Aquaculture and fish feed

“the business generated revenue of DKK 16.5 billion and EBITDA of more than DKK 1.5 billion”

Annual report 2025A · The company itself

“The following is a brief review of individual business performances in 2025: BioMar reported a 13% year-on-year increase in feed volumes, supported by strong growth in all three feed segments.”

Annual report 2025A · The company itself

“Water usage in the value chain for growing of crops E3 Water Impacts Sourcing of marine raw materials in BioMar BioMar sources approximately 300,000 tonnes of marine materials annually, and given the finite and often fragile state of some fish stocks, this could potentially have a negative impact if not managed responsibly. The supply of marine materials is volatile in nature and prone to fluctuations in supply. Therefore, the sourcing of these resources must be diversified to ensure that demand can be met.”

Annual report 2025A · The company itself

“The volatile nature of fish supply Roughly one-third of BioMar’s costs are associated with marine ingredients, and even though promising alternatives are being developed and implemented, there is still a great need for omega-3 fatty acids of marine origin.”

Annual report 2025A · The company itself

“BioMar addresses one of the world’s most pressing challenges – how to produce more protein for a growing global population without overloading the planet’s resources. To this end, BioMar invests heavily in alternative and circular raw materials, reductions of CO emissions across the value chain, enhanced traceability and responsible sourcing, and innovations that improve fish health and resource efficiency.”

Annual report 2025A · The company itself

“In the future, BioMar will maintain its focus on commercial and operational excellence, expansion in feed for shrimp and other species in Asia and Latin America and further acceleration of the journey within advanced feed technology.”

Annual report 2025A · The company itself

“The position statement underscores BioMar’s dedication to procuring marine ingredients that are certified and responsibly sourced. BioMar also works to diversify the raw material base to reduce the dependency on fish meal and fish oil.”

Annual report 2025A · The company itself

“One of the world’s largest manufacturers of feed for the aquaculture industry. Produces feed for salmon, shrimp and selected species, and has a growing exposure to smart feeding technology.”

Annual report 2025A · The company itself

“Following a 19% year-on-year increase in feed volumes in Q4, total feed volumes sold increased by 13% in 2025, supported by strong growth in all three feed segments: Salmon, Shrimp and Selected Species.”

Annual report 2025A · The company itself

“The Salmon segment is the largest segment in BioMar, accounting for 60% of total volumes sold in 2025.”

Annual report 2025A · The company itself

“The segment accounted for 24% of total volumes in BioMar in 2025. EBITDA increased by 23% in 2025 supported by higher volumes, although adversely impacted by lower average sales prices on large contracts and an increased share of standard feed products.”

Annual report 2025A · The company itself

“Marine Ingredients Position Statement The position statement underscores BioMar’s dedication to procuring marine ingredients that are certified and responsibly sourced.”

Annual report 2025A · The company itself

“E4 BIOLOGISEEN MONIMUOTOISUUTEEN JA EKOSYSTEEMEIHIN LIITTYVÄT VAIKUTUKSET, RISKIT JA MAHDOLLISUUDET VAIKUTUKSET YMPÄRISTÖÖN JA/TAI YHTEISKUNTAAN RISKIT JA MAHDOLLISUUDET ATRIALLE STRATEGISET HALLINTAKEINOT Biologisen monimuotoisuuden vähenemisen suorat vaikutustekijät, maankäytön muutokset + Atrian panostukset innovatiivisten rehuratkaisujen kehittämiseen vahvistavat ruokaketjun valkuaisomavaraisuutta ja tukevat kestävää maataloutta. Toimet ovat jo näkyneet vähennyksinä esimerkiksi rehusoijan osuudessa ja lisääntyneenä kotimaisen valkuaisen käyttönä, mikä lieventää globaalin maankäytön muutoksen riskin ajureita ja tukee luonnon monimuotoisuutta ja ilmastotavoitteita koko arvoketjussa. - Ilmastonmuutoksen vuoksi alueet, joilla on aikaisemmin voinut viljellä, ovat muuttuneet viljelykelvottomiksi joko sään ääriolosuhteiden tai viljelyä tukevien luontopalvelujen katoamisen vuoksi.”

Annual report 2025A · The company itself

“Atria kehittää eläinrehuja maksimoiden kiertotalouden hyödyt muun muassa hyödyntämällä laajasti kasviperäisen elintarviketuotannon ja meijeriteollisuuden eri sivuvirtoja ja huomioimalla tilakohtaisesti optimaaliset ruokintaratkaisut.”

Annual report 2025A · The company itself

“Overall, the shrimp segment in Ecuador benefits from increasing adoption of commercial aquafeed, functional diets and acoustic aqua feeding technologies, positioning both Shrimp and Tech Solutions as a strategic growth area for the Group.”

Annual report 2025A · The company itself

“Everytime a chicken or a fish is processed into the cuts we like to see on our dinner plates, it leaves by-products such as meat, feathers or carcass that are unsuitable for direct human consumption, but highly valuable in salmon feeds. Today around half of the fish meal and fish oils used in salmon feed come from circular by-products. By converting these by-products into highperformance feed ingredients, we close nutrient loops across food systems.”

Annual report 2025A · The company itself

“MCS, MarinTrust, FIP or equivalent, Due diligence approved Fishmeal MCS, MarinTrust, FIP or equivalent, Due diligence approved Krillmeal MCS Palm oil RSPO Soy RTRS, ProTerra, Donau Soja, U.S. SSAP Certified raw materials Some raw materials present higher environmental and social risks. That is why we focus on certifying so-called hotspot raw materials, ingredients where issues such as deforestation, overfishing, labour rights or ecosystem pressure are most likely to occur.”

Annual report 2025A · The company itself

“BioMar is committed to sourcing marine ingredients from suppliers that meet recognised standards, such as MSC, MarinTrust or those participating in FIPs. By sourcing from certified fisheries, we indirectly support the responsible management of lower trophic level species as they place emphasis on the impact of the fishery on the wider marine ecosystem. We continuously review our sourcing practices to ensure alignment with sustainable fishery standards and support the long-term health of marine ecosystems.”

Annual report 2025A · The company itself

“It is the single most important factor in advancing farming of fish and shrimp in terms of sustainability, animal health, end-product quality and financial performance. It drives more than 50% of the farmers operational costs and constitutes 80% of the environmental impact.”

Annual report 2025A · The company itself

“Aquaculture’s environmental footprint is shaped primarily by feed, and reducing this impact is central to BioMar’s sustainability strategy. Working together in close collaboration with our customers, opens the door to more responsible food supply.”

Annual report 2025A · The company itself

“Long-term demand for farmed fish and shrimp is generally sound and growing, and BioMar is well positioned to capture its fair share of the market based on its highquality product offering and strong focus on sustainability and advanced fish and shrimp farming technology.”

Annual report 2025A · The company itself

“We develop and deliver high-end fish and shrimp feed solutions for aquaculture farmers around the globe, supporting the production of delicious and healthy seafood in more than 90 countries.”

Annual report 2025A · The company itself

“BioMar operates in the attractive high-value species market, which accounts for around 26% of the aquaculture harvest volume, but 58% of the feed market value.”

Annual report 2025A · The company itself

“We serve our customers through four business segments Salmon Shrimp Selected Species Tech Solutions Aquaculture feed solutions for the Atlantic and Pacific salmon. The salmon feed segment has a growth trajectory nurtured by advanced farming technology, an increasing global demand for salmon and focus on high-performing, sustainable aquaculture operations.”

Annual report 2025A · The company itself

“Aquaculture feed for high-end species with specific nutritional needs, where targeted R&D knowledge is required to design optimal feed solutions. This product segment serves mid-size to small customers, including hatcheries and farmers of sea bass/sea bream and trout as well as niche species such as sturgeon.”

Annual report 2025A · The company itself

“BioMar is one of the world's leading global aquafeed providers. Driven by our purpose of innovating for an efficient and sustainable global aquaculture, we engage in long-lasting partnerships with customers and suppliers, enabling us to develop and deliver advanced aquafeed for more than 45 high-value species and to more than 90 countries around the world.”

Annual report 2025A · The company itself

“ADEQUACY THAT IMPACTS THE WELFARE OF FARMED ANIMALS As a producer of fish and shrimp feed, we have a responsibility to ensure nutritional adequacy of the feed we provide to farmed aquaculture species. Through the composition of our feed, we have a potential impact on animal welfare.”

Annual report 2025A · The company itself

“Our R&D, Sustainability and Sourcing departments collaborate to prioritise high-quality, lowimpact materials, ensure sufficient and consistent supply and minimise competition with the human food chain. As access to fishmeal has become more constrained, we have incorporated more plant-based, circular and restorative raw materials into our feeds.”

Annual report 2025A · The company itself

“BioMar Group operates in four business segments based on species; Salmon, Shrimp and Selected Species (all other species than before-mentioned segments) and the Tech Solutions activities. The information is based on the management structure and internal management reporting to Group Management and constitutes the reportable segments.”

Annual report 2025A · The company itself

“The Shrimp segment provides high-quality feed to a diversified customer base in shrimp farming primarily across Latin America and Southeast Asia.”

Annual report 2025A · The company itself

“The Selected Species segment serves a large variety of customers within different high-value species such as trout, bass and bream. The customers are mainly situated around the Baltic Sea and in the Mediterranean area.”

Annual report 2025A · The company itself

“In 2024, 0.77 kg of low consumer preference wild fish (like anchovy and sardine) produced one kg of Mowi farm-raised salmon. If we take into account the fish meal and fish oil that is produced from the salmon by-products during processing, the rFIFO (recaptured FIFO) is 0.60 for Mowi Group.”

Annual report 2024A · The company itself

“Mowi depends on well-functioning and stable ecosystems to produce our salmon under optimal conditions for them to thrive and be healthy. Several key steps in our value chain are directly dependent on specific nature services needed for production. This ranges from the sourcing of marine and vegetable feed ingredients to the freshwater for rearing smolts, and the coastal marine waters where we farm our salmon until harvest.”

Annual report 2024A · The company itself

“Sold volumes reached a new record high of 585k tonnes for the full year, up 12% year-on-year following strong growth in sea and consequently good feed demand.”

Annual report 2024A · The company itself

“Feed raw material costs have improved for most input factors, including marine ingredients, compared with 2023. The two most recent anchovy wild catch seasons in Peru in 2024 were strong with regards to volumes and yield, and this has contributed to a favourable raw material price development.”

Annual report 2024A · The company itself

“In 2024, Mowi Feed sold 584 586 tonnes, up from 523 167 tonnes in 2023 driven by good growth in our farming operations, and supplied 96% of the feed requirements of Mowi’s European salmon farming operations in 2024 (95% in 2023).”

Annual report 2024A · The company itself

“Our research is focused on four areas: Nutrient requirements; raw material optimisation and utilisation; fish health, welfare and quality; and feed technology. On nutrient requirements, Mowi Feed continues to focus on optimising phosphorous nutrition for salmon. We have identified ways to reduce phosphorous levels in feed for large salmon without compromising bone health and reaffirmed phosphorous requirements for small fish in freshwater.”

Annual report 2024A · The company itself

“Through our activities in the Norwegian Research Council financed programme, Millennial Salmon, we continue to investigate lipid-energy metabolism and essential fatty acid requirements, with focus on long chain omega-3 PUFAs. This research is crucial for managing the use of omega-3 from fish oil and future sources like algal and GM oil seeds.”

Annual report 2024A · The company itself

“On raw material optimisation, our long-term goal is to achieve independence from specific raw material sources, ensuring cost competitiveness and flexibility in commodity markets. Fish meal remains the benchmark feed material due to its digestible protein, balanced amino acids, high-quality lipids, and micronutrients. Despite efforts to reduce dependence on fish meal, it will continue to play a crucial role in salmon nutrition.”

Annual report 2024A · The company itself

“Our search for emerging, non-marine, ingredient sources has shown significant potential in protein concentrates from pulses, legumes, and underexploited cereals. These materials are nearing commercial viability and could compete with soy protein concentrate.”

Annual report 2024A · The company itself

“Our marine raw materials processed from whole fish are sourced from suppliers who adhere to responsible fishery management practices and that are certified as sustainable (MSC, Marin Trust standard or similar) or part of Fisheries Improvement Projects (FIPs).”

Annual report 2024A · The company itself

“Marine resource performance % of marine raw materials MSC, MarinTrust or equivalent certified 100% of our marine raw materials (fish meal and fish oil) were either MSC, MarineTrust Standard (former IFFO-RS) certified or part of fisheries improvement projects aimed at achieving the MarinTrust certification. More specifically, 20% (28%) of marine raw materials originated from MSC certified fisheries, 76% (38%) Marin Trust and the remaining part of a MarinTrust Improvement Project or a Fisheries Improvement Project.”

Annual report 2024A · The company itself

“Volumes and % trimmings FM and FO We continue our efforts to increase the use of fish trimmings to produce fishmeal and fish oil, in both our integrated feed production and externally sourced feed. In 2024, Mowi Feed sourced 68 177 tonnes of fish meal from whole fish and 26 245 tonnes from trimmings/by-products, and 47 461 tonnes of fish oil from whole fish and 19 236 tonnes of fish oil from trimmings/by-products.”

Annual report 2024A · The company itself

“Sustainable Oceans/Seas Practices Our Sustainable salmon feed policy and policy on emerging feed raw materials outline the strategy and requirements for sustainable sourcing of marine feed raw materials. For raw materials of marine origin including those originating from trimmings, as a minimum, this shall include the volumes per species, fishery identification and the country of origin of the raw material.”

Annual report 2024A · The company itself

“Marine raw materials shall not originate from IUU (Illegal, Unregulated and Unreported) catch or from fish species classified as endangered by the International Union for the Conservation of Nature (IUCN) red list.”

Annual report 2024A · The company itself

“Mowi is disclosing the following entity specific metrics in relations to the impact driver freshwater-, sea- and land-use change: •100% traceability of feed raw materials •% Soy Proterra and Palm oil RSPO, or equivalent certified •% inclusion of emerging feed raw materials 100% traceability of feed raw materials All ingredients, marine as well as non-marine in origin, which are used in the production of our feeds, are fully traceable (for marine raw materials, please see the tables on the following pages). None of our raw materials originate from illegal, unregulated and unreported (IUU) catches, or from fish species classified as endangered on the International Union for the Conservation of Nature (IUCN) red list.”

Annual report 2024A · The company itself

“Ambitions Main focus within R&D and Technical Optimise farming technologies Develop and test new technologies that lead to more ­ cost-effective farming. Increase survival in sea Monitor diseases and loss factors. Identify risk-factors and develop best practices for prevention and mitigation.”

Annual report 2024A · The company itself

“Control sea lice mainly by non-medicinal means Develop non-medicinal methods and approaches for sea lice control. Eliminate limits on sustainable growth caused by the feed ingredients situation Identity and implement safe and sustainable alternative feed ingredients.”

Annual report 2024A · The company itself

“In Farming, volume growth, costs, and sustainability are the three main pillars the company is working along. When it comes to volume growth, Mowi has increased volumes significantly in recent years. As recently as 2018, volumes were 375,000 GWT, and with its 2025 volume guidance of 530,000 GWT, Mowi will have grown its farming volumes by as much as 155,000 GWT in the period.”

Annual report 2024A · The company itself

“We are working along three main pillars in Farming; volume growth, costs and sustainability. When it comes to volume growth, we are focused on capitalising on the many organic growth opportunities within our current license footprint, and volumes are expected to exceed 600,000 tonnes in 2029 when also including Nova Sea. Mowi Farming grows volumes by applying new farming technologies including realising effects from our investments in postsmolt, i.e. large and robust smolt, in addition to purchasing additional capacity and undertaking M&A activities.”

Annual report 2024A · The company itself

“In 2021, Mowi Farming launched a venture into postsmolt. Stocking of robust and large postsmolt with target size 700 grams and above has several advantages: Time in sea is reduced, which increases survival and reduces risk and treatment needs. Furthermore, turnover of license capacity is improved. Cost is reduced through less treatment costs and biological costs, in addition to positive scale effects from higher volumes.”

Annual report 2024A · The company itself

“Recirculating Aquaculture Systems (RAS) Developing and optimising farming practices in freshwater Our smolt and postsmolt production is dependent on evolving RAS technology, Closed Containment Systems (CCS) as well as traditional and proven flow through systems with reuse of water. It is vital to us to provide all life stages of our salmon with a healthy and sustainable environment safeguarding welfare and production volumes.”

Annual report 2024A · The company itself

“Leading the blue revolution strategy board statements financial statements analytical appendices Smart Farming In 2024, we strengthen our large-scale production of postsmolts in large marine CCS. First harvest of fish with CCS origin indicates that low mortality and zero lice treatment is achievable.”

Annual report 2024A · The company itself

“This interdependency is the foundation for our four important guiding principles: “Profit”, “Planet”, “Product” and “People”. •Profit: our profits hinge on our ability to provide customer value from healthy, tasty and nutritious seafood that is raised cost-effectively and in an environmentally sustainable way that maintains the aquatic environment and respects the needs of the wider society. •Planet: our operations and long-term profitability ultimately depend on sustainable and environmentally responsible interactions with the natural environment.”

Annual report 2024A · The company itself

“We aim to be an integrated provider of proteins from the ocean, taking the lead in all key areas, from the production of fish feed to meeting the needs of the market. By integrating the entire value chain, we can control our products from roe to plate, and be more proactive in addressing challenges related to sustainable feed, breeding and genetics, farming and secondary processing.”

Annual report 2024A · The company itself

“In relation to marine feed ingredients, Mowi uses sustainably sourced marine raw materials and it actively working towards developing emerging feed raw materials. In addition, as a processor of salmon, Mowi Nutrition is an active contributor of salmon by-products to the supply chain. Our objective is to increase the proportion of our non-food by-products entering the market in the form of fishmeal and fish oil. These ingredients are highly suited for use in non-salmon aquaculture and in pet feed applications where forage fish are often used today.”

Annual report 2024A · The company itself

“Mowi's Policy on Sustainable Salmon Feed highlights the importance of prioritising the sourcing of sustainable feed ingredients, and striving to utilise feed as efficiently as possible at our fish farms, to remain at the forefront of environmental responsibility.”

Annual report 2024A · The company itself

“The policies ensures Mowi minimises its impacts on biodiversity and natural capital by prioritising fishmeal and oil that are responsibly produced according to the MarinTrust Standard and/or produced from fish derived from an MSC (Marine Stewardship Council) certified sustainable fishery and/or achieve Fish Source scores ≥ 6 in all categories.”

Annual report 2024A · The company itself

“We work to continuously improve the fish in-fish out (FIFO) ratio, which provides the amount of kg of wild fish (excluding trimmings) it takes to produce one kg of salmon. The species used in fish meal and fish oil production are from reduction fisheries and trimmings not used for human consumption. We are also dedicated to increase the use of fish trimmings to produce fishmeal and fish oil, in both our integrated feed production and externally sourced feed.”

Annual report 2024A · The company itself

“In relation to using marine resources sustainably, Mowi has specific targets of: •100% compliance with our sustainable feed sourcing policy, every year. •100% of marine raw materials certified (Marin Trust or equivalent), 100% of soy certified and deforestation-free (Proterra or equivalent), every year •100% of salmon feed suppliers are Global GAP, ASC or BAP certified by an accredited certification body (CB), every year •100% traceability of feed raw material, every year.”

Annual report 2024A · The company itself

“Third-party certification remains key to our sustainability strategy. Mowi’s Certifications Policy states that 100% of our annual harvested salmon volume, i.e. all Mowi farming units – freshwater and seawater farms – must be certified according to sustainability standards recognised by the Global Seafood Sustainability Initiative (GSSI): ASC, BAP and/or Global GAP.”

Annual report 2024A · The company itself

“Healthy stocks and good fish welfare are basic prerequisites for our industry to succeed and give the opportunity for growth in the future. We are aware of pollution as one of the main drivers to biodiversity loss, and have committed to mitigate our 182 Leading the blue revolution strategy board statements financial statements analytical appendices impact through sustainability certification; •100% of yearly harvest volumes sustainably certified by a GSSI-recognised standard •100% of sites with restored seabed impact (i.e. within the carrying capacity of the environment), every production cycle Protecting wild species and key biodiversity areas For Mowi there is a risk related to marine protected areas, and how they will be governed and potentially changed in the future.”

Annual report 2024A · The company itself

“At the end of 2024, Mowi accounted for a total of 167 (148) sites ASC certified, representing 59% of our active seawater farming facilities. The largest increase originated from Chile where we increased the number of ASC certified sites from 14 to 23.”

Annual report 2024A · The company itself

“Mowi recognises animal welfare as a strategic business consideration.”

Annual report 2024A · The company itself

“Sea lice management We work intensely to continuously improve our approaches to sea lice management and minimise the number of adult female lice at our sites, especially during the period when wild salmon migrate to sea. Our goal is to manage sea lice in an integrated manner and avoid an over-reliance on the use of medicines, through the application of strategic, preventive, biological and non-medicinal measures.”

Annual report 2024A · The company itself

“Leading the blue revolution strategy board statements financial statements analytical appendices Increasing survival rates Further development of new and gentler systems for sea lice treatment, implementation of new/improved vaccines and health products, mitigative approaches to gill challenges, advances in genomic selection for disease resistance and the outputs from several important R&D projects are expected to contribute towards achieving our goal of >99.5% survival (average % monthly survival rate) in both freshwater and seawater by 2030.”

Annual report 2024A · The company itself

“Reducing the use of antimicrobials remains an important focus for Mowi. We have a strong focus on biosecurity practises and its ability to prevent known and unknown pathogens.”

Annual report 2024A · The company itself

“Ranked #1 by Coller FAIRR on sustainability for the sixth year running 2025 - Enters into share purchase agreement to increase ownership in Nova Sea from 49% to 95% 010 Leading the blue revolution strategy board statements financial statements analytical appendices Providing our customers with 8.5 million meals a day Sales by geography Headquarters Bergen, Norway Feed Norway Scotland Farming Norway Chile Canada Scotland Ireland Faroes Iceland Sales and Marketing Europe Americas Asia Business areas Mowi Integrated Annual Report 2024 Business areas Mowi is the world's largest producer of farm-raised salmon measured by both volume and turnover.”

Annual report 2024A · The company itself

“Sales and Marketing Our Sales & Marketing operations consist of the reporting segments Markets (trading-related activities) and Consumer Products (value-added operations).”

Annual report 2024A · The company itself

“Price and volume developments Harvest volumes of 303 501 tonnes in 2024 were the highest ever, and volumes are set to further increase to 315k GWT in 2025 excluding Nova Sea.”

Annual report 2024A · The company itself

“We are the world's largest producer of farm-raised salmon, both by volume and revenue, offering fresh, whole salmon, processed salmon and other processed seafood products to customers in approximately 70 countries.”

Annual report 2024A · The company itself

“We currently engage in three principal types of production activities: •Salmon feed production in Norway and Scotland; •Salmon farming and primary processing of salmon in Norway, Scotland, Canada, Chile, Ireland, Iceland and the Faroe Islands; and •Secondary processing of seafood in Norway, Scotland, Ireland, Poland, France, Germany, Belgium, the Netherlands, Spain, Turkey, Chile, Canada, United States, Japan, Vietnam, Taiwan, China and South Korea.”

Annual report 2024A · The company itself

“Mowi Feed produces salmon feed which performs very well with regards to seawater growth and biological performance. Feed is the most important input factor in salmon production.”

Annual report 2024A · The company itself

“Revenue breakdown Our main source of revenues is the sale of Atlantic salmon. Mowi produces and sells Atlantic salmon and our activities encompass most of the value chain for salmon. Europe is by far the largest market for our salmon, followed by Americas and Asia. Revenue for the Group derives mainly from the sale of Atlantic salmon and elaborated products either on spot sales or from contracts.”

Annual report 2024A · The company itself

“Leading the blue revolution strategy board statements financial statements analytical appendices In Feed, Mowi will continue to work on producing high-performing feed and optimising feed ingredients while maintaining our focus on operational efficiency, sustainability and high quality.”

Annual report 2024A · The company itself

“Mowi has operations in 26 countries and has structured its operations in three Business Areas: Feed, Farming and Sales & Marketing.”

Annual report 2024A · The company itself

“Mowi farms Atlantic salmon (Salmo salar), both in seawater using pens or semi-closed containment systems and in freshwater using lochs (in Scotland only), flow-through and Recirculating Aquaculture Systems (for smolts and postsmolts).”

Annual report 2024A · The company itself

“Resilience of our strategy and business model Nature-related dependencies, impacts, risks and opportunities have an effect on Mowi’s business model and strategy, including transition plans and financial planning. Salmon farming is a relatively new sector compared to others in the food industry.”

Annual report 2024A · The company itself

“While the biological performance in Scotland was significantly stronger than in previous years, it still lags behind the robustness seen in the Faroe Islands.”

Annual report 2024A · The company itself

“The global supply growth for salmon in 2025 is expected to be around 6%, with 6% supply growth in H1 and also 6% in H2. Combined with improved biological performance in Norway, this could exert some downward pressure on prices in H1 and reduce price volatility during the year.”

Annual report 2024A · The company itself

“Bakkafrost’s financial performance and growth are closely tied to farmed salmon prices, which have historically fluctuated significantly. Market prices are expected to remain cyclical, influenced by the balance of supply and demand, as well as the availability of different sizes and qualities for various markets.”

Annual report 2024A · The company itself

“Salmon lice (Lepeoptheirus salmonis) and especially treatment against salmon lice is considered a critical risk. The lice infestation itself does not cause considerable physical damage to the fish, but the extensive effort to continuously keep the lice number low, is a demanding task causing issues concerning animal welfare, as well as economic consequences.”

Annual report 2024A · The company itself

“Reduced smolt quality and transfer-related stress can contribute to high post-stocking mortality in seawater, leading to secondary health challenges throughout the production cycle. Bakkafrost has allocated additional resources to optimize the stocking process and reduce mortality rates.”

Annual report 2024A · The company itself

“This trend needs to be considered in the context of a 6% supply growth in the EU+UK market and somewhat stagnant demand, with higher prices.”

Annual report 2024A · The company itself

“However, looking at 2025 market is expected to remain similar, with price pressure and growth rates estimated to 5% to 6% worldwide.”

Annual report 2024A · The company itself

“Kontali's best estimate for FY 2025 indicates a limited global harvest growth rate of 5.0 – 6.0%.”

Annual report 2024A · The company itself

“Our operations rely on natural resources, particularly raw materials for salmon feed, such as marine ingredients, soy, wheat, and rapeseed oil. Feed production depends on raw material availability.”

Annual report 2024A · The company itself

“Production capacity in Norway and Europe is approaching full utilisation and need for upgrades or investments are necessary to support long-term growth and access to fish feed. Norway and Chile accounts for approximately 75 % of the total fish feed consumption.”

Annual report 2024A · The company itself

“Despite initial delays in ramping up the facility, we are now seeing steady progress, with the first batches of smolt above 200g transferred in Q4 2024. Going forward, the average weight of all smolt stocked in Scotland will be above this threshold, marking a fundamental shift in our Scottish farming operations and supporting long-term biological improvements and growth opportunities.”

Annual report 2024A · The company itself

“The transition to large, high-quality smolt in Scotland is now well underway, with Applecross supplying high-quality smolt above 200g. During 2025, most of our old “legacy” fish in the marine sites will be replaced with large-high-quality smolt from Applecross, which is expected to reduce biological risk significantly, most notably from 2026 and onwards.”

Annual report 2024A · The company itself

“The investments will enable a transformation of the operation in Scotland and provide sustainable growth in the Faroe Islands as well as Scotland. The main purpose of the investments in Scotland is to replicate Bakkafrost’s successful operation in the Faroe Islands.”

Annual report 2024A · The company itself

“A part of this is to implement Bakkafrost’s large smolt strategy in Scotland, which is achieved through building sufficient and energyefficient hatchery capacity. The 2024-2028 investment plan includes projects to build hatchery capacity to produce above 15 million large smolts annually.”

Annual report 2024A · The company itself

“The investments in the Faroe Islands include increasing annual hatchery production capacity to around 24 million smolts at 500g, cost-efficient repurposing of old hatcheries into broodstock operation, expansion of feed production capacity and obtaining growth through optimization of existing sites and new technology.”

Annual report 2024A · The company itself

“With the investment plan, Bakkafrost expects to sustainably grow the total annual harvest volumes to 165,000 tonnes in 2028.”

Annual report 2024A · The company itself

“In 2023, Bakkafrost announced a new 5-year 6.3BN DKK investment programme, which aims to increase the capacity to around 200,000 tonnes of salmon by 2028 and enable a total annual harvest volume of 165,000 tonnes (head-on gutted weight).”

Annual report 2024A · The company itself

“To secure inputs and minimize risk, we source from multiple vendors within each commodity category and continuously refine feed composition to maintain flexibility when availability fluctuates.”

Annual report 2024A · The company itself

“Central to Bakkafrost’s strategy is a strong growth ambition. The opportunities for sustainable growth are good in the Faroe Islands and Scotland.”

Annual report 2024A · The company itself

“Bakkafrost has an ambitious growth strategy which enables us to compete in the world’s fastest growing food producing sector and make a significant contribution to providing healthy sustainable food for a growing population.”

Annual report 2024A · The company itself

“In 2023, Bakkafrost introduced a new five-year investment plan, targeting a more than 50% increase in premium salmon output by 2028. Our planned investments for 2024-2028 will expand total production capacity to approximately 200,000 tonnes (head-on gutted weight) and support a harvest volume of 165,000 tonnes by 2028.”

Annual report 2024A · The company itself

“Synergies and Efficiency Gains One of the key synergies from acquiring Bakkafrost Scotland has been the increased efficiency and output in our fish feed production in the Faroe Islands. Since all salmon in the Faroe Islands and Scotland are fed on our own high-quality feed, and due to Scotland’s warmer seawater temperatures in winter, feed capacity utilisation has improved, resulting in a more stable year-round production.”

Annual report 2024A · The company itself

“Since 2013, Bakkafrost has invested DKK 6.4 billion into its value chain in the Faroe Islands.”

Annual report 2024A · The company itself

“Our fully integrated value chain is the longest in the industry and uniquely includes inhouse fish meal and fish oil production for feed manufacturing.”

Annual report 2024A · The company itself

“Bakkafrost has strategically chosen to maintain a substantially higher marine inclusion in the salmon feed, compared to peers in the industry.”

Annual report 2024A · The company itself

“The FOF segment sold 140,361 tonnes of feed in 2024, compared to 127,775 tonnes in 2023. Bakkafrost used 138,424 tonnes of sold feed in 2024 internally, corresponding to 99%.”

Annual report 2024A · The company itself

“Bakkafrost has a long-term strategy to produce and sell valueadded products (VAP), representing around 40% of the Faroese harvested volumes. The sales of VAP products stabilise the Group’s earnings through fixed-price contracts, which are less volatile than spot market prices.”

Annual report 2024A · The company itself

“Sea lice management remains a priority, and Bakkafrost has implemented non-medicinal treatments alongside advanced monitoring systems to minimise sea lice prevalence while enhancing fish welfare.”

Annual report 2024A · The company itself

“The focus on feed efficiency has led to ongoing research into alternative protein sources, ensuring high omega-3 levels while reducing environmental impact.”

Annual report 2024A · The company itself

“Percentage increase from year 0 in the company to year 5 • Annual salmon survival rate of 96% (Faroes) and 92% (Scotland) • Zero antibiotic use • Maintain industry-leading approach to animal welfare • High omega-3 levels • High protein levels average 19g/100g • No product recall • Maintain ASC certification in the Faroes and achieve ASC certification in Scotland by 2027 • Focus on producing salmon from own unique breed • Reduce by 50% the Scope 1 & 2 CO 2 footprint by 2030 • Reduce the Scope 3 footprint by 52% per tonnes of product by 2030 • Water recirculation rate over 97% in all hatcheries • Measure freshwater use/tonne of fish processed by 2026 • Zero fish escapes • Group FCR below 1.083 weighted average • Continue research and investigation of new sustainable sources for marine ingredients.”

Annual report 2024A · The company itself

“Bakkafrost reduces risk through a diversified market strategy, selling across various geographic regions and distribution channels (retail and food service). Operating in financially independent markets helps mitigate economic fluctuations.”

Annual report 2024A · The company itself

“Intersegmental transfers and transactions are priced based on direct market prices, if possible, or estimates derived from market pricing and external pricing approaches.”

Annual report 2024A · The company itself

“We harvested 90.7 thousand tonnes of salmon, a 24% increase from 2023.”

Annual report 2024A · The company itself

“Fishmeal, oil and feed In 2024, the Fishmeal, oil and feed segment recorded recordhigh feed sales of 140 thousand tonnes, despite lower marine raw material sourcing (310 thousand tonnes) compared to the record levels of 2023.”

Annual report 2024A · The company itself

“With increased capacity utilization and strong operational efficiency, we successfully transferred 17.1 million smolts at an average weight of 410g. This ensures the continued supply of robust smolt to our farming sites, reducing biological risks and providing volume growth.”

Annual report 2024A · The company itself

“Harvest weights have increased significantly from 2023, reaching an average of 5.3kg gutted weight.”

Annual report 2024A · The company itself

“For 2025, Bakkafrost anticipates a harvest of approximately 77,000 tonnes gutted weight in the Faroe Islands and 20,000 tonnes gutted weight in Scotland, totalling around 97,000 tonnes gutted weight.”

Annual report 2024A · The company itself

“Bakkafrost is the leading producer of superior-quality salmon from the Faroe Islands and Scotland, offering a wide range of healthy and nutritious salmon products from its own facilities.”

Annual report 2024A · The company itself

“We differentiate ourselves by increasing brand awareness, based upon the provenance, superior quality and large sized salmon, taste and nutritional profile of our salmon with full traceability, fed on our own feed with high marine content.”

Annual report 2024A · The company itself

“Total volumes harvested in 2024 for Bakkafrost Group were 90,656 tonnes gutted weight, compared to 73,006 tonnes gutted weight in 2023 – a change in volume of 24%.”

Annual report 2024A · The company itself

“European spot prices for Atlantic salmon (Nasdaq 3-6 kg) ended on average in 2024 at €8.2 per kg, slightly below the levels seen in 2023 and 2022.”

Annual report 2024A · The company itself

“The Group’s main strategic business area is aquaculture, which now consists of the following seven segments: fishmeal, fish oil and fish Feed (FOF), freshwater Faroe Islands, freshwater Scotland, farming Faroe Islands, farming Scotland, services, and sales & other.”

Annual report 2024A · The company itself

“Fish farming involves the on-growing of salmon, nurturing them in the marine environment from smolt to harvest-ready salmon. The Group holds marine farming licenses around the Faroe Islands and Scotland, which are reported as two separate segments (farming Faroe Islands and farming Scotland).”

Annual report 2024A · The company itself

“However, the last two years global production has gone down and ended at 2.8 million tonnes WFE in 2023, a decrease of 3.5%. A primary reason for this is that the conventional salmon farming industry has reached a production level where biological constraints put limit to further growth, as well as a stricter regulatory framework in key salmon farming regions.”

Annual report 2023A · The company itself

“Looking ahead for the next decade, a 3–7% yearly growth in salmon demand implies a total demand of around 3.8-5.5 million tonnes by 2033 which represents an increase of around 1.0-2.7 million tonnes WFE compared to current production.”

Annual report 2023A · The company itself

“The strong demand outlook, combined with challenges in the conventional salmon farming industry growing the supply side, have resulted in very strong salmon prices the last couple of years.”

Annual report 2023A · The company itself

“By optimizing water quality parameters with ideal and stable temperatures, we can reduce the time to harvesting for each batch from approximately 16 to 11 months with a 130g smolt insert weight. This increased growth creates the basis for greater production efficiency and optimal utilization of our licensed volume.”

Annual report 2023A · The company itself

“Also, the rising production cost and other challenges facing the conventional industry, has significantly improved the relative competitiveness of land-based, which we now see at parity level with the conventional industry.”

Annual report 2023A · The company itself

“Evolution has its own smolt production at Salmon Evolution Dale AS in Dalsfjorden in Volda municipality, Norway. The location has a documented track record as a high quality smolt producer and has been producing smolt since 1995.”

Annual report 2023A · The company itself

“In 2023 Salmon Evolution cemented its position as the global leader within land-based salmon farming. In total we harvested about 1,900 tonnes HOG of which 1,100 tonnes HOG in the fourth quarter alone, placing the Company as the world’s largest land-based salmon farmer.”

Annual report 2023A · The company itself

“Dette kan føre til at bankens kunder kan miste inntjeningsgrunnlag, som utgjør en likviditetsrisiko.”

Annual report 2024A · The company itself

“Havbruk, som utgjør om lag 7 prosent av bankens utlån til bedriftskunder, er også vurdert å være eksponert mot fysisk risiko på mellomlang til lang sikt. Mer ekstremvær gir økt risiko for tap av fisk, redusert inntjening og forstyrrelser i kundenes verdikjeder.”

Annual report 2024A · The company itself

“For å håndtere denne type risiko, er naturrisiko innlemmet i bankens risikoveileder og inngår som en del av kredittprosessen. For shipping, fiskeri, havbruk og småkraft er det harde krav i kredittpolicyene knyttet til at kunder må ha iverksatt tiltak som bidrar til å redusere naturrisiko.”

Annual report 2024A · The company itself

“Handlingsplan: • Bærekraftslinkede lån og omstillingsfinansiering for den norske havgående fiskeflåten: Lån med en bærekraftslinket struktur vil være et viktig verktøy for dekarboni sering av porteføljen i årene fremover. I 2023 deltok Sparebanken Vest i piloten «Omstillingsfinansiering for den norske havgående fiskeflåten» under Grønt Skipsfartsprogram.”

Annual report 2024A · The company itself

“Om lag 12 prosent av bankens utlån til bedriftskunder er utlån til fiskeri og fiskeindustri.”

Annual report 2024A · The company itself

“Banken skal fremover bruke dette rammeverket aktivt i dialog med alle kunder innen fiskeri. • Insentivmodeller: Rådgivernes bonusordninger knyttes opp mot bærekraftsKPIer knyttet til salg av grønne- og bærekraftslinkede lån. Målet er satt på 30 prosent årlig. • Innhenting av utslippsdata og bedre data kvalitet: I bankens kredittrammeverk, bransjepolicy for fiskeri, er det innført krav om at kunder sender inn informasjon om kvantum fisket og utslippsdata hvert år. • Bransjespesifikk opplæring: Banken har en egen avdeling for havnæringene, med bransjeansvarlige i flere regioner. Bransjegruppen vil gjennomføre bransjespesifikk opplæring på bærekraft. påvirke bankens evne til å nå målene: Fiskeri er ikke en del av kvotepliktig sektor, og banken har derfor viktig påvirkning gjennom gode insentiver for omstilling av fiskeflåten.”

Annual report 2024A · The company itself

“Å sikre produksjon og forsyning av marine, bærekraftige proteinkilder har blitt en betydelig global utfordring, og representerer vekstmuligheter for selskaper i Akers portefølje.”

Annual report 2024A · The company itself

“Aker investerer aktivt innen globale veksttrender inkludert energisikkerhet, -effektivitet og - omstilling, industriell digitalisering, marine proteiner og ingredienser.”

Annual report 2024A · The company itself

“Eierskapsagendaen er å støtte videre vekst og utvikle selskapet som en ledende aktør innen krill med høye bærekraftsstandarder.”

Annual report 2024A · The company itself

“Akers investeringer er delt inn i to rapporteringssegmenter; Industrielle investeringer og Finansielle investeringer : Industrielle investeringer Den industrielle porteføljen omfatter Akers langsiktige investeringer og bestod ved utgangen av 2024 av eierskapet i ti selskaper. De fem børsnoterte selskapene var Aker BP, Aker Solutions, Aker BioMarine, Aker Horizons og Solstad Offshore, og de fem unoterte selskapene var Cognite, Solstad Maritime, Aker Qrill Company, SalMar Aker Ocean og Aize.”

Annual report 2024A · The company itself

“Aker Qrill Company Beløp i USD millioner 2024 Driftsinntekter 72 EBITDA (4) EBITDA margin (5,1 %) Resultat fra videreført virksomhet (21) Aker Qrill Company er et antarktisk-krillfangstselskap som leverer ingredienser for menneskeog dyreernæring av høy kvalitet. Selskapet ble opprettet i 2024 etter salget av Feed Ingredients-virksomheten i Aker BioMarine.”

Annual report 2024A · The company itself

“SalMar Aker Ocean Beløp i millioner kroner 2023 2024 Driftsinntekter 173 574 Operasjonell EBIT (53) (127) Operasjonell EBIT margin (30,0 %) (22,0 %) Resultat fra videreført virksomhet 55 (172) SalMar Aker Ocean (SAO) er en aktør i lakseoppdrettsnæringen på åpent hav og kystnære områder.”

Annual report 2024A · The company itself

“The Commission for the Conservation of Antarctic Marine Living Resources (CCAMLR) affirms that the krill fishery is precautionary, which means that the activity does not drive changes in the krill population or threaten biodiversity.”

Annual report 2024A · The company itself

“Change Segment Operating Profit (1) Crushing 159 844 (685) Refined Products and Other 529 552 (23) Wilmar 290 336 (46) Total Ag Services and Oilseeds $ 1,614 $ 2,447 $ (833) Carbohydrate Solutions Starches and Sweeteners $ 1,059 $ 1,343 $ (284) Vantage Corn Processors 152 33 119 Total Carbohydrate Solutions $ 1,211 $ 1,376 $ (165) Nutrition Human Nutrition $ 319 $ 327 $ (8) Animal Nutrition 98 59 39 Total Nutrition $ 417 $ 386 $ 31 (1) For the year ended December 31, 2025, segment operating profit for the Ag Services and Oilseeds, Carbohydrate Solutions and Nutrition segments included a positive impact of timing-related adjustments for incentive compensation payouts of $45 million, $12 million, and $20 million, respectively.”

Annual report 2025A · The company itself

“Certain of the Company’s merchandised commodities and finished products are used as ingredients in livestock and poultry feed.”

Annual report 2025A · The company itself

“Animal Nutrition subsegment results were higher compared to the prior year, driven by cost optimization efforts and improved margins due to higher margin in feed additives and lower raw material costs.”

Annual report 2025A · The company itself

“Strategies and Objectives The Group’s goal is to strengthen its position as the leading producer of land-based farmed salmon globally. To achieve this objective, the Group focuses on innovation and execution of the following key strategies: • Endeavour stable production with optimal parameters towards fish quality and welfare. • Continuous identification, investment, and implementation of risk mitigation strategies in all areas of its business. • Promote environmental sustainability, efficiency, and cost reduction opportunities by developing integrated facilities in the market. • Capitalize on consumer trends and branding towards premium, healthy, and sustainable products. • Partner in vertical integration opportunities including value-added products, genetics, feed, renewable energy, sustainable packaging, and oxygen production. • Continue the development and protection of patents and other intellectual property rights related to our Bluehouse facilities.”

Annual report 2024A · The company itself

“Phase 2 is expected to increase production capacity of approximately 15,000t HOG. In 2023, the Group decided to pause Phase 2 construction while focusing on delivering the Phase 1 business improvements first. The Group expects to be ready to resume construction with a final budget and design by the end of 2025, but the decision to move ahead remains solely at the Company’s discretion and subject to having the necessary financing in place.”

Annual report 2024A · The company itself

“The Group’s long-term goal is to achieve an annual production capacity of approximately 220,000 tons HOG.”

Annual report 2024A · The company itself

“Business The Group’s objective is defined in Article 3 of ASA’s Articles of Association as follows: “The objective of the Company is to engage and participate in land-based salmon production, both nationally and internationally, including through investments in other companies, and other activities in relation to this.” The Group aims to transform salmon farming by managing an integrated value chain of salmon production and bring full traceability from egg to final product. Our activities include farming, harvesting, processing, marketing, and sales of its products.”

Annual report 2024A · The company itself

“LSG group is involved in fish farming (salmon and trout), fishery of whitefish and VAP of salmon, trout and whitefish, and sale and distribution of different fish species and processed fish products.”

Annual report 2024A · The company itself

“Kobbevik og Furuholmen Oppdrett AS Kobbevik og Furuholmen Oppdrett AS (KFO) is a private company within the farming segment and holds seven salmon farming licences in the Western Region of Norway.”

Annual report 2024A · The company itself

“In 2023, KMC Properties completed the development of a packaging hub at Hitra in Norway for its largest tennant BEWI ASA. In connection with the packaging hub, the company also developed an adjacent storage building. The WAULT of the lease contracts are 15 and 10 years.”

Annual report 2023A · The company itself

“Insula is vertically integrated from fish stations through processing to strong consumer brands. The company has approximately 1 100 employees in Norway, Sweden, Denmark, Finland, and Iceland and is owned by Kverva Industrier.”

Annual report 2023A · The company itself

“However, the company has large exposures to its two largest tenants Insula and BEWI, representing 13 per cent and 50 per cent of the overall portfolio valued at 31 December 2023.”

Annual report 2023A · The company itself

“Additionally, a new sustainable feed binder for the aquaculture industry will be introduced as a replacement for synthetic binders based on urea formaldehyde.”

Annual report 2024A · The company itself

“Det finns betydande potential för Eltel när det gäller att distribuera sina radiolänkslösningar på fiskodlingar och havsbaserade vindkraftsprojekt.”

Annual report 2024A · The company itself

“Refer to Note 10 for more details. rd of March 2025, EQVA ASA entered into an agreement to acquire 100% of the shares in Austevoll Rørteknikk AS. The acquisition is to be carried out by EQVA's wholly owned subsidiary EQVA Industrial Solutions AS.”

Annual report 2024A · The company itself

“These strategic transactions will establish a leading, fully integrated system supplier within the piping, power and automation, and aquaculture sectors. This significantly enhances EQVA's position as a prominent supplier to industrial customers in Norway and expands our geographical presence.”

Annual report 2024A · The company itself

“Our product categories include dog and cat food (dry foods, wet foods, fresh foods, and treats) made with whole meats, fruits, and vegetables and other high-quality natural ingredients. Our tailored pet product offerings address specific dietary, lifestyle, and life-stage needs and span different product types, diet types, breed sizes for dogs, life stages, flavors, product functions, and textures and cuts for wet and fresh foods.”

Annual report 2026A · The company itself

“Since acquiring Avanti Engineering AS in 2021, Goodtech has expanded its solution portfolio to include: •Vaccine robots (Robovac™) •Sorting lines using machine vision technology for the aquaculture and fish processing industries Through its acquisition of Skala Flytende, Goodtech has incorporated one of the leading automation environments for hygienic production in the Nordic region, along with its proprietary control system, LT Line.”

Annual report 2024A · The company itself

“Life below water: Goodtech is engaged in several ongoing projects within aquaculture industry. Among the projects is to the fish feed industry (Biomar), where we are helping the client to develop new healthier fish feed more efficiently.”

Annual report 2024A · The company itself

“The Group operates solely in the production of marine ingredients, namely salmon oil (OmeGo®), hydrolyzed soluble protein (ProGo®), Calcium/ Collagen (CalGo® or NT-II™), and non- soluble protein (PetGo™), all of which are produced in the Midsund plant.”

Annual report 2024A · The company itself

“Our extensive experience encompasses various sectors, including banking, insurance, energy & utilities, oil & gas, the public sector, retail, defence and fishing.”

Annual report 2024A · The company itself

“Vi er godt posisjonert for å innta ledende roller innen områder som grønn skipsfart, havvind, sikkerhet og overvåkning, bærekraftig havforvaltning, miljøovervåkning og digitalisering av tungindustri.”

Annual report 2024A · The company itself

“Kongsberg Discovery Havets oppdager Kongsberg Discovery lager verdensledende teknologi for å øke kunnskapen om havet. Havets enorme størrelse, dybde, kulde, mørke og vanntrykk gjør utforskning av havet, havkolonnen og havbunnen utfordrende. Vi er en av verdens største produsenter av akustiske instrumenter for havbunnskartlegging på alle havdyp.”

Annual report 2024A · The company itself

“Våre ekkolodd brukes til bestandestimering av fisk over hele verden.”

Annual report 2024A · The company itself

“Marine Life Technologies Marine Life Technologies har en ledende posisjon som verdens fremste leverandør av teknologi som sikrer bærekraftig forvaltning av verdens viktigste råvareressurs. Det inkluderer produkter som lokaliserer fisk, av rett art og størrelse, i de best egnede havområdene.”

Annual report 2024A · The company itself

“Våre HUGIN-farkoster er verdens fremste av sitt slag, og de er i stand til å gjennomføre dypvannstokt med teknologi som sikrer data av høy kvalitet.”

Annual report 2024A · The company itself

“Sensor som hindrer bifangst Høsten 2024 lanserte vi Active Selector, en helt ny trålsensor med kameraløsning for å sikre et effektivt og bærekraftig trålfiske. Ved å kombinere hydroakustikk med et integrert kamera er det mulig å overvåke hvilke fiskearter som fanges. Slik bidrar den nye trålesensoren til å unngå bifangst.”

Annual report 2024A · The company itself

“Kongsberg Discovery utvikler teknologi for å ivareta en bærekraftig forvaltning av havressursene, overvåke klimaendringer, sikre kritisk infrastruktur og ivareta nasjonal trygghet. Teknologien og løsningene er rettet mot områder som offshoreoperasjoner, fiskeri, havforskning, maritime operasjoner, havbasert energiproduksjon og overvåkning av kritisk infrastruktur, samt sjøforsvar og marinen.”

Annual report 2024A · The company itself

“Det inkluderer produkter som lokaliserer fisk, av rett art og størrelse, i de best egnede havområdene. Divisjonen Uncrewed platforms leverer selvstyrte undervanns- og overflatefartøy til forskning, forsvar og kommersiell bruk.”

Annual report 2024A · The company itself

“Viimeaikaiset merkittävät hankkeet, kuten Bangladeshin Mongla Portin sataman Marpol-jätteenkäsittelylaitoksen toimitus, innovatiiviset vedenpuhdistusratkaisut kalankasvatuksessa sekä rakennus­ vaiheessa oleva muovin kemiallinen kierrätyslaitos Suomessa luovat Lamorille uusia kasvumahdollisuuksia.”

Annual report 2024A · The company itself

“Every day we provide 5 million meals to 80 countries, and to Norway we supply 1 million meals per week, totalling 350 000–400 000 tonnes of seafood annually.”

Annual report 2024A · The company itself

“The Group has a vertically integrated value chain for redfish and whitefish, as well as significant third-party activity.”

Annual report 2024A · The company itself

“8 LERØY SEAFOOD GROUP Annual report 2024 Introducing Lerøy Local roots, global perspective Lerøy reports in three segments; WildCatch, Farming and Value- Added Processing, Sales and Distribution (VAPS&D). Within WildCatch, our 1 000 employees operate 10 trawlers and 10 processing plants in Northern Norway, receive regular deliveries from more than 600 fishing vessels in the Norwegian coastal fleet, in addition to own catches from the trawler fleet.”

Annual report 2024A · The company itself

“Animal Health The Animal Health segment discovers, develops, manufactures and markets a wide range of veterinary pharmaceuticals, vaccines and health management solutions and services, as well as an extensive suite of digitally connected identification, traceability and monitoring products.”

Annual report 2025A · The company itself

“In July 2024, Merck acquired the aqua business of Elanco Animal Health Incorporated (Elanco aqua business) for total consideration of $1.3 billion. The Elanco aqua business consists of an innovative portfolio of medicines and vaccines, nutritionals and supplements for aquatic species; two related aqua manufacturing facilities in Canada and Vietnam; as well as a research facility in Chile. The acquisition broadens Animal Health’s aqua portfolio with products, such as Clynav, a new generation DNA-based vaccine that protects Atlantic salmon against pancreas disease, and Imvixa, an anti-parasitic sea lice treatment.”

Annual report 2025A · The company itself

“For FiiZK, the aquaculture industry is seeing increased pressure to improve both fish and fjord welfare. FiiZK closed cage solutions improves this by avoiding problems with sea lice and also enables waste collection from the production process. There is substantial market interest in closed cage solutions from the aquaculture industry, particularly for postsmolt production.”

Annual report 2024A · The company itself

“Techano Techano Oceanlift specializes in advanced load handling and lifting equipment for the aquaculture and Oceanliftoffshore energy industry, with products such as cranes, gangways, and fish transfer systems. Techano Oceanlift has a strong base of engineering expertise.”

Annual report 2024A · The company itself

“FiiZK, is an entity that delivers closed cage systems for fish farmers. FiiZK has significant experience and track record in delivering closed cages that avoids sea lice, prevents escape and enables collection of sludge.”

Annual report 2024A · The company itself

“Intellilift has proven commercialised technology and the products have been sold to both oil and gas related business and the wind industry, while Techano Oceanlift’s products are commercialised and have been sold to customers in the offshore renewables, offshore oil and gas, aquaculture and marine industries.”

Annual report 2024A · The company itself

“Offshore aquaculture is another target market for Techano Oceanlift. Although there is significant potential for increased production and value creation for offshore aquaculture, operational, technological, and regulatory challenges must be overcome to realise this potential.”

Annual report 2024A · The company itself

“Applications for our pool products include residential and commercial pool maintenance, pool repair, renovation, service, construction and aquaculture solutions.”

Annual report 2025A · The company itself

“The demand for mooring solutions on a global scale looks promising within several segments – offshore wind, LNG’s, FPSO’s, FSRU’s and aquaculture.”

Annual report 2024A · The company itself

“Lakseoppdrett og industribedriftene våre er lokomotivene på Helgeland og skaper store ringvirkninger i det øvrige næringslivet.”

Annual report 2024A · The company itself

“Havbruk- og landbruksnæringen er en stor sektor på Helgeland, og eksportverdiene for sjømat fortsatte å vokse også i 2024.”

Annual report 2024A · The company itself

“De vesentlige negative funnene er: • Konsernet har en indirekte negativ påvirkning på klima og natur gjennom finansierte utslipp fra lån og investeringer i sektorer som landbruk, fiskeri, næringseiendom og husholdninger.”

Annual report 2024A · The company itself

“For bedriftsmarkedet kan du blant annet få grønne lån til finansiering av næringsbygg som oppfyller de strengeste kravene til eiendom i vårt grønne obligasjonsrammeverk, rehabilitering av eksisterende næringsbygg, solenergilån og til flere tiltak innen landbruk.”

Annual report 2024A · The company itself

“We continued to invest in our business, completing an upgrade on our sole broodstock facility in Merexo, Spain and extending our sole hatchery in Cervo, Spain – the world’s largest flatfish hatchery. We also began construction of a new recirculating aquaculture system (RAS) facility for sole production at our farm in Tocha, Portugal. These upgrades support our plans to double sole production capacity in the next three years, and reach our overall annual production target of 23,000 tonnes of turbot and sole by 2035.”

Annual report 2024A · The company itself

“Stolt-Nielsen invests in areas that align with our strategy and core competencies. We actively seek investment opportunities in bulk liquid logistics, distribution, liquefied natural gas (LNG), land-based aquaculture and sustainable technologies.”

Annual report 2024A · The company itself

“At SSF we have invested in the expansion of our sole hatchery, and volumes from our new farms are surpassing expectations.”

Annual report 2024A · The company itself

“Stolt Sea Farm (SSF) is one of the world’s most advanced land-based aquaculture companies, and the premier provider of high-quality turbot and sole in an environmentally sound manner. Our seafood products are available in more than 30 countries and our annual production capacity totals 7,200 tonnes of turbot and 1,800 tonnes of sole.”

Annual report 2024A · The company itself

“For vår egen del har vi hatt et år med fortsatt sterk vekst, men med spredd risiko, da vi har et stort nedslagsfelt med et differensiert næringsliv i de ulike kommunene vi er representert. Hitra og Frøya med lakseoppdrett og Heim er sterk på sin prosessindustri.”

Annual report 2024A · The company itself

“(e) For 2025, represents charges related to a transition from internal to external innovation and manufacturing of certain products and the closure of a related site, as well as charges related to our aquaculture product portfolio. For 2024, represents certain asset impairment charges related to our aquaculture business.”

Annual report 2025A · The company itself

“Additionally, the Pharmaq business of Zoetis is the global leader in vaccines and innovation for aquatic health products. By preventing and treating diseases, we believe these products contribute to an increase in animal welfare and an improvement in food safety while lessening the burden on the environment.”

Annual report 2025A · The company itself

“Overview of our business We are a global leader in the animal health industry, focused on the discovery, development, manufacture and commercialization of medicines, vaccines, diagnostic products and services, biodevices, genetic tests and precision animal health. With a legacy of nearly 75 years, we continue to pioneer ways to predict, prevent, detect, and treat animal illness, supporting those raising and caring for animals worldwide - from veterinarians and pet owners to livestock producers.”

Annual report 2025A · The company itself

“Der er fortsat gode markedsmuligheder blandt andet inden for etablering af landbaseret fiskeopdræt, infrastruktur og boligbyggeri. – Markedsmulighederne i Grønland er fortsat gode specielt inden for byggeri i Nuuk og udbygningsprojekter på Pituffik Space Base.”

Annual report 2025A · The company itself