• Earnings growth: Q2 revenue grew almost 33% and PAT almost 83%; for H1, PAT grew 45% and the top line 32%. Management attributed the Q2 result to improvement across salmon aquaculture, sports, domestic businesses and geosynthetics.
• Margin outlook: H1 margins were back at 18%, and the company is trying to retain that level in Q3 and Q4. Raw-material inflation and higher freight rates are pressures, while container availability and shipment delays remain concerns.
• Salmon demand: Q3 visibility from salmon aquaculture customers is good, and management described the outlook as promising. Norway offers potential entry to a top third or fourth customer, the UK market is recovering, and Chile is stable, with customer CapEx discussions underway.
• U.S. sports: Growth reflects replenishment after customers depleted inventories during last year’s tariff uncertainty, alongside higher share from smaller customers and retention of key accounts. The segment recorded strong growth in both volume and margins.