Aerial view of Lerøy Midt aquaculture farm.
Photo: Lerøy Seafood Group.
Lerøy Seafood Group has presented its results for the second quarter of 2025, reporting an operational EBIT of NOK 680 million (EUR 57.1m / USD 66.5m) - a drop of almost 25% compared with the same period last year, when the company achieved an EBIT of NOK 906 million (EUR 77.6m / USD 86.3m).
Despite this, CEO Henning Beltestad said the quarter "clearly illustrates the robustness of our business model with a fully integrated value chain in a diversified seafood company."
In Lerøy's farming segment, operational EBIT reached NOK 256 million (EUR 21.5m / USD 25m). Lerøy said it achieved its highest-ever net growth for a second quarter, with strong biological indicators including high survival rates, a greater share of superior quality fish and higher average harvest weights. Production costs per kilo were also reported to be falling.
However, Beltsestad acknowledged that low salmon and trout prices due to increased global supply, had a significant impact on results. Contracts provided some stability, but spot prices remained weak, a trend that continues into the third quarter, the company said.
Beltestad also said that high sea temperatures in Norway at the start of Q3 presented a biological risk. The company continues to guide for a harvest volume of 195,000 GWT of salmon and trout for the full year.
"In the longer term, the increased supply helps us build markets, for example in China, which is positive for Lerøy, the industry, and Norway as an export nation," Beltestad stated via a press release.
"We continue to perform well in our submerged cages and experience positive effects from changes we have made in genetics and smolt production," he added.
Meanwhile, processing and sales operations under the VAP S&D division delivered operational EBIT of NOK 351 million (EUR 29.5m / USD 34.3m).
Beltestad said the improvement came from better utilisation of its processing capacity and closer work with major customers. The company maintains its goal of reaching NOK 1.25 billion in operational EBIT in this division by the end of 2025.
During the quarter, Leroy's Wild Catch business reported operational EBIT of NOK 148 million (EUR 12.4 / USD 14.5), helped by historically high cod prices.
However, Beltsetad warned that quotas for cod may be cut further in 2026, which would pose challenges for the seafood group's whitefish plants in Norway that depend on stable supply.
"We expect challenging times ahead in this segment," he said.
Overall, Beltestad said he was "pleased with the performance in the quarter," adding that the group is meeting the key targets for 2025 originally outlined at its Capital Markets Day back in 2022.
"We are entering a new strategy period and new targets will be set. I am optimistic about Lerøy’s development going forward," Beltsetad stated. "With our business model, we are well positioned, and we have a strong position with strategic customers. There is strong global demand for seafood, and we are gaining market share in important markets."
