Thanks to shielding technology, the frequency of lice treatments in submerged cages has been reduced by up to 85%.
Lerøy Seafood Group
Lerøy Seafood Group achieved the highest biomass production at sea in its history in 2024, with an unexpected growth in harvest volumes and nearly maximum license utilization by the end of the year. This is how CEO Henning Beltestad summarized the company’s latest results in the fourth quarter of 2024 and the entire year of 2024.
In mid-January, the Group released its trading update for the fourth quarter of 2024, indicating significant growth in its salmon and trout harvest volumes compared to Q4 2023. Now, it informed that the farming segment delivered an operational EBIT of MNOK 594 for the quarter.
Additionally, Beltestad stated that thanks to shielding technology, the frequency of lice treatments in submerged cages has been reduced by up to 85% compared to traditional aquaculture, which translates into good economic results.
Finally, the CEO reminded that the Group's results are being impacted by historically low quota levels and emphasized the efforts of its 1,000 employees in maximizing their value. The Wild Catch segment reported an operational EBIT of MNOK 6 in the fourth quarter and MNOK 130 for 2024.
Lerøy aims to reduce its greenhouse gas emissions by 46% by 2030. Since the greatest impact comes from fish feed, a few days ago, it introduced chicken by-products as an ingredient in fish feed with the help of its feed supplier, EWOS.
EWOS's raw materials have been tested, yielding good results for fish health and product quality. Additionally, Lerøy has an extensive monitoring program that tracks the process from suppliers to the finished product.
"This initiative is expected to reduce the carbon footprint of the feed used by Lerøy by up to 16%. This is circular economy in practice," says Beltestad.
By 2025, the Group aims to improve genetics, egg and smolt quality, general process improvements, and shielding technology use.
"In 2025, we plan to invest a further MNOK 500 in shielding technology, and approximately 40% of the salmon we harvest in 2025 will be from shielding technology," he advanced.
Moreover, in the VAP S&D segment, they expect to increase earnings in 2025 toward their challenging target of an operational EBIT of NOK 1.25 billion.
"The goal of a harvest of 200,000 GWT for our operations in Norway in 2025 is ambitious but achievable," Beltestad concluded.
