Lerøy Seafood Group ASA: Q1 2026 Results

12 May 2026 06:30 CEST

LERØY SEAFOOD GROUP ASA: CONTINUED STRONG BIOLOGICAL PERFORMANCE IN THE FIRST
QUARTER

"Operational EBIT for the first quarter of 2026 was NOK 858 million, compared to
NOK 1,049 million in the same quarter last year. The result reflects strong
biological performance, but lower prices in Farming, some margin pressure in VAP
S&D, and a substantial improvement in Wild Catch. We are delivering in line with
the direction we set at the Capital Markets Day in March 2026 - growth, cost,
simplification and leadership," says Henning Beltestad, CEO of Lerøy Seafood
Group.

FARMING: STRONG BIOLOGICAL PERFORMANCE

Operational EBIT in the farming segment came in at NOK 555 million in the first
quarter of 2026, compared to NOK 789 million in the same period last year.
Harvest volume of salmon and trout grew four percent to 39,943 GWT.

"We continued to see strong biological performance in the first quarter, with
good growth and higher survival. Lower prices for salmon and trout explain much
of the decline in earnings, but underlying operations are solid," says
Beltestad.

VAP S&D: VOLUME GROWTH, BUT SOME MARGIN PRESSURE

Value Added Processing, Sales & Distribution (VAP S&D) delivered an operational
EBIT of NOK 160 million in the first quarter of 2026, compared to NOK 212
million in the same period last year. Revenue grew 4.7 percent to NOK 7,866
million.

"The result in VAP S&D is weaker than in the corresponding quarter last year. It
has been a quarter with significant changes in both currencies and freight
costs. This is temporarily affecting gross margins in some units, but demand is
strong and the long-term potential is unchanged," says the CEO.

WILD CATCH: SIGNIFICANT EARNINGS IMPROVEMENT DESPITE LOWER QUOTAS

Operational EBIT in Wild Catch came in at NOK 228 million in the first quarter
of 2026, compared to NOK 148 million in the same period last year. Catch volume
fell 25 percent to 14,267 tonnes as a result of reduced quotas, but this was
more than offset by higher prices.

"Wild Catch delivers a significantly better quarter than last year, driven by
higher prices and operational improvements in the onshore industry. The
expectation for operational EBIT in Wild Catch for 2026 has been raised from NOK
250-300 million to NOK 350-400 million," says Beltestad.

OUTLOOK

For 2026, the harvest guidance in Norway is maintained at 195 thousand tonnes,
and total volume including our share of Scottish Sea Farms is expected to be
217 thousand tonnes. Of the NOK 1 billion cost programme, NOK 173 million has
been realised as of the first quarter of 2026, and NOK 586 million of
initiatives are in place; a substantial P&L effect is expected from 2027. The
long-term ambition of NOK 2 billion in operational EBIT in VAP S&D and 220,000
GWT in organic harvest volume in Norway in 2030 remains firm. The Board's
proposed dividend for 2025 of NOK 2.50 per share will be paid in the second
quarter of 2026.

"We have a clear direction, one unified organisation and a plan we are
delivering on. With strong biology and a cost programme that is working, we are
well positioned to realise the full potential in Lerøy," concludes Beltestad.

More information:
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673068_lsg-q1-2026-presentation.pdf
673068_lsg-q1-2026-report.pdf