Leroy Seafood Group (LYSFF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

And welcome to Læresif Group's fourth quarter presentation for 2025. My name is Henning Beltstad, CEO in Læresif Group, and with me today I have Sjur Malm, CFO. First of all, I will take you through the highlights in a quarter, then Sjur Malm will take you through the key financial highlights, and then I will come back and talk a little bit about the outlook going forward. Our goal is to create the world's most efficient and sustainable value chain for seafood. We are a fully integrated company both in redfish and in whitefish and are a total supplier of seafood. Our fully integrated value chain is our competitive advantage. Our customers are seeking sustainability and health, quality and traceability, stability and availability, and convenience. And we as a partner can help our customers with that. Highlights for the quarter. High profitability on higher spot prices for salmon and trout. Cost development in farming better than expected. Strong profitability in WAP sales and distribution, surpassing 2025 target of NOC 0.25 billion. And low quarters in Wildcatch, somewhat offset by significant price increase. The harvest guidance for Norway in 2026 will be around 95,000 ton as guided earlier. And the board proposed NOC 2.5 per share as a dividend for 2026. And for fourth quarter, we had an operational EBIT of $758 million compared to $799 fourth quarter 2024. We report in three segments, farming, wildcatch, bup sales, and distribution. And I will start with the highlights for the farming. Fourth quarter of 25 marks the end of the best year ever biologically, and we are very happy to see that. Record growth rates and biomass production, low mortality, high sub-share and higher harvest weights. And gradually improving prices through the quarter. The weighted SSI prices ...