Lerøy reports weak farming quarter, record earnings in value-added segment.
Lerøy Seafood Group reported operational EBIT of NOK 15 million ($1.49 million) for the third quarter of 2025, as low salmon prices and challenging biological conditions weighed on the Farming segment, while value-added processing, sales and distribution (VAPS&D) delivered record earnings.
Operational EBIT in Farming was NOK -306 million (-$30.29 million). The company said the average spot price in the quarter was NOK 8 ($0.79) per kilo lower than in the same period last year, while high sea temperatures and sea lice pressure increased costs per kilo. Management said biological performance for the year remains positive and that measures implemented earlier are showing improvements.
VAPS&D posted record operational EBIT of NOK 410 million ($40.59 million). Lerøy said the segment’s 12-month rolling operational EBIT is now in line with its NOK 1,250 million ($123.75 million) target announced in 2022, supported by strong demand and growth in Asian markets.
In Wild Catch, the third-quarter low season generated operational EBIT of NOK 3 million ($0.30 million). Record cod prices helped offset lower catch volumes. Lerøy said further reductions in cod quotas are possible in 2026, although an increase is expected from 2027.
For 2026, Lerøy expects Farming cost per kilo to decline from 2025 levels and the salmon market to stabilise after this year’s record supply growth. Harvest guidance for Norway remains 195,000 GWT in both 2025 and 2026. Including its share of Scottish Sea Farms, total harvest volume is expected to reach 211,800 GWT in 2025 and 217,500 GWT in 2026.
Chief executive Henning Beltestad described the quarter as mixed but said the company remains on track for long-term growth.
