Lerøy Seafood Group (LSG) Q2 2025 earnings summary

Executive summary

• Revenue grew 15% year-over-year to NOK 8,826m in Q2 2025, driven by higher harvest and sales volumes despite a sharp drop in salmon and trout prices; record net growth and high survival rates achieved across farming segments.

• Operational EBIT fell 25% year-over-year to NOK 680m, mainly due to lower prices in the Farming segment, partially offset by record results in VAPS & D and improved Wild Catch profitability.

• Record earnings in the VAPS & D segment, driven by structural improvements and strong demand.

• Wild catch segment faced lower quotas but offset by significant price increases, supporting EBIT growth.

• Dividend of NOK 2.50 per share paid during the quarter.

Financial highlights

• Revenue: NOK 8,826m in Q2 2025 (+15% y-o-y); operational EBIT: NOK 680m (-25% y-o-y); operational EBITDA: NOK 1,138m (-12% y-o-y).

• EPS was NOK 0.75, nearly flat year-over-year.

• Salmon and trout harvest volume rose 33% to 48,898 GWT.

• Net interest-bearing debt increased to NOK 8,461m, mainly due to dividend payment.

• Equity ratio stands at 49%, maintaining an investment-grade balance sheet.

Outlook and guidance

• 2025 harvest guidance for Norway maintained at 195,000 GWT, with a total group target of 211,000 tons including Scottish Sea Farm.

• VAPS & D EBIT target of NOK 1.25bn for 2025 appears achievable.

• Wild catch quotas for 2025: Cod -32%, Haddock -2%, Saithe North unchanged, Saithe South +40%; further quota reductions expected in 2026.

• Positive biological development expected in H2 2025, though high sea temperatures present challenges.

• Capex for 2025 expected at NOK 2.0bn, in line with 2024.