Lerøy Seafood Group (LSG) Q3 2025 earnings summary

Executive summary

• Q3 2025 saw low profitability due to weak spot prices for salmon and trout, despite strong year-to-date development and record earnings in the VAP, Sales & Distribution segment.

• Revenue grew 11% year-over-year in Q3 2025, driven by higher harvest and sales volumes, but operational EBIT dropped sharply to NOK 15 million from NOK 412 million due to low spot prices and increased costs in Farming.

• VAP, Sales & Distribution achieved record results, while Wild Catch posted a strong quarter despite quota reductions and benefited from significant price increases.

• Positive working capital development and a reduction in net interest-bearing debt to NOK 8.1 billion.

• Reported profit was NOK 472 million, up from a loss last year, mainly due to a positive fair value adjustment of biomass.

Financial highlights

• Q3 2025 revenue: NOK 8,755 million (+11% YoY); operational EBITDA: NOK 498 million (-39% YoY); operational EBIT: NOK 15 million (-96% YoY).

• Salmon and trout harvest volume rose 15% year-over-year to 59,168 GWT, reflecting improved production in farming.

• Profits through the value chain dropped from NOK 10/kg last year to NOK 2/kg this year, mainly due to an NOK 8/kg drop in spot prices and NOK 1/kg higher costs.

• Net interest-bearing debt reduced to NOK 8,089 million; equity ratio stable at 49%.

• EPS before fair value adjustments was -0.34, compared to 0.62 in Q3 2024.

Outlook and guidance

• 2025 harvest guidance for Norway reiterated at 195,000 GWT; total including Scottish Sea Farms at 211,800–212,000 GWT.

• 2026 guidance: Norway at 195,000 GWT, total including Scottish Sea Farms at 218,000 GWT.

• Cost per harvested kilo expected to decrease in 2026 due to lower feed costs and efficiency improvements.

• Wild catch quotas expected to decline further in 2026, but price increases may offset volume reductions.

• VAP, Sales & Distribution on track to reach ambitious EBIT target of NOK 1.25 billion for 2025.