The Group reported operating revenue, including other income, gains and losses,
of MNOK 9,228 in Q3 2026, down from MNOK 10,037 in Q3 2025. Adjusted EBITDA was
MNOK 1,131 in the quarter, against MNOK 651 in the same period last year.
Adjusted EBIT was MNOK 546 in the quarter (Q3 2025: MNOK 78). The increase in
earnings is primarily attributable to lower operating costs and improved price
realisation in the farming segment. In Peru, the first fishing season had been
suspended since late April and was formally closed in August due to warm
seawater temperatures and a high proportion of juvenile fish. Austral caught 20%
of its quota in the first season, which significantly impacted Austral's revenue
and earnings in the quarter. Headwinds in Peru were largely offset by FoodCorp's
best third quarter to date. FoodCorp had a third quarter with high activity
after very low activity in second quarter, and the catch volume in the quarter
was more than doubled compared to last year. This combined with high prices on
all finished products contributed to the best third quarter to date.
Scottish Sea Farms Ltd (Norskott Havbruk AS) and Pelagia are the Group's two
largest joint ventures. Income from associates before fair value adjustment
related to biological assets in the quarter totalled MNOK 83 (Q3 2025: MNOK 4).
The equivalent figure including fair value adjustment of biological assets was
MNOK 230 (Q3 2025: MNOK -6). Scottish Sea Farms harvested 12,983 GWT this
quarter, up 79% from the same period last year. The result in the period was
negatively impacted by incident-based mortality. Sites with biological
challenges in Q3 were harvested out in October. Please refer to Note 5 in this
report and the Q3 2026 presentation.
Income from Pelagia improved compared with Q3 2025. Markets for fishmeal and
fish oil (FEED) were generally favourable with a high price level. In consumer
products (FOOD), strong competition with FEED and low volumes resulted in high
raw material prices. Pelagia's share of net profit was MNOK 78 in the quarter
(Q3 2025: MNOK 0). Further information is available under the operational review
of segments section in this report and in the Q3 2026 presentation.
Adjusted EBIT including income from associates was MNOK 629 in the quarter,
against MNOK 82 in the same period last year.
Operating profit after fair value adjustment of biological assets and other
income and expenses totalled MNOK 876 in the quarter (Q3 2025: MNOK 954). Fair
value adjustment related to biological assets in the consolidated Group was MNOK
155, compared with MNOK 947 in Q3 2025. Fair value adjustment related to
biological assets recognised in income from associates was MNOK 147, compared
with MNOK -10 in Q3 2025.
The Group's net interest expense was MNOK 159 (Q3 2025: MNOK 180). Net other
financial items totalled MNOK -40. The equivalent figure in Q3 2025 was MNOK 2.
Profit before tax was MNOK 677 in the quarter (Q3 2025: MNOK 776), and profit
after tax in Q3 2026 was MNOK 677, against MNOK 529 in Q3 2025. The change is
primarily driven by lower tax expenses and higher profitability in the farming
segment. In addition, also higher income from associated companies mainly driven
by improved earnings in Pelagia and a positive fair value adjustment of biomass
in Scottish Sea Farms Ltd. (Norskott Havbruk AS).
For further information please see attached report and presentation.
Questions and comments may be addressed to the company's CEO, Arne Møgster, or
to CFO, Britt Kathrine Drivenes.
This information is subject of the disclosure requirements acc. to Section 5-12
vphl (Norwegian Securities Trading Act).
losure requirements acc. to Section 5-12\
vphl (Norwegian Securities Trading Act).\