Leroy Seafood Q2 2025 profit jumps despite low salmon prices

Lerøy Seafood Group reported a strong second quarter for 2025, with an operational EBIT of NOK680 million ($65 million).

The farming division recorded an operational EBIT of NOK256 million. The company noted a "very strong" biological performance during the quarter, achieving its highest ever net growth for the period, high survival rates, and increased harvest weights, while costs per kilogram declined.

However, these operational gains were tempered by low spot prices for salmon and trout, driven by strong supply growth in the market.

The value-added processing, sales & distribution segment was a standout performer, delivering an operational EBIT of NOK351 million. The company stated that this division continues its positive development, driven by improved capacity utilisation and strengthened activity with key customers, bringing it closer to its full-year EBIT target.

The wild catch division also delivered a "very solid" operational result of NOK148 million, which was above the company's expectations. This was attributed to historically high prices, particularly for cod. Despite the strong quarter, the company warned of "challenging times ahead" for the segment, citing the prospect of further reductions in already low cod quotas for 2026.

Chief Executive Henning Beltestad expressed satisfaction with the quarter's performance, stating that the company is delivering on its key 2025 targets. "With our business model, we are well positioned, and we have a strong position with strategic customers," he commented, adding that he is optimistic about the company's future development as it enters a new strategy period.