Lerøy Seafood Group (LSG) Q2 2026 earnings summary

Executive summary

• Fully integrated seafood value chain with operations in over 80 countries and 6,000 employees.

• Q2 2026 revenue declined 11% year-over-year to NOK 7.9bn, mainly due to lower harvest volumes and a stronger NOK.

• Operational EBIT fell 16% to NOK 574m, with all segments impacted by lower volumes or margins.

• Dividend of NOK 2.5 per share for 2025 paid during the quarter.

• Strong operational cash flow of NOK 1.35bn, supported by working capital release.

Financial highlights

• Q2 2026 revenue of NOK 7,894m, down 11% year-over-year; operational EBIT of NOK 574m, down 16%.

• EPS increased to NOK 0.92 from NOK 0.75 year-over-year, adjusted for fair value changes.

• Salmon and trout harvest volume down 8% to 44,747 GWT; whitefish catch volume up 6% to 18,779 tonnes.

• Operational EBITDA: NOK 1,066m (Q2 2025: NOK 1,138m, -6% YoY).

• ROCE at 8.0% in Q2 2026, slightly down from 8.2% year-over-year.

Outlook and guidance

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

• Cost reduction program on track, with NOK 402m realized and NOK 521m targeted for 2026.

• Wild Catch EBIT guidance raised to NOK 400-450m for 2026.

• Market Operations EBIT for H2 2026 expected in line with H2 2025.

• Long-term ambitions: 220,000 tonnes harvest in 2030, NOK 2bn EBIT in Market Operations, 420,000 tonnes sold.