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Norway's Leroy Seafood Q3 operational EBIT jumps on lower farming costs, cuts 2026 forecast

By Reuters News


Overview

  • Norway seafood producer's Q3 operational EBIT rose sharply yr/yr on lower costs and strong Market Ops

  • Company's salmon and trout harvest volume fell 8% yr/yr

  • Company reported strong operating cash flow and reduced net interest-bearing debt in Q3


Outlook

  • Leroy maintains 2026 Norway harvest volume guidance at 195,000 GWT, same for 2027

  • Leroy lowers 2026 Wild Catch EBIT guidance to NOK 315-350 mln from NOK 400-450 mln

  • Company expects slower global supply growth and strong demand to support prices


Result Drivers

  • LOWER COSTS & BIOLOGICAL DEVELOPMENT - Co said improved results in Farming were driven by lower costs and good biological development across Norwegian regions

  • PRIMARY PROCESSING EARNINGS - Higher earnings in primary processing drove improvement in Market Operations

  • COST PROGRAMME PROGRESS - Co said ongoing cost programme contributed to lower cost levels


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Adjusted EBIT

NOK 459 mln


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the food processing peer group is "buy"

  • Wall Street's median 12-month price target for Leroy Seafood Group ASA is NOK49.00, about 13.5% above its November 9 closing price of NOK43.18

  • The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 10 three months ago


Reuters Recommended Reads

  • Nov 9 - Nordic region risks winter energy cost spikes, Denmark's Mind Energy says

  • Nov 9 - Norway announces $64 million for Brazil's Amazon Fund after record deforestation decline

  • Nov 9 - Norway reins in data centre industry amid AI boom


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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