Leroy Seafood Group Asa · OSL:LSG
Leroy Seafood Group Asa — Q2 2025 Earnings Presentation
36 slides from Leroy Seafood Group Asa's earnings presentation, Aug 20, 2025
Slide 1: Leroy Seafood Group ASA Q2 2025
Lergy Seafood Group ASA Q2 2025 7 Wl Henning Beltestad Sjur Malm CEO CFO 20 August 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 Operational EBIT (NOKm) Spot prices for salmon and trout well below last year. Group contract share of 1049 30% supporting both Farming and VAPS&D earnings 906 842 765 Record earnings in the VAPS&D segment 799 680 631 Low quotas in Wild C
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) results
100% basis, in NOKm Q2 2025 Q2 2024 YTD 2025 YTD 2024 . 0, Scottish Seafarms (50% owned) Revenues 7036 1414 1937 2262 Operational EBIT -28 234 49 372 Harvested volume (GWT) 11 642 12235 20 056 19 532 Operational EBIT/kg -2,4 19,1 25 19,0 Strong biologic development, with next generation of fish perf
Slide 13: Farming volumes 2020-2025E
Farming volumes 2020 2021 2022 2023 2024 2025E Ler@y Aurora AS 35,0 440 401 43,1 441 50,0 Leroy Midt AS 67,9 72,6 68,8 613 68,9 75,0 Leroy Sjgtroll 68,0 70,0 65,7 55,2 58,2 70,0 Total Norway 170,9 186,6 174,6 159,6 171,2 195,0 Scottish Seafarms (Leray's 50% share) 12,0 16,2 18,0 12,4 20,2 16,0 Total
Slide 14: Wild catch highlights this quarter
Wild catch highlights this quarter • • • • •
Slide 15: Catch volumes and remaining quotas
catch quotas« r (GWT 1 000) Catch volumes wild catch Q2-25 Q2-24 Remaining quota 2025 Remaining quota 2024 Cod 1,2 1,5 4, 48 Saithe i 2,6 1,9 8,6 Haddock 1,6 0,5 aA 0,6 Shrimps 47 47 Other oA 8,6 Total 17,7 17,8 17,1 14,1
Slide 16: Sales and processing operations in countries - 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) Q2 2025 Q22024 4% Revenue and other income 8 826 7649 15% Operational EBITDA* 1138 1300 -12% Highlight flis. quarter Depreciation,amortisation, impairments 457 394 Operational EBIT* 680 906 = -25% EPS (NOK)** 0,75 0,77 In light of NOK 30 y-o-y fall in spot salm
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 10 000 8 461 7500 7038 5000 2500 1498 636 309 59 12 0 -65 1026 -2500 Opening Q2 2025 EBITDA Change working Capex Dividends paid Net Payable tax Otheritems Closing Q2 2025 capital finance+lFRS 16 effects* “Includes instalments on lease liabilities
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 44g y 35 41179 2025 capex estimate around 2.0bn Shielding technology (ir ers) in farmin 1.000 Improving smolt qual
Slide 23: Employment
Employment direct employees in Norway jobs in total, (direct and indirect) billion
Slide 24: Outlook
1. Highlights 2. Key financial highlights 3. Outlook
Slide 25: 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 1058 MNOK (12m rolling per Q2 25) 46% — 200 000 © reduction in total GHG tonnes harvested in 2025 emissions by 2030 (Salmon
Slide 26: Yet another quarter of earnings-record - reaching for ambitious targets
VIP S10 Yet another quarter of earnings-record - reaching for ambitious targets Operational EBIT target (NOKm) Short-term actions Long-term actions Structural impr nt initia a er Consequence sntinued im oe nour Sustainable own value chain logistics Increased 827 flexibility and Implementing Lerey Wa
Slide 27: Reaching 2025 harvest target through operational improvements
Tm farmé 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 harvest in 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 H1 25 H2 25 Improved genetics expected to contributing to higher growth rate in
Slide 29: Continued strong biological performance in farming, Q2 2025
Cy. farming Continued strong biological performance in farming, Q2 2025 *Average number for second quarters in the 5-year period 2020-2024 Net growth rate Mortality Average daily percentage, number of fish ease in growth rate Significant reduction in mortality rates Last SY* Q2 25 Last Sy* 2.25 High
Slide 30: Farming – shielding technology
Farming – shielding technology • •
Slide 31: Farming – shielding technology
Farming – shielding technology • •
Slide 32: Atlantic Salmon - Harvest Volumes Europe
Tons YTD July: LEROY 1,116,200 Change from Last Year . 19.4% Atlantic Salmon - Harvest Volumes Europe in tons WFE 300 000 40% 250 000 ~ 20% 200 000 _ 9% 150 000 —————-w=-~~2 naa nnnn nnn nnn nn ann nnn nnn + = = 0% 100 000 ~ -20% 50 000 January February March April May June July August September Oct
Slide 33: Outlook
LEROY Outlook VAP, S&D - Positive biological development in H2/25 - Challenging quota situation, but - Progressing toward profitability target while higher temperatures are price development is positive in 2025, also supported by contract challenging a rt of oo SNEICBEEIBCY - Quotas for 2025 Positio
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Slide 35: Q&A
Q&A
Slide 36: Slide 36