Leroy Seafood Group ASA shares weakened after the company published its second-quarter 2026 report, with the stock declining 1.5% to trade at NOK 40.88. The earnings package exposed a marked drop in operational profitability that investors took as the principal negative development despite several constructive operational notes.
Profit and volume details
Operational EBIT for the quarter was NOK 574 million, down from NOK 680 million in the same period a year earlier. Management attributed the reduction primarily to lower harvest volumes and weaker margins in the Market Operations division when compared with a historically strong 2025.
Within the Farming business, operational EBIT came in at NOK 236 million versus NOK 256 million a year earlier. Salmon and trout harvest volumes for the quarter declined to 44,747 GWT, roughly eight percent below the year-ago level.
Guidance and harvest mix
The company lifted its full-year Wild Catch operational EBIT guidance to a range of NOK 400–450 million, up from NOK 350–400 million, citing stronger catch volumes and improved pricing in that segment. Total Norway harvest volume guidance was left unchanged at 195,000 GWT, but the internal composition of that guidance shifted: guidance for Lerøy Aurora was revised upward while Lerøy Sjøtroll was trimmed, a change management linked to unusually low sea temperatures.
Cost trends and management commentary
CEO Henning Beltestad highlighted that farming cost levels have fallen materially since the first quarter of 2026. He also said that feed costs are expected to rise heading into 2027, but that the company's ongoing cost optimisation programme should substantially limit the impact of those increases.
Market context and investor reaction
Market conditions offered limited support to the share price: the Oslo OBX had closed modestly lower in the prior session, while U.S. benchmarks were essentially flat, removing broader risk-appetite tailwinds. The quarter-on-quarter profit decline combined with the Farming volume shortfall was the dominant driver of selling pressure, outweighing the positive revision to Wild Catch guidance and management's comments on biological performance.
Trading at NOK 40.88, the stock remains well below its 52-week high of NOK 52.4 and sits near the low end of its annual range. The immediate post-results weakness reflects investor caution about the pace at which volumes and margins will recover.