Lerøy Q3 operating profit NOK 459 million, salmon and trout harvest down 8% in Q3

Lerøy recorded operating profit of NOK 459 million in Q3 2026, compared with NOK 15 million in the same period of 2025. CEO Henning Beltestad said the improvement reflects good biological performance and lower costs in the farming segment, as well as a strong quarter for the market operations segment; cash flow was strong in the period, with net interest-bearing debt reduced by NOK 676 million during the quarter. The operating profit was NOK 21 million above analyst expectations.

The farming segment (Havbruk) posted operating profit of NOK 113 million in Q3, compared with a loss of NOK 306 million in the same period last year. Q3 salmon and trout harvest volume was 54,680 tonnes, down 8% year on year. Beltestad said biological performance remained good, with all three Norwegian farming regions improving profit year on year and cost levels declining, while the company built up a high standing biomass, providing a good starting point for subsequent quarters.

The company maintained its 2026 Norway harvest guidance of 195,000 tonnes, with 2027 Norway harvest also expected at 195,000 tonnes. Including the company's share of Scottish Sea Farms, group harvest is expected to be about 215,000 tonnes in 2026 and about 217,500 tonnes in 2027.

Market Operations posted operating profit of NOK 446 million in Q3, compared with NOK 410 million in the same period last year; the EBIT margin was 5.4%, up from 4.9% in the same period of 2025. The profit improvement came mainly from higher earnings in primary processing. Beltestad said the segment had a strong quarter, in line with the expectation of significantly improved earnings in the second half communicated after the company's Q2 report.

The wild catch segment (Villfangst) posted an operating loss of NOK 20 million in Q3, compared with a profit of NOK 3 million in the same period last year. Catch volume fell 24% to 10,216 tonnes. Higher prices failed to fully offset the impact of lower catch volumes and higher marine fuel prices. Beltestad said prices for Alaska pollock, cod and haddock were weaker than previously assumed and fuel costs rose, so the 2026 operating profit outlook for the wild catch segment was cut from NOK 40 million to 45 million to NOK 315 million to 350 million.

On cash flow, operating cash flow in Q3 was NOK 1,183 million, compared with NOK 1,078 million in the same period last year. Net interest-bearing debt fell by NOK 676 million during the quarter to NOK 7,732 million. The equity ratio at the end of the quarter was 46.4%.

On the cost-cutting programme, by the end of Q3 the company had realised NOK 701 million of its NOK 1 billion cost plan, with measures worth a further NOK 262 million identified and being implemented. The company said the plan is on track and is expected to mitigate the impact of higher feed prices in 2027.

The company also said that after several quarters of strong global growth in salmon and trout supply, it expects supply growth to slow while demand remains strong. Beltestad said that entering the fourth quarter the company has good biological conditions, high standing biomass, lower cost levels and a stronger financial position, with salmon demand still strong and global supply growth slowing, which together with the further effects of the cost plan provides a good starting point for the period ahead.