We lower fish meal and oil volumes for 2026 and 2027 on the back of expectations of a lower quota but increase prices, offsetting the negative effect in 2026 for Austral and Foodcorp. Pelagia estimates are also lowered, primarily due to negative revisions to the earnings in the Food segment. In sum, our EBITDA estimates for ‘25-27 are lowered by 15%-3%. We reiterate Buy with a TP of NOK 100 (NOK 104) as we continue to prefer AUSS over LSG.
