Lerøy Seafood Group (LSG) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue grew 2% year-over-year to NOK 8,083m, with operational EBIT down 18% to NOK 858m, mainly due to margin pressure in Farming and VAP, Sales & Distribution.

• Wild Catch segment delivered a 54% increase in operational EBIT to NOK 228m, supported by higher prices and improved land-based performance, despite lower quotas and higher fuel costs.

• VAP, Sales & Distribution saw continued volume and revenue growth, but operational EBIT declined to NOK 160m from NOK 212m year-over-year due to margin pressure from logistics and currency.

• Reported profit for the period was NOK 278m, up from a loss of NOK 442m in Q1 2025, largely due to non-cash fair value adjustments and tax effects.

• Board proposes a dividend of NOK 2.5 per share for 2025, to be paid in Q2 2026.

Financial highlights

• Operational EBITDA for Q1 2026 was NOK 1,346m, down 10% year-over-year.

• EPS before fair value adjustments was NOK 0.84, compared to NOK 1.56 in Q1 2025.

• ROCE before fair value adjustments was 11.9%, down from 15.2% in Q1 2025.

• Net interest-bearing debt at NOK 7,667m; equity ratio at 50%.

• Net financial expenses increased to NOK 190m from NOK 155m year-over-year.

Outlook and guidance

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

• Wild Catch EBIT guidance raised to NOK 350–400m for 2026, driven by strong price development.

• Cost reduction program targets NOK 1bn in 2026, with most P&L impact expected from 2027.

• Organic growth target for Farming is 220,000 GWT and NOK 2bn operational EBIT in VAP, S & D by 2030.

• Capex for 2026 estimated at NOK 1.7bn.