Lerøy fish farm in Uskedal, Hordaland, Vestlandet, Norway.
Photo: Lerøy Seafood Group.
In its Q2 2025 results report, Lerøy Seafood Group warned that seawater temperatures were high at the start of the third quarter, creating more biological challenges and increasing operational risk. However, the figures in the Q3 2025 trading update presented today have confirmed a good quarter, with salmon and trout harvest volumes higher than last year, even more than expected.
Although the Norwegian company did not provide exact figures in its previous report—it only pointed to a quarter-on-quarter increase in harvest volumes across all its regions—according to financial news agency Finwire, Bloomberg's estimate for Lerøy Seafood was a catch volume of 54,684 tons.
The figures we have learn today improve on that forecast. Lerøy's total harvest volume of salmon and trout for Q3 2025 was 59,100 gutted weight tons (GWT), of which 10.4 tons were trout. Compared to 51,400 GWT in the same quarter last year, this represents an increase of 14.98% or 7,700 GWT, but it is also more than 4,400 tons above Bloomberg's estimate.
Region by region, with a harvest of 21,400 tons, Lerøy Midt not only achieved the best overall result in Q3 2025 but also grew the most year-on-year, up 26.62% from Q3 2024, when 16,900 tons of salmon were recorded. Next was Lerøy Aurora, with a total of 20,100 tons in this third quarter, representing a 14.20% increase compared to the 17,600 tons in the same period last year.
Finally, in Q3 2025, Lerøy Sjøtroll recorded a total harvest of 17,600 tons, representing an increase of 4.76% from the 16,800 tons harvested in 2024, of which 10,400 tons were trout. Compared to Q3 2024, when 6,800 tons of trout were recorded in that region, if we consider only this species, the year-on-year increase was 52.94%.
As is customary in Lerøy Seafood reports, the figures in this trading update only include data from its Norwegian operations, excluding harvest volumes from Scottish Sea Farms, its operation in Scotland, which it co-owns with SalMar.
Likewise, Lerøy Seafood also reported its catch volumes of wild fish for Q3 2025. According to the data provided, total wild-catch volumes at Lerøy Havfisk in the third quarter of this year were 13,500, representing a slight increase of 1.50% —200 tons more— than the 13,300 recorded in the same period last year.
Of those 13,500 tons, 1,200 were cod. The figure represents a 20% decrease in catches of this species compared to last year's 1,500 tons. In other words, even with a higher total catch, the proportion of cod has decreased year-on-year.
Although Lerøy has not accompanied the figures with any explanation—the complete Q3 2025 report will be released on November 12—it is expected that the cause behind this decline in the amount of cod caught is the low quotas for this species in 2025.
According to the Norwegian Seafood Council's seafood exports report for August 2025, this decline in catches had negatively affected the total value of fresh cod exports, but it had also led to very high prices in domestic sales. We will have to wait until November to see how this has ultimately affected Lerøy Seafood Group's total figures.
