Lerøy Seafood Group ASA: Strong biological performance and continued growth in VAP S&D.

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Lerøy Seafood Group ASA reports a consolidated operational EBIT of MNOK 1 049 for the first quarter of 2025, up from MNOK 842 in the same period last year.

OPERATIONAL IMPROVEMENTS NOW VISIBLE IN FARMING

The Farming segment delivered an operational EBIT of MNOK 789 in the quarter. "This is a strong performance in a quarter marked by significantly lower spot prices for salmon and trout compared to the same period last year. Improvements in genetics, roe and smolt quality, use of shielding technology, and general process enhancements are key contributors. We are pleased with the development in Farming and see that the measures we have implemented are having a positive effect on fish welfare and thereby also our financial results,” says CEO Henning Beltestad.

GROWING DEMAND FURTHER STRENGTHENS VAP S&D PERFORMANCE

The VAP S&D segment (value-added processing, sales and distribution) reported an operational EBIT of MNOK 212 in Q1 2025 and MNOK 924 on a rolling 12-month basis - a new record.

"VAP S&D continues its positive trajectory. Large volumes contribute to higher utilization of our integrated value chain, and lower raw material prices support market growth. It is encouraging to see that as a result of structured improvement efforts, several of our entities are now performing at higher levels than before,” Beltestad highlights.

HIGH PRICES DRIVEN BY LOW QUOTAS IN WILD CATCH

The Wild Catch segment reported an operational EBIT of MNOK 148 in the first quarter. "The first quarter is high season, and the very low quotas present a significant challenge. Price trends in 2025 have been strong, but until quotas recover to higher levels, it is challenging to fully utilize our industrial capacities,” the CEO notes.

THE INDUSTRY NEEDS STABLE FRAMEWORK CONDITIONS

The Norwegian government recently published the 'Aquaculture White Paper,' proposing to replace the current license regime based on maximum allowed biomass with a new system based on lice quotas. The proposed changes are far-reaching, and it is very difficult to assess the full consequences.

"At Lerøy, we support the view of the Norwegian Seafood Federation that further analysis is needed before Parliament can make major principle-based decisions.

For salmon harvested in the quarter, treatment frequency was reduced by 75% for salmon from submerged pens compared to traditional pens. Even today, incentives to solve lice challenges are strong and drive innovation,” continues Beltestad.

FURTHER DEVELOPING NEW MARKETS FOR NORWEGIAN SALMON AND TROUT

"In our fully integrated value chain, we have the winning formula. With high volumes at lower prices, we are now developing the global market for Norwegian salmon and trout, particularly in emerging markets like China. This is positive for the entire industry and for value creation in Norway.

After several years of regulatory turmoil, we urge authorities to ensure predictable, stable, and competitive framework conditions. This is critical for us to continue delivering healthy, sustainable, and tasty seafood to the global market - to the benefit of the industry and the future of coastal Norway,” concludes Beltestad.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

Attachments

• LSG Q1 25 Presentation

• LSG Q1 25 Report