SalMar ASA Aktie

Good morning, everyone, and welcome to the presentation of SalMar's results for the second quarter of 2026. My name is Frode Arntsen. I'm the CEO of SalMar. And with me today, I have our CFO, Ulrik Steinvik. I hope you all had a pleasant summer vacation this summer. For those of us living along the coast from Møre and northwards in Norway, I cannot quite say the same. Summer never really arrived, and we have experienced long periods of truly poor weather. However, although we have not seen much sunshine, the weather has been fantastic for our salmon. A cool and rainy summer has created excellent growth conditions for our salmon and is one of the factors contributing to the record strong biological performance that continued through the second quarter and into the third quarter.

Once again, SalMar delivers good biological and operational performance. This does not happen by itself. It is the result of continuous improvements and action we take throughout the value chain to ensure that our salmon thrive as much as possible. And it is all our employees who make this possible. Working at SalMar is not just an ordinary office job. I know that many people dedicate themselves around the clock, driven by genuine passion and a deep commitment to our salmon, our people, our facilities and the communities of which we are a part. Thank you all for the work you do and for your dedication day and night, enabling Ulrik and myself to stand here today and present these results.

Today's presentation will follow our familiar agenda. I will take you through the key highlights for Q2 and provide an update on the various segments before CFO, Ulrik, presents the financial update. Finally, I will discuss the acquisition of the majority stake in Måsøval before concluding with our increased volume guidance for 2026 and our outlook. And I have to begin with a record strong biological performance that continued in the second quarter and into the third quarter. On the screen, you can see the maximum and minimum values from the past 10 years across a number of biological key performance indicators. As you can see, the first 7 months of 2026 have been significantly stronger than previous years for SalMar. Compared with the average of the last 10 years, the mortality is 40% lower. The growth is 33% higher and the superior share is 9 percentage points higher.

Compared with last year, the picture is equally strong. We can, therefore, confidently say that 2026 has so far been a record year biological. There is no single explanation. The reality is that many factors contribute. Genetics, smolt quality, vaccines, production technology and production strategy, feed strategy and many other elements all help explain these improvements. They are the result of work over a long period and our constant ambition to operate on the salmon's terms.

I'll now move into the results for the different segments, starting with some highlights. For Norway as a whole, we harvested 71,500 tonnes at a margin of NOK 17.2 per kilo. The Norwegian operations delivered operational EBIT of NOK 1,227 million. Including Icelandic Salmon and SalMar Ocean, we harvested 81,800 tonnes during the quarter and generated an operational EBIT of NOK 1,237 million, corresponding to a margin of NOK 15.1 per kilo. Harvest volume reached a record high during the quarter, although an unfavorable harvest profile negatively impacted earnings for the period.

Profitability in Sales & Industry improved, driven by higher capacity utilization at our facilities, improved operational KPIs following the upgrade of InnovaMar and strong sales performance during the quarter.

Successful completion of the production cycle at Ocean Farm 1, once again delivering strong biological performance. Results from Iceland and Scottish Sea Farms were weak, driven by high costs throughout the value chain in both companies. Based on the biological performance we have experienced so far, we are increasing our volume guidance for Norway in 2026 by a further 20,000 tonnes. Guidance for all other segments remains unchanged. We now expect total harvest volume in 2026 at 350,000 tonnes, representing an increase of 49,000 tonnes or 16% compared with 2025. At the same time, we are seeing lower cost per kilogram and expect a reduction in cost during the third quarter. As many of you will have seen, we announced in July that we had reached an agreement with Heimstø to acquire its 70% ownership stake in Måsøval. I will return to this topic later.

Before doing so, I would like to provide a little more detail through our operational update. Starting as normal with Central Norway. We harvested 38,900 tonnes during the quarter and delivered an operational EBIT of NOK 426 million, corresponding to EBIT per kilogram of NOK 10.9. Harvest volume increased significantly compared with the same period last year, while biological performance remained strong throughout the quarter. The majority of the harvest volume came from the spring '25 generation, and we also commenced harvesting of the autumn '25 generation as a result of strong biological performance. Cost levels were higher than in Q1, but lower than in the corresponding period last year.

Following our last presentation in May, we experienced outbreaks of ISA at 2 sites, which were harvested during June. This had a negative impact on both cost and price realization during the quarter. In addition, most of the harvest volume was realized in June, which also negatively affected price realization. The biological status in Central Norway remains good, and we will continue harvesting both the spring '25 and autumn '25 generation during the third quarter. We expect costs to be lower in Q3 compared with Q2. At the same time, we expect harvest volumes in Q3 to be significantly higher than in the corresponding quarter last year. As a result of the strong biological performance, our 2026 volume guidance for Central Norway is increased by 5,000 tonnes up to 167,000 tonnes.

In Northern Norway, we harvested 32,600 tonnes during the quarter and delivered an operational EBIT of NOK 632 million, corresponding to EBIT per kilogram of NOK 19.4. Biological performance in Northern Norway continues to be very strong. During Q2, we harvested fish from both the autumn '24 and spring '25 generations. Harvesting costs declined compared with Q1 and were also lower than in the corresponding quarter last year. However, an unfavorable harvest profile with significantly volumes harvested in June when market prices were at their lowest had a negative impact on earnings.

Looking ahead, the biological status remains good, and we will continue harvesting the spring '25 generation during the third quarter. We expect cost levels in Q3 to be broadly in line with those reported in Q2. Harvest volumes in Q3 are expected to be significantly higher than in the corresponding quarter last year. Similar to Central Norway, we are increasing our '26 volume guidance for Northern Norway. Guidance is increased by 15,000 tonnes, up to 135,000 tonnes.

Moving to SalMar Ocean, where we harvested 4,800 tonnes during the quarter and delivered operational EBITDA of NOK 75 million, corresponding to EBITDA per kilogram of NOK 15.7. Ocean Farm 1 completed harvesting in May. And once again, the production cycle delivered strong biological performance, characterized by low mortality, strong growth and no sea lice treatments. The next production cycle at Ocean Farm 1 will commence at the end of August, beginning of September, and we expect approximately 5,000 tonnes to be harvested in the second quarter of 2027.

In addition, as you know, the development licenses for Arctic Offshore Farming have now been converted and are included as a part of our ordinary production capacity in Northern Norway. And I can also mention that by the end of Q2, these licenses were being fully utilized within our Northern Norway Farming segment.

The Sales & Industry segment delivered operational EBIT of NOK 219 million. Profitability improved significantly compared with the previous quarter, driven by higher capacity utilization across our facilities during the period. The first quarter was impacted by the temporary closure of InnovaMar due to upgrade activities. We are now seeing improved operational efficiency following the completion of the upgrade, which has also contributed positively to profitability. We are also seeing very strong efficiency at InnovaNor. The facility is currently setting some truly impressive records for throughput volume, both during the second quarter and now into the third quarter.

Good contribution from both spot and contract sales in the period. The contract share was 35% during the quarter, despite the price achievement being negatively affected by the harvest profile in the period. Demand for our products remains very strong, something that you, as analysts, can clearly see in the export statistics. It is also something we experience every day in our interactions with customers around the world. What we hear from customers is that salmon is a strategically important product that customers need. As a result, we have already started securing contracts for 2027 as customers want to ensure future access to supply. We, therefore, maintain a positive view of the market. Even though SalMar is increasing its volume guidance, analyses from several market participants indicate that most of the expected global volume growth for 2026 has already been materialized. This is also positive for overall market dynamics. The contract share is expected to be around 25% in third quarter and approximately 35% for the full year 2026.

Going over to the Westfjords in Iceland, where we harvested 5,500 tonnes during the quarter and reported an operational EBIT of minus NOK 35 million, corresponding to EBIT per kilogram of minus NOK 6.3. Harvest volume reached a new record for a second quarter in Iceland and price achievement was strong during the period. However, earnings were unfortunately weak due to the cost level, which continues to be impacted by the biological challenges we experienced earlier in 2026. Production performance in Iceland has been good during the quarter and the biological status of the fish planned for future harvest is also good. As a result, we expect lower cost levels going forward. At the same time, we expect significantly higher harvest volumes in Q3 compared with the same quarter last year. Our 2026 volume guidance remains unchanged at 21,000 tonnes.

Finally, I would like to mention that the parliamentary process related to the new regulatory framework for aquaculture in Iceland, which had originally been expected in June, has been postponed. We continue to engage closely with the authorities to help establish a regulatory framework that enables the Icelandic aquaculture industry to realize its full potential.

And now to our associate company in Scotland, Scottish Sea Farms. During the quarter, Scottish Sea Farms harvested 8,100 tonnes and delivered an operational EBIT of NOK 8 million, corresponding to EBIT per kilogram of NOK 1.0. As expected, harvest volumes were low during the quarter, which had a negative impact on costs throughout the value chain. However, the company reports a positive biological status in sea and expects significantly higher harvest volumes in the second half of 2026. The volume guidance for '26 remains unchanged at 43,000 tonnes.

With that, I have reached the end of the operational update, and I would like to hand over to Ulrik, who will take you through the financial results.

Thank you, Frode, and good morning to all of you. In SalMar, our ambition is simple: to create long-term shareholder value through operational excellence, financial strength and profitable growth. And during the second quarter, we delivered on all those 3 pillars. We increased harvest volumes, strengthened our balance sheet and announced the acquisition of Måsøval. At the same time, operational performance continued to improve through stronger biology and a lower underlying cost. In many ways, the second quarter reflects the strength of the platform we have built.

Our biological performance reached new record levels. Harvest volumes were the highest ever in the second quarter, and we continue to see the benefits of years of operational improvement initiatives across the value chain. As a result of the continued improvement in biological KPIs, we are increasing our 2026 harvest volume guidance by an additional 20,000 tonnes. There was some negative timing impact on price achievement during the quarter, mainly because a larger share of volumes was harvested towards the end of the period following the conversion of the Arctic Offshore Farming licenses and the increased growth in the second half of the quarter. However, that negative impact on the price achievement does not change the underlying picture, and the underlying trends remain clear. SalMar is growing, the costs are improving, and our financial position continues to strengthen. Let me take you through the details, and I will start with the profit and loss statement.

Looking at the top right section of the slide, operational EBIT declined by NOK 276 million compared with the first quarter from NOK 1,512 million to NOK 1,237 million. Higher harvest volumes contributed positively by NOK 479 million. Price achievement had a negative impact of NOK 740 million, reflecting lower salmon market prices and an unfavorable harvest profile during the period with the majority of our volume harvested in June. On average, SalMar's price achievement declined by approximately NOK 10 per kilo from the first quarter, while sea salmon declined by NOK 14 per kilo over the same period.

Contract sales, therefore, had a positive effect on realized prices, while the increased share of volume harvested towards the end of the quarter resulted in a negative timing effect as more fish was sold into the spot market when the prices were at the lowest in the quarter. As expected, costs across the value chain remained relatively stable during the quarter, although costs in Central Norway ended somewhat higher than anticipated when we reported the first quarter results in May. This was mainly due to harvesting of fish affected by ISA during June. Iceland and Ocean Farming contributed a combined positive effect of NOK 34 million, mainly driven by harvest -- higher harvest volumes in both segments.

Turning to the profit and loss statement. I would like to comment on the first half of 2026 comparing with the same period last year. For the first 6 months of 2026, operational EBITDA reached NOK 3.8 billion and operational EBIT NOK 2.7 billion. This represents more than a doubling of earnings compared with last year. Measured per kilo, earnings improved by approximately NOK 7 per kilo to NOK 19.3 per kilo. Around NOK 5 per kilo is explained by lower costs, while approximately NOK 2 per kilo comes from improved price achievement. This is particularly noteworthy given that sea salmon prices for the first half of the year were approximately NOK 2 lower than the same period last year. And the message is, therefore, clear. Improved fish quality, higher volumes and lower costs are the key drivers behind the earnings improvement.

And importantly, we expect cost to decline further going forward. Frode will return to this later in the presentation. Norwegian production tax and Icelandic resource tax amounted to NOK 191 million during the first half of the year. The NOK 42 million increase versus last year is explained by higher volumes and a higher production tax rate per kilo. Net fair value adjustments in the first half of the year were negative due to lower forward prices at the end of June. Income from associates was negative NOK 162 million, mainly due to negative fair value adjustments in Scottish Sea Farms. Net financial expenses amounted to NOK 597 million, NOK 80 million lower than last year, mainly reflecting lower debt levels and lower interest rates. Overall, this resulted in profit after tax of NOK 922 million and adjusted earnings per share of NOK 9.8, more than double the level achieved a year ago.

Moving to the balance sheet. Total assets increased by only NOK 124 million from the previous quarter to NOK 57 billion, partly reflecting the conversion of development licenses related to Arctic Offshore Farming. The equity ratio declined to 34.5%, mainly due to the dividend of NOK 10 per share approved by the Annual General Meeting in June. Net interest-bearing debt was reduced by NOK 1.1 billion to NOK 19.1 billion. Consequently, our leverage ratio measured as net interest-bearing debt over EBITDA improved to 2.6. And as I have said before, this development is what we expected. Higher earnings combined with strict capital discipline are driving continued deleveraging, and we expect further improvement during the second half of the year.

And now turning to biomass. Norwegian biomass increased by 2% year-on-year at industry level, while SalMar increased biomass by 7%. Once again, the data shows that SalMar is the main driver behind biomass growth in Norway, and this has consistently been the case since the beginning of 2025. Globally, biomass levels remain relatively stable. Given the long production cycle in salmon farming, this biomass growth is now becoming increasingly visible in harvest volumes as well. During the first half of the year, SalMar increased harvest volumes by 30%, whereas total Norwegian harvest volumes increased by only 5%. In other words, SalMar is not simply participating in industry growth, SalMar is driving the industry growth. And based on the performance we are seeing in our operations, we are, therefore, increasing our volume guidance for 2026 by a further 20,000 tonnes.

Let's take a closer look at movements in net interest-bearing debt, including lease liabilities to financial institutions. We entered the quarter with net interest-bearing debt, including leases of NOK 20.6 billion. Operating cash flow remained strong, supported by EBITDA of NOK 1.8 billion. Tax payments during the quarter amounted to NOK 36 million. Working capital developments reduced debt by NOK 467 million. Net investments reached NOK 472 million. And as previously communicated, NOK 130 million relates to the conversion of the Arctic Offshore Farming development licenses. CapEx of NOK 361 million was mainly related to farming operations in sea and upgrades at InnovaMar. After interest payments and other items, net interest-bearing debt, including leases, ended at NOK 19.4 billion, representing a reduction of NOK 1.2 billion during the quarter. And please note that the dividend approved in June was paid in July and the NOK 1.3 billion cash outflow will therefore affect debt development in the third quarter.

The world continues to change rapidly, and our objective is to remain ahead of both debt maturities and potential volatility in financial markets. And for that reason, several important financing initiatives were completed during the quarter. We issued 2 new 3-year bonds totaling NOK 2.75 billion and repurchased NOK 517 million of the bond maturing in January. In addition, we exercised extension options on our bank facilities. The result is a balanced maturity profile, strong liquidity and increased strategic flexibility. This means that we are improving leverage while at the same time, maintaining the capacity to pursue attractive growth opportunities such as the acquisition of Måsøval. At quarter end, available liquidity amounted to NOK 14.4 billion, including facilities available to partially owned subsidiaries.

This quarter, I will finish with comments on costs. There is considerable discussion in the market today about rising feed ingredients prices and what they may mean for future farming costs. While feed prices remain important, we believe the discussion is often too narrow. Feed costs are only part of the equation. New technology, improved competence, alternative raw materials, biological improvements and operational efficiencies across the value chain all contribute to future cost development, and the numbers clearly support this. Looking at our numbers in Norway specifically, the standing biomass in sea has seen significant cost improvements. Cost per kilo of standing biomass declined by 4% last year and by 38% year-to-date at the end of June.

If you look at the ongrowth cost per kilo, meaning the cost incurred on fish during the first half of '26 compared with the first half of last year, costs are down 12%. For comparison, they were down by 11% in the previous year-over-year period. As illustrated on the slide, approximately 1/3 of the cost reduction can be attributed to feed, while 2/3 come from other operational improvements. And this is an important point. While feed remains the single largest cost component, salmon farming is about much more than feed costs alone. A significant share of our cost base is fixed. Our job is, therefore, to ensure that the cost structure is optimally designed and then utilized as efficiently as possible. When strong biological performance is added on top of that, the result is a further reduction in overall production cost.

And as mentioned earlier, reported costs in the profit and loss statement are down by approximately NOK 5 per kilo or around 7% compared with the first half of the last year. Importantly, the lower ongrowth costs achieved so far have not yet been fully reflected in earnings. And these savings remain embedded in the standing biomass and will gradually be recognized as fish harvested from sites stocked since 2025 entered the profit and loss statement. And this biomass carry a lower cost base, particularly in Central Norway, and will contribute to lower cost released from stock in the third quarter and further improvements in the fourth quarter. While feed price developments from the fourth quarter onwards remain uncertain, we are confident that continued operational improvements and reductions in other cost categories will offset a significant portion of any future increases in feed prices. And in short, even if feed price rise, we expect ongoing operational improvements to largely compensate for those increases.

And with that, I reached the end of the financial update, and I'll hand the presentation back to Frode. Thank you.

Thank you for the update, Ulrik. We announced in July that we had entered into an agreement with Heimstø to acquire its 70% ownership stake in Måsøval at a price of NOK 39.5 per share. Måsøval is a well-established and well-managed company with strong roots in Central Norway. We share common roots on Frøya and Måsøval was shareholders in SalMar all the way back in 1991. Therefore, it was natural for us to be interested in the stake once Heimstø announced its strategic review of the holding.

Following a constructive process leading up to the summer, we ultimately reached an agreement to acquire the stake from Heimstø. This is an opportunity we are genuinely excited about. At the same time, the transaction remains subject to necessary regulatory approvals and other customary closing conditions. Based on previous experience, these processes can take some time, and we, therefore, do not expect completion before the beginning of 2027. Following completion of the transaction, we will also ensure that the remaining shareholders in Måsøval are given the opportunity to realize their shares at NOK 39.5 per share.

However, this can only take place after we have completed the acquisition of Heimstø's stake. We believe this represents an exciting industrial opportunity that will further strengthen SalMar's position in Central Norway in one of our most important regions. Today, Måsøval operates in production area 5 and 6, 2 of the regions where SalMar already has operations. As illustrated on the map, Måsøval's footprint fits very well with SalMar's existing activities across the entire value chain in Central Norway. We also see significant potential for further development, both in terms of sustainable growth in the local communities where we operate and through the realization of synergies across the value chain.

Together, we can optimize the utilization of licenses and farming sites, improve biological performance and reduce costs. Based on our experience from previous acquisitions, we currently estimate annual operational cost synergies of approximately NOK 300 million. Naturally, we will assess this in greater detail once the transaction has been completed, and we have full access to Måsøval's operations and financials. We are, therefore, very excited about this opportunity. We believe this acquisition has the potential to strengthen SalMar's value creation capacity for many years to come. However, completion of the transaction will take some time. In the meantime, we will focus on preparing to ensure an efficient and successful integration of Måsøval into SalMar.

As we move towards the end of today's presentation, let me briefly summarize the key takeaways. As mentioned, we are increasing our volume guidance for Norway by 20,000 tonnes to 307,000 tonnes, where the majority of this increase has already been harvested and sold by the time we stand here today. Including the volumes we expect from our other business segments, this brings our total volume guidance for 2026 to 350,000 tonnes. This represents an increase of 49,000 tonnes, corresponding to growth of 16% compared with last year. As illustrated in the graph on the right-hand side, we are now beginning to realize a meaningful portion of the volume potential that exists within our value chain.

Looking ahead, we see potential for a further increase of approximately 28,000 tonnes or 8% above our 2026 level, based on our existing value chain alone and without taking any contribution from Måsøval into account. Including Måsøval on published expectations, we are at 412,000 tonnes, an increase of 62,000 tonnes or 18% from the level in 2026.

As highlighted throughout today's presentation, we remain positive about the outlook ahead. As discussed, biological performance remains very good, and we expect both lower cost and higher volume -- higher harvest volumes in the third quarter. I have already reviewed the guidance for the various business segments, and you can see a summary on the right-hand side of the slide. We expect global supply growth to remain modest for the remainder of the year compared with the stronger volume growth we saw during 2025 and in the early part of '26. At the same time, demand for our products continues to be strong.

That brings us to the end of today's presentation. Thank you very much for your attention. Our next presentation will take place in November. Until then, I trust that all of you will continue to enjoy healthy, nutritious and sustainably produced salmon throughout the autumn. Thank you very much.

Good morning, everyone, and welcome to the presentation of SalMar's results for the first quarter of 2026. My name is Frode Arntsen. I am the CEO of SalMar. And with me today, I have our CFO, Ulrik Steinvik.

We have been looking forward to presenting these numbers today because our start to 2026 has been very strong. At SalMar, it is always about producing salmon on the salmon's terms. That's why it is especially pleasing to see the record strong biological performance we have achieved at sea so far this year.

These results do not come by themselves. They are the result of continuous improvement throughout the value chain to ensure the best possible conditions for our salmon. When we have strong biology, we also deliver good financial results, and you will see that clearly in today's presentation.

Above all, this is made possible by the hard work of all our employees. Every day, they go to work to make SalMar a little bit better than it was yesterday, and you care about the salmon. At SalMar, we are one team performing together. Thank you to everybody.

Today's presentation will follow the same structure as before. I will take you through some Q1 highlights as well as the different business segments before CFO, Ulrik, walks you through the financial update.

To conclude, I will show some of the record strong biological key figures we have delivered before ending with the increased volume guidance for 2026. In Norway, we harvested 56,300 tons at a margin of NOK 27.3 per kilo. Overall, the Norwegian operations delivered an operational EBIT of NOK 1,536 million.

Including Icelandic Salmon and SalMar Ocean, we harvested 60,300 tons in the quarter and delivered a result of NOK 1,512 million, corresponding to a margin of NOK 25.1 per kilo. We have delivered record strong biological performance in Norway.

And in Central Norway, we have seen a positive cost development. Profitability in sales and industry was affected by the InnovaMar upgrade, which impacted capacity utilization, cost levels and volume allocation during the period.

As announced toward the end of the quarter, we received approval to convert the development licenses for Arctic Offshore Farming. Results from Iceland and Scottish Sea Farms were weak, driven by high costs across the value chain in both companies.

Based on what we have seen so far, we are increasing our 2026 volume guidance in Norway by 12,000 tons as a result of strong biology. The other segments remain unchanged. We, therefore, expect total harvest volume in 2026 to increase to 330,000 tons, up 29,000 tons or 10% from 2025.

To provide a bit more details, let us look closer at the Q1 results. Which in Central Norway, we harvested 35,900 tonnes in the quarter and delivered an operational EBIT of NOK 1,069 million, corresponding to EBIT per kilo of NOK 29.8.

This represents a significant increase in harvest volume compared with last year, and the biological performance during the period was very strong. The autumn '24 generation accounted for most of the harvest in the period. This is a generation that has performed well at sea.

And as a result, we are seeing a lower harvest costs than in previous quarters. The biological status in Central Norway remains good. Volume in the second quarter is expected to be somewhat higher than in the same period last year. At the same time, we expect cost to be at the same level.

This is driven by a larger share of volume coming from sites with somewhat higher cost in the second quarter. Looking beyond that. However, we expect cost to come down in the second half of the year.

Based on what we have seen so far, 2026 volume guidance for Central Norway is increased by 5,000 tons, up to 162,000 tons. In Northern Norway, we harvested 20,400 tons in the quarter with an operational EBIT of NOK 644 million and EBIT per kilo of NOK 31.6.

2025 was a very strong biological year for Northern Norway, and this positive trend continued into the first quarter of 2026. Cost in the first quarter increased somewhat because a very strong site from the spring '24 generation, which contributed significantly to harvest volumes in Q4 represented a smaller share of the Q1 volumes.

Looking ahead, biological status here is also good, and we will continue harvesting the autumn '24 generation in the second quarter. We expect a somewhat lower cost level in the second quarter compared with Q1. Q2 volume is expected to be significantly higher than in the same quarter last year.

As in Central Norway, 2026 volume guidance for Northern Norway is also being increased by 7,000 tons up to 120,000 tons. Moving on to SalMar Ocean, where 300 tons were harvested and operational EBITDA for the period was NOK 3 million.

Production at Ocean Farm 1, which started in August, has also delivered very strong biological performances in this production cycle. Low mortality, good growth and no sea lice treatments. As a result of the strong growth, we had to start harvesting from this unit toward the end of Q1 and the remaining harvest volume for the year will come in Q2 as the unit was emptied in May, bringing total volume a bit over guidance to 5,100 tons.

In addition, toward the end of Q1, we received encouraging news from the Norwegian Directorate of Fisheries when the conversion of the development licenses for AOF was approved. The 6,122 tons of MAB will now become part of our ordinary production capacity in Northern Norway, enabling us to utilize these licenses on the same basis as our other licenses in the region.

The Sales and Industry segment delivered an operational EBIT of minus NOK 131 million. The first quarter is a low volume quarter due to the seasonal variations in our industry. We, therefore, choose to upgrade InnovaMar, our largest harvesting and processing facility in this period.

This upgrade means the facility was closed for large part of the quarter, resulting in low capacity utilization during the period. This affected value chain cost financially as we relied on more external harvesting facilities and we're not able to handle all the fish scheduled for harvesting and processing in the most optimal way.

However, this was a necessary upgrade in order to increase capacity and enable us to harvest, process and sell our salmon even more efficiently going forward. The contract share was 47% in the quarter and had a slightly negative contribution versus previous quarters, both due to higher market price and because in 2026, we have rolled into new contracts with somewhat lower price points than we had in 2025.

Demand for our products remains very strong, something we noticed at the Seafood Expo in Barcelona in April. Even though market prices fluctuate more from week to week than before and that may create some uncertainty, customers are contacting us to lock up the volume well into 2027 because they view salmon as a strategically important product for their own customers.

We, therefore, have a positive view of the market in '26 and several statistics indicate that most of the volume growth has already been taken out, and we expect almost no supply growth for the remainder of the year.

In the second quarter, the contract share is 37%. And because we increased volume guidance for the year, the contract share for the full year has been reduced to 33%.

Moving to the Westfjords in Iceland. We harvested 3,700 tons in the quarter with an operational EBIT of minus NOK 2 million and EBIT per kilo of minus NOK 0.5. This weak result was affected by our decision during the period to increase harvesting from a site that experienced certain biological challenges.

The fish had a low average weight, which impacted both cost levels and price achievement during the period. Looking ahead, we expect somewhat higher costs in Q2 as some of the biological challenges continued into the second quarter. At the same time, we expect significantly higher Q2 volume compared with the same quarter last year. We are maintaining 2026 volume guidance unchanged at 21,000 tons.

Toward the end of the quarter, the Icelandic authorities also presented a proposal for a new regulatory framework for aquaculture in Iceland. The new proposal will now be considered by [ Althing ], and we are following this process closely with the authorities to help ensure a framework that enables Icelandic aquaculture to realize its full potential.

Then we move to our associate in Scotland, Scottish Sea Farms. In the quarter, 5,400 tons were harvested with an operational EBIT of NOK 7 million and EBIT per kilo of NOK 1.3. Harvest volume was, as expected, low in the quarter, which affected cost levels across the value chain.

Cost levels were also affected by harvesting during the period from sites that experienced biological challenges in the second half of last year, resulting in elevated costs. The company reports a good biological status at sea and maintains its 2026 volume guidance unchanged at 43,000 tons.

With that, I have come to the end of the operational update, and I would now like to hand over to Ulrik, who will take you through the financials.

Thank you, Frode, and good morning to all of you.

Results in salmon farming come from a combination of long-term decisions where both the biological and financial results materialize over time and disciplined day-to-day operations where decisions must be made as conditions change. In that context, a culture that enables timely and sound decision-making is critical, all grounded in the salmon terms.

This quarter, we are pleased to report historically strong performance across several key biological parameters. The biological performance is also reflected in the financial numbers we will present shortly. And despite being only in May in our volume guidance as we have already realized increased volumes so far.

As a result, SalMar is a significant contributor to the growth in salmon supply from Norway in the first quarter of '26 compared to the same period last year. Year-on-year, higher harvest volumes, strong price realization driven by high superior share, increased average weights and lower costs across the value chain have led to an improvement in financial results.

Combined with strict CapEx discipline, this leaves our financial position meaningfully stronger today than it was in February. Let me now turn to the numbers. I will start with the profit and loss statement, beginning with a comparison to the fourth quarter of '25.

In the top right, you can see that operational EBIT decreased by NOK 322 million compared to the fourth quarter from NOK 1,834 million to NOK 1,512 million. While this is a reduction in absolute terms, the change per kilo is positive at NOK 3.3 per kilo.

If you look at the key drivers, seasonally lower volumes in the first quarter reduced operational EBIT by NOK 650 million. At the same time, higher price realization increased operational EBIT by NOK 353 million, driven by stronger market prices with sea salmon up NOK 5.6 per kilo from the fourth quarter.

That said, this increase is somewhat lower than we typically see at the start of the year, reflecting the higher supply in the first quarter '26, where SalMar was a significant contributor. And for SalMar specifically, price realization was supported by continued high superior share.

However, it was negatively impacted by the upgrade at InnovaMar, which has reduced our flexibility in optimizing the allocation of our fish and had a negative effect on net price realization on fixed price contracts.

So overall, SalMar's price realization increased by around NOK 6 per kilo versus the fourth quarter, but still ended slightly below sea salmon for the quarter.

And turning to costs. As previously communicated and in line with expectations, costs across the value chain were stable in the first quarter. This is despite lower volumes through our own processing plants, driven by the temporary shutdown at InnovaMar, which has prevented optimal utilization of capacity.

Looking at biology, costs were stable overall with mid down and North somewhat up. As guided earlier, we expect costs in mid to increase somewhat in the second quarter, driven by harvest from sites with challenging production conditions in the second half of '25. In North, we expect cost in the second quarter somewhat down. In total, stable cost in the second quarter.

If you then look at Iceland and Ocean, this contributed a net negative of NOK 15 million, mainly driven by higher costs at one site in Iceland following an accelerated harvest to safeguard fish welfare and reduce inter risk.

Ocean, on the other hand, once again delivered strong biological performance. Moving to the profit and loss statement. We report an operational EBITDA of NOK 2,036 million and an operational EBIT of NOK 1,512 million. It is worth noting that operational EBIT in the first quarter is close to double the level we reported in the same quarter last year, clearly demonstrating the improvement in the underlying drivers.

Production tax in Norway and resource tax in Iceland amounted to NOK 69 million in the quarter, a reduction of NOK 21 million from the fourth quarter, driven by lower volumes. Nonrecurring items reduced earnings by NOK 7 million in the quarter.

Net fair value adjustments were negative, driven by lower forward prices and fewer fish in sea compared to the end of fourth quarter '25. Share of profit from associates was negative at NOK 27 million, mainly due to a negative result from Scottish Sea Farms.

Net financial expenses were NOK 274 million, which is NOK 60 million lower than the previous quarter, mainly driven by lower debt levels and lower interest rates.

So to summarize, this results in a profit for the period of NOK 555 million, corresponding to an adjusted earnings per share of NOK 5.9. Let me now turn to the balance sheet. Total assets decreased by NOK 1,045 million from the previous quarter, ending at NOK 56.9 billion.

The reduction is mainly driven by lower fair value adjustments and by CapEx levels being below depreciation in the quarter. Equity ratio increased to 36.6%, driven by the positive result after tax. Net interest-bearing debt was reduced by NOK 562 million, ending at NOK 20.3 billion. The leverage ratio over EBITDA has come down to 3.1.

With increasing earnings and continued strict spending discipline, we expect both debt levels and leverage to decline further going forward. Turning then to biomass. If you look at the chart in the bottom left, total biomass in Norway is down 1% year-on-year across all companies and down 6% compared to the previous quarter.

Against that backdrop, it is not surprising that SalMar in Norway is up year-on-year with 9%, but stable biomass in a quarter where we do not stock fish is more surprising and clearly demonstrates the strong biological performance we have delivered in the quarter.

Combined with good cost control, cost per kilo is down 10% compared to the first quarter last year and down 2% compared to the previous quarter. This supports a solid foundation for both higher volumes and lower costs going forward, even though next quarter will be impacted by specific sites we are harvesting from, meaning that further cost reductions are expected to materialize from the third quarter.

As mentioned before, our strategy is to be optimally and robustly financed at all times and to stay ahead of maturities. At the end of the first quarter '26, we had NOK 11.4 billion in available liquidity in the group, including available facilities in partially of subsidiaries.

In February, we have issued a new 10-year bond of NOK 750 million. And as you can see from the chart in the bottom right, we have flexible funding structure diversified between bank financing and bonds with two maturities coming next year. We have sufficient liquidity to manage these maturities, and we also have extension options on both the term loan and the revolving credit facility.

Let us now turn to the change in the net interest-bearing debt, including leasing in the quarter. Going forward, we will adjust how we communicate net interest-bearing debt as we see that it can be challenging for users of the accounts to assess and compare debt and leverage.

We will, therefore, provide more detail and carve out accounting debt related to IFRS 16, which mainly relates to lease liabilities typically linked to time charter agreements for wellboats.

As a result, leasing going forward will refer only to leasing from financial institutions. Looking at the numbers. We start the quarter with need, including leasing of NOK 22,549 million. Adjusting for IFRS 16 leasing of NOK 1.4 billion, we are left with net interest-bearing debt, including leasing to financial institutions of NOK 21,147 million.

During the quarter, we generated positive operating cash flow with EBITDA of NOK 2 billion. We paid NOK 70 million in taxes in the period. Changes in working capital, mainly driven by a reduction in payables and increased biomass in freshwater increased NIBD by NOK 701 million.

Net investments amounted to NOK 256 million in the quarter, reflecting a lower investment level in line with our guided CapEx for '26. Investments in fixed assets totaled to NOK 278 million, mainly related to sea operations and upgrades linked to the temporary shutdown at InnovaMar.

Taking into account interest payments and other changes, we ended the quarter with net interest-bearing debt, including leasing to financial institutions of NOK 20,561 million, a reduction of NOK 586 million. And with a volume of 330,000 tons this year, the resulting NIBD per kilo ratio is at an appropriate level.

As Frode mentioned, towards the end of the first quarter, we received approval for the conversion of the development licenses related to Arctic offshore farming. We paid NOK 130 million for this executed early in the second quarter. This conversion enables increased utilization of the licenses and supports higher production in the periods and years ahead.

And with that, I will conclude the financial review and hand the floor back to Frode.

Thank you, Ulrik. Before starting the strategic update, I want to show you a film from FREA.

[Presentation]

Yes, as the film aims to illustrate, we operate in a highly important and meaningful industry. Every day, we go to work to ensure that people around the world have access to nutritious, healthy and sustainable protein-rich food on their tables.

In fact, there is no other industrial animal protein production that delivers the volumes we do in such a sustainable manner. In the film, you saw some of our employees working on what we refer to as the golden sites of the coast of Freya, not far from our headquarters. Almost exactly 1 year ago, we stood here and said that we had stocked this area with fish and wish them well for their production cycle.

A tremendous effort has been made since that, and the results are outstanding biologically now that we have started harvesting from these sites. However, -- it is not only these locations that have performed well so far in 2026.

In fact, there are areas and sites in northern part of Norway that have delivered equally strong results over the same period. So now it's not longer just about one golden site in SalMar. We are now seeing multiple high-performing areas across the SalMar system, delivering excellent results.

In fact, we have to go back more than 10 years to see comparable figures in SalMar. On the screen, you can see the maximum and minimum levels for a range of biological key figures over the past 10 years and also measured against last year. And as you can see, the first 4 months of 2026 have been significantly better for SalMar.

Compared for the average over the past 10 years, the mortality is 52% lower. The growth is 31% higher. The superior share is 10 percentage points higher and average weight is 7% higher. As I have said many times, our job is to ensure that our production takes place on the salmon terms. That is why I am especially pleased with these biological results and that we are now back to a more normal salmy, where the biological metrics is coming in at industry-leading levels.

And we will continue working to make our production steadily better. The results we have seen are not about one single action. That is why we focus on continuously implementing improvements across the value chain to make us even better.

And as always, at SalMar, the right technology for the right site is crucial. One solution is not the answer for every site. Every site is different, so we must ensure that we use the right technology at the right time.

Vaccines are also important. Remember, we do not use any antibiotics and the continuous development of vaccines is very important. Breeding may not be talked about as much because production cycles are very long, and it takes time before the effects become visible. But there is no doubt that the right genetics also help create strong biological performance.

I can also mention that at SalMar Genetics Broodstock facility, we are now starting an expansion that will give us even greater capacity to produce more of our own genetics in the years to come. We know that SalMar Rauma is a strong salmon strain.

In addition, there is feed, sea lice treatment, closed gauges, wellboats, harvesting and secondary processing facilities. SalMar has a wide range of important initiatives underway. Everything we do today must be done better than yesterday.

At SalMar, we have always said that we intend to lead the further development of the industry. And these days, we are also seeing rapid progress in AI for aquaculture. And not long ago, we announced that we had entered into a strategic partnership with Tidal to further strengthen this development.

We already have Tidal equipment in operation. And going forward, we hope to see even more benefits from fish health monitoring, autonomous feeding, new sea lice treatment technology and the use of AI to generate deeper insight from all the data we have on the fish, the equipment and the environment in which we operate.

This is an exciting time, and I believe this can help us better understand the salmon's needs so that we can become even more efficient going forward and continue to deliver strong biological key figures in the future as well. We are now approaching the end and wrapping up today's presentation.

As mentioned, we are increasing our volume guidance in Norway by 12,000 tons to 282,000 tons, including what we expect from the other segments, this gives us a total of 330,000 tons for 2026, representing growth of 29,000 tons or 10% compared with last year.

As you can see from the graph on the right, we are now truly beginning to realize some of the volume potential in our value chain, and we expect further volume growth in the years ahead. We have the potential to increase volume by 48,000 tons or 15% from the '26 level within our value chain without need to carry out capacity expanding investments.

We have a positive view of what lies ahead. As mentioned, biology is strong, and we expect stable costs in Q2. And we also expect cost to decline in the second half of the year. I have already gone through the guidance ahead, and you can see it summarized on the right-hand side of the slide. Although we are increasing guidance by 12,000 tons for '26, it is important to note that this is growth we have already realized so far in 2026.

We, therefore, expect lower volume growth for the rest of the year, both for ourselves and globally compared with the growth we saw in 2025. And our customers want more salmon. We continue to experience strong demand.

With that, we have come to the end of the presentation. Thank you very much for your attention. Our next presentation will be in August. And until then, I expect everyone will have a lot of salmon on the menu this summer. Thank you very much.

Good morning, everyone, and welcome to the presentation of SalMar's results for the fourth quarter of 2025. My name is Frode Arntsen, and I am the CEO of SalMar. And with me today, we have our CFO, Ulrik Steinvik. At SalMar, it always comes down to produce salmon on the salmon terms. 2025 has been a financially weak year for SalMar, but operationally and biologically, it has been a strong year, where we have managed to turn several parameters in a positive direction.

That is why it is good to present the numbers today, showing that several indicators are now pointing the right way biologically, cost-wise and in terms of financial performance. The engagement, effort and passion our employees have shown in 2025 make me really proud. We have had 1 to 1.5 year with many demanding situations, but our people always step up to ensure that SalMar succeeds. Around the clock, our employees work to ensure that our captain in the value chain, namely the salmon, has the optimal conditions to thrive.

This is now reflected in several key indicators. We have record high biomass at sea with lower cost levels. We harvest fish at the end of Q4 and in January with superior grades, we haven't seen in 10 years. Mortality continues to fall, and our greenhouse gas emissions are significantly decreasing. All these indicators show that the work being done is strong and is steering our ship in the right direction.

Our focus is always forward. We must always do better today than we did yesterday. That requires continuing and reinforcing the work SalMar has done since 1991, ensuring strong alignment with the environment in which we operate, so we can optimize for fish, people and value creation. Today's presentation will follow the same order as before. I will take you through some highlights for '25 and Q4 as well as the various segments. CFO, Ulrik will then give the financial update.

Finally, I will say a few words about SalMar celebrating 35 years and give you a glimpse of the journey we have been on and will continue forward on. In 2025, SalMar reached a milestone by harvesting 300,000 tonnes for the first time when including volume from associated companies. The total ended at 300,900 tonnes. Financially, however, 2025 was a weak year for SalMar. This was due to the high share of downgraded fish in the first half, which led to lower prices as well as global supply growth in '25 that pushed down market prices for salmon. But underlying demand has remained strong, and we used the year actively to develop both new and existing markets, which gives us confidence going forward.

Norway harvested more fish than ever. And the development in Northern Norway was particularly strong in '25 with growth and survival levels we have never seen before. Sales and Industry delivered historically strong results, driven by high utilization of plants and raw materials throughout the year as well as positive contributions from contracts. We also completed acquisitions. Knutshaugfisk became part of SalMar in January and Wilsgard in August, both strengthening our position in key areas. Low market prices and biological challenges made '25 difficult for Iceland and Scotland, and both are expected to perform better in 2026 with increased volumes.

Even though the year was financially weak, we still have a strong financial position with solid liquidity and a positive outlook. The Board proposed a dividend of NOK 10 per share for 2025. Operationally and biologically, '25 was a good year, reflected in several sustainability indicators moving the right way. Fish survival increased by 2 percentage points, showing that the yearly work on fish welfare is paying off. At the same time, greenhouse gas emissions per kilo produced continue to fall.

In 2025, we had 41% lower emissions than in 2020. Few others in Norway achieved this, and we succeed by focusing on our largest emission source, feed, local processing and logistics. We also saw improvements in workplace safety with fewer injuries leading to absence even as activity increased and more people joined the company. This positive development is also being recognized externally.

At the World Economic Forum in Davos in January, SalMar was ranked the world's most sustainable food and beverage producer out of over 8,000 companies analyzed globally. As long as we do things right, the industry has unlimited potential when we take care of fish, people and the environment. Now look closer at the Q4 results. In total for Norway, we harvested 80,300 tonnes at a margin of NOK 23 per kilo.

For the Norwegian operation as a whole, we delivered an operational EBIT of NOK 1,843 million. Including Icelandic Salmon and SalMar Ocean, we harvested 84,100 tonnes in the quarter with a result of NOK 1,000,834 and a margin of NOK 21.8 per kilo. We have lower cost levels and a strong performance from our Norwegian Farming segments continued into Q4 with high growth, good survival and a high share of superior grade fish.

Higher market prices reduced the contribution from sales and industry compared to the strong results earlier in the year. Iceland is finally back in positive territory again, driven by lower cost levels. Unfortunately, Q4 was very weak for Scotland. Volume guidance for 2025 -- sorry, for 2026 remains unchanged for Norway and Iceland, but we are reducing in somewhat for Scotland. For 2026, we expect harvest volumes of 318,000 tonnes, an increase of 7,000 tonnes or 6%.

In Central Norway, we harvested 43,400 tonnes in the quarter with an operational EBIT of NOK 764 million, corresponding to EBIT per kilo of NOK 17.6. The autumn '24 generation is the one we harvested the most from during the period, and this generation has a lower cost level than earlier generations harvested this year. Price achievement was somewhat soft in Q4 because we prioritized harvesting some small and weaker fish for fish welfare reasons, which affects average weight and therefore, price achievement.

However, this has not impacted the growth or the current biological status of the fish in Central Norway. The biological situation is good and significantly better compared at the same time last year, and we have to go back more than 10 years to find similar superior shares. Volumes in the first quarter will be significantly higher than last year.

In January, SalMar was the company responsible for the strong growth in Norwegian export volume, driven by harvests in Central Norway. We are very pleased with the cost development in Q4 and expect further down into 2026. Volume guidance for '26 remains unchanged at 157,000 tonnes. In Northern Norway, we harvested 36,900 tonnes in the quarter with an operational EBIT of NOK 1,160 million and EBIT per kilo of NOK 31.5.

Q4 and '25 has been a very strong year for Northern Norway. We continued harvesting our spring '24 generation and started with the autumn '24 generation. We had positive cost development, good average weight, high superior share, strong growth and high survival. Most of the volume was harvested early in the fourth quarter when prices were at their lowest.

Looking ahead, the biological status is good. We will finish harvesting spring '24 and continue with autumn '24. Cost levels are expected to increase slightly from the very low level in Q4. Volumes in the first quarter are expected to be at the same level as last year. Volume guidance for 2026 remains unchanged at 113,000 tonnes. For SalMar Ocean, the operational EBITDA in the period was minus NOK 11 million. Production on Ocean Farm 1, which started in August, is progressing very well with low mortality and good growth.

We have not needed any sea lice treatment for this generation despite high lice pressure in the region. Conversion applications for the ROF licenses have been submitted, and we are awaiting responses. Volume guidance for the year remains unchanged at 5,000 tonnes. Sales and Industry delivered an operational EBIT of minus NOK 49 million. After several very strong quarters, Q4 was some weaker. We continue to have high utilization of our harvesting plants, but the contribution from sales was weak.

The low average weight from Central Norway affected spot sales returns as smaller fish generate lower value. Higher market price and high superior shares from Farming segment resulted in higher input costs, impacting contributions from contracts and VAP division in the quarter. We also supported several large pre-agreed promotions for major contract customers in Q4. While this reduces margins in the quarter, it helps increase long-term demand. Demand for our products remains very strong, and we experienced this daily in conversations with customers worldwide.

We, therefore, have a positive view of the market entering 2026. In Q1, we expect lower volumes through our facilities due to seasonal patterns. Contract coverage is around 50%. For the full year '26, we have secured approximately 35% of our volume at fixed prices. The price level is somewhat lower than in '25, but still attractive. And we have maintained and increased volumes to major customers in Asia, U.S. and Europe. In Iceland, we harvested 3,800 tonnes in the quarter, delivering an operational EBIT of NOK 31 million and EBIT per kilo of 8.9 -- NOK 8.1 sorry.

It is good to see Iceland returning to positive results after starting to harvest the '24 generation, which has significantly lower cost levels than earlier generations this year. Price achievement was good with a high average weight. Looking ahead, we expect similar cost levels in Q1 with significantly higher volumes than last year. Volume guidance for '26 remains unchanged. Our associated company in Scotland delivered a very weak result. Harvest volume in the quarter was 5,500 tonnes with an operational EBIT of minus NOK 186 million and EBIT per kilo of minus NOK 33.8.

Volumes were expected to be low, but biological challenges at several sites caused by negative results. AGD gill health issues led to event-based mortality. Average harvest weight was also lower than in previous quarters, affecting both cost levels and price achievement. The biological situation for the moment is satisfying. And the biological performance improved towards the end of the quarter, but due to some challenges, the harvest volume for '26 has been reduced by 2,000 tonnes to 43,000 tonnes.

With this, I have reached the end of the operational update, and I would like to give the word to Ulrik, who will give you the financials update.

Thank you, Frode, and good morning to all of you.

We concluded yet another year, a year that overall must be described as a financial deviation in SalMar's history. But at the same time, an end to the year that shows we are back on track where we are experiencing improvements in biology, reduced costs and efficient handling and dynamic allocation and value creation of the salmon, made possible by discipline and a strong corporate culture based on that everything we do today should be done better than yesterday.

That is how we always have done it, and that is how we will continue in SalMar. The consolidated financial results we present now for the fourth quarter are positively impacted by a lower cost level and the positive development we have seen in key figures for our biomass over an extended period. At the same time, we have a record high biomass in the sea at the start of 2026 with lower costs and better biological status than we had 1 year ago. As part of the financial update, I will, at the end of my section, comment on expected investments for 2026 before concluding with a proposal for the dividend for 2025.

And now it's time to look at the numbers, and I will begin with some comments related to the profit and loss statement. At the top right, we see that operational EBIT increased by NOK 1,123 million compared to the third quarter from NOK 711 million to NOK 1,834 million. The change corresponds to an increase from NOK 7.6 per kilo to NOK 21.8 per kilo. Lower volume reduced operational EBIT by NOK 166 million. The largest increase, NOK 801 million is related to higher price achievement, driven by increased market prices, where sea salmon for the fourth quarter increased by NOK 17.2 per kilo compared to the third quarter and thereby came in above last year for the first time in 2025.

Due to timing, low average rate in Central Norway, fixed price contracts and pre-agreed campaigns, we in SalMar did not experience the same change in price achievement despite a higher share of superior quality in harvested biomass. SalMar's price achievement increased by about NOK 10 per kilo compared to the third quarter and therefore, ended below sea salmon in the quarter. As previously communicated and therefore, as expected, we see lower cost out of stock across all our segments. Reduced costs contributed to NOK 350 million of the increase of the operational EBIT.

For Norwegian operations, this corresponds to a cost reduction of approximately NOK 4 per kilo compared to the previous quarter. And we expect a further reduction in the costs going forward. Iceland and Ocean contribute positively with NOK 138 million, mainly driven by the lower cost level achieved in Iceland.

Moving to the profit and loss statement. We see operational EBITDA at NOK 2,376 million and operational EBIT, as mentioned, at NOK 1,834 million. It is worth noting that operational EBIT generated in the fourth quarter amounts to nearly half of the annual operational EBIT of NOK 3,867 million, supporting the view that the first 3 quarters were deviations from the normal SalMar standard. Furthermore, we see that the production tax in Norway and resource tax in Iceland amount to NOK 90 million for the quarter, a reduction of NOK 8 million explained by reduced volume.

Nonrecurring items reduced the result by NOK 82 million in the quarter and consists of costs related to litigations and settlements. Net fair value adjustments are positive due to reduced costs and improved biological status. The fair value adjustment increases the result by NOK 86 million. Share of profit from associated companies was negative with NOK 72 million, mainly explained by negative both operational EBIT and net result from Scottish Sea Farms. Net financial cost amounts to NOK 334 million, which is NOK 183 million higher than the previous quarter.

The increase is explained by last quarter being positively affected by NOK 220 million due to financial transactions. Underlying net financial cost is reduced in the quarter due to lower debt levels and lower interest rates. This results in a profit before tax of NOK 1,342 million for the quarter and profit for the period of NOK 1,006 million, provided adjusted earnings per share of NOK 6.6 per share. And for the year, earnings per share totaled NOK 12.3 per share.

Moving to the balance sheet. We see that total assets increased by NOK 124 million from the previous quarter, reaching NOK 57.9 billion, a relatively small change in the quarter. From the previous year, the increase of NOK 3,512 million is driven by acquisitions of Wilsgard and Knutshaugfisk as well as an increase in biomass in sea. Both in Norway and Iceland, we have higher biomass levels compared to both the previous quarter and the same quarter last year.

As shown in the bottom left graph, total biomass in Norway across all companies increased by only 1% with SalMar being the largest contributor. At the end of 2025, we had 15% more biomass in the sea in Norway with a cost per kilo that was 8% lower, supporting the foundation for increased volume and reduced costs going forward. The equity ratio increased to 34.8% as a result of the positive net result after tax. Net interest-bearing debt is reduced by NOK 803 million to NOK 20.8 billion. The debt ratio, NIBD EBITDA is reduced to 3.6x.

With improved earnings and strict discipline in use of capital, we expect debt and gearing to fall further going forward. As mentioned earlier, our strategy is to be optimally and robustly financed at all times and ahead of maturities. At the end of the fourth quarter of 2025, we had NOK 10.1 billion in available liquidity in the group, also taking into account the credit facilities of the partly owned subsidiaries. As shown in the bottom right graph, we have flexible financing diversified between bank and bonds with 2 maturities coming up next year.

We have sufficient liquidity to handle these maturities, and I can also mention that both the term loan and the revolving credit facility have extension options. We are, therefore, not concerned about these maturities and have a clear plan for managing the financing at all times. Furthermore, I would like to mention that we are now initiating a strategic review of our ownership in Hellesund Fiskeoppdrett, where we own 33.5%. And we will return to the market later if we have any updates.

Let's look at the change in net interest-bearing debt, including leasing during the quarter. It started with NIBD, including leasing liabilities of NOK 23,266 million. During the period, we had a positive cash flow from operations. The EBITDA was NOK 2.3 billion. We paid NOK 6 million in taxes from a few smaller partly owned companies. Working capital buildup increased NIBD by NOK 478 million. Total investments amounted to NOK 355 million in the quarter.

Investments in fixed assets totaled NOK 364 million, mainly related to sea-based operations. CapEx discipline in SalMar is strong and total CapEx for the year ended at NOK 1,984 million, NOK 33 million lower than we guided 1 year ago. Including interest payments and change in leasing, we end at NOK 22,549 million in NIBD, including leasing at the end of fourth quarter '25.

In recent years, we have made significant investments, particularly in preventive technology against sea lice, which is believed to have contributed to improved biological results this past year. As we enter 2026, nearly 50% of our sites are equipped with preventive technology. Having the right technology at the right site is crucial, and we will continue gaining experience before considering adjustments between sites or technologies.

The CapEx level for '26 is reduced by NOK 880 million compared to '25, down to NOK 1,070 million, aligned with previously communicated CapEx levels and organic growth. Our total CapEx, approximately NOK 700 million or NOK 2.5 per kilo represents maintenance CapEx. Among capacity investments, NOK 200 million in closed net pen is the largest single project.

And the investment is assessed to be economic [indiscernible]. Several major and minor upgrades are also ongoing, particularly at Innovamar to ensure the facility remains efficient and competitive, thereby supporting optimum handling, allocation and value creation of the fish. As outlined in the review, '25 stands out as a deviation from our long-term financial performance trend.

Entering '26, SalMar is in a stronger position with a record high biomass in sea, lower cost levels and a sober CapEx level, positioning us for continued value creation. The Board of SalMar proposes a cash dividend of NOK 10 per share for the '25 financial year, equal to an 81% payout ratio. This year, as usual, we subject to approval at our Annual General Meeting in June with payment thereafter. And the proposed dividend is in accordance with SalMar's current dividend policy and in line with previous practice.

And with that, I reached the end of the financial review and hand the word back to Frode.

Thank you, Ulrik. 35 years ago, on the 8th of February 1991, SalMar was founded by Gustav Witzoe. He started with 8 employees in a small municipality in Norway on the island named Froya, and have 2 small farming sites and 1 processing facility. And today, 35 years later, we have grown to become the world's second largest salmon producer with global reach. It has been a fantastic growth story made possible by local knowledge, built on the experience gathered from the generations before us as well as competent, dedicated and passionate employees who have managed to harness their potential.

We have grown a lot over the last 35 years, but we still have an untapped potential as the growing world population needs more sustainable food. Even though we produced 2.5 billion meals in 2026, we are only able to give meal to less than 1/3 of the world's population for 1 day. Imagine the potential going forward.

And it has also been a story of value creation for both local municipalities, suppliers, customers and our owners. Since we were listed back in May 2007, SalMar has outperformed the rest of the Oslo Stock Exchange by close to 7x. This is no coincidence where we operate a focused value chain to always make sure we do what is best for the salmon.

By doing this, we, over time, gain the best biological, operational and financial metrics. And we will not rest on our laurels. We have strong ambitions going forward, and we'll continue to be the leading salmon farmer and tap further into the opportunities that lies ahead of us. We have a positive outlook for the period ahead. The biological situation is good, and we must go back 10 years to find similar superior shares on the salmon.

We also have record high biomass in both Norway and Iceland with lower cost levels, laying the foundation for increased volumes and strong performance. Guidance for the future has been reviewed and is summarized to the right on the slide. After high global volume growth in 2025, we expect significantly lower global supply growth in '26 and demand for our products remains very strong. People need food and more sustainable food, which we are able to produce 365 days a year, thanks to SalMar's strong setup and employees with genuine passion for salmon.

We have then reached the end. Thank you for your attention. Our next presentation is in May. Before then, I assume everyone will have salmon on the menu during both winter, Easter and spring. Thank you very much for following us.

Welcome to the presentation of SalMar's results for the third quarter of 2025. My name is Frode Arntsen, and I am the CEO. And joining me today is our CFO, Ulrik Steinvik.

I have said before that SalMar, it's a job 24 hours a day, 360 days a year. When we say we produce salmon on the salmon terms, this has really been as true as now in the third quarter. The record high harvest volume and activity level we've had this quarter have meant that employees across the entire value chain have been working day and night to ensure we carry out the necessary lice treatments, the farming sites are ready when the whale boat arrives, that the processing plants are ready when the fish is to be harvested and that we are able to sell and ship to our products to all corners of the world.

I want to say a big thank you to all our employees who have worked day and night through the quarter. You are the team that makes it possible for us to present financial results today that we are more satisfied with than the last quarter, even though salmon prices have been lower. At the same time, you are also laying the foundation for us to increase volumes further into 2026 and reduce cost levels going forward.

Today's review will follow the same sequence as before. I will take you through some highlights as well as the segments. Then CFO, Ulrik, will guide you through the financial update. Finally, I will focus on volume for '26 and new units for post-smolt production at sea. In total for Norway, we harvested a record high 89,400 tonnes at a margin of NOK 9.6 per kilo and operational EBIT of NOK 858 million. Including Icelandic Salmon and SalMar Ocean, we harvested 93,200 tonnes in the quarter with a result of NOK 711 million at a margin of NOK 7.6 per kilo.

The price level during the period affected profitability, but we saw a significant improvement in the price achieved throughout the quarter. The share of superior quality is back to normal levels at its mid-90% and Northern Norway has continued to show strong biological performance and corresponding positive cost development. Sales and Industry delivered yet another strong result, driven by positive contributions from contracts and flexibility in the setup to handle the record high volume. Weak results from Iceland due to continued high cost and continued good biological performance in Scotland.

As you know, the merger with Wilsgård was completed in August, which affects several of our financial key figures, something Ulrik will return to.

The volume guidance for 2025 remains unchanged overall for Norway and Iceland, but we increased slightly in Scotland. Going into '26, we expect a harvest volume of 319,000 tonnes, an increase of 20,000 tonnes or 7%.

And now the operational update. In Central Norway, we harvested 47,000 tonnes in the quarter with an operational EBIT of minus NOK 121 million, giving an EBIT per kilo of minus NOK 2.6. As expected, it was a weak result in the third quarter. Low salmon prices, combined with the cost level of the fish we harvested resulted in a negative outcome for the period. The spring '24 generation was the one we harvested the most during this period. As you know, this has been a challenging generation for us with weak biological performance, which has led to a higher cost level. At the same time, there has been strong lice pressure in Central Norway, which has continued into the fourth quarter. This has made it necessary to remove some smaller fish for welfare reasons and has inflated which sites we harvested from. This affected the results in Q3 and will also have some impact in Q4.

In Q4, the autumn '24 generation will make up the bulk of the volume we plan to harvest. Compared to spring '24, this generation has a better biological performance, and therefore, we expect a somewhat lower cost level.

The underlying biological status of the fish in the sea is good, but lice pressure has been high, which has affected growth. Therefore, we will reduce the volume for '25 to optimize biology and MIB utilization towards '26. Volume will be reduced with 13,000 tonnes to 143,000 tonnes.

In Northern Norway, we harvested 42,500 tonnes in the quarter with an operational EBIT of NOK 468 million and EBIT per kilo of NOK 11. The very strong biological performance at sea continued in the third quarter with high growth and improved survival. And it's not just individual sites that stand out, but many sites across both generations we harvested from that have performed very well.

We completed harvesting of the autumn '23 generation early in the quarter, and it has mainly been the spring '24 generation we have harvested from. The positive cost trend continues even though the Q3 result was impacted by the destruction of one site due to ISA, which accounts for NOK 1.8 per kilo in the quarter.

Looking ahead, we will continue harvesting from the spring '24 generation and expect a somewhat lower cost level in Q4 here as well. As a result of the strong growth and biological performance, we are increasing the volume guidance for 2025 by 13,000 tonnes to 119,000 tonnes.

Going to SalMar Ocean, where there has been less activity in the third quarter. Operational EBITDA for the period was minus NOK 8 million. New smolt was stocked in Ocean Farm 1 in August, approximately 1 million fish with an average rate of 700 grams. We plan to harvest this in the second quarter of 2026. So far, production has gone well with low mortality and good growth. To date, we have not needed any lice treatments for this generation despite the high lice pressure in Central Norway. In addition, we can mention that we have submitted the conversion application for the development licenses for Arctic Offshore Farming.

The Sales and Industry segment delivered an operational EBIT of NOK 534 million. As expected, it was a strong result for the segment, driven by continued positive contributions from contracts given the market prices experienced. The contract share was 22% in the period. In addition, we have truly demonstrated the strength of our setup by handling the record high harvest volumes during the quarter. As of today, we have already harvested over 100,000 tonnes at InnovaNor in Northern Norway this year, including volumes processed from external parties.

Day after day, week after week, our processing plants has been open and handle fish of all sizes and qualities. And even when railways and roads were closed, our logistics team ensured the fish reached dining tables around the world. The price development we have seen during the quarter with week after week of record export volumes out of Norway, combined with rising price levels, shows that demand for our products is very strong, something we also experience daily in dialogue with customers worldwide.

In the fourth quarter, we expect somewhat lower volumes through our facilities due to slightly lower volumes from the farming segments compared to third quarter. The contract share is expected to be around 27%.

Moving to the Westfjords in Iceland, where they harvested 3,800 tonnes in the quarter with an operational EBIT of minus NOK 110 million and EBIT per kilo of minus NOK 29.2. As expected, it was a weak result in the third quarter, driven by low salmon prices, but particularly due to the cost level of the '23 generation that we have harvested during the period.

One-off costs of EUR 3.2 million or around NOK 10 per kilo also impacted the figures in the quarter. These are related to a write-down of biomass value at one site and are not something we expect going forward. Looking ahead, we expect the cost level to decrease. We harvested the last part of the '23 generation at the start of Q4, and we expect costs to be lower when we start harvesting from the 2024 generation.

Volume guidance for '25 remains unchanged.

Moving to our joint venture in Scotland, Scottish Sea Farms, who in the quarter harvested 7,200 tonnes with an operational EBIT of NOK 8 million and EBIT per kilo of NOK 1.2. As expected, harvest volumes were lower in the third quarter and biological performance has continued to be good in the regions where operations take place.

The biological status at sea is good. And as a result, the volume guidance for 2025 is increased by 1,500 tonnes to 33,500 tonnes.

With this, I have reached the end of the operational update, and I would now like to hand over to Ulrik, who will take you through the financials.

Thank you, Frode, and good morning to all of you. The financial results for the group we are presenting for the third quarter are affected by the low salmon prices during the quarter, caused by the high global supply growth we experienced in the first 8 months of the year. However, the biomass status in the industry indicates expectations of a somewhat different development going forward. For other part, the figure shows that our relative price achievement is better than earlier this year as a result of the superior share returning to nearly normal levels again in the group. This, all else equal, contributes positively in terms of biological performance and biological status, which we also see reflected in the development of underlying growth costs and cost of standing biomass.

As I have mentioned earlier, we cannot control market prices and our continuous focus is on biology, cost and efficient operations, enabled by discipline and a strong corporate culture. In that regard, I will provide you with an update on the cost development in the group at the end of my section today. Further, the merger with Wilsgård was completed in August, impacting both profit and loss statement and balance sheet items, which I will comment on along the way.

And now it is time to look at the figures, and I will start by giving some comments related to the profit and loss statement. At the top right, we see that operational EBIT increased by NOK 187 million compared to the second quarter from NOK 524 million to NOK 711 million. The increase is driven by the record high volume we harvested during the period. Compared to the previous quarter, the volume rose by 28,800 tonnes or 45%. Furthermore, we see that the reduced price achievement puts the result down by NOK 505 million. It is worth noting here that the reduction in the sea salmon spot price during the period was NOK 10 per kilo, while SalMar's price achievement fell by about NOK 5 per kilo. The reason for the smaller price drop for us in SalMar is the increased share of superior quality, which returned to nearly normal levels in the group in the third quarter compared to what we experienced in the second quarter.

On the other hand, the price achievement is negatively affected by the lower share of contracts, which fell from 37% in the second quarter to 22% in the third quarter. Overall, the price achievement for the quarter is above the reference price. Costs are, as expected, at the same level as the previous quarter. However, note that we had a one-off cost in the quarter due to culling of biomass on a site in Northern Norway because of ISA. This amounted to NOK 76 million in the third quarter.

Iceland and Ocean contributed a positive change from the previous quarter of NOK 25 million, despite an extraordinary cost in Iceland of NOK 37 million in the quarter. Reduced overhead costs within the Ocean segment contributed positively to the change.

Moving to the profit and loss statement. We see that the production tax in Norway and resource tax in Iceland amounted to NOK 98 million in the quarter, an increase of NOK 24 million, driven by volume. Nonrecurring items reduced the result by NOK 14 million in the quarter and consists of costs related to litigation. As a result of a higher number of fish, which also led to increased biomass, lower cost on the biomass and higher forward prices, net fair value adjustments are positive. And the fair value adjustment increased the net result by NOK 354 million.

Share of net profit from associated companies was negative at NOK 19 million. A positive operating result turned into a net negative share after tax. After that negative fair value adjustments of biomass has been taken into account.

Net financial cost amounts to NOK 151 million, which is NOK 200 million lower than the previous quarter. This follows the merger with Wilsgård, where an accounting gain of NOK 190 million arose upon disposal of an associated company in connection with the stepwise acquisition, where Wilsgård was consolidated from August as well as a gain from the sale of another associated company of NOK 30 million.

Interest costs are, therefore, somewhat higher, driven by the increased debt level. In total, this gives a result before tax of NOK 783 million.

Ordinary corporate tax, together with recognized resource rent tax cost amounts to NOK 451 million in total. And the profit for the period is, therefore, NOK 332 million, and this gives an adjusted earnings per share of NOK 1.3 per share for the quarter.

Moving on to the balance sheet, we see that total assets have increased by NOK 2,115 million from the previous quarter to NOK 57.8 billion. The merger with Wilsgård increased total assets by NOK 1.9 billion. In addition, the value of biomass has increased. Here, it is worth noting that the fair value adjustment is a driver behind the increased booked value of the biomass and not the cost of the fish.

In Norway, the cost of biomass is lower, both in NOK per kilo and in absolute terms despite having higher biomass in the sea compared to both the previous quarter and the same quarter last year. This provides a basis for a reduced cost out of stock in the coming quarters.

The equity ratio has increased to 33.2% as a result of the positive net profit and issuance of consideration shares in connection with the merger with Wilsgård.

Net interest-bearing debt has increased by NOK 1.5 billion to NOK 21.6 billion, driven by the dividend paid early in July. The key debt ratio, NIBD divided by EBITDA, has increased to 3.9x. The underlying driver of the temporary increase in the ratio is lower salmon prices in 2025 and profitable investments in biomass and new technology that will provide further volume growth going forward. With increased earnings and strict discipline on spending, we expect that debt and debt ratio to decline going forward.

As mentioned before, our strategy is to be optimally and robustly financed at all times and to stay ahead of maturities. We, therefore, issued 2 new green bonds in August, totaling NOK 2 billion. At the same time, we extended and increased the commercial papers to NOK 1.5 billion and increased the overdraft facility by NOK 400 million.

And at the end of the third quarter '25, we had NOK 9.3 billion in available liquidity in the group, also taking into account the facilities held by partly owned subsidiaries. And as you can see from the graph on the right, we have flexible financing diversified between the bank and bonds with long maturities and facilities that ensure sufficient liquidity at all times.

Let's look at the change in net interest-bearing debt, including leasing during the quarter. We started with NIBD, including leasing at NOK 21,715 million. The merger with Wilsgård increased NIBD by NOK 143 million, giving us a starting point for the quarter of NOK 21,859 million.

During the period, we had a positive cash flow from operations where EBITDA was NOK 1.2 billion. We paid taxes of NOK 9 million from some smaller partly owned companies. And it is worth noting here that we do not expect significant tax payments later in '25.

Change in working capital amounted to minus NOK 1,400 million, driven by lower biomass cost and an increase in accounts payable. Total investments amounted to NOK 488 million in the quarter. NOK 43 million relates to the sale of minor assets in the group and dividends received from associated companies.

Investments in fixed assets totaled NOK 531 million and are mainly related to our farming activities at sea. As mentioned earlier, this is driven by the establishment of submerged operations at several autumn '25 sites and investment in sea-lice laser technology. At the end of the third quarter, more than 40% of our sites now use preventive technology, and through that, will later provide an update on new investments in '26 that will reinforce previous direction and support the right technology at each site.

CapEx discipline in SalMar is strong. And in '26, we expect a lower CapEx level than we have in '25.

The larger change in NIBD during the period is the dividend paid early in July of NOK 2.9 billion. Taking into account interest payments and changes in leasing, we end up at NOK 23,266 million in NIBD, including leasing at the end of the third quarter of '25.

Cost focus and profitable growth are 2 of our fundamental pillars in creating shareholder values. This includes, among other things, realizing synergies, reducing costs, making efficient use of variable input factors as well as reducing the fixed cost base in the value chain. Effective integration and synergy realization are crucial for profitable growth through acquisitions. We have previously reported the realization of NOK 844 million in annual recurring savings following the acquisition of NRS and NTS where the impact on cost out of stock will take some time.

In the top right corner, you can see the cost per kilo difference between the old SalMar sites and the NRS sites up to the '23 generation. It is evident that the cost gap has significantly narrowed since the takeover at the end of 2022. As you know, harvest from the '24 generation, the cost differences are virtually gone. This synergy realization has been made possible through a clear plan, execution capability and focus on cost drivers.

Regarding cost reduction and efficient use of variable input factors, the graph in the middle right shows that the on-ground cost per kilo in Norway so far in '25 is lower than at the same time last year. The driver behind this is a lower input cost and better biological performance, especially in the Northern Norway. This effect has become evident in cost out of stocks throughout the year in Northern Norway as well as in the biomass cost in Norway at the end of the third quarter. The costs are lower both per kilo and in absolute terms despite the higher biomass. This underpins our expectation of cost reductions in the coming periods.

As mentioned at this time last year, we have initiated a new improvement program with a structured approach across the entire value chain to reduce the fixed cost base. This work identified annual cost savings of NOK 1.2 billion. An over target of NOK 1.2 billion remains unchanged. However, the measures must be implemented in a way that does not compromise production. We cannot cut corners or save ourselves into trouble. So the focus on the biology is nonnegotiable. The implementation of these measures will, therefore, not follow a straight line as we need to run some double costs to ensure we achieve the desired results. As a result, the realization of the identified measures on a fixed cost base will be pushed further out towards '29. But it is important to emphasize that regardless of this, further cost reduction and value creation will occur through cost and efficiency measures in operations, economies of scale from both organic and strategic growth, better price achievement through optimized fish allocation, changes in raw material usage and impact on raw material prices and biological effects from investments and initiatives throughout the value chain from genetics to feed and seed production.

As is well known and mentioned earlier today, both salmon prices and raw material prices will fluctuate over time. And our focus, as I've tried to highlight here, is on the things we can influence. We aim to be the most cost-effective fish farmer, delivering the highest total return to shareholders.

And with that, I conclude the financial review and hand the floor back to Frode.

Thank you, Ulrik. And now going into the volume guidance for 2026. And as mentioned earlier, we expect increased volume in 2026. Norway and Ocean will increase by 6,000 tonnes to 275,000 tonnes with the increase are planned to come from Central Norway.

Northern Norway has, as you know, performed very strongly in '25, and we will use '26 to further optimize production plans for future growth in both Northern and Central Norway. After some challenging years in Iceland, the outlook for the fish we plan to harvest in '26 looks better. Therefore, we expect an increase of 8,000 tonnes to 21,000 tonnes in 2026. Scottish Sea Farm has had a somewhat lower harvest volume in '25 to optimize stocking profiles and site utilization. In '26, we expect a significant increase of 11,500 tonnes up to 45,000 tonnes. In total, we are increasing the guidance by 20,000 tonnes and expect 319,000 tonnes in 2026, a growth of 7%.

As communicated earlier, we have additional organic volume potential that we will realize in the coming years. The potential is 378,000 tonnes or 19% higher than what we planned for next year in '26. It will take some time to achieve this. We need to optimize stocking profiles and site utilization to achieve the biological performance and license utilization we aim for. Therefore, we are now taking steps to improve this going forward in Norway.

At SalMar, we have always been at the forefront of adopting different production methods, and we are perhaps the only player that has all forms of sea-based production in operation, supported by a dedicated project department working to develop tomorrow's operational solutions. Many of you have probably noticed the upcoming aquaculture white paper to be reviewed in Parliament and the environmental flexibility scheme introduced recently.

We at SalMar are positive about having a constructive dialogue on the aquaculture white paper and are supportive of the environmental flexibility scheme. However, some important factors must be in place for the scheme to work as intended and not only in red zones. It should be extended to include green and yellow production areas. It is crucial that the scheme remains technology neutral, as we have learned that the right technology for the right side is essential. And most importantly, predictability in regulation is key. We operate a long and complex value chain and predictability is necessary.

As you know, we currently have 2 closed units in operation in Production Area 5. And together with partners, we have now developed a new closed unit that we plan to use for post-smolt production in Central Norway. Three units are now under construction and will be operational at the start of 2027. This is a part of the solution to make even better use of our best sites, reduce lice exposure during critical periods of the year and contribute to improved biological performance in terms of survival and growth. We are doing this because we want to become even better, strengthening our focus on using the right technology to achieve optimal production on the salmon's terms.

We are now approaching the end of today's presentation. I have presented the guidance going forward, and you can see it summarized on the slide. After strong global volume growth in '25, we expect significantly lower global volume growth in '26. Although global uncertainty related to tariffs and increased and varying tariff rates is generally bad news for world trade, the Norwegian aquaculture industry has the tough times before. We have a positive outlook for the road ahead. We continue to gain more customers who eat salmon. And together with increased volumes and reduced cost levels, this gives us a positive view of the future developments.

With that, we have reached the end of the presentation. Our next presentation will be in February. Before then, I expect everyone will have some salmon on the Christmas menu this year. Thank you for your attention.

Welcome to the presentation of SalMar's results for the Third Quarter of 2025. My name is Frode Arntsen, and I am the CEO. And joining me today is our CFO, Ulrik Steinvik. I have said before that SalMar, it's a job 24 hours a day, 360 days a year. When we say we produce salmon on the salmon terms. This has really been as true as now in the third quarter. The record high harvest volume and activity level we've had this quarter have meant that employees across the entire value chain have been working day and night to ensure we carry out the necessary lice treatments, the farming sites are ready when the wellboat arrives, that their processing plants are ready when the fish is to be harvested and that we are able to sell and ship to our products to all corners of the world.

I want to say a big thank you to all our employees who have worked day and night through the quarter. You are the team that makes it possible for us to present financial results today that we are more satisfied with than the last quarter, even though salmon prices have been lower. At the same time, you are also laying the foundation for us to increase volumes further into 2026 and reduce cost levels going forward.

Today's review will follow the same sequence as before. I will take you through some highlights as well as the segments. Then CFO, Ulrik will guide you through the financial update. Finally, I will focus on volume for '26 and new units for post-smolt production at sea. In total for Norway, we harvested a record high 89,400 tonnes at a margin of NOK 9.6 per kilo and operational EBIT of NOK 858 million. Including Icelandic Salmon and SalMar Ocean, we harvested 93,200 tonnes in the quarter with a result of NOK 711 million at a margin of NOK 7.6 per kilo.

The price level during the period affected profitability, but we saw a significant improvement in the price achieved throughout the quarter. The share of superior quality is back to normal levels at its mid-90% and Northern Norway has continued to show strong biological performance and corresponding positive cost development. Sales and Industry delivered yet another strong result, driven by positive contributions from contracts and flexibility in the setup to handle the record high volume.

Weak results from Iceland due to continued high cost and continued good biological performance in Scotland. As you know, the merger with Wilsgård was completed in August, which affects several of our financial key figures, something Ulrik will return to. The volume guidance for 2025 remains unchanged overall for Norway and Iceland, but we increased slightly in Scotland. Going into '26, we expect a harvest volume of 319,000 tonnes, an increase of 20,000 tonnes or 7%.

And now the operational update. In Central Norway, we harvested 47,000 tonnes in the quarter with an operational EBIT of minus NOK 121 million, giving an EBIT per kilo of minus NOK 2.6. As expected, it was a weak result in the third quarter. Low salmon prices, combined with the cost level of the fish we harvested resulted in a negative outcome for the period. The spring '24 generation was the one we harvested the most during this period. As you know, this has been a challenging generation for us with weak biological performance, which has led to a higher cost level.

At the same time, there has been strong lice pressure in Central Norway, which has continued into the fourth quarter. This has made it necessary to remove some smaller fish for welfare reasons and has inflated which sites we harvested from. This affected the results in Q3 and will also have some impact in Q4. In Q4, the autumn '24 generation will make up the bulk of the volume we plan to harvest. Compared to spring '24, this generation has had better biological performance, and therefore, we expect a somewhat lower cost level. The underlying biological status of the fish in the sea is good, but lice pressure has been high, which has affected growth. Therefore, we will reduce the volume for '25 to optimize biology and MIB utilization towards '26.

Volume will be reduced with 13,000 tonnes to 143,000 tonnes. In Northern Norway, we harvested 42,500 tonnes in the quarter with an operational EBIT of NOK 468 million and EBIT per kilo of NOK 11. The very strong biological performance at sea continued in the third quarter with high growth and improved survival. And it's not just individual sites that stand out, but many sites across both generations we harvested from that have performed very well. We completed harvesting of the autumn '23 generation early in the quarter, and it has mainly been the spring '24 generation we have harvested from.

The positive cost trend continues even though the Q3 result was impacted by the destruction of one site due to ISA, which accounts for NOK 1.8 per kilo in the quarter. Looking ahead, we will continue harvesting from the spring '24 generation and expect a somewhat lower cost level in Q4 here as well. As a result of the strong growth and biological performance, we are increasing the volume guidance for 2025 by 13,000 tonnes to 119,000 tonnes.

Going to SalMar Ocean, where there has been less activity in the third quarter. Operational EBITDA for the period was minus NOK 8 million. New smolt was stocked in Ocean Farm 1 in August, approximately 1 million fish with an average weight of 700 grams. We plan to harvest this in the second quarter of 2026. So far, production has gone well with low mortality and good growth. To date, we have not needed any lice treatments for this generation despite the high lice pressure in Central Norway.

In addition, we can mention that we have submitted the conversion application for the development licenses for Arctic Offshore Farming. The Sales and Industry segment delivered an operational EBIT of NOK 534 million. As expected, it was a strong result for the segment, driven by continued positive contributions from contracts given the market prices experienced.

The contract share was 22% in the period. In addition, we have truly demonstrated the strength of our setup by handling the record high harvest volumes during the quarter. As of today, we have already harvested over 100,000 tonnes at InnovaNor in Northern Norway this year, including volumes processed from external parties. Day after day, week after week, our processing plants has been open and handle fish of all sizes and qualities. And even when railways and roads were closed, our logistics team ensured the fish reached dining tables around the world.

The price development we have seen during the quarter with week after week of record export volumes out of Norway, combined with rising price levels shows that demand for our products is very strong, something we also experienced daily in dialogue with customers worldwide. In the fourth quarter, we expect somewhat lower volumes through our facilities due to slightly lower volumes from the farming segments compared to third quarter. The contract share is expected to be around 27%.

Moving to the Westfjords in Iceland, where they harvested 3,800 tonnes in the quarter with an operational EBIT of minus NOK 110 million and EBIT per kilo of minus NOK 29.2. As expected, it was a weak result in the third quarter, driven by low salmon prices, but particularly due to the cost level of that '23 generation that we have harvested during the period. One-off costs of EUR 3.2 million or around NOK 10 per kilo also impacted the figures in the quarter. These are related to a write-down of biomass value at one site and are not something we expect going forward.

Looking ahead, we expect the cost level to decrease. We harvested the last part of the '23 generation at the start of Q4, and we expect costs to be lower when we start harvesting from the 2024 generation. Volume guidance for '25 remains unchanged. Moving to our joint venture in Scotland, Scottish Sea Farms, who in the quarter harvested 7,200 tonnes with an operational EBIT of NOK 8 million and EBIT per kilo of NOK 1.2. As expected, harvest volumes were lower in the third quarter and biological performance has continued to be good in the regions where operations take place. The biological status at sea is good. And as a result, the volume guidance for 2025 is increased by 1,500 tonnes to 33,500 tonnes.

With this, I have reached the end of the operational update, and I would now like to hand over to Ulrik, who will take you through the financials.

Thank you, Frode, and good morning to all of you. The financial results for the group we are presenting for the third quarter are affected by the low salmon prices during the quarter, caused by the high global supply growth we experienced in the first 8 months of the year. However, the biomass status in the industry indicates expectations of a somewhat different development going forward. For other part, the figures show that our relative price achievement is better than earlier this year as a result of the superior share returning to nearly normal levels again in the group.

This, all else equal, contributes positively in terms of biological performance and biological status, which we also see reflected in the development of on growth costs and cost of standing biomass. As I mentioned earlier, we cannot control market prices and our continuous focus is on biology, cost and efficient operations, enabled by discipline and a strong corporate culture. In that regard, I will provide you with an update on the cost development in the group at the end of my section today.

Further, the merger with Wilsgård was completed in August, impacting both profit and loss statement and balance sheet items, which I will comment on along the way. And now it is time to look at the figures, and I will start by giving some comments related to the profit and loss statement. On the top right, you see that operational EBIT increased by NOK 187 million compared to the second quarter from NOK 524 million to NOK 711 million. The increase is driven by the record high volume we harvested during the period. Compared to the previous quarter, the volume rose by 28,800 tonnes or 45%.

Furthermore, we see that the reduced price achievement puts the result down by NOK 505 million. It is worth noting here that the reduction in the sea salmon spot price during the period was NOK 10 per kilo, while SalMar's price achievement fell by about NOK 5 per kilo. The reason for the smaller price drop for us in SalMar is the increased share of superior quality, which returned to nearly normal levels in the group in the third quarter compared to what we experienced in the second quarter.

On the other hand, the price achievement is negatively affected by the lower share of contracts, which fell from 37% in the second quarter to 22% in the third quarter. Overall, the price achievement for the quarter is above the reference price. Costs are, as expected, at the same level as the previous quarter. However, note that we had a one-off cost in the quarter due to culling of biomass on a site in Northern Norway because of ISA. This amounted to NOK 76 million in the third quarter. Iceland and Ocean contributed a positive change from the previous quarter of NOK 25 million despite an extraordinary cost in Iceland of NOK 37 million in the quarter. Reduced overhead costs within the Ocean segment contributed positively to the change.

Moving to the profit and loss statement, you see that the production tax in Norway and resource tax in Iceland amounted to NOK 98 million in the quarter, an increase of NOK 24 million, driven by volume. Nonrecurring items reduced the result by NOK 14 million in the quarter and consists of costs related to litigation. As a result of a higher number of fish, which also led to increased biomass, lower cost on the biomass and higher forward prices, net fair value adjustments are positive, and the fair value adjustment increased the net result by NOK 354 million.

Share of net profit from associated companies was negative at NOK 98 million. A positive operating result turned into a net negative share after tax. After that negative fair value adjustments of biomass has been taken into account. Net financial cost amounts to NOK 151 million, which is NOK 200 million lower than the previous quarter. This follows the merger with Wilsgård, where an accounting gain of NOK 190 million arose upon disposal of an associated company in connection with the stepwise acquisition, where Wilsgård was consolidated from August as well as a gain from the sale of another associated company of NOK 30 million. Interest costs are therefore somewhat higher, driven by the increased debt level. In total, this gives a result before tax of NOK 783 million.

Ordinary corporate tax, together with recognized resource rent tax cost amounts to NOK 451 million in total. And the profit for the period is therefore NOK 332 million, and this gives an adjusted earnings per share of NOK 1.3 per share for the quarter.

Moving on to the balance sheet. We see that total assets have increased by NOK 2,115 million from the previous quarter to NOK 57.8 billion. The merger with Wilsgård increased total assets by NOK 1.9 billion. In addition, fair value of biomass has increased. Here, it is worth noting that the fair value adjustment is a driver behind the increased booked value of the biomass and not the cost of the fish. In Norway, the cost of biomass is lower, both in NOK per kilo and in absolute terms despite having higher biomass in the sea compared to both the previous quarter and the same quarter last year.

This provides a basis for a reduced cost out of stock in the coming quarters. The equity ratio has increased to 33.2% as a result of the positive net profit and the issuance of consideration shares in connection with the merger with Wilsgård. Net interest-bearing debt has increased by NOK 1.5 billion to NOK 21.6 billion, driven by the dividend paid early in July. The key debt ratio NIBD divided by EBITDA has increased to 3.9.

The underlying driver of the temporary increase in the ratio is lower salmon prices in 2025 and profitable investments in biomass and new technology that will provide further volume growth going forward. With increased earnings and strict discipline on spending, we expect that debt and debt ratio to decline going forward. As mentioned before, our strategy is to be optimally and robustly finance at all times and to stay ahead of maturities. We therefore issued 2 new green bonds in August, totaling NOK 2 billion.

At the same time, we extended and increased the commercial papers to NOK 1.5 billion and increased the overdraft facility by NOK 400 million. And at the end of the third quarter '25, we had NOK 9.3 billion in available liquidity in the group, also taking into account the facilities held by partly-owned subsidiaries. And as you can see from the graph on the right, we have flexible financing diversified between the bank and bonds with long maturities and facilities that ensure sufficient liquidity at all times. Let's look at the change in net interest-bearing debt, including leasing during the quarter.

We started with NIBD, including leasing at NOK 21,715 million. The merger with Wilsgård increased NIBD by NOK 143 million, giving us a starting point for the quarter of NOK 21,859 million. During the period, we had a positive cash flow from operations where EBITDA was NOK 1.2 billion. We paid taxes of NOK 9 million from some smaller partly-owned companies. And it is worth noting here that we do not expect significant tax payments later in '25.

Change in working capital amounted to minus NOK 1,400 million, driven by lower biomass cost and an increase in accounts payable. Total investments amounted to NOK 488 million in the quarter, NOK 43 million relates to the sale of minor assets in the group and dividends received from associated companies. Investments in fixed assets totaled NOK 531 million and are mainly related to our farming activities at sea.

As mentioned earlier, this is driven by the establishment of submerged operations at several autumn '25 sites and investment in sea lice laser technology. At the end of the third quarter, more than 40% of our sites now use preventive technology, and Frode will later provide an update on new investments in '26 that will reinforce previous direction and support the right technology at each site.

CapEx discipline in SalMar is strong. And in '26, we expect a lower CapEx level than we had in '25. The larger change in NIBD during the period is the dividend paid early in July of NOK 2.9 billion. Taking into account interest payments and changes in leasing, we end up at NOK 23,266 million and NIBD including leasing at the end of the third quarter of '25. Cost focus and profitable growth are 2 of our fundamental pillars in creating shareholder values. This includes, among other things, realizing synergies, reducing costs, making efficient use of variable input factors as well as reducing the fixed cost base in the value chain.

Effective integration and synergy realization are crucial for profitable growth through acquisitions. We have previously reported the realization of NOK 844 million in annual recurring savings following the acquisition of NRS and NTS, where the impact on cost out of stock will take some time. In the top right corner, you can see the cost per kilo difference between the old SalMar sites and the NRS sites up to the '23 generation. It is evident that the cost gap has significantly narrowed since the takeover at the end of 2022. As you know, harvest from the '24 generation, the cost differences are virtually gone. This synergy realization has been made possible through a clear plan, execution capability and focus on cost drivers.

Regarding cost reduction and efficient use of variable input factors, the graph in the middle right shows that the on growth cost per kilo in Norway so far in '25 is lower than at the same time last year. The driver behind this is lower input cost and better biological performance, especially in the Northern Norway. This effect has become evident in cost out of stocks throughout the year in Northern Norway as well as in the biomass cost in Norway at the end of the third quarter. The costs are lower both per kilo and in absolute terms despite the higher biomass.

This underpins our expectation of cost reductions in the coming periods. As mentioned at this time last year, we have initiated a new improvement program with a structured approach across the entire value chain to reduce the fixed cost base. This work identified annual cost savings of NOK 1.2 billion. Another target of NOK 1.2 billion remains unchanged. However, the measures must be implemented in a way that does not compromise production. We cannot cut corners or save ourselves into trouble. So the focus on the biology is nonnegotiable. The implementation of these measures will, therefore, not follow a straight line as we need to run some double costs to ensure we achieve the desired results. As a result, the realization of the identified measures on the fixed cost base will be pushed further out toward '29.

But it is important to emphasize that regardless of this, further cost reduction and value creation will occur through cost and efficiency measures in operations, economies of scale from both organic and strategic growth, better price achievement through optimized fish allocation, changes in raw material usage and impact of raw material prices and biological effects from investments and initiatives throughout the value chain from genetics to feed and seed production.

As is well known and mentioned earlier today, both salmon prices and raw material prices will fluctuate over time. And our focus, as I've tried to highlight here is on the things we can influence. We aim to be the most cost-effective fish farmer, delivering the highest total return to shareholders. And with that, I conclude the financial review and hand the floor back to Frode.

Thank you, Ulrik. And now going into the volume guidance for 2026. And as mentioned earlier, we expect increased volume in 2026. Norway and Ocean will increase by 6,000 tonnes to 275,000 tonnes with the increase are planned to come from Central Norway. Northern Norway has, as you know, performed very strongly in '25, and we will use '26 to further optimize production plans for future growth in both Northern and Central Norway.

After some challenging years in Iceland, the outlook for the fish we plan to harvest in '26 looks better. Therefore, we expect an increase of 8,000 tonnes to 21,000 tonnes in 2026. Scottish Sea Farm has had a somewhat lower harvest volume in '25 to optimize stocking profiles and site utilization. In '26, we expect a significant increase of 11,500 tonnes up to 45,000 tonnes.

In total, we are increasing the guidance by 20,000 tonnes and expect 319,000 tonnes in 2026, a growth of 7%. As communicated earlier, we have additional organic volume potential that we will realize in the coming years. The potential is 378,000 tonnes or 19% higher than what we planned for next year in '26. It will take some time to achieve this. We need to optimize stocking profiles and site utilization to achieve the biological performance and license utilization we aim for. Therefore, we are now taking steps to improve this going forward in Norway.

At SalMar, we have always been at the forefront of adopting different production methods, and we are perhaps the only player that has all forms of sea-based production in operation, supported by a dedicated project department working to develop tomorrow's operational solutions. Many of you have probably noticed the upcoming Aquaculture White Paper to be reviewed in parliament and the environmental flexibility regime introduced recently.

We at SalMar are positive about having a constructive dialogue on the Aquaculture White Paper and are supportive of the environmental flexibility regime. However, some important factors must be in place for the regime to work as intended and not only in red zones. It should be extended to include green and yellow production areas. It is crucial that this region regime remains technology neutral as we have learned that the right technology for the right side is essential. And most importantly, predictability in regulation is key. We operate a long and complex value chain and predictability is necessary. As you know, we currently have 2 closed units in operation in production Area 5. And together with partners, we have now developed a new closed units that we plan to use for post-smolt production in Central Norway.

Three units are now under construction and will be operational at the start of 2027. This is a part of the solution to make even better use of our best sites, reduce lice exposure during critical periods of the year and contribute to improved biological performance in terms of survival and growth. We are doing this because we want to become even better, strengthening our focus on using the right technology to achieve optimal production on the salmon's terms.

We are now approaching the end of today's presentation. I have presented the guidance going forward, and you can see it summarized on the slide. After strong global volume growth in '25, we expect significantly lower global volume growth in '26. Although global uncertainty related to tariffs and increased and varying tariff rates is generally bad news for World Trade, the Norwegian Aquaculture industry has the tough times before. We have a positive outlook for the road ahead. We continue to gain more customers who eat salmon and together with increased volumes and reduced cost levels, this gives us a positive view of the future developments.

With that, we have reached the end of the presentation. Our next presentation will be in February. Before then, I expect everyone will have some salmon on thier Christmas menu this year. Thank you for your attention.

Welcome to the presentation of SalMar's results for the third quarter of 2025. My name is Frode Arntsen, and I am the CEO. And joining me today is our CFO, Ulrik Steinvik.

I have said before that SalMar, it's a job 24 hours a day, 360 days a year. When we say we produce salmon on the salmon terms, this has really been as true as now in the third quarter. The record high harvest volume and activity level we've had this quarter have meant that employees across the entire value chain have been working day and night to ensure we carry out the necessary lice treatments, the farming sites are ready when the whale boat arrives, that the processing plants are ready when the fish is to be harvested and that we are able to sell and ship to our products to all corners of the world.

I want to say a big thank you to all our employees who have worked day and night through the quarter. You are the team that makes it possible for us to present financial results today that we are more satisfied with than the last quarter, even though salmon prices have been lower. At the same time, you are also laying the foundation for us to increase volumes further into 2026 and reduce cost levels going forward.

Today's review will follow the same sequence as before. I will take you through some highlights as well as the segments. Then CFO, Ulrik, will guide you through the financial update. Finally, I will focus on volume for '26 and new units for post-smolt production at sea. In total for Norway, we harvested a record high 89,400 tonnes at a margin of NOK 9.6 per kilo and operational EBIT of NOK 858 million. Including Icelandic Salmon and SalMar Ocean, we harvested 93,200 tonnes in the quarter with a result of NOK 711 million at a margin of NOK 7.6 per kilo.

The price level during the period affected profitability, but we saw a significant improvement in the price achieved throughout the quarter. The share of superior quality is back to normal levels at its mid-90% and Northern Norway has continued to show strong biological performance and corresponding positive cost development. Sales and Industry delivered yet another strong result, driven by positive contributions from contracts and flexibility in the setup to handle the record high volume. Weak results from Iceland due to continued high cost and continued good biological performance in Scotland.

As you know, the merger with Wilsgård was completed in August, which affects several of our financial key figures, something Ulrik will return to.

The volume guidance for 2025 remains unchanged overall for Norway and Iceland, but we increased slightly in Scotland. Going into '26, we expect a harvest volume of 319,000 tonnes, an increase of 20,000 tonnes or 7%.

And now the operational update. In Central Norway, we harvested 47,000 tonnes in the quarter with an operational EBIT of minus NOK 121 million, giving an EBIT per kilo of minus NOK 2.6. As expected, it was a weak result in the third quarter. Low salmon prices, combined with the cost level of the fish we harvested resulted in a negative outcome for the period. The spring '24 generation was the one we harvested the most during this period. As you know, this has been a challenging generation for us with weak biological performance, which has led to a higher cost level. At the same time, there has been strong lice pressure in Central Norway, which has continued into the fourth quarter. This has made it necessary to remove some smaller fish for welfare reasons and has inflated which sites we harvested from. This affected the results in Q3 and will also have some impact in Q4.

In Q4, the autumn '24 generation will make up the bulk of the volume we plan to harvest. Compared to spring '24, this generation has a better biological performance, and therefore, we expect a somewhat lower cost level.

The underlying biological status of the fish in the sea is good, but lice pressure has been high, which has affected growth. Therefore, we will reduce the volume for '25 to optimize biology and MIB utilization towards '26. Volume will be reduced with 13,000 tonnes to 143,000 tonnes.

In Northern Norway, we harvested 42,500 tonnes in the quarter with an operational EBIT of NOK 468 million and EBIT per kilo of NOK 11. The very strong biological performance at sea continued in the third quarter with high growth and improved survival. And it's not just individual sites that stand out, but many sites across both generations we harvested from that have performed very well.

We completed harvesting of the autumn '23 generation early in the quarter, and it has mainly been the spring '24 generation we have harvested from. The positive cost trend continues even though the Q3 result was impacted by the destruction of one site due to ISA, which accounts for NOK 1.8 per kilo in the quarter.

Looking ahead, we will continue harvesting from the spring '24 generation and expect a somewhat lower cost level in Q4 here as well. As a result of the strong growth and biological performance, we are increasing the volume guidance for 2025 by 13,000 tonnes to 119,000 tonnes.

Going to SalMar Ocean, where there has been less activity in the third quarter. Operational EBITDA for the period was minus NOK 8 million. New smolt was stocked in Ocean Farm 1 in August, approximately 1 million fish with an average rate of 700 grams. We plan to harvest this in the second quarter of 2026. So far, production has gone well with low mortality and good growth. To date, we have not needed any lice treatments for this generation despite the high lice pressure in Central Norway. In addition, we can mention that we have submitted the conversion application for the development licenses for Arctic Offshore Farming.

The Sales and Industry segment delivered an operational EBIT of NOK 534 million. As expected, it was a strong result for the segment, driven by continued positive contributions from contracts given the market prices experienced. The contract share was 22% in the period. In addition, we have truly demonstrated the strength of our setup by handling the record high harvest volumes during the quarter. As of today, we have already harvested over 100,000 tonnes at InnovaNor in Northern Norway this year, including volumes processed from external parties.

Day after day, week after week, our processing plants has been open and handle fish of all sizes and qualities. And even when railways and roads were closed, our logistics team ensured the fish reached dining tables around the world. The price development we have seen during the quarter with week after week of record export volumes out of Norway, combined with rising price levels, shows that demand for our products is very strong, something we also experience daily in dialogue with customers worldwide.

In the fourth quarter, we expect somewhat lower volumes through our facilities due to slightly lower volumes from the farming segments compared to third quarter. The contract share is expected to be around 27%.

Moving to the Westfjords in Iceland, where they harvested 3,800 tonnes in the quarter with an operational EBIT of minus NOK 110 million and EBIT per kilo of minus NOK 29.2. As expected, it was a weak result in the third quarter, driven by low salmon prices, but particularly due to the cost level of the '23 generation that we have harvested during the period.

One-off costs of EUR 3.2 million or around NOK 10 per kilo also impacted the figures in the quarter. These are related to a write-down of biomass value at one site and are not something we expect going forward. Looking ahead, we expect the cost level to decrease. We harvested the last part of the '23 generation at the start of Q4, and we expect costs to be lower when we start harvesting from the 2024 generation.

Volume guidance for '25 remains unchanged.

Moving to our joint venture in Scotland, Scottish Sea Farms, who in the quarter harvested 7,200 tonnes with an operational EBIT of NOK 8 million and EBIT per kilo of NOK 1.2. As expected, harvest volumes were lower in the third quarter and biological performance has continued to be good in the regions where operations take place.

The biological status at sea is good. And as a result, the volume guidance for 2025 is increased by 1,500 tonnes to 33,500 tonnes.

With this, I have reached the end of the operational update, and I would now like to hand over to Ulrik, who will take you through the financials.

Thank you, Frode, and good morning to all of you. The financial results for the group we are presenting for the third quarter are affected by the low salmon prices during the quarter, caused by the high global supply growth we experienced in the first 8 months of the year. However, the biomass status in the industry indicates expectations of a somewhat different development going forward. For other part, the figure shows that our relative price achievement is better than earlier this year as a result of the superior share returning to nearly normal levels again in the group. This, all else equal, contributes positively in terms of biological performance and biological status, which we also see reflected in the development of underlying growth costs and cost of standing biomass.

As I have mentioned earlier, we cannot control market prices and our continuous focus is on biology, cost and efficient operations, enabled by discipline and a strong corporate culture. In that regard, I will provide you with an update on the cost development in the group at the end of my section today. Further, the merger with Wilsgård was completed in August, impacting both profit and loss statement and balance sheet items, which I will comment on along the way.

And now it is time to look at the figures, and I will start by giving some comments related to the profit and loss statement. At the top right, we see that operational EBIT increased by NOK 187 million compared to the second quarter from NOK 524 million to NOK 711 million. The increase is driven by the record high volume we harvested during the period. Compared to the previous quarter, the volume rose by 28,800 tonnes or 45%. Furthermore, we see that the reduced price achievement puts the result down by NOK 505 million. It is worth noting here that the reduction in the sea salmon spot price during the period was NOK 10 per kilo, while SalMar's price achievement fell by about NOK 5 per kilo. The reason for the smaller price drop for us in SalMar is the increased share of superior quality, which returned to nearly normal levels in the group in the third quarter compared to what we experienced in the second quarter.

On the other hand, the price achievement is negatively affected by the lower share of contracts, which fell from 37% in the second quarter to 22% in the third quarter. Overall, the price achievement for the quarter is above the reference price. Costs are, as expected, at the same level as the previous quarter. However, note that we had a one-off cost in the quarter due to culling of biomass on a site in Northern Norway because of ISA. This amounted to NOK 76 million in the third quarter.

Iceland and Ocean contributed a positive change from the previous quarter of NOK 25 million, despite an extraordinary cost in Iceland of NOK 37 million in the quarter. Reduced overhead costs within the Ocean segment contributed positively to the change.

Moving to the profit and loss statement. We see that the production tax in Norway and resource tax in Iceland amounted to NOK 98 million in the quarter, an increase of NOK 24 million, driven by volume. Nonrecurring items reduced the result by NOK 14 million in the quarter and consists of costs related to litigation. As a result of a higher number of fish, which also led to increased biomass, lower cost on the biomass and higher forward prices, net fair value adjustments are positive. And the fair value adjustment increased the net result by NOK 354 million.

Share of net profit from associated companies was negative at NOK 19 million. A positive operating result turned into a net negative share after tax. After that negative fair value adjustments of biomass has been taken into account.

Net financial cost amounts to NOK 151 million, which is NOK 200 million lower than the previous quarter. This follows the merger with Wilsgård, where an accounting gain of NOK 190 million arose upon disposal of an associated company in connection with the stepwise acquisition, where Wilsgård was consolidated from August as well as a gain from the sale of another associated company of NOK 30 million.

Interest costs are, therefore, somewhat higher, driven by the increased debt level. In total, this gives a result before tax of NOK 783 million.

Ordinary corporate tax, together with recognized resource rent tax cost amounts to NOK 451 million in total. And the profit for the period is, therefore, NOK 332 million, and this gives an adjusted earnings per share of NOK 1.3 per share for the quarter.

Moving on to the balance sheet, we see that total assets have increased by NOK 2,115 million from the previous quarter to NOK 57.8 billion. The merger with Wilsgård increased total assets by NOK 1.9 billion. In addition, the value of biomass has increased. Here, it is worth noting that the fair value adjustment is a driver behind the increased booked value of the biomass and not the cost of the fish.

In Norway, the cost of biomass is lower, both in NOK per kilo and in absolute terms despite having higher biomass in the sea compared to both the previous quarter and the same quarter last year. This provides a basis for a reduced cost out of stock in the coming quarters.

The equity ratio has increased to 33.2% as a result of the positive net profit and issuance of consideration shares in connection with the merger with Wilsgård.

Net interest-bearing debt has increased by NOK 1.5 billion to NOK 21.6 billion, driven by the dividend paid early in July. The key debt ratio, NIBD divided by EBITDA, has increased to 3.9x. The underlying driver of the temporary increase in the ratio is lower salmon prices in 2025 and profitable investments in biomass and new technology that will provide further volume growth going forward. With increased earnings and strict discipline on spending, we expect that debt and debt ratio to decline going forward.

As mentioned before, our strategy is to be optimally and robustly financed at all times and to stay ahead of maturities. We, therefore, issued 2 new green bonds in August, totaling NOK 2 billion. At the same time, we extended and increased the commercial papers to NOK 1.5 billion and increased the overdraft facility by NOK 400 million.

And at the end of the third quarter '25, we had NOK 9.3 billion in available liquidity in the group, also taking into account the facilities held by partly owned subsidiaries. And as you can see from the graph on the right, we have flexible financing diversified between the bank and bonds with long maturities and facilities that ensure sufficient liquidity at all times.

Let's look at the change in net interest-bearing debt, including leasing during the quarter. We started with NIBD, including leasing at NOK 21,715 million. The merger with Wilsgård increased NIBD by NOK 143 million, giving us a starting point for the quarter of NOK 21,859 million.

During the period, we had a positive cash flow from operations where EBITDA was NOK 1.2 billion. We paid taxes of NOK 9 million from some smaller partly owned companies. And it is worth noting here that we do not expect significant tax payments later in '25.

Change in working capital amounted to minus NOK 1,400 million, driven by lower biomass cost and an increase in accounts payable. Total investments amounted to NOK 488 million in the quarter. NOK 43 million relates to the sale of minor assets in the group and dividends received from associated companies.

Investments in fixed assets totaled NOK 531 million and are mainly related to our farming activities at sea. As mentioned earlier, this is driven by the establishment of submerged operations at several autumn '25 sites and investment in sea-lice laser technology. At the end of the third quarter, more than 40% of our sites now use preventive technology, and through that, will later provide an update on new investments in '26 that will reinforce previous direction and support the right technology at each site.

CapEx discipline in SalMar is strong. And in '26, we expect a lower CapEx level than we have in '25.

The larger change in NIBD during the period is the dividend paid early in July of NOK 2.9 billion. Taking into account interest payments and changes in leasing, we end up at NOK 23,266 million in NIBD, including leasing at the end of the third quarter of '25.

Cost focus and profitable growth are 2 of our fundamental pillars in creating shareholder values. This includes, among other things, realizing synergies, reducing costs, making efficient use of variable input factors as well as reducing the fixed cost base in the value chain. Effective integration and synergy realization are crucial for profitable growth through acquisitions. We have previously reported the realization of NOK 844 million in annual recurring savings following the acquisition of NRS and NTS where the impact on cost out of stock will take some time.

In the top right corner, you can see the cost per kilo difference between the old SalMar sites and the NRS sites up to the '23 generation. It is evident that the cost gap has significantly narrowed since the takeover at the end of 2022. As you know, harvest from the '24 generation, the cost differences are virtually gone. This synergy realization has been made possible through a clear plan, execution capability and focus on cost drivers.

Regarding cost reduction and efficient use of variable input factors, the graph in the middle right shows that the on-ground cost per kilo in Norway so far in '25 is lower than at the same time last year. The driver behind this is a lower input cost and better biological performance, especially in the Northern Norway. This effect has become evident in cost out of stocks throughout the year in Northern Norway as well as in the biomass cost in Norway at the end of the third quarter. The costs are lower both per kilo and in absolute terms despite the higher biomass. This underpins our expectation of cost reductions in the coming periods.

As mentioned at this time last year, we have initiated a new improvement program with a structured approach across the entire value chain to reduce the fixed cost base. This work identified annual cost savings of NOK 1.2 billion. An over target of NOK 1.2 billion remains unchanged. However, the measures must be implemented in a way that does not compromise production. We cannot cut corners or save ourselves into trouble. So the focus on the biology is nonnegotiable. The implementation of these measures will, therefore, not follow a straight line as we need to run some double costs to ensure we achieve the desired results. As a result, the realization of the identified measures on a fixed cost base will be pushed further out towards '29. But it is important to emphasize that regardless of this, further cost reduction and value creation will occur through cost and efficiency measures in operations, economies of scale from both organic and strategic growth, better price achievement through optimized fish allocation, changes in raw material usage and impact on raw material prices and biological effects from investments and initiatives throughout the value chain from genetics to feed and seed production.

As is well known and mentioned earlier today, both salmon prices and raw material prices will fluctuate over time. And our focus, as I've tried to highlight here, is on the things we can influence. We aim to be the most cost-effective fish farmer, delivering the highest total return to shareholders.

And with that, I conclude the financial review and hand the floor back to Frode.

Thank you, Ulrik. And now going into the volume guidance for 2026. And as mentioned earlier, we expect increased volume in 2026. Norway and Ocean will increase by 6,000 tonnes to 275,000 tonnes with the increase are planned to come from Central Norway.

Northern Norway has, as you know, performed very strongly in '25, and we will use '26 to further optimize production plans for future growth in both Northern and Central Norway. After some challenging years in Iceland, the outlook for the fish we plan to harvest in '26 looks better. Therefore, we expect an increase of 8,000 tonnes to 21,000 tonnes in 2026. Scottish Sea Farm has had a somewhat lower harvest volume in '25 to optimize stocking profiles and site utilization. In '26, we expect a significant increase of 11,500 tonnes up to 45,000 tonnes. In total, we are increasing the guidance by 20,000 tonnes and expect 319,000 tonnes in 2026, a growth of 7%.

As communicated earlier, we have additional organic volume potential that we will realize in the coming years. The potential is 378,000 tonnes or 19% higher than what we planned for next year in '26. It will take some time to achieve this. We need to optimize stocking profiles and site utilization to achieve the biological performance and license utilization we aim for. Therefore, we are now taking steps to improve this going forward in Norway.

At SalMar, we have always been at the forefront of adopting different production methods, and we are perhaps the only player that has all forms of sea-based production in operation, supported by a dedicated project department working to develop tomorrow's operational solutions. Many of you have probably noticed the upcoming aquaculture white paper to be reviewed in Parliament and the environmental flexibility scheme introduced recently.

We at SalMar are positive about having a constructive dialogue on the aquaculture white paper and are supportive of the environmental flexibility scheme. However, some important factors must be in place for the scheme to work as intended and not only in red zones. It should be extended to include green and yellow production areas. It is crucial that the scheme remains technology neutral, as we have learned that the right technology for the right side is essential. And most importantly, predictability in regulation is key. We operate a long and complex value chain and predictability is necessary.

As you know, we currently have 2 closed units in operation in Production Area 5. And together with partners, we have now developed a new closed unit that we plan to use for post-smolt production in Central Norway. Three units are now under construction and will be operational at the start of 2027. This is a part of the solution to make even better use of our best sites, reduce lice exposure during critical periods of the year and contribute to improved biological performance in terms of survival and growth. We are doing this because we want to become even better, strengthening our focus on using the right technology to achieve optimal production on the salmon's terms.

We are now approaching the end of today's presentation. I have presented the guidance going forward, and you can see it summarized on the slide. After strong global volume growth in '25, we expect significantly lower global volume growth in '26. Although global uncertainty related to tariffs and increased and varying tariff rates is generally bad news for world trade, the Norwegian aquaculture industry has the tough times before. We have a positive outlook for the road ahead. We continue to gain more customers who eat salmon. And together with increased volumes and reduced cost levels, this gives us a positive view of the future developments.

With that, we have reached the end of the presentation. Our next presentation will be in February. Before then, I expect everyone will have some salmon on the Christmas menu this year. Thank you for your attention.