Mowi Asa (MNHVF) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone, both in the room and online. Thank you very much for joining us this morning in connection with the release and the presentation of Movi's third quarter results of 2025. My name is Ivan Vindheim, and I'm the CEO of Movi, and together with our CFO, Christian Ellingsen, I will take you through the numbers and the fundamentals this morning, and to the best of my and our ability, add a few appropriate comments to them. And after presentation, our analyst, Ole Petter Urheim, will host a Q&A session. For those of you who are following the presentation online, you can submit your questions or comments in advance or as we go along by email. Please refer to the website at mogi.com for the necessary details. The disclaimer is both long and extensive, so I think we leave it for self-study. So with that out of the way, I think we are ready for the highlights of the quarter. And to begin with, and on a general note, I think it's fair to say that the third quarter was like previous quarters this year, characterized by soft prices following well-supplied markets. And in the third quarter, with prices even below industry costs. Foul part, this translated into 1.39 billion euro in operating revenues and an operational profit of 112 million euro. On record high harvest volumes of 166,000 tons. The latter slightly above our guidance. Otherwise, the third quarter is typically the more challenging time of year biologically, and this third quarter was no exception to the rule. But despite this, our weighted realized production cost of 5.42 euro per kilo for seven farming countries was stable quarter over quarter and down by 5% year over year. So all else being equal, our P&L cost in the third quarter is down by 50 million euro year over year, and 126 million euro y...