AKVA Group

Ladies and gentlemen, good morning and very much welcome to the Q4 presentation of AFA Group.

I will do the introduction and the highlights, then Ronny Meinke and the CFO will do financial performance and followed by our Q&A session. So please post any questions during the call and our moderator will read the question during the Q&A session. I like to go straight to the highlights of the fourth quarter. We had a high quarterly revenue of 1.1 billion with a corresponding EBIT of 44 million. Land-based deliver record high quarterly revenue of 422 million. Sea-based secured a strong order intake of 952 million, contributing to total order intake of 1,250,000,000. RAS contract, the value of approximately 220 million was awarded from Tuttlandsvik Akva at the start of Q4. Order backlog total around 2.5 billion at the end of Q4 2025. We also had a very solid or robust cash flow generation in Q4, supported by NOK 153 million in net working capital release. And a dividend of NOK 1 will be paid later during the first half. Key features for Q4. We had a record high revenue for the quarter of 1.1 billion. First and foremost driven by land-based, but also solid uptake on sea-based. EBITDA of 103 million on the back of this high activity. We are pleased with this EBITDA level, even though there are a few specifics to talk about related to project and product mix. That will be explained more in detail by the CFO later in the presentation. EBIT level of 44 million is fair for the quarter. Year to date, revenue of 4.4 billion. That is almost representing a step up of 900 million versus 2024, which is 9%. And that is certainly a very strong growth after quite a few years without any particular growth. So land-based leading there with a step up of 557 million, which is representing roughly 90% increase. and C-based also solid with plus 325 million, which is representing a plus 12% growth year on year. EBITDA came in at 508 million and that is 11.5% of turnover. EBIT of 280 million is 6.4% of turnover. So if I'm to label this year, I'm very pleased with the growth and I'm also very pleased with the financial performance. So it was a good year. The order intake was also pretty good. Order intake of 1 billion 250 in Q4. We always try to look a little bit at the salmon price because the salmon price is determining a little bit the appetite for customers to place orders and we had relatively soft salmon price in Q4 the low 70s so in light of that I'm in particular pleased with this order intake just to view it a little bit. Order backlog of 2.5 billion into the year is also reasonable. Then taking one step back and looking more at the bigger picture and expressing that in our challenge, how to double salmon production by 2040. That is just illustrated by an annual growth of 5%. Then you basically will double in 2040. I'm not saying this is a hard forecast. This is just an illustration of what does it take. But we are a believer that If we directionally is going to go in that direction into 2040, we think that the current business model is somehow running out of capacity. Okay, on the back of better biology, we could see a good growth in 25 of close to 12% increase in the global sand production, so that was good. But that is not expected to repeat itself in the coming years without significant new investments and investments in new technology. We believe that the drivers here will be deep farming post-mortem and maybe a bit further out, some grow out as well. And that is also needed to overcome some of the industry or the growth barriers being there, which is related to fish health. regulations, lack of social license and the financial risk. So we believe this is the high level picture. And then more specifically in our context, what we believe and where we believe that there could be some growth on top of the base of some more than 3 million tons of Atlantic. We think that deep farming holds the potential to add something like 15% capacity by reducing lice and lowering mortality. Come back a bit more in detail about status on deep farming. And the same with post-malt holder potential to add 30% growth on the current base by improved biomass yield and also reduced mortality and also utilizing your lice to a bigger extent. and then based further out has the full growth on land has the potential to also reach a significant volume. But there certainly will be other emerging technologies like semi offshore, offshore closed system, et cetera, et cetera. But I will focus on deep farming post-malt and on-growing. Deep farming, we think that there is a potential to unlock something like 15% higher harvesting volume from existing licenses. That is on the back of significantly less sea lice treatments. We have data points supporting 80% production. I will show that in a minute. and that leads to improved fish welfare, reduced mortality, supporting also the social license and regulatory green light in non-green zones. Currently this is applicable for close to 60% of the locations. Currently, we have a few years of experience. The frontrunner Sinkeberg, they have been active now for quite some years. I think they have moved almost 100% of their production to deep farming. But also all the customers are gaining experience with this. Based on our data points, in the first place, 400 cages of Nautilus is so far deployed in the sea. So 400 we have delivered. And generally speaking, we see a significant reduction in the lice pressure and the need for sea lice treatments. I will show more detailed data. Next slide. Also positively, there is a higher share of superior quality Based on the data we have access to, we see a typically minimum 90% share of super based on deep farming and that's significantly higher than the industry average. And we also see more stable environmental parameters, positive signals regarding yellowfish analogy. Of course, this is site-specific. I'm not saying one size fits all. It requires a certain depth. There are also other conditions required as well. But for the right sites, this is bringing very good results. And And we have data points here on generation spring 22 to generation autumn or fall 24. 19 sites are being fully harvested. So what we have basically done, we know the sites which are operated with an outless technology. And then we have downloaded from Burn's Watch the number of sea lice treatments related to the production on those specific sites. And that gives the data plot on the right hand side where you basically see the number of treatments for the full generation. So this should be a very accurate data. And if you read the graph, you see that deep farming versus neighboring sites, because that is also something you can get information from Burn's Watch about. If you do that mapping, there is a 78% reduction. And then we mapped against the last generation harvested at the same site before deep farming was used. And then we got to 83% reduction. The midpoint here is 80%, so we stick to 80% if the starting point is correct with a site feasible for deep farming. We have also noted that the scientist Frodo Oppedal from Havforskningsinstitutt, he has said in public very recently that Their research that was based on 40 sites shows 70 to 90% reduction in sea lice treatment. That's supporting our data because the midpoint there is also 80%. So we think that is something for time being which looks realistic to achieve. Then moving on to Postmalt. Postmalt is established as an industry growth strategy. We see that shorter production cycles from typically 17-18 months in the sea to 8-9, that is of course a very reduced exposure in the sea, leading to fewer lice treatments. lower mortality and increased biomass yield and there is very strong documentation there from both the Faroe Islands and the Rogaland regions also other places but we see that based on real data that there is a potential to unlock 30 to 35 percent volume growth then With regards to the post-smalt market, we see a steady development there. For Aqua Group, based on our pipeline, we expect to close, on average, one post-smalt contract per quarter. So we did one in April. in Q4. We expect another one in Q1. And on average, we expect one new post small contract, a RAS contract per quarter for the time to come. The amounts, of course, it could vary a little bit, but I think the midpoint will be 200 to 300 million, something like that. There have been some shakeouts in the RAS supply sector and today we can rightfully claim that we are the only true global RAS suppliers. We have capabilities to do projects in all the relevant salmon farming regions. We also have quite some people at ground in Chile with own presence there. And we have over the years delivered multiple projects in all relevant salmon farming regions. So overall, I think also on the back of a very solid 25, where we have 90% growth in the top line, I think it's fair to say the statement that we are ready to capitalize in emerging growth phase for us. We believe our position is that we are the world's leading full-scale land-based offering. We have invested a lot of money in order to get to this position, as much as 300 million over the last five years, but we believe it will start paying off now. We have 250 very competent and qualified people with industry expertise, RAS technology expertise. almost 1.2 billion revenue last year and 1.3 billion revenue. Land-based growth, we think it's starting to have some momentum. It's a slow birth. There are, of course, headwinds there as well. But we are advancing very well with NOAP in China, NOAP Phase 2. which we are just about to complete. That will add another 4,000 tons of production capacity for NOAA. They will have a combined capacity of 8,000 tons. And we expect that they will have a good production year this year. That's the communication from the company. And NOAA will decide later this year about Phase 3, which is a significant additional step of 12,000 ton, where Aqua has secured the contract, but the company will need to decide when to start on this one. Moving on to digital, we have also there invested to create a leading digital platform for aquaculture, at least the salmon space. We are positioned for long-term growth. Also there, we have invested significant over the last five years. We talk about 500 million, whereby the majority of it is to acquire the the AI company Observe, which is providing automated feeding. So we have a leading platform and we are present in all the major markets. Our offering is very much about the biological control system, Fishtalk, where six out of 10 salmon will be on our system. That's to the left. We have the control system, which is bringing hardware and steering together. There we have a 50% market share. And then we have gradually been investing in the concept in the middle or the platform in the middle, which is about short. short-term decision-making supported by AI. It's either the automated feeding system or smart cameras. But that's more of a scale-up platform for us. But saying that, Observe, which is our star for AI, there we have very good traction. We have now established more than 170 sites or 170 sites is on our system with the automated feed feeding. It's a truly scalable solution and with a global footprint with also growth opportunities in Norway. So for Observe Q4 was truly excellent because we we contracted 70 new sites which is a kind of game changer for this area because we had 100 sites managed over a few years and then we got another 70 in the fourth quarter and that will be That will add very meaningful to our financial performance into 26 because the implementation phases is relatively fast for the 70 sites. I think most of it will be implemented in this quarter. To sum up, with regards to the technology space, we think we can make the claim we are a global leader and trusted partner. We have the three platforms. We have sea-based last year with 3.1 billion turnover, where we have all the technology, all the equipment you need to run a farm in the sea, we can deliver. land-based, both with the post-smolt and on-growing full-size salmon, and also digital, as mentioned. So we believe with our solutions, bringing the fish into the deep, starting with one kilo, and the digital platform, we think we are part of the solution, that we are relevant for the future, and that our technology can provide growth, better fish health, and lower mortality. more precise feeding with less waste. Then I want to spend a little time on this slide. This is a very important one. So, of course, we are very pleased with the record growth we did see from 24 to 25 of 900 million equal to... to 25% growth and 4.4 billion. But the next challenge we have communicated is the target from the capital market day back in June last year. And that's the 5 billion mark for 2027. I just want to report to you what actions we are taking this year in order to have more growth drivers. And of course, we have some organic growth from the base and the products already being there is realistic. But we have five projects which will give additional growth. First and foremost, it's about further secure deep farming and artless next. and we expect to launch a new concept for Nautilus this fall. And the headline there is easiness to operate because today it works well, but it's too much hassle to bring the cage up and down. Very often you need a service boat to support this operation and that comes with cost as well. So we are now developing a more advanced VINCH system, which will enable the farmer to operate it to lower and bring it up in an easy way without a big service boat being brought to the site. And we think that will help us to penetrate the market further. So that's number one. That's an internal development project we are in control of. Second is about internationalization of our net business. Today we are mainly running a net business in Norway, so we are not a very present and visible player abroad. and that is because we are lacking the HDPE quality and now we are busy as we speak with acquiring an HDPE production capabilities that will certainly be outside Norway and outside Europe but when that is in place we expect that new production line to be it will take maybe up to a year to build. We are at the final stage to complete the thing from a contractual point of view, and then it needs to be built. It's a new green field. But we expect into next year that we will also be a player in the HDPE field, which is a very sizable market and where we are not present today. When it comes to the pen products, we have a fairly fair market share for standard pens, but we are lacking one model. The market is moving in the direction of a bit more bigger dimension, a bit more solid pens. We are lacking that in our offering today. And now we have decided to organize that. So six, nine months later, we will also be... in position to offer the lacking product there as well. Then about barges, traditionally Aqua Group has delivered a lot of steel barges and we have been, we had typically a number one or number two position in the field of barges. But over the last few years, the commodity prices for cement has been more favorable than steel. So most farmers today will choose a concrete barge rather than steel. So we had a turnover on our steel barges last year of around 100 million. A few years ago, that used to be 300 in a normal year, even 400 in a good year. But there has been a shift towards concrete. So we have been losing out quite a bit there. So yesterday, we announced in a trade press release that we have now entered into a partnership with, I think, there are four of those yachts in Norway, which can produce the concrete parts. So we have now enter the strategic partnership with one of them, DOC Husøy at Karmøy. And that will enable us to become a full-fledged supplier, either it's steel or concrete. So we expect that over a bit of time, probably already quite a bit into next year, that we will be back to the normal turnover within batches, regardless steel or concrete. So that's typically 300 million or something. And then the fifth one, the final one, also extremely interesting for us, and that we, Aqua Group, we have delivered for decades very, very solid working boats. We think we have the most robust and most secure working boats, service boats for those up to 10, 11 meters for the salmon industry. They are out there 24-7, 365 days in all kind of weather. So now we have made a contract with the Norwegian defense industry to modify some of our models and make some unique models for the defense industry. So we have secured already significant contract with the defense industry and also we are together with them, financed by them, developing new models which can add very nice activity to our boat building activity in Moenana. So all those five are very well organized projects with very high level of comfort from our side, very high level of certainty that this will add, each and one of them should add minimum 100 million extra turnover within a few years. So we think those are very tangible things. Less so in 26, we will have some from the defense industry and the boats there, but for the others, most of it will materialize gradually into 27 and onwards. So Pretty detailed, but I just wanted to explain more in detail to you what our organic growth agenda is about. And then once again, on our base, on our current base, there is a lot of technology and products behind that. We still expect some organic growth from that as well. So, yeah, also land-based is very much about continuing working on the customer pipeline and the same on digital as well. All right, I'm running out of time here. Strategic roadmap, just to conclude. We have been through a few turbulent years during 22 to 24 without top-line growth, but we were able to do a lot of internal improvements. We changed a lot of things, both within the organization and with regards to the technology platform. We invested in in bad times, and we started to harvest a bit from that in 24, where we improved the EBIT from 1% to 5% in that window. For 25, we guided 4 billion and 6%. We came in at 4.4% and 6.4% EBIT percentage. We are pleased with that. For 26, we are guiding that we expect to see 20% plus EBIT growth, versus 25 and that is based on some continuous scalability and also internally we see areas where we can improve operation performance still but also better profitability from our digital business on the back of the new contracts and land-based as well and some from sea-based. That's the justification of the 20% guidance. And for now, we maintain the 27 target of a revenue of 5 billion and 9% EBIT percentage. So that brings me to the end of my presentation, and I hand over to the CFO. Please hold me.

Thank you. Okay, good morning, everyone. I'm sorry. Yes, we are of course very satisfied with the financial performance in 2025, and we also consider the closing in Q4 to be acceptable. So revenue was strong in the quarter, like 40% higher than Q4 2024, driven by the high activity we have in land-based business. For the full year, we have an increase of 25% of revenue, from 3.5 to 4 billion in 2025, which is well above our guiding of 4 billion for the year. So we have demonstrated good growth in seed-based in 2025 of 12% and 90% growth in land-based. So on the basis of a high revenue in Q4, we consider the profitability to be somewhat on the soft side. mainly due to the product mix in sea-based, but also to some extent the project mix in land-based. I will come back to this later. EBITDA in Q4 of 103 million is 26 million higher than last year. And for the full year, we have an EBITDA of 508 million, which is 127 million higher than in 2024. And on EBIT, we have 280 on the full year, representing a margin of 6.3 or 6.4% compared to our guiding of 6%. So we are satisfied with the quarter, profit before tax of 16 million, and for the full year, a profit before tax of 193 million. Looking at the book-to-bill ratio of the last 12 months is just below the 100% level with an order intake of 4.3 billion and with a revenue of 4.4 billion. A strong book-to-bill ratio in Q4 of 112% with this good order intake of 1.25 billion. Looking at the markets, comparing Q425 to Q424, we see a strong growth in the Nordics of 45% and also 49% increase in Americas, which is both primarily driven by land-based projects. We see sea-based business representing 59% of the total revenue in the quarter, and the increase in total revenue compared to Q4-24 is primarily land-based with 94% increase and 20% increase in sea-based. EPDA margin, somewhat soft as mentioned of 9.2% compared to the high 13.3% in Q3. and also the 9.6% in Q4 2024. For seed-based, we have an APTA margin of 8.2%, which is primarily related to the product mix, with less impact from deep farming products compared to previous quarters. Compared with Q3 and Q2, the CBEST revenue is also less, meaning that the economies of scale is also limited in Q4. For land-based, we have an acceptable EBITDA margin of 8.8%. I mentioned that this is also somewhat on the soft side due to the project mix, which I will comment later on. In digital, we have a strong EBITDA margin of 31.8. Available cash at the end of Q4 was 547 million, which is a strong increase of 105 million compared to Q3. So we significantly reduced the net working capital by 153 million in the quarter from 10.5% to 6.2% in Q4. We commented during our Q3 presentation that we expected some release in Q4, but the 153 million was more than we expected and is also primarily related to the land-based segment. We expect the networking capital to increase towards the normalized 8-9% level in Q1. And last, the leverage ratio was reduced from 2.62 to 2.37 in Q4, which of course is comforting compared to the threshold of 4.5. We had a strong cash flow generation in Q4. Net interest bearing debt was reduced by 60 million, where the big ticket is the net working capital reduction of 153 million. For the full year 2025, we have a reduced net interest-bearing debt of 154 million, which is driven by the sale of the Abbas shares back in Q1 of 144 million. And please also note that we have reduced the net working capital in 2025 of 65 million, which is primarily related to our focus to reduce the inventory levels. So we believe that 65 million reduction is a good achievement when we increase the revenue by 25% compared to 2024. It's very hard to fight net working capital levels when the business is growing. Capex of 58 million in the quarter, where 23 million that's related to our three innovation agendas. Another 10 million is to rental products. Rental products is equipment we invest in and rent to our customers, which is a profitable business to work well. and another 50 million that's related to our manufacturing facilities. So total CAPEX for the year amounted to 176 million. We have also seen a very positive development in return on capital employed during the last 12 months. It has increased from 7.9% in Q4 24 to 11.5% in Q4 2025, which is a bit above our guiding of 10% at year end. Dividend, we paid a knock one share in dividend in November last year, taking the total dividend up to knock two for the full year. We also decided to distribute NOC1 per share for the first half of 2026, and this payment will be done in April. And then some more details on the financial performance in our three business segments. And for Seabase, the revenue of 653 million, that's a 20% increase, compared to Q4-24 and the order intake was at the same high level of 950 million. We see the decrease in EBTA margin from 8.8% to 8.2% related to the product mix. I mentioned the Most important driver behind this is the amount or share of revenue related to deep farming concepts, which was considerably less compared to Q2 and Q3 in 2025 and also compared to Q4 2024. We see in the regions, in the Nordic, we have increased revenue by 19%, a slight reduction in order intake of 9% compared to last year. America's both revenue and order intake is increased by 15% and 9% respectively. And last, we have a strong improvement in Europe, Middle East. where revenue increased by 45% and order intake by 65% compared to last year. We see the 12 months revenue trend for Seabase is still positive, increased by 12% the last 12 months. The order intake trend is more a flatliner and we of course need to increase the momentum now to to secure revenue growth in 2026. Or the backlog, just about one billion at the end of the year, which is approximately 60 million less than 2024. The OPEX-based revenue in C-based, which is a very important part of our business, was very high in Q4, 320 million and 50 million higher than Q4 2024. For the full year, we have just a little bit more than 1.1 billion in revenue from OPEX-based revenue, which is at the same level as in 2024. For land-based, we have auto-intake of 220 million in the quarter related to the RAS contract with Tuttlandsvik Aqua. Revenue all-time high, more than 420 million and 94% increase compared to 2024. We see a significant increase in EBITDA of 16 million compared to last year. And please also note that Q4 24 was positively impacted by closing of one project with a favorable outcome. I mentioned the EPGA margin, somewhat soft in Q4, related to the project mix. So close to 40% of the revenue in the quarter is related to two projects with a project margin which is lower than normal for the business area. First, we have a project in Chile, which we took over from Bilun following the bankruptcy. This project is very de-risked, which it should be when we take over a project, with a corresponding low project margin. And secondly, we have a hybrid flow-through project. Also, this project with a lower than normal project margin. due to less technology content, complexity, and hence also lower risk to Aqua. So just to summarize, the revenue related to these two projects was very high in the quarter, 40%. The project margins are lower, but reflects the underlying risks in the project. So they are fully in line with our expectations. We see positive momentum in land-based both on revenue and order intake front or the backlog is still solid of 1.3 billion, 130 million below 2024 at the end of the year. And last digital, we have a strong order intake of 77 million in Q4, primarily related to this new contract for Observe on the 70 sites mentioned by Knut. The revenue was 15% higher in Q4 this year compared to last year, and we see a solid EPTA margin of about 30% for the business. And we see that the 12-month revenue trend is still a flat-liner for digital, but we expect this to improve during 2026 on the back of positive development in the order intake trend. So we have a quite solid order backlog now at the end of 2025 of 222 million, which is 60% higher than one year ago. That was my financial update. Give it back to you, Knut.

All right. Thank you very much, Ronny. Just to... Close off here and conclude. Outlook, forcing continued strong momentum for deep farming concepts, also supported by Nautilus Next concept, the one I explained about, which will lead to a more easy way to operate, bringing down and taking up the Nautilus cage as such. We are still continuing to invest and improving our solutions, our innovations agenda related to both sea-based, land-based and digital. And we are aiming for revenue above 5 billion in 2027 and EBIT of 9%, also supported by the five organic growth initiatives. And I should also mention that specifically our guidance for 2026 is plus 20% on the EBIT versus 2025. So that brings me very much to the conclusion and we will open up for Q&A. So let's start with the people here in the audience. Yes, please.

Henrik Knudsen, Pareto Securities. How do you see competition in the farming concepts between competitors and also the farming concepts compared to, for instance, closed facilities?

Yeah, so we were the pioneer in deep farming together with Zinkeberg and that gives us a good starting point because we have installed already 400 cages also with much more customers than Zinkeberg. So by far we have the highest installed base. But of course competition is not sleeping either. We think that they have been stepping up, in particular our main competitor has been stepping up during 2025 and they also start to deliver. I don't know the exact data points. I know that by far we are still the market leader and that is a position we want to secure also long term. I think one thing is the current situation and status with regards to technology but the fact that we came first and also we are working with a couple of very good clients on our innovation agenda it's very important to also lead the innovation race and my observation is that I believe we are a little bit in the lead when it comes to the innovation race there, because this is our new technology. There is a lot of, it's a lot about protocols with regards to how to operate. It's a lot about choosing the right site. And it's also some about technology and all those. And we think the next phase will be about easiness to operate. So I'm pretty optimistic that we will have a good market position for deep farming also in the coming three, five years. With regards to closed, it became a little boost there when you got the incentive for closed based on those 30,000 tons from the red zones you could recoup by a closed technology. With great curiosity, we have been talking with quite a few of those companies with technology. We think it will still take a bit of time to mature the technology to really commercialize it. We saw the same with eProm, even though we had a very good pilot there already five, six years ago. It takes quite some time in order to mature everything, come to good protocols, come to good piloting, come to good biological performance. So we see that there is good appetite, good interest. We think it's still a little bit, it will still take a bit of time before you see a couple of winners. Typically in our space, you end up with two, three winners. And today there are a lot of players. Not all of them will be there five years later. That's for sure. And for us, we are willing to consider to go into that. But we have decided not to develop ourselves because there are so many players doing a lot of things there. So then we will rather invest in what we think could be a winner. And for the time being, we don't know the answer to that.

Thank you. Short question on the digital side, on what you call short decision making. I guess you're more of a challenger, but you have secured a big order, as you say. Can you elaborate a little bit on that order and how do you see competition there from the, let's say, three big players?

You mean the Observe activity, automated feeding? Then I will talk specifically about Observe and automated feeding. I think it's fair to say that on automated feeding that is also a space, a segment where we have been the pioneers, right? There is one other player or competitor working with one specific large customers. They have not been too active in the wider market space till date. So we are basically the supplier or the player with a lot of a wide portfolio there. We have 170 sites across all the four main markets, Chile, Canada, UK and Norway. Norway is less penetrated than the others. We got the 70 sites was distributed into three different customers. Two or three? Two. Two, more two. So that means that two of them, they had done five plus minus pilots. They saw good results, and then they deployed it over a large number of sites. We see a lot of things happening within smart cameras, but the smart cameras, at least not currently, cannot do automated feeding. they do sea lice counting, biomass estimation into weight classes, and a fish health dashboard. But that's not automated feeding. So in specifically automated feeding, we are the leader and we are the pioneer. Of course, also competition will wake up and move into that field. We understand that, but we also think that the relative revenue per site will increase There will be more sites. Today there is a penetration of roughly 10% of all the sites in the world. The 170, there are 1,600, 1,700 sites, so a penetration of 10. So there will be more penetration over the next years and there will be more revenue per site because we are still in the first phase of development in order to come to full autonomous feeding. A full autonomous feeding application will probably trigger twice a turnover per site. And we are now at the brink to deliver on that one. So you see value creation from more revenue per site and more sites. And, of course, there will be more competition as well, but it's just that the very first – very beginning of opening that new market space. So I think that is a very promising new segment and you can add a lot of value from that. Today it's like that. With help of automated heating, if you can improve FCR with 0.008 or if rounded 0.001, That means in practice from 1.20 to 1.19. If we are able to bring that value to the customer, everything else on top of that is the bottom line. So that is the cost of it. So relatively low cost compared to the value you bring. And we see in a number of user cases we are able to support with improvements which is way more than than the 0.01. So sorry for the long answer, but it's very exciting development. Is there any, okay, to question here, and then you can check if there is any questions from the call.

So how much of the growth in the land-based section is contributed to a single contract or single contracts versus like broader growth?

Last year we had a 90% step up and that is based on our relatively broad portfolio and I would say we have five, six bigger projects behind that. Is that fair to say?

I think that's fair. Five, six above 100 million in revenue.

So we see some Some customers, it's more like a repeatable customer. We expect, we have done two projects for NOAP. We expect the third one to be started maybe at the end of this year into next year. We see with Tysklandsvik, we have been with them now from zero to the latest contract, which will allow them to have 9,000 ton of installed capacity. The same with Laksa, and also Cook is a very, kind of repeatable customers. So there are quite a few, I mean, I would say six, seven customers which are very stable with us. And then we have some other customers where we get one project. Maybe they only have the need of one project. So there is a mix there. But We think we have a good traction now in the space of Ross. After all the work we have done there and also the fact that some competition is struggling financially there, we think we have a pretty good momentum.

Do you expect that growth to continue?

Over time, we got a little bit more growth than we expected in 2025 for land-based due to very good project development.

progressing in Q4.

So maybe 26 on land-based will be at around the same level in between, but we expect at least 27 to come with a lot of growth. We are not sure about the 26. There are quite some cases we are working on which can give some extra growth in 26. That should be hopefully minimum the level of 25.

Thank you.

Is there any questions from the call? Yes, there is.

We have one from Ola Trovarten. Do you expect to close a post-small contract in Q1 2026? And what is the outlook for a new grow-out contract in China other than NOAP?

So, yeah, we expect to close a post-mort contract in Q1. The answer is yes. And we are guiding that on average. It's always hard. It's a marketplace with dynamic stuff. But on average, there should be one post-mort contract per quarter for the coming period. And we hope, we don't know, but we also hope to sign one new contract in China outside Newark within this year. We are at least working on it, whether it will materialize finally. Those are very big, complex contracts, legally complex contracts in China. So we need to be on 100% solid base whenever starting a project. But the ambition is to close a new project outside NOAP in China in 26 years.

Well, we don't have any more incoming questions. Do we have any more questions from the audience? Let's give it 10 seconds.

Okay, thank you very much for all your attention and have a nice Olympic weekend.