Leroy Seafood Group Asa · OSL:LSG
Leroy Seafood Group Asa — Q4 2025 Earnings Presentation
36 slides from Leroy Seafood Group Asa's earnings presentation, Feb 24, 2026
Slide 1: Lerøy Seafood Group ASA Q4 2025
Lerøy Seafood Group ASA Q4 2025 Henning Beltestad Sjur Malm CEO CFO 24 February 2026
Slide 2: Disclaimer
Disclaimer This presentation has been produced by Lerøy Seafood Group ASA (the "Company") exclusively for information purposes. It must be read in conjunction with the recent financial information and the disclosures therein. By attending this presentation you acknowledge that you will be solely res
Slide 3: Highlights
1. Highlights 2. Key financial highlights 3. Outlook
Slide 4: Creating the world's most efficient and sustainable value chain for seafood
Creating the world’s most efficient and sustainable value chain for seafood
Slide 5: Our fully integrated value chain is our competitive advantage
Our fully integrated value chain is our competitive advantage Customers are seeking Our value proposition Sustainability & health Demand for healthy low -carbon protein alternatives attracts consumers Speed & cost efficiency Reliability & trust Quality & traceability Zero -tolerance for variance in
Slide 6: Highlights of the quarter
Highlights of the quarter • Higher profitability on higher spot prices for salmon and trout Operational EBIT ( NOKm ) • Cost development in Farming better than expected • Strong profitability in VAPS&D surpassing 2025 target of NOK 1.25bn • Low quotas in Wild Catch somewhat offset by significant pri
Slide 7: Segments
Segments Farming Wild catch VAP, Sales & Distribution
Slide 8: Farming highlights this quarter
Operational EBIT Farming Farming highlights this quarter • Q4/25 marks the end of the best year ever biologically • Record growth rates and biomass production • Low mortality • High SUP shares and higher harvest weights • Gradually improving prices through the quarter Harvest volume (1 000 GWT) • We
Slide 9: Lerøy Aurora
Lerøy Aurora • Strong biological development in 2025: • Record net growth • High survival rates • High superior share Operational EBIT /kg value chain (in NOK) • Continued high license utilisation • Harvest profile in Q4/25 impacted by ISA detection in October 2025 • Cost in 2025 and Q4/25 significa
Slide 10: Lerøy Midt
Lerøy Midt • Improved biology. Increasing standing biomass during Q4/25 • Cost development better than expected with a q -o-q decline. Operational EBIT /kg value chain (in NOK) • Expect slight q -o-q cost increase in Q1/26 • Strong biological development YTD 2026 • Harvest guidance unchanged at 73 0
Slide 11: Lerøy Sjøtroll
Lerøy Sjøtroll • Strong biological development in 2025: • Record net growth • Harvest volume up 20% y -o-y Operational EBIT /kg value chain (in NOK) • Cost up q -o-q on higher cost generation of trout. • Trout represented 47% of the harvest volume in Q4/25 • Same trout generation to be harvested in
Slide 12: Scottish Seafarms (50% owned)
Scottish Seafarms (50% owned) • Low harvest volume in the period • Weak result driven by biological challenges • Gill health challenges led to incident -based mortality at several sites • Lower harvest weight impacting cost and price Operational EBIT pr kg (in NOK) • Biological performance improved
Slide 13: Farming volumes (1000' GWT)
Farming volumes 2022 2023 2024 2025 2026E Lergy Aurora AS 40 43 44 SS) 49 Leroy Midt AS 69 61 69 71 73 Leray Sjotroll 66 55 58 70 73 Total Norway 175 160 171 196 195 Scottish Seafarms (Ler@y's 50% share) 18 12 20 16 22 Total 193 172 191 212 217
Slide 14: Wild catch highlights this quarter
Revenu e and Operational EBIT* Wild catch (NOKm) Wild catch highlights this quarter • Strong performance in 2025 in light of quota • Quota significantly down • Prices significantly up • Clear operational improvements in land -based industry • Challenging operating conditions, but Operational EBIT in
Slide 15: Wild catch quotas and catch volumes (GWT)
Wild catch quotas and catch volumes (GWT 1 000 )
Slide 16: Sales and processing operations in 18 countries, more than 80 markets
Sales and processing operations in 18 countries – and sales to more than 80 markets India
Slide 17: VAP, S&D highlights this quarter
Revenue and Operational EBIT VAP, S&D ( NOKm ) VAP, S&D highlights this quarter • Surpassing ambitious target of NOK 1.25bn presented in 2022 • Record 12M rolling Operational EBIT • Effects of structural improvement work • Strong demand in end markets • Strong positioning with strategic customers gl
Slide 18: Key financial highlights
1. Highlights 2. Key financial highlights 3. Outlook
Slide 19: Profit and Loss statement
Profit and Loss statement Highlights this qu • Improved margins on lower upstream volumes *Operational EBIT/EBITDA and ROCE: Excludes fair value adjustments related to biological assets and production fees (essentially a tax item), in line with market practice. Isolated events not expected to reoccu
Slide 20: Balance sheet
Balance sheet Highlights this qu • Tangible assets increased on investments in Farming. • Working capital build on high prices late Q4/25 • Strong balance sheet • Issuer credit rating BBB+ • NIBD of NOK 8 022m • Equity ratio of 49%
Slide 21: Change in net interest-bearing debt
Change Change ininterest in net net interest -bearing -bearing debt debt this quarter *Includes instalments on lease liabilities to others than credit institutions (IFRS 16)
Slide 22: Prioritizing investments that will improve biology and fish welfare
Prioritizing investments that will improve biology and fish welfare Capex (in NOKm ) • Maintenance capex and smaller upgrades of around NOK 1bn annually • Capex in 2025 around NOK 200m lower than indicated due to periodisation effects • 2026 capex estimate around 1.7bn • Aquatraz and new technology
Slide 23: Extensive activities in Norway with significant positive impact on society
Lerøy has extensive activities in Norway with significant positive impact on society Numbers for 2024 Employment 3 900 6 200 10 100 direct employees in Norway indirectly related jobs jobs in total, (direct and indirect) • Suppliers Value creation (NOK) • In-house activity and suppliers Purchases wor
Slide 24: Outlook
1. Highlights 2. Key financial highlights 3. Outlook
Slide 25: Status on strategic targets from 2022
LSG Status on strategic targets from 2022 >50 #1 1.25 bn NOK in revenue by 2030 EBIT/kg for farming and bn NOK in EBIT for VAP S&D by 2025 VAP S&D by 2025 34.4 bn NOK in 2025 1.29 bn NOK in 2025 Target unde r review 46% 200 000 reduction in total GHG tonnes harvested in 2025 emissions by 2030 (Salmo
Slide 26: VAP S&D: EBIT target for 2025 achieved
VAP S&D EBIT target for VAP,S&D in 2025 achieved Operational EBIT ( NOKm ) Strategy and targets – VAP,S&D Target 2025: 1250 • Surpassing target presented in 2022. • Update on strategy and targets will be presented at Capital markets day, March 2026.
Slide 27: Farming: Development in biology in 2025 shows clear improvement
Farming Development in biology in 2025 shows clear improvement… *Average number for full year in the 5 -year period 2020 -2024 Net growth rate Mortality Average daily percentage, number of fish Illustration of when different measures will impact results/harvest • Significant increase in growth rate
Slide 28: Farming: improvements in roe and smolt resulted in better biological performance
Farming As shown, improvements done in roe and smolt have resulted in better biological performance in 2025 Improvements in farming Resulting in better performance Illustration of when different measures will impact results/harvest • Improved genetics expected to contributing to higher growth rate i
Slide 29: Farming – shielding technology: reduced treatments in Q4
– shielding technology Farming Continued reduction in treatments from submerged technology in Q4 Lice treatments Illustration of when different measures will impact results/harvest • Positive effect of submerged technology also in Q4/25 • A new technology, and we are learning. Superior share Mortali
Slide 30: Farming – shielding technology: reduced lice treatments in 2025
– shielding technology Farming Shielding technology substantially reduced lice treatments in 2025 Lice treatments Illustration of when different measures will impact results/harvest • There are very clear signs submerged technology is reducing number of treatments • Submerged technology is not fully
Slide 31: Share of harvest volume from shielding technology in 2025
– shielding technology Farming Share of harvest volume from shielding tech in 2025 Current status Shielding technology in Lerøy • 18% of total harvest volume from shielding technology in Q4 25 • Implemented laser delousing mainly in Lerøy Aurora • Investing in fully closed farming technology, releas
Slide 32: This slide contains the following visuals: textbox ,Figures as per: ,pivotTable ,textbox. Please refer
This slide contains the following visuals: textbox ,Figures as per: ,pivotTable ,textbox. Please refer to the notes on this slide for details
Slide 33: Outlook
Outlook Farming Wild Catch VAP, S&D - Strong biological improvements in 2025 - In light of quota situation, strong - Profitability surpassing ambitious development in 2025 target set in 2022 - Expect lower cost in 2026 compared to 2025, with further long -term potential - Challenging quota situation
Slide 34: Capital Markets Day 2nd and 3rd of March 2026
Capital Markets Day 2nd and 3 rd of March 2026 Bergen and Austevoll , Norway More information on leroyseafood.com
Slide 35: Q&A
Q&A
Slide 36: Slide 36