Leroy 4Q operational EBIT NOK758M, est. NOK631.6

Leroy 4Q operational EBIT NOK758M, est. NOK631.6

Lerøy Seafood Group Reports Strong Q4 2024 Operational EBIT Amid Strategic Progress

Lerøy Seafood Group (LSG), a Norway-based seafood producer, reported a Q4 2024 operational EBIT of NOK 799 million (USD 70.9 million, EUR 68.2 million), exceeding the estimated . This represents a NOK 35 million year-over-year increase, driven by higher salmon and trout harvests and operational improvements. Total revenue for the quarter reached NOK 8.48 billion, up 3% from the prior year, while the company's salmonid harvest hit a record 56,776 gutted weight tons (GWT), a 20% rise.

The Farming segment, which includes operations across Norway, delivered an operational EBIT of NOK 594 million, improvement despite lower salmon spot prices. Scottish Sea Farms, a joint venture with SalMar, also contributed positively, achieving a record Q4 harvest of 9,026 GWT and an operational EBIT of NOK 93 millionaccording to Q4 results.

However, the Wild Catch segment faced headwinds due to low quotas, with Q4 revenues declining NOK 180 million year-over-year to NOK 510 million. While the segment posted a modest NOK 6 million operational EBIT in Q4, LSG warned that earnings will remain pressured in 2025 and potentially 2026.

In contrast, the Value-Added, Processing, Sales, and Distribution (VAPS&D) segment set a new quarterly revenue record of NOK 8.16 billion, with operational EBIT rising to . CEO Henning Beltestad attributed this to operational efficiencies and value-chain utilization.

Lerøy highlighted progress toward its 2025 strategic goals, including a target salmonid harvest of 205,000 GWT and NOK 1.25 billion EBIT for the VAPS&D segment as part of their strategic planning. Long-term initiatives in genetics, process improvements, and shielding technology are expected to further support growth in 2025.

Source: Lerøy Seafood Group Q4 2024 report, as reported by Seafood Source.