Leroy Seafood Group

Earnings Release • May 15, 2025

Lerøy Seafood Group ASA Q1 2025

Henning Beltestad

CEO

15 May 2025

100 2002 16

CFO

Disclaimer

This presentation has been produced by Lerøy Seafood Group ASA (the "Company") exclusively for information purposes. It must be read in conjunction with the recent financial information and the disclosures therein. By attending you acknowledge that you will be solely responsible for your assessment of the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the businesses of the Company. The presentation or offer to acquire, purchase or subscribe for securities of any kind.

The presentation may contain projections and forward-looking to the Company, The words "believe", "expect", "could", "may", "anticipate", "intend" and similar expressions identify forward-looking statements other than statements of historical facts included in the Presentation are forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance, achievements and value to be materially different from any future results, performance, achievements or values expressed or implied by such forward-looking statements. No warranty or the Company as to the reasonableness of these assumptions. Further, certain forward-looking statements are based upon assumptions of future events that may not prove to be accurate. Nothing in this presentation is, or should be construed as, a profit forecast.

The Company disclaims any continuing accuracy of the information provided in this presentation after today.

1. Highlights

• 1. Key financial highlights
• 1. Outlook

Creating the world's most efficient and sustainable value chain for seafood

Our fully integrated value chain is our competitive advantage

is formers are seeking

Sustainability & health Demand for healthy low-carbon protein alternatives attracts consumers

Quality & traceability

Zero-tolerance for variance in quality. Traceability and trust are key

Stability & availability

Retailers require product availability to meet consumer expectations

Convenience

Product innovation has shifted demand from fresh to processed (VAP)

Our value proposition

Speed & cost efficiency

Reliability & trust

Product & category innovation

Traceability & quality assurance

Clear ESG commitments

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
• · · Positive cost development in farming, expected to continue in 2025
• · · Dividend of NOK 2.50 per share proposed to AGM

Operational EBIT (NOKm)

Segments

Farming highlights this quarter

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Lerøy Aurora	Q1 2025	Q1 2024	YTD 2025	YTD 2024
Revenue (NOKm)	631	602	631	602
Operational EBIT (NOKm)	170	222	170	222
Harvested volume (GWT)	7 051	5 982	7 051	5 982
Harvest weight (avg. in kg)	4,0	4,6

The value chain consists of farming and VAPS&D

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Lerøy Midt	Q1 2025	Q1 2024	YTD 2025	YTD 2024
Revenue (NOKm)	1 495	1 228	1 495	1 228
Operational EBIT (NOKm)	430	334	430	334
Harvested volume (GWT)	16 364 /	13 692	16 364	13 692
Harvest weight (avg. in kg)	4,4	4,1

The value chain consists of farming and VAPS&D

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Lerøy Sjøtroll	Q1 2025	Q1 2024	YTD 2025	YTD 2024
Revenue (NOKm)	1 143	667	1 143	667
Operational EBIT (NOKm)	188	20	188	20
Harvested volume (GWT)	14 828	6 702	14 828	6 702
Harvest weight (avg. in kg)	4,1	3,7

The value chain consists of farming and VAPS&D

Scottish Seafarms (50% owned)

• Y-o-y increase in harvest volume with good harvest weights in the quarter
• Strong biologic development, with next generation of fish performing well
• · Significant y-o-y decrease in price realisation
• Volume in 2025 impacted by re-organising site structure. Long term potential significantly higher
• Estimated harvest volume:
  • 32 000 GWT in 2025

*Owned through Norskott AS

100% basis, in NOKm	Q1 2025	Q1 2024	YTD 2025	YTD 2024
Revenues	900	848	900	848
Operational EBIT	77	138	77	138
Harvested volume (GWT)	8 414	7 297	8 414	7 297
Operational EBIT/kq	9,2	18.9	9,2	18.9
NIBD	2 632	3 015	2 632	3 015

Operational EBIT pr kg (in NOK)

Farming volumes (1000' GWT)

Farming volumes	2020	2021	2022	2025	2024	2025E	2025 Target
Lerøy Aurora AS	35,0	44,0	40,1	43,1	44,1	50,0	50,0
Lerøy Midt AS	67,9	72,6	68,8	61,3	68.9	75,0	80,0
Lerøy Sjøtroll	68,0	70,0	65,7	55,2	58,2	70,0	70,0
Total Norway	170,9	186,6	174,6	159,6	171,2	195,0	200,0
Scottish Seafarms (Lerøy's 50% share)	12,0	16,2	18,0	12,4	20,2	16,0	16,0
Tota	182,9	202,8	192,6	172,0	191,4	211,0	216,0

Wild catchhighlights this quarter

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Wild catch quotas and catch volumes (GWT 1,000)

Catch volumes wild catch	Q1-25	Q1-24		Remaining quota 2025 Remaining quota 2024
Cod	3,6	6,7	5,3	6,3
Saithe	5,4	7,1	13,0	9,8
Haddock	3,4	5,0	2,7	1,1
Shrimps	0,6	1,4
Other	6,0	4,0
Total	19,0	24,1	21,0	17,2

Sales and processing operations in 17 countries – and sales to more than 80 markets

VAP, S&D highlights this quarter

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1. Highlights

• 1. Key financial highlights
• 1. Outlook

(NOKm)	Q1 2025	Q1 2024	▲%
Revenue and other income	7 951	7 110	12%
Operational EBITDA**	1 497	17234	21%
Depreciation,amortisation, impairments	448	392
Operational EBIT**	1 049	842	24%
EPS (NOK)*	1,56	0,81
Salmon and trout harvest volume (GWT)	38 243	26 376	45%
Operational EBIT/kg** all incl. excl. Wildcatch	23,5	24,9
Whitefish catch volume (tonnes)	18 957	24 093	-21%
Operational EBIT/kg Wildcatch	7,8	7,7
ROCE* (%)	15,2 %	14,3 %

Highlights this quarter

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(NOKm)	31.03.2025	31.03.2024	C
Intangible assets	8 836	8 989	-153
Right-of-use-assets	3 543	2 745	798
Tangible fixed assets	9 119	8 361	758
Financial non-current assets	1 631	1 665	-34
Total non-current assets	23 128	21 760	1 368
Biological assets at cost	7 018	6 177	841
Fair value adjustment of biomass	1 163	2 698	-1 535
Other inventory	2 452	2 328	123
Account receivables	2 774	2 791	-17
Other receivables	889	971	-82
Cash and cash equivalents	2 428	4 293	-1 865
Total current assets	16 723	19 258	-2 535
Total assets	39 851	41 019	-1 167

Highlights this quarter

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Change in net interest-bearing debt this quarter

Prioritizing investments that will improve biology and fish welfare

• Maintenance capex and smaller upgrades of around NOK 1bn annually
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  • · Shielding technology (incl. lasers) in farming
  • · Improving smolt quality
  • Developing VAPS&D and Wild Catch segments

Lerøy has extensive activities in Norway

with significant positive impact on society

Numbers for 2024

Employment

3 900

direct employees in Norway

6200

indirectly related jobs

10 100

jobs in total, (direct and indirect)

Value creation (NOK)

7.3

billion in direct

value creation

72

billion in indirect value creation

14.5

billion in overall value creation

Taxes (NOK)

Lerøy paid 1.0 billion in direct taxes and 0.7 billion in indirect taxes, while employee income tax withholdings totalled 0.8 billion.

billion

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Lerøy seeks predictable and competitive framework conditions to ensure the longterm development of seafood production and the aquaculture industry

• 1. Highlights
• 1. Key financial highlights
• 1. Outlook

~ 31 bn NOK in 2024

924 MNOK (12m rolling per Q1 25)

1 728 841 tCO2e in 2024

~ 171,000 in 2024

Record-high earnings and promising outlook

Reaching 2025 harvest target through operational improvements

Tonnes harvested salmon and trout

Farming

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Farming

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Farming – shielding technology

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Farming – shielding technology

Atlantic Salmon - Supply in tons WFE

Year	2020		2021		2022		2023		2024		2025		2026
Region	Volume	Change Volume		Change Volume		Change Volume		Change Volume		Change Volume		Change Volume		Change
Europe	676 300	1.6 %	896 600	13.1 %	1 837 500	-3.1 %	1 777 000	-3.3 %	1 866 800	5.1 %	993 000	6.8 %	2 021 300	1.4 %
Norway	370 400	2.8 %	534 500	12.0 %	517 800	-1.1 %	482 300	-2.3 %	516 400	2.3 %	618 700	6.7 %	620 800	0.1 %
United Kingdom	178 300	-6.4 %	199 200	11.7 %	160 800	-19.3 %	152 100	-5.4 %	189 400	24.5 %	186 600	-1.5 %	191 100	2.4 %
Faroe Islands	80 600	-6.9 %	105 500	30.9 %	99 600	-5.6 %	89 400	-10.2 %	99 600	11.4 %	119 500	20.0 %	134 700	12.7 %
Iceland	31 200	27.3 %	500 41	33.0 %	42 900	3.4 %	38 700	-9.8 %	42 900	10.9 %	50 200	17.0 %	58 200	15.9 %
Ireland	15 800	1.9 %	15 900	0.6 %	16 400	% 3.1	14 500	-11.6 %	18 500	27.6 %	18 000	-2.7 %	16 500	-8.3 %
Americas	1 035 990	11.8 %	993 600	-4.1 %	1 020 500	2.7 %	011 100	-0.9 %	958 800	-5.2 %	1 014 100	5.8 %	055 800	4.1 %
Chile	778 500	12.8 %	718 300	-7.7 %	753 300	% 4.9	766 000	1.7 %	700 000	-8.6 %	746 000	6.6 %	774 000	3.8 %
Canada	137 200	0.4 %	139 500	1.7 %	133 200	-4.5 %	110 100	-17.3 %	118 700	7.8 %	120 500	1.5 %	119 000	-1.2 %
Australia	82 800	36.0 %	85 400	% 3.1	83 800	-1.9 %	83 700	% -0.1	85 000	1.6 %	83 500	-1.8 %	87 000	4.2 %
Others	17 490	-1.7 %	31 400	79.5 %	30 700	-2.2 %	32 800	6.8 %	35 600	8.5 %	44 100	23.9 %	56 800	28.8 %
USA	20 000	-3.8 %	19 000	-5.0 %	19 500	2.6 %	18 500	-5.1 %	19 500	5.4 %	20 000	2.6 %	19 000	-5.0 %
Total	2 712 290	5.2 %	2 890 200	6.6 %	2 858 000		-1.1 % 2 788 100		-2.4 % 2 825 600	1.3 %	3 007 100	6.4 %	3 077 100	2.3 %

Tons YTD April: 591.200 Change from Last Year 16.7%

Atlantic Salmon - Harvest Volumes Europe in tons WFE

Source: Kontali

Atlantic Salmon Consumption

TD - March	Market	2022	2023	2024 - -	2025 Growth		Growth %
	EU	276 583	244 907	259 780	274 377	14.597	5.6 %
	Others	185 609	181 394	182 263	191 786	9.523	5.2 %
	USA	159 661	160 267	155 102	164 078	8.976	5.8 %
	Russia	14 893	14 971	14 143	13 550	-593	-4.2 %
	Japan	15 822	12 727	11 484	11 641	156	1.4 %
	Total			652 567			5.2 %

。 2022 。 2023 。 2024 。 2025 - Growth - - - - Zero-line

Other Markets by Volume - Last Quarter (Q1)

200 %

Outlook

Farming	Wild Catch	VAP, S&D
Positive biological development will continue to impact harvested volume and cost development Contracts share for salmon in 2025 currently around 17% (incl. downgrades) High standing biomass going into 2025 will impact seasonality in harvest volume in 2025 Expect to see significant improvements from : Roe, genetics and smolt quality New farming technology - Lerøy Way	- Challenging quota situation, but price development is positive - At some point in time quotas are likely to increase Quotas for 2025 Cod -32% Haddock -2% Saithe North unchanged Saithe South +40 %	- Expect improved profitability in 2025 compared to 2024 - Lower salmon and trout prices are building makrets - Increased demand for integrated, sustainable, value chain - Improved market share in some key markets, utilising the potential of our value chain

Creating the world's most efficient and sustainable value chain for seafood

The Norwegian Seafood Pioner