Leroy Seafood maintains targets for NOK50B in revenue to 2030

Leroy Seafood maintains targets for NOK50B in revenue to 2030

Lerøy Seafood Maintains NOK 50 Billion Revenue Target for 2030

Lerøy Seafood Group (LSG), a Norwegian leader in fish farming and seafood processing, has reaffirmed its goal of achieving annual revenue of NOK 50 billion (USD 4.8 billion, EUR 4.9 billion) by 2030, as outlined in a 2022 filing with the Oslo Stock Exchange. The company attributes its growth strategy to a fully integrated value chain, which spans salmon and trout farming, wild-catch operations, and value-added processing. Over the past two decades, LSG has averaged annual revenue growth of 12% and a return on capital employed of 17%.

CEO Henning Beltestad emphasized that the integrated model addresses historical fragmentation in seafood supply chains, offering improved reliability, cost efficiency, and traceability. Operational improvements, including a 9% annual increase in farming volumes over the last three years—driven by post-smolt investments—have supported progress toward long-term targets. However, Beltestad noted ongoing challenges from cost inflation, which the company aims to mitigate through productivity gains and digital transformation.

LSG has set intermediate goals for 2025, including achieving NOK 1.25 billion in EBIT for its Value-Added Products and Sales & Distribution segment and NOK 500 million in EBIT for its wild-catch division. The company also aims to reduce farming costs by NOK 4.60 per kilogram and improve feed conversion ratios to 1.19 by 2025.

As of the first half of 2022, LSG reported revenues of NOK 12.1 billion, with operating profit before fair-value adjustments reaching NOK 1.6 billion. While the company has not disclosed updated financial figures beyond 2025 in publicly available materials, it remains committed to its 2030 revenue target, citing strategic focus on operational excellence and market leadership in EBIT per kilogram for farming and value-added operations.

The path to NOK 50 billion will depend on sustained execution of cost-reduction initiatives, expansion of strategic customer relationships, and continued optimization of its integrated value chain.