It's a pleasure for me to welcome you to the fourth quarter presentation for Austevoll Seafood. I will first start by taking you through the highlights of the quarter. Thereafter, I would go more in detail in the different segments we are operating within, and also give some insights into the start of 2026. Britt Kathrine Drivenes, our CFO, will take you more in detail through the financial figures, and then I will end this presentation by taking you briefly through the different markets we are operating within. Starting up, we have had quite good activity in all the segments in our group in four quarter. In Peru, in particular, we had the second season in Peru.
Volume were lower, but is compensated by very good yields and also higher prices for fish meal and fish oil into first quarter this year. We also caught approximately 40,000 tons in end of November and December in Chile. So we caught the remaining quota. We are satisfied with the performance there. In the food segment of Pelagia, we were in the tail of the mackerel season and also executed the herring season in Q4. And also we have had quite satisfactory biological development in Q4 compared with third quarter in 2025. So all in all, we are more in line in this quarter with the same quarter last year.
Revenue of 9.4 billion NOK. EBITDA just 1.4 billion NOK, and an EBIT, including income from associated, 700 million NOK. In this quarter, the associated company contributed negative to the EBIT, and Britt will take you more in detail through that. If you take into account the 50% of our share in Pelagia, we had EBITDA in this quarter in line with the EBITDA in the quarter of last year, around 1.5 billion NOK, whereas Lerøy is marginally better and the pelagic segments is marginally worse, the same period last year.
Looking for the full year figures, NOK 39 billion in revenue, EBITDA of 5.2, and an EBIT just sort of NOK 3 billion. Total balance, total asset is NOK 53 billion, equity ratio of 52, and net interest-bearing debt of 8.7. If you look at the same exercise with 50% of the EBITDA of Pelagia, you see that we are delivering a lower volume in 2025 versus 2024. It's mainly explained by a lower contribution from the feed segments in Pelagia, and also a lower contribution from Peru as a consequence of a falling fish oil prices during the year.
Uh, also, uh, when it comes to, uh, dividend board is also, uh, uh, suggesting, uh, six and a half NOK, uh, which is a similar, um, uh, dividend per share as, uh, in twenty twenty, uh, four. Uh, Austevoll Seafood is, uh, all about, uh, volumes. Uh, this year, we are aiming to, uh, catch, uh, on our own vessels, uh, a volume of approximately, uh, four hundred and fifty, uh, thousand tons. Uh, when it comes to the pelagic, uh, factories, we are expecting a volume of, uh, one, uh, million, seven hundred and fifty thousand tons. Uh, and we are aiming to both catch and, uh, process in our, uh, fleet and land-based, uh, whitefish, uh, segment, uh, approximately eighty thousand tons, uh, of whitefish.
We are guiding on approximately 224,000 tons in for salmon in 2026. I will take you through more in detail through our presentation. When I had the presentation after the third quarter, in November, the season were yet not announced. We were guiding on a volume on 1.0-1.3 million tons the end of. It resulted in when the season started up a total quota of 1.6 million ton, which was caught by the end of January.
Better, higher quota than expected, but lower quota than the same period last year, approximately 900,000 tons less. Looking at the result, we had a good execution of the fishing season. Started up late November, and finished in the middle of August. The majority of the fishery was happening in around our factory in Coishco, mainly due to it was higher oil yield in that plant. We caught 113,000 tons, down from 170,000 tons, same season last year. The combined fish oil yield was much better.
I would say all in all, the fish oil production were in line with the same fishing season in 2024, 2025, although the volume were lower. The combined fish meal and fish oil yield was 29%, up from 27.4%. You can also see that the share of super prime and prime quality was 82% versus 75% same period last year. All in all, a good execution of the season, and it's also pleasant to observe that the prices going into first quarter 2026 is on a considerably higher level than it was in the same period in 2025. Also, we had a good production in the South.
100,000 tons, we were purchasing during first half and second half of 2025. Contribution were a bit lower than average, due to falling fish oil prices, which were taking our margins down. However, if you look at the same period this year, better balance between raw material purchase and fish meal prices, and hoping to have a better contribution in 2026. So far this year, we have caught 51,000 tons, so it's a pretty good start of the season.
All in all, in the start of 2026, we are expecting a lower volume of sale, but that's more than compensated by higher prices and also a good start in particular of fish meal activity in the South. Chile. We have a good fourth quarter in Chile. I would say when we started the fourth quarter, we had 41,000 tons to catch. The fishing started in end November, and it has been a good catch period and also a good production. So we have taken double of the volume we did the same quarter in 2024. All in all, a record year, 146,000 tons of jack mackerel and mackerel into our factory.
It's the highest ever, and it's up from 133,000 tons in 2024. There is a change in legislation in Chile, meaning that it's a redistribution of quota from the industry to the coastal fishing vessels. Before we had 90%, now we will have 70%. The new quota will have an increase between 5.7%-50% in 2025, and this will be concluded in March. All in all, we will reduce our own quota between down to 68%-74%, depending on the final quota set in 2026, which is down from 81,000 tons.
We are planning to purchase approximately 58,000 tons from fishing vessels outside the 200 miles. That's, has also been implemented, a new tax on approximately $90 per ton on that volume. I would say framework a bit change, condition is a bit worse for us. Saying that, I think it's also compensated by higher prices on end product, at least at as we observe it in the start of the season. When it comes to the North Atlantic pelagic quota, it's been quite stable from 2014 to 2024.
And the two last year, you have seen that quota have been reducing with approximately a total of 1.4 million tons, which is a high reduction, mainly driven by a reduction in both mackerel and in blue whiting. And also the North Sea herring is down. And we have had an increase in the herring in the Norwegian spring-spawning herring in the north. But this is the basis for the raw material intake for Pelagia, and all other equal is, of course, negative, and the raw material is raw material is going down from year to another.
Uh, but saying that, uh, in twenty twenty-five, uh, was also a reduction, and in addition, it was also, uh, we had falling fish oil prices, meaning that, uh, the stock we started, uh, the year with was, uh, had pressure margins and also, the start of, uh, the-... The season where we produced fishmeal and fish oil was also, uh, hammered by, by falling, uh, fish oil prices, uh, which reduced the margin in, in this segment. All in all, volume-wise, we are happy with the, uh, the intake. Uh, but again, uh, uh, all in all, in, uh, uh, in twenty twenty-five, this segment in Pelagia were contributing to negative EBIT. Uh, and normally this has been, uh, the, uh, the segment which has been the most profitable for, for, uh, for Pelagia.
When it comes to the food segments in Pelagia and the season in the fourth quarter has been marked by the tail of the mackerel season, and also it's been a good season for the Norwegian spring-spawning herring. All in all, raw material just sort of last year. I would say we are happy with the performance and they are delivering more or less in line with the same season in terms of result in Q4 2024, if you take away the drop of volume in the same period. In the quarter, revenue of NOK 3.8 million, EBIT of NOK 223 million, in line with the same EBIT in Q4 2024.
If you look at the full year figures, you see that EBIT, no, the revenue is NOK 13.4 billion, EBIT of NOK 847 million. It's down from NOK 1.3 billion, and it can be explained by falling fish oil prices and lower contribution from the feed segment of Pelagia. Hopefully we will hit the prices better this year. Down to the Salmon and Whitefish. EBIT is in total NOK 40 million less than it was same period, same quarter last year. Farming EBIT of NOK 564. You have Lerøy Havfisk, Lerøy Norway Seafoods, which has had a very good year, considering the falling quotas.
Uh, however, in, uh, four quarter, uh, due to low volume and, uh, both for the fleet and also for the land-based factory, uh, margins were, uh, we had a negative contribution. Uh, but I would say more or less in line with what we, uh, expected. Uh, and then it's pleasant also to see good contribution from, uh, VAP sales, uh, uh, and distribution around three hundred and seventeen, uh, million NOK. Uh, and all in all, uh, this segment has contributed to a total of, uh, uh, one billion two hundred and ninety million NOK in the twenty twenty-five, uh, which is over the target we put in, uh, we set in twenty twenty-two. Uh, slaughter volume, forty-nine thousand tons. It's sixteen thousand tons in Lerøy Aurora, sixteen thousand tons in Lerøy Midt, and seventeen thousand tons in Lerøy Skjoldel.
EBIT per kilo, 17.9, 21 NOK per kilo in the north, 20 NOK per kilo in the mid, and just below 14 NOK per kilo in Lerøy Sjøtroll. We remain volume guiding approximately 195,000 tons in Norway, and if you include the volume from Scotland, it's 217,000 tons. And also to comment a bit on the result from Lerøy Havfisk. Quota, as I said, significantly down in 2025, but it's compensated by prices, meaning that we are delivering more than NOK 100 million better in this segment in 2025 versus 2024.
cod prices is up at approximately 30%, haddock prices up with 48%, saithe prices up with 22% versus same period last year. I give the floor to Britt Katrine.
Thank you, Arne. As normal, we start with this table, that sums up the activity in the quarter and also sums up what Arne have taken you through in details for each segment. As you can see, we have had good activity within all segments in Q4 this year. We also have some estimation for 2026. I want to highlight that the quotas are not finally set yet. This is an estimation and will be updated as we have more more accurate informations, and the quotas are set during the year. Arne has taken you through the key figures in the beginning of the presentations. This is just to give you an overview easily.
As mentioned, the EBIT in the fourth quarter, this 2025, was NOK 1.5 billion, and that is in line with the same quarter in 2024. As we have already been through the key financial figures, I will start with the line income from associates. It's negative with NOK 66 million, compared to a positive NOK 54 million in fourth quarter in 2024. The two largest associated companies are Pelagia and Norskott Havbruk, and Norskott Havbruk owns Scottish Sea Farms. Arne has already taken you through Pelagia in detail, so you are well aware of how they have been contributing in fourth quarter. I will comment Scottish Sea Farms.
They have had substantial biological challenges in the quarter, with the ISA outbreak and some higher mortality, but also slaughtered the salmon on lower weights, which have again given a lower price on the products and also higher cost, are the main reason for the negative contribution from income from associates in the quarter. Looking into EBIT, including income and associates, that came in at NOK 702 million, down from NOK 899 million, explained by the negative income from associates, but also some higher depreciations as a consequence of investments, especially in farming and chilling technology, but also two secondhand fishing vessels bought in 2025 for Chile and Peru.
Profit before tax and fair value adjustments are down 5%, came in at NOK 486 million, down from NOK 510 million in fourth quarter 2024. Net profit in the quarter was NOK 248 million, down from NOK 1.8 billion in fourth quarter 2024. Fourth quarter in 2024 was substantially impacted by a very high fair value adjustment related to biological assets, NOK 725 million. This does not have a cash effect at all. It's only a technical IFRS adjustment. Looking at the Lerøy Seafood Group, I will take you through the main activity here. The slaughtered volume came in in accordance with guiding, but it was lower than the same quarter in 2024.
It was 49,200 tons, down from 56,800 tons. There has been a positive price development, but late in the quarter, and the harvest profile for Lerøy was impacted by ISA outbreak, in Lerøy Aurora, and also, some, and some, of, the majority, or not the majority, but 44% of the volume was harvested early in the quarter with the lowest prices. The contract share was 29%. We expected the cost to increase in fourth quarter compared to third quarter, but actually it was better, so it was down compared with third quarter in 2025. This gave an EBIT in the value chain of NOK 17.9, up from NOK 15.3 in the same quarter, 2024.
Due to lower slaughter volumes, the EBIT in the farming segment was a little bit lower than last year. It was NOK 564 million, down from NOK 594 million. The wild catch segment, the quotas has been down in 2025, as we have been talking about during the year. The fishing volume is a little bit lower compared with second quarter in 2024. The prices has increased, so that has compensated the trawler fleet. However, lower raw material availability and high raw material prices are still very challenging for the onshore business. EBIT for this segment is minus NOK 29 million in the quarter, compared to NOK 6 million in same quarter in 2024.
EBIT, VAP Sales and Distribution, they have surpassed their ambitious target, which was set in 2021, 2022, of NOK 1.25 billion in 2025, the best year ever. The EBIT in the quarter was 317 million, up from 275 million in same quarter in 2024. To sum up, the EBIT for Gjerde in total in the quarter was 758 million, down from 799 million in same quarter in 2024. Austral have had a very good activity in the quarter.
The season started seventh of November, and of the total quota of 114,000 tons, 93,000 was caught in fourth quarter, and the remaining part of the quota was caught in January 2026. In the same season in 2024, the total quota was 169,000 tons, and out of this, 122,000 tons was caught in fourth quarter in 2024. Total raw material intake, including purchase from third party in the quarter, was 146,000 tons, down from 191,000 tons. Price achievement, we have seen higher prices for fishmeal, 6% up year-on-year, and for fish oil, 12% down year-on-year.
What we see is that going into 2026, we still see good prices for both fishmeal and fish oil. This gives us a very good start of the year. The revenue in the quarter was NOK 185 million, the EBITDA was NOK 51 million, and the EBIT was minus NOK 13 million. Also, in Chile, we have had a very good activity in fourth quarter. We had a total catch of 40,000 tons, up from 21,000 tons in the same quarter in 2024. Price achievement also up for the finished products for frozen fish and for fishmeal, but down for fish oil compared to same quarter in 2024.
We see that the revenue is down, NOK 262 million, down from NOK 395 million, and that is due to lower sales volume for fishmeal and fish oil. The earnings are up. The EBIT is NOK 47 million, up from NOK 25, and that is because of a higher sales volume of frozen fish and also higher prices, which again, gives a higher margin. Also in Chile, we see that the prices are continuing to be good into 2026. Kobbevik & Furuholmen, slaughter volume of 2,300 tons in the quarter, up from 1,300 tons in the same quarter last year.
The company sells all the fish in the spot market, but the majority here was sold in October, November, at the part of the quarter with the lowest prices. Also, we have had some increased cost year-on-year. The EBIT came in at NOK 25 million, marginally down from NOK 29 million, but the EBIT per kilo is NOK 10.7, down from 22.1. Brønnbåt Nord AS, as mentioned in last quarterly report, there was a decided demerger in November with the transfer of the shares in the fishing company, Opilio AS. This demerger took place in December, and after the demerger, Øys only hold shares in Brønnbåt Nord AS.
The remaining activity in Brønnøysundbilan AS is owning property, and from 2026, because of the limited activity in the company, it will be reported not as a separate segment, but under the segment, others. Since the demerger took place on the 30th of December, the full year and also in Q4, the result from Opelio AS is included, and the negative result is from Opelio AS in this quarter. Total assets by the end of 2025, a little bit over NOK 53 billion, down from NOK 55.6 billion by the end of 2024. We have a strong balance sheet. The equity ratio is 52%. I can comment some of the lines here.
You see the tangible fixed assets are up, that is, that has increased from investment in farming, but also the two secondhand vessel we have bought for Peru and Chile. This, fair value adjustment of biomass is, has had a sharp reduction from NOK 3.1 billion to Yeah, close to NOK 1.9 billion. The net interest-bearing debt by the end of the year is NOK 8.7 billion, that is up from NOK 8 billion by the end of 2024. Looking at the cash flow for the quarter, cash from operating activities is NOK 543 million.
We build working capital, and that is subject to the high operational activity that we have in Chile and Peru in fourth quarter, but also high prices on whitefish and salmon and trout late in Q4. Cash from investing activity is -NOK 438 million, down from -NOK 562 million. The cash from financing activities is positive with NOK 304 million. I would like to mention that Lerøy issued an additional green bond of NOK 500 million in October in 2025. We started the period or the quarter with a cash position of NOK 4.7 billion, and we ended the quarter with a cash position of NOK 5.1 billion. Thank you.
I will end this presentation by giving our view on the different segments we are operating in when it comes to market. Starting off with the supply of fishmeal. As you can see, among the largest producer of fishmeal, the production was approximately 4.6% up versus the same year, 2024. Peru, as I mentioned, successfully capture 98% of the anchovy quota, yielding to approximately 380,000 tons of fishmeal for second season. Prices, you can see during the year has been increasing from $2,150 per ton to $1,850 per ton, comparing high quality with low-quality fishmeal.
Feed producers are building stock mainly to the start of the aquaculture season, and it's China once again, who is the main importer of fish meal during 2025. If you look at 2025, China has a record importation over 2 million tons, whereas approximately 1 million tons came from Peru. Although they have been quite active in the market, you can also see from the graph that the current stock is approximately 24% down from 2025, and also lower than the average, the 5 years average. Prices also approximately $200 above what's been the full prices from Peru, meaning here it's incentivized continuous trade going forward.
Fish oil, the same, 6.4% up in terms of production, mainly due to, driven by, volume up from Chile. Again, last season in Peru gave approximately a similar volume, although the quota were lower in 2025 versus 2024 in the second season, approximately 75,000 tons. The last announced fish oil prices for feed grade is $3,500 per ton for feed, and omega-3 grade up to $4,350 per ton. Looking at the production of salmon, it was up 10% in 2025, and the expectation on a global level is 1.3% growth for 2026.
As you can see, out of Norway, it's estimated a reduction of 1.4%. What we can say is that the biomass is, by the end of January, approximately 1% lower than it was same period last year. Also, the production and the slaughter exportation from Norway has been every week, approximately 4,000 tons higher for the first six weeks of the season. Prices in Q4 was approximately five, not higher than Q4. No, from Q4 in 2024.
It's also a bit lower now in January as a consequence of the high volume, which has been sold during the first weeks of the year. If you look at the market, still EU is by far the major market for Norwegian salmon and also from the salmon in the world. If you look at the growth, you can see that other markets dominated by Asia is by far the one who has been growing most during 2025. Lerøy is positioning themselves with a new representative in the main consumer markets in Asia during 2024 and 2025, to meet this upcoming demand.
All in all, if you look at biological improvements in 2025, they've been good. We are more or less where we are supposed to be in terms of volumes and according to our guidance. All in all, we are happy with our performance, if you discard the third quarter, where we were delivering weaker than we expected. Improving in four quarter, and also looking forward for a better biological performance into 2026. We are remaining the guidance of 195,000 tons in Norway, and including Scottish Sea Farms.
We are estimated to sort 260,000 tons in Lerøy, if you consider 50% of our share in Scottish. Whitefish continues down with the cod quota of 16%, Haddock quota is up 18%, and saithe quota is down with respectively 19% in the north and 27% in the south. The start of the season shows promising the high prices. We have seen by the end of the year in 2025, is continuing also for whitefish and also for shrimp into 2026. Hopefully also, we will have good performance from both vessels and also from the plants in Havfisk and Lerøy Seafood in 2026.
VAP Sales and Distribution, again, profitability was met by the ambitious target we set in 2021, and hoping to continue also into 2026. South America, good start of the season in terms of production in the south. We ended the second season in 2025, in the middle of January, I would say if you consider the start in the south and also the end of the season in the center north is well compensated with higher prices versus the reduction in volumes we had due to lower quota. Chile also a new legislation has changed the distribution between coastal and industry. We have a new tax on quota we are purchasing from third-party fishing vessels catching outside 200 miles.
All in all, I would say that the prices so far is compensating the increase of these prices, of these taxes. North Atlantic as well, all other equals, of course, negatively, that we are estimating 170,000 tons less raw material for our factories. Hopefully, we are better off in terms of margins, particularly in the feed segments in 2026 versus 2025. We will compensate that of a bit of the reduction in volume if you compare 26 with 25. That was all. Have a pleasant day!