Leroy Seafood Group Asa · OSL:LSG
Leroy Seafood Group Asa — Q1 2025 Earnings Presentation
40 slides from Leroy Seafood Group Asa's earnings presentation, May 15, 2025
Slide 1: Lerøy Seafood Group ASA Q1 2025
Lergy Seafood Group ASA Q1 2025 7 Wl Henning Beltestad Sjur Malm CEO CFO 15 May 2025
Slide 2: Disclaimer
LEROY Disclaimer This presentation has been produced by Leray 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 sole
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
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 5: Customers are seeking Our value proposition
Customers are seeking Our value proposition
Slide 6: Highlights of the quarter
LEROY Highlights of the quarter Strong biological performance starting to show in results Operational EBIT (NOKm) Spot prices for salmon and trout well below last year 1049 950 Record earnings in the VAPS&D segment (12 months rolling basis) 906 842 7 765 99 631 Low quotas in Wild Catch offset by sig
Slide 7: Segments
LEROY Segments Farming Wild catch VAP, Sales & Distribution ER ” a a
Slide 8: Farming highlights this quarter
Farming highlights this quarter • • • • • • • •
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: The value chain consists of farming and VAPS&D
• • • • • • • • • • • The value chain consists of farming and VAPS&D
Slide 12: Scottish Seafarms (50% owned)
100% basis, in NOKm Q12025 Q12024 YTD 2025 YTD 2024 . Scottish Seafarms (50% owned) [ieee 900 aa 900 348 Operational EBIT 77 138 77 138 Harvested volume (GWT) 8 414 7297 8 414 7297 Operational EBIT/kg 9,2 18,9 9,2 18,9 Y-o-y increase in harvest volume with good harvest NIBD 2 632 3015 2 632 3015 wei
Slide 13: Farming volumes (1000' GWT)
Farming volumes (1000' GWT) Farming volumes 2020 2021 2022 2023 2024 2025E 2025Target Ler@y Aurora AS 35,0 44,0 40,1 431 44) 50,0 50,0 Lergy Midt AS 67,9 72,6 68,8 613 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 Sea
Slide 14: Wild catch highlights this quarter
Wild catch highlights this quarter • • • • • • • • •
Slide 15: Catch volumes wild catch
; (GWT 1,000) Catch volumes wild catch Q1-25 Q1-24 Remaining quota 2025 Remaining quota 2024 Cod 3,6 67 Ss 6,3 Saithe 54 7 13,0 9,8 Haddock 34 5,0 27 W Shrimps 0,6 14 Other 6,0 4,0 Total 19,0 24,1 21,0 17,2
Slide 16: Sales and processing operations in countries and sales to more than 80 markets
LEROY Sales and processing operations in 17 countries - and sales to more than 80 markets Norway @” Finland Sweden sores 6 eat Netherlands France Italy North America tu Turkey South Korea
Slide 17: VAP, S&D highlights this quarter
VAP, S&D highlights this quarter • • • • • • • • •
Slide 18: Key financial highlights
1. Highlights 2. Key financial highlights 3. Outlook
Slide 19: Profit and Loss statement
LEROY Profit and Loss statement (NOKm) Q12025 Q12024 =4% . flis. te Revenue and other income 7951 7110 12% S qu or Operational EBITDA** 1497 1234 21% Depreciation,amortisation, impairments 448 392 . * Inlight of NOK 19 y-o-y fall in spot salmon te] ti | EBIT** 1049 842 24% 54 Perationa pr and the lo
Slide 20: Highlights this quarter
Highlights this quarter • • • • • •
Slide 21: Change in net interest-bearing debt this quarter
Change in net interest-bearing debt this quarter NOKm 8 000 7705 7038 6000 4000 2000 440 287 to) 59 9 ie) 18 1444 -2000 Opening Q12025 EBITDA Change working Capex Dividends paid Net Payable tax Other items Closing Q12025 capital finance+lFRS 16 effects* “Includes instalments on lease liabilities to
Slide 22: 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 2.062 2.000 Maintenance capex and smaller upg 550 ya NOK 1bn annually 4500 1.458 1.460 444 y 35 UG 4479 2025 capex estimate around 2.0bn Shielding technology (ir ers) in farmin 1.000 185 we Improving s
Slide 23: Employment
Employment direct employees in Norway jobs in total, (direct and indirect) billion
Slide 24: Lerøy seeks predictable and competitive framework conditions
• • Lerøy seeks predictable and competitive framework conditions to ensure the long- term development of seafood production • and the aquaculture industry •
Slide 25: Outlook
1. Highlights 2. Key financial highlights 3. Outlook
Slide 26: 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 924 MNOK (12m rolling per Q1 25) 46% 200,000 © reduction in total GHG tonnes harvested in 2025 emissions by 2030 (Salmon an
Slide 27: 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 price Leroy Way achievement Q124 Q125 EBIT Target 2025 Rolling 12m Rollin
Slide 28: 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 29: Improvements in roe and smolt expected to yield results
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 30: Strong biological performance in the farming segment in Q1 2025
by farming Strong biological performance in the farming segment in Q1 2025 Farming - total performance Q1 last 5 years vs. Q1 25 Net growth rate Mortality Average daily percentage, number of fish 29) Significant increase in growth rate ils Significant reduction in mortality rates Last SY* Q125 Last
Slide 31: Farming – shielding technology
Farming – shielding technology • • •
Slide 32: Farming – shielding technology
Farming – shielding technology • •
Slide 33: 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 34: This slide contains the following visuals: textbox ,card ,card ,card ,card ,textbox ,Figures as
This slide contains the following visuals: textbox ,card ,card ,card ,card ,textbox ,Figures as per: ,textbox ,textbox ,card ,card ,Change from Last Year ,lineClusteredColumnComboChart. Please refer to the notes on this slide for details
Slide 35: This slide contains the following visuals: pivotTable ,lineClusteredColumnComboChart ,card ,card ,textbox ,textbox ,c…
This slide contains the following visuals: pivotTable ,lineClusteredColumnComboChart ,card ,card ,textbox ,textbox ,card ,card ,card ,card ,card ,card ,card ,card ,card ,textbox ,textbox ,Figures as per: ,textbox. Please refer to the notes on this slide for details
Slide 36: Other Markets by Volume - Last Quarter
LEROY Other Markets by Volume - Last Quarter (Q1) 40 tusen 30 tusen a - - = 2 5 S 20tusen = — = s = == 40 tusen im | -- = == Otusen | Wtdtttsiosseseceoeeeeee--- — roe P 0? oo SONS SP so 38 Ph c2? gH 6 oF 6G? 05% Sey so Pha? 5? 56 25% oc? ey BaP wi gh 5% SPP 9? 30 oo” SOLO OO CIO tet ea So OSG OO FCI
Slide 37: Outlook
LEROY Outlook VAP, S&D - Positive biological development will - Challenging quota situation, but - Expect improved profitability in 2025 continue to impact harvested volume and price development is positive compared to 2024 cost development ee - At some point in time quotas are - Lower salmon and tr
Slide 38: 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 39: Q&A
Q&A
Slide 40: Slide 40