Norway · Delayed Price · Currency is NOK Lerøy Seafood Group ASA Earnings Call Transcripts
Fiscal Year 2026
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Q3 operational EBIT rose to NOK 459 million, driven by lower Farming costs and stronger Market Operations. Wild Catch faced lower prices and higher fuel costs; salmon supply is expected to flatten in 2027, with positive price development anticipated.
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Operational EBIT declined year-over-year but cost reductions and strong biological performance in farming supported margins. Wild catch segment raised EBIT guidance, and market operations improved sequential margins despite lower volumes. Dividend of NOK 2.5 per share paid.
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Operational EBIT fell to NOK 858 million in Q1 2026, mainly due to lower prices, while cost reduction initiatives and strong biological performance in farming continued. Wild Catch EBIT guidance was raised to NOK 350–400 million for 2026, and the equity ratio remains strong at 50%.
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A sharpened strategy targets NOK 50 billion turnover and NOK 1 billion cost reduction by 2030, with ambitious growth in farming, VAP, and wild catch segments. Operational improvements, cost leadership, and capital discipline are central, aiming for increased free cash flow and stable dividends.
Fiscal Year 2025
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Q4 2025 saw high profitability from strong salmon and trout prices, record EBIT in VAP, Sales and Distribution, and robust biological performance in farming. Wild Catch faced quota challenges but offset with higher prices. 2026 guidance targets stable volumes and lower costs.
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Low spot prices and biological challenges led to reduced profitability, but strong year-to-date performance and record results in VAP, Sales & Distribution segments. Harvest volumes rose 15% year-over-year, and debt was reduced, with positive outlooks for 2026 despite quota cuts.
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Strong biological performance and record VAP segment earnings offset lower salmon and trout prices, with operational EBIT down to NOK 680 million from NOK 906 million year-over-year. Guidance for 195,000 tons is maintained, and investments in technology and efficiency are driving long-term growth.
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Strong biological and operational improvements drove EBIT to NOK 1,049 million despite lower spot prices. VAP sales and distribution achieved record earnings, while wild catch faced quota challenges but benefited from higher prices. Dividend of NOK 2.5 per share proposed.
Fiscal Year 2024
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Q4 operational EBIT was ~NOK 800m, with stronger farming biology and record VAP profitability offsetting lower fish prices and reduced wild-catch quotas. 2025 guidance targets 200,000 tons of farming volume and improved VAP profitability.
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Record farming growth and stronger biology helped offset lower salmon prices, while Group Sales and Distribution posted record FY earnings. Low whitefish quotas remain a constraint; 2025 plans target higher farming volumes and downstream profitability.
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Q2 operational EBIT was NOK 906 million, as stronger farming and VAP performance partly offset a NOK 100 million Wild Catch decline. Harvest guidance remained unchanged, with biological gains supporting the 2025 Norwegian target of 200,000 tonnes.
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Operational EBIT was NOK 842m, down 15% YoY, while EPS fell 22%. Improved farming biology and VAP earnings supported results, but lower fishery quotas and farming price pressures weigh on the outlook.
Fiscal Year 2023
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Q2 delivered record revenue and NOK 950m operational EBIT, with stronger VAP and wild catch results. A NOK 1.7bn resource-tax implementation charge drove reported EPS negative; lower harvest guidance and biological challenges temper the outlook.
Fiscal Year 2022
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Q1 revenue and EBIT increased on strong prices, lifting farming and catching results, while extreme volatility pressured downstream profitability. Harvest guidance was unchanged, with H2 improvement expected in downstream operations.
Fiscal Year 2021
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Record Q3 turnover and harvest lifted EBIT before fair value adjustments, but lower harvest weights, biological issues and inflation held back margins. Strong demand, new capacity and growth investments supported the outlook.