Bergen, Norway-based Lerøy Seafood Group (LSG) reported an 18 percent year-over-year drop in group operational EBIT in the first quarter of this year, totaling NOK 858 million (USD 93.6 million, EUR 79.7 million).
The firm attributed the drop to lower salmon and trout prices as well as some margin pressure in its downstream VAP, Sales, and Distribution (VAPS&D) arm, which both offset strong biological performance within its Farming segment.
Even though EBIT was down, LSG’s Q1 revenues increased 2 percent compared to Q1 2025, rising to almost NOK 8.1 billion (USD 883.9 million, EUR 752.2 million). Delivering the group’s Q1 2026 results on 12 May, LSG CEO Henning Beltestad said that this total represented a “fairly good quarter.”
“We are at a good place at the moment,” he said. “We have a proven execution model in the ‘Lerøy Way’ and about how we work to deliver continuous improvements to the whole value chain.”
Beltestad further explained that “after eight years of hard work,” LSG has updated its strategic framework, prioritizing growth, cost, simplification, and leadership.
“We have also sharpened the financial framework with the focus on return on investment, capex, discipline, strategic alignment, and portfolio. This is the base for our direction going forward,” he said.
By business segment in Q1, Farming achieved revenues of NOK 3.05 billion (USD 332.8 million, EUR 283.2 million), which was down from NOK 3.2 billion (USD 349.1 million, EUR 297.2 million) in Q1 2025. Its operational EBIT totaled NOK 555 million (USD 60.5 million, EUR 51.5 million), compared to NOK 789 million (USD 86.1 million, EUR 73.3 million) previously.
Those totals came on the back of a salmon and trout harvest during Q1 that totaled 39,943 gutted weight tons (GWT), marking an increase of 4 percent year over year.
Beltestad said Farming performed well biologically in Q1, leading to solid growth rates and harvest weights, as well as low mortality. However, prices in the period were NOK 4.00 (USD 0.43, EUR 0.37) lower than a year ago at NOK 85.90 (USD 9.37, EUR 7.97) per kilogram.
The full-year 2026 Norwegian harvest guidance remains at 195,000 GWT for the firm, and adding in the harvest from LSG’s share of Scottish Sea Farms, it is predicting a total harvest of 217,000 GWT.
LSG’s Wild Catch segment, meanwhile, “had a very good quarter,” Beltestad advised. Driven by higher prices and operational improvements in the onshore industry, it achieved revenues of NOK 948 million (USD 103.4 million, EUR 88.1 million), which was NOK 12 million (USD 1.3 million, EUR 1.1 million) higher than in Q1 2025. Its operational EBIT increased NOK 80 million (USD 8.7 million, EUR 7.4 million) to NOK 228 million (USD 24.9 million, EUR 21.2 million), even though, in total, 14,267 metric tons (MT) of fisheries products were caught in the quarter compared to 18,957 MT previously.
As a result of the upturn in the segment’s financials, Beltestad confirmed the expectation for Wild Catch’s operational EBIT for 2026 has been raised from NOK 250 million to NOK 300 million (USD 27.3 million to USD 32.7 million, EUR 23.2 million to EUR 27.9 million) to NOK 350 million to NOK 400 million (USD 38.2 million to USD 43.6 million, EUR 32.5 million to EUR 37.2 million).
Elsewhere, VAPS&D generated revenues of NOK 7.87 billion (USD 858.6 million, EUR 731.1 million) and an operational EBIT of NOK 160 million (USD 17.5 million, EUR 14.9 million) in Q1, compared to NOK 7.52 billion (USD 820.5 million, EUR 698.7 million) and NOK 212 million (USD 23.1 million, EUR 19.7 million), respectively, in Q1 2025.
According to LSG, the segment’s Q1 2026 profitability was negatively affected by a strengthening NOK, higher logistics costs, and reduced accessibility to certain high-margin markets.
Despite these factors, the division remains in a “strong position,” Beltestad said.
Looking forward, LSG has declared new financial targets for its business segments, including a Norwegian salmon and trout harvest of 220,000 GWT and a NOK 2 billion (USD 218.2 million, EUR 185.7 million) EBIT for VAPS&D in 2030, together with a revenue goal of NOK 50 billion (USD 5.5 billion, EUR 4.6 billion) by that year. It also intends to achieve NOK 1 billion (USD 109.1 million, EUR 92.9 million) in cost base reductions through initiatives undertaken this year.
While the firm is just a few months into pursuing these targets, LSG is currently on track to meet these new objectives, Beltestad said.
