Icelandic Salmon, the parent company of Arnarlax and its subsidiaries, reported a challenging first quarter in 2025, marked by biological challenges at sea and a weaker global market. The company took early action to protect animal welfare, resulting in the harvest of salmon at lower average weights. This decision, while necessary, led to reduced harvest volumes and increased mortality-related costs, significantly impacting the quarter's financial results.

Operating income for the quarter fell to EUR 10.4 million from EUR 27.5 million in the same period last year. Operational EBIT was negative EUR 3.0 million, compared to negative EUR 0.5 million in the prior year. The EBIT per kilogram also saw a decline, ending at negative EUR 2.68, adjusted to negative EUR 1.22 when accounting for mortality-related one-offs. Despite these setbacks, CEO Björn Hembre expressed confidence in the company's strategy to build biomass and anticipates a stronger performance in the second half of 2025.

The company harvested 1,100 tonnes of salmon in the first quarter, a significant decrease from 2,800 tonnes in the previous year. This reduction reflects the early harvest strategy and the company's focus on increasing biomass. Smolt operations, however, continued to perform well, with the Group on track to transfer a record-high number of smolt to sea in 2025. The alignment of harvest plant capacity with planned production underscores the company's strategic adjustments in response to current challenges.

Looking ahead, Icelandic Salmon is working closely with authorities to reinstate a license for 10,000 tonnes MAB of sterile salmon in Ísafjarðardjúp, a move that could bolster its operational capacity. The company remains committed to its integrated approach, controlling all parts of the value chain from egg to market delivery. With a presentation of the first quarter results scheduled, stakeholders are keenly awaiting further insights into the company's recovery plans and strategic direction.

Nokia has taken a significant step forward in its sustainability journey by securing a €1.5 billion five-year multi-currency revolving credit facility (RCF) that ties the cost of borrowing to the company's environmental performance. This innovative financial instrument underscores Nokia's commitment to reducing its carbon footprint, with the margin of the RCF adjusting based on the company's progress toward cutting greenhouse gas (GHG) emissions across its operations and value chain.

The new RCF, which replaces a previous €1.412 billion facility from 2019, includes two one-year extension options and links the pricing mechanism to two key sustainability targets: the reduction of absolute Scope 1 and 2 GHG emissions, and the reduction of absolute Scope 3 GHG emissions. These targets will be assessed annually, with any adjustments to the RCF margin impacting the following year, thereby incentivizing Nokia to meet its environmental objectives.

Marco Wirén, Nokia's Chief Financial Officer, expressed enthusiasm for the strong backing from banking partners in this refinancing transaction, highlighting the alignment of Nokia's financing strategy with its sustainability priorities. Subho Mukherjee, Vice President of Sustainability at Nokia, further emphasized the company's dedication to its climate transition plan, which aims to foster efficiency and innovation throughout its value chain.

Nokia's ambitious net-zero target by 2040, validated by the Science Based Targets initiative (SBTi), is a testament to the company's long-term commitment to environmental stewardship. The detailed operational approach to reducing GHG emissions, as outlined in Nokia's Net-Zero climate transition plan, reflects a comprehensive strategy to decarbonize its operations and supply chain. This latest financial move not only reinforces Nokia's sustainability agenda but also sets a precedent for how corporations can integrate environmental goals into their financial strategies.