Lerøy Seafood Group ASA: Q2 2026 Results

LERØY SEAFOOD GROUP ASA: STRONG BIOLOGICAL PERFORMANCE, IMPROVED CASH FLOW AND HIGHER EXPECTATIONS FOR WILD CATCH

"Operational EBIT in the second quarter of 2026 was NOK 574 million, compared with NOK 680 million in the same quarter last year. The decline is due to lower harvest volumes and weaker margins in Market Operations (previously VAP, Sales and Distribution) than in a historically strong 2025. At the same time, we are seeing strong biological performance and declining costs in Farming, delivering strong cash flow and increasing our expectations for Wild Catch for the year," says CEO Henning Beltestad.

FARMING: LOWER COSTS

Operational EBIT in Farming was NOK 236 million in the second quarter of 2026, compared with NOK 256 million in the same period last year. Harvest volume of salmon and trout was 44,747 GWT, eight percent lower than the year before.

"We have very high survival rates and strong biology. Cost levels in Farming have declined significantly since the first quarter of 2026. Going into 2027, feed costs will increase, but the effect of the cost optimisation programme will significantly reduce the impact of this," says Beltestad.

Total harvest volume guidance in Norway is maintained at 195,000 GWT, but has been increased in Lerøy Aurora and reduced in Lerøy Sjøtroll. This reflects strong development in the north, but lower growth in Lerøy Sjøtroll as a result of very low sea temperatures.

MARKET OPERATIONS: MARGIN IMPROVEMENT

Market Operations delivered Operational EBIT of NOK 269 million in the second quarter of 2026, compared with NOK 351 million in the same period last year. The EBIT margin was 3.5 percent, up from 2.4 percent in the first quarter of 2026.

"Profitability in the first half of 2026 is lower than in the corresponding period last year, driven by less favourable contract positions, lower volumes and a stronger Norwegian krone. We currently expect a significant improvement in profitability in this segment in the second half of the year."

WILD CATCH: HIGHER EXPECTATIONS FOR 2026

Operational EBIT in Wild Catch was NOK 140 million in the second quarter of 2026, compared with NOK 148 million in the same period last year. Catch volume increased by six percent to 18,779 tonnes. For the first half of the year, Operational EBIT increased by 24 percent to NOK 368 million.

"Price realisation for our key species remains strong, and we are seeing clear results from the improvement work in the land-based industry. Based on developments in the first half of the year, we are raising our guidance for Operational EBIT in Wild Catch in 2026 to NOK 400-450 million, up from NOK 350-400 million," says Beltestad.

STRONG CASH FLOW AND PROGRESS IN THE COST PROGRAMME

Operating cash flow was NOK 1,353 million in the quarter, up from NOK 1,030 million in the same period last year. Free cash flow year-to-date in 2026 is NOK 1.7 billion, compared with NOK 1.3 billion in the same period in 2025.

By the end of the second quarter, NOK 402 million of the Group's NOK 1 billion cost programme has been realised, while a further NOK 521 million has been identified and is under implementation.

OUTLOOK

Lerøy maintains harvest volume guidance in Norway of 195,000 GWT in 2026. Including the Group's share of Scottish Sea Farms, total harvest volume is expected to be approximately 217,000 GWT.

Following several quarters of strong supply growth, growth in global salmon and trout supply is expected to slow significantly during the second half of 2026. At the same time, demand continues to grow in most key markets. The Group therefore expects the market to gradually tighten.

"We enter the second half of the year with a strong biological status, positive cost development, good cash flow and a market that is gradually tightening. Together with the effects of the cost programme, this provides a good foundation for further value creation," concludes Beltestad.

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

Attachments

• lsg-q2-2026-report
• lsg-q2-2026-presentation