Welcome to Lerøy Seafood Group's fourth quarter presentation for 2025. My name is Henning Beltestad, CEO in Lerøy Seafood Group, and with me today I have Sjur Malm, CFO.

I will take you through the highlights in the quarter. Then Sjur Malm will take you through the key financial highlights, and then I will come back and talk a little bit about the outlook going forward.

Our goal is to create the world's most efficient and sustainable value chain for seafood. We are a fully integrated company both in redfish and in whitefish, and are a total supplier of seafood.

Our fully integrated value chain is our competitive advantage. Our customers are seeking sustainability and health, quality and traceability, stability and availability, and convenience.

We, as a partner, can help our customers with that. Highlights for the quarter: high profitability on higher spot prices for salmon and trout, cost development in farming better than expected, strong profitability in VAP sales and distribution surpassing 2025 target of NOK 1.25 billion, and low quotas in wild catch somewhat offset by significant price increase.

The harvest guidance for Norway in 2026 will be around 195,000 tonnes as guided earlier. The board propose NOK 2.5 per share as a dividend for 2026.

For fourth quarter, we had an operational EBIT of 758 million compared to 799 fourth quarter 2024. We report in three segments: farming, wild catch, and VAP sales and distribution.

I will start with the highlights for the farming. Fourth quarter '25 marks the end of a best year ever biologically, and we are very happy to see that: a record growth rates and biomass production, low mortality, high sup share and higher harvest weights, and gradually improving prices through the quarter.

The weighted SSI prices 2025 is NOK 8 lower than '24, but for the fourth quarter, it's 5 NOK higher than same quarter 2024. The cost in fourth quarter is is down and better than guided.

There's been a strong biological development year-to-date in in 2026, and guidance for 2025 reached, and we reiterate harvest volume for Norway in 2026 of 195,000 tonnes. Then we go into the different regions, and we start with Lerøy Aurora: a strong biological development in '25, record net growth, high survival rates, high superior share, and a continue high license utilization.

The harvest profile in fourth quarter is impacted by ISA detection in October '25, which have given us higher volume in the beginning of the quarter with with with the lowest prices. The cost in '25 and fourth quarter is significantly down year-on-year, and we expect a cost increase first quarter '26 on lower capacity utilization.

We so far this year strong biological development year-to-date '26, and estimated harvest volume is 49,000 tonnes for 2026. If we look at the harvest volume in fourth quarter, we had 16,395 tonnes and a harvest weight 4.3 kilo compared to 3.7 kilo last year, and EBIT per kilo value chain of 20.6 compared to 15.3 same quarter 2024.

A good performance in Lerøy Aurora, and we are very proud of the development and the high volume that we achieved this year of close to 55,000 tonnes, which is up 10,000 tonnes from year 2024. Lerøy Midt: improved biology, increasing standing biomass during fourth quarter '25, cost development better than expected with a quarter-on-quarter decline, expect slight quarter-on-quarter cost increase in in first quarter '26, strong biological development year-to-date '26, and harvest guidance unchanged at 73,000 tonnes for 2026.

The harvested volume in in fourth quarter was 16,000 tonnes compared to 22,000 tonnes in 2024, and average weight of 3.8, which is the same level as fourth quarter '24, and during the quarter, we have step-by-step built biomass, yeah. The operational EBIT is 19.6 compared to 19.8 in fourth quarter 2024.

A good performance in in Lerøy Midt. For Lerøy Sjøtroll, we have had a strong biological development in 2025, record net growth, harvest volume up 20%, cost up quarter-on-quarter on higher cost generation of trout, and the trout represented 47% of the harvest volume in Q4 '25, and same generation to be harvested the first quarter, but expectation for significant reduction in cost from second quarter 2026.

Strong biological development year-to-date '26, and harvest guidance is unchanged at 73,000 tonnes for 2026. Fourth quarter harvest volume 16,800 compared to 18,800 in same quarter 2024, but with a significantly higher harvest weight of 4.4 kilo compared to 3.9 kilo in in 2024.

We see a underlying good development in in in Lerøy Sjøtroll with an EBIT of 13.7 compared to fourth quarter '24 of 10.7. Scottish Seafarms: a more challenging quarter, low harvest volume in in the period, weak result driven by biological challenges.

Gill health challenges led to incident-based mortality at several sites, and lower harvest weights impacting cost and sales price. Biological performance is improved at the end of the period, and going into 2026, the situation is is under control.

We expect a harvest volume of 43,000 tonnes, which is down 2,000 tonnes, mainly because of the incidents that we had in fourth quarter last year. The harvest volume in fourth quarter was 5,500 tonnes, and operational EBIT of -33.8 NOK, and and so a very challenging quarter for Scottish Seafarms, but we are sure that, the the trend going forward, we are in a good place now, and and we believe that we will deliver 43,000 tonnes with a good performance in 2026.

Farming volumes: the guidance for 2026, 49,000 tonnes in Lerøy in Lerøy Aurora, 73,000 tonnes in Lerøy Midt, and 73,000 tonnes in Lerøy Sjøtroll, a total in Norway of 195,000 tonnes, comparable to 196,000 tonnes last year. We are in a good situation, we have good biology, and we believe that it might be upside on this volume as it looks today.

For Scottish Seafarms, our 50% share is 22,000 tonnes and a total of 217,000 tonnes farming volumes in Lerøy Seafood Group. If we look at the wild catch, highlights this quarter: it's been a quarter with with with lower volume, and that's also seasonal, and in general for whitefish, the quota is significantly down, prices significantly up.

A clear operational improvement in the land-based industry with 10 factories in in north of Norway as challenging operation conditions, but operational EBIT but operational EBIT increased from 130 million NOK in 2024 to 270 million in 2025. I will say that the the general performance in in 2025 is is is really good.

We expect further quota reduction for 2026, which might mark the the bottom of the quota situation, and so we expect higher quotas going forward forwards, especially for the for the cod. Wild catch quotas and catch volumes: fourth quarter, total of 7,600 tonnes, 2,700 tonnes cod, 1,900 tonnes saithe, and 0.7 thousand tonnes of of haddock, compared to 9,800 tonnes total in fourth quarter '24.

The total volume caught in '25 is 58,000 tonnes compared to 65,000 tonnes in 2024. Sales and processing operation in 18 countries and sales to more than 80 markets.

That's our this is what we represent in in this segment. It's built up over the last 25 to 30 years.

We have a strong position in all our key markets, and step-by-step also expanding with branches in to new markets like Vietnam, Thailand, and and and India, which is, of course, a great potential, challenging market, but we believe that we can be a strong partner with strategic customers in in this in this country, and to find a good way of doing distribution into the India market. The the highlights for the quarter: the the quarter is it's surpassing ambitious target of 1.25 presented in 2022, and we are really happy with that.

Record 12-month rolling operational EBIT. It's due to effect to effects of structural improvement work, detail work in all operations, strong demand in end markets, strong positioning with strategic customers globally.

New branches opened in Asia started to show results at as I mentioned, and the lower-than-expected salmon and trout prices has some positive impact in '25. For 2026, the expectation of continued revenue growth at slightly lower margin.

If we look at the total EBIT for 2025, it's 1.2 1 1 billion 290 million, which is the highest result ever in this segment, and step-by-step going up. It's good to see the development in this segment.

It's work they're working really hard out in all the markets, improving, improving, and and and getting more and more customers connected to our fantastic value chain. Then Sjur will take you through the key financial highlights, and I will come back with outlook afterwards.

Yes, thank you, Henning. Following some four to five quarters with reduced cost and a positive development, we were a bit disappointed with development in Q3 of 2025, which following high seawater temperatures made production a bit lower and cost a bit higher than we had anticipated.

It's good to be back on a positive track now in Q4, and obviously our ambition is to continue that positive track into 2026. Looking into our P&L, this sums up what Henning has commented already.

Key earning drivers are shown on the latter lines. We see that our harvest volume in salmon and trout are 13% below last year.

That is related to challenges and high sea lice pressure in Q3 and start of Q4, and also then that we have built standing biomass in sea in particular in Lerøy Midt during the quarter. If you look at the margin, and this margin includes the profitability downstream, we see that our margin is up around 2.5 kroner, which is positive.

The spot price for salmon is up 5 kroner compared to the corresponding quarter last year. Price realization in farming is up 2.5, but it's also an element that the cost is up somewhat from last year, and the profitability in value-added sales and processing is up somewhat compared to last year.

In sum, we see we have a higher margin on a lower volume. Looking into wild catch, quota is the big reason for the lower catch volumes.

When it comes to profitability, the key reason is that prices for whitefish developed very positively toward end of the year, but that was a challenge for the land-based industry. Quarterly numbers in this operation is always a bit challenging, but it's positive to see on annual basis that profits, despite lower quota, are significantly up compared to last year.

In sum, lower volumes and higher margins, good activity in downstream means our revenue is up 4% compared to the corresponding quarter last year. We see that our operational EBIT is down 5% from the drivers already explained, and we also see that EBITDA is flattish from last year, indicating that the investments we've done, we have not fully yet taken out the potential.

In that, Henning will comment more on submerged farming later. We are happy with development, but there is further potential which we will realize during 2026 and the years to come.

EPS this quarter is impacted in particular by a weak quarter from Scottish Seafarms. Looking at the year, the adjusted EPS is 2 kroner and 12 øre, and the suggested and proposed dividend to the general assembly will be 2 kroner and 50.

Looking at our balance sheet, we have invested significantly in new technology in farming recent years. That is the key reason for the higher fixed asset base.

If you look on working capital items, we've done a good job this year. In Q4 compared to Q3, you will see a significant rise in customer receivables, and that is related to high prices towards the very end of the year.

That draw some working capital in this quarter, but for the year, the development is positive. We have a strong balance sheet.

We are investment graded, and obviously our aim is to minimize the asset base and maximize the profitability, and we will continue to work on increasing returns and profitability in coming years. This slide shows development in net interest-bearing debt from previous quarter to this quarter.

I already commented on working capital. I will comment next slide on capex, but overlying theme here is that the net interest-bearing debt is basically unchanged.

Looking into capex, we have maintenance capex of around 1 billion. We see that we have invested significantly into shielding technology.

That is still a new technology. Henning will comment on performance so far.

There is further potential. In 2026, we guide for 1.7 billion in capex, and please note that capex in 2025 was around 200 million NOK lower than what we had previously guided, and that 150 million of those are periodization effects included then in the 1.7 billion for 2026.

We will invest in Aquatraz, which is a closed containment system for farming during 2026, first fish expected in 2027. We will continue to invest in small upgrades in our downstream segment, and we are making some investments to further increase the profitability potential of the catches in the factories on the trawlers.

This slide is to show that we have a significant activity in Norway all across the country, and this industry is a very important industry for the Norwegian nation. We are around 6,000 employees in Lerøy, and on a daily basis, we work to supply the world with sustainable high-quality food, and we are very proud of that.

Value generation for Norway is significant. With that, Henning, I give the word back to you.

Then I will take you through the outlook. Have a look at the strategic targets that we set in 2022.

We see for the 50 50 billion goal in 2030, it's within reach. We are on a good direction there.

If we go to EBIT for farming and VAP sales and distribution and being number one on EBIT, we did not achieve the first position, but we believe it's possible to do that, but this target is not within the reach in 2025, but step-by-step, we will work hard to get the number one position. That's our goal, and we believe it's possible to get there, but we will see when.

We have a good structure of how we work to get into that position. For VAP sales and distribution, as we mentioned, we set a goal in 2021 of EBIT of 1.25 billion NOK, and we achieved this goal, and we had a EBIT of 1.29 billion NOK in 2025.

A very good performance, good work for the last 5 years to achieve this goal. A congratulation to everyone working in this segments, working structured in a way to achieve this goal, we are very satisfied by that.

We also had a goal of 200,000 tonnes in 2025 for the farming operation, and we achieved 195,600 tonnes, which is close to goal achievement, and also a very happy with this achievement in 2025. If we look at the EBIT, the VAP sales and distribution and the EBIT target that we set in 2020 it was presented in 2022, but it was set in 2025, and we worked structurally, improving and focusing on achieving this goal in 2025, and we are very satisfied.

Congratulations to everyone working in Lerøy and specially into this segment, achieving this goal and achieving EBIT of 1 1.29 billion NOK. Congratulations to everyone working in this segment out in front of our value chain.

Also, we have had a great development in farming, and in biology in 2025, it shows clear improvement. We see that the net growth rate compared to the average of the last 5 years is up 7%, the mortality is down 10%, the superior, the quality, is up 4%, and the biomass at sea is up 3%.

A good performance in farming here. Also, we have worked in a structured way to improve our performances and better biology, and we see that this is getting results.

For the genetics, we see that it's a good improvement second half 2025, we see for roe quality and the performance, is also giving a good effect, and also on the quality of the smolt, shielding technology, and also the implementation of Lerøy Way, the way that we improve the whole company. I will say, we see that when we work structurally with the improvements, we also are achieving the goals that we set.

We are on a good route to a great performance going forward. If we look at farming shielding technology, we see in fourth quarter, we reduce the lice treatments with 24% compared to traditionally.

Superior share is about the same, but we also reduce the mortality by 9%. That's a good performance.

If we look at the fourth quarter was a more challenging quarter with the submerged technology, but if we look at the 2025, the whole year, we reduced the lice treatment by 60% in submerged, superior share up 2%, and mortality about the same level. This is showing that this technology is really to helping us achieving our goal going forward.

The share of harvest that we have in our operation, in the farming side, is now yeah, end of 2025, 27%. It's submerged the farming, it's semi-contained farming, it's laser de-lousing, and also now we are investing into closed-contained farming, and we will put fish into the sea first quarter 2027, which also will improve our performance in farming and a better biology.

If we look at the supply of Atlantic salmon, we saw that in 2025, there was a global increase in demand of 10.6% and in Norway, 11.6%. For 2026, we expect a stable level and yeah, maybe a little bit up, 1.3% globally, in Norway, a minus of 1.4%.

We also see the beginning of this year, it's been a significant growth in the harvest, it might yeah, give an effect on the rest of the year, then we will see a higher demand than and a lower supply that we might see a situation where price increases can come. Outlook for farming: we see a strong biological improvements in 2025, we expect lower cost in 2026 compared to '25 with further long-term potential, expect harvest volume of 195,000 tonnes in 2026 for Norway and 216,500 gutted weight, including Lerøy's shares in Scottish Seafarms.

We have a good base in farming, and we believe that this segment will perform going forward with stable biology, good quality, and also high average weights on the fish. For wild catch, of course, it's been a challenging years for the wild catch with the lower quota situation.

We have had a strong development in 2025, and it's even more challenging quota situation for 2026, but indication for '26 will mark the bottom, we believe. Indication for quota '26 is cod -16%, haddock +18, saithe north -19, and saithe south 27.

For VAP sales and distribution, we see that profitability is surpassing ambitious targets set in 2022. The lower salmon and trout price are building markets, increased demand for integrated sustainable value chain, and a strong demand in emerging markets.

Some tailwind on the lower-than-expected prices in 2025. For 2026, expectation of continued growth and slightly lower margins, but good performance also going forward.

That was all. Thank you very much, and also the ones that's coming to our Capital Markets Day next week can get a deep dive into our value chain.

Thank you very much and have a nice day.