Lerøy Seafood Group ASA: Solid operations across all segments, strong earnings in VAP S&D and Wild Catch
“We delivered solid operations across all segments in the second quarter, resulting in an operational EBIT of NOK 680 million in the quarter. The quarter clearly illustrates the robustness of our business model with a fully integrated value chain in a diversified seafood company,” says CEO of Lerøy Seafood Group ASA (LSG), Henning Beltestad.
FARMING – STRONG BIOLOGICAL PERFORMANCE BUT LOW PRICES FOR SALMON AND TROUT.
Operational EBIT in the second quarter of 2025 ended at NOK 256 million in the Farming segment.
“LSG achieved its highest net growth ever for a second quarter. Survival rates are high, the share of superior quality is high, and the average harvest weight has increased, while cost per kg is declining. This is due to a very strong biological performance. We see a more challenging start to the third quarter, where high sea temperatures in Norway imply increased biological risk. The guided harvest volume of salmon and trout for 2025 remains at 195,000 GWT.
Low prices for salmon and trout, driven by strong supply growth, naturally impact results in the quarter, while contracts provide some earnings stability. Low spot prices continued into the third quarter. In the longer term, the increased supply helps us build markets, for example in China, which is positive for Lerøy, the industry, and Norway as an export nation.
We continue to perform well in our submerged cages and experience positive effects from changes we have made in genetics and smolt production,” comments Beltestad.
VAP S&D – CLOSER TO AMBITIOUS EBIT TARGET AFTER A STRONG QUARTER.
Operational EBIT for the quarter ended at NOK 351 million in Q2 2025. This represents the tenth consecutive quarter of growth in 12-month rolling operational EBIT.
“This segment, which handles sales and processing of seafood, continues its positive development driven by improved capacity utilization and strengthened activity towards key customers. We are steadily moving closer to our target of NOK 1,250 million in operational EBIT in this segment for 2025,” says the CEO.
WILD CATCH – STRONG QUARTER ON HIGH PRICES. OUTLOOK FOR LOWER QUOTAS IN 2026.
“We delivered a very solid operational result of NOK 148 million in the second quarter, above our expectations. Prices, particularly for cod, are historically very high. There are prospects for further reductions in already low cod quotas in 2026. This is especially challenging for our whitefish factories in Lerøy Norway Seafoods, which depend on volumes to perform well. We expect challenging times ahead in this segment,” says Henning Beltestad.
LERØY’S FULLY INTEGRATED VALUE CHAIN IS THE FUTURE.
“I am pleased with the performance in the quarter, and we are delivering on the 2025 key targets communicated at our Capital Markets Day in 2022. We are entering a new strategy period and new targets will be set. I am optimistic about Lerøy’s development going forward. With our business model, we are well positioned, and we have a strong position with strategic customers. There is strong global demand for seafood, and we are gaining market share in important markets,” concludes Beltestad.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
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