Leroy Seafood Group Asa · OSL:LSG
Leroy Seafood Group Asa — Q1 2026 Earnings Presentation
40 slides from Leroy Seafood Group Asa's earnings presentation, May 12, 2026
Slide 1: Q1 report 2026
Q1 report 2026
Slide 2: Lerøy Seafood Group ASA
Lerøy Seafood Group ASA A vertically integrated supplier of seafood Farming Lerøy Seafood Group’s (“LSG”) salmon and trout farming activities includes the three regions North, Mid and West in Norway. The Norwegian operations harvested about 196 000 tonnes gutted weight (GWT) of salmon and trout in 2
Slide 3: Highlights of the quarter
Highlights of the quarter • Strong biological performance in the quarter • Pressure on gross margins in some units in VAPS&D • Increased expectations for profitability in Wild Catch • Harvest guidance for 2026 reiterated at 195 000 GWT (Norway) • Board propose NOK 2.5 per share as dividend for 2025 O
Slide 4: Financial review
Financial review Q1 2026 results NOKm Q1-26 Q1-25 Change/∆ 2025 2024 Revenue 8 083 7 951 2% 34 364 31 125 Operational EBITDA 1 346 1 497 -10% 4 409 4 612 Operational EBIT 858 1 049 -18% 2 502 2 960 Income from associated companies * -7 15 -145% -70 -117 Net financial items -190 -155 22% -670 -517 Rep
Slide 5: First quarter 2026 results
First quarter 2026 results Group revenues increased by 2% year-on- 160 million (Q1 2025: NOK 212 million), is attributable to lower profitability in year. Growth in VAPS&D was partly offset by following pressure on gross margins in some Norskott Havbruk (Scottish Sea Farms). lower price realisation i
Slide 6: Cash flow and financial position
The Group’s ROCE before fair value Net interest-bearing debt was NOK 7 667 increase in inventories in Wild Catch as key adjustments related to biological assets was million, a decrease of NOK 356 million from driver 11.9% in Q1 2026, compared with 15.2% in Q1 year-end 2025. The Board proposes a 2025
Slide 7: Bond loans and capital allocation
Bond loans long-term goal of NOK 50 billion in revenues by 2030. The Group is prioritising investments The Group has a solid financial position and As of Q1 2026, the Group has seven green to improve biology and fish welfare, and has an investment grade rating (BBB+) from made significant investments i
Slide 8: Operational review – Farming
Operational review – Farming Lerøy Aurora/ Lerøy Midt/ Lerøy Sjøtroll/ Eliminations Farming North Norway Central Norway West Norway Q1-26 Q1-25 Q1-26 Q1-25 Q1-26 Q1-25 Q1-26 Q1-25 Q1-26 Q1-25 Revenue (NOKm) 703 631 1 400 1 495 1 006 1 143 -61 -36 3 049 3 233 Operational EBIT (NOKm) 168 170 300 430 8
Slide 9: Key value drivers in the quarter
Key value drivers in the quarter Salmon and trout price realisation is characterised by high Norwegian export Total harvest volume for the Farming primarily driven by market prices, contract volumes, while March saw increasing segment was 39 943 tonnes (GWT) in the share, size and quality mix and pr
Slide 10: Lerøy Aurora
Lerøy Aurora Strong biological performance in Lerøy quarter. weights also negatively impacted price Aurora continued in Q1 2026. Growth rates realisation in the quarter. Operational EBIT in Farming cost per kg was lower year-on-year, and harvest quality remained strong, Q1 2026 was NOK 168 million,
Slide 11: Lerøy Midt
Lerøy Midt The biological development in Lerøy Midt Farming cost per kg was in line with Q4 2025 Operational EBIT in Q1 2026 was NOK 300m was very strong. With high growth rates, low but slightly higher y-o-y. Operational EBIT compared to NOK 430m in Q1 2025, where mortality and high harvest weights
Slide 12: Lerøy Sjøtroll
Lerøy Sjøtroll Positive biological performance in Lerøy Farming cost per kg was marginally lower q- As of today, costs in Q2 2026 are expected to Sjøtroll continued in Q1 2026, with strong o-q, but higher y-o-y. Operational EBIT per kg be lower than in Q1 2026. If current biological growth rates and
Slide 13: Scottish Sea Farms
Scottish Sea Farms Q1-26 Q1-25 Lerøy Seafood owns 50% of Norskott The next generation of fish is performing Revenue (NOKm) 575 900 Havbruk, which in turn owns the Scottish well. Harvest volume guidance for 2026 is Operational EBIT (NOKm)* 7 77 salmon farming company Scottish Sea unchanged at 43 000 t
Slide 14: Operational review - VAPS&D
Operational review - VAPS&D Q1-26 Q1-25 2025 2024 Revenue (NOKm) 7 866 7 515 32 945 29 711 Y-o-y revenue growth 4.7% 14.4% 10.9% 2.5% Operational EBIT (NOKm) 160 212 1 290 888 Operational EBIT margin 2.0% 2.8% 3.9% 3.0% As previously highlighted, profitability in VAP, million (Q1 2025: NOK 212 millio
Slide 15: Operational review Wild Catch
Operational review Wild Catch Q1-26 Q1-25 YTD-26 YTD-25 Revenue (NOKm) 948 936 948 936 Operational EBITDA (NOKm) 297 215 297 215 Operational EBIT (NOKm) 228 148 228 148 Catch volume (tonnes) Cod 2 746 3 614 2 746 3 614 Saithe, north 2 601 5 319 2 601 5 319 Saithe, south 0 56 0 56 Haddock 2 839 3 360
Slide 16: Lerøy Havfisk and Lerøy Norway Seafoods
Wild Catch revenues in Q1 2026 were NOK higher price realisation. Compared with Q1 The quota reductions and corresponding 948 million, broadly in line with Q1 2025. 2025, prices for cod increased by 24%, saithe increase in raw material prices continue to Catch volumes declined by 25% year-on-year by
Slide 17: Wild Catch EBIT, prices and cod quota development
Op. EBIT and Revenue (NOKm) 12m rolling Price key species (frozen, NOK/kg) Cod quota development (ktonnes HOG) 400 3 500 100 27,7 350 3 000 90 80 22,8 300 2 500 70 250 60 19,3 2 000 200 50 1 500 40 150 13,5 1 000 30 100 20 50 500 10 8,9 0 7,6 - - Q3 24 Q3 25 Q1 24 Q1 25 Q1 26 Q4 24 Q4 25 Q2 24 Q2 25
Slide 18: Market overview and development
Market overview and development Lower supply growth in 2026 Following strong biological development demand growth. Given continued demand across key producing regions, global salmon growth, the market balance is expected to Lower white fish quotas supply growth has been high over the last 12 tighten.
Slide 19: Outlook
Outlook initiatives and maintains its focus on Capital markets day execution and follow-up. Farming costs At the Capital Markets Day in Driven primarily by lower feed costs, cost per Bergen/Austevoll in March 2026, Lerøy presented updated long-term targets. The Farming growth harvested kilogram is e
Slide 20: Wild Catch profits to grow
Wild Catch profits to grow continue, supported by ongoing initiatives research institutes, and seafood companies across the value chain. can work together and use their experience Quotas in 2026 are substantially lower and to strengthen the seafood industry’s At the same time, a stronger NOK is envir
Slide 21: Guiding and expectations
Guiding and expectations Farming VAPS&D Harvest volumes (‘000 GWT) 2025 2026e Q1’26 Q2’26e Revenues (NOKM) EBIT-margin Lerøy Aurora 54.7 49 8.3 Up Q/Q 2024 2025 2026 E 2024 2025 2026 Slight Increase Lerøy Midt 70.8 73 16.0 Up Q/Q Segment total 29 711 32 945 3.0% 3.9% decrease on 2025 on 2025 Lerøy S
Slide 22: Related party transactions
Related party transactions Transactions with related parties take place at market terms according to the arm’s length principle. There have not been any related party transactions during the quarter outside the ordinary course of business. Lerøy Seafood Group 22 Interim Report Q1 2026
Slide 23: Risks and uncertainties
stage to make any statement on whether the Risks and Legal risks case will result in sanctions or other negative consequences for the group, or when the The European Commission (the case will end. uncertainties ”Commission”) initiated, on 19 February 2019, an investigation relating to suspicions of
Slide 24: The share
The share Share price development (NOK) 20 largest shareholders (‘000 shares) As of 31 March 2026, Lerøy Seafood Group 55,0 Shareholder # shares % share ASA had 595 773 680 shares outstanding. All Austevoll Seafood Asa 313,9 52,7 % 50,0 shares carry the same rights in the company. Folketrygdfondet 2
Slide 25: Consolidated income statement
Lerøy Seafood Group Consolidated Income statement Statement of comprehensive income (All amounts in NOK 1 000) Note Q1 2026 Q1 2025 FY 2025 (All amounts in NOK 1 000) Q1 2026 Q1 2025 FY 2025 Operating revenue 3 8 083 412 7 951 367 34 363 832 Profit for the period 278 446 -442 383 367 035 Other gains
Slide 26: Statement of financial position and key figures
Statement of financial position Key figures (All amounts in NOK 1 000) Note 31.03.2026 31.03.2025 31.12.2025 (All amounts in NOK 1 000, except share information) Note Q1 2026 Q1 2025 FY 2025 Assets Intangible assets 4 8 791 974 8 835 503 8 837 705 Slaughtered volume salmon and trout (GWT) 39 943 38
Slide 27: Statement of cash flows
Statement of cash flows (All amounts in NOK 1 000) Q1 2026 Q1 2025 FY 2025 Investing activities Acquisitions of right-of-use assets from new lease agreements have no cash flow effect, and will therefore not be Cash flow from operating activities included in the cash flow from investing activities. B
Slide 28: Statement of changes in equity and notes
Statement of changes in equity Notes (All amounts in NOK 1 000) Note 1: Accounting principles 2026 Paid in capital Other equity Total CI* Total NCI** Total equity This report is prepared according to standard for interim financial reporting (IAS 34). All figures are unaudited, except for the compara
Slide 29: Note 2: Alternative performance measures (APMs)
Note 2: Alternative performance measures (APMs) (All amounts in NOK 1 000) Lerøy Seafood Group's accounts are submitted in accordance with international standards for financial reporting (IFRS Operational EBIT/kg for the value chain Accounting Standards) and interpretations established by the Intern
Slide 30: Note 3: Segment and revenue information
Note 3: Segment and revenue information (All amounts in NOK 1 000) The Group has the following three operating segments: (1) Wild Catch, (2) Farming, (3) VAP, sales and distribution. The white fish VAP is included in the Wild Catch segment, due to the commitments related to the onshore plants in Nor
Slide 31: Operating segments Q1 2026
VAP, sales and LSG ASA, Preline, Operating segments Wild Catch Farming distribution unallocated Elimination Group total Q1 2026 External revenues 174 598 60 753 7 847 948 113 0 8 083 412 Intra-group revenues 773 741 2 988 227 17 668 100 463 -3 880 099 0 Sales 948 340 3 048 980 7 865 616 100 576 -3 8
Slide 32: Operating segments FY 2025
VAP, sales and LSG ASA, Preline, Operating segments Wild Catch Farming distribution unallocated Elimination Group total FY 2025 External revenues 1 353 250 146 545 32 863 176 862 0 34 363 832 Intra-group revenues 1 854 304 13 845 286 81 920 441 091 -16 222 602 0 Sales 3 207 554 13 991 831 32 945 096
Slide 33: Operating segments in Farming
Operating segments in Farming Northern region Central region Western region Elimination Farming total Q1 2026 Total revenues 703 201 1 399 929 1 006 403 -60 553 3 048 980 Operational EBITDA 248 402 432 599 209 251 -72 890 179 Operational EBIT 168 046 300 127 87 257 -72 555 358 Slaughtered volume sal
Slide 34: Note 4: Non-current assets
Note 4: Non-current assets (All amounts in NOK 1 000) Changes in non-current assets are specified for each balance sheet item. Intangibles consist of licences, permits, goodwill and deferred tax assets. Depreciation and investments are specified at the bottom. Intangibles Q1 2026 Q1 2025 FY 2025 Fix
Slide 35: Financial non-current assets
Financial non-current assets Q1 2026 Q1 2025 FY 2025 OB AC and JV 1 415 575 1 566 934 1 566 934 OB other financial non-current assets 75 339 135 062 135 062 OB financial non-current assets 1 490 915 1 701 996 1 701 996 Changes Business combinations 0 0 96 AC and JV - addition 0 0 10 AC and JV - from
Slide 36: Note 5: Biological assets
Note 5: Biological assets (All amounts in NOK 1 000) The Group recognises and measures biological assets at fair value (FV) according to IAS 41. For salmon and trout, BALANCE SHEET ITEMS RELATED TO BIOLOGICAL ASSETS including parent fish, a present value model is applied to estimate fair value. For
Slide 37: Note 6: Net interest-bearing debt (NIBD)
Note 6: Net interest-bearing debt (NIBD) (All amounts in NOK 1 000) Net interest-bearing debt (NIBD) NIBD effect from operational activities Q1 2026 Q1 2025 FY 2025 NIBD is an APM utilised by the Group. The figure shows how much capital the Group employs and is an important key EBITDA before fair va
Slide 38: Note 7: Share capital and Note 8: Income from associates
Note 7: Share capital and shareholder information Note 8: Income from associated companies (AC) and joint ventures (JV) (All amounts in NOK 1 000) Overview of the 20 largest shareholders at 31.03.2026: No. of shares Ownership Income from AC and JV: Q1 2026 Q1 2025 FY 2025 Austevoll Seafood ASA 313 9
Slide 39: Note 9: Resource rent tax and production fee
Note 9: Resource rent tax and production fee (All amounts in NOK 1 000) ESTIMATED TAXATION (+) Impact on key figures from implementation effect The tax cost of the period consists of Q1 2026 Q1 2025 FY 2025 Equity Q1 2026 Q1 2025 FY 2025 Estimated corporate tax for the Group 70 824 -197 760 147 636
Slide 40: Lerøy Seafood Group Interim Report Q1 2026
Lerøy Seafood Group ASA Thormøhlens gate 51 B N – 5006 Bergen leroyseafood.com Lerøy Seafood Group 25 Interim Report Q1 2026