Lerøy Seafood Group (LSG) Q1 2026 earnings summary

Executive summary

• Operational EBIT for Q1 2026 was NOK 858 million, down from NOK 1.05 billion in Q1 2025, mainly due to lower price realization and margin pressure in Farming and VAPS & D.

• Revenue grew 2% year-over-year to NOK 8,083 million in Q1 2026, with harvest volumes up to nearly 40,000 tons and strong biological performance in Farming.

• Wild Catch segment saw operational EBIT rise to NOK 228 million, up 54% year-over-year, despite lower quotas and volumes.

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

• Continued progress on cost reduction initiatives, with NOK 173 million realized in Q1 toward a NOK 1 billion target for 2026.

Financial highlights

• Q1 2026 revenue increased 2% year-over-year to NOK 8,083 million; operational EBITDA down 10% to NOK 1,346 million.

• Operational EBIT fell 18% to NOK 858 million; EPS before fair value adjustments was NOK 0.84, down from NOK 1.56.

• Salmon and trout harvest volume up 4% to 39,943 GWT; whitefish catch volume down 25% to 14,267 tonnes.

• Equity ratio stands at 50%, with net interest-bearing debt reduced to NOK 7,667 million.

• CapEx for 2026 estimated at NOK 1.7 billion, with ongoing investments in technology and efficiency.

Outlook and guidance

• Harvest guidance for Norway maintained at 195,000 GWT for 2026, with total including Scottish Seafarms at 216,500 GWT.

• Wild Catch EBIT guidance for 2026 raised to NOK 350–400 million due to higher catch values.

• Expectation of continued growth in VAP, S & D, though with slightly lower margins.

• Long-term targets include 220,000 tons harvest in Norway by 2030 and NOK 2 billion EBIT for VAP, S & D.