Leroy Seafood Group Asa · OSL:LSG
Leroy Seafood Group Asa — Q3 2025 Earnings Presentation
38 slides from Leroy Seafood Group Asa's earnings presentation, Nov 12, 2025
Slide 1: Leroy Seafood Group ASA Q3 2025
Lergy Seafood Group ASA Q3 2025 7 Wl Henning Beltestad Sjur Malm CEO CFO 12 November 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 M FARMING INTEGRATED VALUE CHAIN We carel WHITEFISH fam WILD CATCH CESSING DISTRIBUTION
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 Low profitability on low spot prices for salmon and trout Challenging quarter in Farming, but YTD development remains strong Record earnings in the VAPS&D segment Low quotas in Wild Catch offset by significant price increase Harvest guidance for Norway in 2025 reitera
Slide 7: Segments
LEROY Segments Farming Wild catch VAP, Sales & Distribution HER “ | \
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 Q3 2025 Q3 2024 YTD 2025 YTD 2024 ° Scottish Seafarms (50% owned) Revenues 679 1176 2616 3438 Operational EBIT 8 90 58 462 Harvested volume (GWT) 7246 11 881 27301 31413 Strong biologic development, with next generation of Operational EBIT/kg 2 76 ail 147 fish performing well NIB
Slide 13: Farming volumes
Farming volumes 2022 2023 2,02 2025E 2026E Ler@y Aurora AS 40,1 43,1 441 54,0 49,0 Leroy Midt AS 68,8 613 68,9 71,0 73,0 Leroy Sjgtroll 65,7 55,2 58,2 70,0 73,0 Total Norway 174,6 159,6 171,2 195,0 195,0 Scottish Seafarms (Leray's 50% share) 18,0 12,4 20,2 16,8 22,5 Total 192,6 172,0 191,4 211,8 217
Slide 14: Wild catch highlights this quarter
Wild catch highlights this quarter • • • • •
Slide 15: Catch volumes
; (GWT 1 000) Catch volumes wild catch Q3-25 Q3-24 Remaining quota 2025 Remaining quota 2024 Cod 1,2 1,5 29 3,3 Saithe S38 29 92 5,7 Haddock 04 01 07 0,5 Shrimps 25 51 Other 4,0 3,6 Total 13,5 13,3 12,8 9,6
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 6” Finland Sweden sooner 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: Highlights this quarter
LEROY Profit and Loss statement (NOKm) Q3 2025 Q32024 4% Revenue and other income 8755 7889 = 11% Operational EBITDA* 498 818 -39% Highlight flis. quarter Depreciation,amortisation, impairments 483 405 Operational EBIT* 15 412 -96% EPS (NOK)** -0,34 0,62 * Good volume and revenue growth Salmon and t
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 8461 8089 7500 5000 2500 412 ie) 298 7 29 0 -489 -638 -2500 Opening Q3 2025 EBITDA Change working Capex Dividends paid Net Payable tax Other items Closing Q3 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 2.000 550 1.500 1.460 444 4479 2025 capex estimate around 2.0bn * Shielding technology (incl. lasers) in farming 1.000 * Improving smolt quality 9 g ments 500 oO 2019 2020 2021 2022 2023 2024 2025E HB
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 1.249 MNOK (12m rolling per Q3 25) Target under review 46% 200000 — reduction in total GHG tonnes harvested in 2025 emissio
Slide 26: VAP S&D
VIP S10 Trending in line with EBIT-target of NOK 1.25bn following another record quarter Operational EBIT (NOKm) Short-term actions Long-term actions <>) * Structural impr nt initia }. ontinued im pcomereraces Sustainable own value chain logistics Increased flexibility and Implementing Leroy Way Q32
Slide 27: Farming
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 28: Farming
Th farming Development in biology YTD shows clear improvement... *Average number for YTD as per 30 September in the 5-year period 2020-2024 Net growth rate Mortality Average daily percentage, number of fish Significant increase in growth rate Significant reduction in mortality rates Wey YAID C825 La
Slide 29: Farming
by farming ..although Q3 was more challenging “Average number for third quarters in the 5-year period 2020-2024 Net growth rate Mortality Average daily percentage, number of fish High seawater temperatures resulted in a more challenging biological situation Last 5Y* Q325 Last 5Y* Q3 25 Improvement s
Slide 30: Farming – shielding technology
Farming – shielding technology •
Slide 31: Farming – shielding technology
Farming – shielding technology • •
Slide 32: Farming – shielding technology
Farming – shielding technology • • • •• • • • • •
Slide 33: Farming – shielding technology
Farming – shielding technology • • •
Slide 34: Atlantic Salmon - Supply
LEROY Atlantic Salmon - Supply in tons WFE Year 2020 2021 2022 2023 2024 2025 2026 Region Volume |Change Volume |Change Volume |Change Volume |Change Volume Change|Volume |Change Volume | Change Europe 1676300) 1,6% 1896600 13,1%| 1837500) -3,1% 1777000 -3,3%| 1866800 5,1% 2068100) 10,8%|2054 800) -
Slide 35: Outlook
LEROY Outlook While Q3 was more challenging, the Challenging quota situation, but Progressing toward profitability target trends YTD are positive price development is positive in 2025, also supported by contract - Contracts share for value chain in Q3 of - Quotas for 2025 Positions 24% with positive
Slide 36: Save the Date: Capital Markets Day
LEROY Gute the (dale Capital Markets Day 2nd and 3rd March 2026 Bergen and Austevoll, Norway There will be a limited number of spots available Invitations will be sent early next year
Slide 37: Q&A
Q&A
Slide 38: Slide 38