Høgni Jakobsen
Chief Financial Officer

Good morning, and welcome to the presentation of Bakkafrost results for the first quarter, 2026. My name is Hogni Jakobsen, CFO of Bakkafrost. First, I will point your attention to our disclaimer on forward-looking statements. I will leave it for self study. It's included in the published presentation.

This morning, we will follow the usual agenda, beginning with a summary of the quarter before we move on to markets and sales, finances, operations and finally, outlook. So the first quarter was a solid start to the new year for Bakkafrost. Compared to the first quarter last year, our revenue increased by 11% to around NOK 2.1 billion and operational EBIT increased by 8% to NOK 544 million. This was achieved in the market with significantly higher global supply and lower year-on-year prices.

The main operational driver was the Faroe Islands, where harvest volumes increased by 33% to around 25,100 tonnes gutted weight. Scotland was broadly stable in volumes at around 6,200 tonnes. Feed sales also increased by 13% in the quarter, reflecting a strong biological growth in the farming operation. At the same time, fishmeal sales and marine sourcing were lower, around 51,000 tonne of marine raw material were sourced in the quarter.

Cash flow from operations declined to DKK 453 million, down from DKK 590 million the year before. And at the AGM, in end of April, the dividend payment of DKK 3.45 was approved for payment