LERØY SEAFOOD GROUP ASA CMD 2026: INCREASED RETURNS DRIVEN BY SUSTAINABLE GROWTH WITH COST AND CAPITAL DISCIPLINE

Bergen, Norway, 2 March 2026: Lerøy Seafood Group ASA (“Lerøy”) today presents an updated strategy and clear financial targets towards 2030 at its Capital Markets Day (CMD). Building on a fully integrated seafood value chain, strengthened biological performance and a disciplined investment programme, Lerøy enters a new phase focused on scalable growth, structural cost reductions and improved capital efficiency.

The strategy is anchored in four priorities — Growth, Cost, Simplify and Leadership —through the Lerøy Way execution model and supported by a sharpened capital allocation framework.

Lerøy Seafood Group targets towards 2030:

• NOK 50 billion in revenues  
• NOK 2 billion EBIT in VAP S&D
• Targeting NOK 1 billion in reduced cost base through initiatives in 2026Targeting NOK 1 billion in reduced cost base through initiatives in 2026
• 15% return on capital employed (ROCE)

“Lerøy is stronger, more integrated and operationally more robust than ever. Today we are serving high quality seafood to customers and consumers in more than 80 countries across the world. Our industry-leading value chain integrates downstream demand with material upstream volumes and sourcing capabilities following significant investments. With improved operations and a clear cost agenda, we now move into a phase where disciplined execution and capital efficiency will translate into increased returns and free cash flow,” says Henning Beltestad, CEO of Lerøy Seafood Group.

“Our ambitions are built on tangible operational improvements already delivered. Biological KPIs have improved materially since 2022, and we have demonstrated that the Lerøy Way drives measurable performance improvements across the Group,” Beltestad continues.

VAP S&D: Serving seafood demand in markets across the world

Value Added Processing, Sales & Distribution (VAP S&D) continues to serve global seafood demand through an integrated sourcing, processing and distribution platform together with leading partners across more than 80 countries. In 2025, the segment delivered operational EBIT of NOK 1,290 million, in line with the ambitious target set at the 2022 CMD.

“VAP S&D is a value amplifier for the entire Group’s integrated value chain and a central pillar in our 2030 ambitions. We have built profitable operations over time with strong local partners, increased volumes and continuous product innovation. The growth ahead will be supported by even deeper strategic partnerships, increased third-party sourcing, improved operational efficiency and selective high-return investments,” says Beltestad.

VAP S&D targets towards 2030:

• 420,000 tonnes sold, a ~25% increase from 2025
• NOK 2 billion EBIT
• Strategic partnerships driving growth and market penetration
• Leveraging scale and reach to attract increased third-party sourcing volumes
• Continuous operational improvements, scale effects and cost optimisation

Farming: Responsible and cost-efficient farming

Farming delivered record harvest volumes of 195,600 tonnes in 2025 following strong improvements in growth rate, survival and superior share on the back of material investments over the past decade to improve genetics, smolt quality and biological performance.

In recent years, the biological performance has been industry leading, with the full bottom-line benefits set to be realised in the coming years. For 2026, guided harvest volume in Norway is 195,000 GWT, with lower cost per produced kilo compared with 2025.

“Our biological performance is the result of systematic work on genetics, smolt quality and shielding technology. The next step is to translate this stronger biological foundation into cost leadership in all regions where we operate. The structural cost improvements will be driven by the long-term feed partnership, improved feed conversion, operational efficiency and procurement optimisation” says Beltestad.

Farming targets towards 2030:

• Achieving the #1 relative cost position in all operating regions by 2030
• NOK 850 million in reduced cost base through 2026, with lower feed costs, higher personnel productivity and optimized efficiency and costs in shielding operations as key drivers.
• 220,000 GWT harvest in Norway in 2030 based on existing license capacity.

Wild Catch: Strategic access to high-quality whitefish resources

The Wild Catch segment operates under significantly reduced cod quotas compared with historical levels. 

The segment is an important contributor to Lerøy’s integrated value chain, supplying approximately 15% of downstream volumes.

“Our Wild Catch operations are structurally more efficient today. The land-based industry is leaner, and the trawler fleet has been upgraded. This positions us well for potential quota recovery towards 2030,” says Beltestad.

Lerøy Seafood Group: Capital efficiency for stronger returns

Lerøy targets a 15% return on capital employed (ROCE). Over the past three years, average ROCE has been approximately 11%, reflecting a period characterised by low salmon prices, historically low whitefish quotas and a high level of investments across the Group.

The Group is now coming off an intensive investment cycle in smolt capacity and shielding technology, as well as upgrades of processing facilities. These investments have strengthened the biological platform and operational capabilities across the value chain. The next phase focuses on harvesting improved returns from this strengthened asset base, supported by a sharpened capital allocation framework.

“Substantial investments over time have strengthened our upstream performance and upgraded our industrial platform across the integrated value chain. We are now positioned to translate these improvements into higher returns and stronger free cash flow,” says Beltestad.

Lerøy’s fully integrated and diversified seafood value chain reduces earnings volatility and supports more stable cash flow generation across cycles. This underpins the Group’s ambition to deliver stable and growing dividends over time, supported by increasing free cash flow and disciplined capital allocation.

“Improved cost performance, disciplined growth and a diversified business model provide a clear path towards increasing return on capital employed and increased value creation for our shareholders,” Beltestad concludes.

Capital Markets Day 2026 materials

The Capital Markets Day 2026 presentation, including detailed segment reviews, financial framework, capital allocation priorities and long-term ambitions towards 2030, is available at: www.leroyseafood.com/capitalmarketsday.

The presentation materials should be read in conjunction with Lerøy’s recent financial reports and stock exchange releases. The materials contain forward-looking statements and assumptions and are subject to risks and uncertainties as described in Lerøy’s public disclosures.

A replay of the webcast will be made available on the same webpage following the event.

Management presentations and webcast 2 March 2026 and site visits 3 March

Management will present at Lerøy’s headquarters in Bergen, Norway, today, 2 March 2026. 

A live webcast will be available at: www.leroyseafood.com/capitalmarketsday

The webcast will include a Q&A session with the possibility of submitting questions digitally. All presentations will be held in English.

A guided tour of Lerøy’s salmon and trout operations at Lerøy Sjøtroll will take place in Austevoll on 3 March 2026.

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• 260302 LSG_2026 CMD