Lerøy Seafood Group reported second-quarter EBIT of 574 million Norwegian kroner, a 15.6% decline from 680 million kroner in the same period last year, as market operations EBIT fell to 269 million kroner from 351 million kroner. The company’s stock slipped 1.49% to NOK 41.50 following the results.
Operational performance showed mixed trends. Wild catch volumes rose 5.6% year-over-year to nearly 19,000 tons, with cod, saithe, haddock and shrimp volumes all increasing. However, market operations EBIT margin improved to 3.5% from 2.5% in the first quarter, reflecting tighter cost controls in a softer pricing environment. Net debt increased by 8.4 billion kroner during the period.
The company has realized 402 million kroner of a 1 billion kroner cost-reduction program, with 521 million kroner still under execution. Primary processing operations are expected to weigh on full-year earnings by around 120 million kroner, though biological performance in farming units remained strong. Average harvest weights reached 4.8 kilos, up from 4.7 kilos a year ago, with low mortality rates in key regions.
Guidance was adjusted to reflect shifting market conditions. Wild catch EBIT guidance was raised to 400–450 million kroner from 350–400 million kroner, while farming harvest guidance was maintained at 195,000 tons for Lerøy’s own operations and 217,000 tons on a consolidated basis. Lerøy Aurora’s guidance was increased to 55,000 tons, while Lerøy Sjøtroll’s was reduced to 7,000 tons due to unusually low sea temperatures.
Long-term targets remain unchanged. The company is targeting 220,000 tons of farming output by 2030, up from a current run rate of around 193,000 tons, alongside a revenue goal of 50 billion kroner and market operations EBIT of 2 billion kroner on a rolling 12-month basis. Dividends for 2025 totaled 1.5 billion kroner, marking 24 consecutive years of payouts at 2.5 kroner per share.
CEO Henning Beltestad emphasized the company’s focus on building “the world’s most efficient and sustainable value chain for seafood,” while noting that the “extreme increase in supply is, in a way, over.” CFO Sjur Malm described primary processing as a stable but low-margin business that remains integral to operations.
