Lerøy Seafood reports higher Q1 EBIT on improved farming and VAP performance.
Lerøy Seafood Group reported consolidated operational EBIT of NOK 1.05 billion ($100.8 million/€90.6 million) for the first quarter of 2025, up from NOK 842 million ($80.8 million/€72.6 million) in the same period last year, driven by improved farming operations and continued growth in its value-added processing, sales, and distribution (VAP S&D) segment.
The farming segment delivered operational EBIT of NOK 789 million ($75.8 million/€68.1 million), supported by improvements in genetics, roe and smolt quality, shielding technology, and process enhancements. CEO Henning Beltestad said these measures had contributed to stronger fish welfare and financial performance despite lower spot prices for salmon and trout.
The VAP S&D segment posted an operational EBIT of NOK 212 million ($20.3 million/€18.3 million) for the quarter and NOK 924 million ($88.8 million/€79.7 million) on a rolling 12-month basis, setting a new record. Beltestad said lower raw material prices and higher volumes were supporting market growth and better utilization of the company’s integrated value chain.
In wild catch, operational EBIT was NOK 148 million ($14.2 million/€12.8 million), with high prices driven by low quotas, which continue to limit the group’s ability to fully utilize industrial capacity.
Beltestad reiterated the company’s support for further analysis of the Norwegian government’s proposed shift to a lice quota system, cautioning that the full implications of the policy change remain unclear.
He also emphasized the importance of regulatory stability to support growth in emerging markets such as China, where Lerøy is expanding its market for Norwegian salmon and trout.
