Lerøy Seafood Group (LSG) Q4 2025 earnings summary

Executive summary

• Achieved high profitability in Q4 2025, driven by higher spot prices for salmon and trout, strong cost control in farming, and robust VAP, Sales and Distribution (VAPS & D) activity, despite lower Farming harvest volumes.

• VAP, Sales and Distribution segment surpassed the NOK 1.25 billion EBIT target for 2025, reaching NOK 1.29 billion, with strong demand in end markets.

• Wild Catch segment faced low quotas and volume declines, but higher prices partially offset the impact.

• Operational EBIT for Q4 2025 was NOK 758 million, down 5% from Q4 2024.

• Board proposes a NOK 2.5 per share dividend for 2025/2026.

Financial highlights

• Q4 2025 revenue increased 4% year-over-year to NOK 8,832 million; operational EBIT down 5% to NOK 758 million.

• Full-year 2025 revenue increased 10% to NOK 34.4 billion; operational EBIT for the year was NOK 2,502 million.

• EPS for Q4 2025 was NOK 0.15 (down from NOK 1.98 in Q4 2024); full-year EPS: NOK 2.12.

• Operational EBIT/kg value chain improved to NOK 17.9 from NOK 15.3 year-over-year in Q4 2025.

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

Outlook and guidance

• 2026 harvest guidance for Norway maintained at 195,000 GWT; total group farming volume including Scottish Sea Farms at 216,500–217,000 GWT.

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

• VAP, Sales and Distribution expected to continue growth with slightly lower margins.

• Wild Catch quotas expected to bottom in 2026, with potential for higher quotas in future years.

• Strategic revenue target of NOK 50 billion by 2030 remains within reach.