Lerøy Seafood Group ASA’s shares declined 1.5% to NOK 40.88 on Wednesday after the Norwegian salmon producer reported a 15% year-over-year drop in second-quarter earnings, citing reduced harvest volumes and softer margins in its Market Operations division.
The company’s total operational EBIT for Q2 2026 fell to NOK 574 million from NOK 680 million in the same period last year. Farming operational EBIT also decreased, reaching NOK 236 million compared with NOK 256 million a year earlier. Lerøy attributed the decline to lower salmon and trout harvest volumes, which totaled 44,747 GWT, an 8% decrease from the prior-year period.
Despite the weaker quarter, Lerøy maintained its full-year Norway harvest volume guidance at 195,000 GWT. The company adjusted its regional mix, raising guidance for Lerøy Aurora while trimming expectations for Lerøy Sjøtroll due to unusually low sea temperatures affecting production.
In its Wild Catch segment, Lerøy raised its full-year operational EBIT guidance to NOK 400–450 million, up from the prior range of NOK 350–400 million, supported by stronger catch volumes and pricing.
CEO Henning Beltestad noted that farming cost levels have declined since the first quarter of 2026. While feed costs are expected to rise heading into 2027, an ongoing cost optimization program is anticipated to mitigate the impact. The company’s shares have traded near the lower end of their 52-week range of NOK 52.4, reflecting broader weakness in the Norwegian equity market.
