Leroy Seafood Group 2026年第二季度财报电话会议纪要

发布时间：2026-08-19 一、AI总结内容 一、核心要点 1. 公司为全球领先海鲜供应商，1899年创立， fully integrated价值链，业务覆盖全球80+国家，2025年营收340亿挪威克朗，运营EBIT25亿挪威克朗，总加工量34万吨。 2. 2026年第二季度运营EBIT5.74亿挪威克朗，同比下降；全年运营EBIT指引上调至4-4.5亿挪威克朗。3. 养殖业务：生物学表现强劲，成本下降，195万吨养殖量指引未变，2030年目标220万吨，成本低于2025年。4. 野生捕捞业务：表现强劲，营收改善，2030年目标EBIT20亿欧元。二、业务板块近况 1. 养殖板块：低死亡率、高收获重量，价格与去年持平，成本下降；各区域发展良好，部分区域收获量上调。 2. 野生捕捞板块：2026年第二季度捕捞量同比降6%，单价同比升；剩余配额充足，利润超预期。3. 市场运营板块：销售总量微降，利润率略降，消费者产品板块盈利不及预期，预计下半年改善；primary processing整合至该板块，预期1.2亿挪威克朗效益。三、战略与目标 1. 短期目标：2026年实现10亿挪威克朗成本削减，已完成4.02亿，剩余5.21亿在执行中。 2. 长期目标：2030年养殖量220万吨，市场运营EBIT20亿欧元，保持低成本优势。 四、风险与关注点 1. 三文鱼养殖受水温低影响增长放缓，价格因供应增长承压。2. 市场运营板块利润率承压，需关注下半年改善情况。3. 饲料成本、燃油成本上涨或影响盈利能力。 二、音频原文（转写） volumes are slightly down, but also we have thenreduced fuel consumption and the fuel price, and these are key factors together with continuedhigh prices to why we now estimate profitabilitybetween 400 and 450 million on operation EBIT level, which is a significant increase from sub 300 million last year. So then we have a look forward and I give the word to you, Annie. Sure, then I will take a short outlook at the end. We start with the Atlantic salmon supply side. And I think the first thing we should look at is the increase in supply of 12. and a death year. We see in 2026, we see a global increase of 29, about3%. But I think most of this. increase and allalready been taken out in 2026. And I think going forward, we will see lower volume globally into the market And we also expect. 诶 Yes, I see your point. six percent increase in supply growthfor 2027. So the extreme increase in and supplyis in a way. over. And we also see that the major markets. 诶 is the morning more more Atlantic salmon. and especially the overseas markets. So And we see running into the summer in July and inAugust, we also see that the debt demand is increasing with higher prices than last year. if you look at the different segments of inillary weas i said we have a very strong biological performance and we believe that this will continue the cost reduction programme is progressing as planned this would significantly reduce the impactof higher feed price and which is expected in twenty twenty seven we expect a harvest volume ofone hundred and ninety five thousand on this. and we believe that we have with the biological improvements that we're doing in the farming valuechain. We believe that we are on a good track.to. to Also for our long term. GOALS why catch price development outweighs lower catch volumes and significantly higher fuel price a positive operational development in land industry also starting to show in financial is really good to seeand we believe that this improvement program that has been running in the industry. of Whitefishis really starting to show results. Market operation, lower settlement and drill process are building markets the last couple of years. increased demand for integrated sustainable value chainええ。 strong demand in the mercury markets. and for second half of 2026 operational leave it is expect ed to be in the same way as H 呃。H 22025. and wein the long term the guidance and long and longterm ambitions 诶 repeat in farming 195 dozen tonnes. in the short term cost per kilo lower than2025 for the whole year 26. and we keep We believe that we are on a track to. to to two hundredand twenty thousand tonne. in volumes in 2030 and also the number one relatively cost position and all the. Grecious. 诶 and. to wildcatch pricedevelopment also a lower quota and a higher fuelcost. and indicative operational leverage of 450 million and for twenty thirty profitability growth with the quota growth as we see that therewill be a growth for the expectation for quota is ten percent up for for coden about seventy percent for haddock market operations twenty six compared to twenty twenty five continued growth atslightly lower margins and we believe that we are all So with the improvement programmes and inthis segment we also believe that we have a good direction towards the 2 billion euro EBIT forthis segment. Then at the end, I want to dig a little bit into new technologies that we are doing in farming and we are doing a lot and we havethe shielded technology and the submarch. farming. which we have been. pioneer in the development of this. And we are doing laser. technology. We are doing a semi-coast Uh systems. we are doing. Yes, and the technology improvements and development is really going fast. and I know we. especially for this region, which has been historically the most challenging region. we are now investing into closed. 诶 え。 caches. 诶 from end of this year. and we have made a small movie showing. how this will look andwe have great expectation that this technology would make great improvements also will give us in a better position to increase the volume in the vest. the west region. Thank you very much andenjoy the movie. Impact this quarter of the mat uration on drought, which was around 10 million.okay, also. 找真的过程。 And we said that t