Lerøy Seafood Group delivered first-quarter operational EBIT ahead of market expectations, with strong wildcatch earnings offsetting weaker farming results in Scotland and trout production, according to analysis from SEB.
Lerøy reported first-quarter operational EBIT of NOK 858 million (€78.9 million), 6% above SEB’s estimate and 3% ahead of consensus forecasts, analyst Sander Lie said in a note published on 12 May.
SEB highlighted the wildcatch division as the main positive surprise, with operational EBIT reaching NOK 228 million (€21.0 million), double the NOK 114 million (€10.5 million) forecast by both SEB and consensus. The bank attributed the outperformance to stronger pricing, a lower cost base and improved profitability in land-based processing operations.
Farming Mid also performed ahead of expectations, reporting operational EBIT of NOK 19/kg (€1.75/kg), compared with SEB’s estimate of NOK 17/kg (€1.56/kg). Lerøy cited a high share of superior-grade fish and strong biological performance.
By contrast, Farming Sjøtroll delivered operational EBIT of NOK 6/kg (€0.55/kg), below both SEB’s NOK 10/kg (€0.92/kg) forecast and consensus expectations. Lerøy said lower price realisation linked to maturation issues in part of the trout harvest weighed on the result.
The Scottish joint venture Norskott Havbruk also came in below expectations, reporting operational EBIT of NOK 9 million (€0.8 million), against SEB’s estimate of NOK 95 million (€8.7 million). Harvest volumes were around 5,000 tonnes versus an expected 9,000 tonnes, while costs were higher than forecast.
Lerøy reiterated its 2026 harvest guidance of 195,000 tonnes. However, SEB noted that standing biomass at the end of the quarter was down 5% year-on-year and 4% quarter-on-quarter, which it said could indicate downside risk to the full-year target.
SEB said it expects consensus EBIT estimates for 2026 to rise by 1% to 2% following the results, while estimates for 2027 and 2028 are likely to remain broadly unchanged. The bank maintained its Hold recommendation and NOK 47 (€4.32) target price on the stock, compared with a current share price of NOK 43 (€3.96).
