Leroy Seafood Group Asa · OSL:LSG
Leroy Seafood Group Asa — Lerøy Seafood Group — Q1 2026 Earnings Presentation
42 slides from Leroy Seafood Group Asa's earnings presentation, May 12, 2026
Slide 1: Lerøy Seafood Group ASA Q1 2026
LERØY SEAFOOD GROUP ASA Q1 2026 12 May 2026 Henning Beltestad Sjur Malm CEO CFO
Slide 2: Disclaimer
Disclaimer This presentation has been produced by Lerøy Seafood Group ASA (the looking statements. Such forward-looking statements involve known and "Company") exclusively for information purposes. It must be read in unknown risks, uncertainties and other factors which may cause the conjunction with
Slide 3: Agenda
1. Highlights 2. Strategy & targets update Agenda 3. Key financial highlights 4. Outlook
Slide 4: 1. Highlights
1. Highlights LERO
Slide 5: A leading global provider of high-quality seafood
A leading global provider of high-quality seafood Producing 5 million meals per day History reaching back to 1899 Organization VAP processing 6,000 volume employees 340,000 Fully integrated value chain tonnes (2025) Diversified portfolio of healthy Operating Harvest volume products and strong brands
Slide 6: Our goal: Creating the world's most efficient and sustainable value chain for seafood
Our goal: Creating the world´s most efficient and sustainable value chain for seafood Head office: Lerøy Seafood Group ASA Farming Whitefish processing Trawler Harvesting, processing, sales and distribution
Slide 7: Over 20 years of investments have provided us with a unique value chain
Over 20 years of investments have provided us with a unique and fully integrated seafood value chain.
Slide 8: Highlights of the quarter
Highlights of the quarter Operational EBIT (NOKm) • Strong biological development in Farming. Q1/26 harvest of 39,9kt vs Q1/25 at 38,2kt • Increased expectations for profitability Wild Catch • Pressure on gross margins in some units in VAPS&D • Harvest guidance for Norway in 2026 reiterated at 195 0
Slide 9: Implementing updated strategy with proven approach
Implementing updated strategy with proven approach Proven execution model Updated strategic framework Sharpened financial framework Lerøy Way Growth ROI focus Continuous improvements Consistently applied Cost Capex discipline Simplify Strategic alignment Leadership Portfolio thinking • Group • Facil
Slide 10: 2. Strategy & targets update
2. Strategy & targets update LERO
Slide 11: Status on CMD 2026 targets
Status on CMD 2026 targets 220,000 1bn Tonnes harvested in 2030 From NOK cost base reduction Farming through 2026 initiatives [~197,000 GWT R12m Q1 2026] [173 NOKm realised YTD] 50bn 2bn NOK in revenue by 2030 NOK in EBIT for VAP,S&D in 2030 [34.5 bn R12m Q1 2026] [1.2 bn R12m Q1 2026]
Slide 12: Cost reduction progress – run rate – NOK 1bn target (CMD 2026)
Cost reduction progress – “run rate” – NOK 1bn target (CMD 2026) arming • NOK 173m realised , ildcatch Total • NOK 586m in identified and in execution • NOK 241m gap to target ealised den ed in execu on ap to Target Target
Slide 13: Farming, Wild Catch, VAP, Sales & Distribution
Segment Segment Segment Farming Wild Catch VAP, Sales & Distribution
Slide 14: Farming highlights this quarter
Operational EBIT Farming Farming highlights this quarter • Continued strong biology • Strong growth rates and biomass production • Low mortality • High harvest weights. Q1/26: 4,8 GWT (Q1/25 4,2) • Y-o-y improvement in quality, but some maturation on trout. Harvest volume (1 000 GWT) • Y-o-y decline
Slide 15: Lerøy Aurora
Lerøy Aurora evenue pera onal m T m arvested volume T • Continued strong biological development in Q1 2026: arvest weight avg. in g , , • Strong growth rates • High survival rates • High superior share • High harvest weights Operational EBIT/kg value chain (in NOK) • Cost in Q1/26 lower than Q1/25 a
Slide 16: Lerøy Midt
Lerøy Midt evenue pera onal m T m arvested volume T arvest weight avg. in g , , • Continued Strong strongdevelopment biological biological development in Q1 2026:in Q1 2026: •• Strong Strong growth growth rates rates •• High High survival survival rates rates •• High High superior superior share sha
Slide 17: Lerøy Sjøtroll
evenue m Lerøy Sjøtroll pera onal T m arvested volume T arvest weight avg. in g , , • Strong biological development in Q1 2026: • Strong growth rates • High survival rates • High harvest weights Operational EBIT/kg value chain (in NOK) • Expect marginal q-o-q cost reduction Q2/26 • Potential for sig
Slide 18: Scottish Seafarms (50% owned)
Scottish Seafarms (50% evenues pera onal T owned) arvested volume T pera onal T g , , , , • Weak quarter on low volumes and high-cost stock: • Volumes down 36% y-o-y • Low volume impact unit cost; particularly wellboat and processing • Harvested fish impacted by challenging situation Operational EBI
Slide 19: Farming volumes
arming volumes ’ T er y urora er y idt er y troll co sh eafarms er y s share
Slide 20: Sales and processing operations in 18 countries – and sales to more than 80 markets
Sales and processing operations in 18 countries – and sales to more than 80 markets
Slide 21: VAP, S&D highlights this quarter
Revenue and Operational EBIT VAP, S&D (NOKm) VAP, S&D evenue T margin p.a. , highlights this quarter , , , , , , , , , Continued growth in volumes and revenue , Operational EBIT in Q1/26 of NOK 160m vs NOK 212m in Q1/25 Revenue and Op. EBIT VAP, S&D (NOKm), 12m rolling Many units increasing profitab
Slide 22: Wild Catch highlights this quarter
Revenue and Operational EBIT* Wild Catch (NOKm) m Wild Catch highlights this quarter • Strong performance in Q1/26 in light of quota • Catch volumes down • Prices significantly up • Clear operational and financial improvements in land-based industry • Increased fuel cost toward end quarter Price, ke
Slide 23: Wild catch quotas and catch volumes
Wild catch quotas and catch volumes (GWT 1 000)
Slide 24: 3. Key financial highlights
3. Key financial highlights LERO
Slide 25: Highlights this quarter
Profit and Loss statement evenue and other income Highlights this quarter eprecia on,amor sa on, impairments • Lower salmon and trout price , , impact overall profitability almon and trout harvest volume T • Strong quarter in Wild Catch pera onal T g value chain , , hite sh catch volume tonnes pera
Slide 26: Highlights this quarter
Balance sheet Highlights this quarter • Tangible assets increased on investments in Farming • Working capital build also seasonally on whitefish • Strong balance sheet • Issuer credit rating BBB+ • NIBD of NOK 7 667m • Equity ratio of 50%
Slide 27: Change in net interest-bearing debt this quarter
Change in net interest-bearing debt this quarter m T Change wor ing Capex ividends paid et nance ayable tax ther items capital e ects *Includes instalments on lease liabilities to others than credit institutions (IFRS 16)
Slide 28: Prioritizing investments that will improve biology and fish welfare
Prioritizing investments that will improve biology and fish welfare Maintenance capex and smaller upgrades of around NOK 1bn annually ill Capex (in NOKm) 2026 capex estimate around 1.7bn • Aquatraz and new technology investments (incl. lasers) in Farming • Smaller capacity increasing investments VAP
Slide 29: Positive ripple effects across Norway
Numbers for 2025 Positive ripple effects Lerøy has over 4000 across Norway employees living in over 190 municipalities We did business with 4 600 different suppliers all over Norway 10 400 jobs in total, (direct and indirect) Lerøy bought goods and Impact on direct and services for over indirect tax
Slide 30: VAP, Sales & Distribution - organised in three integrated business units
VAP, Sales & Distribution - organised in three integrated business units Primary processing Sales & Distribution VAP Consumer Products Slaughtering and primary Operational planning, purchase, Processing of raw materials into processing to whole head on sale and distribution of mainly finished consum
Slide 31: VAP, S&D highlights
Segment revenue distribution, per quarter VAP, S&D highlights , , rimary , , , processing • Healthy volume (+4,1% y-o-y) ales and and revenue growth (+4.7% y-o-y) istribu on Consumer • Operational EBIT of NOK 160m in Q1/26 vs NOK products 212m in Q1/25 limina ons • Reduction in profitability from y
Slide 32: Drivers within Sales & Distribution
Drivers within Sold volumes (1000 tonnes) Sales & Distribution , , , , • Healthy volume (+7.8%) and , revenue growth (+7.0%) y-o-y. • Gross margins in some units negatively impacted by increased logistical cost to higher-margin markets. p. T evenue Revenue and EBIT Profitability drives/kg , , , , ,
Slide 33: Drivers within Consumer products
Drivers within Sold volumes (1000 tonnes) Consumer products , , , , , • Healthy volume (+6.9% y-o-y) and revenue (+8.1% y-o-y) growth • Positive profitability development in most units, while pressure on gross margin in some p. T evenue Revenue and EBIT Profitability drives/kg , , , , , Gross profit
Slide 34: Drivers within Primary processing
Drivers within Processed volumes (1000 tonnes) Primary processing • Performing basically in line with last year • From June all processing units in Farming will have been moved to this reporting segment p. T evenue Revenue and EBIT Profitability drives/kg , , , , Gross profit / kg , , OPEX / kg , ,
Slide 35: How to model the Wild Catch segment – from CMD
How to model the Wild Catch segment – from CMD Key earnings mechanics Key considerations Catch • Earnings assessed on annualised, system-level basis value Catch volumes X Prices reflecting quota-driven volatility and fixed cost structures Volumes constrained by quotas, prices externally market-drive
Slide 36: Wild Catch – annual EBIT estimate lifted to NOK 350-400m. Key drivers
Wild Catch – annual EBIT estimate lifted from 250-300m to NOK 350-400m. Key drivers Drivers for catch value Drivers for catch costs Specie Catch volume Price Cost item 2025 2026E 2025 Q1 2026 2025 2026E Cod 8 796 7 500 80 95 Fuels consumption (million liters) 39,2 38 Saithe 13 666 10 700 31 46 Fuel
Slide 37: 4. Outlook
4. Outlook
Slide 38: Atlantic Salmon - Supply
Atlantic Salmon - Supply in tons WFE Figures as per 08.05.2026 Source: Kontali
Slide 39: Outlook
Outlook Farming Wild Catch VAP, S&D Strong biological performance Price development outweighs lower Lower salmon and trout prices are continues catch volumes and significantly building markets higher fuel price Cost reduction program gradually to Increased demand for integrated, impact cost of harve
Slide 40: Guidance and long-term ambitions
Guidance and long-term ambitions Farming Wild Catch VAP, S&D 2026 2026 2026 • Price development outweigh lower quota and • Harvest volumes 195,000 GWT (Norway) • Compared to 2025 – continued growth at higher fuel cost • Cost per kilo lower than 2025 slightly lower margins • Indicative Op.EBIT of NOK
Slide 41: Q&A
Q&A
Slide 42: The Norwegian Seafood Pioneer
The Norwegian Seafood Pioneer