Lerøy Seafood slo forventningene

Oppdrettsselskapet Lerøy Seafood reported on Tuesday morning that it met market expectations for the third quarter, with revenue of 9.2 billion kroner and an operating profit of 424 million kroner. The improvement in results was attributed to good biological development, lower costs in Aquaculture, and strong performance in Market Operations, according to Group CEO Henning Beltestad.

Haddock has struggled on Oslo Børs this year due to lower haddock prices and concerns about higher feed costs. The seafood executive remains in the red for the year, despite an upward trend from summer lows. Lerøy Seafood anticipates that global supply of salmon and trout will decline, with strong demand. The company's cost program aligns with their plan, which they expect to reduce the impact of higher feed prices next year.

The company enters the fourth quarter with good biological status, high biomass, lower cost levels, and a stronger financial position. They also remain optimistic about continued strong demand for salmon and reduced global supply growth. With stronger cash flow from operations, Lerøy reported 1.2 billion kroner in the third quarter, up from 1.1 billion in the same period last year.

Net debt was cut by 676 million kroner to 7.7 billion. Lerøy retains its salmon quota for 2026 in Norway at 195,000 tonnes, and expects a similar quota for 2027, including its 215,000-tonne share in Scottish Sea Farms. The company's stock price fell around 10% so far this year, trading below 25.5 billion kroner. Austevoll Seafood is the largest shareholder, followed by the Folktapfordring.

Lerøy's quarterly presentation came a week after several major seafood giants on Oslo Børs, including Salmar, Mowi, and Bakkafrost, reported their earnings. Both Mowi and Salmar beat expectations on the revenue front.