Lerøy Seafood Group ASA: Farming negatively affected by low salmon prices, but strong earnings in VAPS&D

Operational EBIT in the third quarter of 2025 was NOK 15 million, reflecting a challenging quarter for the Farming segment with low salmon prices and difficult biological conditions driven by high sea temperatures. Looking at the year, however, the development in Farming remains positive. The value-added processing, sales and distribution (VAPS&D) segment delivered very strong results in the quarter, says CEO of Lerøy Seafood Group, Henning Beltestad.

FARMING: GOOD BIOLOGICAL PERFORMANCE SO FAR THIS YEAR, DESPITE A CHALLENGING THIRD QUARTER

Operational EBIT for the third quarter of 2025 ended at NOK -306 million in the Farming segment.

“The spot price for salmon in the third quarter was NOK 8 per kg lower than in the same period last year. As previously communicated, cost per kg is higher than in the previous quarter, driven by high sea temperatures and significant sea lice pressure. This has resulted in a weak quarter for Farming, but viewed over a longer period, we are heading in the right direction. The measures we have implemented are showing clear improvements,” continues the CEO.

VAPS&D: LAST 12 MONTHS’ EARNINGS IN LINE WITH AMBITIOUS TARGET

The segment’s operational EBIT reached a record-high NOK 410 million in the third quarter of 2025. This means the 12-month rolling operational EBIT is in line with the ambitious target of NOK 1,250 million announced in 2022.

“This segment continues its strong development. We see high demand for our value chain and strong growth in Asia, where we are now building markets,” says Beltestad.

WILD CATCH: CONTINUED STRONG PRICE DEVELOPMENT

“The third quarter is the low season for our Wild Catch segment, and operational EBIT came in at NOK 3 million. Record-high cod prices continue and offset the decline in catch volumes. There are prospects for further reductions in already low cod quotas in 2026. However, there are indications that the quota will increase again from 2027,” says Beltestad.

OUTLOOK FOR 2026: LOWER COST PER KG AND CONTINUED GROWTH IN VAPS&D

“This has been a mixed quarter for us, but from a long-term perspective, we see positive development. We expect cost per kg in Farming to be lower in 2026 than in 2025. We also expect a more balanced salmon market in 2026, following the stabilization of the record-high supply growth in 2025,” Beltestad points out.

Expected harvest volume for our Norwegian operations in 2025 remains unchanged at 195,000 GWT, with the same expected for 2026. Including our share of Scottish Seafarms, total volume is expected to reach 217,500 GWT in 2026, compared with 211,800 GWT in 2025.

“I remain confident in the future of Lerøy and look forward to continuing to develop the company together with our employees in the years ahead,” concludes Beltestad.

Attachments

• LSG Q3 25 presentation
• LSG Q3 25 report