Lerøy Seafood Group (LSG) Q3 2025 earnings summary

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.