Lerøy Seafood Group ASA: Q4 2025 Results

LERØY SEAFOOD GROUP ASA: SOLID OPERATIONS AND GOOD BIOLOGICAL PERFORMANCE IN THE FOURTH QUARTER

 «Operational EBIT in the fourth quarter of 2025 amounted to NOK 758 million. The result reflects good underlying operations across the Group, with solid contributions from Farming and a very strong quarter in the Value-Added Processing, Sales and Distribution (VAP S&D) segment. Although the year has been characterised by low salmon prices, the fourth quarter demonstrates the effect of a robust and fully integrated value chain», says Henning Beltestad, CEO of Lerøy Seafood Group.

FARMING: IMPROVING PRICES TOWARDS THE END OF THE QUARTER AND GOOD BIOLOGICAL PERFORMANCE

Operational EBIT in the farming segment amounted to NOK 564 million in the fourth quarter of 2025, somewhat lower than in the corresponding period last year.

«Prices for salmon and trout improved significantly towards the end of the quarter, while biological performance was somewhat better than expected. Costs declined quarter-on-quarter, and we enter 2026 with a good biological situation», says Beltestad.

VAP S&D: DELIVERS ON THE AMBITIOUS EARNINGS TARGET PRESENTED IN 2022

The VAP S&D segment delivered an operational EBIT of NOK 317 million in the fourth quarter, an increase of 15 per cent compared with the same period last year. Operational EBIT for 2025 amounted to NOK 1,290 million, meaning that the ambitious target of NOK 1.25 billion set in 2022 has been achieved.

«We have built profitability over time through increased volumes, improved capacity utilisation and targeted improvement initiatives. This represents an important milestone for Lerøy, and 2025 is clearly the best year in the history of this segment», says the CEO.

WILD CATCH: HIGH PRICES, BUT LOWER QUARTERLY RESULT

The wild catch segment delivered an operational EBIT of NOK -29 million in the fourth quarter, compared with NOK 6 million in the same quarter last year. Lower catch volumes as a result of reduced quotas, combined with high raw material prices, impacted margins in the land-based industry.

OUTLOOK

For 2026, Lerøy expects lower cost per produced kilo in farming compared with 2025. Guided harvest volume in Norway remains unchanged at 195,000 GWT. Total volume, including Lerøy’s share of Scottish Sea Farms, is expected to amount to 216,500 GWT in 2026.

“Continued good biological development results in high harvest volumes and also affects salmon prices at the beginning of 2026. This leads to lower earnings in the short term, but the good biological situation is positive over the longer term. Over time, Lerøy has developed a strong and future-oriented value chain, and we look forward to presenting our strategy and long-term targets at the Capital Markets Days on 2-3 March 2026», concludes Beltestad.

Attachments

• LSG Q4 25 Report
• LSG Q4 25 presentation