Leroy Seafood Group ASA

Lerøy Seafood Group ASA reported third-quarter 2026 harvested salmon and trout volumes of 54,680 GWT, down from 59,100 GWT a year earlier, while Lerøy Havfisk's total catch volumes fell to 10.2 thousand tonnes from 13.5 thousand tonnes. The simultaneous decline in both farmed and wild-catch output raises questions about how efficiently Lerøy's integrated value chain is performing across segments. The company is also exploring the issuance of NOK 750 million in senior unsecured green bonds, a move that underlines how capital intensive its push into new farming and shielding technologies has become. Lerøy's narrative projects NOK41.5 billion in revenue and NOK3.7 billion in earnings by 2029, requiring 6.4% yearly revenue growth and an earnings increase of about NOK2.7 billion from NOK1.0 billion today, with a NOK49.50 fair value implying 19% upside. Some of the lowest ranked analysts were already assuming revenue of about NOK46.5 billion and earnings near NOK3.2 billion by 2029, and the volume setback could either strengthen or challenge their more pessimistic focus on climate related farming and quota risks.

Lerøy Seafood Group reported operational EBIT of NOK 574 million for the second quarter of 2026, down from NOK 680 million a year earlier, while raising its full-year Wild Catch guidance. Farming EBIT was NOK 236 million versus NOK 256 million, with harvest volume down eight percent to 44,747 GWT, though the company cited strong biological performance and declining costs. Market Operations EBIT fell to NOK 269 million from NOK 351 million, but its margin improved to 3.5 percent from 2.4 percent in the first quarter. Wild Catch EBIT was NOK 140 million versus NOK 148 million, and the company lifted its 2026 Wild Catch EBIT guidance to NOK 400-450 million from NOK 350-400 million. Operating cash flow rose to NOK 1,353 million from NOK 1,030 million, and the company maintained its 2026 Norway harvest volume guidance of 195,000 GWT.

Lerøy Seafood Group harvested 44,750 GWT of salmon and trout in the second quarter of 2026, down from 48,900 GWT in the same period last year. The figures exclude harvested volume from Scottish Seafarms. By region, Lerøy Aurora harvested 7,100 GWT, Lerøy Midt 19,700 GWT, and Lerøy Sjøtroll 18,000 GWT, of which 10,400 GWT was trout. In the wild catch segment, Lerøy Havfisk reported a total catch volume of 18,800 tonnes, including 1,500 tonnes of cod, compared with 17,700 tonnes and 1,200 tonnes of cod in Q2 2025. The complete second-quarter report will be released on 19 August at 06:30 CET.