Lerøy Seafood Group has delivered a strong fourth quarter in 2025 despite challenging salmon prices.
The company reported operational EBIT of NOK 758 million (€67 million) for the quarter, citing solid operations and strong biological performance.
“This result reflects good underlying operations across the group, with solid contributions from Farming and a very strong quarter in the Value-Added Processing, Sales and Distribution segment,” said chief executive Henning Beltestad.
“Although the year has been characterised by low salmon prices, the fourth quarter demonstrates the effect of a robust and fully integrated value chain.”
The Farming segment delivered operational EBIT of NOK 564 million (€50 million), slightly below the same period last year. Prices for salmon and trout strengthened toward the end of the quarter, while biological performance exceeded expectations and costs declined quarter-on-quarter.
“Prices for salmon and trout improved significantly towards the end of the quarter, while biological performance was somewhat better than expected. Costs declined quarter-on-quarter, and we enter 2026 with a good biological situation,” Beltestad said.
The Value-Added Processing, Sales and Distribution segment reported operational EBIT of NOK 317 million (€28 million) in the quarter, up 15% year-on-year. For the full year 2025, operational EBIT reached NOK 1,290 million (€114 million), surpassing the NOK 1.25 billion (€110 million) target set in 2022.
“We have built profitability over time through increased volumes, improved capacity utilisation and targeted improvement initiatives. This represents an important milestone for Lerøy and 2025 is clearly the best year in the history of this segment,” added Beltestad.
The Wild Catch segment recorded operational EBIT of NOK -29 million (€-2.6 million), reflecting lower quotas and high raw material prices.
For 2026, Lerøy expects lower farming costs per kilo and a harvest volume of 195,000 GWT in Norway, rising to 216,500 GWT including its share of Scottish Sea Farms. Beltestad concluded that while strong biological development may weigh on short-term prices, it positions the group positively for long-term growth.
