Lerøy Seafood Group (LSG) Q3 2026 earnings summary

Executive summary

• Q3 revenue was NOK 8,468m, down 3% YoY; operational EBIT rose to NOK 459m from NOK 15m, as Farming and Market Operations gains more than offset a Wild Catch loss.

• NIBD fell NOK 676m in Q3 to NOK 7,732m, supported by cash generation and working-capital release.

Financial highlights

• Operational EBITDA was NOK 948m versus NOK 498m YoY; operational EBIT was NOK 459m versus NOK 15m.

• Salmon and trout harvest volume fell 8% to 54,680 GWT; whitefish catch volume declined 24% to 10,216 tonnes.

• Reported Q3 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; YTD free cash flow was NOK 2.7bn versus NOK 2.0bn.

Outlook and guidance

• Norway harvest guidance is 195,000 GWT for 2026 and 2027; including Scottish Sea Farms’ share, 2026 guidance is 215,000 GWT and 2027 guidance is 217,500 GWT.

• 2026 regional guidance: Aurora 50,000, Midt 76,000 and Sjøtroll 69,000 GWT; Scottish Sea Farms guidance is 40,000 GWT for 2026 and 45,000 tons for 2027.

• Wild Catch 2026 operational EBIT guidance was cut to NOK 315–350m from NOK 400–450m on lower expected fish prices and higher fuel costs.

• Market Operations H2 2026 operational EBIT is expected in line with or slightly above H2 2025; 2026 revenue and margin are expected slightly below 2025.

• Cost initiatives are progressing and expected to mitigate higher feed costs in 2027; H2 Farming costs are expected below H1.