Leroy Seafood Group Asa · OSL:LSG
Leroy Seafood Group Asa — Q4 2024 Earnings Presentation
36 slides from Leroy Seafood Group Asa's earnings presentation, Feb 28, 2025
Slide 1: Leroy Seafood Group ASA Q4 2024
Lergy Seafood Group ASA Q4 2024 7 Wl Henning Beltestad Sjur Malm CEO CFO 28 February 2025
Slide 2: 1. Highlights
1. Highlights 2. Key financial highlights 3. Outlook
Slide 3: Creating the world's most efficient and sustainable value chain for seafood
LEROY Creating the world's most efficient and sustainable value chain for seafood REDFISH 7 oo = ROE FARMING. INTEGRATED VALUE CHAIN We carel WHITEFISH fam % Se WILD CATCH PROcEssING vap
Slide 4: Customers are seeking our value proposition
Customers are seeking Our value proposition
Slide 5: Highlights of the quarter
LEROY Highlights of the quarter Prices for salmon and st well below last year Operational EBIT (NOKm) Excellent biological performance with net growth in tonnes up 41 989 950 Improved biological performance starting to show in results 799 906 842 765 Strong improvement in biology and earnings at Sco
Slide 6: Segments
LEROY Segments Farming Wild catch VAP, Sales & Distribution ER ” a a
Slide 7: Farming highlights this quarter
Farming highlights this quarter • • • • • • • •
Slide 8: The value chain consists of farming and VAPS&D
• • • • • • • • • The value chain consists of farming and VAPS&D
Slide 9: The value chain consists of farming and VAPS&D
• • • • • • • • • The value chain consists of farming and VAPS&D
Slide 10: The value chain consists of farming and VAPS&D
• • • • • • • • • • • The value chain consists of farming and VAPS&D
Slide 11: Scottish Sea Farms (50% owned)
100% basis, in NOKm Q42024 Q4 2023 2024 2023 j 0, Scottish Seafarms (50% owned) [inns 965 a7 4403 2561 Operational EBIT 93 -47 555 -304 Harvested volume (GWT) 9 026 4571 40 439 24 884 Operational EBIT/kg 10,3 10,3 13,7 12,2 Significant ir ase in harvest volume with good NIBD 2562 2803 2562 2 803 har
Slide 12: Farming volumes 2020-2025E
Farming volumes 2020 2021 2022 2023 2024 2025E 2025Target Ler@y Aurora AS 35,0 44,0 40/1 431 441 50,0 50,0 Lergy Midt AS 67,9 72,6 688 613 68,9 75,0 80,0 Leroy Sjgtroll 68,0 70,0 65,7 55,2 58,2 70,0 70,0 Total Norway 170,9 186,6 174,6 159,6 171,2 195,0 200,0 Scottish Seafarms (Leray's 50% share) 12,
Slide 13: Wild catch highlights this quarter
Wild catch highlights this quarter • • • • • • • • •
Slide 14: Catch volumes wild catch
Catch volumes wild catch Q4-24 Q4-23 2024 2023 Cod fl 5,0 12,7 19,5 Saithe 25 3,3 15,2 15,5 Haddock 0,5 1,6 6,0 11,3 Shrimps 11,2 9,0 Other 3,7 27 19,8 20,6 Total 98 12,5 65,0 75,9
Slide 15: Sales and processing operations in countries around the world
LEROY Sales and processing operations in 14 countries er © eroy in fhe world @ SWEDEN @ VAP, sales and distribution uK@ _ @ DENMARK @ NETHERLANDS @ FRANCE SPAIN® @ ira NORTH AMERICA @ ETT beset et @ Aran @cHINA
Slide 16: VAP, S&D highlights this quarter
VAP, S&D highlights this quarter • • • • • •
Slide 17: 2. Key financial highlights
1. Highlights 2. Key financial highlights 3. Outlook
Slide 18: Profit and Loss statement
LEROY Profit and Loss statement (NOKm) Q4 2024 Q42023 4% . flis. te Revenue and other income 8477 8 229 3% S qu or Operational EBITDA** 1260 1180 ™% Depreciation,amortisation, impairments 461 414 Operational EBIT* 799 65 4% Y-o-y price decline for salmon and trout. The quarter shows underlying opera
Slide 19: Highlights this quarter
Highlights this quarter • • • • • •
Slide 20: Change in net interest-bearing debt
Change in net interest-bearing debt • • • •
Slide 21: Prioritizing investments that will improve biology and fish welfare
Prioritizing investments that will improve biology and fish welfare Capex (in NOKm) Mill NOK 2.500 2.000 2.000 550 1500 1.460 444 1179 1,000 178 5 500 one ° 2019 2020 2021 2022 2023 2024 2025 BB Forming licences VAPSED projects Farming technology Primary processing projects [ll Postsmolt projects J
Slide 22: Employment
Employment direct employees in Norway jobs in total, (direct and indirect) billion
Slide 23: 3. Outlook
1. Highlights 2. Key financial highlights 3. Outlook
Slide 24: Making progress on strategic targets
G4 Making progress on strategic targets >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 ~ 31 bn NOK in 2024 900 MNOK (12m rolling) 46% 200.000 — reduction in total GHG tonnes harvested in 2025 emissions by 2030 (Salmon and trout in
Slide 25: Our ambition and focus areas
LSG Our ambition Focus areas Sustainable fish feed • • •
Slide 26: VAP S&D: Record-high earnings and promising outlook
VIP S10 Record-high earnings and promising outlook Operational EBIT target (NOKm) Short-term actions Long-term actions Consequence products in our own value chain logistics Sustainable LT Increased flexibility and Implementing FER price Lerey Way h20 achievement Q423 Q424 EBIT Target Rolling 12m Rol
Slide 27: Reaching 2025 harvest target through operational improvements
Farming Reaching 2025 harvest target through operational improvements Tonnes harvested salmon and trout 200 000 Operational efficiency through... 171 200 Smolt production Technology 2024 Targeted growth 2025 Target
Slide 28: Improvements in roe and smolt expected to yield results from 2025
Farming Improvements in roe and smolt expected to yield results from harvest in 2025 Improvements in farming Resulting in better performance Illustration of when different measures will impact results/harvest H1 24 H2 24 25 H2 25 Improved genetics expected to contributing to higher growth rate in se
Slide 29: Strong biological performance in the farming segment in 2024
Farming Strong biological performance in the farming segment in 2024 Net growth rate Mortality Average daily percentage, number of fish an Last 5Y* YTD Q4 24 Last 5Y* YTD Q4 24 Record growth in 2024 Significant reduction in mortality rates As this industry is impacted by both biology and nature ther
Slide 30: Significant improvements in Leroy Sjøtroll in 2024
Farming Significant improvements in Lergy Sjotroll in 2024 Net growth rate Mortality Lice treatments Average daily percentage, number of fish = = Last 5Y* YTD Q4 2024 Last 5Y* YTD Q4 2024 Last 5Y* YTD Q4 2024 *Average YTD Q4 2019-2023 *Average YTD Q4 2019-2023 *Average YTD Q4 2019-2023
Slide 31: Farming – shielding technology
Farming – shielding technology • • •
Slide 32: Farming – shielding technology
Farming – shielding technology • • • • • • •
Slide 33: Outlook
LEROY Outlook Positive biological development gradually to impact results Contracts share for salmon in 2025 currently around 16% (incl. downgrades) High standing biomass going into 2025 will impact seasonality in harvest volume in 2025 Expect to see significant improvements from: - Roe, genetics an
Slide 34: Creating the world's most efficient and sustainable value chain for seafood
LEROY Creating the world's most efficient and sustainable value chain for seafood REDFISH 7 oo = ROE FARMING. INTEGRATED VALUE CHAIN We carel WHITEFISH fam % Se WILD CATCH PROcEssING vap
Slide 35: Q&A
Q&A
Slide 36: Slide 36