Lerøy Seafood Group ASA: Farming negatively affected by low salmon prices, but strong earnings in VAPS&D

12 Nov 2025 06:30 CET

Operational EBIT in the third quarter of 2025 was NOK 15 million, reflecting a
challenging quarter for the Farming segment with low salmon prices and difficult
biological conditions driven by high sea temperatures. Looking at the year,
however, the development in Farming remains positive. The value-added
processing, sales and distribution (VAPS&D) segment delivered very strong
results in the quarter, says CEO of Lerøy Seafood Group, Henning Beltestad.

FARMING: GOOD BIOLOGICAL PERFORMANCE SO FAR THIS YEAR, DESPITE A CHALLENGING
THIRD QUARTER

Operational EBIT for the third quarter of 2025 ended at NOK -306 million in the
Farming segment.

"The spot price for salmon in the third quarter was NOK 8 per kg lower than in
the same period last year. As previously communicated, cost per kg is higher
than in the previous quarter, driven by high sea temperatures and significant
sea lice pressure. This has resulted in a weak quarter for Farming, but viewed
over a longer period, we are heading in the right direction. The measures we
have implemented are showing clear improvements," continues the CEO.

VAPS&D: LAST 12 MONTHS' EARNINGS IN LINE WITH AMBITIOUS TARGET

The segment's operational EBIT reached a record-high NOK 410 million in the
third quarter of 2025. This means the 12-month rolling operational EBIT is in
line with the ambitious target of NOK 1,250 million announced in 2022.

"This segment continues its strong development. We see high demand for our value
chain and strong growth in Asia, where we are now building markets," says
Beltestad.

WILD CATCH: CONTINUED STRONG PRICE DEVELOPMENT

"The third quarter is the low season for our Wild Catch segment, and operational
EBIT came in at NOK 3 million. Record-high cod prices continue and offset the
decline in catch volumes. There are prospects for further reductions in already
low cod quotas in 2026. However, there are indications that the quota will
increase again from 2027," says Beltestad.

OUTLOOK FOR 2026: LOWER COST PER KG AND CONTINUED GROWTH IN VAPS&D

"This has been a mixed quarter for us, but from a long-term perspective, we see
positive development. We expect cost per kg in Farming to be lower in 2026 than
in 2025. We also expect a more balanced salmon market in 2026, following the
stabilization of the record-high supply growth in 2025," Beltestad points out.

Expected harvest volume for our Norwegian operations in 2025 remains unchanged
at 195,000 GWT, with the same expected for 2026. Including our share of Scottish
Seafarms, total volume is expected to reach 217,500 GWT in 2026, compared with
211,800 GWT in 2025.

"I remain confident in the future of Lerøy and look forward to continuing to
develop the company together with our employees in the years ahead," concludes
Beltestad.

More information:
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659367_LSG Q3 25 report.pdf
659367_LSG Q3 25 presentation.pdf