Chat with Filing

Ask questions about this document
Please log in or register to use the chat feature. Please register first.
RNS - Lerøy Seafood Group ASA: Strong biological performance and continued growth in VAP S&D.

Company: Leroy Seafood Group Date: 2025-05-15 Language: Norwegian Register to download
Loading document preview...
Document Preview Not Available

The file type (.pdf) cannot be displayed directly here.
Open Original File
Error loading document preview. Please try the 'Open Original File' link.
You're One Click Away From The Full Filing

Instantly access this document—and 2.8M more—for free. Select your preferred method:
Continue with Google Continue with Microsoft Continue with Facebook Continue with Amazon
![](_page_0_Picture_0.jpeg)

# REPORT 2025

## **Lerey Seafood Group ASA**

### **A vertically integrated supplier of seafood**

Ler0y Seafood Group is a global seafood group headquartered in Bergen, Norway. The Group's approximately 6 000 employees annually handle between 350 000 and 400 000 tonnes of seafood through the value chain, equivalent to about 5 million meals every day. The Group has a vertically integrated value chain for redfish and whitefish, as well as significant third-party product activity. Our values - Honest, Open, Responsible, and Creative - underpin everything we do.

![](_page_1_Picture_3.jpeg)

![](_page_1_Picture_4.jpeg)

### **Farming**

Ler0y Seafood Group's ("LSG'') salmon and trout farming activities includes the three regions North, Mid and West in Norway. The Norwegian operations harvested about 171 000 tonnes gutted weight (GWT) of salmon and trout in 2024. In addition, LSG owns 50% of Scottish Seafarms, a salmon farmer operating in Scotland.

### **VAP, Sales & Distribution**

VAP, S&D includes the downstream operations of Ler0y's integrated value chain, representing an essential part of the Group's strategy and competitive advantage. It includes the processing, sales and distribution of the Group's own produced products. Ler0y distributes to more than 80 markets globally and has operations in 17 countries.

### **Wild catch**

The segment consists of Ler0y Havfisk (LH) and Ler0y Norway Seafoods (LNWS). LH owns and operates 10 trawlers with licenses to fish around 9% of the Norwegian cod quotas north of 62 degrees latitude. The licenses include an operational obligation linked to LWNS, where the primary business is processing wild-caught whitefish through 10 processing plants and purchasing stations in Norway.

## Highlights of the quarter

- Strong biological performance starting to show in results
- · Spot prices for salmon and trout well below last year
- · Record earnings in the VAPS&D segment (12 months rolling basis)
- · Low quotas in Wild Catch offset by significant price increase
- · Harvest guidance maintained at 195 000 GWT (Norway)
- · Trend of falling cost in farming expected to continue in 2025
- Dividend of NOK 2.50 per share proposed to the Annual General Meeting

![](_page_2_Figure_8.jpeg)

Forward-boling statements in this report refect corrents and are, by their nature, subject to significant risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future and may not be within our control.

### Lerøy Seafood Group

## **Financial review**

### **Q1 2025 results**

| NOKm                                       | Q1-2<br>5 | Q1-24    | Change  | 2024      | 202 3  |
|--------------------------------------------|-----------|----------|---------|-----------|--------|
| Revenue                                    | 7 951     | 7 110    | 12%     | 31<br>125 | 30 870 |
| Operational EBITDA                         | 1 497     | 1 234    | 21%     | 4 612     | 4 831  |
| Operational EBIT                           | 1049      | 84<br>2  | 24%     | 2960      | 3 335  |
| I ncome from associated companies*         | 15        | 35       | -141%   | 117       | -150   |
| Net financial items                        | -155      | -107     | 45%     | -517      | -484   |
| Reported profit for the period             | -442      | 525      | -184%   | 2 693     | 211    |
| EPS (NOK)*                                 | 1.56      | 0.81     | 93%     | 4.19      | 0.19   |
| Operational EBIT                           | 1049      | 84<br>2  | 24%     | 2960      | 3 335  |
| Farming                                    | 789       | 576      | 37%     | 2 258     | 2 607  |
| VAPS&D                                     | 212       | 176      | 21%     | 888       | 643    |
| Wild Catch                                 | 148       | 187      | -21%    | 130       | 278    |
| Other/eliminations                         | -100      | -97      | 4%      | -316      | -193   |
| Harvest volume salmon&. trout (1 000' CWT) | 38,2      | 26<br>,4 | 11,9    | 171,2     | 159,6  |
| Op. EBIT/kg Farming + VAPS&D               | 26,2      | 28,5     | -2,4    | 18,4      | 20,4   |
| Catch volume Wild Catch (1000't MT)        | 19.0      | 24.1     | - 5.1   | 6 5<br>.0 | 75.9   |
| Op. EBIT/kg Wild Catch                     | 7,8       | 7,7      | 0,1     | 2,0       | 3,7    |
| ROCE* (%)                                  | 15,2      | 14,3     | 0,9     | 11,3      | 12,6   |
| NIBD**                                     | 7 038     | 5 538    | 27<br>% | 7 705     | 5 209  |
| Equity ratio(%)                            | 51,7      | 50,0     | 1,7     | 49,4      | 48,0   |

\* Before fair value adjustment related to biological assets \*\* Excluding lease liabilities other than to credit institutions, previously referred to as operating leases

### First quarter 2025 results

The Group's revenues were up 12% year-overyear, despite a significant y-o-y decline in salmon and trout prices, reflecting increased harvest volume in the Farming segment and increasing sales volume in the VAPS&D segment. For the Wild Catch segment, the lower catch volume has largely been offset by a positive price development.

Group operational EBIT was up 24% compared with the same period last year.

The increase was led by Farming, which had a 45% increase in harvest volume year-overyear, with lower costs/kg, partly offset by

■ Farming ▪ ■ VAPS&D ▪ = Wild catch ▪ ■

3 233

Revenue by business area (NOKm) \*

936

lower realised prices. VAPS&D earnings were slightly up, reflecting targeted efforts to raise profitability.

Wild Catch generated a positive EBIT, despite lower quotas and catch volumes. This reflects a substantial increase in prices, combined with targeted efforts to improve efficiency.

The profit contribution from associated companies and joint ventures was NOK 15 million before fair value adjustment related to biological assets in Q1 2025, compared to NOK 35 million in Q12024. This was a result of

### Operational EBIT by segment (NOKm) \*

![](_page_4_Figure_9.jpeg)

lower harvest volume and price realisation in Norskott Havbruk (Scottish Sea Farms).

Net financial expenses increased year-overyear with higher net-interest bearing debt as a key driver.

Reported profit for the period is impacted by a negative, non-cash, fair value adjustment of biomass of NOK 1 754 million following a negative price development in the quarter. For comments on tax please see note 9.

![](_page_4_Figure_13.jpeg)

![](_page_4_Figure_14.jpeg)

7 515

<sup>\*</sup> Before eliminations

Lerøy Seafood Group's ambition is to generate an annualised Return on Capital Employed (ROCE) of 18%.

The Group's ROCE before fair value adjustments related to biological assets was 15,2% in Q1 2025, compared to 14,3% in the same period of 2024.

### Financial position

Book equity on 31 March 2025 was NOK 20 601 million, equivalent to an equity ratio of 52%, which is up from 50% a year ago.

Net interest-bearing debt on 31 March 2025 was NOK 7 038 million, an increase of NOK 1 499 million from a year ago and a reduction of NOK 668 million from the start of the year.

### Return on Capital Employed (%) \*

![](_page_5_Figure_6.jpeg)

### Cash flow

Cash flow from operations increased from NOK 352 million in Q1 2024 to NOK 1 387 million in Q1 2025.

 Net cash used in investing activities was NOK 427 million in Q1 2025, compared to NOK 433 million in the prior year period. Investments,

including right-of-use asset investments, were NOK 454 million in the quarter compared to NOK 373 million in the corresponding period last year.

Net cash flow from financing was NOK -1 858 million in the quarter due to repayment of short- and long-term debt.

### Condensed cash flow

![](_page_5_Figure_13.jpeg)

### Dividend payments (NOK/share)

![](_page_5_Figure_15.jpeg)

\* Before fair value adjustments related to biological assets

Lerøy Seafood Group

### Bond loans

The Group has a total of 6 green bond loans per Q1 2025, each in the nominal amount of NOK 500 million. The loans mature in the period 2026 to 2033. Further details are in the 2024 Annual Report.

The Group's main borrowing condition ("covenant") in the different loan agreements is to maintain an equity ratio of at least 25%. Further details are in the 2024 Annual Report. As per 31 March 2025, LSG was compliant with all covenant requirements.

The Group has a solid financial position and an investment grade rating (BBB+) from Nordic Credit Rating.

### Capital allocation

LSG will continue to invest in maintaining and developing existing infrastructure as well as build new capacity and realize efficiency gains to support the Group's goal of 200 000 tonnes in harvest volume by 2025 and the long-term qoal of NOK 50 billion of revenues by 2030. The Group is prioritising

investments towards improving biology and fish welfare and has made significant investments in new technology for post smolt and the sea-based production phase.

Investments in fixed assets during the first quarter were NOK 454 million, an increase of 22% from a year ago. The Group expects investments of approximately NOK 2.0 billion for 2025, in line with the level for 2024.

![](_page_6_Figure_8.jpeg)

![](_page_6_Figure_9.jpeg)

### Maturities (NOKbn)

![](_page_6_Figure_11.jpeg)

#### Estimated Investments (NOKm)

|                          | 20725 |  |
|--------------------------|-------|--|
| Maintenance and upgrades | 1 050 |  |
| New shielding technology | 550   |  |
| Post smolt projects      | 200   |  |
| Wild catch projects      | 150   |  |
| /APS&D growth projects   | 75    |  |
| Total estimated capex    | 2 000 |  |

## Operational review - Farming

|                                           | Lerøy Aurora/<br>North Norway |       | Lerøy Midt/<br>Central Norway |        | Lerøy Sjøtroll/<br>West Norway |       | Fliminations |       | Farming |         |
|-------------------------------------------|-------------------------------|-------|-------------------------------|--------|--------------------------------|-------|--------------|-------|---------|---------|
|                                           | Q1-25                         | Q1-24 | Q1-25                         | Q1-24  | Q1-25                          | Q1-24 | Q1-25        | Q1-24 | Q1-25   | Q1-24   |
| Revenue (NOKm)                            | 631                           | 602   | 1 495                         | 1 228  | 1 143                          | 667   | -36          | -8    | 3 233   | 2 490   |
| Operational EBIT (NOKm)                   | 170                           | 222   | 430                           | 334    | 188                            | 20    | O            | 0     | 789     | 576     |
| Harvest volume (GWT)                      | 7 051                         | 5 982 | 16 364                        | 13 692 | 14 828                         | 6 702 | 0            | 0     | 38 243  | 26 376  |
| Share of harvest volume trout             | 0%                            | 0%    | 0%                            | 0%     | 64%                            | 49%   |              |       | 25%     | 12%     |
| Average harvest weight (kg)               | 4,0                           | 4,6   | 4,4                           | 4,1    | 4,1                            | 3,7   |              |       | 4,2     | 4,1     |
| Operational EBIT/kg (NOK)                 | 24,1                          | 37,1  | 26,3                          | 24,4   | 12,7                           | 3,0   |              |       | 20,6    | 21,9    |
| Operational EBIT/kq value chain (NOK)     | 29,7                          | 43,8  | 31,9                          | 31,1   | 18,2                           | 9,6   |              |       | 26,2    | 28,5    |
| SSI salmon (sales price FCA Oslo), NOK/kg |                               |       |                               |        |                                |       |              |       | 89,8    | 108,7   |
| Standing biomass start of period (LWT)    |                               |       |                               |        |                                |       |              |       | 110 342 | 97 977  |
| Net growth biomass (LWT)                  |                               |       |                               |        |                                |       |              |       | 45 176  | 30 934  |
| Harvested biomass (LWT)                   |                               |       |                               |        |                                |       |              |       | -45 005 | -30 760 |
| Standing biomass (LWT) end period         |                               |       |                               |        |                                |       |              |       | 110 513 | 98 151  |

### Key value drivers in the quarter

### Prices

The realised prices are affected by factors such as contract share, harvest weight, quality, product type, time of harvest and exchange rates

Sitagri Salmon Index (3-6 kg)

![](_page_8_Figure_4.jpeg)

Source: Sitagri

Average SSI price for the quarter was NOK 89.8/kg down NOK 19/kg from the corresponding quarter last year. The lower price reflects significantly higher harvest volumes in Norway and a substantial reduction in quality downgrades resulting in a large increase in supply of superior grade fish

The Farming segment had a contract share of 31% in the quarter, which includes downgrades. The share of downgrades was significantly lower than in Q1 2024.

### Volumes

Export volumes from Norway were around 15% higher than in the same period of 2024. Measured in EUR, the export value of Norwegian salmon – which includes a significant proportion of processed products and contract volume – was up 5% compared with Q1 2024, as export prices in EUR were down around 10%. While the lower price is negative for the Farming segment, it also drives demand for the VAPS&D segment.

Total harvest volume for the farming segment in Lerøy amounted to 38 243 (GWT) tonnes during the quarter, up 45% from the corresponding period last year. The increase was driven by strong biological performance.

25% of the Group's harvest volume in the quarter was trout. The realised price for trout in the quarter was around NOK 10/kg lower than for salmon.

### Costs

The Group indicated a sequential increase in cost for the quarter. Following a very positive biological development in the quarter costs were down both sequentially and y-o-y. This is the third consecutive quarter with a sequential cost decrease.

The combination of strong growth in harvest volumes, lower prices and lower cost resulted in operational EBIT for the segment improving from NOK 576 million in Q1 2024 to NOK 789 million in Q1 2025, a 37% increase.

Net biomass growth in the quarter was 36% higher than a year ago, driven by a high standing biomass and a positive biological development. Moreover, the standing biomass was high at the end of the quarter, and the biological development to date in the second quarter is positive.

### Lerøy Aurora

The biological development in Aurora in Q1 was very good, with the highest first quarter biomass production in the company's history.

The harvest volume in Q1 2025 was 7 051 GWT, up from 5 982 GWT in Q1 2024. Standing biomass at end quarter was 21% higher compared to end Q1 2024.

Lower harvest weights, together with a substantial reduction in spot prices led to an operational EBIT/kg for the farming operation at NOK 24,1, compared to NOK 37,1 in Q1 2024. Operational EBIT fell from NOK 222 million in Q1 2024 to NOK 170 million in Q1 2025.

A strong biological development Q1 2025 resulted in a marginal, sequential cost reduction.

The expected harvest volume for 2025 is unchanged at approximately 50 000 GWT. Release from stock costs is currently expected to be slightly lower in Q2 than in Q1 2025, helped by better utilisation of industry infrastructure.

![](_page_9_Figure_6.jpeg)

37,1

Operational EBIT/kg farming (NOK)

![](_page_9_Figure_7.jpeg)

17 602 15 398 7 051 5 982 5 088 Q1 24 Q224

Harvest volume (GWT)

![](_page_9_Figure_9.jpeg)

![](_page_9_Figure_10.jpeg)

### Lerøy Midt

The positive biological development continued in Lerøy Midt, with the highest Q1 biomass production in the company's history.

The harvest volume in Q1 2025 was 16 364 GWT, up from 13 692 GWT in Q1 2024, with standing biomass at the end of the quarter higher than the corresponding period last year.

The average harvest weight in Q1 2025 was 4,4 kg, compared to 4.1 kg in Q1 2024.

Operational EBIT/kg farming (NOK)

Driven by lower utilisation of industry infrastructure, cost was up marginally sequentially.

EBIT/kg for the farming operations was NOK 26,3, compared to NOK 24,4 in Q1 2024. Considering the spot price development in the same period, this is a strong result showing the underlying improvement in biological performance.

At the end of the quarter, Lerøy Midt was using shielding technology at eight sites, and

56% of harvest volume in the quarter was from sites using such technology. The experience with this technology so far has been good and, together with improvements in all steps of the value chain, it is affecting results positively.

Lerøy Midt's expected harvest volume for 2025 is unchanged at approximately 75 000 GWT. Release from stock costs is currently expected to be marqinally higher in Q2 than in Q1 2025.

![](_page_10_Figure_9.jpeg)

### Harvest volume (GWT)

![](_page_10_Figure_11.jpeg)

### Average harvest weight (kg)

![](_page_10_Figure_13.jpeg)

### Lerøy Sjøtroll

The positive trend in Lerøy Sjøtroll continued in Q1 2025, with great improvements in biological performance.

The harvest volume in Q1 2025 was 14 828 GWT, compared with 6 702 GWT in Q1 2024, while the standing biomass at the end of quarter was higher than the year before.

Fish harvested in Q1 2025 had an average weight of 4,1 kg, compared with 3,7 kg in Q1 2024. Trout comprised 64% of the harvested volume which had a negative impact on price realisation.

Operational EBIT/kg farming (NOK)

EBIT/kg for the farming operation was NOK 12,7 compared to NOK 3,0 in the corresponding period in 2024.

The significant improvement in biological performance is gradually being reflected in lower release from stock costs. Costs per kilo harvested have fallen every quarter since Q1 2024 and were down significantly from Q4 2024.

At the end of the quarter, Lerøy Sjøtroll was using shielding technology at six sites. To date, the technology has reduced the need for lice treatments. In combination with other measures in the value chain, this is contributing to the company's improving performance.

The estimated harvest volume for Lerøy Sjøtroll in 2025 has been raised and is now expected to be approximately 70 000 GWT. Costs in Q2/25 are currently expected to be in line with Q1/25.

All else equal, we believe a consistent improvement in biological performance will lead to significant cost reductions in 2025.

![](_page_11_Figure_10.jpeg)

### Harvest volume (GWT)

![](_page_11_Figure_12.jpeg)

### Average harvest weight (kg)

![](_page_11_Figure_14.jpeg)

#### Lerøy Seafood Group

### Scottish Sea Farms

|                             | 01-25 | Q1-24 |
|-----------------------------|-------|-------|
| Revenue (NOKm)              | 900   | 848   |
| Operational EBIT (NOKm)     | 77    | 138   |
| Harvest volume (GWT)        | 8 414 | 7797  |
| EBIT/kq (NOK) (NOKm)        | 9,2   | 18.9  |
| Pre-tax profit (NOKm)       | -49   | 93    |
| LSG share after tax (NOKm)* | 11    | నర    |
| NIBD (NOKm)                 | 2 632 | 3 015 |
| *Before biomass adj.        |       |       |

 Lerøy Seafood owns 50% in Norskott Havbruk, owner of the Scottish salmon farming company Scottish Sea Farms Ltd.

Scottish Sea Farms harvested a volume of 8 414 GWT in Q1 2025 which is an increase of 15% compared to the corresponding level last year.

 The biological development in the quarter was good, with next generation of fish performing well.

EBIT/kg decreased from NOK 18,9 in Q1 2024 to NOK 9,2 in Q1 2025, following lower price realisation.

Harvest volume guidance for 2025 is unchanged at 32 000 GWT due to a planned re-organisation of the site structure. The long-term potential remains significantly higher.

### Operational EBIT/kg value chain (NOK)

![](_page_12_Figure_8.jpeg)

![](_page_12_Figure_9.jpeg)

### Operational EBIT (NOKm)

![](_page_12_Figure_11.jpeg)

## **Operational review-VAPS&D**

|                          | Q1-25 | Q1-24 | L.-12M | 2024   |
|--------------------------|-------|-------|--------|--------|
| Revenue (NOKm)           | 7 515 | 6 567 | 30 659 | 29 711 |
| Y-o-y revenue growth     | 14,4% | 2,5%  | 5,2%   | 2,5%   |
| Operational EBIT (NO Km) | 212   | 176   | 924    | 888    |
| Operational EBIT margin  | 2,8%  | 2,7%  | 3,0%   | 3,0%   |

The structured approach to increase profitability in this segment is continuing to yield results. The segment made significant gains on the processing of downgraded fish in H1 2024. In 01 2025 the share of downgraded fish has been vastly reduced, but the high harvest volumes from Norway, at lower prices, are increasing capacity utilisation in downstream factories. As a result, VAPS&D is posting an improvement in earnings in 01 2025 compared to 01 2024.

The global outlook is challenging, with increased uncertainty surrounding tariffs and import restrictions. However, the seafood industry has historically been exposed to trade barriers and has extensive experience in adapting supply chains to prevailing market conditions and Lerøy has strong positions in key markets.

Earnings in 2025 are expected to be higher than in 2024.

### **EBIT target of NOK 1.25bn**

Lerøy's ambition is to grow EBIT for the VAPS&D segment to NOK 1,25 billion by 2025. lnitiatives to reach the goal involve increased volumes, overall improved utilisation of VAP facto ri es, in addition to investments in improvements at factories in selected European markets.

#### **EBIT 12 months rolling (NOKm)**

![](_page_13_Figure_8.jpeg)

### **EBIT-margin 12 months rolling (%)**

![](_page_13_Figure_10.jpeg)

## Operational review Wild Catch

| Consolidated (segment)    | Q1-25  | Q1-24  | L-12M  | 2024   |                         |                         |
|---------------------------|--------|--------|--------|--------|-------------------------|-------------------------|
| Revenue (NOKm)            | 936    | 957    | 2 605  | 2 626  |                         |                         |
| Operational EBITDA (NOKm) | 215    | 245    | 350    | 380    |                         |                         |
| Operating EBIT (NOKm)     | 148    | 187    | 92     | 130    |                         |                         |
| Catch volume (tonnes)     |        |        |        |        | Remaining<br>quota 2025 | Remaining<br>quota 2024 |
| Cod                       | 3614   | 6 651  | 9 686  | 12 723 | 5 332                   | 6 301                   |
| Saithe, north             | 5 319  | 6 584  | 11 869 | 13 134 | 7 848                   | 6 606                   |
| Saithe, south             | 56     | 537    | 1 554  | 2 035  | 5 129                   | 3 166                   |
| Haddock                   | 3 360  | 4 957  | 4 434  | 6 031  | 2 723                   | 1 084                   |
| Redfish                   | 3 805  | 1 566  | 15 341 | 13 102 |                         |                         |
| Shrimp                    | 638    | 1 408  | 10 471 | 11 241 |                         |                         |
| Greenland halibut         | 102    | 48     | 1 135  | 1 081  |                         |                         |
| Other                     | 177    | 227    | 1 126  | 1 176  |                         |                         |
| Meal, oil, ensilage       | 1 886  | 2 114  | 4 240  | 4 468  |                         |                         |
| Tota                      | 18 957 | 24 093 | 59 135 | 64 991 |                         |                         |
| Prices (NOK/kg)           | Q1-25  | Q1-24  | L-12M  | 2024   | 2023                    | 2022                    |
| Cod                       |        |        |        |        |                         |                         |
|                           | 76,1   | 56,5   | 67,6   | 60,7   | 48,8                    | 44,3                    |
| Haddock                   | 56,3   | 27,3   | 42,9   | 30,0   | 22,3                    | 31,4                    |
| Saithe                    | 29,8   | 18,4   | 23,1   | 19,4   | 20,6                    | 23,2                    |

The Wild Catch seqment revenues in Q1 2025 were roughly equal to Q1 2024, with lower volumes being offset by significantly higher prices.

The lower quotas impact important value drivers such as prices, catch composition, catch value and costs though reduced efficiency of the fleet, but the strong price development offset many of the negative factors

### Lerøy Havfisk

Catches in Q1 2025 totalled 18 957 tonnes, down 21% on Q1 2024. The change in catch volume reflects the significant year-on-year reduction quotas, particularly for cod, which have been reduced by 32% in 2025.

The significant decrease in quotas is operationally challenging. The operationsrelated costs essentially correlate with catch value and/or number of operating days. There were 790 operating days for the fleet in Q1 2025, compared with 886 in Q1 2024. and several scheduled workshop stays were carried out. The catch volume per operating day was down from 24,8 tonnes in Q1 2024 to 21,6 tonnes in Q1 2025.

Fuel consumption per operating day was up by 6%, while fuel prices were down 11%, resulting in fuel costs being NOK 15 million lower than in Q1 2024.

The change in inventory was negative at NOK 4 million in Q1 2024, and negative NOK 57 million in Q1 2025. This results in a negative contribution of NOK 53 million when comparing this quarter to the first quarter last year. This will be realised when the inventory is sold.

### High prices on lower quotas

 Prices for cod, haddock and saithe were up 35%, 107% and 62% respectively compared to the same period in 2024. Higher prices meant the catch value per day was 12% higher in Q1 2025 than in Q1 2024.

### Lerøy Norway Seafoods (LNWS)

LNWS's primary business is processing wildcaught whitefish. The company has use of 10 processing plants and purchasing stations in Norway, six of which are leased from Lerøy Havfisk. Significant investments have been made in recent years, both to make

operations more efficient and to expand the product range.

Thorough and methodical work is under way in LNWS and is gradually being reflected in operational KPIs. Cod is by far the most important raw material for LNWS's industrial activities.

The significant reduction in quotas, combined with sharply rising raw material prices, is challenging for LNWS: However, the methodical improvement work is starting to show results. The operational result in LNWS was around NOK 10 million better in Q1 2025 compared to Q1 2024.

### Decent result in light of quotas

The Wild Catch operational EBIT in Q1 2025 was NOK 148 million, compared to NOK 187 million in Q1 2024. Since the Q1 2025 results are impacted by NOK 53 million in inventory effects, the underlying results are stronger.

The very low quotas have impacted profitability in recent years, as well as in 2025. In light of this, the positive contribution to profitability from price increases and operational efficiency gains in LNWS is welcome.

![](_page_16_Figure_0.jpeg)

#### Lerøy Seafood Group

## Market overview and development

### High supply growth H1 2025

Following a positive biological development, Norweqian export volumes of salmon were up 16% y-o-y in Q1 2025. Due to a lower share of downgrades, the actual supply growth of superior grade fish from Norway was substantially higher. As a result, export prices from Norway were down around 9%, while the value was up around 5%, both measured in EUR.

Kontali Analyse estimates that qlobal supply in 2025 is set to increase around 6% compared to 2024. This suggests a lower y-oy growth in H2 2025 than Q1 2025.

The indicated spot price for superior grade Norwegian salmon (SSI Index) was NOK 89,8/kg in Q1 2025 compared to NOK 108,7 in the corresponding quarter last year. In this context it is important to remember that the actual supply of superior grade Norwegian salmon was substantially higher than the increase in export volumes.

Moreover, the lower market prices also have a positive impact on end-user demand and therefore drive market growth.

### Sitagri Salmon Index (NOK/kg)

![](_page_17_Figure_7.jpeg)

### Lower white fish quotas

The significantly lower quotas for white fish have had a significant positive contribution on prices, with the development in Q1 2025 being very strong.

Over time quotas are expected to increase again, which may impact prices. However, it is too early to conclude when this effect will materialise.

### Trade restrictions

Trade restrictions to the US were implemented in Q1 2025. It is currently unclear what the long-term effects for the fish industry will be.

The industry is a global industry and trade restrictions are therefore negative. Nevertheless, the industry has historically had significant experience in adopting to trade restrictions. The key questions are how trade restrictions may impact US demand, as well as how they may impact global trade flows.

## **Outlook**

### **Impact from import duties**

The start of 2025 has seen an increased focus on trade restrictions, driven by new import duties and uncertainty on future import duties, particularly to the United States.

The seafood industry is highly international and based on global trade. In general, trade restrictions are therefore negative for the industry and for Ler0y. At the same time the industry, as well as Ler0y, has a long history of managing trade restrictions, and global trade flows typically adjust quite rapidly.

The underlying question is to what degree the import duties will impact end-user prices and demand. So far, these effects have been limited. Ler0y has a strong position in many markets, including both the Norwegian and European markets, and the industry has historically shown great resilience to these types of challenges. The impact so far seems limited, but an escalation of import duties represents a risk.

### **Aquaculture white papir**

On April 10, 2025, the Norwegian government presented its \*Havbruksmelding\*, proposing

a significant change of the current licensing regime by introducing a quota system for sea lice discharges to prioritise environmental sustainability and fish welfare. This shift eliminates production volume restrictions, such as Maximum Allowed Biomass (MAB), and suggests converting existing permits into single, location-specific licenses without limitations on species or quantity. These are fundamental changes to current regulations, which increase uncertainty and visibility of potential outcomes. Ler0y supports the view of Sj0mat Norge. Further assessments of alternatives and consequences should be carried out before making major principal decisions.

The government also highlights the need for several parliamentary reports/assessments, and a majority in Parliament is required to pass final regulations. The outcome, and timeline, of these proposals is therefore highly uncertain.

The aquaculture industry has faced considerable political uncertainty in recent years, and the Board hopes for an open and inclusive process where the industry's voice is heard in shaping the future of this vital coastal sector in Norway. The Board would stress again the importance of the

development of competitive and stable framework conditions being guided by knowledge and facts. Food production is not only important, but extremely challenging. It is therefore crucial that national leaders, authorities/government agencies, research institutes and seafood companies can work together and use their expertise to strengthen the seafood industry's environmental and financial competitiveness, which is already strong in a global perspective. In a time of increasing geopolitical uncertainty, Norway should be aware of its responsibility to supply badly needed healthy and sustainable food for the global population.

### **Improved biology in farming**

The biological performance has been very good at the start of 2025, continuing the trend seen in 2024. The growth rate is high, driving increased harvesting volumes, while mortality rates are falling. These factors are expected to drive down costs.

While it is positive to also see the average industry performance in Norway improving, indications are that the improvements in Ler0y surpass the industry. The improvements are materialising in line with

the strategy, and the Board is pleased to see that the initiatives through the farming value chain (roe, smolt, genetics, shielding technology) are yielding the expected results.

While increased supply and lower prices are impacting profitability in 2025, the long-term picture of the farming industry has not changed.

### Reduced quotas in wild catch

As mentioned earlier in this report, the quotas have been further reduced in 2025. The Board is pleased to see that the price development and structured improvement initiatives appear to offset much of the quota reduction in 2025. This year will be challenging, but in the longer term it is likely that the quotas will increase. Lerøy has a strong position in this segment.

### Increasing volumes in VAPS&D

The targeted actions in this segment are bearing fruit and volumes are expected to increase in 2025, resulting in positive effects on the operating results. This will be strengthened by higher capacity utilisation and increased operational efficiency.

## **Guiding and expectations**

| Farming                    |       |       |       |        | VAP,S&D               |        |                 |                     |       |             |                     |
|----------------------------|-------|-------|-------|--------|-----------------------|--------|-----------------|---------------------|-------|-------------|---------------------|
| Harvest volumes ('000 CWT) | 2024  | 2025e | Q1'25 | Q2'25e |                       |        | Revenues (NOKM} |                     |       | EBIT-margin |                     |
| Lerøy Aurora               | 44,1  | 50,0  | 7,1   | Up Q/Q |                       | 2023   | 2024            | 2025C               | 2023  | L-12M       | 2025C               |
| Lerøy Midt                 | 68,9  | 75,0  | 16,4  | Up Q/Q | Segment total         | 28 991 | 29 711          | lncrease<br>on 2024 | 2.2%  | 3,0%        | lncrease<br>on 2024 |
| Lerøy Sjøtroll             | 58,2  | 75,0  | 14,8  | Up Q/Q |                       |        |                 |                     |       |             |                     |
| Total Norway               | 171,2 | 200,0 | 38,2  |        | Wild catch ('000 GWT) |        |                 |                     |       |             |                     |
| Scottish Sea Farms (50%}   | 20,2  | 16,0  | 4,2   |        |                       | 2023   |                 | 2024                | 2024  | 2025        | Y-o-y               |
| Total Farming              | 191,4 | 211,0 | 42,5  | Up Q/Q |                       | catch  |                 | catch               | quota | quota       | change              |
|                            |       |       |       |        |                       |        |                 |                     |       |             |                     |

|               |        | 29 711 | lncrease |      |      | lncrease |
|---------------|--------|--------|----------|------|------|----------|
| Segment total | 28 991 |        |          | 2.2% | 3,0% |          |

| Wild catch ('000 GWT) |  |
|-----------------------|--|
|-----------------------|--|

| Scottish Sea Farms (50%} | 20,2            | 16,0  | 4,2                 |        |                     | 2023  | 2024  | 2024  | 2025  | Y-o-y  |
|--------------------------|-----------------|-------|---------------------|--------|---------------------|-------|-------|-------|-------|--------|
| Total Farming            | 191,4           | 211,0 | 42,5                | Up Q/Q |                     | catch | catch | quota | quota | change |
|                          |                 |       |                     |        | Cod                 | 19,5  | 12,7  | 13,0  | 8,9   | -32%   |
| Cost/kg (NOK )           | Q2'25 VS Q1'25  |       | 2025 vs 2024        |        | Saithe, north       | 14,0  | 13,1  | 13,2  | 13,2  | 0%     |
| Lerøy Aurora             | Slightly lower  |       | Slightly lower.     |        | Saithe, south       | 1,6   | 2,0   | 5,2   | 7,3   | +40%   |
| Lerøy Midt               | Slightly higher |       | Level               |        | Haddock             | 11, 3 | 6,0   | 6,0   | 5,9   | -2%    |
| Lerøy Sjøtroll           | Level           |       | Significantly lower |        | Other species       | 29,5  | 31,1  |       |       |        |
| Total Norway             | Level           |       | Lower               |        | Total catch volumes | 75,9  | 65,0  |       |       |        |

| Capex              |       |       |       |
|--------------------|-------|-------|-------|
|                    | 2023  | 2024  | 2025C |
| Group Capex (NOKm) | 1 460 | 2 062 | 2 000 |

## Related party transactions

Transactions with related parties take place at market terms according to the arm's length principle.

 There have not been any related party transactions during the quarter outside the ordinary course of business.

## Risks and uncertainties

Lerøy Seafood Group is subject to risks and uncertainties that are comprehensively described in the latest Annual Report (https://www.leroyseafood.com/en/investor/r eports-and-webcast/annual-report-2024/). The risks include:

- Biological risks
- Market risks
- · Credit risks
- Risks related to input factors
- · Political risks
- · Legal risks
- · Climate and environmental risks

The developments in these factors during the quarter are described in this report.

#### Market risks

Please see the outlook section of this report for comments on import duties

### Political risks

Please see the outlook section for comments on "Havbruksmeldingen".

### Legal risks

In February 2019, the European Commission (the "Commission") initiated an investigation relating to suspicions of anti-competitive cooperation in the market for farmed Norwegian Atlantic salmon.

On 25 January 2024, the Commission announced that it had sent a Statement of Objections ("SO") to several exporters of Norwegian salmon, including Lerøy Seafood Group. The SO sets out the Commission's preliminary assessment that the exporters, in some instances, may have exchanged commercially sensitive information in relation to spot market sale of whole Norwegian farmed salmon to the EU in the period 2011-2019.

The SO has been issued in accordance with the Commission's ordinary procedures for such an investigation and includes the Commission's preliminary assessments only. Lerøy Seafood has thoroughly refuted the allegations in its comments submitted to the Commission. The Company has cooperated with the Commission throughout the investigation and will continue to do se. It is standard practice that these investigations

last several years, and it is therefore not possible at this stage to make any statement on whether the case will result in sanctions or other negative consequences for the group, or when the case will end.

In the UK a group of British supermarkets has issued claims for damages against several Norwegian owned aquaculture companies, including companies in Lerøy Seafood Group. The company is aware that another British supermarket issued claims in February 2025. A class action lawsuit on behalf of consumers has also been issued in the UK. The Group strongly rejects the claimants" allegations and considers such claims from customers to be baseless. In Europe, these types of claims are first and foremost relevant if the Commission adopts a decision in its ongoing investigation and the decision is upheld.

## The share

As of 31 March 2025, Lerøy Seafood Group ASA had 595 773 680 shares outstanding and 22 978 shareholders. All shares carry the same rights in the company.

Austevoll Seafood ASA is the Company's largest shareholder with 313 942 810 shares, corresponding to 52,7% of the shares outstanding.

The Company's 20 largest shareholders owned 76,6% of the shares in the company at 31 March 2025. Lerøy Seafood Group ASA owns a total of 297 760 (0,05%) treasury shares.

The share price for Lerøy Seafood Group ASA has fluctuated between NOK 48,4 and NOK 56.3 in Q1 2025. The closing price was NOK 49,2, compared with NOK 49,2 at the start of the quarter.

#### Share price development (NOK)

![](_page_23_Figure_6.jpeg)

### Financial Calendar

| Annual General Meeting |
|------------------------|
| Quarterly Report Q2 25 |
| Quarterly Report Q3 25 |
|                        |

#### 20 largest shareholders ('000 shares)

| Shareholder               | # shares | % share |
|---------------------------|----------|---------|
| Austevoll Seafood ASA     | 313,9    | 52.7%   |
| Folketrygdfondet          | 29,8     | 5.0%    |
| Ferd AS                   | 13,5     | 2.3%    |
| Pareto Asset Man.         | 13,1     | 2.2%    |
| The Bank of NY Mellon     | 11,1     | 1.9%    |
| JP Morgan Chase Bank      | 9,2      | 1,5%    |
| The Bank of NY Melon      | 7.6      | 1,3%    |
| State Street R&T          | 7,5      | 1,3%    |
| JP Morgan London          | 6.3      | 1,1%    |
| UBS AG                    | 5,6      | 0.9%    |
| BNP Paribas               | 4,8      | 0,8%    |
| JP Morgan SE              | 4,7      | 0,8%    |
| Odin Norge                | 4,3      | 0,7%    |
| Forsvarets Personellserv. | 4,2      | 0,7%    |
| JP Morgan SE              | 3,8      | 0.6%    |
| State Street B&T          | 3,7      | 0,6%    |
| Storebrand Norge          | 3.4      | 0.6%    |
| Danske Invest             | 3.4      | 0.6%    |
| JP Morgan SE              | 3.3      | 0,6%    |
| KLP Aksje Norge Inst      | 3,2      | 0,5%    |
| Total 20 largest          | 456.4    | 76,6    |
| Other shareholders        | 139.4    | 23.4%   |
| Total share capital       | 595,8    | 100,0%  |

#### Lerøy Seafood Group Consolidated

| In<br>co<br>m<br>e | ta<br>tem<br>t<br>s<br>en |
|--------------------|---------------------------|
|--------------------|---------------------------|

| (All<br>OK<br>1 00<br>0)<br>unts<br>in N<br>amo                                              | Not<br>e | Q1<br>202<br>5    | Q1<br>202<br>4       | 202<br>FY<br>4         |
|----------------------------------------------------------------------------------------------|----------|-------------------|----------------------|------------------------|
| Ope<br>rati<br>ng<br>rev<br>enu<br>e                                                         | 3        | 7 9<br>51<br>367  | 7 1<br>09<br>822     | 31<br>124<br>69<br>1   |
| Oth<br>ain<br>nd<br>loss<br>er g<br>s a<br>es                                                |          | 16<br>074         | -1 3<br>29           | -3 9<br>52             |
| Cos<br>t of<br>ods<br>ld<br>go<br>so                                                         |          | -3 9<br>30<br>345 | -3 6<br>37<br>847    | -16<br>93<br>1 6<br>47 |
| Sal<br>arie<br>nd<br>oth<br>el c<br>ost<br>s a<br>er p<br>ers<br>onn<br>s                    |          | -1 3<br>12<br>075 | -1<br>186<br>37<br>7 | -4 6<br>13<br>337      |
| Oth<br>s (e<br>xcl.<br>duc<br>fee<br>)<br>atin<br>ost<br>tion<br>er o<br>per<br>g c<br>pro   |          | -1 2<br>28<br>504 | -1 0<br>50<br>247    | -4 9<br>63<br>421      |
| ble<br>Dep<br>iati<br>inta<br>ngi<br>ets<br>rec<br>on<br>ass                                 | 4        | -8<br>131         | -8 0<br>88           | -32<br>36<br>7         |
| righ<br>t-of<br>Dep<br>iati<br>ts<br>rec<br>on<br>-us<br>e a<br>sse                          | 4        | -18<br>3 2<br>08  | -15<br>5 5<br>36     | -66<br>1 0<br>98       |
| fixe<br>Dep<br>iati<br>d a<br>ts<br>rec<br>on<br>sse                                         | 4        | -25<br>6 5<br>42  | -22<br>7 4<br>21     | -95<br>8 7<br>44       |
| Cha<br>in<br>fair<br>lue<br>adj<br>bio<br>log<br>ical<br>set<br>nge<br>va<br>. on<br>as<br>s | 5        | -1 8<br>60<br>170 | 22<br>375            | 347<br>22<br>7         |
| Cha<br>in<br>ntra<br>ct p<br>isio<br>nge<br>one<br>rou<br>s co<br>rov<br>n                   | 5        | 109<br>65<br>9    | 18<br>051            | -55<br>63<br>6         |
| Cha<br>in<br>eal<br>ized<br>int<br>al m<br>in<br>nge<br>unr<br>ern<br>arg                    |          | -3 7<br>16        | -11<br>17<br>7       | 5 2<br>21              |
| Pro<br>duc<br>tion<br>fee                                                                    | 9        | -36<br>90<br>4    | -24<br>66<br>1       | -16<br>0 0<br>99       |
| Litig<br>atio<br>sts<br>n co                                                                 |          | -12<br>26<br>6    | 0                    | -58<br>24<br>1         |
| los<br>Imp<br>airm<br>ent<br>s                                                               | 4        | 0                 | -63<br>5             | -58<br>2<br>54         |
| Oth<br>l ite<br>rati<br>er n<br>on-<br>ope<br>ona<br>ms                                      |          | 0                 | 0                    | -15<br>79<br>0         |
| fit<br>Ope<br>rati<br>ng<br>pro                                                              | 5        | -75<br>4 7<br>61  | 846<br>92<br>8       | 2 9<br>64<br>267       |
| Inc<br>e fr<br>iate<br>nd j<br>oint<br>ntu<br>om<br>om<br>as<br>soc<br>s a<br>ve<br>res      | 8        | -15<br>93<br>2    | 38<br>463            | 106<br>83<br>5         |
| Ear<br>nin<br>bef<br>fin<br>ial<br>item<br>s (E<br>BIT<br>)<br>gs<br>ore<br>anc              |          | -77<br>0 6<br>93  | 885<br>39<br>1       | 3 0<br>71<br>102       |
|                                                                                              |          |                   |                      |                        |
| Net<br>int<br>st e<br>ere<br>xpe<br>nse<br>s                                                 |          | -13<br>8 1<br>74  | 3 8<br>-11<br>11     | -53<br>7 3<br>57       |
| ffec<br>Net<br>t<br>cu<br>rren<br>cy e                                                       |          | -13<br>09<br>1    | 12<br>742            | 19<br>035              |
| fin<br>ial<br>Imp<br>airm<br>ent<br>t as<br>set<br>on<br>anc<br>non<br>-cu<br>rren<br>s      |          | 0                 | 0                    | 10<br>499              |
| Oth<br>er f<br>ina<br>ncia<br>l ite<br>ms                                                    |          | -4 0<br>20        | -6<br>139            | -9<br>147              |
| Net<br>fin<br>ial<br>item<br>anc<br>s                                                        |          | -15<br>5 2<br>86  | -10<br>7 2<br>07     | -51<br>6 9<br>71       |
| Pro<br>fit b<br>efo<br>re t<br>ax                                                            |          | -92<br>5 9<br>79  | 778<br>18<br>4       | 2 5<br>54<br>131       |
| ima<br>ted<br>Est<br>rate<br>tax                                                             |          | 197<br>76<br>0    | -21<br>4 0<br>48     | -63<br>2 3<br>66       |
| co<br>rpo<br>ted<br>Est<br>ima<br>t ta                                                       | 9        | 285<br>83<br>5    | -39<br>48<br>6       | 8<br>771<br>51         |
| res<br>our<br>ce<br>ren<br>x<br>ted<br>Est<br>ima<br>tax<br>atio<br>n                        |          | 483<br>59<br>5    | -25<br>3 5<br>34     | 139<br>15<br>2         |
|                                                                                              |          |                   |                      |                        |
| fit f<br>he<br>iod<br>Pro<br>or t<br>per                                                     |          | -44<br>2 3<br>83  | 524<br>65<br>0       | 2 6<br>93<br>283       |
| Att<br>rib<br>ble<br>uta<br>to<br>:                                                          |          |                   |                      |                        |
| Con<br>trol<br>ling<br>int<br>sts<br>ere                                                     |          | -38<br>3 0<br>57  | 474<br>08<br>8       | 2 6<br>73<br>477       |
| Non<br>lling<br>int<br>ntro<br>sts<br>-co<br>ere                                             |          | -59<br>32<br>7    | 50<br>562            | 19<br>806              |
|                                                                                              |          |                   |                      |                        |

#### **Statement of comprehensive income**

| (All<br>unts<br>in N<br>OK<br>1 00<br>0)<br>amo                                                                                              | Q1<br>202<br>5   | Q1<br>202<br>4 | FY<br>202<br>4   |
|----------------------------------------------------------------------------------------------------------------------------------------------|------------------|----------------|------------------|
| Pro<br>fit f<br>he<br>iod<br>or t<br>per                                                                                                     | -44<br>2 3<br>83 | 524<br>65<br>0 | 2 6<br>93<br>283 |
| Oth<br>hen<br>siv<br>e in<br>f ta<br>et o<br>er<br>com<br>pre<br>com<br>e, n<br>x                                                            |                  |                |                  |
| be<br>las<br>sifi<br>ed<br>rof<br>it o<br>r lo<br>in s<br>ubs<br>rio<br>ds<br>Ite<br>to<br>to p<br>ent<br>ms<br>rec<br>ss<br>equ<br>pe       |                  |                |                  |
| adj<br>Equ<br>ity<br>ust<br>nts<br>ocia<br>tes<br>me<br>ass                                                                                  | -51<br>55<br>2   | 45<br>352      | 97<br>022        |
| dif<br>fere<br>Oth<br>tra<br>nsla<br>tion<br>s et<br>er c<br>urre<br>ncy<br>nce<br>c.                                                        | -72<br>19<br>7   | 44<br>280      | 65<br>919        |
| Cha<br>in<br>FV<br>fin.<br>intr<br>ent<br>s (h<br>edg<br>es)<br>nge<br>um                                                                    | 1 3<br>10        | -3 2<br>67     | -24<br>22<br>7   |
| Com<br>hen<br>sive<br>inc<br>e it<br>s fr<br>iate<br>d c<br>ies<br>pre<br>om<br>em<br>om<br>as<br>soc<br>om<br>pan                           | -96<br>2         | 0              | 1 7<br>51        |
| Ite<br>be<br>cla<br>ssi<br>fied<br>fit<br>los<br>s in<br>bse<br>eri<br>ods<br>t to<br>to<br>nt p<br>ms<br>no<br>re<br>pro<br>or<br>su<br>que |                  |                |                  |
| Act<br>ial g<br>ain<br>s/lo<br>n d<br>efin<br>ed<br>ben<br>efit<br>pla<br>ss o<br>ns<br>uar                                                  | 54               | -53<br>2       | -31<br>3         |
| Com<br>hen<br>e fo<br>r th<br>d<br>sive<br>inc<br>erio<br>pre<br>om<br>e p                                                                   | -56<br>31<br>5 7 | 610<br>48<br>4 | 2 8<br>33<br>435 |
|                                                                                                                                              |                  |                |                  |
| e fo<br>Com<br>hen<br>siv<br>e in<br>r th<br>eri<br>od<br>is a<br>lloc<br>ate<br>d t<br>pre<br>com<br>e p<br>o                               |                  |                |                  |

| Con<br>trol<br>ling<br>int<br>sts<br>ere                                   | -50<br>3 8<br>93 | 558<br>19<br>6 | 2 8<br>10<br>923 |
|----------------------------------------------------------------------------|------------------|----------------|------------------|
| Non<br>ntro<br>lling<br>int<br>sts<br>-co<br>ere                           | -61<br>83<br>8   | 52<br>288      | 22<br>512        |
| Com<br>hen<br>sive<br>inc<br>e fo<br>r th<br>erio<br>d<br>pre<br>om<br>e p | -56<br>5 7<br>31 | 610<br>48<br>4 | 2 8<br>33<br>435 |

#### **Statement of financial position**

| (All<br>0)<br>unts<br>in N<br>OK<br>1 00<br>amo                                                                      | 31.<br>03.<br>202<br>5 | 31.<br>03.<br>202<br>4 | 31.<br>12.<br>202<br>4 |                                                                  |
|----------------------------------------------------------------------------------------------------------------------|------------------------|------------------------|------------------------|------------------------------------------------------------------|
| Ass<br>ets                                                                                                           |                        |                        |                        |                                                                  |
| Inta<br>ngi<br>ble<br>ets<br>ass                                                                                     | 8 8<br>35<br>503       | 8 9<br>88<br>726       | 8 8<br>72<br>029       |                                                                  |
| Rig<br>ht-o<br>f-us<br>ts<br>e a<br>sse                                                                              | 3 5<br>42<br>923       | 2 7<br>45<br>095       | 3 6<br>69<br>804       |                                                                  |
| Tan<br>gib<br>le f<br>ixed<br>set<br>as<br>s                                                                         | 9 1<br>19<br>143       | 8 3<br>61<br>219       | 8 9<br>42<br>027       |                                                                  |
| Fina<br>ncia<br>l no<br>nt a<br>ts<br>n-c<br>urre<br>sse                                                             | 757<br>1 6<br>30       | 1 6<br>65<br>177       | 1 7<br>01<br>996       | )<br>in 1<br>Ope<br>rati<br>l EB<br>IT m<br>ona<br>arg           |
| al n<br>Tot<br>t as<br>set<br>on-<br>cur<br>ren<br>s                                                                 | 6<br>23<br>128<br>32   | 21<br>760<br>21<br>6   | 23<br>185<br>85<br>7   | 2)<br>Ope<br>rati<br>rgin<br>ng<br>ma                            |
|                                                                                                                      |                        |                        |                        |                                                                  |
| log<br>ical<br>Bio<br>set<br>as<br>s                                                                                 | 8 1<br>80<br>305       | 8 8<br>74<br>682       | 9 6<br>54<br>667       | 3)<br>sh<br>Ear<br>nin<br>gs<br>per<br>are                       |
| Oth<br>er i<br>nto<br>ries<br>nve                                                                                    | 2 4<br>51<br>683       | 2 3<br>28<br>469       | 2 4<br>36<br>411       | Dilu<br>ted<br>sh<br>rnin<br>ea<br>gs<br>per<br>are              |
| Acc<br>t re<br>ceiv<br>abl<br>oun<br>es                                                                              | 2 7<br>74<br>078       | 2 7<br>90<br>604       | 3 2<br>05<br>206       |                                                                  |
| Oth<br>ivab<br>les<br>er r<br>ece                                                                                    | 889<br>19<br>2         | 971<br>29<br>3         | 1 0<br>23<br>741       | 4)<br>ROC<br>E (a<br>alis<br>ed)<br>nnu                          |
| Cas<br>h a<br>nd<br>h e<br>qui<br>vale<br>nts<br>cas                                                                 | 874<br>2 4<br>27       | 4 2<br>93<br>358       | 3 3<br>25<br>191       | Equ<br>ity<br>rati<br>o                                          |
| Tot<br>al c<br>nt a<br>ts<br>urre<br>sse                                                                             | 16<br>723<br>13<br>2   | 19<br>258<br>40<br>6   | 19<br>645<br>21<br>7   | 5)<br>Cas<br>h-fl<br>sh<br>ow<br>per<br>are                      |
|                                                                                                                      |                        |                        |                        | Dilu<br>ted<br>sh-<br>flow<br>r sh<br>ca<br>pe<br>are            |
| Tot<br>al a<br>ts<br>sse                                                                                             | 39<br>851<br>45<br>9   | 41<br>018<br>62<br>3   | 42<br>831<br>07<br>4   | Net<br>int<br>st-b<br>ing<br>deb<br>t (N<br>IBD<br>ere<br>ear    |
|                                                                                                                      |                        |                        |                        | Paid<br>div<br>ide<br>nd<br>sh<br>per<br>are                     |
| Equ<br>ity<br>and<br>de<br>bt                                                                                        |                        |                        |                        | *) R<br>elat<br>ed t<br>o bi<br>olog<br>ical<br>ts<br>asse       |
| Paid<br>in<br>ity<br>equ                                                                                             | 4 8<br>37<br>893       | 4 8<br>37<br>893       | 4 8<br>37<br>893       |                                                                  |
| Ear<br>ned<br>uity<br>eq                                                                                             | 14<br>667<br>57<br>9   | 14<br>407<br>03<br>5   | 15<br>171<br>47<br>2   |                                                                  |
| Non<br>lling<br>int<br>ntro<br>sts<br>-co<br>ere                                                                     | 1 0<br>95<br>598       | 1 2<br>60<br>084       | 1 1<br>57<br>436       |                                                                  |
| Tot<br>al e<br>qui<br>ty                                                                                             | 20<br>601<br>07<br>1   | 20<br>505<br>01<br>3   | 21<br>166<br>80<br>2   |                                                                  |
|                                                                                                                      |                        |                        |                        | 5) C<br>ash<br>flow<br>fro<br>tion<br>m o<br>pera<br>s           |
| de<br>bt<br>Lon<br>g t<br>erm                                                                                        |                        |                        |                        | 6) N<br>CI =<br>lling<br>int<br>No<br>ntro<br>ts<br>n co<br>eres |
| d lo<br>Bon<br>ans                                                                                                   | 2 9<br>92<br>917       | 2 9<br>90<br>972       | 2 9<br>92<br>431       |                                                                  |
| ns f<br>dit<br>Loa<br>inst<br>itut<br>ions<br>rom<br>cre                                                             | 3 4<br>02<br>881       | 4 0<br>77<br>099       | 3 4<br>87<br>003       |                                                                  |
| Oth<br>er l<br>ter<br>m l<br>ong<br>oan<br>s                                                                         | 14<br>198              | 25<br>373              | 14<br>587              |                                                                  |
| Lea<br>liab<br>ilitie<br>s to<br>dit<br>inst<br>itut<br>ions<br>se<br>cre                                            | 822<br>42<br>3         | 870<br>88<br>4         | 882<br>50<br>7         |                                                                  |
| Lea<br>liab<br>ilitie<br>s to<br>oth<br>se<br>ers                                                                    | 1 9<br>56<br>169       | 1 1<br>76<br>332       | 1 9<br>95<br>969       |                                                                  |
| Oth<br>ued<br>lon<br>liab<br>ilitie<br>g te<br>er a<br>ccr<br>rm<br>s                                                | 3 3<br>98<br>378       | 5 1<br>75<br>063       | 4 0<br>32<br>970       |                                                                  |
| Tot<br>al l<br>m d<br>ebt<br>ter<br>ong                                                                              | 12<br>586<br>96<br>6   | 14<br>315<br>72<br>2   | 13<br>405<br>46<br>7   |                                                                  |
| Sho<br>de<br>bt<br>rt t<br>erm                                                                                       |                        |                        |                        |                                                                  |
| Sho<br>f lo<br>fro<br>red<br>rt t<br>rt o<br>it in<br>stit<br>utio<br>erm<br>pa<br>ans<br>m c<br>ns                  | 930<br>30<br>7         | 505<br>73<br>7         | 1 2<br>37<br>878       |                                                                  |
| Sho<br>f ot<br>her<br>lon<br>loan<br>rt t<br>rt o<br>g te<br>erm<br>pa<br>rm<br>s                                    | 9 1<br>99              | 1 2<br>20              | 8 7<br>15              |                                                                  |
| Sho<br>rt t<br>rt o<br>f le<br>lia<br>bilit<br>ies<br>to c<br>red<br>it in<br>stit<br>utio<br>erm<br>pa<br>ase<br>ns | 277<br>96<br>1         | 239<br>60<br>4         | 284<br>74<br>0         |                                                                  |
| Sho<br>rt t<br>rt o<br>f ot<br>her<br>lea<br>liab<br>ilitie<br>erm<br>pa<br>se<br>s                                  | 381<br>25<br>9         | 343<br>08<br>5         | 396<br>46<br>1         |                                                                  |
| Ove<br>rdra<br>fts                                                                                                   | 996<br>48<br>3         | 1 0<br>98<br>361       | 2 0<br>97<br>252       |                                                                  |
| Oth<br>hor<br>loan<br>t te<br>er s<br>rm<br>s                                                                        | 20<br>711              | 19<br>571              | 26<br>362              |                                                                  |
| Acc<br>yab<br>les<br>t pa<br>oun                                                                                     | 2 1<br>38<br>699       | 2 3<br>09<br>615       | 2 2<br>70<br>362       |                                                                  |
| Oth<br>hor<br>liab<br>ilitie<br>t-te<br>er s<br>rm<br>s                                                              | 1 9<br>08<br>802       | 1 6<br>80<br>694       | 1 9<br>37<br>036       |                                                                  |
| al s<br>hor<br>deb<br>Tot<br>t te<br>t<br>rm                                                                         | 6 6<br>63<br>422       | 6 1<br>97<br>887       | 8 2<br>58<br>805       |                                                                  |
|                                                                                                                      |                        |                        |                        |                                                                  |
| al d<br>ebt<br>Tot                                                                                                   | 19<br>250<br>38<br>8   | 20<br>513<br>60<br>9   | 21<br>664<br>27<br>2   |                                                                  |
| al e<br>nd<br>deb<br>Tot<br>qui<br>ty a<br>t                                                                         | 39<br>851<br>45<br>9   | 41<br>018<br>62<br>3   | 42<br>831<br>07<br>4   |                                                                  |

#### **Key figures**

| (All<br>in N<br>OK<br>1 00<br>0, e<br>har<br>e in<br>form<br>atio<br>d pe<br>s)<br>unts<br>pt s<br>tage<br>amo<br>xce<br>n an<br>rcen | Not<br>e | Q1<br>202<br>5   | Q1<br>202<br>4   | FY<br>202<br>4   |
|---------------------------------------------------------------------------------------------------------------------------------------|----------|------------------|------------------|------------------|
| Sla<br>ugh<br>d v<br>olu<br>salm<br>and<br>ut (<br>GW<br>T)<br>tere<br>tro<br>me<br>on                                                |          | 38<br>243        | 26<br>376        | 22<br>8<br>171   |
| Sha<br>f sl<br>hte<br>red<br>lum<br>lmo<br>n (G<br>) fr<br>WT<br>JV<br>re o<br>aug<br>vo<br>e sa<br>om                                |          | 4 2<br>07        | 3 6<br>49        | 20<br>220        |
| che<br>hite<br>fish<br>d s<br>hrim<br>(ton<br>)<br>Cat<br>s w<br>an<br>ps<br>nes                                                      |          | 18<br>957        | 24<br>093        | 64<br>991        |
| in 1<br>)<br>l EB<br>Ope<br>rati<br>IT m<br>ona<br>arg                                                                                |          | 13,<br>2 %       | 11,<br>8 %       | 9,5<br>%         |
| 2)<br>Ope<br>rati<br>rgin<br>ng<br>ma                                                                                                 |          | -9,5<br>%        | 11,<br>9 %       | 9,5<br>%         |
| Ear<br>nin<br>sh<br>be<br>fore<br>fai<br>lue<br>adj<br>ust<br>nts<br>*<br>gs<br>per<br>are<br>r va<br>me                              | 9        | 1,5<br>6         | 0,8<br>1         | 4,1<br>9         |
| 3)                                                                                                                                    |          | -0,6<br>4        | 0,8<br>0         | 4,4<br>9         |
| Dilu<br>ted<br>rnin<br>sh<br>ea<br>gs<br>per<br>are                                                                                   |          | -0,6<br>4        | 0,8<br>0         | 4,4<br>9         |
| ROC<br>E b<br>efo<br>re f<br>air<br>val<br>adj<br>* (a<br>alis<br>ed)<br>ust<br>nts<br>ue<br>me<br>nnu                                |          | 15,<br>2 %       | 14,<br>3 %       | 11,<br>3 %       |
| 4)                                                                                                                                    |          | -10<br>,9 %      | 13,<br>8 %       | 4 %<br>11,       |
| Equ<br>ity<br>rati<br>o                                                                                                               |          | 51,<br>7 %       | 50,<br>0 %       | 49,<br>4 %       |
| 5)                                                                                                                                    |          | 2,3<br>3         | 0,5<br>9         | 3,4<br>3         |
| flow<br>Dilu<br>ted<br>sh-<br>r sh<br>ca<br>pe<br>are                                                                                 |          | 2,3<br>3         | 0,5<br>9         | 3,4<br>3         |
| st-b<br>deb<br>t (N<br>)<br>Net<br>int<br>ing<br>IBD<br>ere<br>ear                                                                    | 2, 6     | 7 0<br>37<br>576 | 5 5<br>38<br>132 | 7 7<br>05<br>484 |
| Paid<br>div<br>ide<br>nd<br>sh<br>per<br>are                                                                                          |          | 0,0<br>0         | 0,0<br>0         | 2,5<br>0         |

1) Operational EBIT margin = Operational EBIT / revenues

2) Operating margin = Operating profit / revenues

3) Earnings per share = Majority interests / Average number of shares

4) ROCE = (Pre tax profit + net fin. Items) / Average (NIBD + total equity)

#### **Statement of cash flows**

| (All<br>ts in<br>NO<br>K 1<br>00<br>0)<br>am<br>oun                                                            | Q1<br>20<br>25   | Q1<br>20<br>24   | FY<br>202<br>4       |
|----------------------------------------------------------------------------------------------------------------|------------------|------------------|----------------------|
| sh<br>flo<br>w f<br>tin<br>cti<br>vit<br>ies<br>Ca<br>rom<br>op<br>era<br>g a                                  |                  |                  |                      |
| Pro<br>fit<br>bef<br>ta<br>ore<br>x                                                                            | -92<br>5 9<br>79 | 778<br>18<br>4   | 2 5<br>54<br>131     |
| Inc<br>aid<br>e ta<br>om<br>x p                                                                                | -58<br>76<br>1   | -37<br>7 9<br>01 | -1<br>041<br>26<br>4 |
| in f<br>dis<br>al o<br>f n<br>Ga<br>t a<br>ts<br>rom<br>pos<br>on-<br>cur<br>ren<br>sse                        | -16<br>07<br>4   | 1 3<br>29        | -11<br>83<br>8       |
| Ord<br>dep<br>ina<br>iati<br>ry<br>rec<br>on                                                                   | 88<br>0<br>447   | 391<br>04<br>5   | 1 6<br>52<br>209     |
| Im<br>pai<br>los<br>ent<br>t a<br>ts<br>rm<br>s n<br>on-<br>cur<br>ren<br>sse                                  | 0                | 635              | 58<br>542            |
| Pro<br>fit<br>fro<br>cia<br>ted<br>ani<br>and<br>jo<br>int<br>tur<br>m a<br>sso<br>co<br>mp<br>es<br>ven<br>es | 15<br>933        | -38<br>46<br>3   | -10<br>6 8<br>35     |
| Ch<br>ad<br>bio<br>log<br>l as<br>. in<br>FV<br>j.<br>ica<br>set<br>s                                          | 1 7<br>50<br>512 | -40<br>42<br>6   | -29<br>1 5<br>92     |
| Cha<br>in<br>inv<br>orie<br>ent<br>nge<br>s                                                                    | -40<br>1 0<br>79 | -35<br>8 1<br>18 | -94<br>1 4<br>87     |
| Cha<br>in<br>iva<br>ble<br>ts r<br>nge<br>acc<br>oun<br>ece                                                    | 43<br>1 1<br>28  | 135<br>87<br>7   | -27<br>1 5<br>02     |
| Cha<br>ble<br>in<br>ts p<br>nge<br>acc<br>oun<br>aya                                                           | -13<br>1 6<br>63 | -24<br>7 1<br>14 | -29<br>2 9<br>45     |
| cla<br>ssif<br>ied<br>fin<br>Ite<br>ing<br>tivi<br>ties<br>ms<br>re<br>as<br>anc<br>ac                         | 68<br>6<br>154   | 103<br>24<br>7   | 526<br>74<br>1       |
| Oth<br>ls<br>er<br>acc<br>rua                                                                                  | 120<br>46<br>4   | 3 4<br>13        | 209<br>84<br>6       |
| Net<br>sh<br>flow<br>s fr<br>ting<br>tivi<br>ties<br>ca<br>om<br>op<br>era<br>ac                               | 1 3<br>87<br>046 | 351<br>70<br>9   | 2 0<br>44<br>005     |
|                                                                                                                |                  |                  |                      |

#### **Investing activities**

Acquisitions of right-of-use assets from new lease agreements have no cash flow effect, and will therefore not be included in the cash flow from investing activities. But disposals of right-of-use assets may have a cash flow effect. For an overview of the investments during the period, regardless of cash flow effect, see seperate table below. Lease expenses are presented according to IFRS 16, and are included in cash flow from financing activities, split on net change in LT debt, and interests paid.

|                                                                                         | Q1<br>20<br>25 | Q1<br>20<br>24 | 202<br>FY<br>4       |
|-----------------------------------------------------------------------------------------|----------------|----------------|----------------------|
| Inv<br>est<br>nt<br>du<br>rin<br>g t<br>he<br>rio<br>d<br>me<br>pe                      |                |                |                      |
| sh<br>flow<br>fro<br>m f<br>d a<br>Net<br>ixe<br>ts<br>ca<br>sse                        | 449<br>11<br>1 | 368<br>71<br>2 | 1 6<br>64<br>613     |
| Inv<br>in R<br>OU<br>fro<br>red<br>it in<br>t *<br>est<br>nt<br>st.,<br>me<br>m c<br>ne | 4 6<br>56      | 3 9<br>68      | 252<br>28<br>8       |
| Tot<br>al F<br>A a<br>nd<br>RoU<br>set<br>as<br>s                                       | 453<br>76<br>7 | 372<br>68<br>0 | 1 9<br>16<br>90<br>1 |
| Add<br>ible<br>iton<br>int<br>et<br>ang<br>s, n                                         | -22<br>0       | 633            | 144<br>78<br>9       |
| al i<br>Tot<br>stm<br>ent<br>nve                                                        | 453<br>6<br>54 | 373<br>31<br>3 | 2 0<br>61<br>690     |

\* Right-of-use assets acquired through new leases with credit institutions (previously referred to as financial leased assets). RoU assets acquired through new rental agreements with others are not included. These additions are included in note 4 on non-current assets.

| flo<br>w f<br>Ca<br>sh<br>in<br>tin<br>cti<br>vit<br>ies<br>rom<br>ves<br>g a                 |                      |                  |                      |
|-----------------------------------------------------------------------------------------------|----------------------|------------------|----------------------|
| in f<br>d a<br>Net<br>inv<br>est<br>nt<br>ixe<br>ts e<br>tc.<br>me<br>sse                     | -44<br>9 1<br>11     | 8 7<br>-36<br>12 | -1<br>664<br>61<br>3 |
| Pro<br>ds<br>eiv<br>ed<br>fro<br>m d<br>isp<br>l RO<br>U a<br>ts<br>cee<br>rec<br>osa<br>sse  | 800                  | 0                | 3 1<br>00            |
| Net<br>inv<br>est<br>nt<br>in i<br>nta<br>ngi<br>ble<br>fix<br>ed<br>ets<br>me<br>ass         | 220                  | -63<br>3         | -14<br>4 7<br>89     |
| s fo<br>of<br>sha<br>Net<br>ent<br>qui<br>siti<br>pa<br>ym<br>r ac<br>ons<br>res              | 0                    | -45              | -86<br>4             |
| qui<br>siti<br>of<br>ies<br>Net<br>ac<br>ons<br>gro<br>up<br>com<br>pan                       | 0                    | 0                | -99<br>3             |
| Cas<br>h fr<br>bu<br>sin<br>mb<br>ina<br>tion<br>om<br>ess<br>co<br>s                         | 0                    | 0                | -28<br>81<br>7       |
| fro<br>Div<br>ide<br>nd<br>cia<br>tes<br>m a<br>sso                                           | 0                    | 0                | 5 7<br>78            |
| Oth<br>div<br>ide<br>nd<br>and<br>ved<br>int<br>sts<br>cei<br>er<br>ere<br>re                 | 7 8<br>02            | 16<br>949        | 180<br>10<br>4       |
| Cha<br>in<br>lon<br>cei<br>vab<br>les<br>g-t<br>etc<br>nge<br>erm<br>re                       | 13<br>693            | -80<br>07<br>8   | 12<br>787            |
| Net<br>sh<br>flow<br>fro<br>m i<br>stin<br>ctiv<br>itie<br>ca<br>nve<br>g a<br>s              | -42<br>6 5<br>96     | -43<br>2 5<br>19 | -1<br>638<br>30<br>7 |
|                                                                                               |                      |                  |                      |
| Ca<br>sh<br>flo<br>w f<br>fin<br>cin<br>cti<br>vit<br>ies<br>rom<br>an<br>g a                 |                      |                  |                      |
| Net<br>ch<br>e in<br>ba<br>nk<br>rdr<br>aft<br>ang<br>ove                                     | -1<br>106<br>41<br>9 | 142<br>14<br>0   | 1 1<br>47<br>822     |
| Net<br>ch<br>e in<br>lon<br>g-t<br>de<br>bt<br>ang<br>erm                                     | -56<br>8 2<br>05     | 51<br>903        | -31<br>5 1<br>94     |
| ibu<br>Net<br>uity<br>ntr<br>tion<br>eq<br>co<br>s                                            | 0                    | 0                | 0                    |
| Int<br>d n<br>et f<br>ina<br>nci<br>al c<br>aid<br>sts<br>ost<br>ere<br>an<br>s p             | -18<br>3 1<br>43     | -14<br>1 4<br>84 | -69<br>9 7<br>67     |
| Rep<br>has<br>f eq<br>uity<br>int<br>sts<br>urc<br>e o<br>ere                                 | 0                    | 0                | 0                    |
| ide<br>nd<br>Div<br>nts<br>pay<br>me                                                          | 0                    | -1<br>500        | -1<br>536<br>47<br>7 |
| sh<br>flow<br>fro<br>m f<br>Net<br>ina<br>nci<br>act<br>ivit<br>ies<br>ca<br>ng               | 857<br>76<br>-1<br>7 | 059<br>51        | 403<br>61<br>-1<br>7 |
|                                                                                               |                      |                  |                      |
| Net<br>sh<br>flow<br>s fo<br>r th<br>erio<br>d<br>ca<br>e p                                   | -89<br>7 3<br>17     | -29<br>75<br>2   | -99<br>7 9<br>19     |
|                                                                                               |                      |                  |                      |
| Cas<br>h a<br>nd<br>h e<br>qui<br>t b<br>egi<br>nni<br>of p<br>erio<br>d<br>cas<br>v. a<br>ng | 3 3<br>25<br>191     | 4 3<br>23<br>109 | 4 3<br>23<br>109     |
| Cu<br>cha<br>in o<br>r lo<br>h<br>rre<br>ncy<br>ex<br>nge<br>ga<br>ss<br>on<br>cas            | 0                    | 0                | 0                    |
| Cas<br>h a<br>nd<br>iva<br>len<br>nd<br>of p<br>erio<br>d<br>ts a<br>t e<br>equ               | 2 4<br>27<br>874     | 4 2<br>93<br>358 | 3 3<br>25<br>191     |

#### **Statement of changes in equity**

*(All amounts in NOK 1 000)*

| 20<br>25                                                                                                                                                                                                                                                                                                                                                                                                         | Pai<br>d in<br>pita<br>l<br>ca | Oth<br>ity<br>er<br>equ                                                       | Tot<br>al C<br>I*                                                             | Tot<br>al N<br>CI*<br>*          | Tot<br>al e<br>qui<br>ty                                                      |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|-------------------------------------------------------------------------------|-------------------------------------------------------------------------------|----------------------------------|-------------------------------------------------------------------------------|
| Equ<br>ity<br>at<br>01<br>.01<br>.20<br>25                                                                                                                                                                                                                                                                                                                                                                       | 4 8<br>37<br>893               | 15<br>171<br>47<br>2                                                          | 20<br>009<br>36<br>6                                                          | 1 1<br>57<br>436                 | 21<br>166<br>80<br>2                                                          |
| Net<br>inc<br>f 3<br>1.0<br>3.2<br>025<br>om<br>e a<br>s o<br>Cu<br>rsio<br>n d<br>iffe<br>rre<br>ncy<br>co<br>nve<br>ren<br>ces<br>Ch<br>fa<br>alu<br>e f<br>s (<br>hed<br>)<br>e in<br>ir v<br>in.i<br>ntr<br>ent<br>ang<br>um<br>ges<br>Act<br>ial<br>in/<br>los<br>n d<br>efin<br>ed<br>ben<br>efit<br>lan<br>ga<br>s o<br>p<br>uar<br>s<br>OC<br>I fr<br>d c<br>iate<br>ies<br>om<br>as<br>soc<br>om<br>pan |                                | -38<br>3 0<br>57<br>-12<br>1 2<br>38<br>1 3<br>10<br>54<br>-96<br>2           | -38<br>3 0<br>57<br>-12<br>1 2<br>38<br>1 3<br>10<br>54<br>-96<br>2           | -59<br>32<br>7<br>-2<br>511      | -44<br>2 3<br>83<br>-12<br>3 7<br>49<br>1 3<br>10<br>54<br>-96<br>2           |
| Co<br>reh<br>ive<br>inc<br>f 3<br>1.0<br>3.2<br>025<br>mp<br>ens<br>om<br>e a<br>s o                                                                                                                                                                                                                                                                                                                             | 0                              | -50<br>3 8<br>93                                                              | -50<br>3 8<br>93                                                              | -61<br>83<br>8                   | -56<br>5 7<br>31                                                              |
| Tot<br>al o<br>the<br>r ch<br>in e<br>qui<br>ty<br>ang<br>es                                                                                                                                                                                                                                                                                                                                                     | 0                              | 0                                                                             | 0                                                                             | 0                                | 0                                                                             |
| Equ<br>ity<br>at<br>31.<br>03<br>.20<br>25                                                                                                                                                                                                                                                                                                                                                                       | 4 8<br>893<br>37               | 14<br>667<br>57<br>9                                                          | 19<br>505<br>47<br>2                                                          | 1 0<br>95<br>599                 | 20<br>60<br>1 0<br>71                                                         |
| 20<br>24                                                                                                                                                                                                                                                                                                                                                                                                         | d in<br>l<br>Pai<br>pita<br>ca | Oth<br>ity<br>er<br>equ                                                       | al C<br>I*<br>Tot                                                             | al N<br>CI*<br>*<br>Tot          | al e<br>Tot<br>qui<br>ty                                                      |
| 01<br>.01<br>.20<br>24<br>Equ<br>ity<br>at                                                                                                                                                                                                                                                                                                                                                                       | 4 8<br>37<br>893               | 13<br>849<br>24<br>0                                                          | 18<br>687<br>13<br>3                                                          | 1 2<br>09<br>412                 | 19<br>896<br>54<br>5                                                          |
| f 3<br>Net<br>inc<br>1.1<br>2.2<br>024<br>om<br>e a<br>s o<br>Cu<br>rsio<br>n d<br>iffe<br>rre<br>ncy<br>co<br>nve<br>ren<br>ces<br>Ch<br>e in<br>fa<br>ir v<br>alu<br>e f<br>in.i<br>s (<br>hed<br>)<br>ntr<br>ent<br>ang<br>um<br>ges<br>ial<br>in/<br>los<br>n d<br>efin<br>ed<br>ben<br>efit<br>lan<br>Act<br>uar<br>ga<br>s o<br>p<br>s<br>OC<br>I fr<br>iate<br>d c<br>ies<br>om<br>as<br>soc<br>om<br>pan |                                | 2 6<br>73<br>477<br>160<br>23<br>5<br>-24<br>22<br>7<br>-31<br>3<br>1 7<br>51 | 2 6<br>73<br>477<br>160<br>23<br>5<br>-24<br>22<br>7<br>-31<br>3<br>1 7<br>51 | 19<br>806<br>2 7<br>05           | 2 6<br>93<br>283<br>162<br>94<br>0<br>-24<br>22<br>7<br>-31<br>3<br>1 7<br>51 |
| Co<br>reh<br>ive<br>inc<br>f 3<br>1.1<br>2.2<br>024<br>mp<br>ens<br>om<br>e a<br>s o                                                                                                                                                                                                                                                                                                                             | 0                              | 2 8<br>10<br>923                                                              | 2 8<br>10<br>923                                                              | 22<br>512                        | 2 8<br>33<br>43<br>5                                                          |
| ide<br>nds<br>Div<br>Div<br>ide<br>nd<br>har<br>on<br>ow<br>n s<br>es<br>Ch<br>CI*<br>*<br>in N<br>ang<br>es<br>Oth<br>cha<br>er<br>nge<br>s                                                                                                                                                                                                                                                                     |                                | -1<br>489<br>43<br>4<br>744<br>-1                                             | -1<br>489<br>43<br>4<br>744<br>0<br>-1                                        | -47<br>78<br>7<br>-26<br>70<br>0 | -1<br>537<br>22<br>1<br>744<br>-26<br>70<br>0<br>-1                           |
| al o<br>the<br>r ch<br>Tot<br>in e<br>qui<br>ty<br>ang<br>es                                                                                                                                                                                                                                                                                                                                                     | 0                              | -1<br>488<br>69<br>1                                                          | -1<br>488<br>69<br>1                                                          | -74<br>48<br>7                   | -1<br>563<br>17<br>8                                                          |
| Equ<br>ity<br>31.<br>12.<br>202<br>4<br>at                                                                                                                                                                                                                                                                                                                                                                       | 4 8<br>37<br>893               | 15<br>171<br>47<br>2                                                          | 20<br>009<br>36<br>6                                                          | 1 1<br>57<br>436                 | 21<br>166<br>80<br>2                                                          |

#### *\* Controlling interests*

*\*\* Non-controlling interests*

#### **Notes**

#### **Note 1: Accounting principles**

This report is prepared according to standard for interim financial reporting (IAS 34). All figures are unaudited, except year end figures (last year). The interim condensed consolidated financial statements do not include all the information and disclosures required by International Financial Reporting Standards (IFRS® Accounting Standards) in the annual financial statements and should be read in conjunction with the Group's Annual Financial Statements 2024.

#### **Note 2: Alternative performance measures (APMs)**

#### *(All amounts in NOK 1 000)*

Lerøy Seafood Group's accounts are submitted in accordance with international standards for financial reporting (IFRS Accounting Standards) and interpretations established by the International Accounting Standards Board (IASB) and adopted by the EU. In addition, the Board and management have chosen to present certain alternative performance measures (APMs) to make the Group's developments simpler to understand. The Board and management are of the opinion that these performance measures are in demand and utilised by investors, analysts, credit institutions and other stakeholders. The alternative performance measures are derived from the performance measures defined in IFRS Accounting Standards. The figures are defined below. They are consistently calculated and presented in addition to other performance measures, in line with the Guidelines on Alternative Performance Measures from the European Securities and Markets Authority (ESMA).

#### **EBIT before fair value adjustments**

EBIT before fair value adjustments is an APM utilised by the Group. In this APM fair value adjustments are excluded. The main item excluded is **fair value adjustment on biological assets**. The reason for exclusion is because this adjustment has nothing to do with the Group's operational performance. The change in fair value arises from changes in forward prices on salmon at the stock exchange. Another item to be excluded is **onerous contract provision**. This item is indirectly related to biological assets, since loss on onerous contracts is calculated based on the increased value on fish in sea from the fair value adjustment. By presenting (1) EBIT before fair value adjustments, (2) fair value adjustments in the period and (3) EBIT after fair value adjustments, the user of the financial statements will easily be able to identify how much of the operating profit comprises changes in fair value (fair value adjustments) and thereby compare performance with other companies in the same industry. The note on biological assets contains a detailed description of how fair value adjustment is calculated and the figures for each component.

#### **Operational EBIT and operational EBITDA**

Operational EBIT and operational EBITDA are 2 APMs utilised by the Group, which are commonly used in the farming industry. In order to meet management's, investor's and analyst's need of information in terms of performance and comparability between peers, these APMs have now been adopted by the Group in addition to EBIT before fair value adjustments. In operational EBIT and operational EBITDA also some additional items to fair value adjustments are excluded. The **production fee,** implemented from 2021, on slaughtered volume of salmon and trout, has been excluded. This is explained with the fact that the production fee is tax related. It was adopted as an alternative to ground rent tax. Further on, isolated events not expected to reoccur, such as **restructuring costs** and **litigation costs**, are excluded. For practical reasons a materiality threshold of NOK 15 million is applied. This type of cost is not considered relevant for the current operation, and thus not relevant when analyzing the current operation. Finally, change in **unrealized internal margin** on stock, has been excluded. Feedback from investors and analysts have been that this item is perceived as confusing when evaluating the operational performance of the period. Since it is a non-significant part of the result of the period, it has been excluded from the APMs.

| Ca  | lcu<br>lat<br>ion                                                                       | Q1<br>20<br>25   | Q1<br>20<br>24   | FY<br>202<br>4   |
|-----|-----------------------------------------------------------------------------------------|------------------|------------------|------------------|
|     | Op<br>fit<br>(EB<br>IT)<br>ting<br>era<br>pro                                           | 61<br>-75<br>4 7 | 846<br>92<br>8   | 2 9<br>64<br>267 |
| +/- | Fai<br>lue<br>ad<br>jus<br>tm<br>ent<br>r va<br>s                                       | 1 8<br>60<br>170 | -22<br>37<br>5   | -34<br>7 2<br>27 |
| +/- | On<br>tra<br>ct p<br>isio<br>ero<br>us<br>con<br>rov<br>n                               | -10<br>9 6<br>59 | -18<br>05<br>1   | 55<br>636        |
| =   | T b<br>efo<br>re f<br>val<br>adj<br>EBI<br>air<br>ust<br>nts<br>ue<br>me                | 995<br>75<br>1   | 806<br>50<br>2   | 2 6<br>72<br>675 |
| +/- | Cha<br>in<br>eal<br>ize<br>d in<br>nal<br>in<br>ter<br>nge<br>unr<br>m<br>arg           | 3 7<br>16        | 11<br>177        | -5<br>221        |
| +   | Pro<br>duc<br>tion<br>fe<br>e                                                           | 36<br>904        | 24<br>661        | 160<br>09<br>9   |
| +   | Liti<br>gat<br>ion<br>sts<br>co                                                         | 12<br>266        | 0                | 58<br>241        |
| +   | Im<br>pai<br>los<br>late<br>d t<br>ing<br>ent<br>est<br>tur<br>rm<br>s re<br>o r<br>ruc | 0                | 0                | 58<br>542        |
| +   | Oth<br>tion<br>al i<br>tem<br>er<br>non<br>-op<br>era<br>s                              | 0                | 0                | 15<br>790        |
| =   | al E<br>Op<br>tion<br>BIT<br>era                                                        | 48<br>1 0<br>637 | 842<br>34<br>1   | 2 9<br>60<br>125 |
| +   | De<br>cia<br>tion<br>pre                                                                | 447<br>88<br>0   | 391<br>04<br>5   | 1 6<br>52<br>209 |
| +   | Im<br>pai<br>ent<br>los<br>the<br>rm<br>s, o<br>r                                       | 0                | 635              | 0                |
| =   | al E<br>Op<br>tion<br>BIT<br>DA<br>era                                                  | 1 4<br>96<br>518 | 1 2<br>34<br>021 | 4 6<br>12<br>334 |

#### **Operational EBIT/kg for the value chain**

*Operational EBIT/kg for the value chain* is an alternative performance measure derived from operational EBIT/kg. The purpose is to highlight the value creation inherent in VAPSD. The APM includes operational EBIT from Farming and operational EBIT from VAPSD. The sum is divided by own production volume of salmon and trout in Farming. *Operational value chain EBIT/kg per farming region* is calculated as follows: Operational EBIT/kg per farming region + (Operational EBIT from VAPSD-segment / total own volume from farming). For operational EBIT/kg for the Group, it is referred to note 3 on segments.

#### **Net interest-bearing debt (NIBD)**

NIBD is an APM utilised by the Group. The figure shows how much capital the Group employs and is an important key figure for stakeholders who are planning to grant financing to the Group and for stakeholders who want to value the company. The Group therefore defines NIBD as interest-bearing commitments, both short-term and long-term, to persons or institutions with the main purpose of providing financing and/or credit, minus interestbearing cash or cash equivalents. This implies that long-term interest-bearing receivables (assets) and other lease commitments, with the exception of leasing debt to credit institutions (liability), are not included. The latter component comprises most of the new lease commitments carried in connection with implementation of IFRS 16. Net interest-bearing debt is explained in more detail in a separate note on NIBD (note 6).

#### **Note 3: Segment and revenue information**

#### *(All amounts in NOK 1 000)*

The Group has the following three operating segments: (1) Wildcatch, (2) Farming, (3) VAP, sales and distribution. The white fish VAP is included in the *Wildcatch* segment, due to the commitments related to the onshore plants in North Norway, following Havfisk's wild catch licenses (trawling licences). The segment *Farming* is split into 3 regions. Lerøy Aurora AS and Lerøy Aurora Sjø AS represent the northern region. Lerøy Midt AS and Lerøy Midt Sjø AS represent the central region. The 9 companies Lerøy Vest AS, Lerøy Vest Sjø AS, Lerøy Vest Kraft AS, Sjøtroll Havbruk AS, Sjøtroll Havbruk Sjø AS, Lerøy Sjøtroll Kjærelva AS, Lerøy Årskog AS, Lerøy Havbruk Service AS and Lerøy Ocean Harvest AS represent the western region, where the first 5 companies are referred to as "Lerøy Sjøtroll". The segment *VAP, sales and distribution* consists of the remaining entities, with exception of Lerøy Seafood Group ASA and Preline Fishfarming System AS, which are not allocated to any segment, and presented in a separate column. Group eliminations between segments are presented separately as eliminations. The profit and loss effect under eliminations relates to eliminated internal profit on products, sold from one group company to another following the value chain down to the customer, which are still on stock at the balance date. The eliminated internal profit relates to wild catch (white fish mostly) from Havfisk. The Group's revenue is also split on geographic area and product. The split of revenue per geographic area is based on the customers localization.

| Geo<br>phi<br>ark<br>et<br>gra<br>c m | Q1<br>202<br>5   | %         | Q1<br>202<br>4   | %         | FY 2<br>024          | %         |
|---------------------------------------|------------------|-----------|------------------|-----------|----------------------|-----------|
| EU                                    | 3 9<br>24<br>097 | 49,<br>4  | 3 6<br>58<br>911 | 51,<br>5  | 16<br>472<br>10<br>6 | 52,<br>9  |
| Nor<br>way                            | 00<br>829<br>1 5 | 18,<br>9  | 1 3<br>82<br>762 | 19,<br>4  | 5 3<br>258<br>51     | 2<br>17,  |
| Asia<br>Pa<br>cific                   | 1 2<br>89<br>702 | 16,<br>2  | 1 3<br>00<br>864 | 18,<br>3  | 5 2<br>76<br>202     | 17,<br>0  |
| t of<br>Res<br>Eu<br>rop<br>e         | 647<br>31<br>7   | 8,1       | 307<br>87<br>0   | 4,3       | 1 8<br>66<br>221     | 6,0       |
| USA                                   | 485<br>33<br>3   | 6,1       | 347<br>43<br>5   | 4,9       | 1 4<br>99<br>077     | 4,8       |
| Can<br>ada                            | 43<br>649        | 0,5       | 58<br>959        | 0,8       | 378<br>75<br>1       | 1,2       |
| Oth<br>ers                            | 60<br>439        | 0,8       | 53<br>021        | 0,7       | 281<br>07<br>6       | 0,9       |
| Tot<br>al r<br>eve<br>nue<br>s        | 7 9<br>51<br>367 | 100<br>,0 | 7 1<br>09<br>822 | 100<br>,0 | 31<br>124<br>69<br>1 | 100<br>,0 |

| Pro<br>duc<br>t a<br>rea<br>s       | Q1<br>202<br>5   | %         | Q1<br>202<br>4   | %         | FY 2<br>024          | %         |
|-------------------------------------|------------------|-----------|------------------|-----------|----------------------|-----------|
| Wh<br>ole<br>salm<br>on             | 3 0<br>28<br>292 | 38,<br>1  | 2 7<br>94<br>102 | 39,<br>3  | 13<br>690<br>74<br>7 | 44,<br>0  |
| sed<br>lmo<br>Pro<br>ces<br>sa<br>n | 2 0<br>22<br>115 | 25,<br>4  | 94<br>263<br>1 7 | 25,<br>2  | 7 6<br>70<br>718     | 24,<br>6  |
| Wh<br>itef<br>ish                   | 1 4<br>36<br>987 | 18,<br>1  | 1 5<br>89<br>922 | 22,<br>4  | 4 5<br>36<br>985     | 14,<br>6  |
| Sal<br>ntro<br>ut<br>mo             | 839<br>56<br>4   | 10,<br>6  | 355<br>99<br>6   | 5,0       | 2 4<br>47<br>983     | 7,9       |
| She<br>llfis<br>h                   | 215<br>38<br>5   | 2,7       | 230<br>35<br>6   | 3,2       | 1 1<br>53<br>673     | 3,7       |
| Pela<br>gic<br>fish                 | 16<br>139        | 0,2       | 13<br>622        | 0,2       | 96<br>020            | 0,3       |
| Oth<br>ers                          | 392<br>88<br>5   | 4,9       | 331<br>56<br>0   | 4,7       | 1 5<br>28<br>563     | 4,9       |
| Tot<br>al r<br>eve<br>nue<br>s      | 7 9<br>51<br>367 | 100<br>,0 | 7 1<br>09<br>822 | 100<br>,0 | 31<br>124<br>69<br>1 | 100<br>,0 |

|                                                                                                                                                   |                   |                  | VA<br>P, s<br>ales<br>d<br>an | LS<br>G A<br>SA,<br>Pre<br>line<br>, |                     |                  |
|---------------------------------------------------------------------------------------------------------------------------------------------------|-------------------|------------------|-------------------------------|--------------------------------------|---------------------|------------------|
| tin<br>Op<br>ent<br>era<br>g s<br>egm<br>s                                                                                                        | ldca<br>tch<br>Wi | Fa<br>rmi<br>ng  | dist<br>ribu<br>tion          | lloc<br>d<br>ate<br>una              | Elim<br>inat<br>ion | Gr<br>oup        |
| Q1<br>202<br>5                                                                                                                                    |                   |                  |                               |                                      |                     |                  |
| al r<br>Ext<br>ern<br>eve<br>nue<br>s                                                                                                             | 440<br>37<br>2    | 61<br>999        | 48<br>7 4<br>745              | 251                                  | 0                   | 7 9<br>367<br>51 |
| Intr<br>a-g<br>rou<br>p re<br>ven<br>ues                                                                                                          | 495<br>82<br>2    | 3 1<br>71<br>100 | 66<br>091                     | 109<br>03<br>4                       | -3 8<br>42<br>046   | 0                |
| Sal<br>es                                                                                                                                         | 936<br>19<br>5    | 3 2<br>33<br>098 | 7 5<br>14<br>836              | 109<br>28<br>4                       | -3 8<br>42<br>046   | 7 9<br>51<br>367 |
| Ope<br>rati<br>l EB<br>ITD<br>A<br>ona                                                                                                            | 215<br>00<br>4    | 1 0<br>92<br>264 | 281<br>38<br>5                | -92<br>13<br>4                       | 0                   | 1 4<br>96<br>518 |
| l EB<br>Ope<br>rati<br>IT<br>ona                                                                                                                  | 148<br>22<br>6    | 788<br>51<br>6   | 212<br>28<br>3                | -10<br>0 3<br>87                     | 0                   | 1 0<br>48<br>637 |
| Ope<br>rati<br>l EB<br>IT m<br>in<br>ona<br>arg                                                                                                   | 15,<br>8 %        | 24,<br>4 %       | 2,8<br>%                      |                                      |                     | 13,<br>2 %       |
| Cat<br>ch v<br>olu<br>(HO<br>G)<br>in t<br>me<br>onn<br>es                                                                                        | 18<br>957         |                  |                               |                                      |                     | 18<br>957        |
| Sla<br>ugh<br>tere<br>d v<br>olu<br>salm<br>and<br>tro<br>ut (<br>GW<br>T)<br>me<br>on                                                            |                   | 38<br>243        |                               |                                      |                     | 38<br>243        |
| Ope<br>rati<br>l EB<br>IT/k<br>lmo<br>nd<br>xclu<br>sive<br>Wi<br>ldca<br>tch<br>trou<br>t, e<br>nt<br>ona<br>g sa<br>n a<br>seg<br>me            |                   | 20,<br>6         | 5,6                           | -2,6                                 | 0,0                 | 23,<br>5         |
| Ope<br>rati<br>l EB<br>IT/k<br>tch<br>vol<br>e in<br>Wi<br>ldca<br>tch<br>nt<br>ona<br>g ca<br>um<br>seg<br>me                                    | 7,8               |                  |                               |                                      | 0,0                 | 7,8              |
| l EB<br>IT/k<br>g fr<br>all<br>/kg<br>sla<br>ugh<br>d sa<br>lmo<br>nd<br>Ope<br>rati<br>nts<br>tere<br>trou<br>t<br>ona<br>om<br>seg<br>me<br>n a | 3,9               | 20,<br>6         | 5,6                           | -2,6                                 | 0,0                 | 27,<br>4         |
| Rec<br>ilia<br>tio                                                                                                                                |                   |                  |                               |                                      |                     |                  |
| onc<br>n:<br>Ope<br>fit (<br>T)<br>rati<br>EBI<br>ng<br>pro                                                                                       | 148<br>22<br>6    | -99<br>8 9<br>00 | 206<br>31<br>8                | -10<br>6 6<br>88                     | -3 7<br>16          | 61<br>-75<br>4 7 |
| Fair<br>lue<br>adj<br>ust<br>nts<br>biol<br>ogic<br>al a<br>ts<br>va<br>me<br>sse                                                                 | 0                 | 1 8<br>60<br>170 | 0                             | 0                                    | 0                   | 1 8<br>60<br>170 |
| One<br>ntra<br>ct p<br>isio<br>rou<br>s co<br>rov<br>n                                                                                            | 0                 | -10<br>9 6<br>59 | 0                             | 0                                    | 0                   | -10<br>9 6<br>59 |
| EBI<br>T b<br>efo<br>re f<br>air<br>valu<br>dju<br>stm<br>ent<br>e a<br>s                                                                         | 148<br>22<br>6    | 751<br>61<br>1   | 206<br>31<br>8                | -10<br>6 6<br>88                     | -3 7<br>16          | 995<br>75<br>1   |
| Cha<br>in<br>eali<br>zed<br>int<br>al m<br>in<br>nge<br>unr<br>ern<br>arg                                                                         | 0                 | 0                | 0                             | 0                                    | 3 7<br>16           | 3 7<br>16        |
| duc<br>fee<br>Pro<br>tion                                                                                                                         | 0                 | 36<br>904        | 0                             | 0                                    | 0                   | 36<br>904        |
| Litig<br>atio<br>sts<br>n co                                                                                                                      | 0                 | 0                | 5 9<br>65                     | 6 3<br>01                            | 0                   | 12<br>266        |
| Ope<br>rati<br>l EB<br>IT<br>ona                                                                                                                  | 148<br>22<br>6    | 788<br>51<br>6   | 212<br>28<br>3                | -10<br>0 3<br>87                     | 0                   | 1 0<br>48<br>637 |
| Dep<br>iatio<br>rec<br>n                                                                                                                          | 66<br>778         | 303<br>8<br>74   | 69<br>102                     | 8 2<br>52                            | 0                   | 88<br>0<br>447   |
| Ope<br>rati<br>l EB<br>ITD<br>A<br>ona                                                                                                            | 215<br>00<br>4    | 1 0<br>92<br>264 | 281<br>38<br>5                | -92<br>13<br>4                       | 0                   | 1 4<br>96<br>518 |

| Op<br>tin<br>ent<br>era<br>g s<br>egm<br>s                                                                                                        | Wi<br>ldca<br>tch | Far<br>min<br>g  | ales<br>d<br>VA<br>P, s<br>an<br>dist<br>ribu<br>tion | LS<br>G A<br>SA,<br>line<br>Pre<br>,<br>lloc<br>ate<br>d<br>una | Elim<br>inat<br>ion | Gr<br>oup        |
|---------------------------------------------------------------------------------------------------------------------------------------------------|-------------------|------------------|-------------------------------------------------------|-----------------------------------------------------------------|---------------------|------------------|
| Q1<br>202<br>4                                                                                                                                    |                   |                  |                                                       |                                                                 |                     |                  |
| al r<br>Ext<br>ern<br>eve<br>nue<br>s                                                                                                             | 491<br>90<br>7    | 116<br>56<br>2   | 6 5<br>00<br>732                                      | 620                                                             | 0                   | 7 1<br>09<br>822 |
| Intr<br>rou<br>ven<br>ues                                                                                                                         | 465<br>31<br>3    | 2 3<br>73<br>021 | 66<br>409                                             | 87<br>705                                                       | -2 9<br>92<br>447   | 0                |
| a-g<br>p re<br>Sal<br>es                                                                                                                          | 957<br>21<br>9    | 2 4<br>89<br>583 | 6 5<br>67<br>141                                      | 88<br>325                                                       | -2 9<br>92<br>447   | 7 1<br>09<br>822 |
|                                                                                                                                                   |                   |                  |                                                       |                                                                 |                     |                  |
| Ope<br>rati<br>l EB<br>ITD<br>A<br>ona                                                                                                            | 244<br>61<br>9    | 852<br>02<br>2   | 227<br>46<br>5                                        | -89<br>49<br>0                                                  | -59<br>5            | 1 2<br>34<br>021 |
| Ope<br>rati<br>l EB<br>IT<br>ona                                                                                                                  | 186<br>70<br>5    | 576<br>43<br>9   | 175<br>93<br>7                                        | -96<br>14<br>5                                                  | -59<br>5            | 842<br>34<br>1   |
| Ope<br>rati<br>l EB<br>IT m<br>in<br>ona<br>arg                                                                                                   | 19,<br>5 %        | 23,<br>2 %       | 2,7<br>%                                              |                                                                 |                     | 11,<br>8 %       |
| ch v<br>olu<br>(HO<br>G)<br>Cat<br>in t<br>me<br>onn<br>es                                                                                        | 24<br>093         |                  |                                                       |                                                                 |                     | 24<br>093        |
| Sla<br>ugh<br>d v<br>olu<br>salm<br>and<br>ut (<br>GW<br>T)<br>tere<br>tro<br>me<br>on                                                            |                   | 26<br>376        |                                                       |                                                                 |                     | 26<br>376        |
| l EB<br>IT/k<br>lmo<br>nd<br>xclu<br>ldca<br>tch<br>Ope<br>rati<br>trou<br>t, e<br>sive<br>Wi<br>nt<br>ona<br>g sa<br>n a<br>seg<br>me            |                   | 21,<br>9         | 6,7                                                   | -3,6                                                            | 0,0                 | 24,<br>9         |
| Ope<br>rati<br>l EB<br>IT/k<br>tch<br>vol<br>e in<br>Wi<br>ldca<br>tch<br>nt<br>ona<br>g ca<br>um<br>seg<br>me                                    | 7,7               |                  |                                                       |                                                                 | 0,0                 | 7,7              |
| g fr<br>Ope<br>rati<br>l EB<br>IT/k<br>all<br>nts<br>/kg<br>sla<br>ugh<br>tere<br>d sa<br>lmo<br>nd<br>trou<br>t<br>ona<br>om<br>seg<br>me<br>n a | 7,1               | 21,<br>9         | 6,7                                                   | -3,6                                                            | 0,0                 | 31,<br>9         |
| Rec<br>ilia<br>tio<br>onc<br>n:                                                                                                                   |                   |                  |                                                       |                                                                 |                     |                  |
| fit (<br>T)<br>Ope<br>rati<br>EBI<br>ng<br>pro                                                                                                    | 186<br>70<br>5    | 592<br>20<br>4   | 175<br>93<br>7                                        | -96<br>14<br>5                                                  | -11<br>77<br>2      | 846<br>92<br>8   |
| Fair<br>lue<br>adj<br>biol<br>ogic<br>al a<br>ust<br>nts<br>ts<br>va<br>me<br>sse                                                                 | 0                 | -22<br>37<br>5   | 0                                                     | 0                                                               | 0                   | -22<br>37<br>5   |
| One<br>ntra<br>ct p<br>isio<br>rou<br>s co<br>rov<br>n                                                                                            | 0                 | -18<br>05<br>1   | 0                                                     | 0                                                               | 0                   | -18<br>05<br>1   |
| T b<br>efo<br>re f<br>valu<br>dju<br>EBI<br>air<br>stm<br>ent<br>e a<br>s                                                                         | 186<br>70<br>5    | 551<br>77<br>8   | 175<br>93<br>7                                        | -96<br>14<br>5                                                  | -11<br>77<br>2      | 806<br>50<br>2   |
| Cha<br>in<br>eali<br>zed<br>int<br>al m<br>in<br>nge<br>unr<br>ern<br>arg                                                                         | 0                 | 0                | 0                                                     | 0                                                               | 11<br>177           | 11<br>177        |
| fee<br>Pro<br>duc<br>tion                                                                                                                         | 0                 | 24<br>661        | 0                                                     | 0                                                               | 0                   | 24<br>661        |
| Ope<br>l EB<br>rati<br>IT<br>ona                                                                                                                  | 186<br>70<br>5    | 576<br>43<br>9   | 93<br>175<br>7                                        | -96<br>14<br>5                                                  | -59<br>5            | 842<br>34<br>1   |
| Dep<br>iatio<br>rec<br>n                                                                                                                          | 57<br>914         | 274<br>94<br>7   | 51<br>528                                             | 6 6<br>55                                                       | 0                   | 391<br>04<br>5   |
| los<br>the<br>Imp<br>airm<br>ent<br>s, o<br>r                                                                                                     | 0                 | 635              | 0                                                     | 0                                                               | 0                   | 635              |
| Ope<br>rati<br>l EB<br>ITD<br>A<br>ona                                                                                                            | 244<br>61<br>9    | 852<br>02<br>2   | 227<br>46<br>5                                        | -89<br>49<br>0                                                  | -59<br>5            | 1 2<br>34<br>021 |

| Op<br>tin<br>ent<br>era<br>g s<br>egm<br>s                                                                                                        | ldca<br>tch<br>Wi | Fa<br>rmi            | VA<br>P, s<br>ales<br>d<br>an<br>dist<br>ribu<br>tion | LS<br>G A<br>SA,<br>Pre<br>line<br>,<br>lloc<br>d<br>ate<br>una | Elim<br>inat<br>ion    | Gr                   |
|---------------------------------------------------------------------------------------------------------------------------------------------------|-------------------|----------------------|-------------------------------------------------------|-----------------------------------------------------------------|------------------------|----------------------|
|                                                                                                                                                   |                   | ng                   |                                                       |                                                                 |                        | oup                  |
| FY<br>202<br>4                                                                                                                                    |                   |                      |                                                       |                                                                 |                        |                      |
| al r<br>Ext<br>ern<br>eve<br>nue<br>s                                                                                                             | 1 2<br>28<br>086  | 254<br>18<br>7       | 29<br>640<br>59<br>6                                  | 1 8<br>22                                                       | 0                      | 31<br>124<br>69<br>1 |
| Intr<br>a-g<br>rou<br>p re<br>ven<br>ues                                                                                                          | 1 3<br>98<br>199  | 13<br>408<br>33<br>9 | 70<br>846                                             | 401<br>95<br>8                                                  | -15<br>27<br>9 3<br>42 | 0                    |
| Sal<br>es                                                                                                                                         | 2 6<br>26<br>285  | 13<br>662<br>52<br>6 | 29<br>711<br>44<br>1                                  | 403<br>78<br>0                                                  | -15<br>27<br>9 3<br>42 | 31<br>124<br>69<br>1 |
| Ope<br>rati<br>l EB<br>ITD<br>A<br>ona                                                                                                            | 379<br>70<br>7    | 3 3<br>83<br>152     | 1 1<br>35<br>915                                      | -28<br>5 8<br>46                                                | -59<br>5               | 4 6<br>12<br>334     |
| Ope<br>rati<br>l EB<br>IT<br>ona                                                                                                                  | 129<br>94<br>3    | 2 2<br>57<br>833     | 888<br>06<br>8                                        | -31<br>5 1<br>24                                                | -59<br>5               | 2 9<br>60<br>125     |
| Ope<br>rati<br>l EB<br>IT m<br>in<br>ona<br>arg                                                                                                   | 4,9<br>%          | 16,<br>5 %           | 3,0<br>%                                              |                                                                 |                        | 9,5<br>%             |
| ch v<br>olu<br>(HO<br>G)<br>Cat<br>in t<br>me<br>onn<br>es                                                                                        | 991<br>64         |                      |                                                       |                                                                 |                        | 64<br>991            |
| Sla<br>ugh<br>d v<br>olu<br>salm<br>and<br>ut (<br>GW<br>T)<br>tere<br>tro<br>me<br>on                                                            |                   | 171<br>22<br>8       |                                                       |                                                                 |                        | 171<br>22<br>8       |
| Ope<br>l EB<br>IT/k<br>lmo<br>nd<br>xclu<br>ldca<br>tch<br>rati<br>trou<br>t, e<br>sive<br>Wi<br>nt<br>ona<br>g sa<br>n a<br>seg<br>me            |                   | 13,<br>2             | 5,2                                                   | -1,8                                                            | 0,0                    | 16,<br>5             |
| Ope<br>rati<br>l EB<br>IT/k<br>tch<br>vol<br>e in<br>Wi<br>ldca<br>tch<br>nt<br>ona<br>g ca<br>um<br>seg<br>me                                    | 2,0               |                      |                                                       |                                                                 | 0,0                    | 2,0                  |
| g fr<br>Ope<br>rati<br>l EB<br>IT/k<br>all<br>nts<br>/kg<br>sla<br>ugh<br>tere<br>d sa<br>lmo<br>nd<br>trou<br>t<br>ona<br>om<br>seg<br>me<br>n a | 0,8               | 13,<br>2             | 5,2                                                   | -1,8                                                            | 0,0                    | 17,<br>3             |
| ilia<br>tio<br>Rec<br>onc<br>n:                                                                                                                   |                   |                      |                                                       |                                                                 |                        |                      |
| Ope<br>rati<br>fit (<br>EBI<br>T)                                                                                                                 | 129<br>94<br>3    | 2 3<br>14<br>995     | 842<br>01<br>8                                        | -32<br>7 3<br>15                                                | 4 6<br>26              | 2 9<br>64<br>266     |
| ng<br>pro<br>Fair<br>lue<br>adj<br>ust<br>nts<br>biol<br>ogic<br>al a<br>ts<br>va<br>me<br>sse                                                    | 0                 | -34<br>7 2<br>27     | 0                                                     | 0                                                               | 0                      | -34<br>7 2<br>27     |
| One<br>ntra<br>ct p<br>isio<br>rou<br>s co<br>rov<br>n                                                                                            | 0                 | 55<br>636            | 0                                                     | 0                                                               | 0                      | 55<br>636            |
| Cha<br>in<br>FV<br>fish<br>l co<br>ntra<br>cts<br>nge<br>on<br>poo                                                                                | 0                 | 0                    | 0                                                     | 0                                                               | 0                      | 0                    |
| EBI<br>T b<br>efo<br>re f<br>air<br>valu<br>dju<br>stm<br>ent<br>e a<br>s                                                                         | 129<br>94<br>3    | 2 0<br>23<br>403     | 842<br>01<br>8                                        | -32<br>7 3<br>15                                                | 4 6<br>26              | 2 6<br>72<br>675     |
| Cha<br>eali<br>zed<br>al m<br>in<br>int<br>in<br>nge<br>unr<br>ern<br>arg                                                                         | 0                 | 0                    | 0                                                     | 0                                                               | -5 2<br>21             | -5 2<br>21           |
| Pro<br>duc<br>tion<br>fee                                                                                                                         | 0                 | 160<br>09<br>9       | 0                                                     | 0                                                               | 0                      | 160<br>09<br>9       |
| Litig<br>atio<br>sts<br>n co                                                                                                                      | 0                 | 0                    | 46<br>050                                             | 12<br>191                                                       | 0                      | 58<br>241            |
| Imp<br>airm<br>los<br>late<br>d to<br>turi<br>ent<br>truc<br>s re<br>res<br>ng                                                                    | 0                 | 58<br>542            | 0                                                     | 0                                                               | 0                      | 58<br>542            |
| Oth<br>rati<br>l ite<br>er n<br>on-<br>ope<br>ona<br>ms                                                                                           | 0                 | 15<br>790            | 0                                                     | 0                                                               | 0                      | 15<br>790            |
| l EB<br>Ope<br>rati<br>IT<br>ona                                                                                                                  | 129<br>94<br>3    | 2 2<br>57<br>833     | 888<br>06<br>8                                        | -31<br>5 1<br>24                                                | -59<br>5               | 2 9<br>60<br>125     |
| Dep<br>iatio<br>rec<br>n                                                                                                                          | 249<br>76<br>4    | 1 1<br>25<br>319     | 247<br>84<br>8                                        | 29<br>279                                                       | 0                      | 1 6<br>52<br>209     |
| Ope<br>rati<br>l EB<br>ITD<br>A<br>ona                                                                                                            | 379<br>70<br>7    | 3 3<br>83<br>152     | 1 1<br>35<br>915                                      | -28<br>5 8<br>46                                                | -59<br>5               | 4 6<br>12<br>334     |
|                                                                                                                                                   |                   |                      |                                                       |                                                                 |                        |                      |
| Im<br>pai<br>nt l<br>late<br>s to<br>rme<br>oss<br>re<br>:                                                                                        |                   |                      |                                                       |                                                                 |                        |                      |
| al o<br>f im<br>nt l<br>sla<br>ugh<br>Rev<br>pair<br>tery<br>ers<br>me<br>oss                                                                     |                   | -24<br>00<br>0       |                                                       |                                                                 |                        | -24<br>00<br>0       |
| - C<br>lose<br>do<br>of c<br>lean<br>ing<br>fish<br>duc<br>tion<br>wn<br>pro                                                                      |                   | 82<br>542            |                                                       |                                                                 |                        | 82<br>542            |
| Oth<br>tio<br>nal<br>ite<br>late<br>s to<br>er<br>non<br>-op<br>era<br>ms<br>re<br>:                                                              |                   |                      |                                                       |                                                                 |                        |                      |
| - D<br>ispo<br>sal<br>of s<br>ubs<br>idia<br>ithi<br>n cl<br>ing<br>fish<br>duc<br>tion<br>ry w<br>ean<br>pro                                     |                   | 15<br>790            |                                                       |                                                                 |                        | 15<br>790            |

| tin<br>s in<br>ing<br>Op<br>ent<br>Fa<br>era<br>g s<br>egm<br>rm                                                                                                      | the<br>Nor<br>egio<br>rn r<br>n | tral<br>Cen<br>ion<br>reg | We<br>ste<br>egio<br>rn r<br>n | Elim<br>inat<br>ion | Far<br>min<br>g      |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------|---------------------------|--------------------------------|---------------------|----------------------|
| 202<br>5                                                                                                                                                              |                                 |                           |                                |                     |                      |
| Q1<br>al r                                                                                                                                                            | 630<br>79<br>6                  | 95<br>333<br>1 4          | 43<br>131<br>1 1               | -36<br>16<br>2      | 3 2<br>33<br>098     |
| Tot<br>eve<br>nue<br>s                                                                                                                                                |                                 |                           |                                |                     |                      |
| Ope<br>rati<br>l EB<br>ITD<br>A<br>ona                                                                                                                                | 239<br>72<br>3                  | 548<br>30<br>7            | 304<br>35<br>3                 | -11<br>8            | 1 0<br>92<br>264     |
| l EB<br>Ope<br>rati<br>IT<br>ona                                                                                                                                      | 169<br>99<br>7                  | 430<br>44<br>3            | 188<br>19<br>5                 | -11<br>8            | 788<br>51<br>6       |
| Sla<br>ugh<br>tere<br>d v<br>olu<br>salm<br>and<br>tro<br>ut (<br>GW<br>T)<br>me<br>on                                                                                | 7 0<br>51                       | 16<br>364                 | 14<br>828                      | 0                   | 38<br>243            |
| Ope<br>l EB<br>n fa<br>ng/<br>kg<br>slau<br>ght<br>d sa<br>lmo<br>nd<br>rati<br>IT i<br>rmi<br>trou<br>t<br>ona<br>ere<br>n a                                         | 24,<br>1                        | 26,<br>3                  | 12,<br>7                       |                     | 20,<br>6             |
| Ope<br>rati<br>l EB<br>IT f<br>VA<br>PSD<br>/ k<br>laug<br>hte<br>red<br>lmo<br>nd<br>trou<br>t<br>ona<br>rom<br>g s<br>sa<br>n a                                     | 5,6                             | 5,6                       | 5,6                            |                     | 5,6                  |
| l va<br>lue<br>cha<br>, fa<br>D/k<br>laug<br>hte<br>red<br>lmo<br>nd<br>Ope<br>rati<br>in E<br>BIT<br>rmi<br>+ V<br>APS<br>trou<br>t<br>ona<br>ng<br>g s<br>sa<br>n a | 29,<br>7                        | 31,<br>9                  | 18,<br>2                       |                     | 26,<br>2             |
|                                                                                                                                                                       |                                 |                           |                                |                     |                      |
| Q1<br>202<br>4                                                                                                                                                        |                                 |                           |                                |                     |                      |
| Tot<br>al r<br>eve<br>nue<br>s                                                                                                                                        | 602<br>21<br>3                  | 1 2<br>28<br>315          | 666<br>90<br>8                 | -7 8<br>53          | 2 4<br>89<br>583     |
| l EB<br>Ope<br>rati<br>ITD<br>A<br>ona                                                                                                                                | 281<br>07<br>8                  | 429<br>74<br>5            | 141<br>19<br>9                 | 0                   | 852<br>02<br>2       |
| Ope<br>rati<br>l EB<br>IT<br>ona                                                                                                                                      | 222<br>17<br>9                  | 334<br>47<br>5            | 19<br>785                      | 0                   | 576<br>43<br>9       |
| Sla<br>ugh<br>d v<br>olu<br>salm<br>and<br>ut (<br>GW<br>T)<br>tere<br>tro<br>me<br>on                                                                                | 5 9<br>82                       | 13<br>692                 | 6 7<br>02                      | 0                   | 26<br>376            |
| Ope<br>rati<br>l EB<br>IT i<br>n fa<br>rmi<br>ng/<br>kg<br>slau<br>ght<br>d sa<br>lmo<br>nd<br>trou<br>t<br>ona<br>ere<br>n a                                         | 37,<br>1                        | 24,<br>4                  | 3,0                            |                     | 21,<br>9             |
| l EB<br>IT f<br>/ k<br>laug<br>hte<br>red<br>lmo<br>nd<br>Ope<br>rati<br>VA<br>PSD<br>trou<br>t<br>ona<br>rom<br>g s<br>sa<br>n a                                     | 6,7                             | 6,7                       | 6,7                            |                     | 6,7                  |
| Ope<br>rati<br>l va<br>lue<br>cha<br>in E<br>BIT<br>, fa<br>rmi<br>+ V<br>APS<br>D/k<br>laug<br>hte<br>red<br>lmo<br>nd<br>trou<br>t<br>ona<br>ng<br>g s<br>sa<br>n a | 43,<br>8                        | 31,<br>1                  | 9,6                            |                     | 28,<br>5             |
| FY<br>202<br>4                                                                                                                                                        |                                 |                           |                                |                     |                      |
| al r<br>Tot<br>eve<br>nue<br>s                                                                                                                                        | 3 5<br>45<br>869                | 5 8<br>51<br>593          | 4 4<br>46<br>452               | -18<br>1 3<br>88    | 13<br>662<br>52<br>6 |
| Ope<br>rati<br>l EB<br>ITD<br>A<br>ona                                                                                                                                | 1 0<br>50<br>009                | 1 7<br>24<br>684          | 622<br>44<br>0                 | -13<br>98<br>1      | 3 3<br>83<br>152     |
| Ope<br>rati<br>l EB<br>IT<br>ona                                                                                                                                      | 802<br>76<br>2                  | 1 3<br>11<br>860          | 157<br>19<br>2                 | -13<br>98<br>1      | 2 2<br>57<br>833     |
| Sla<br>ugh<br>d v<br>olu<br>salm<br>and<br>ut (<br>GW<br>T)<br>tere<br>tro<br>me<br>on                                                                                | 44<br>070                       | 68<br>944                 | 58<br>214                      | 0                   | 171<br>22<br>8       |
| l EB<br>n fa<br>ng/<br>kg<br>slau<br>ght<br>d sa<br>lmo<br>nd<br>Ope<br>rati<br>IT i<br>rmi<br>trou<br>t<br>ona<br>ere<br>n a                                         | 18,<br>2                        | 19,<br>0                  | 2,7                            |                     | 13,<br>2             |
| Ope<br>rati<br>l EB<br>IT f<br>VA<br>PSD<br>/ k<br>laug<br>hte<br>red<br>lmo<br>nd<br>trou<br>t<br>ona<br>rom<br>g s<br>sa<br>n a                                     | 5,2                             | 5,2                       | 5,2                            |                     | 5,2                  |
| Ope<br>rati<br>l va<br>lue<br>cha<br>in E<br>BIT<br>, fa<br>rmi<br>+ V<br>APS<br>D/k<br>laug<br>hte<br>red<br>lmo<br>nd<br>trou<br>t<br>ona<br>ng<br>g s<br>sa<br>n a | 23,<br>4                        | 24,<br>2                  | 7,9                            |                     | 18,<br>4             |

#### **Note 4: Non‐current assets**

#### *(All amounts in NOK 1 000)*

Changes in non-current assets are specified for each balance sheet item. Intangibles consists of licences, permits, goodwill and deferred tax assets. Depreciation and investments are specified at the bottom.

| ibl<br>Int<br>an<br>g<br>es                                                | Q1<br>20<br>25   | Q1<br>20<br>24       | FY<br>202<br>4       |
|----------------------------------------------------------------------------|------------------|----------------------|----------------------|
| OB<br>lic<br>its<br>and<br>odw<br>ill<br>enc<br>es,<br>pe<br>rm<br>go      | 8 7<br>45<br>750 | 8 6<br>87<br>05<br>1 | 8 6<br>87<br>05<br>1 |
| de<br>fer<br>red<br>OB<br>ta<br>t<br>x a<br>sse                            | 126<br>27<br>9   | 216<br>30<br>7       | 216<br>30<br>7       |
| OB<br>int<br>ible<br>ang<br>s                                              | 8 8<br>72<br>029 | 8 9<br>03<br>358     | 8 9<br>03<br>358     |
|                                                                            |                  |                      |                      |
| Cha<br>nge<br>s                                                            |                  |                      |                      |
| Bus<br>ine<br>bin<br>atio<br>ss<br>com<br>ns                               | 0                | 0                    | -13<br>00<br>0       |
| Ad<br>diti<br>ons                                                          | -22<br>0         | 878                  | 150<br>63<br>9       |
| als<br>Dis<br>pos                                                          | 0                | -24<br>4             | 0                    |
| De<br>cia<br>tio<br>pre<br>ns                                              | -8<br>131        | -8<br>088            | -32<br>36<br>7       |
| Im<br>pai<br>ent<br>los<br>rm<br>s                                         | 0                | -24<br>7             | -73<br>54<br>2       |
| nsl<br>n d<br>iffe<br>Cu<br>tra<br>atio<br>rre<br>ncy<br>ren<br>ces        | -22<br>88<br>7   | 19<br>127            | 26<br>969            |
| Ch<br>e in<br>de<br>fer<br>red<br>ta<br>t<br>ang<br>x a<br>sse             | -5<br>288        | 73<br>942            | -90<br>02<br>8       |
| Tot<br>al c<br>han<br>in<br>NB<br>V<br>ges                                 | -36<br>52<br>6   | 85<br>368            | -31<br>32<br>9       |
|                                                                            |                  |                      |                      |
| Lice<br>its<br>and<br>odw<br>ill<br>nce<br>s, p<br>erm<br>go               | 8 7<br>14<br>512 | 8 6<br>98<br>476     | 8 7<br>45<br>750     |
| Def<br>ed<br>tax<br>set<br>err<br>as                                       | 120<br>99<br>1   | 290<br>24<br>9       | 126<br>27<br>9       |
| ible<br>CB<br>int<br>ang<br>s                                              | 8 8<br>35<br>503 | 8 9<br>88<br>726     | 8 8<br>72<br>029     |
| Ga<br>in (<br>+)<br>/ lo<br>(-<br>)<br>fro<br>m d<br>isp<br>l<br>ss<br>osa | 0                | 0                    | 5 8<br>50            |

| Fix<br>ed<br>ets<br>ass                                                            | Q1<br>20<br>25   | Q1<br>20<br>24   | FY<br>202<br>4       |
|------------------------------------------------------------------------------------|------------------|------------------|----------------------|
| Op<br>eni<br>bal<br>ng<br>anc<br>e                                                 | 8 9<br>42<br>027 | 8 1<br>95<br>987 | 8 1<br>95<br>987     |
| bin<br>Bus<br>ine<br>atio<br>ss<br>com<br>ns                                       | 0                | 0                | -14<br>46<br>5       |
| Ad<br>diti<br>ons                                                                  | 467<br>95<br>6   | 375<br>80<br>4   | 32<br>66<br>1 7<br>1 |
| Dis<br>als<br>pos                                                                  | -3<br>253        | -8<br>426        | -62<br>99<br>0       |
| De<br>cia<br>tio<br>pre<br>ns                                                      | -25<br>6 5<br>42 | -22<br>7 4<br>21 | -95<br>8 7<br>44     |
| los<br>Im<br>pai<br>ent<br>rm<br>s                                                 | 0                | -38<br>9         | 000<br>15            |
| Cu<br>nsl<br>atio<br>n d<br>iffe<br>tra<br>rre<br>ncy<br>ren<br>ces                | -31<br>04<br>6   | 25<br>664        | 34<br>578            |
| Clo<br>sin<br>bal<br>g<br>anc<br>e                                                 | 9 1<br>19<br>143 | 8 3<br>61<br>219 | 8 9<br>42<br>027     |
| Ga<br>in (<br>+)<br>/ lo<br>(-<br>)<br>fro<br>m d<br>l<br>isp<br>ss<br>osa         | 593<br>15        | 334<br>-1        | 5 0<br>58            |
|                                                                                    |                  |                  |                      |
| cia<br>tio<br>De<br>pre<br>ns                                                      | Q1<br>20<br>25   | Q1<br>20<br>24   | 202<br>FY<br>4       |
| n f<br>De<br>cia<br>tio<br>ixe<br>d a<br>ts<br>pre<br>n o<br>sse                   | 256<br>54<br>2   | 227<br>42<br>1   | 958<br>74<br>4       |
| ht-<br>of-<br>De<br>cia<br>tio<br>ig<br>set<br>pre<br>n o<br>n r<br>use<br>as<br>s | 183<br>20<br>8   | 53<br>6<br>155   | 66<br>1 0<br>98      |
| De<br>cia<br>tio<br>n in<br>ible<br>tan<br>pre<br>n o<br>g<br>s                    | 8 1<br>31        | 8 0<br>88        | 32<br>367            |
| Tot<br>al                                                                          | 447<br>88<br>0   | 39<br>1 0<br>45  | 1 6<br>52<br>209     |
|                                                                                    |                  |                  |                      |

*Business combinations includes disposal of subsidiaries.*

| Q1<br>20<br>25   | Q1<br>20<br>24   | 202<br>FY<br>4   |
|------------------|------------------|------------------|
| 1 3<br>67<br>572 | 1 3<br>53<br>717 | 1 3<br>53<br>717 |
| 2 3<br>02<br>232 | 1 3<br>59<br>735 | 1 3<br>59<br>735 |
| 3 6<br>69<br>804 | 2 7<br>13<br>452 | 2 7<br>13<br>452 |
|                  |                  |                  |
| 3 6<br>69<br>804 | 2 7<br>13<br>452 | 2 7<br>13<br>452 |
|                  |                  |                  |
|                  |                  |                  |
| 0                | 0                | -2<br>131        |
| 61<br>055        | 182<br>23<br>8   | 1 6<br>36<br>121 |
| -31<br>8         | -1<br>024        | -25<br>85<br>5   |
| -18<br>3 2<br>08 | -15<br>5 5<br>36 | -66<br>1 0<br>98 |
| -4<br>410        | 5 9<br>65        | 9 3<br>15        |
| 3 5<br>42<br>923 | 2 7<br>45<br>095 | 3 6<br>69<br>804 |
|                  |                  |                  |
| 1 3<br>00<br>269 | 1 4<br>40<br>997 | 1 3<br>67<br>572 |
| 2 2<br>42<br>654 | 1 3<br>04<br>098 | 2 3<br>02<br>232 |
| 3 5<br>42<br>923 | 2 7<br>095<br>45 | 3 6<br>69<br>804 |
|                  |                  |                  |
|                  |                  |                  |
| 38<br>5 1        | 3 9<br>73        | 252<br>88<br>1   |
| 55<br>599        | 177<br>24<br>2   | 1 3<br>57<br>385 |
| 60<br>737        | 181<br>21<br>4   | 1 6<br>10<br>266 |
| 482              | 5                | 593              |
| 0                | 0                | 337              |
|                  |                  |                  |

| irm<br>t lo<br>Im<br>pa<br>en<br>sse<br>s                              | Q1<br>20<br>25 | Q1<br>20<br>24 | FY<br>202<br>4 |
|------------------------------------------------------------------------|----------------|----------------|----------------|
| los<br>n f<br>d a<br>Im<br>pai<br>ent<br>ixe<br>ts<br>rm<br>s o<br>sse | 0              | 389            | 00<br>0<br>-15 |
| Im<br>pai<br>ent<br>los<br>n in<br>tan<br>ible<br>rm<br>s o<br>g<br>s  | 0              | 247            | 73<br>542      |
| Tot<br>al                                                              | 0              | 635            | 58<br>542      |

| Inv<br>du<br>rin<br>he<br>rio<br>d *<br>est<br>nts<br>g t<br>me<br>pe                 | Q1<br>20<br>25 | Q1<br>20<br>24 | FY<br>202<br>4       |
|---------------------------------------------------------------------------------------|----------------|----------------|----------------------|
| in f<br>d a<br>Inv<br>est<br>nt<br>ixe<br>ts,<br>net<br>me<br>sse                     | 449<br>11<br>0 | 368<br>71<br>2 | 1 6<br>64<br>613     |
| Inv<br>in R<br>OU<br>fro<br>red<br>it in<br>est<br>nt<br>st.,<br>t<br>me<br>m c<br>ne | 4 6<br>56      | 3 9<br>68      | 252<br>28<br>8       |
| Tot<br>al F<br>A a<br>nd<br>RoU<br>set<br>as<br>s                                     | 453<br>76<br>7 | 372<br>68<br>0 | 1 9<br>16<br>90<br>1 |
| Ad<br>dito<br>ible<br>n in<br>tan<br>et<br>g<br>s, n                                  | -22<br>0       | 634            | 144<br>78<br>9       |
| Tot<br>al i<br>stm<br>ent<br>nve                                                      | 453<br>54<br>7 | 373<br>31<br>4 | 2 0<br>61<br>690     |

\* Investments in intangibles (licences and permits), right-of-use assets *from credit institutions* and fixed assets. Financial investments are not included. The Group segregates between right-of-use assets acquired through leases with credit institutions and right-of-use assets acquired through leases with others. Only assets included in the first category are considered as an investment. The same segregation is implemented for the corresponding leasing liabilities, in respect of NIBD. See note on APMs for further details.

| Fin<br>cia<br>l n<br>nt<br>ets<br>an<br>on<br>-cu<br>rre<br>ass                              | Q1<br>20<br>25       | Q1<br>20<br>24   | FY<br>202<br>4   |
|----------------------------------------------------------------------------------------------|----------------------|------------------|------------------|
| OB<br>AC<br>d J<br>V<br>an                                                                   | 1 5<br>66<br>934     | 1 3<br>66<br>072 | 1 3<br>66<br>072 |
| her<br>fin<br>ial<br>OB<br>ot<br>nt<br>ets<br>anc<br>non<br>-cu<br>rre<br>ass                | 135<br>06<br>2       | 130<br>20<br>7   | 130<br>20<br>7   |
| OB<br>fin<br>ial<br>nt<br>ets<br>anc<br>non<br>-cu<br>rre<br>ass                             | 1 7<br>01<br>996     | 1 4<br>96<br>278 | 1 4<br>96<br>278 |
|                                                                                              |                      |                  |                  |
| Cha<br>nge<br>s                                                                              |                      |                  |                  |
| Bus<br>ine<br>bin<br>atio<br>ss<br>com<br>ns                                                 | 0                    | 0                | 91               |
| d J<br>ad<br>diti<br>AC<br>V -<br>an<br>on                                                   | 0                    | 0                | 1 0<br>31        |
| AC<br>d J<br>sh<br>of<br>thi<br>'s p<br>rof<br>it<br>V -<br>an<br>are<br>s y<br>ear          | 93<br>3<br>-15       | 38<br>463        | 106<br>83<br>5   |
| d J<br>div<br>ide<br>nds<br>ved<br>AC<br>V -<br>cei<br>an<br>re                              | 0                    | 0                | -5<br>778        |
| AC<br>d J<br>V -<br>nsl<br>atio<br>n d<br>iffe<br>tra<br>an<br>ren<br>ces                    | -51<br>55<br>5       | 45<br>354        | 97<br>024        |
| AC<br>d J<br>V -<br>OC<br>I it<br>an<br>em<br>s                                              | -96<br>2             | 0                | 1 7<br>51        |
| Ch<br>her<br>fin<br>ial<br>e in<br>ot<br>nt<br>ets<br>ang<br>anc<br>non<br>-cu<br>rre<br>ass | -2<br>789            | 85<br>082        | 64<br>4 7        |
| Tot<br>al c<br>han<br>in<br>NB<br>V<br>ges                                                   | -71<br>23<br>8       | 168<br>89<br>9   | 205<br>71<br>8   |
|                                                                                              |                      |                  |                  |
| d J<br>CB<br>AC<br>V<br>an                                                                   | 98<br>48<br>1 4<br>5 | 49<br>889<br>1 4 | 66<br>934<br>1 5 |
| CB<br>her<br>fin<br>ial<br>ot<br>nt<br>ets<br>anc<br>non<br>-cu<br>rre<br>ass                | 132<br>27<br>3       | 215<br>28<br>8   | 135<br>06<br>2   |
| CB<br>fin<br>ial<br>nt<br>ets<br>anc<br>non<br>-cu<br>rre<br>ass                             | 1 6<br>30<br>757     | 1 6<br>65<br>177 | 1 7<br>01<br>996 |

#### **Note 5: Biological assets**

*(All amounts in NOK 1 000)*

The Group recognises and measures biological assets at fair value (FV) according to IAS 41. For salmon and trout, including parent fish, a present value model is applied to estimate fair value. For roe, fry, smolt and cleaner fish, historical cost provides the best estimate of fair value. 

The fair value of fish in the sea is estimated as a function of the estimated biomass at the time of harvest, multiplied by the estimated sales price at the same time. For fish not ready for harvest, a deduction is made to cover estimated residual costs to grow the fish to harvest weight. The cash flow is discounted monthly by a discount rate. The discount rate comprises three main components: (1) the risk of incidents that have an effect on cash flow, (2) hypothetical licence lease and (3) the time value of money.

Estimated biomass (volume) is based on the actual number of individuals in the sea on the balance sheet date, adjusted to cover projected mortality up to harvest time and multiplied by the estimated harvest weight per individual at harvest time. The measurement unit is the individual fish. However, for practical reasons, these estimates are carried out individually per locality. The live weight of fish in the sea is translated to gutted weight in order to arrive at the same measurement unit as for pricing.

Pricing is based on the forward prices (futures) listed at a stock exchange. The forward price for the month in which the fish is expected to be harvested, is applied to estimate expected cash flow. The listed forward price, at Euronext, adjusted to take into account export costs and clearing costs, represents the reference price. The reference price is then adjusted to account for estimated harvesting cost (well boat, slaughter and boxing) and transport to Oslo. Adjustments are also made for any projected differences in size and quality. The adjustments to the reference price are made individually per locality. Joint regional parameters are applied, unless factors specific to an individual locality require otherwise.

Valuation and classification are based on the principle of highest and best use according to IFRS 13. The actual market price per kilo may vary in relation to fish weight. When estimating fair value, the optimal harvest weight – or the weight when the fish is ready for harvest – is defined as the live weight that results in a gutted weight of 4 kg. This corresponds to a live weight of 4.7 kg for salmon and 4.8 kg for trout. The optimal harvest weight may, however, be lowered slightly if required by factors at an individual locality (biological challenges etc.). When it comes to valuation, only fish that have achieved an optimal harvest weight are classified as ready for harvest.

The Group enters into contracts related to future deliveries of salmon and trout. As biological assets are recognised at fair value, the fair value adjustment of the biological assets will be included in the estimated expenses required to fulfill the contract. This implies that the Group may experience loss-making (onerous) contracts according to IAS 37 even if the contract price for physical delivery contracts is higher than the actual production cost for the products. In such a scenario, a provision is made for the estimated negative value. The provision is classified in the financial statements as other short-term debt.

The fair value adjustment recognised in the income statement for the period related to biological assets comprises (1) Change in fair value adjustment of biological assets, (2) change in fair value (provision) of loss-making contracts and (3) change in unrealised gain/loss of financial sale and purchase contracts (derivatives) for fish, listed on a stock exchange. The financial contracts are treated as financial instruments on the balance sheet, where unrealised gain is classified as other short-term receivables and unrealised loss as other short-term debt.

#### **FAIR VALUE ADJUSTMENTS RELATED TO BIOLOGICAL ASSETS**

| FV<br>adj<br>ust<br>nts<br>fit<br>and<br>lo<br>me<br>ov<br>er<br>pro<br>ss              | Q1<br>202<br>5       | Q1<br>202<br>4 | FY<br>202<br>4 |
|-----------------------------------------------------------------------------------------|----------------------|----------------|----------------|
| f bi<br>Cha<br>FV<br>ad<br>j. o<br>olo<br>gic<br>al a<br>ts<br>nge<br>sse               | -1<br>860<br>17<br>0 | 22<br>375      | 347<br>22<br>7 |
| Cha<br>of o<br>in<br>FV<br>ntr<br>act<br>nge<br>ner<br>ous<br>co<br>s                   | 109<br>65<br>9       | 18<br>051      | -55<br>63<br>6 |
| al F<br>dju<br>ofit<br>d lo<br>Tot<br>V a<br>stm<br>ent<br>s o<br>ver<br>pr<br>an<br>ss | -1<br>750<br>51<br>2 | 40<br>426      | 291<br>59<br>2 |

#### **BALANCE SHEET ITEMS RELATED TO BIOLOGICAL ASSETS**

(Positive amounts are assets and negative amounts are liabilities)

| Bio<br>log<br>ica<br>l as<br>set<br>s                                                                            | 31.<br>03.<br>202<br>5 | 31.<br>03.<br>202<br>4 | 31.<br>12.<br>202<br>4 |
|------------------------------------------------------------------------------------------------------------------|------------------------|------------------------|------------------------|
| k fo<br>r fis<br>h in<br>Cos<br>t o<br>toc<br>n s<br>se<br>a                                                     | 6 3<br>62<br>790       | 5 5<br>28<br>689       | 6 1<br>18<br>996       |
| Cos<br>k fo<br>r fr<br>y, b<br>d, s<br>lt a<br>nd<br>clea<br>g fi<br>sh<br>t o<br>toc<br>nin<br>n s<br>roo<br>mo | 654<br>98<br>2         | 648<br>2<br>14         | 512<br>96<br>7         |
| al c<br>ck<br>for<br>bio<br>log<br>ical<br>s *<br>Tot<br>ost<br>sto<br>set<br>on<br>as                           | 7 0<br>17<br>771       | 6 1<br>76<br>831       | 6 6<br>31<br>964       |
|                                                                                                                  |                        |                        |                        |
| FV<br>adj<br>. of<br>fis<br>h in<br>se<br>a                                                                      | 1 1<br>62<br>534       | 2 6<br>97<br>851       | 3 0<br>22<br>704       |
| FV<br>adj<br>. of<br>fry<br>, br<br>ood<br>olt<br>and<br>cle<br>ani<br>fish<br>, sm<br>ng                        | 0                      | 0                      | 0                      |
| Tot<br>al F<br>V a<br>dj.<br>of b<br>iolo<br>gic<br>al a<br>ts<br>sse                                            | 1 1<br>62<br>534       | 2 6<br>97<br>851       | 3 0<br>22<br>704       |
| Mo<br>nth<br>ly d<br>isco<br>unt<br>te a<br>ppl<br>ied<br>ra                                                     | 3,7<br>5 %             | 4,0<br>%               | 3,7<br>%               |
|                                                                                                                  |                        |                        |                        |
| of f<br>ish<br>FV<br>in s<br>ea                                                                                  | 7 5<br>25<br>324       | 8 2<br>26<br>540       | 9 1<br>41<br>700       |
| of f<br>bro<br>od,<br>olt<br>and<br>cle<br>fish<br>FV<br>ani<br>ry,<br>sm<br>ng                                  | 654<br>98<br>2         | 648<br>14<br>2         | 512<br>96<br>7         |
| of<br>bio<br>log<br>ical<br>Car<br>ryin<br>unt<br>set<br>g a<br>mo<br>as<br>s                                    | 8 1<br>80<br>305       | 8 8<br>682<br>74       | 9 6<br>54<br>667       |

#### **Onerous contracts (liability)**

| Car<br>ryin<br>of<br>s (-<br>)<br>unt<br>ntr<br>act<br>g a<br>mo<br>one<br>rou<br>s co | -1<br>946 | -37<br>91<br>8 | -11<br>1 6<br>05 |
|----------------------------------------------------------------------------------------|-----------|----------------|------------------|
|                                                                                        |           |                |                  |

\* Cost on stock is historic costs after expensed mortality.

#### **SLAUGHTERED VOLUME:**

| Vo<br>lum<br>e in<br>tte<br>d w<br>eig<br>ht<br>(GW<br>T)<br>gu | Q1<br>202<br>5 | Q1<br>202<br>4 | FY<br>202<br>4 |
|-----------------------------------------------------------------|----------------|----------------|----------------|
| Sal<br>mo<br>n                                                  | 28<br>787      | 23<br>110      | 147<br>70<br>1 |
| Tro<br>ut                                                       | 9 4<br>56      | 3 2<br>66      | 23<br>528      |
| al<br>Tot                                                       | 38<br>243      | 26<br>376      | 171<br>22<br>8 |

#### **VOLUME:**

| lum<br>f fi<br>sh<br>in s<br>(LW<br>T)<br>Vo<br>e o<br>ea                      | Q1<br>202<br>5 | Q1<br>202<br>4 | FY<br>202<br>4   |
|--------------------------------------------------------------------------------|----------------|----------------|------------------|
| Vol<br>t be<br>f pe<br>riod<br>gin<br>nin<br>um<br>e a<br>g o                  | 110<br>34<br>2 | 97<br>977      | 97<br>977        |
| h d<br>he<br>iod<br>Net<br>owt<br>urin<br>g t<br>gr<br>per                     | 45<br>176      | 30<br>934      | 212<br>11<br>9   |
| Sla<br>ugh<br>ed<br>vol<br>e d<br>he<br>iod<br>ter<br>urin<br>g t<br>um<br>per | 00<br>-45<br>5 | -30<br>76<br>0 | -19<br>9 7<br>54 |
| Vol<br>d o<br>f pe<br>riod<br>(L<br>)<br>t en<br>WT<br>um<br>e a               | 110<br>3<br>51 | 98<br>151      | 110<br>34<br>2   |

| cifi<br>ion<br>of<br>fis<br>h in<br>a (<br>T)<br>Spe<br>cat<br>LW<br>se | 31.<br>03.<br>202<br>5 | 31.<br>03.<br>202<br>4 | 31.<br>12.<br>202<br>4 |
|-------------------------------------------------------------------------|------------------------|------------------------|------------------------|
| Sal<br>mo<br>n                                                          | 89<br>988              | 82<br>066              | 86<br>265              |
| Tro<br>ut                                                               | 20<br>525              | 16<br>085              | 24<br>077              |
| Tot<br>al                                                               | 110<br>51<br>3         | 98<br>151              | 110<br>34<br>2         |
| Sal<br>4,<br>7 k<br>g (<br>live<br>igh<br>t) *<br>n ><br>mo<br>we       | 17<br>973              | 17<br>447              | 7 3<br>50              |
| Tro<br>> 4<br>,88<br>kg<br>(liv<br>eig<br>ht)<br>*<br>ut<br>e w         | 3 0<br>47              | 0                      | 0                      |

\* Defined as mature biological assets.

LWT = Live weight tonnes GWT = Gutted weight tonnes

#### **Recalculation to live weight:**

The table above includes both salmon and trout. Both slaughtered volume and net growth are based on a recalculation from gutted weight (GWT) to live weight (LWT), with a loss of 14% applied for salmon and 18% for trout. With effect from 31.12.2024 the recalculation factor applied on trout has been increased from 16% to 18%.

#### **Note 6: Net interest‐bearing debt (NIBD)**

*(All amounts in NOK 1 000)*

#### **Net interest-bearing debt (NIBD)**

NIBD is an APM utilised by the Group. The figure shows how much capital the Group employs and is an important key figure for stakeholders who are planning to grant financing to the Group and for stakeholders who want to value the company. The Group therefore defines NIBD as interest-bearing commitments, both short-term and long-term, to persons or institutions with the main purpose of providing financing and/or credit, minus interest-bearing cash or cash equivalents. This implies that long-term interest-bearing receivables (assets) and other lease commitments with the exception of leasing debt to credit institutions (liability) are not included. The latter component comprises most of the new lease commitments carried in connection with implementation of IFRS 16.

#### **Different definitions of NIBD**

 Since NIBD is an APM, with no common definition from IFRS Accounting Standards, different definitions and versions of this APM exist today in the reporting from the companies. Lerøy Seafood Group has in its definition chosen an approach that distinct between lease liabilities derived from a financing purpose and those who are not. This approach gives a NIBD, that after the implementation of IFRS 16 the 1st of January 2019, is fully comparable with the NIBD calculated before the date of implementation. This ensures that no key figures that includes NIBD in the calculation, have been significantly impacted from the implementation. The definition does also ensure consistence between reported investments and reported changes in NIBD, which is very important. In the Group's communication to the capital market about how much cash spent on investments, is *Right-of-use assets from leases with credit institutions* included, while *Right-of-use assets from leases with others* are not. On the implementation date of IFRS 16 the Group's financial leases were basically only leases with credit institutions that had financial funding through leases as core business, and where financial funding also were the Group's intention with lease. Common for these agreements was that the contract length included most of the economic lifetime for the leased asset. The lease liabilities from these agreements are identified as *lease liabilities with credit institutions*. From the date of implementation of IFRS 16, operational leases are recognised in the balance sheet, identified as *lease liabilities with others*. On date of implementation these agreements consisted basically only of well-boat rentals and building rentals, where financing were not the purpose, and where the contract length was significantly shorter than the economic lifetime of the asset. Thus, the distinction between leases from credit institutions and leases with others were established and included in the Group's definition of NIBD.

| Co<br>ts<br>inc<br>lud<br>ed<br>in<br>NI<br>BD<br>mp<br>on<br>en                           | 31.<br>03<br>.20<br>25 | 31.<br>03<br>.20<br>24 | 31.<br>12.<br>202<br>4 |
|--------------------------------------------------------------------------------------------|------------------------|------------------------|------------------------|
| d lo<br>Bon<br>ans                                                                         | 2 9<br>92<br>917       | 2 9<br>90<br>972       | 2 9<br>92<br>43<br>1   |
| + L<br>s fr<br>edi<br>t in<br>stit<br>utio<br>oan<br>om<br>cr<br>ns                        | 4 3<br>33<br>189       | 4 5<br>82<br>836       | 4 7<br>24<br>882       |
| e li<br>abi<br>litie<br>edi<br>*<br>+ L<br>s to<br>t in<br>stit<br>utio<br>eas<br>cr<br>ns | 383<br>1 1<br>00       | 488<br>1 1<br>10       | 1 1<br>67<br>247       |
| + O<br>the<br>r lo<br>ter<br>loa<br>ng<br>m<br>ns                                          | 21<br>767              | 29<br>262              | 22<br>502              |
| + O<br>dra<br>fts<br>ver                                                                   | 996<br>48<br>3         | 1 0<br>98<br>36<br>1   | 2 0<br>97<br>252       |
| the<br>r sh<br>loa<br>+ O<br>ort<br>te<br>rm<br>ns                                         | 20<br>71<br>1          | 19<br>571              | 26<br>362              |
| - C<br>ash<br>d c<br>ash<br>uiv<br>ale<br>nts<br>an<br>eq                                  | -2<br>427<br>87<br>4   | -4<br>293<br>35<br>8   | -3<br>325<br>19<br>1   |
| t-b<br>de<br>bt<br>(NI<br>)<br>= N<br>et<br>inte<br>ing<br>BD<br>res<br>ear                | 7 0<br>37<br>576       | 38<br>132<br>5 5       | 05<br>484<br>7 7       |

\* Lease liabilities are recognised differently among companies.

| Lea<br>lia<br>bil<br>itie<br>sis<br>t o<br>f<br>se<br>s c<br>on<br>Lea<br>liab<br>iliti<br>to<br>dit<br>ins<br>titu<br>tio<br>se<br>es<br>cre<br>ns<br>Lea<br>liab<br>iliti<br>oth<br>to | Inc<br>lud<br>ed<br>in N<br>IBD<br>Not<br>inc<br>lud<br>ed<br>in N<br>IBD | 31.<br>03<br>.20<br>25<br>1 1<br>00<br>383<br>2 3<br>37<br>428 | 31.<br>03<br>.20<br>24<br>1 1<br>10<br>488<br>1 5<br>19<br>417 | 31.<br>12.<br>202<br>4<br>1 1<br>67<br>247<br>2 3<br>92<br>430 |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------|----------------------------------------------------------------|----------------------------------------------------------------|----------------------------------------------------------------|
| se<br>es<br>ers<br>al l<br>e li<br>abi<br>litie<br>Tot<br>eas<br>s                                                                                                                       |                                                                           | 3 4<br>37<br>81<br>1                                           | 2 6<br>29<br>905                                               | 3 5<br>59<br>677                                               |
|                                                                                                                                                                                          |                                                                           |                                                                |                                                                |                                                                |
| Th<br>di<br>ffe<br>t d<br>efi<br>nit<br>ion<br>f N<br>IB<br>D<br>ree<br>ren<br>s o                                                                                                       |                                                                           | 31.<br>03<br>.20<br>25                                         | 31.<br>03<br>.20<br>24                                         | 31.<br>12.<br>202<br>4                                         |
| 1. N<br>IBD<br>clu<br>din<br>ll le<br>asi<br>liab<br>iliti<br>ex<br>g a<br>ng<br>es                                                                                                      |                                                                           | 5 9<br>37<br>192                                               | 4 4<br>27<br>644                                               | 6 5<br>38<br>237                                               |
| ncl<br>. le<br>liab<br>iliti<br>h c<br>red<br>2.<br>NIB<br>D i<br>asi<br>wit<br>it in<br>st.<br>ng<br>es                                                                                 | Def<br>ed<br>by<br>init<br>ion<br>LSG<br>us                               | 7 0<br>37<br>576                                               | 5 5<br>38<br>132                                               | 7 7<br>05<br>484                                               |
| 3.<br>NIB<br>D i<br>ncl<br>udi<br>all<br>lea<br>sin<br>liab<br>iliti<br>ng<br>g<br>es                                                                                                    |                                                                           | 9 3<br>75<br>004                                               | 7 0<br>57<br>549                                               | 10<br>097<br>91<br>4                                           |

Reported NIBD is dependent on whether the lease liabilities are included, partially included or not included. As of today, it seems to be no common practice among companies that reports to the Stock Exchange regarding how to calculate NIBD.

| NI<br>BD<br>ef<br>fec<br>t fr<br>tio<br>l ac<br>tiv<br>itie<br>om<br>op<br>era<br>na<br>s   |    | Q1<br>20<br>25       | Q1<br>20<br>24       | FY<br>202<br>4       |
|---------------------------------------------------------------------------------------------|----|----------------------|----------------------|----------------------|
| A b<br>efo<br>re f<br>val<br>adj<br>EBI<br>TD<br>air<br>ust<br>nts<br>ue<br>me              |    | 443<br>63<br>-1<br>1 | 198<br>18<br>3<br>-1 | 383<br>42<br>-4<br>5 |
| Inc<br>e t<br>pai<br>d<br>om<br>ax                                                          |    | 58<br>76<br>1        | 377<br>90<br>1       | 1 0<br>41<br>264     |
| Ch<br>e in<br>rkin<br>api<br>tal<br>ang<br>wo<br>g c                                        |    | -18<br>25<br>0       | 46<br>5 9<br>42      | 1 2<br>96<br>088     |
| Oth<br>cha<br>er<br>nge<br>s                                                                |    | 16<br>074            | 2 6<br>31            | 2 0<br>68            |
| Ch<br>e in<br>NI<br>BD<br>fro<br>atio<br>nal<br>tivi<br>ties<br>ang<br>m o<br>per<br>ac     |    | -1<br>387<br>04<br>6 | -35<br>1 7<br>09     | -2<br>044<br>00<br>5 |
| ef<br>fec<br>t fr<br>NI<br>BD<br>in<br>stm<br>t a<br>cti<br>vit<br>ies<br>om<br>ve<br>en    |    |                      |                      |                      |
| New<br>lic<br>RO<br>U-a<br>nd<br>FA,<br>ts a<br>t<br>enc<br>es,<br>sse<br>ne                | a) | 453<br>54<br>6       | 373<br>31<br>3       | 2 0<br>61<br>690     |
| ide<br>nds<br>d in<br>ved<br>Div<br>ter<br>est<br>cei<br>an<br>s re                         |    | -7<br>802            | -16<br>94<br>9       | -18<br>5 8<br>82     |
| Bus<br>ine<br>bin<br>atio<br>ss<br>com<br>ns                                                |    | 0                    | 0                    | 27<br>073            |
| Oth<br>cha<br>s in<br>ent<br>set<br>er<br>nge<br>no<br>n-c<br>urr<br>as<br>s                |    | -13<br>69<br>3       | 80<br>123            | 92<br>3<br>-11       |
| fro<br>Ch<br>e in<br>NI<br>BD<br>m i<br>stm<br>ent<br>tivi<br>ties<br>ang<br>nve<br>ac      | b) | 432<br>05<br>2       | 436<br>48<br>8       | 1 8<br>90<br>957     |
| ef<br>fec<br>t fr<br>fin<br>cin<br>cti<br>vit<br>ies<br>NI<br>BD<br>om<br>an<br>g a         |    |                      |                      |                      |
| Div<br>ide<br>nd<br>nts<br>pay<br>me                                                        |    | 0                    | 1 5<br>00            | 1 5<br>36<br>477     |
| tal<br>lme<br>n-i<br>t b<br>ing<br>de<br>bt<br>Ins<br>nts<br>nte<br>no<br>res<br>ear        | c) | 111<br>42<br>1       | 90<br>39<br>1        | 395<br>82<br>8       |
| d n<br>et f<br>al c<br>aid<br>Int<br>sts<br>ina<br>nci<br>ost<br>ere<br>an<br>s p           |    | 183<br>14<br>3       | 141<br>48<br>4       | 699<br>76<br>7       |
| Ch<br>e in<br>NI<br>BD<br>fro<br>m f<br>ina<br>nci<br>ivit<br>ies<br>act<br>ang<br>ng       |    | 294<br>56<br>4       | 233<br>37<br>5       | 2 6<br>32<br>073     |
| Ot<br>he<br>r N<br>IB<br>D e<br>ffe<br>cts                                                  |    |                      |                      |                      |
| Oth<br>cha<br>s (<br>sio<br>io)<br>er<br>nge<br>cur<br>ren<br>cy<br>con<br>ver<br>n, a<br>g |    | -7<br>477            | 10<br>535            | 17<br>016            |
| Oth<br>cha<br>s in<br>NI<br>BD<br>er<br>nge                                                 |    | -7<br>477            | 10<br>535            | 17<br>016            |
| d s<br>NIB<br>D a<br>t p<br>erio<br>tar<br>t                                                |    | 05<br>484<br>7 7     | 5 2<br>09<br>443     | 5 2<br>09<br>443     |
| Tot<br>al c<br>han<br>in<br>NIB<br>D i<br>n t<br>he<br>iod<br>ges<br>per                    |    | -66<br>7 9<br>07     | 328<br>68<br>9       | 2 4<br>96<br>04<br>1 |
| NIB<br>D a<br>t b<br>ala<br>sh<br>da<br>eet<br>te<br>nce                                    |    | 7 0<br>37<br>576     | 5 5<br>38<br>132     | 7 7<br>05<br>484     |

#### **a) New licences, ROU assets and FA, net**

This group summarizes the investments in capital expenditure which includes (1) licences and permits, (2) right-of-use assets financed through credit institutions (previosuly referred to as financial leased assets) and (3) fixed assets. 

#### **b) Total changes from investing activities**

The total change in NIBD from investment activities deviates from the total cash flow from investing activities with an amount corresponding to new right-of-use assets financed through credit institutions. This is explained with the fact that acquisition of assets through lease agreements have no initial cash effect. But NIBD, as defined above, will increase with an amount corresponding to the new lease liability.

#### **c) Installments leasing debt to others**

According to IFRS 16 all leasing or rental agreements should be recognized in the statement of financial position. LSG splits the lease liabilities into two categories; (1) leases with credit institutions and (2) leases with others, where only the first category is included in NIBD. As only leasing debt in the first category is included in NIBD, an installment on leasing debt in the second category represents a cash reduction without 

#### **Note 7: Share capital and shareholder information**

*(All amounts in NOK 1.00)*

| Ov<br>iew<br>of<br>th<br>e 2<br>0 l<br>sh<br>ho<br>lde<br>31<br>.03<br>.20<br>25<br>est<br>at<br>erv<br>arg<br>are<br>rs<br>: | . of<br>sh<br>No<br>are<br>s | Ow<br>shi<br>ner<br>p |
|-------------------------------------------------------------------------------------------------------------------------------|------------------------------|-----------------------|
| ST<br>EVO<br>SEA<br>FOO<br>SA<br>AU<br>LL<br>D A                                                                              | 10<br>313<br>94<br>2 8       | 52,<br>7 %            |
| FO<br>LKE<br>TRY<br>GD<br>FO<br>ND<br>ET                                                                                      | 9<br>29<br>849<br>18         | 5,0<br>%              |
| FER<br>D A<br>S                                                                                                               | 13<br>502<br>54<br>8         | 2,3<br>%              |
| ETO<br>SJE<br>NO<br>RG<br>ON<br>PAR<br>AK<br>E V<br>ER<br>DIP<br>AP<br>IRF<br>D                                               | 9<br>13<br>085<br>35         | 2,2<br>%              |
| The<br>Ba<br>nk<br>of<br>New<br>Yo<br>rk<br>Me<br>llon<br>SA<br>/NV                                                           | 9<br>11<br>113<br>28         | 1,9<br>%              |
| JPM<br>Ch<br>Ba<br>nk,<br>N.<br>A.,<br>Lo<br>ndo<br>org<br>an<br>ase<br>n                                                     | 032<br>9 1<br>76             | 1,5<br>%              |
| The<br>nk<br>of<br>rk<br>llon<br>SA<br>/NV<br>Ba<br>New<br>Yo<br>Me                                                           | 708<br>53<br>7 5             | 1,3<br>%              |
| Sta<br>Str<br>Ba<br>nk<br>and<br>Tr<br>Co<br>te<br>eet<br>ust<br>mp                                                           | 378<br>7 5<br>32             | 1,3<br>%              |
| JPM<br>Ch<br>Ba<br>nk,<br>N.<br>A.,<br>Lo<br>ndo<br>org<br>an<br>ase<br>n                                                     | 527<br>6 2<br>98             | 1,1<br>%              |
| S A<br>G<br>UB                                                                                                                | 90<br>426<br>5 5             | 0,9<br>%              |
| BN<br>P P<br>ari<br>bas                                                                                                       | 4 7<br>83<br>683             | 0,8<br>%              |
| J.P<br>. M<br>SE<br>org<br>an                                                                                                 | 4 7<br>26<br>337             | 0,8<br>%              |
| FO<br>OD<br>NO<br>VE<br>RD<br>IPA<br>PIR<br>ND<br>IN<br>RG<br>E                                                               | 903<br>4 2<br>63             | 0,7<br>%              |
| FO<br>RSV<br>AR<br>ETS<br>PE<br>RS<br>ON<br>ELL<br>SE<br>RV<br>ICE                                                            | 100<br>4 1<br>68             | 0,7<br>%              |
| J.P<br>. M<br>SE<br>org<br>an                                                                                                 | 3 8<br>12<br>436             | 0,6<br>%              |
| nk<br>and<br>Sta<br>te<br>Str<br>eet<br>Ba<br>Tr<br>ust<br>Co<br>mp                                                           | 3 6<br>166<br>67             | 0,6<br>%              |
| VE<br>RD<br>IPA<br>PIR<br>FO<br>ND<br>ET<br>STO<br>RE<br>BRA<br>ND<br>NO<br>RG<br>E                                           | 787<br>3 4<br>25             | 0,6<br>%              |
| DA<br>NS<br>KE<br>INV<br>EST<br>NO<br>RS<br>KE<br>INS<br>TIT<br>. II                                                          | 013<br>3 3<br>81             | 0,6<br>%              |
| J.P<br>. M<br>SE<br>org<br>an                                                                                                 | 3 3<br>07<br>930             | 0,6<br>%              |
| VE<br>RD<br>IPA<br>PIR<br>FO<br>ND<br>ET<br>KLP<br>AK<br>SJE<br>NO<br>RG<br>E I<br>N                                          | 1<br>3 1<br>73<br>97         | 0,5<br>%              |
| al 2<br>0 la<br>har<br>eho<br>lde<br>Tot<br>st s<br>rge<br>rs                                                                 | 456<br>35<br>4 5<br>92       | 76,<br>6 %            |
| Oth<br>ers                                                                                                                    | 88<br>139<br>41<br>9 0       | 23,<br>4 %            |
| al<br>Tot                                                                                                                     | 595<br>77<br>3 6<br>80       | 100<br>,0<br>%        |

If name on shareholder is presented more than once, it is because of different investment funds.

The Group owns 297 760 own shares of a total number of 595 773 680 shares. The portion of own shares is 0.05%. The purchase price paid for own shares is split into two different categories, where face value of own shares is included in "*paid in capital*" (NOK -29 776), and purchase price exceeding face value of own shares (NOK -2 389 226) is included in "*other equity*". Average purchase price of own shares is NOK 8.12.

#### **Note 8: Income from associated companies (AC) and joint ventures (JV)**

*(All amounts in NOK 1 000)*

| Inc<br>e f<br>AC<br>d J<br>V:<br>om<br>rom<br>an                                   | Q1<br>20<br>25 | Q1<br>20<br>24 | 202<br>FY<br>4 |
|------------------------------------------------------------------------------------|----------------|----------------|----------------|
| No<br>rsk<br>ott<br>Ha<br>vbr<br>uk<br>AS<br>Gr<br>(5<br>0%<br>)<br>oup            | -19<br>47<br>2 | 33<br>199      | 89<br>712      |
| old<br>(5<br>0%<br>)<br>Sei<br>sta<br>r H<br>nin<br>g A<br>S G<br>rou<br>p         | 3 9<br>56      | 3 2<br>50      | 037<br>14      |
| Oth<br>ers                                                                         | -41<br>7       | 2 0<br>14      | 3 0<br>86      |
| Inc<br>e f<br>AC<br>d J<br>V<br>om<br>rom<br>an                                    | -15<br>93<br>2 | 38<br>463      | 106<br>83<br>5 |
|                                                                                    |                |                |                |
| Fai<br>alu<br>dju<br>*<br>stm<br>ent<br>r v<br>e a                                 | -30<br>76<br>8 | 3 9<br>42      | -9<br>720      |
| Inc<br>e f<br>AC<br>d J<br>V b<br>efo<br>FV<br>adj<br>. *<br>om<br>rom<br>an<br>re | 14<br>836      | 34<br>521      | 116<br>55<br>5 |

\* Fair value adjustments related to biological assets.

#### **FV adjustments related to biological assets in associates**

The item *fair value adjustments related to biological assets* shows the Group's portion of the fair value adjustment after tax on biological assets (fish in sea), which is included in the income from associates. Fair value adjustments related to biological assets in associates are excluded in the calculation of the APM and key figure ROCE before fair value adjustments. The adjustment relates to Norskott Havbruk AS Group.

#### **Note 9: Resource rent tax and production fee**

*(All amounts in NOK 1 000)*

#### **Estimated taxation (+)**

| Th<br>e t<br>t o<br>f th<br>eri<br>od<br>nsi<br>sts<br>of<br>ax<br>cos<br>e p<br>co        | Q1<br>20<br>25   | Q1<br>20<br>24 | 202<br>FY<br>4   |
|--------------------------------------------------------------------------------------------|------------------|----------------|------------------|
| ima<br>ted<br>for<br>th<br>e G<br>Est<br>rat<br>e t<br>co<br>rpo<br>ax<br>rou<br>p         | -19<br>60<br>7 7 | 214<br>04<br>8 | 632<br>36<br>6   |
| ted<br>ltur<br>Est<br>ima<br>nt t<br>re<br>sou<br>rce<br>re<br>ax<br>on<br>aqu<br>acu<br>e | -28<br>5 8<br>35 | 39<br>486      | -77<br>1 5<br>18 |
| Est<br>ima<br>ted<br>ion<br>(+<br>)<br>ta<br>xat                                           | -48<br>3 5<br>95 | 253<br>53<br>4 | -13<br>9 1<br>52 |

#### **Resource rent tax**

#### **Resource rent tax on Aquaculture**

In Norway a 25% resource rent tax was implemented on income from producing salmon and trout in sea, with effect from 1 January 2023. The resource rent tax comes on top of the ordinary tax of 22%. The total nominal tax rate for the eligible activity is 47%, which includes 22% ordinary tax and 25% resource rent tax.

The following 4 companies in the Group have resource rent taxed activities: (1) Lerøy Aurora Sjø AS (Northern region), (2) Lerøy Midt Sjø AS (Central region), (3) Lerøy Vest Sjø AS (Western region), and (4) Sjøtroll Havbruk Sjø AS (Western region).

The resource rent tax cost in the income statement includes both tax payable for the period and changes in deferred tax. The payable resource rent tax for the period is calculated based on the income from producing salmon and trout in the sea, and deducting the related costs. The deductions follow a cash flow approach, which means that the costs are deducted in the same period that they are paid. This might be different from the period that the costs are recognized in the profit and loss statement according to general accepted accounting principles. This causes temporary differences between the accounting profit and the taxable profit. A deferred resource rent tax is computed with 25% on the temporary differences. Changes in temporary differences do not have any impact the overall tax cost. Only which period the tax will be payable.

| nsi<br>of<br>Re<br>nt<br>tax<br>sts<br>sou<br>rce<br>re<br>co        | Q1<br>20<br>25   | Q1<br>20<br>24 | FY<br>202<br>4   |
|----------------------------------------------------------------------|------------------|----------------|------------------|
| Im<br>lem<br>atio<br>ffec<br>ent<br>t<br>p<br>n e                    | 0                | 0              | -99<br>6 9<br>52 |
| f th<br>d<br>Res<br>t ta<br>erio<br>our<br>ce<br>ren<br>x o<br>e p   | -28<br>5 8<br>35 | 486<br>39      | 225<br>43<br>5   |
| Est<br>ima<br>ted<br>nt t<br>(+<br>)<br>re<br>sou<br>rce<br>re<br>ax | -28<br>5 8<br>35 | 39<br>486      | -77<br>1 5<br>18 |

#### **Implementation effect**

The implementation effect recognized with NOK 1.7 billion in 2023, was reversed in Q4 2024 with NOK 1.0 billion. The entire implementation effect consists of increased deferred tax on the stock of fish in sea at time of implementation. The deferred tax derived from lack of deduction in resource rent tax for capitalized production costs on the fish in sea at the time the resource rent tax was implemented. While the income from sale of this fish was taxed with an additional resource rent tax of 25%, no tax deduction was given. This created an asymmetry, which is explained in more detail in the annual report for 2024. It was also noted that, in addition to being unfair, it may also be wrong, and subject for future change. In 2024, the Group changed the tax declaration of 2022 for two of the four companies with ground rent taxed eligible activity. The change was considered as necessary in order to claim a deduction in resource rent tax in 2023 for the costs incurred to raise the fish until 31.12.2022. In 2024 the Group obtained a legal consideration from a third party, concluding that there is a preponderance of probability that the Group will win through with such a claim, given that the Group is willing to try the case in court. For this reason, NOK 1.0 billion of the implementation effect recognized in 2023, was reversed in 2024. This reduced the deferred resource rent tax in the balance sheet as of 31.12.2024 accordingly. However, there is no guaranteee that the Group will succeed in getting the deduction finally approved.

#### **Impact on key figures from implementation effect**

| EQ<br>UIT<br>Y                                                                                                                             | Q1<br>20<br>25        | Q1<br>20<br>24       | FY<br>202<br>4       |
|--------------------------------------------------------------------------------------------------------------------------------------------|-----------------------|----------------------|----------------------|
| lud<br>ula<br>ted<br>lem<br>ffec<br>Equ<br>ity<br>ing<br>im<br>ent<br>atio<br>t<br>exc<br>ac<br>cum<br>p<br>n e                            | 21<br>324<br>74<br>7  | 22<br>225<br>64<br>2 | 21<br>890<br>47<br>8 |
| Acc<br>ula<br>ted<br>im<br>lem<br>atio<br>ffec<br>niz<br>ed<br>in e<br>qui<br>ent<br>t re<br>ty<br>um<br>p<br>n e<br>cog                   | -72<br>3 6<br>77      | -1<br>720<br>62<br>9 | -72<br>3 6<br>77     |
| ted<br>of<br>fina<br>al p<br>Equ<br>ity,<br>in<br>sta<br>tem<br>ent<br>nci<br>osi<br>tio<br>as<br>re<br>por<br>n                           | 20<br>60<br>1 0<br>71 | 20<br>505<br>01<br>3 | 80<br>21<br>166<br>2 |
|                                                                                                                                            |                       |                      |                      |
| ity<br>xcl<br>udi<br>ula<br>ted<br>im<br>lem<br>atio<br>ffec<br>Equ<br>tag<br>ent<br>t<br>per<br>cen<br>e e<br>ng<br>acc<br>um<br>p<br>n e | 53,<br>5 %            | 2 %<br>54,           | 51,<br>1 %           |
| ula<br>ted<br>lem<br>ffec<br>d w<br>ith<br>al a<br>Acc<br>im<br>ent<br>atio<br>t co<br>tot<br>ts<br>um<br>p<br>n e<br>mp<br>are<br>sse     | -1,<br>8 %            | -4,<br>2 %           | -1,<br>7 %           |
| Equ<br>ity<br>ted<br>in<br>of<br>fina<br>nci<br>al p<br>osi<br>tio<br>tag<br>sta<br>tem<br>ent<br>per<br>cen<br>e, a<br>s re<br>por<br>n   | 51,<br>7 %            | 50,<br>0 %           | 49,<br>4 %           |
| ula<br>ted<br>lem<br>ffec<br>d w<br>ith<br>Acc<br>im<br>ent<br>atio<br>t co<br>ity<br>um<br>p<br>n e<br>mp<br>are<br>equ                   | -3,<br>4 %            | 7 %<br>-7,           | -3,<br>3 %           |
| EA<br>RN<br>IN<br>GS<br>PE<br>R S<br>HA<br>RE<br>(E<br>PS<br>)<br>*                                                                        | Q1<br>20<br>25        | Q1<br>20<br>24       | FY<br>202<br>4       |
| clu<br>lem<br>ffec<br>EPS<br>siv<br>e im<br>ent<br>atio<br>t<br>ex<br>p<br>n e                                                             | 1,5<br>6              | 0,8<br>1             | 2,5<br>1             |
| Im<br>lem<br>atio<br>ffec<br>niz<br>ed<br>in P<br>L<br>ent<br>t re<br>p<br>n e<br>cog                                                      | 0,0<br>0              | 0,0<br>0             | 1,6<br>7             |
| EPS<br>ted<br>key<br>fig<br>in<br>, as<br>re<br>por<br>ure<br>s                                                                            | 6<br>1,5              | 0,8<br>1             | 9<br>4,1             |

\* Before fair value adjustment on biological assets.

#### **Production fee**

Salmon and trout producers with production in sea have to pay a production fee. This fee is not an income tax, because it depends on how much they produce, not how much they earn. Thus, the fee is presented as an operating cost in the income statement. The production fee will always have to be paid, regardless of income and profit. In fact, the fee is an important part of the resource rent tax, as the fee is a component in the calculation of resource rent tax payable. As long as the resource rent tax payable is positive, the production fee on resource rent taxed activity will reduce the resource rent tax payable with the same amount. If any remaining amount of production fee, not deducted from resource rent tax payable, it will be lost, and without any tax deduction. Thus, the production fee is the minimum amount of tax that salmon and trout producers in the sea have to pay in addition to the ordinary tax.

| du<br>cti<br>fe<br>Pro<br>on<br>e | e (<br>NO<br>K/t<br>es)<br>Rat<br>onn | lum<br>e (<br>GW<br>T)<br>Vo | duc<br>n fe<br>Pro<br>tio<br>e |
|-----------------------------------|---------------------------------------|------------------------------|--------------------------------|
| Q1<br>20<br>24                    | 0,9<br>35                             | 26<br>376                    | 24<br>66<br>1                  |
| Q2<br>20<br>24                    | 0,9<br>35                             | 36<br>709                    | 34<br>323                      |
| Q3<br>20<br>24                    | 0,9<br>35                             | 51<br>367                    | 48<br>028                      |
| Q4<br>20<br>24                    | 0,9<br>35                             | 56<br>776                    | 53<br>086                      |
| Q1<br>20<br>25                    | 0,9<br>65                             | 38<br>243                    | 36<br>904                      |

#### **Total additional taxation on aquaculture**

| Co<br>nsi<br>of<br>sts<br>:                                                            | Q1<br>20<br>25   | Q1<br>20<br>24 | FY<br>202<br>4   |
|----------------------------------------------------------------------------------------|------------------|----------------|------------------|
| lem<br>ffec<br>Res<br>t ta<br>x im<br>ent<br>atio<br>t<br>our<br>ce<br>ren<br>p<br>n e | 0                | 0              | -99<br>6 9<br>52 |
| Res<br>x fo<br>r th<br>erio<br>d<br>t ta<br>our<br>ce<br>ren<br>e p                    | -28<br>5 8<br>35 | 39<br>486      | 225<br>43<br>5   |
| duc<br>n fe<br>Pro<br>tio<br>e                                                         | 36<br>904        | 24<br>66<br>1  | 160<br>09<br>9   |
| Tot<br>al                                                                              | -24<br>8 9<br>31 | 64<br>147      | -61<br>1 4<br>19 |

#### **Note 10: Financial calendar**

| fo<br>Res<br>ults<br>r Q<br>2 2<br>025                                         | 20.<br>08<br>.20<br>25 |
|--------------------------------------------------------------------------------|------------------------|
| ults<br>fo<br>r Q<br>3 2<br>025<br>Res                                         | 12.<br>202<br>11.<br>5 |
| Pre<br>lim<br>ina<br>ults<br>fo<br>r th<br>20<br>25<br>ry<br>res<br>e y<br>ear | 13.<br>02<br>.20<br>26 |
| Ord<br>ina<br>Ge<br>al M<br>ing<br>eet<br>ry<br>ner                            | 27.<br>05<br>.20<br>25 |

*Dates are given with reservations in case of changes.*

![](_page_40_Picture_0.jpeg)

Lerøy Seafood Group ASA Thormøhlens gate 51 B N – 5006 Bergen

leroyseafood.com