Lerøy Seafood salmon and trout harvest increased by almost 45% in Q1 2025

Norway-based Lerøy Seafood reported its production results in Q1 2025. In this trading update, the increase in the salmon and trout harvest was especially noteworthy, which grew by almost 45%, while wild catches decreased.

Specifically, the Norwegian company's fish farming division - excluding fish farms in Scotland - recorded a harvest volume of 38,200 GWT (gutted weight tons) in the first quarter, compared to 26,400 tons in the same period last year. This is 11,800 tonnes more, an increase of 44.69%.

By region, and measured in 1,000 GWT, harvest volumes were 7.1 in Lerøy Aurora - compared to 6.0 in Q1 2024 -, 16.4 in Lerøy Midt - 13.7 in Q1 2024 -, and 14.8 in Lerøy Sjøtroll, of which 9.5 were trout - in Q1 2024 it was 6.7 of which 3.3 were trout -.

The company thus follows the trend already set in Q4 2024, when it reported "higher than expected" harvest volumes, remarkable after the sea lice problems recorded in Q3, which led it to announce a million investment in submerged cages.

Against these good results from the farming segment, in its trading update, the seafood corporation also said that, measured in 1,000 tons, total wild catch volumes of Lerøy Havfisk (Lerøy Sea Fish) reached 19.0, of which 3.6 were cod, a figure that contrasts with 24.1 in the first quarter of 2024, of which 6.7 were cod.

This means that, compared to the same period last year, wild catches decreased by 21.16% in general, but if we talk only about cod, this decrease reaches a drop of 46.26%. This downward trend had already started in the second and third quarters of 2024, when the company explained that it was due to quota restrictions.

"The outlook for wild catch is very challenging due to significant quota reductions in recent years. The quota advice for 2025 indicates further cuts. This development is undoubtedly challenging for this part of our business," Lerøy Seafood CEO Henning Beltestad had already said in August 2024, presenting the Q2 2024 results.

Also in the news this week is that Barclays has downgraded Lerøy Seafood from Equal Weight to Underweight - indicating that its shares are currently underperforming relative to their typical benchmarks - and set it at a target price of NOK 43.

Coinciding with the announcement of the entry into force of tariffs on imports into the U.S. - which will be 15% for Norwegian products - Barclays also downgraded another Norwegian salmon producer, Salmar.