Improved third quarter for Lerøy
Group profit up to NOK 459m from NOK 15m in Q3 2025
Lerøy Seafood Group’s fish farming division today reported a turnaround in earnings in the third quarter of this year compared to the same period last year.
The Norwegian group’s salmon and trout farming operations made an operating profit of NOK 113 million (£9m) in Q3 2026, in contrast to the NOK -306m operating loss of Q3 2025. Operating EBIT per kilo was NOK 2.1 (Q3 2025: NOK -5.2).
Harvest volume in Q3 2025 was 54,680 gutted weight tonnes, 8% lower than in the same period last year.
Good biology
“We continue to have good biological development, and all three of our Norwegian aquaculture regions are delivering improved results compared to the same quarter last year,” said chief executive Henning Beltestad in a press release.
“The cost level has been reduced, and at the same time we have built a high standing biomass that provides a good starting point for the coming quarters.”
Guided harvesting volume in Norway is maintained at 195,000 gwt in 2026. Lerøy expects to harvest the same volume in Norway next year. Lerøy owns a 50% share of Scotland’s second largest salmon producer, Scottish Sea Farms (SSF), and when its share of SSF volume is included, total harvesting volume is expected to be approximately 215,000 gwt in 2026 and approximately 217,500 gwt in 2027.
From 15 million to 459m
Overall, Lerøy Seafood Group, which also carries out its own processing and marketing and has a wild catch operation, increased Q3 operating profit hugely to NOK 459m, compared to NOK 15m in Q3 last year.
Its marketing operations division increased operating profit from NOK 466m, up from NOK 410m in Q3 2025, but the wild catch division made an operating loss of NOK -20m due to lower catch volumes and higher fuel prices.
“The improvement in profit reflects good biological development and lower costs in aquaculture, as well as a strong quarter in market operations. At the same time, we are delivering strong cash flow, and net interest-bearing debt has been reduced by NOK 676m in the quarter,” said Beltestad.
High biomass
Lerøy said it entered the fourth quarter with high standing biomass and continued good biological development. After several quarters of strong supply growth, growth in global supply of salmon and trout is expected to slow, while demand is strong. This points to a market with a strengthened price picture.
The company’s cost reduction programme is developing in line with the plan and is expected to reduce the effect of higher feed prices in 2027.
“We enter the fourth quarter with good biological status, high standing biomass, a lower cost level and a stronger financial position. At the same time, we continue to see strong demand for salmon and lower global supply growth. Together with further effects from the cost programme, this provides a good starting point for further development," concluded Beltestad.
