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Lerøy Seafood Group ASA Q4 2025 Henning Beltestad CEO Sjur Malm CFO 24 February 2026
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2 Disclaimer This presentation has been produced by Lerøy 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 solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the businesses of the Company. The presentation does not constitute an invitation or offer to acquire, purchas e o r subscribe for securities of any kind. The presentation may contain projections and forward - looking statements relating to the Company. The words “believe”, “expect”, “could”, “may”, “anticipate”, “intend” and “plan” and similar expressions identify forward - looking statements. All statements ot her than statements of historical facts included in the Presentation are forward - looking statements. Such forward - looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance, achievements and value to be materially different from any future results, performance, achievements or values expressed or implied by such forward - looking statements. No warranty or representation is given by the Company as to the reasonableness of these assumptions. Further, certain forward - looking statements are based upon assumptions of future events that may not prove to be accurate. Nothing in this presentation is, or should be construed as, a profit forecast. The Company disclaims any continuing accuracy of the information provided in this presentation after today.
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1. Highlights 2. Key financial highlights 3. Outlook
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Creating the world’s most efficient and sustainable value chain for seafood
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Our fully integrated value chain is our competitive advantage Customers are seeking Our value proposition Quality & traceability Zero - tolerance for variance in quality. Traceability and trust are key Convenience Product innovation has shifted demand from fresh to processed (VAP) Sustainability & health Demand for healthy low - carbon protein alternatives attracts consumers Traceability & quality assurance Reliability & trust Speed & cost efficiency Clear ESG commitments Product & category innovation Stability & availability Retailers require product availability to meet consumer expectations
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Highlights of the quarter Operational EBIT ( NOKm ) • Higher profitability on higher spot prices for salmon and trout • Cost development in Farming better than expected • Strong profitability in VAPS&D surpassing 2025 target of NOK 1.25bn • Low quotas in Wild Catch somewhat offset by significant price increase • Harvest guidance for Norway in 2026 reiterated at 195 000 GWT • Board propose NOK 2.5 per share as dividend for 2025
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Wild catch VAP, Sales & Distribution Segments Farming
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• Q4/25 marks the end of the best year ever biologically • Record growth rates and biomass production • Low mortality • High SUP shares and higher harvest weights • Gradually improving prices through the quarter • Weighted SSI price 2025 NOK 8 /kg lower than 2024 • Weigthed SSI price Q4/25 NOK 5/kg higher than Q4/24 • Cost in Q4/25 down q - o - q and better than guided • Strong biological development YTD 2026 • Guidance for 2025 reached. Re - iterates harvest volume for Norway in 2026 of 195 000 GWT Farming highlights this quarter Operational EBIT Farming Harvest volume (1 000 GWT)
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• Strong biological development in 2025: • Record net growth • High survival rates • High superior share • Continued high license utilisation • Harvest profile in Q4/25 impacted by ISA detection in October 2025 • Cost in 2025 and Q4/25 significantly down y - o - y. Expect q - o - q cost increase in Q1/26 on lower capacity utilisation. • Strong biological development YTD 2026 • Estimated harvest volume: • 49 000 GWT in 2026 Lerøy Aurora * Before biomass adjustment ** Figures based on 100% basis Operational EBIT /kg value chain (in NOK) The value chain consists of farming and VAPS&D
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• Improved biology. Increasing standing biomass during Q4/25 • Cost development better than expected with a q - o - q decline. • Expect slight q - o - q cost increase in Q1/26 • Strong biological development YTD 2026 • Harvest guidance unchanged at 73 000 GWT for 2026 Lerøy Midt * Before biomass adjustment ** Figures based on 100% basis Operational EBIT /kg value chain (in NOK) The value chain consists of farming and VAPS&D
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Lerøy Sjøtroll Operational EBIT /kg value chain (in NOK) The value chain consists of farming and VAPS&D • Strong biological development in 2025: • Record net growth • Harvest volume up 20% y - o - y • Cost up q - o - q on higher cost generation of trout. • Trout represented 47% of the harvest volume in Q4/25 • Same trout generation to be harvested in Q1/26, but expectations for significant reductions in cost from Q2/26 • Strong biological development YTD 2026 • Harvest guidance unchanged at 73 000 GWT for 2026
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Scottish Seafarms (50% owned) Operational EBIT pr kg (in NOK) • Low harvest volume in the period • Weak result driven by biological challenges • Gill health challenges led to incident - based mortality at several sites • Lower harvest weight impacting cost and price • Biological performance improved at the end of the period • Harvest volume for 2026 reduced by 2 000 GWT to 43 000 GWT *Owned through Norskott AS
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Farming volumes (1000’ GWT)
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Wild catch highlights this quarter Revenu e and Operational EBIT* Wild catch (NOKm) Price, key species (NOK pr kg) • Strong performance in 2025 in light of quota • Quota significantly down • Prices significantly up • Clear operational improvements in land - based industry • Challenging operating conditions, but Operational EBIT increased from NOKM 130 in 2024 to NOKM 270 in 2025. • Further quota reductions expected in 2026, which might mark the bottom. * Equal to reported EBIT
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Wild catch quotas and catch volumes (GWT 1 000 )
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Sales and processing operations in 18 countries – and sales to more than 80 markets India
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VAP, S&D highlights this quarter Revenue and Operational EBIT VAP, S&D ( NOKm ) Revenue and Op. EBIT VAP, S&D ( NOKm ), 12m rolling • Surpassing ambitious target of NOK 1.25bn presented in 2022 • Record 12M rolling Operational EBIT • Effects of structural improvement work • Strong demand in end markets • Strong positioning with strategic customers globally • New branches opened in Asia starting to show results • The lower than expected salmon and trout prices had some positive impact in 2025. For 2026 expectations of continued revenue growth at slightly lower margins
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1. Highlights 2. Key financial highlights 3. Outlook
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Profit and Loss statement Highlights this quarter *Operational EBIT/EBITDA and ROCE: Excludes fair value adjustments related to biological assets and production fees (essentially a tax item), in line with market practice. Isolated events not expected to reoccur, such as restructuring costs and litigation costs are also excluded. **EPS: Before fair value adjustments related to biological assets. The effect from reversed fair value adjustment has been calculated on an after tax basis with a 22% tax rate. ***Farming and VAP SD segments combined. • Improved margins on lower upstream volumes
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Balance sheet Highlights this quarter • Tangible assets increased on investments in Farming. • Working capital build on high prices late Q4/25 • Strong balance sheet • Issuer credit rating BBB+ • NIBD of NOK 8 022m • Equity ratio of 49%
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Change in n et interest - bearing debt Change in net interest - bearing debt this quarter *Includes instalments on lease liabilities to others than credit institutions (IFRS 16)
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Prioritizing investments that will improve biology and fish welfare • Maintenance capex and smaller upgrades of around NOK 1bn annually • Capex in 2025 around NOK 200m lower than indicated due to periodisation effects • 2026 capex estimate around 1.7bn • Aquatraz and new technology investments in Farming • Smaller capacity increasing investments VAPS&D • New engine and trawler factory upgrades Havfisk Capex (in NOKm )
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• Lerøy has extensive activities in Norway In - house activity and suppliers • Suppliers Taxes (NOK) with significant positive impact on society 2.5 direct employees in Norway billion 7.3 billion in direct value creation 7.2 billion in indirect value creation Lerøy paid 1.0 billion in direct taxes and 0.7 billion in indirect taxes, while employee income tax withholdings totalled 0.8 billion. 14.5 billion in overall value creation indirectly related jobs jobs in total, (direct and indirect) Employment Value creation (NOK) 3 900 6 200 10 100 Numbers for 2024 Pu rchases worth approx. NOK 18 bn in Norway in 2024 Purchase goods and services from 5 100 different suppliers, in approx. 250 municipalities Employees across 60 + municipalities
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1. Highlights 2. Key financial highlights 3. Outlook
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#1 EBIT/kg for farming and VAP S&D by 2025 >50 bn NOK in revenue by 2030 46% reduction in total GHG emissions by 2030 (baseline 2019) 1.25 bn NOK in EBIT for VAP S&D by 2025 200 000 tonnes harvested in 2025 (Salmon and trout in Norway) 1.29 bn NOK in 2025 ~ 195 600 in 2025 34.4 bn NOK in 2025 Status on strategic targets from 2022 LSG Target u nde r review
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Operational EBIT ( NOKm ) Strategy and targets – VAP,S&D VAP S&D • Surpassing target presented in 2022. • Update on strategy and targets will be presented at Capital markets day, March 2026. EBIT target for VAP,S&D in 2025 achieved Target 2025: 1250
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Farming Illustration of when different measures will impact results/harvest Net growth rate Superior share (% - change) *Average number for full year in the 5 - year period 2020 - 2024 Mortality Average daily percentage, number of fish • Significant increase in growth rate • Significant reduction in mortality rates • Higher superior share • Higher standing biomass Biomass at sea Development in biology in 2025 shows clear improvement… *Average number for full year in the 5 - year period 2020 - 2024
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As shown, improvements done in roe and smolt have resulted in better biological performance in 2025 Improvements in farming Resulting in better performance • Improved genetics expected to contributing to higher growth rate in sea • Phasing in new breeding generation • Process improvements in roe and smolt production, e.g. new improved production protocols making the fish more robust • Phasing in shielded technology • Improvements starting to show in results Farming Illustration of when different measures will impact results/harvest Roe Smolt Genetics Shielding tech Lerøy Way
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Illustration of when different measures will impact results/harvest Superior share (% - change) • Positive effect of submerged technology also in Q4/25 • A new technology, and we are learning. • Expect further improvements in operational efficiency, including feed factor in 2026 Continued reduction in treatments from submerged technology in Q4 Farming – shielding technology P erformance of s almon harvested in Q4 2025, Lerøy Sjøtroll and Lerøy Midt . Mortality Lice treatments
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Illustration of when different measures will impact results/harvest Superior share (% - change) • There are very clear signs submerged technology is reducing number of treatments • Submerged technology is not fully mature. There is significant potential in operational improvements Shielding technology substantially reduced lice treatments in 2025 Farming – shielding technology P erformance of s almon harvested full year 2025, Lerøy Sjøtroll and Lerøy Midt . Mortality Lice treatments
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Share of harvest volume from shielding tech in 2025 Farming – shielding technology Current status • 18% of total harvest volume from shielding technology in Q4 25 • Implemented laser delousing mainly in Lerøy Aurora • Investing in fully closed farming technology, releasing license capacity in Lerøy Sjøtroll 2025 27% Share of total harvest volume from shielding technology in 2025 Shielding technology in Lerøy Submerged farming Semi - contained farming Laser delousing Kommentarer : Lerøy Aurora: Tidlig utslakting av CMS på Karanes gjorde at vi flyttet lasere til Dåvøya - deler av volumet der skulle i utgangspunktet stått inn i 2026, men slaktes ut før jul etter ILA påvisning. Tatt inn egen kolonne som viser tall eks. Dåvøya ( laserene har stått der i 2mnd, legger en god del godvilje til når vi tar det inn i "skjerming") Lerøy Midt: Forsering av flere lokaliteter på H24. Tatt ut på lavere vekter med høyere dødelighet enn forventet. Fisken som er skjøvet på er i stor grad fisk som har stått i tradisjonell, med delvis motsatt effekt, den blir større og utgjør en større andel av slaktevolumet. Lerøy Sjøtroll: Ingen ekstreme endringer, hoveddriver er nok lavere slaktevolum fra H24 enn forventet. Her også delvis drevet av forsert utslakting og noe lavere vekst og høyere dødelighet grunnet PD, mm. Closed contained farming (from Q1 27)
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This slide contains the following visuals: textbox ,Figures as per: ,pivotTable ,textbox. Please refer to the notes on this slide for details
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Outlook Wild Catch Farming - Profitability surpassing ambitious target set in 2022 - Lower salmon and trout prices are building markets - Increased demand for integrated, sustainable, value chain - Strong demand in emerging markets - Some tailwind on lower - than - expected prices in 2025. For 2026 expectations of continued growth at slightly lower margins - In light of quota situation, strong development in 2025 - Challenging quota situation for 2026 but indications 2026 will mark the bottom - Indication qu otas 2026 - Cod - 16% - Haddock +18% - Saithe North - 19% - Saithe South - 27% - Strong biological improvements in 2025 - Expect lower cost in 2026 compared to 2025, with further long - term potential - E xpect harvest volume of 195 000 GWT in 2026 for Norway, and 216 500 GWT including Lerøy’s share in Scottish Seafarms VAP, S&D
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Capital Markets Day 2 nd and 3 rd of March 2026 Bergen and Austevoll , Norway More information on leroyseafood.com
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Q & A