Lerøy Seafood Group (LSG) Q2 2026 earnings summary

Executive summary

• Operational EBIT for Q2 2026 was NOK 574 million, down 16% year-over-year, with revenue of NOK 7,894 million, an 11% decrease from Q2 2025, driven by lower harvest volumes and a stronger NOK.

• Strong biological performance and cost improvements in Farming, with low mortality and high harvest weights; harvest guidance for Norway reiterated at 195,000 GWT for 2026.

• Wild Catch segment saw strong performance, with prices significantly up year-over-year and EBIT guidance raised to NOK 400–450 million for 2026.

• Market Operations experienced lower revenue and margins due to reduced harvest volumes and a stronger NOK, but EBIT margin improved to 3.5% from 2.4% in Q1 2026.

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

Financial highlights

• Revenue for Q2 2026 was NOK 7,894 million, down 11% year-over-year.

• Operational EBITDA was NOK 1,066 million, a 6% decrease from Q2 2025.

• EPS before fair value adjustments was NOK 0.92, up from NOK 0.75 in Q2 2025.

• Salmon and trout harvest volume was 44,747 GWT, down 8% year-over-year; whitefish catch volume increased 6% to 18,779 tonnes.

• Operational cash flow was NOK 1,353 million, up from NOK 1,030 million in Q2 2025.

Outlook and guidance

• Harvest volume guidance for 2026 reiterated at 195,000 GWT for Norway, with a long-term target of 220,000 tonnes by 2030.

• Cost per kilo in Farming expected to be lower in 2026 than in 2025, despite higher feed prices anticipated in 2027.

• Wild Catch EBIT guidance raised to NOK 400–450 million for 2026, with quota growth expected for cod and haddock by 2030.

• Market Operations EBIT for H2 2026 expected in line with H2 2025, with improvement programs underway.

• Market expected to tighten as salmon demand grows and supply growth slows.