Aerial view of Lerøy Midt aquaculture farm.
Photo: Lerøy Seafood Group.
Lerøy Seafood, one of Norway’s leading seafood companies, has reported strong financial results for the first quarter of 2025. The company recorded an operational EBIT of NOK 1,049 million, up from NOK 842 million during the same period last year.
In Q1 2025, the Farming segment alone achieved an operational EBIT of NOK 789 million, which the company attributes to several internal measures including work on fish genetics, better roe and smolt quality, the introduction of shielding technology, and general process improvements.
In its previous operational update for the first quarter, the company reported that its salmon and trout harvest volumes had increased by almost 45%.
“This is a strong performance in a quarter marked by significantly lower spot prices," said CEO Henning Beltestad in a news announcement. "We are pleased with the development in Farming and see that the measures we have implemented are having a positive effect on fish welfare and thereby also our financial results.”
Lerøy’s VAP S&D segment, which covers value-added processing and global sales and distribution, also reported significant gains, with an operational EBIT of NOK 212 million for the quarter, reaching a record NOK 924 million over the last 12 months.
“VAP S&D continues its positive trajectory. Large volumes contribute to higher utilization of our integrated value chain, and lower raw material prices support market growth. It is encouraging to see that as a result of structured improvement efforts, several of our entities are now performing at higher levels than before,” Beltestad said.
Meanwhile, Lerøy Seafood's Wild Catch segment generated an operational EBIT of NOK 148 million in the first quarter. "The first quarter is high season, and the very low quotas present a significant challenge. Price trends in 2025 have been strong, but until quotas recover to higher levels, it is challenging to fully utilize our industrial capacities,” Beltestad noted.
The Norwegian government’s recently published Aquaculture Report proposes major changes to the country’s aquaculture licencing system, suggesting a shift from a biomass-based regime to one governed by sea lice quotas, with a target of a 5% mortality rate - a proposal which has been echoed in recent days by Norwegian veterinary associations.
However, in its quarterly report announcement, Lerøy expressed reservations about the proposed changes, arguing that they "are far-reaching, and it is very difficult to assess the full consequences".
“At Lerøy, we support the view of the Norwegian Seafood Federation that further analysis is needed before Parliament can make major principle-based decisions," Beltestad said.
The CEO referred to the company's efforts to tackle the sea lice problem by using submerged pens - a technology Beltestad has previously predicted will become "an important growth driver for Lerøy".
"For salmon harvested in the quarter, treatment frequency was reduced by 75% for salmon from submerged pens compared to traditional pens. Even today, incentives to solve lice challenges are strong and drive innovation,” Beltestad said.
"After several years of regulatory turmoil, we urge authorities to ensure predictable, stable, and competitive framework conditions. This is critical for us to continue delivering healthy, sustainable, and tasty seafood to the global market – to the benefit of the industry and the future of coastal Norway,” the CEO added.
Looking ahead, Beltestad said the company continues to develop the global market for Norwegian trout and salmon, "particularly in emerging markets like China".
"This is positive for the entire industry and for value creation in Norway," Beltestad said.
