Lerøy Seafood Group (LSG) Q3 2026 earnings summary

Executive summary

• Q3 operational EBIT rose to NOK 459m from NOK 15m a year earlier, as Farming recovered and Market Operations strengthened while Wild Catch turned loss-making.

• Strong operating cash flow reduced net interest-bearing debt by NOK 676m to NOK 7,732m.

• Strong salmon demand and slower supply growth support a tighter market outlook.

Financial highlights

• Revenue and other income fell 3% YoY to NOK 8,468m; operational EBITDA rose 90% to NOK 948m.

• Reported profit was NOK 491m versus NOK 472m; EPS before fair-value adjustments was NOK 0.37 versus NOK -0.34.

• Operational cash flow was NOK 1,183m versus NOK 1,078m; net cash used in investing was NOK 52m versus NOK 367m.

Outlook and guidance

• Norway harvest guidance remains 195,000 GWT for 2026 and 2027; including the Scottish 50% share, guidance is 215,000 GWT in 2026 and 217,500 GWT in 2027.

• Wild Catch 2026 operational EBIT estimate was cut to NOK 315–350m from NOK 400–450m; Market Operations H2 EBIT is expected in line with or slightly above H2 2025.

• Farming costs are expected to be lower in H2 2026 than H1; higher feed costs will affect Q4 and more materially 2027, with savings expected to mitigate the impact.

• 2026 capex estimate is NOK 1.7bn; long-term targets include 220,000 tonnes of Farming harvest and NOK 2bn Market Operations EBIT by 2030.