Bergen, Norway-headquartered Lerøy Seafood Group (LSG) has reported solid operational performance in the fourth quarter of 2025, with strong contributions from its Farming segment and positive results in its downstream VAP, Sales, and Distribution (VAPS&D) arm.
According to its Q4 2025 financial report, LSG’s operational EBIT totaled NOK 758 million (USD 79.2 million, EUR 67.2 million) in the three-month period, a decrease of NOK 41 million (USD 4.3 million, EUR 3.6 million) compared to the corresponding period of 2024. Its revenues for the closing three months of the year amounted to NOK 8.83 billion (USD 922.2 million, EUR 782.5 million) – up NOK 355 million (USD 37.1 million, EUR 31.5 million) year over year.
Delivering the quarter’s results, CEO Henning Beltestad said the numbers achieved reflect the resilience of Lerøy’s fully integrated value chain, especially in a year defined by low salmon prices globally.
The company’s Farming division, comprising the Norwegian farming regions of Lerøy Aurora (located in Troms and Finnmark), Lerøy Midt (located in Nordmøre and Trøndelag), and Lerøy Sjøtroll (located in Vestland), achieved a Q4 2025 operational EBIT of NOK 564 million (USD 58.9 million, EUR 50 million), marking a NOK 30 million (USD 3.1 million, EUR 2.7 million) decrease. This performance, the company said, was supported by higher prices toward the end of the quarter and better-than-expected biological performance in Norway.
Costs declined quarter over quarter in the segment, with Beltestad stating that it has entered 2026 with a strong biological position.
The company harvested 49,200 gutted weight tons (GWT) of salmon and trout in Q4 2025, down from 56,800 GWT in the corresponding period of 2024.
“Q4 2025 marks the end of our best year ever biologically,” Beltestad said. “We were very happy to see record growth rates and biomass production, lower mortality, a higher superior share and higher harvest weights, and gradually improving prices through the quarter.”
Though LSG’s Norwegian operations performed adequately in the closing quarter of 2025, the period proved “very challenging” for Scottish Sea Farms, which is 50 percent owned by LSG. The joint venture produced a harvest of just 5,489 GWT – a decrease of 39 percent year over year. Beltestad said there were significant biological challenges at several sites, with incident-based mortality related to amoebic gill disease impacting performance.
“Going forward, we are in a good place now, and we believe [Scottish Sea Farms] will deliver 43,000 GWT in 2026,” he said.
That projection is down 2,000 GWT on the previous guidance for Scottish Sea Farms.
Its guided harvest volume for 2026 in Norway remains unchanged at 195,000 GWT, while total volume, including its 50 percent of Scottish Sea Farms production, is expected to reach 216,500 GWT.
The company cautioned that strong biological development and high harvest volumes may continue to pressure salmon prices in early 2026, impacting short-term earnings, but stressed the situation is more positive over the longer term.
“We are in a good place in Farming, and we believe that this segment will perform well going forward with stable biology, good quality and also high average fish weights,” Beltestad said.
Elsewhere, the group’s standout performer in Q4 was its VAPS&D segment, which reported operational EBIT of NOK 317 million (USD 33.1 million, EUR 28.1 million), up 15 percent year over year. For the full year 2025, its operational EBIT reached NOK 1.29 billion (USD 134.8 million, EUR 114.3 million), surpassing the NOK 1.25 billion (USD 130.6 million, EUR 110.8 million) earnings target set in 2022.
Driven by higher volumes, improved capacity utilization, and targeted operational improvements, this was the strongest year on record for the segment, Beltestad said.
“It's surpassed the ambitious target of NOK 1.25 billion presented in 2022, and we are really happy with that record,” he said. “This is due to the effects of structural improvement, with detailed work done in all our operations, strong demand in end markets, and strong positioning with our strategic customers globally.”
LSG’s Wild Catch segment reported an operational EBIT loss of NOK 29 million (USD 3 million, EUR 2.6 million) for the quarter, compared to a positive NOK 6 million (USD 626,484, EUR 531,552) in Q4 2024. Reduced quotas led to lower catch volumes, while high raw material prices weighed on margins, according to the firm.
Still, its revenues increased from NOK 510 million (USD 53.2 million, EUR 45.2 million) in Q4 2024 to NOK 692 million (USD 72.2 million, EUR 61.3 million).
Around 7,576 GWT of fish and shrimp was caught by LSG in Q4 2025, which was down from 9,803 GWT in Q4 2024, giving it a total for the year of 57,675 GWT, compared to 64,991 GWT in 2024.
“It’s been a quarter with low volume. In general, the quotas are significantly down, with prices significantly up,” Beltestad said.
Although further quota reductions are in place for 2026, Beltestad said this year could mark the end of the cuts.
“We expect higher quotas going forward, especially for cod,” he said.
LSG will present its updated strategy and long-term targets at its next Capital Markets Day event, taking place 2 to 3 March.
