SEB: Lerøy Q2 harvest miss has limited full-year impact
Lerøy Seafood Group posted Q2 harvest volumes of 44,800 tonnes, missing both SEB and consensus estimates of 46,000 tonnes by 3%, according to a trading update released Friday after market close.
The shortfall was concentrated in the Aurora region, which came in below SEB’s expectations. The Mid region, which includes Sjøtroll, posted higher-than-forecast volumes and finished broadly in line, partially offsetting the Aurora underperformance.
Wildcatch volumes reached 19,000 tonnes, slightly ahead of SEB’s 18,000-tonne estimate.
SEB analyst Sander Lie called the update neutral. The lower harvest may reduce SEB’s Q2 EBIT estimate by around 2%, but the bank expects limited impact on its full-year 2026 EBIT forecast for Lerøy.
SEB maintains a Hold rating on Lerøy with a target price of NOK 43.
