Leroy Seafood Group (LYSFF) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to Leroy Sifo Group's third quarter presentation of 2025. My name is Henning Belsa, I'm the CEO in Leroy Sifo Group and with me today I have Sjur Malm CFO. First of all I will take you through the highlights of the quarter and then Sjur Malm will take you through the key financial highlights and then I will come back and talk about outlook. First of all, I want to share this slide, which I always do on my quarterly presentation. Our fantastic value chain. Our goal is to create the world's most efficient and sustainable value chain for seafood. We believe that our value chain is providing what our customers are seeking and we really see that our development in markets together with strategic customer is developing the right direction. Highlights of the quarter. It's been a quarter with low profitability on low spot prices for salmon and trout. It's been a challenging quarter in farming, but year-to-date development remains strong. Record earnings in the web sales and distribution segments. Low quarters in wildcatch offset by significant price increase. The harvest guidance for Norway in 2025 is reiterated at 195,000 tons. We see a positive working capital development and a net interest bearing debt reduced from 8.5 billion to 8.1 billion. Then I will go through the different segments where we repot. So we start with farming, then wildcatch and then at the end BAP sales and distribution. We start with farming. The spot prices are eight knock lower in the third quarter compared to the same quarter last year, which of course have had a negative effect on our operational EBIT. As guided in Q2, costs are up quarter on quarter in third quarter, following four consecutive quarters with cost reduction. It's a challenging biological development in this quarter, but bio...