Lerøy Seafood Group ASA: Third Quarter 2026 Results

(MENAFN- GlobeNewsWire - Nasdaq)

LERØY SEAFOOD GROUP ASA: STRONG EARNINGS IMPROVEMENT, GOOD BIOLOGICAL DEVELOPMENT AND STRONG CASH FLOW

“Operational EBIT in the third quarter of 2026 was NOK 459 million, compared with NOK 15 million in the same quarter last year. The improvement reflects good biological development and lower costs in Farming, as well as a strong quarter in Market Operations. At the same time, we are delivering strong cash flow, and net interest-bearing debt was reduced by NOK 676 million during the quarter,” says CEO Henning Beltestad.

FARMING: GOOD BIOLOGICAL DEVELOPMENT AND LOWER COSTS

Operational EBIT in Farming was NOK 113 million in the third quarter of 2026, compared with NOK -306 million in the same period last year. Harvest volume of salmon and trout was 54,680 GWT, eight percent lower than the year before.

“We continue to see good biological development, and all three of our Norwegian farming regions delivered improved results compared with the same quarter last year. Cost levels have declined, while we have also built high standing biomass, providing a good basis for the coming quarters,” says Henning Beltestad.

Harvest volume guidance for Norway is maintained at 195,000 GWT for 2026, with the same volume expected in 2027. Including the Group's share of Scottish Sea Farms, total harvest volume is expected to be approximately 215,000 GWT in 2026 and approximately 217,500 GWT in 2027.

MARKET OPERATIONS: STRONG QUARTER

Market Operations delivered Operational EBIT of NOK 446 million in the third quarter of 2026, compared with NOK 410 million in the same period last year. The EBIT margin was 5.4 percent, up from 4.9 percent in the third quarter of 2025. The improvement was mainly driven by higher earnings in primary processing.

“Market Operations delivered a strong quarter. This development is in line with our previously communicated expectation of significantly improved earnings in the second half of the year,” says Henning Beltestad.

WILD CATCH: LOWER EXPECTATIONS FOR 2026

Operational EBIT in Wild Catch was NOK -20 million in the third quarter of 2026, compared with NOK 3 million in the same period last year. Catch volume declined by 24 percent to 10,216 tonnes. Higher prices did not fully offset lower catch volume and higher bunker fuel prices.

“Prices for saithe, cod and haddock have been weaker than previously assumed, while bunker fuel costs have increased. Against this background, we are reducing our expectation for Operational EBIT in Wild Catch in 2026 to NOK 315-350 million, compared with the previous expectation of NOK 400-450 million,” says Henning Beltestad.

STRONG CASH FLOW AND PROGRESS IN THE COST PROGRAMME

Cash flow from operating activities was NOK 1,183 million in the third quarter of 2026, compared with NOK 1,078 million in the same period last year. Net interest-bearing debt was reduced by NOK 676 million during the quarter to NOK 7,732 million. The equity ratio was 46.4 percent at the end of the quarter.

At the end of the third quarter, NOK 701 million of the Group's NOK 1 billion cost programme had been realised, while measures representing a further NOK 262 million had been identified and were under implementation.

OUTLOOK

Lerøy enters the fourth quarter with high standing biomass and continued good biological development. Following several quarters of strong growth, the global supply of salmon and trout is expected to increase at a slower pace, while demand remains strong. This points to a more favourable price environment.

The cost programme is progressing according to plan and is expected to reduce the impact of higher feed prices in 2027.

“We enter the fourth quarter with good biological status, high standing biomass, a lower cost level and a stronger financial position. At the same time, we continue to see strong demand for salmon and lower global supply growth. Together with further effects from the cost programme, this provides a solid foundation for further development,” concludes Henning Beltestad.

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

Attachments

• lsg-q3-2026-presentation
• lsg-q3-2026-report

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