Leroy Seafood Group Asa · OSL:LSG
Leroy Seafood Group Asa — Q2 2026 Earnings Presentation
41 slides from Leroy Seafood Group Asa's earnings presentation, Aug 19, 2026
Slide 1: Lerøy Seafood Group ASA Q2 2026
LERØY SEAFOOD GROUP ASA Q2 2026 19 Aug 2026 Henning Beltestad Sjur Malm CEO CFO
Slide 2: Disclaimer
Disclaimer This presentation has been produced by Lerøy Seafood Group ASA are forward-looking statements. Such forward-looking statements (the "Company") exclusively for information purposes. It must be involve known and unknown risks, uncertainties and other factors read in conjunction with the rec
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 Total processed 6,000 volume(PW) Fully integrated value chain employees 340,000 tonnes (2025) Diversified portfolio of healthy Operating Harvest volume products and strong b
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 with positive cost trend in Farming. • Harvest guidance re-iterated at 195,000 GWT (Norway) • Increased expectations for profitability in Wild Catch • Lower margin in Market Operations compared to last year • Tightenin
Slide 9: 2. Strategy & targets update
2. Strategy & targets update LERO
Slide 10: 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 [~193,000 GWT R12m Q2 2026] [402 NOKm realised YTD] 50bn 2bn NOK in revenue by 2030 NOK in EBIT for Market Operations in 2030 [33.6 bn R12m Q2 2026] [1.2 bn R12m Q2 2026]
Slide 11: Cost reduction progress as of Q2 towards NOK 1bn target
Cost reduction progress as of Q2 towards NOK 1bn target • NOK 402m realised • NOK 521m identified and under execution • Gap to target reduced to NOK 77m from NOK 241m in Q1
Slide 12: Farming, Wild Catch, Market Operations segments
Segment Segment Segment Farming Wild Catch Market Operations* * Segment “VAP, Sales & Distribution” is renamed to “Market Operations” Market Operations includes Sales and Distribution, Primary Processing and Consumer Products
Slide 13: Farming highlights this quarter
Operational EBIT Farming* Farming highlights this quarter • Continued strong biology • Low mortality • High harvest weights of 4,8/kg (Q2/25 4,7) • High quality, but some maturation on trout • Prices in line y-o-y Harvest volume (1 000 GWT) • SSI price Q2/26 NOK 71,7/kg (Q2/25 71,8/kg) • High supply
Slide 14: Lerøy Aurora
Lerøy Aurora • Continued strong biological development: • Strong growth rates • High survival rates • High superior share • High harvest weights Operational EBIT/kg value chain (in NOK) • Cost lower compared to Q2/25 and Q1/26 • Expect higher cost in Q3/26. 2026 cost level in line with 2025 • Estima
Slide 15: Lerøy Midt
Lerøy Midt •• Continued Continued strong strong biological biological development development:in Q1 2026: • High survival rates • Strong growth rates • High superior share • High survival rates •• High High harvest superiorweights share • High harvest weights Operational EBIT/kg value chain (in NOK)
Slide 16: Lerøy Sjøtroll
Lerøy Sjøtroll • Good biological development in Q2 2026: • Strong improvement in survival rates • Low sea temperatures held back growth • Trout 58% of harvest volume (Q2/25: 47%) Operational EBIT/kg value chain (in NOK) • Farming cost per kg significantly down from Q1/26 • Expect lower cost in Q3/26
Slide 17: Scottish Sea Farms (50% owned)
Scottish Sea Farms (50% owned) • Low harvest volumes impacting unit cost, particularly wellboat and processing • The next generation of fish is performing well. Expect significantly higher volumes and lower cost in coming Operational EBIT pr kg (in NOK) quarters. • Estimated harvest volume unchanged
Slide 18: Farming volumes (FY, 1000' GWT)
Farming volumes (FY, 1000’ GWT)
Slide 19: Market Operations in 18 countries, sales to more than 80 markets
- Market Operations in 18 countries - Sales to more than 80 markets
Slide 20: Market Operations highlights this quarter
Revenue and Operational EBIT Market Operations(NOKm)* Market Operations highlights this quarter Revenue impacted by lower harvest volume and strengthening NOK Less favourable contract positions than in 2025 Revenue and Op. EBIT Market Operations(NOKm), 12m rolling Operational EBIT in Q2/26 of NOK 26
Slide 21: Wild Catch highlights this quarter
Revenue and Operational EBIT* Wild Catch (NOKm) Wild Catch highlights this quarter • Strong performance in Q2/26 considering quota • Catch volumes up 6% y-o-y, down 10% YTD • Prices significantly up y-o-y Price, key species (NOK pr kg) • Clear operational and financial improvements in land-based ind
Slide 22: Wild catch quotas and catch volumes
Wild catch quotas and catch volumes (GWT 1 000)
Slide 23: 3. Key financial highlights
3. Key financial highlights LERO
Slide 24: Highlights this quarter
Profit and Loss statement Highlights this quarter • Revenue impacted by harvest volume • Weak trout price realisation and weaker margin in Market Operations impacting profitability • Strong quarter in Wild Catch, and underlying better than recorded this quarter • Strong cashflow and positive EPS dev
Slide 25: Balance sheet Highlights this quarter
Balance sheet Highlights this quarter • Continued investments in Farming, lower than in Q2/25 • Significant release of working capital in the quarter • Strong balance sheet • Issuer credit rating BBB • NIBD of NOK 8 409m • Equity ratio of 47,2%
Slide 26: Change in net interest-bearing debt this quarter
Change in net interest-bearing debt this quarter *Includes instalments on lease liabilities to others than credit institutions (IFRS 16)
Slide 27: 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 Capex (in NOKm) 2026 capex estimate around 1.7bn • Aquatraz and new technology investments (incl. lasers) in Farming • Smaller capacity increasing investments Market
Slide 28: 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 29: Market Operations - organized in three integrated business units
Market Operations - organized in three integrated business units Primary processing Sales & Distribution VAP Consumer Products Slaughtering and primary Operational planning, Processing of raw materials processing to whole head on purchase, sale and distribution into finished consumer gutted fish and
Slide 30: Market Operations highlights
Market Operations highlights Segment revenue distribution, per quarter • Revenue of NOK 7 644m, down 10.1% y-o-y on lower harvest volumes and a stronger NOK • EBIT margin improved to 3.5% from 2.4% in Q1/26 • All primary processing of salmon and trout included in the segment from Q1/26* Revenue and
Slide 31: Drivers within Sales & Distribution
Drivers within Sold volumes (1000 tonnes) Sales & Distribution • Volumes down 6.0% and revenue down 6.3% y-o-y, on lower harvest volumes and a stronger NOK • Operational EBIT of NOK 240m (Q2/25: NOK 208m), or NOK 3.4 per kg (Q2/25: NOK 2.7) Revenue and EBIT Profitability drivers/kg Gross profit / kg
Slide 32: Drivers within Consumer products
Drivers within Sold volumes (1000 tonnes) Consumer products • Less favorable contract positions, and low profitability in one unit • Positive development in Opex/kg • Expect significant improvement in profitability in H2 2026 Revenue and EBIT Profitability drivers/kg Gross profit / kg OPEX / kg Op.
Slide 33: Drivers within Primary processing
Drivers within Processed volumes (1000 GWT) Primary processing • Primary processing capacity from Lerøy Midt and Lerøy Aurora moved to Market Operations with effect from 01.01.2026 Revenue and EBIT Profitability drivers/kg (GW) Gross profit / kg OPEX / kg Op. EBIT / kg * Primary processing related t
Slide 34: How to model the Wild Catch segment – CMD 2026
How to model the Wild Catch segment – CMD 2026 Key earnings mechanics Catch value Catch volumes X Prices Volumes constrained by quotas, prices externally market-driven Personnel, Other Trawling Fuel costs freight & pack. + + ~NOK 320m (36%) in 2025 Land based industry EBITDA ~NOK 180m in 2025 (LNWS)
Slide 35: Wild Catch – annual EBIT estimate lifted to NOK 400-450m. Key drivers
Wild Catch – annual EBIT estimate lifted from 350-400m to NOK 400-450m. Key drivers Drivers for catch value Drivers for catch costs Specie Catch volume Price** Cost item 2025 2026E 2025 H1 2026 2025 2026E Cod 8 796 7 500 82 93 Fuels consumption (million liters) 39,2 34,5 Saithe 13 666 10 450 31 46 F
Slide 36: 4. Outlook
A. Outlook LERO
Slide 37: Atlantic Salmon - Supply
Atlantic Salmon - Supply in tons WFE Figures as per 11.08.2026 Source: Kontali
Slide 38: Outlook
Outlook Farming Wild Catch Market Operations Strong biological performance Price development outweighs Lower salmon and trout prices are continues lower catch volumes and building markets significantly higher fuel price Cost reduction programme is Increased demand for integrated, progressing as plan
Slide 39: Guidance and long-term ambitions
Guidance and long-term ambitions Farming Wild Catch Market Operations 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.EB
Slide 40: Slide 40
Slide 41: The Norwegian Seafood Pioneer
The Norwegian Seafood Pioneer