average, the five years average. Prices also approximately $200 above what's been the FOB prices from Peru, meaning here it's incentivize continuous trade going forward.

Fish oil, the same: 6.4% up in terms of production, mainly due to driven by volume up from Chile. Again, last season in Peru gave approximately a similar volume, although the quota were lower in 2025 versus 2024 in the second season, approximately 75,000 tonnes.

The last announced fish oil prices for feed grade is $3,500 per ton for feed and omega-3 grade up to $4,350 per ton. Looking at the production of salmon, it was up 10% in 2025, and the expectation on a global level is 1.3% growth for 2026.

As you can see, out of Norway, it's estimated a reduction of 1.4%. What we can say is that the biomass is by the end of January approximately 1% lower than it was same period last year, but also the production and the slaughter exportation from Norway has been every week approximately 4,000 tonnes higher for the first six week of the season.

Prices in in fourth quarter was approximately 5 NOK higher than fourth quarter—no, from fourth quarter in 2024. It's also a bit lower now in in January as a consequence of the high volume which has been sold during the first week of weeks of of the year.

If you look at the market, still EU is by far the major market for Norwegian salmon and also from the salmon in the world, but if you look at the growth, you can see that other markets dominated by Asia is by far the one who has been growing most during 2025. Lerøy is positioning themselves with new representative in the main consumer markets in Asia during 2024 and 2025 to meet this upcoming demand.

All in all, if you look at the biological improvements in 2025, they've been good. We are more or less where we are supposed to be in terms of volumes and according to our guidance.

All in all, we are happy with our performance if you discard the third quarter where we were delivering weaker than we expected, but improving in in fourth quarter and also looking forward for a better biological performance into 2026. We are remaining the guidance of 195,000 tonnes in in Norway, and including Scottish Sea Farms, we are estimated to slaughter 260,000 tonnes in in Lerøy if you consider 50% of our share in Scottish.

Whitefish continues down with the cod quota 16%, haddock quota is up 18%, and saithe quota is down with respectively 19% in the north and 27% in the south. The start of the season shows promising, the high prices.

We are have seen by the end of the year in 2025 is continuing also for whitefish and also for shrimp into 2026. Hopefully also we will have good performance from from both the vessels and also from the plants in Havfisk and Lerøy Seafood in 2026.

VAP, sales and distribution: again, profitability was met by the ambitious target we set in 2021 and hoping to continue also into 2026. South America: good start of the season in terms of production in the south.

We ended the second season in 2025 in the middle of January. I would say if you consider the start in the south and also the the the end of the season in Centro Norte is well compensated with higher prices versus the reduction in volumes we had due to lower quota.

Chile also, new legislation has changed the distribution between coastal and industry. We have a new tax on quota we are purchasing from third-party fishing vessels catching outside 200 miles.

All in all, I would say that the prices so far is compensating the increase of of this prices of these taxes. North Atlantic as well: all other equal is, of course, negatively that we are estimating 170,000 tonnes less raw material for our factories, but hopefully we are better off in terms of margins, in particularly in the feed segments in 2026 versus 2025, it will compensate a bit of the reduction in volume if you compare '26 with '25.

That was all. Have a pleasant day.