Core Viewpoint - Lerøy Seafood Group ASA reported a consolidated operational EBIT of MNOK 1,049 for Q1 2025, an increase from MNOK 842 in the same period last year [1] Group 1: Farming Segment Performance - The Farming segment achieved an operational EBIT of MNOK 789, demonstrating strong performance despite lower spot prices for salmon and trout compared to last year [2] - Key contributors to the Farming segment's success include improvements in genetics, roe and smolt quality, shielding technology, and general process enhancements [2] - The measures implemented have positively affected fish welfare and financial results [2] Group 2: VAP S&D Segment Performance - The VAP S&D segment reported an operational EBIT of MNOK 212 in Q1 2025 and a record MNOK 924 on a rolling 12-month basis [3] - Increased volumes have led to higher utilization of the integrated value chain, while lower raw material prices have supported market growth [4] - Structured improvement efforts have resulted in several entities performing at higher levels than before [4] Group 3: Wild Catch Segment Challenges - The Wild Catch segment reported an operational EBIT of MNOK 148 in Q1 2025, facing challenges due to very low quotas [5] - Strong price trends in 2025 are noted, but the low quotas hinder full utilization of industrial capacities [5] Group 4: Regulatory Environment - The Norwegian government proposed changes in the aquaculture licensing regime, which could significantly impact the industry [6] - The company supports the Norwegian Seafood Federation's call for further analysis before major decisions are made by Parliament [6] Group 5: Market Development - The company is developing global markets for Norwegian salmon and trout, particularly in emerging markets like China, leveraging high volumes at lower prices [8] - A stable and competitive regulatory framework is deemed critical for the industry's future and for delivering sustainable seafood [9]