Salmar Asa (SALRF) Q1 2025 Earnings Call

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WEBVTT 00:00:00.942 -- 00:00:05.529 Good morning, everyone, and welcome to the presentation of Salmar's results for the first 00:00:05.529 -- 00:00:10.798 quarter of 2025. My name is Frodo Hansen, and I am the CEO of Salmar, and together 00:00:10.798 -- 00:00:15.205 with me today, I have our CFO, Ulrik Steinvik. 00:00:15.205 -- 00:00:19.792 At Salmar, it's all about producing salmon on the salmon terms. 00:00:19.792 -- 00:00:24.879 This means that you put the salmon first and that the focus on good biology will 00:00:24.879 -- 00:00:28.904 always be the way to good financial results. 00:00:28.904 -- 00:00:34.231 Even though you can get results and events in isolation in some quarters 00:00:34.231 -- 00:00:39.238 that you would not have wanted. The first quarter of 2025 is 00:00:39.238 -- 00:00:45.568 a good example of this. Based on a demanding 2024, we 00:00:45.568 -- 00:00:50.635 prioritised building biomass in the quarter, which also led to harvesting late in 00:00:50.635 -- 00:00:55.941 the period, which affects price achievement and impacts the figures 00:00:55.941 -- 00:00:58.644 we will review today. 00:00:58.644 -- 00:01:03.690 In addition to late harvest, we also experienced a high proportion of downgraded 00:01:03.690 -- 00:01:09.057 fish and a low average weight in central Norway, which increased 00:01:09.057 -- 00:01:12.492 costs and reduced earnings. 00:01:12.492 -- 00:01:17.987 In addition, a challenging biology makes everyday life more difficult 00:01:17.987 -- 00:01:23.001 for the sales department, which major changes and challenges 00:01:23.001 -- 00:01:27.728 when it comes to volume, size and quality. 00:01:27.781 -- 00:01:32.787 All this combined means that today we deliver a quarter that is far 00:01:32.787 -- 00:01:37.873 from where we want to be...