Lerøy outperforms Q1 expectations but still records 22% drop in profits compared to 2023

Matthew Wilcox

Leroy has reported robust biological development in the farming segment, with fish showing good growth despite cold sea temperatures.

Norwegian seafood giant Lerøy Seafood Group has announced its financial results for the first quarter of 2024, highlighting significant progress in biological performance and fish welfare.

The company reported an operational EBIT of NOK 842 million ($78.31 million) against estimates of NOK 815 million ($76 million) collected by Infront for TDN Direkt. This represent a drop of 15% compared to Q1 2023.

Financial Performance:

  • Consolidated Operational EBIT: NOK 842 million ($78.31 million)
    • Farming Segment: NOK 576 million ($53.57 million), compared to NOK 742 million ($69 million) for Q1 2023. Nevertheless, the company hailed the strong biological development despite low harvest volumes.
    • Wild Catch Segment: NOK 187 million ($17.39 million), benefiting from high catch volumes and elevated cod prices, although future challenges are anticipated due to reduced quotas from the new quota report.
    • Downstream Operations (VAP S&D): NOK 176 million ($16.37 million), supported by operational improvements, high capacity utilization in Norway, and increased product prices.

Key Developments:

  • Biological Performance: CEO Henning Beltestad reported robust biological development in the Farming segment, with fish showing good growth despite cold sea temperatures. Scottish Sea Farms also showed notable improvements in biology and earnings.
  • Fish Welfare Investments: Lerøy has implemented shielding technology, reducing the need for sea lice treatments and improving overall fish robustness. The company has also made advancements in genetics and process improvements in roe and smolt production, leading to better fish growth. An increased share of trout production at Lerøy Sjøtroll is expected to enhance biological performance.
  • Strategic Goals for 2025: Lerøy aims to achieve ambitious strategic goals, including a harvest target adjustment for Norway in 2025 to 200,000 GWT due to reduced license capacity. The company is confident in further progress in VAP S&D, leveraging its integrated value chain for better utilization and financial outcomes.


  • Challenges Ahead: The Wild Catch segment faces challenges due to lower quotas, but the company’s integrated value chain and strategic initiatives in fish welfare are expected to contribute to achieving its 2025 goals.

Lerøy Seafood Group is a global seafood company headquartered in Bergen, with around 6,000 employees handling 350,000 to 400,000 tons of seafood annually. The group’s ambitious goals include a 46% reduction in greenhouse gas emissions by 2030.


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