Lerøy Seafood Group-Q2’26 TU: A tad below consensus – Neutral/Slightly negative-07/05/2026

Research evidence excerpt

Lerøy Seafood Group-Q2’26 TU: A tad below consensus – Neutral/Slightly negative-07/05/2026

Lerøy Seafood Group

NEWSFLASH | 5 JUL 2026

Q2’26 TU: A tad below consensus – Neutral/Slightly negative

LSG reported 44.8kt in Q2’26 harvest volume, 2% below PAS/Bloomberg consensus at ~46kt. Underneath the hood, however,

is a sizeable beat in Central Norway (19.7kt, some +15% to cons), but also a sizeable miss in Aurora (7.1kt, some -28% to

cons). Sjøtroll was in line with PAS at 18kt (of which 10.4kt trout). Q2 estimates should come down on 1) lower volumes and

2) mix effect (Midt holds a higher cost base vs Aurora), but full year impact should be only slightly negative to FY26e

estimates (assuming lower price achievement in H2). We see ~3% downside to our Q2 estimate and hence ~12% downside

vs current FS consensus (NOK 737m). Investors have been hoping for higher Q2 volumes when salmon prices disappointed

during the quarter, and we therefore argue the minor Q2 volume miss in combination with flat/slightly negative FY26e

revisions should warrant a slightly negative share price reaction all else equal.

Deviation table

Actual Cons PAS Dev to cons

LSG Q2'26 trading update Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26a Q2'26e Q2'26e (%)

Harvest volumes, kt HOG 38.2 48.9 59.2 49.3 39.9 44.8 45.9 46.0 (2%)

- of which Aurora 7.1 11.1 20.1 16.4 8.3 7.1 9.8 11.5 (28%)

- of which Midt 16.4 16.9 21.5 16.1 16.0 19.7 17.1 16.5 15%

- of which Sjøtroll 14.8 20.9 17.6 16.8 15.7 18.0 18.9 18.0 (5%)

- trout 9.5 9.8 10.4 7.9 9.5 6.1

Wild Catch volumes, kt 19.0 17.7 13.5 7.6 14.3 18.5 18.4

- of which cod 3.6 1.2 1.2 2.7 2.7 1.5 1.5

Source: Pareto Securities, company data

Henrik Longva Knutsen

+47 24 13 39 02, henrik.knutsen@paretosec.com

Eirik Stray Spetalen