Sharp drop in Scottish Sea Farms Q1 revenue leads to higher losses
Scottish Sea Farms saw its output and profits drop during the first quarter of 2026, the Lerøy Seafood group reports in its Q1 report today.
The company had a difficult start to the year due to costs and other factors, says the Lerøy report, but improvements are on the horizon.
Revenues came in at NOK 575 million (£46m) against NOK 900 million (£72m) 12 months earlier.
The operational EBIT or operational profit was down sharply from NOK 77 million (£6m) in Q1 last year to NOK 7m (£560,000) this time.
Harvest volumes also dropped sharply from 8,414 tons 12 months ago to 5,391 tons this quarter.
All this meant that the loss after tax rose from NOK -39 million (-£3.1m) to NOK -95 million (-£7.6m) this time.
Lerøy Seafood owns 50% of Norskott Havbruk with SalMar, which in turn owns the Scottish salmon farming company Scottish Sea Farms Ltd.
The report said lower volumes adversely impacted unit costs, particularly within wellboat operations and processing.
It added: “Results were also affected by high biomass costs following biological challenges in 2025. Consequently, the EBIT per kg declined from NOK 9.2 in Q1 2025 to NOK 1.3 in Q1 2026. The next generation of fish is performing well. Harvest volume guidance for 2026 is unchanged at 43 000 tons GWT.”
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