Financial report Q3 2026

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).