Lerøy sees profits fall despite strong farming performance

Lerøy Seafood Group saw a drop in profits in the first quarter of 2026, caused by lower prices, freight volatility and a stronger Norwegian krone.

Despite strong biological perfomance in Q1 and a four per cent rise in harvest volumes, operational EBIT was down to NOK 858 million (£68.7 million) from NOK 1,049 million in the same period last year.

The company harvested 39,900 gutted weight tonnes of salmon and trout in Norway in Q1, an increase of 1,700 gwt compared to the same period last year.

Sharp improvement

Lerøy, which has salmon farming and whitefish wild catch operations, saw a sharp improvement in catches in the period. But its farming EBIT fell to NOK 555 million.

Earlier this year, the company said it aimed to make cost savings of NOK 1 billion (£78.7 million) in 2026, and it has so far realised NOK 173 million of the cost programme.

Initiatives are in place for a further NOK 586 million in savings and Lerøy expects a substantial profit-and-loss impact from 2027, signalling ongoing efficiency gains and a strategic focus on growth, cost discipline and organisational simplification for stakeholders.

Harvest guidance

The company maintained its 2026 Norwegian harvest guidance at 195,000 tonnes for the year, with total volume, including its 50% share of Scottish Sea Farms, expected at 217,000 tonnes.

It reaffirmed long-term targets of NOK 2 billion in operational EBIT in its value-added processing, sales and distribution (VAP S&D) segment and 220,000 gwt of harvest volume in Norway by 2030.