Lerøy Seafood profits tumble 96% year-on-year, offset by record processing results

Lerøy Seafood Group has released its results for the third quarter of 2025, revealing profits plummeted by 96% year-on-year. The group reports an operational EBIT of NOK 15 million (EUR 1.3m / USD 1.4m) during the quarter, compared with the NOK 412 million (EUR 35.7m / USD 37.9m) registered in Q3 2024.

The fall in EBIT was largely due to Lerøy's Farming segment, which CEO Henning Beltestad said faced weak salmon prices and biological challenges caused by high sea temperatures. However, Lerøy's results were buoyed up by its value-added operations, which delivered record results, the company reports.

Lerøy reports that operational EBIT in its Farming division dropped to NOK -306 million (€26.5 million / USD 28.1 million), compared with NOK 310 million (€26.9 million / USD 28.5 million) in Q3 2024.

“The spot price for salmon in the third quarter was NOK 8 per kg lower than in the same period last year," Beltestad said.

"As previously communicated, cost per kg is higher than in the previous quarter, driven by high sea temperatures and significant sea lice pressure. This has resulted in a weak quarter for Farming, but viewed over a longer period, we are heading in the right direction," he stated.

While biological conditions also affected last year’s results, in 2024 Lerøy described the impact as having only “slightly moderated growth.” The 2025 report, however, pointed to a far steeper hit to earnings. Despite this, Beltestad said that measures taken to improve fish health and efficiency are showing results, and he expects lower farming costs in 2026.

In contrast, Lerøy's value-added processing, sales and distribution (VAPS&D) segment almost doubled its quarterly profit year-on-year.

Operational EBIT for this segment reached NOK 410 million (EUR 35.5m / USD 37.7m), up from NOK 220 million in the same period last year. The company reports that the 12-month rolling figure has now reached NOK 1.25 billion (EUR 108m / USD 115m), achieving the ambitious target set in 2022.

“This segment continues its strong development. We see high demand for our value chain and strong growth in Asia, where we are now building markets,” Beltestad said.

Meanwhile, Lerøy's Wild Catch segment, which recorded a NOK -58m loss in Q3 2024, returned to a small profit in the third quarter of 2025 with an operational EBIT of NOK 3 million (EUR 260,000 / USD 275,000).

"The third quarter is the low season for our Wild Catch segment, and operational EBIT came in at NOK 3 million. Record-high cod prices continue and offset the decline in catch volumes,” Beltestad said.

"There are prospects for further reductions in already low cod quotas in 2026. However, there are indications that the quota will increase again from 2027," he suggested.

Lerøy indicated it expects harvest volumes for Norway to remain stable at 195,000 tonnes in both 2025 and 2026, unchanged from the forecast issued at the end of Q3 2024. Including Scottish Sea Farms, total expected harvests have been revised slightly upwards to 217,500 GWT in 2026, compared with 211,000 GWT projected last year.

“We expect cost per kg in Farming to be lower in 2026 than in 2025. We also expect a more balanced salmon market in 2026, following the stabilization of the record-high supply growth in 2025,” Beltestad said.

“I remain confident in the future of Lerøy and look forward to continuing to develop the company together with our employees in the years ahead,” the CEO concluded.