Lerøy Seafood Group ASA: Q1 2026 Results

LERØY SEAFOOD GROUP ASA: CONTINUED STRONG BIOLOGICAL PERFORMANCE IN THE FIRST QUARTER

"Operational EBIT for the first quarter of 2026 was NOK 858 million, compared to NOK 1,049 million in the same quarter last year. The result reflects strong biological performance, but lower prices in Farming, some margin pressure in VAP S&D, and a substantial improvement in Wild Catch. We are delivering in line with the direction we set at the Capital Markets Day in March 2026 - growth, cost, simplification and leadership," says Henning Beltestad, CEO of Lerøy Seafood Group.

FARMING: STRONG BIOLOGICAL PERFORMANCE

Operational EBIT in the farming segment came in at NOK 555 million in the first quarter of 2026, compared to NOK 789 million in the same period last year. Harvest volume of salmon and trout grew four percent to 39,943 GWT.

"We continued to see strong biological performance in the first quarter, with good growth and higher survival. Lower prices for salmon and trout explain much of the decline in earnings, but underlying operations are solid," says Beltestad.

VAP S&D: VOLUME GROWTH, BUT SOME MARGIN PRESSURE

Value Added Processing, Sales & Distribution (VAP S&D) delivered an operational EBIT of NOK 160 million in the first quarter of 2026, compared to NOK 212 million in the same period last year. Revenue grew 4.7 percent to NOK 7,866 million.

"The result in VAP S&D is weaker than in the corresponding quarter last year. It has been a quarter with significant changes in both currencies and freight costs. This is temporarily affecting gross margins in some units, but demand is strong and the long-term potential is unchanged," says the CEO.

WILD CATCH: SIGNIFICANT EARNINGS IMPROVEMENT DESPITE LOWER QUOTAS

Operational EBIT in Wild Catch came in at NOK 228 million in the first quarter of 2026, compared to NOK 148 million in the same period last year. Catch volume fell 25 percent to 14,267 tonnes as a result of reduced quotas, but this was more than offset by higher prices.

"Wild Catch delivers a significantly better quarter than last year, driven by higher prices and operational improvements in the onshore industry. The expectation for operational EBIT in Wild Catch for 2026 has been raised from NOK 250-300 million to NOK 350-400 million," says Beltestad.

OUTLOOK

For 2026, the harvest guidance in Norway is maintained at 195 thousand tonnes, and total volume including our share of Scottish Sea Farms is expected to be 217 thousand tonnes. Of the NOK 1 billion cost programme, NOK 173 million has been realised as of the first quarter of 2026, and NOK 586 million of initiatives are in place; a substantial P&L effect is expected from 2027. The long-term ambition of NOK 2 billion in operational EBIT in VAP S&D and 220,000 GWT in organic harvest volume in Norway in 2030 remains firm. The Board's proposed dividend for 2025 of NOK 2.50 per share will be paid in the second quarter of 2026.

"We have a clear direction, one unified organisation and a plan we are delivering on. With strong biology and a cost programme that is working, we are well positioned to realise the full potential in Lerøy," concludes Beltestad.

Attachments

• lsg-q1-2026-report
• lsg-q1-2026-presentation