Austevoll Seafood ASA Stock

It's a pleasure for me to invite you to Austevoll Seafood's 2Q presentation. I will first start by taking you through the highlights of our operations in the quarter. I will go more into the details segment by segment. Then I will give the floor to our CFO, Britt Kathrine Drivenes. And then I will end this session by giving our view on the different segments we are operating in terms of the market. So starting up, I would say it's been a special quarter for us. In terms of salmon, we have performed well in, I would say, 2 out of the 3 regions we are operating in. I would say, all in all, we have had a good biological performance across all the 3 regions, quite good slaughtering rate, good qualities and also very low mortality during the year.

Price achievements, spot prices has been more or less on the same level as last year, saying that in the West Coast of Norway, we have had some trout downgrades, which has also impacted our price achievements during this quarter. In terms of whitefish, I would say, another good quarter. In addition, I would say also that the performance is a bit better than the financial figures are showing because we are also entering into the third quarter with a higher inventory than we did same period last year. So the underlying figures is a bit better in second quarter and what they are showing. And then we have the Pelagic segments, where we also announced in the first quarter presentation that there was both a stop in the fishery in Chile and also in Peru as a consequence of higher temperature and to a high percentage of juveniles in the catch. So in both regions, the seasons were stopped.

So in summary, I can say that in Peru, the El Nino has caused that the fishery is still closed. And in Chile, the water temperatures came down in the beginning of June and the fishing started up again in June. And I will come back to the consequences later on when I'm going through segment by segment. And in Chile, in particular, third quarter has been a good volumes for us, also where we achieved very good prices both for fishmeal, fish oil and frozen products. In the North Atlantic, we are also having benefits of the failure in Peru with much better prices for our fishmeal and fish oil, which is also represented in the numbers. So all in all, volume-wise, we are approximately half of the volume in -- pelagic volumes in second quarter compared with the same quarter last year.

Saying that, both our Peruvian and our North Atlantic activity are performing better than we did financially compared with second quarter last year. And of course, we have in the quarter an effect of the low fishery also financially in Peru. We'll come back to that also later on in the presentation. So revenue down by 14%, NOK 8.6 billion, and EBITDA of NOK 1.1 billion. If you take into account the 50% we have in Pelagia, the EBITDA for the quarter is NOK 1.258 billion, down by 8% versus the same quarter last year, whereas the salmon operation is contributing with NOK 1.066 billion and the pelagic activity is down by approximately 15%, driven by NOK 150 million worse performance in Peru, which if we are going to first half year, you also see that volume is down by approximately 32%.

And here, you can see if you also take into account the 50% of the Pelagia figures, you see that the EBITDA is only down by 2%, approximately NOK 3.4 billion, whereof salmon is contributing with NOK 2.4 billion, and we have a 19% increase for the pelagic activity, up with NOK 991 million. And the main contributor for the increase is our performance in Chile first half year. And then we are having a strong balance sheet. We have an equity ratio of 52%, net interest-bearing debt of just sort of NOK 8.8 billion, and we have also paid approximately NOK 6.5 in dividends during the quarter. I would say Austevoll Seafood is all about volumes.

So on an annual basis, we are catching between 400,000 to 500,000 tonnes on our own vessels. We are producing in our own factories between 1.6 million to 2 million tonnes. We are having between 80,000 to 90,000 tonnes of whitefish through our factories and through our fishing vessels. And we are aiming this year to slaughter 225,000 tonnes of salmon and trout during 2026. So then taking you through the pelagic segment as a start, and I will start up in Peru and just to give an explanation on the situation, in particular, which El Nino cause. So when we did the research in front of the first season, they identify a biomass of 7.1 million tonnes, and they put a quota of 1.9 million tonnes, which were approximately 36%, 37% lower than the quota they put same period last year.

And the season started up the 9th of April, and it continued to the end of April before the season was stopped due to too high incidence of juveniles in the catches. And it's been stopped since and it's the total volume which has been caught in Peru, it's approximately 25% of the total quota. So from an already lower quota compared with the same period in 2025, we have, in addition, also have a very low fishery, which has been the driver where we have seen prices has been coming up. We had originally 133,000 tonnes of quota and have caught 26,000 tonnes in the period. And if you also compare with what we were purchasing in the same quarter last year, you can see that we have approximately 200,000 tonnes less catch than we had in the same quarter last year, which, of course, impacted our financial performance in the quarter.

Another consequence is that when you have too high incident of small fish is also that the yield is coming down. So the combined fishmeal and fish oil yield was 24.8%, down from 26.2% in the same quarter last year. So all in all, we have seen prices has been increasing, I would say, during the quarter and also into the next quarter and as a consequence of the lack of fish in particular in Peru. But of course, we are not benefiting a lot of that when we have these low volumes in Peru. When it comes to the second season, we have choose this time to leave out the guidance because I think it's anybody guess what the quota could be and if there is going to be a quota in the second season. We are expecting that there will be a period with lower temperatures, but also there is a high El Nino out in the Pacific and the magnitude and how it will hit the Peruvian coast will decide, I would say, the size of the quota and also if there will be fishing at all.

So as a consequence of that, we expect that the prices will remain strong also going forward. Chile has been -- had a quite good development since, I would say, the stock collapsed in 2010, 2011. We are now back to a volume of 1.1 million tonnes, has had a healthy biomass. But as announced in -- when we had our first quarter presentation in May, fishing were also stopped in Chile due to too high incidents of juveniles in the horse mackerel catch. And as you can see from our presentation, you see that the own catch is down 52% compared with same period last year. And then we have also purchased anchoveta from coastal fishermans, and we have seen that the yields and particularly the oil yields has been very good. So although the volume is considerably down in the quarter, the financial result show a better result in second quarter this year versus same quarter last year, and Britt will take you more in detail through that.

And in addition to that, to talk a bit about the coming quarter, which we are in now, fishing recovered in late June. And up to now, we have been catching 91,000 tonnes. And we have to see how the fishing develops going forward. But already now, we are not that far away from where we were the first 9 months last year, but has been affected a lot of the El Nino. And then we don't know if the El Nino will affect the Chilean fisheries also going into fourth quarter, but we are guiding on a volume of 135,000 tonnes in total, meaning that we have to catch approximately 45,000 tonnes more for the remaining of the year. And that's also going to be a nice development in Chile.

So what we can say in Chile is that third quarter will be by far better than third quarter last year. We can say that already. And looking forward to the end result in Chile this year, which we think is going to be -- have a nice year with the prices we are seeing now both for fishmeal, fish oil and also for frozen products, which Britt will take you through later on. Then talking about the North Atlantic pelagic quota development. As you can see from before 2024, the average size of the North Atlantic quota was around 4 million tonnes. But in 2025, the volumes in the North Atlantic came down with 800,000 tonnes and also the volumes got further down with 600,000 tonnes in 2026.

In 2025, in addition to the drop in quotas and less raw material for Pelagia's factories, we also had a drop in fishmeal and fish oil prices second half, taking the performance from Pelagia further down compared with what it's been previously. This year, the price development will be the opposite. So we are expecting better prices in third and fourth quarter than -- so opposite development than what it was in 2025. And as a consequence of the El Nino, we are expecting Pelagia to deliver much better in particularly the marine protein and oil segments in third and fourth quarter versus the same period last year. We have been producing blue whiting and North Sea herring this season. It's a seasonably low production quarter.

But you can see our EBITDA in the second quarter is approximately double of the same period last year, and it's mainly driven by a better performance from marine protein and oil due to higher prices. So all in all, summing up the pelagic segment, you see that the volume in this quarter was down with 51%. It's down, I would say, across the 3 segments. But I would say, as a consequence of Peru's failure of fishing the quota, both Chile and Pelagia is contributing with better margin as a consequence of higher prices.

Then coming to second quarter salmon highlights. And if you want to have a more detailed presentation, I suggest that you go in and look at the webcast of Leroy Seafood. All in all, EBIT of NOK 574 million, down from NOK 680 million. Farming, NOK 236 million, down NOK 20 million versus same quarter last year, mainly related to lower slaughtering volumes. Wild Catch, NOK 140 million, more or less in line with the same EBIT number last quarter, but we are also entering third quarter with a higher stock and inventory than we did last period. So the underlying performance is better. And then a lower performance in the market operation, a bit more challenging conditions, stronger NOK, higher logistical costs in the period has taken down, I would say, the result from second quarter '25 to this quarter. But going forward, we are expecting to deliver more or less the same figures as we did in the second half 2025.

Volumes, 44,000 tonnes. It's divided by 7,000 tonnes in Leroy Aurora, 20,000 tonnes in Leroy Midt and 19,000 tonnes in Leroy Sjotroll. EBIT per kilo, more or less, on the same line as it was last year, NOK 1 less. Leroy Aurora, another good quarter, NOK 19.1 per kilo. Leroy Midt, NOK 13.5 per kilo; and Leroy Sjotroll NOK 4.5 per kilo and is mainly due to high -- or downgrades of the trouts in the period, which I would say, ended in June this year. Going on volumes, you see that we slaughtered 212,000 tonnes in '25 and are aiming to increase with 217,000 tonnes in '26, driven by the 50% share we have in Scottish Sea Farms.

Then to the whitefish highlights, a very good performance in the quarter. Now we have had a drop in the cod quota for the last 5 years. And it's pleasant also to announce that it seems like we have reached the bottom and the recommendations for next year is 10% up again. And also the recommendation for haddock is 18% up. And then it's a reduction in saithe. But this is also a quota we have so far, maybe not an expectation that we're going to catch all that fish during next year. So it's not that crucial. This is the year, I would say that the raw material volumes has been on the lowest since we came in, but has been compensated with very high prices, both for cod, haddock and saithe. And we are expecting that we will have an EBIT in this segment between NOK 400 million to NOK 450 million this year, which is the best year so far.

Then I will give the floor to Britt Kathrine to take you more into details the number.

I will start with the presentation of the financials. And to start, we -- Arne has talked you through the operation in the quarter. So this table sums up the raw material intake in the quarter and first half year. When we look into the estimate for 2026, given the high El Nino-driven uncertainty, the 2026 total volume for Peru is set equal to the total catch as of today and for illustration purposes. This figure includes our 50% share of Pelagia. And Arne has taken you through the key figures in the start of the presentation. So I will try not to repeat too much. But in short, the revenue is down by 10% and the adjusted EBITDA is down by 8%. And the reduction in earnings comes from Leroy Seafood Group and Austevoll Group, and we have seen an increase in earnings in FoodCorp and in Pelagia.

And we will look closer into this when we are going through the segments. Since the key figures have already been presented, I will start underlying profit before tax and fair value adjustment, which is down 22% from NOK 493 million in second quarter last year to NOK 385 million second quarter this year. The lower profit comes as a consequence of a lower slaughtered volume of salmon and also from the suspended first fishing season in Peru. As you can see, we also have some higher depreciation, NOK 585 million, up from NOK 544 million. And we have had quite high CapEx in new technology in -- within farming the latest years. And as a consequence of that, also the depreciation increased somehow.

When we look at the result or the profit before tax, that is negative. It's minus NOK 623 million. It was NOK 14 million plus in second quarter last year. And this profit is substantially impacted by the very high fair value adjustment of biological assets in the quarter. You can see that the portfolio has a negative biological fair value adjustment of NOK 889 million and the fair value adjustment in the associates are NOK 119 million, which impact, of course, profit before tax, but also net profit for the year, which is minus NOK 254 million versus NOK 106 million in second quarter last year.

Looking at earnings per share, and we look at earnings per share before the fair value adjustment related to biological assets, that is NOK 1.6 in the quarter, up from NOK 1.3 in the same quarter last year. The main value driver for Leroy Seafood Group is, of course, harvested volume of salmon, which was close to 44,800 tonnes in second quarter this year, down 4,000 tonnes from 48,900 tonnes in the same quarter last year. Spot prices were in line with same period last year, but operational costs are materially down quarter-on-quarter from a very strong biology. Price realization, however, were impacted by a lower price for trout that was NOK 5 lower per kilogram than for salmon in the quarter. And the harvested volume of trout was approximately 10,000 tonnes.

For Wild Catch, we had a 6% higher catch volume compared to same quarter last year. We had higher realized prices for key species. So you can see that the result is more or less in line with same quarter last year. However, we had a significant inventory build in the quarter. So catch values were substantially higher than what is recorded in the profit in the quarter. This inventory will be sold during third and fourth quarter. Market operation, revenue here also impacted by lower volumes of salmon and a strengthening of the NOK. We have a higher margin in the quarter compared to first quarter this year. It was 3.5% in second quarter, and it was 2.4% in first quarter this year.

So to sum up, revenue of almost NOK 7.9 billion, EBITDA adjusted of NOK 1.1 billion and the EBIT adjusted of NOK 574 million, down from NOK 680 million in same quarter last year. In Austevoll, we have had very low activity, as Arne has already mentioned. The first fishing season was suspended. And the total raw material intake for Austevoll was 34,000 tonnes, down 200,000 tonnes from same quarter last year. Fishmeal and fish oil prices are up, but of course, do not compensate for the shortage of raw material. So also sales volumes are down, of course, fishmeal and fish oil sales volume of 12,000 tonnes, down from 39,000 tonnes in same quarter last year.

Revenue in the quarter of NOK 291 million and a negative EBITDA of NOK 61 million and a negative EBIT of minus NOK 124 million versus NOK 26 million in same quarter last year. FoodCorp has had a very strong performance in the quarter. Also, FoodCorp were impacted by the ongoing El Nino and warmer sea temperatures. So the fishery started to slow down in March, and that has continued in second quarter. The fishery started to pick up again towards the end of the quarter and has been good now in Q3. The raw material intake in total was 31,000 tonnes, down from 39,000 tonnes. And also, you can see there is a substantially lower sales of finished products, only 9,000 tonnes of frozen products, down from 33,000 tonnes in same quarter last year.

However, the tightening of the market for both fishmeal, fish oil, but also frozen products has given us higher prices. So frozen prices are up 84%, fishmeal prices up 54% and fish oil prices up 167% compared to same period last year. Revenue in the quarter was NOK 406 million. EBITDA was NOK 134 million, and the EBIT was NOK 119 million, up from NOK 80 million in same quarter 2025. Kobbevik og Furuholmen Oppdrett, they have harvested 2,100 tonnes of salmon. That is up 7% compared to same quarter last year. Spot prices in line with same period last year, but costs are significantly lower year-on-year. So that gives an EBIT per kilo in the quarter of NOK 7.8, up from a negative EBIT per kilo of minus NOK 4.3 in same quarter last year.

In total, revenue of NOK 149 million, EBITDA adjusted of NOK 29 million and EBIT adjusted of NOK 16 million, up from a negative EBIT of NOK 8 million in same quarter 2025. The group has a very strong balance sheet and the equity ratio is 52%. The total assets are NOK 50.3 billion. That is down 3% compared to end of second quarter last year. Some of the group companies have other functional currency than NOK. And of course, weakness or strengthening of the NOK will impact the conversion of the functional currency into NOK.

By the end of June, the group had a net interest-bearing debt of NOK 8.8 billion. That's in line with the end of 2025, but it's down from NOK 9.1 billion by the end of June 2025. We have had a very strong cash performance from operating activities, and that was NOK 1.7 billion. And that is supported by a significant release of working capital in the quarter, both from farming, but also from the pelagic activity. Cash from investing activity is minus NOK 219 million, and that is lower compared to same quarter last year, but this is more or less timing. We expect that our CapEx in 2026 will be in line or a little bit lower than 2025.

Cash from financing activity is minus NOK 2.2 billion. And you can see that the dividend paid out is the largest amount there. It's over NOK 2 billion. And of this, NOK 1.3 billion was paid to the shareholders of Austevoll Seafood ASA. And we ended the quarter with a cash position of NOK 4.6 billion, which is up from NOK 4.5 billion in same quarter last year. Thank you very much.

Then I will give you the view on the different market for the different segments we are operating within and start to give a reflection on the fishmeal market. And among the largest fishmeal producers, you can also see here that it's not only in Peru, where production is much lower than it was compared with last year, you also see same development in Chile, Denmark and Norway and also the rest of the North Atlantic. So volume is down, I would say, up to August, among the biggest producer with 54%, and that has been one of the reasons why we have seen increasing prices. And the prices we are announcing here is not updated because it's related to the latest trade, which has been done in Peru, which was done in the beginning of the season before fishing were failing.

So again, the supply remains tight, and that's the reason why we have seen fishmeal prices increasing to all-time high at the present day. Also on fishmeal consumption, we also look into China, which normally consumes 25% of the total volumes being produced. And you can see here that the stock in China is 54% down. The weekly offtake is, of course, less as a consequence of the stock situation. Prices are higher than what it was traded in Peru. And we've also seen that as a consequence of the volume, Peru has -- the imports to China has also gone down, mainly driven by lower volume from Peru. If you look at Chilean fish oil production, it's not that much down compared with the fishmeal production, and that's mainly due to quite good high oil yields, in particular, in the fisheries in the south. So the production there is only down by 3%. Peru is down by 68%.

If you look at the total production of 400,000 to 500,000 tonnes and oil yield of less than 2%, the total production in the season has been approximately 8,000 tonnes, which is very low compared with a normal season in Peru. And that's the reason why you, in particular, see that the Omega-3 grade is showing $12,250 per tonne. And I would say the feed grade is not representative because I think it's less volumes sold in that period and prices for feed is higher than what you see here in the picture.

Then to talk about salmon supply. If you look from '24 to '25, the global supply of salmon had a growth of 12%, which were tremendously high. And at 2026, the supply is expected to be around 3% and in '27, 3%. If you look at the volumes from Norway, I would say that this growth is already taken out, and we are expecting, I would say, negative growth on the volumes in the continuous of 2026. And I would also say that the market sentiments, in particularly on the supply side, is favorable for stronger prices going into the end of the year also compared with the same period last year. We see second quarter prices is more or less in line with 2025. That's in NOK. And if you consider that the NOK has been strengthening to euro, I would say the underlying prices in euro is 6% higher in the quarter than how it was in second quarter 2025.

And then we have had a good increase in the EU market, which is important for the Norwegian salmon production. And we also see that China and Hong Kong is up with 22% in the period, which is going to be an important market for the Norwegian salmon production going forward. So summing up, I would say we have had a good biological performance. We have had a summer with lower temperatures than normal. I would say, bringing our biomass in a better state into the autumn, which we are heading. And we are a bit optimistic in terms of improving our performance this autumn compared with the last autumn in 2025.

Cost per kilo is down from first quarter to second quarter, and we're expecting also to have -- to continue this development with a bit lower cost also when you take into account that fish feed is -- seems to be more expensive at least to the end of the year. Whitefish, good performance. I would say also is very positive that the land-based industry are also showing improvements which does the total pictures better. And you see the recommendation both for cod and haddock for next year will probably continue a new path with a bit better development on the cod quota, which is important, in particular, for this segment.

Then in Peru, we are expecting that 2026 is going to be a challenging year. And I would say the most exciting this year is going to -- if it's going to be a second season or not. If it's going to be a second season, I think it's going to be less than -- it will be in a normal year and -- but at very high prices. And both Chile and our activity in the North Atlantic is contributing by the fact that there is less volume, and we are achieving fantastic prices, both for fishmeal, fish oil and also for frozen at the time.

So all in all, it's fair to say that although that Peru is down, we expect a better quarter in third quarter than we did third quarter last year. And also, I would say, on the pelagic side that although the reduction is down in Peru, will be offset by the price achievements we have both in Chile and in the North Atlantic compared with second half last year. Thank you, and have a good day.

It's a pleasure for me to welcome you to Austevoll Seafood First Quarter Presentation. I will start this presentation by giving the highlights of the quarter. Thereafter, I will take you through the different segments. And Britt Kathrine Drivenes will take you more in detail through the numbers, and I will end this session by giving a view on the different markets we are operating in.

So starting up, we have had a good first quarter with strong earnings, I would say, across the different segments. When it comes to farming, we have a strong biological performance in the quarter. We have increased the harvest volume with approximately 2,000 tonnes in the quarter. And we have also seen a reduction in prices in the quarter compared with the same quarter in 2025.

Looking at the Whitefish segment, we went into the year with considerably lower quotas, but that has been uplifted by an extremely good price achievements, which has led into a better financial result from the Whitefish segment in first quarter 2026. In the Pelagic segment, we also came into the year with fishmeal and fish oil and frozen products on stock with increasing prices, which is also reflected in the earnings for this quarter. So all in all, we have 21% lower volumes, 528,000 tonnes in the quarter, revenue of just below NOK 10 billion and EBITDA 2% up from last quarter last year -- same quarter last year, just below NOK 2 billion. Net interest-bearing debt of NOK 7.8 billion, and we also propose a dividend per share on NOK 6.50.

If we include 50% of our shares in Pelagia, our EBITDA is up with 2%, NOK 2.145 billion in the quarter, of which salmon and whitefish is down by 10%, NOK 150 million weaker, mainly as a consequence of lower price achievement. And we have a 32% better contribution from the Pelagic segment, mainly driven by NOK 100 million better contribution from Austral in Peru and NOK 175 million from Foodcorp.

I would say Austevoll seafood is all about volume and is how we are able to create value of this volume. If you look at the right-hand side, you can see that we are aiming to catch between 400,000 to 500,000 tonnes on an annual basis with their own vessels on our own license. We are aiming to produce in our pelagic factories between 1.6 million to 2 million tonnes of raw material. We are aiming to catch and produce approximately 80,000 tonnes of whitefish this year. And the aim is also to slaughter 225,000 tonnes of salmon products in 2026.

So starting up on the pelagic side, giving a view both on the quarter and also in the coming season. Starting up with the Peruvian entity, what's fair to say here is that quota was a bit lower than what we expected, and it's based on biomass, which were, I would say, lower also than in terms of what they detect in the season, biomass of 7 million tonnes, and the final quota was 1.9 million tonnes. And it's fair to say that the fishery has been more challenging also for the first three weeks of the season started up the 9th of April. And I would say the short summary is that it was too high inclusion of undersized fish in the catches. And there has been a stop in the fishery as a consequence of that.

The stop was 1st of May, and we are trying to delay the fishery together with the ministry in terms of having fishing zones where you can have larger fish or zones without juveniles. Normally, there is juveniles in certain area or too high incidence of juveniles. In the start of this season, this has been, I would say, the matter all over the coast. And as a consequence, the fishery has now been reduced, and we are aiming that the fish is growing or the small fish is segregating for the bigger fish, so we are able to catch. Of course, this can affect the total catches of this year's quota and has also resulted in that prices both for fishmeal and fish oil has been increasing during the period. I would say the fishmeal and fish oil fisheries in the South has been quite good in the first quarter with okay oil yields and the performance there is on a normal level.

Chile, as you can see, for the latest 15 years, we have been having an average increase of the quota on 12%, which has been quite good. In 2025, the increase was 22%, which also resulted in a lower increase of the 2026 quota of close to 8%. We came into the year with stocks, both for fishmeal and fish oil and also for frozen products and have had a quite decent fishery in the first two months. And in March and onwards, we have also seen the same as we are seeing in Peru that there has been too high inclusion of undersized fish for -- also for the horse mackerel, which has also led into a temporarily stop in Chile. And we are waiting and aiming for the conditions to change to continue the fishery there.

North Atlantic quotas is down. It's marked by blue whiting quota down with 41%, mackerel quota down with 48%. We have North Sea quota down with 20%. North Sea quota is up by 70% next year. And I would say also this also affect the volume intake for Pelagia. And if you look at Pelagia, the quarter is a quite good quarter, also more or less in line with the same quarter last year. The contribution from the different segments is a bit different this year versus last year, and I will come back to that later. And of course, Pelagia will probably have a different development in '26, which they had in '25.

In '25, the quota were reduced and also fishmeal and fish oil prices were dropping during the year. We are also seeing reduced quota for '26, but the aim is that fishmeal and fish oil prices is going in the other direction, which will benefit Pelagia.

All in all, revenue of NOK 3.1 billion, EBITDA of NOK 319 million, whereas NOK 79 million is coming from the Food segment, NOK 162 million is coming from the Feed segment and approximately NOK 77 million is coming from the Health segment. So all in all, I would say volume is down by 22% in the quarter but -- for the Pelagia segment, but the earnings due to better price achievement is up with approximately [ 30% ] on the Pelagic segment.

When it comes to salmon and whitefish, I suggest that you go in looking at the -- looking at Lerøy's presentation. Adjusted EBIT of NOK 858 million in the quarter, NOK 555 million is coming from the Farming segment, NOK 228 million coming from the Wild Catch segment, considerably higher than last year and NOK 160 million is coming from VAP sales and distribution. And the slaughter volume of 39,900 tonnes in the quarter, approximately 8,000 tonnes from the North, 16,000 tonnes from mid and 16,000 tonnes from Lerøy Sjøtroll. And prices is down -- spot prices is down by NOK 4 per kilo and the adjusted EBIT is also down to NOK 18 per kilo with NOK 24 EBIT per kilo in the value chain in Lerøy Aurora, NOK 23 in Lerøy Midt and approximately NOK 10 in Lerøy Sjøtroll.

Whitefish, again, lower volumes, higher earnings and it's mainly driven by price achievement up 24% on cod, 32% on haddock and 54% on saithe. And on the other direction, fuel cost is up as a consequence of the war. And we are, on an annual basis, using approximately 38 million liters of diesel, which has an effect on earnings. But all in all, we are expecting a better year on whitefish in '26 versus '25.

And I will give the floor to Britt Kathrine.

As normal, we start with this table, and that actually sums up what Arne has been taking you through in his part of the presentation. So I will not comment further on that.

Here, you can see the key figures of the first quarter and also the changes in -- for the different segments in the first quarter this year compared with the same quarter last year. We move over to the income statement, and we have operating revenue and other income of NOK 9.8 billion, and that is more or less in line with the same quarter in 2025. EBITDA adjusted is also more or less in line. It's 2% up, close to NOK 2 billion, up from NOK 1.938 billion. Income from associates is down NOK 9 million this quarter compared to NOK 35 million in same quarter last year.

The two largest associated companies is Norskott Havbruk, which owns Scottish Sea Farm and Pelagia. And Pelagia, they have earnings in the first quarter this year in line with the same quarter last year, as Arne showed you in his part of the presentation. But Scottish Sea Farm have a substantially lower earnings in first quarter this year compared to the same quarter last year. And that can be explained by a 36% lower harvested volumes and lower volumes is impacted by the challenging biological situation the company had in 2025.

And of course, lower volume impacts cost, especially associated with the wellboats and processing. What I would like to mention is that the next generations are doing well in Scottish Sea Farm. And that gives us an EBIT, including income from associate of NOK 1.4 billion, down 1% from NOK 1.429 billion in same quarter last year. I have to mention this fair value adjustment related to biological assets. This is an accounting principle and does not have any cash effect. In first quarter this year, that was minus NOK 302 million. But first quarter last year, it was substantially higher. It was minus NOK 1.8 billion and of course, impact the operating profit.

So first quarter last year, we had a negative operating profit of minus NOK 464 million. And in first quarter this year, we have a positive operating profit of just above NOK 1 billion. Net profit in the period is NOK 644 million, which gives earnings per share of NOK 2.5. In first quarter last year, we had a negative net profit of minus NOK 195 million and then earnings per share to the shareholders of Austevoll of NOK 0.10.

Looking into Lerøy Seafood Group, the main value drivers here are, of course, the slaughtered volumes of salmon and trout. And they had slaughtered volumes of close to 40,000 tonnes, up 4% from same quarter last year. Price achievement has, however, declined. The spot prices are down NOK 4 per kilo. And we have higher average slaughter weights, but we have not had the same premium on the price for the larger fish in first quarter this year compared to what we had in first quarter last year.

As expected, there is a quarter-on-quarter cost increase, and that is attributed to the lower volume from Lerøy Aurora. They had a quite substantial volume in fourth quarter. And there is a continued strong biology in the Farming segment in Lerøy. Wild catch have had a very strong performance in the first quarter, especially considering the quota. Catch volumes are down, but prices are significantly up. And we also see a clear operational and financial improvement in the land-based industry. However, this is still challenging for the land-based industry with the lower raw material available and also high raw material prices.

VAP sales and distribution have continued growth in volumes and revenue. However, we see some negative impacts this quarter on gross margins in some units and increased logistic -- costs related to logistics are also giving pressure on margins to some high-margin markets. Revenue in the quarter was close to NOK 8.1 billion, and the EBIT was NOK 858 million, down from a little bit above NOK 1 billion in same quarter last year.

As normal, we have had lower activity in Peru. The first -- or the second season 2025 finished in January, and Austral caught 20,600 tonnes in January related to this season versus 35,500 tonnes in first quarter 2025 related to second season in 2024. The season in the South started in January, and Austral has purchased a little bit above 52,000 tonnes, which are produced for fishmeal and fish oil at the Ilo plant. In first quarter last year, they purchased 60,000 tonnes.

Sales volumes are down, but prices are up for fishmeal up 37% and for fishmeal (sic) [ fish oil ] up 11%. So revenue in first quarter was NOK 962 million and EBIT NOK 218 million, up from NOK 126 million in same quarter last year. And you can see we have also had an increase in the EBIT margin, which was 23% in first quarter this year versus 11% in same quarter last year.

Foodcorp had a good activity in the quarter, very high activity in January and February, but reduced catch rates in March, which Arne explained also when he was talking about Foodcorp earlier. We had an own catch of mackerel horse mackerel of 38,500 tonnes with -- down from 54,700 tonnes in Q1 this year. We have also purchased 16,000 tonnes from the third party or the coastal fleet of sardine and anchovy, and that is down from 27,000 tonnes in the same quarter last year. But the reduced volume is mainly due to one month earlier start of the season in 2025.

We see that we have higher yields from this raw material in 2026 versus 2025. We have a substantially higher volume of frozen products, and we have increased the yields for frozen production and the price achievements are also up year-on-year. Revenue in first quarter was NOK 628 million, up from NOK 425 million, and the EBIT adjusted was NOK 288 million, up from NOK 115 million. And you can see that the EBIT margin is substantially up 46% versus 27%.

I would like to mention that we are guiding on a total of raw material of 135,000 tonnes and Foodcorp's own quota is 70,000 tonnes. So we purchased some raw material from third party, which we catch with our own vessels. So in first quarter, we have -- the production is from our own quota. Kobbevik og Furuholmen, that is a small farmer on the West Coast of Norway. We have harvested a little bit above 2,300 tonnes, which is up 24% versus the same quarter last year. They sell all their salmon in the spot market. And as I mentioned earlier, there is a reduction in prices year-on-year on salmon.

But we have had a significantly lower cost on this volume than we had on the harvested volume in same quarter in 2025. So the EBIT per kilo here is NOK 23, down from NOK 27. And total revenue in the quarter is NOK 212 million and EBIT adjusted is NOK 54 million, more or less in line with the EBIT in the same period last year.

The total assets for the group by the end of March is NOK 52.4 billion. That is down from NOK 53 billion in the end of March 2025 and also NOK 53 million (sic) [ NOK 53 billion ] by the end of last year. The net interest-bearing debt is NOK 7.9 billion. It's a little bit up from March in 2025, but down from NOK 8.7 billion by the end of 2025. Equity ratio at 54%, 1% down from March last year, but up from 52% by the end of 2025.

We have some units with different functional currency. And of course, when we do the exchange into Norwegian kroners in the balance sheet, that will, of course, be impacted by the strengthening NOK. So that explains some of the reduction in the total balance sheet.

Looking at the cash flow, there has been a good cash generation in first quarter. So cash from operation is a little bit above NOK 1.4 billion. Cash from investing activity is minus NOK 268 million. The CapEx is not like the same every quarter. So it's quite low in first quarter. And we know that Lerøy has a CapEx program of NOK 1.7 billion in 2026 and the other segments are more or less in line with their normal depreciations. So this will be higher as we go further in 2026.

Cash from financing activity is minus NOK 891 million, and this gives us a net positive change in cash of NOK 261 million. And we end the quarter with a cash position of close to NOK 5.4 billion.

Then I will give the view on the different markets we are operating within, starting up with the fishmeal market and the fishmeal producer. If you look at the largest fishmeal producers, you can see that as of week 17, the production is down by 24%. And we also know that the quota in Peru is down by 36%. And of course, there's also uncertainties in terms of if the quota will be caught going forward.

And that has led into an increase of prices. And in Peru, prices is close to $2,600 per tonne on super prime with a discount of $200 down to -- $250 down to lower quality fishmeal. I would say these prices will come into third quarter. The demand is from the third quarter onwards, and there still is China, which is the main market for fishmeal.

If we look at the Chinese market, stock is down by 44% compared with same week in 2025. And you also see that weekly offtake is a bit lower than it was same period last year. Prices is a bit higher than the Peru prices, which also stimulates trade. And we also see that import in China is down by 12% in first quarter and Peru is 46% of that import.

Fish oil, I would say it's less down, but down by 7%. It's also fair to say that Peru due to the inclusion of juvenile fish, we also see that the oil yields are lower than the normal yields we are seeing in this season, so just under 2%. And we also see that fish oil prices have increased during the quarter and are now approximately $4,100 per tonne, and it's a premium of $300 to $400 per tonne on omega-3 grade.

Then looking at salmon, as you see in 2025, we had an increase of volume out of Norway and worldwide of approximately 12% this year. Out of Norway, it's an expectation of just over 2% increase. And it's also, I would say that so far this year, we have been slaughtered 30,000 tonnes more in Norway compared with the same period last year. And going forward, we are expecting the same growth that we had in 2025.

So I would say the growth is already taken out according to Kontali. So the underlying growth, both in '26, '27, I would say, is giving a tight supply situation. Prices is, I would say, down versus same quarter last year and also starting up in second quarter this year. Prices is a bit lower than we expected in the beginning of year, and it's mainly explained by strengthening of NOK and also we have seen increasing logistics costs, particularly on the Asian market as a consequences of increasing fuel prices.

Consumption has been very good and increase in the North -- in the EU market, up with 12%. And where you see the most increase is in the other markets, mainly driven by Asia and China, where we have had an increase of 28% versus same period last year.

So summing up, I would say we have had a strong biological performance in Lerøy. Seal lice treatment is down. Mortality is down. We are expecting a harvest volume of 195,000 tonnes in '26. And we have also started this cost reduction program, which will gradually impact the cost during 2026, but also into 2027.

Whitefish price development outweighed lower catch volumes. We are seeing significantly higher fuel prices going in, in the second quarter. But all in all, I would say that we are expecting a better year in the Whitefish segment for '26 versus '25. VAP sales and distribution, I would say lower salmon and trout prices are building markets. It's still strong demand, strict supply growth, but we're also seeing that higher logistic costs and reduced accessibility to certain high-margin markets and particularly in Asia is taking a bit prices down and the strengthening of NOK is also affecting the profitability.

In Peru, as I said, a challenging start of the season. Quota is set on 1.9 million tonnes. At time being, there is a stop in the fishery in order to see if the mix between juveniles and larger-sized fish will change. And of course, if this will happen for a longer period, it will affect how much of the quota we are able to catch in the end.

Same situation in Chile. We had a good start January and February. And from March and onwards, it's been also a mix of undersized fish, meaning that it's been a stop in the fishery. The fleet now is searching for other fishing zones to see if they find areas and fishing zones, which holds a better mix of fish sizes.

So that was all. When it comes to the North Atlantic, again, an okay start of the season. And we're also seeing that the situation in Peru is going to increase prices also for our activity in Pelagia.

So that was all. Thank you, and have a good day.

That is a pleasure for me to invite you to Austevoll Seafood third quarter financial presentation. I will first take you through the highlights of the quarter. Thereafter, I will go in more details of our performance in the quarter in the different segments we are operating in, and also give some insights in the quarter to come as well. Britt Kathrine Drivenes will take you more in detail through the financial figures. And I will end this session by giving our view on the different markets we are operating in.

So starting up, I would say, third quarter, I think it's 3 main topic, which I want to raise in terms of our performance in third quarter. In general, I would say we are delivering a weaker quarter in all segments. And it's mainly -- the main driver behind that is, I would say, we have had some biological challenges in Leroy as a consequences of high sea temperatures, and also a higher sea lice pressure, also combined with much lower salmon spot prices in the quarter. And also when it comes to our pelagic activity, main reason for the weaker result is also pressure in margins, in particular in the fish and marine oil products, which are taking our result both down in South America and also in the North Atlantic.

So our revenue in third quarter is just north of NOK 10 billion, and EBITDA of NOK 652 million and an EBIT of NOK 73 million. And if you include 50% of the EBITDA of Pelagia, our EBITDA is in total just south of NOK 800 million, whereas Leroy delivering approximately NOK 500 million and the Pelagic segment is approximately NOK 300 million. If you look to year-to-date in 2025, NOK 29.9 billion in revenue, NOK 3.9 billion in EBITDA and an EBIT approximately NOK 2250 million. We have a strong balance sheet, NOK 52 billion, equity ratio of 53% and a net interest-bearing debt of NOK 8.5 billion.

Austevoll Seafood is all about volumes and also what margins we are able to create based on the volumes we are running through our systems. And in this quarter, and I would say also this year in particular in pelagic, we have had pressure on margins on our -- in our fishmeal and fish oil segments, mainly due to, I would say, fish oil prices has been going further down than we expected.

This year, we are aiming to fish on our own fishing vessels a volume of 450,000 tonnes. We are processing in our fishmeal and human consumption pelagic factories a volume of NOK 1.9 billion. Whitefish, we are handling 80,000 tonnes on our fleet and plant, and are aiming to slaughter 219,000 tonnes of salmon in 2025.

Starting up with pelagic, going to South America and Peru. We were expecting that we would receive the final quota late last night, but I think that's delayed for today. So we have to comment on the situation as we know today. Normally, there is a research in front of every season, which was also the case this year. Research started up in mid-September ended, end October, and they didn't detect that much fish in the North-Centre area as expected. And they did a new, I would say, small research called what we are calling Eureka, where both the industry and the scientist vessels are going in to see if the condition has improved, and establish our temporarily quota of 500,000 tonnes.

And based on the experience they had for the first 3 days with test fishing, and also the first 5 days to 6 days with catches and production, we are expecting that they will settle a new quota. And we have to wait to see what the final quota will be for the second season. And in our case, on volume-wise, we are guiding on a volume of 1.2 million tonne quota or fishery in November and December, and we have to see if the quota will be at that level or a bit higher than that. So still remains to see the final quota. And of course, since Peru is one of the largest producer of fishmeal and fish oil the size of the quota will also have an impact on fishmeal and fish oil prices going into the new year.

In Chile, I would say we had had a good year. Third quarter, a bit less volume this quarter versus third quarter 2024. Fish started spawning earlier, and we have to wait to take the remaining of the quota in November and December period. Have approximately 33,000 tonnes to catch. And hopefully, we are able to do that by end of the year.

I would say we have had lower prices both on fish oil, fishmeal and on frozen products in the quarter, but it also is impacting the result from FoodCorp. But we also see that prices on frozen and prices on fishmeal is also recovering now into fourth quarter. So if you are able to catch the remaining quota, I think Chile will deliver a good year also in 2025, as they did in 2024.

When it comes to next year's quota, the recommendation from the organization settling the quota has a range between 5.7% and 15% increase. And there is a change in the law changing the distribution from the industry vessel to the artisanal vessels from 90% to 70% to the industry. So artisanal vessel are getting a higher percentage of the quota. So if it's 5% to 6% increase, our volume for next year will be around 68,000 tonnes. And if it's 15% increase, the volume will be 74,000 tonnes.

In the North Atlantic, we have seen reduction in raw material availability, both for '25 and also the recommendation for '26 is further down on raw material in the North Atlantic. And it's, I would say, particularly marked by a reduction of 70% of mackerel and 40% of blue whiting, and also 30% on North Sea herring, which is taking the volume further down from 25%, which also has been under the average for the latest 10 years. So I would say the conditions for our pelagic plants in the North Atlantic is going to be more challenging in terms of securing raw material, than it was in 2025, and we have to adapt for that situation.

If you look into the performance in terms of volumes to the plant in 2025, it's more or less on the same level as we had in 2024. But as I said, the marine protein and oil segments are delivering considerably lower margins due to the reduction in prices on particularly marine oils. And if the blue whiting quota is set on a level which is recommended, there will be, I would say, less raw material in for this segment in 2026. Human consumption as well, less mackerel quota into '25 reflect -- and also the North Sea quota reflect -- North Sea herring quota reflect also the volumes we had in the quarter 86,000 tonnes versus 120,000 tonnes.

Going into the end of the year, we are aiming to produce approximately 100,000 tonnes of volume more. And I would say it's been -- the season has been conducted in a good way, also considering the high purchase prices on particularly mackerel. Again, the situation is the same, the reduction in North Sea quota and the reduction in mackerel quota will affect the capacity usage on Pelagia for 2026.

And if you look into the result of Pelagia, you can see that the EBITDA in the quarter is considerably lower. We are doing -- delivering a lower result in the FEED segment -- in the FOOD segment in the quarter due to less activity and better on the HEALTH segment.

If you look at the year-to-date result, I would say the reduction in EBITDA can be explained by less contribution from the fishmeal and fish oil segments of Pelagia. Otherwise, HEALTH and FOOD is delivering slightly better than they did in the first 9 months.

Then to salmon and whitefish, and I would say, looking into Leroy in the quarter, they have had 4 quarters now in a row, where cost has been reduced and enter into the third quarter with more challenging biological situation, mainly due to high temperatures, record high temperatures in -- outside the Norwegian coast, and also, as a consequence, a much higher sea lice pressure, and also yes, with a higher sea lice pressure, which also reduced the growth in the period, and also increased a bit the mortality when you're doing sea lice treatments.

So EBIT from Farming segment is negative with NOK 300 million. And of course, that's also a consequence that price achievement has been considerably lower in the quarter versus same quarter last year. It's been compensating by a better performance both on the whitefish segments, they've done a very good quarter based on the raw material they have had available. And also, we have a record high quarter when it comes to the VAP sales and distribution, where we are delivering an EBIT almost doubling from same quarter last year.

It's also pleasant to look at volumes we have been driving through in Leroy this quarter, up 15% versus same quarter last year. And of course, it's a pretty when you're not earning that much money based on the volume we have. Spot prices down NOK 8 year-on-year on the quarter and the EBIT per kilo is NOK 1.70, which is delivering -- splitted between the region, Leroy Aurora NOK 9.50 and Leroy Midt, negative NOK 3 per kilo, and Leroy Sjotroll is negative NOK 1.5 per kilo, which is a better performance, in particular, in Leroy Sjotroll versus the same quarter last year.

Looking at volumes, we are maintaining our guidance on 195,000 tonnes. It's up from 170,000 tonnes in 2024. And for our guidance in 2026, we are guiding on the same volumes that we are having in 2025 in Norway, and a bit up in Scottish Seafarm to 22,500 tonnes.

Good performance, I would say, on the wild catch segment of Leroy. So despite quota is down by 32% on the main species on cod, a bit down on haddock, we are delivering better financial result in the first 9 months and also for the quarter. And as a consequence of, I would say, a focus -- well-focused production on the land-based activity. It's challenging to produce when raw material is reducing and raw material prices is increasing.

On the other hand, I would say that on the fleet side, the reduction in quota is well compensated and overcompensated by the increase of prices. Cod prices in the quarter is up with 27% versus same quarter last year, haddock prices up with 68% and saithe prices up with approximately 58%.

So now I give the floor to Britt.

Thank you. As normal, we start with this table, summing up the raw material intake in the quarter. And as Arne has already mentioned, there has been a seasonal lower operation in both Chile and Peru in the quarter. The important season for food or consumer products in North Atlantic started in Q3. There has been intake of North Sea herring, and also the mackerel season started in August. As you can see for salmon, there has been slaughtered a substantially higher volume in third quarter this year compared with same quarter last year.

Key figures have already been mentioned, but I will short sum up. And all these figures include 50% share of Pelagia. There has been an increase in the revenue in the quarter, and that can be contributed to Leroy. They have slaughtered a substantially higher volume of salmon in the quarter compared to the same quarter last year. And also, there has been a very good operation in the VAP sale and distribution segment with increased volumes also from that part.

Earnings in third quarter are substantially down. And as Arne has already mentioned, this is mostly attributed to the farming segment. There has been lower prices for salmon and trout and also increased costs due to higher sea temperatures and sea lice pressure.

In Peru, the first -- the end of the first fishing season was quite challenging with challenging catch situation, and also, of course, lower utilization of the plants. And that combined with lower prices for fishmeal and oil has also given lower earnings from that part. And in Pelagia here in the North Atlantic, pressure on marine or decreasing prices on marine oil have also given lower earnings for that part.

I will start on the line income from associated as we have been through the key figures above that line. And Arne has already taken you through the results for Pelagia, which is a large company -- associated company. So I will shortly comment on the other large company in this associated company, Scottish Sea Farms. They have, of course, as we have here in Norway, been affected by the lower salmon prices. But they have also slaughtered substantially lower volume of salmon in third quarter this year compared with same quarter last year, down 40%.

So EBIT, including income from associated companies are NOK 73 million, down from NOK 802 million. Then I would like to comment on the fair value adjustment related to biological assets. This is a noncash line, but it's an accounting principle. But it's quite large numbers, and it's positive this quarter with almost NOK 950 million, same quarter last year was negative with NOK 629 million. And this, of course, impact our total figures. So the operating profit, including the fair value adjustment is NOK 954 million in third quarter this year, up from NOK 127 million in same quarter last year. And net profit is NOK 529 million, up from NOK 168 million in same quarter last year.

I would recommend to look into Leroy's Q3 presentation on the webcast to get more details, I will shortly sum up the key drivers in this quarter, and that is, of course, the slaughtered volumes of salmon and trout 59,000 tonnes, up 15% compared to same quarter last year. And this is driven by a strong biological performance leading up to Q3. We have had a more challenging biological development in Q3, with -- as I mentioned, higher seawater temperatures and sea lice pressure. And that has, of course, impacted cost. Prices are down, spot prices are down NOK 8 compared to the same quarter last year. And the contract share in Q3 has been 24%.

Looking into the VAP sale and distribution, they have continued a very positive development and have a record quarter, and this is based on a very good utilization of the capacity, but also high sales volumes. Wild catch, the catch volumes are in line with same quarter last year. There has been a substantially lower quotas in '25 compared with '24, but there has also been an increase in prices, which has compensated for the decrease in quotas.

For the onshore industry within this segment, of course, it's quite challenging with lower raw material available, and also high raw material prices. But they have been doing a good job, and also delivering on the same level as last year.

Looking -- going over to South America, and starting with Peru, seasonal low operation in the quarter. First fishing season ended 23rd of July. As mentioned, a challenging end of the season with daily catch rate, which slowed significantly in June and July. As you can see, the prices for the finished products is down, fishmeal down 6%, fish oil down 56%. And we are entering into fourth quarter with very low inventory volumes.

The revenue in the quarter is NOK 825 million, EBITDA of NOK 144 million and an EBIT of NOK 85 million. And of course, lower compared to same quarter last year. But in total, first fishing season this year has been down in earnings compared to same season last year. And as mentioned, higher cost for the operation, but also lower prices.

Also in Chile, we have had a seasonal lower operation and the main season for horse mackerel ended in mid-August. We have approximately 33,000 tonnes to be left to be caught in Q4. Fish oil prices for the finished products are also down, fishmeal down 20%, fish oil 49% and frozen 8%. Revenue in the quarter, NOK 368 million, an EBITDA of NOK 35 million and an EBIT of NOK 22 million. And lower prices have, of course, put pressure on our margins.

Kobbevik og Furuholmen, they have slaughtered just below 1,100 tonnes in the quarter, which is down 37% compared to same quarter last year. The company sells all its salmon in the spot market and of course, affected by the lower prices for fish -- for salmon. What we can say is also that there is an increase in cost due to slaughtering from high-cost sites. So the EBIT there was negative with minus NOK 12 million compared to minus NOK 16 million in the same quarter last year.

Br. Birkeland, the 2 snow crab vessels, they finalized their quotas in April. So the vessels has been laid up since then, and they have been doing necessary maintenance to be ready for the next season starting in 2026. EBIT is minus NOK 17 million and in line with the same quarter last year.

Looking at the statement of financial positions. The total assets is just below NOK 52 billion. The net interest-bearing debt is NOK 8.4 billion, and there is an equity ratio of 53% by the end of September 2025. To comment some of the lines, tangible fixed assets increased, and that is based on investment in among others shielding technology, but we also have in the second quarter bought 2 secondhand vessels, one for Peru and one for Chile.

As you can see, there is also a sharp reduction in this fair value adjustment related to biomass, both comparing to 30th of September last year, but also by the end of 2024. And there is a positive quarter-on-quarter development in working capital, which I will comment more on when we look into the cash flow.

As you can see here, there is a cash flow from operating activities of NOK 1.5 billion. And the positive development in working capital is both in Leroy, but also in the South American operation. Cash from investing activities is minus NOK 445 million and from financing activities minus NOK 878 million. And this gives a net change in cash in third quarter of positive of NOK 231 million. And we end the quarter with a cash position of close to NOK 4.7 billion.

And I give the floor to you, Arne.

Then I will end this presentation by giving a view on the different markets we are operating in, starting up with the fishmeal market and looking at the production so far this year. And as you can see, the volume is up by 15% among the largest producer of fishmeal by week 42. Prices has -- I would say, since September started to increase. And today, prices -- or before the season in Peru prices was close to $1,900 per tonne on Super Prime and approximately $1,550 on Standard fishmeal.

Still China remains as the main destination, but we are also seeing increasing demand from Europe and Ecuador to the aquaculture industry. And there has been some forward sales in front of the season in Peru. And I would say that depending on the quota set now and the development of the fishery, you can also see a developing month in fishmeal and also fish oil prices.

Chinese market, main driver behind the increase of fishmeal prices from Peru, and it's mainly related to -- they had a quite reduced domestic production in China, and increased demand and also prices. Stock level, I would say, is more or less on the same level as the average the last 5 years, but lower than the season -- or the same period last year, and it's a good sentiment on fishmeal prices at the moment.

Fish oil, up 9.3%, driven by volume from Chile, in particular this first 42 weeks. Prices is down $2,400 per tonne, a premium to omega-3 prices for human grade with approximately $1,000, but I would say that, again, you will not see -- it's a wait-and-see development in fish oil prices at the time being in Peru. You have to see what the final yield be, what the final quota will be and how the fishery is developing before, I would say, you would see the direction of fish oil prices going forward.

Salmon, fantastic production of salmon, a global growth of approximately 10% in 2025, has had an impact on price achievement. But going into 2026, you can see that there is not any expectation for further growth on a global level and not in Norway, if you look at Kontali's latest estimate. And the expectation from the rest of the year in November, December is that it's going to be a negative growth compared with the same 2 last month in -- of the year.

So all in all, up to October, an increase of 14% and we are expecting that a reduced volume going in for the remaining 2 months, and also into first half year next year. And it has been challenging when we have had prices on -- just north of NOK 50 per kilo in terms of being salmon farmers. And hopefully, we will see better prices now in the last months that we are experience, and also in the beginning of the quarter. Market is strong. The consumption has been 6% up in EU, 17% up in other markets, mainly driven by demand from Southeast Asia, and also 10% up in the U.S. market.

So summing up, I would say, after 4 quarters now with a reduction in cost, we have met some challenges, more sea lice treatment and higher cost levels in third quarter and also into fourth quarter. And it's also worth mentioning that we are expecting lower cost in 2026 compared to what we have seen in 2025.

Whitefish quotas is continuously down. Our expectation now is that the reduction in the negative growth in cod quotas maybe will turn in '26 and that we will see maybe an increase in '27. South America, again, we were expecting to have the information yesterday, was not published and looking forward now to start catching again, and are excited in terms of what the final quota will be and how the fishery will be developed. And it's fair to say that we are entering into 2026 with a higher fishmeal prices than we had in the beginning of 2025.

Jack mackerel quota for ourselves on our own keel is going to be a bit down versus what we have this year, and that's mainly due to the redistribution of the quota from the industry to the artisanal vessel. But also, hopefully, we are expecting a better price development in all our products in 2026 versus 2025.

When it comes to our activity in the North Atlantic, we are expecting a challenging situation in terms of utilization in our factories, when quota on important species is down on blue whiting, North Sea herring and mackerel for next year. But hopefully, also, we are expecting other development in prices, in particularly for marine oil and on the experience what we have done in 2025, when it comes to pressure on margins.

So that was all, and thank you.