Lerøy Seafood Group (LSG) Q4 2025 earnings summary

Executive summary

• Q4 2025 saw improved profitability, driven by higher spot prices for salmon and trout and strong cost control in Farming, with record profitability in the VAP, Sales & Distribution segment.

• Group revenues increased 4% year-over-year to NOK 8,832 million, with full-year revenues up 10% to NOK 34,364 million.

• Operational EBIT for Q4 was NOK 758 million, down 5% year-over-year, while reported profit for the period dropped to NOK 245 million due to non-cash fair value adjustments and tax effects.

• The board proposes a NOK 2.5 per share dividend for 2025.

Financial highlights

• Q4 2025 revenue was NOK 8,832m, up 4% year-over-year; operational EBIT was NOK 758m, down 5%.

• EPS for Q4 2025 was NOK 0.15, compared to NOK 1.98 in Q4 2024.

• Salmon and trout harvest volume fell 13% year-over-year to 49,247 GWT.

• Operational EBIT/kg value chain improved to NOK 17.9 from NOK 15.3 year-over-year.

• ROCE before fair value adjustments: 9.1% in Q4 2025 (down from 9.9% in Q4 2024); full-year ROCE: 8.0% (down from 11.3%).

Outlook and guidance

• Harvest guidance for Norway in 2026 reiterated at 195,000 GWT; total including Scottish Seafarms at 216,500 GWT.

• Expect lower costs in Farming for 2026 compared to 2025, with further long-term potential.

• Wild Catch faces challenging quotas in 2026, but 2026 may mark the bottom.

• VAP, S&D expects continued growth in 2026 at slightly lower margins.

• Wild Catch quotas for 2026: cod -16%, haddock +18%, saithe north -19%, saithe south -27%.