Our 2026e EBIT-estimate on Lerøy is NOK 2.8bn – the last 45 days average consensus is NOK 3.6bn. During 2026 LSG will not harvest more fish, the spot price is looking to be roughly similar to 2025 (around NOK 77/kg), VAP EBIT is likely to come in relatively alike 2025 and wild catch will be about NOK 100m better. As such, the major EBIT-driver (under the abovementioned assumptions) will be cost/kg. Consensus expects EBIT to grow by NOK 1.1bn in 2026e – or a NOK 5/kg lower cost by using these ass ....
