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Lerøy Seafood Group
Lerøy Seafood Group (LSG) investor relations material
Lerøy Seafood Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Q3 2025 revenue grew 11% year-over-year to NOK 8,755m, driven by higher harvest and sales volumes, but profitability was hit by weak salmon and trout prices and increased costs in Farming.
Operational EBIT dropped sharply to NOK 15m from NOK 412m in Q3 2025, and operational EBITDA fell 39% to NOK 498m.
VAP, Sales & Distribution (VAPS & D) segment achieved record earnings, with a 12-month rolling operational EBIT at NOK 1,249m.
Reported profit was NOK 472m, up from a loss last year, mainly due to a NOK 919m positive fair value adjustment of biomass.
Positive working capital development and a reduction in net interest-bearing debt to NOK 8,089m.
Financial highlights
Revenue increased 11% YoY to NOK 8,755m in Q3 2025; operational EBITDA was NOK 498m (-39% YoY); operational EBIT was NOK 15m (-96% YoY).
Reported profit: NOK 472m (vs. NOK -131m in Q3 2024), aided by NOK 919m fair value adjustment.
Cash flow from operations increased to NOK 1,078m (Q3 2024: NOK 920m).
EPS before fair value adjustments was -0.34, compared to 0.62 in Q3 2024.
Salmon and trout harvest volume rose 15% YoY to 59,168 GWT.
Outlook and guidance
Harvest guidance for Norway in 2025 reiterated at 195,000 GWT, with total group volume (including Scottish Sea Farms) expected at 211,800 GWT.
Cost per harvested kilo expected to decrease in 2026 due to lower feed costs.
VAPS & D on track to reach ambitious EBIT target of NOK 1.25bn for 2025.
Investments in closed containment systems (Aquatraz C2) announced, with first fish planned for 2027.
Wild Catch segment faces further quota reductions in 2026, but prices expected to remain high.
Given Q3 biological challenges, what is the 2026 cost/kg outlook?
What sustains VAPS&D's record EBIT toward 2025 target?
Wild Catch quotas: What is the post-2026 outlook?
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Next Lerøy Seafood Group earnings date
Q4 202524 Feb, 2026
Lerøy Seafood Group
Next Lerøy Seafood Group earnings date
Q4 202524 Feb, 2026
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Frequently asked questions
Lerøy Seafood Group ASA is engaged in producing, processing, marketing, selling and distributing seafood products worldwide. The Company operates through a number of segments: Salmon, Trout, Shellfish and Dressed Fish. Lerøy Seafood also produces meat products for the private label division. In addition to its own brands, Lerøy Seafood Group provides private label products for other companies under contract. The company is based in Bergen, Norway.
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