Lerøy Seafood Group reported an operational earnings before interest and taxes (EBIT) of NOK758 million ($71 million) for the fourth quarter of 2025. Chief Executive Officer Henning Beltestad noted that the result was supported by stable farming operations and a record performance in the value-added processing, sales and distribution segment.
The farming segment recorded an operational EBIT of NOK564 million, a slight decrease from the same period in the previous year. Beltestad noted that while prices for salmon and trout rose toward the end of the quarter, biological performance exceeded expectations.
The value-added processing, sales and distribution segment achieved an operational EBIT of NOK317 million, representing a 15 per cent increase year-on-year. For the full year, the segment recorded an operational EBIT of NOK1,290 million, surpassing a target of NOK1.25 billion established in 2022.
“We have built profitability over time through increased volumes, improved capacity utilisation and targeted improvement initiatives,” Beltestad stated. He added that 2025 was the best year on record for this specific segment.
The wild catch segment posted an operational loss of NOK29 million, compared with a profit of NOK6 million in the fourth quarter of 2024. This decline was attributed to reduced quotas and high raw material costs which affected land-based margins.
For 2026, the group expects production costs per kilogram in the farming segment to decrease relative to 2025. Guided harvest volumes for Norway are maintained at 195,000 tonnes, with a total projected volume of 216,500 tonnes including shares from Scottish Sea Farms.
Beltestad indicated that while high harvest volumes at the start of 2026 have impacted salmon prices and short-term earnings, the biological outlook remains positive.
