BEWI Invest ASA (the "Company"), through its subsidiary Seafood Investment AS
("Seafood Investment"), is a significant shareholder in Sinkaberg AS
("Sinkaberg"). In 2025, Sinkaberg delivered solid underlying performance,
characterised by strong biological results, increased sea-based production and a
very robust financial position.
o Improved biological results: 92% superior share and 96% survival rate
o Increased sea-based production and fully integrated value chain supporting
resilience across market cycles
o Revenues and earnings impacted by lower salmon prices, partly offset by strong
operational performance
o Solid balance sheet, with close to zero net interest-bearing debt
o Proposed dividend of NOK 217 million for 2025
In connection with its upcoming general meeting on 4 May 2026, Sinkaberg has
prepared its annual report for the financial year 2025.
Sinkaberg's operating revenues were NOK 2.28 billion, compared with NOK 2.50
billion in 2024. Operating profit (EBIT) amounted to NOK 514 million, while
profit before tax reached NOK 557 million, down from respectively NOK 557
million and NOK 656 million the previous year. The year-on-year decline
primarily reflects lower market prices for salmon, partly offset by improved
biological performance and consistently high operational quality across the
value chain.
"Sinkaberg delivered strong underlying results in a year characterised by lower
salmon prices. The biological performance, production development and financial
strength demonstrate the robustness of the company's industrial platform and the
quality of its operations," says Bjørnar André Ulstein, CEO of the Company.
Sea-based production increased during the year, with approximately 38 000 tonnes
harvested, up by more than 15 per cent from the previous year. The superior
share remained high at 92 per cent, while survival improved to 96 per cent.
These results reflect several years of targeted investments in sheltered
production solutions, preventive measures and site-specific technologies. By
year-end 2025, all farming operations were conducted using either submerged or
shielded production technologies.
Sinkaberg operates a fully integrated value chain encompassing smolt production,
farming operations, slaughtering and further processing. The harvest plant at
Marøya maintained high activity during 2025, processing more than 95 000, of
which more than 60 per cent came from external customers. This supports
efficient and stable capacity utilisation and cash flow generation.
Sinkaberg's financial position remains solid. At year-end 2025, the equity ratio
was at 52 per cent. Net interest-bearing debt was close to zero, supported by
highly liquid financial assets of approximately NOK 1.8 billion, providing
substantial financial flexibility.
As a result of strong earnings and cash generation, the board of Sinkaberg has
proposed a dividend of NOK 217 million for the 2025 financial year.
"As a long-term owner, we consider Sinkaberg to be well positioned for
sustainable value creation. The company combines operational discipline, strong
biological control and an integrated value chain that provides resilience in an
increasingly complex regulatory and market environment," Ulstein adds.
The dividend payment, which is expected during the second quarter of 2026, will
be transferred to the owners of Seafood Investment without delay. The Company
holds 70 per cent of Seafood Investment.
"Sinkaberg continues to pay stable dividends, in line with our expectations and
ambitions for our core portfolio companies. Following completion of significant
investments in recent years, we expect their capital intensity to decline going
forward, translating into an even higher free cash flow generation, given
today's biological performance," Ulstein ends.
Contacts:
Bjørnar André Ulstein, tlf. +47 402 30 785
About the Company
The Company is a long-term partner for companies in industrial production, real
estate and seafood. Headquartered in Trondheim, the group operates across
several countries and employs thousands of professionals committed to driving
sustained profitable growth and value creation within its portfolio companies.
Through active and responsible ownership, the group maintains a long-term
perspective with sustainability at the core. For more information:
www.bewiinvest.com.