Lerøy Seafood Group ASA: Strong quarter reflects operational improvements. Good progress towards 2025 targets.

Leroy Seafood Group ASA

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OPERATIONAL IMPROVEMENTS LIFT QUARTERLY RESULTS
Lerøy Seafood Group ASA reports a consolidated operational EBIT of MNOK 799 for the fourth quarter of 2024.

The Farming segment delivered an operational EBIT of MNOK 594 for the quarter. "At the Capital Markets Day in 2022, we launched a comprehensive plan for operational improvements, which our employees have worked hard to implement. It is gratifying to see that the improvements are now gradually reflected in our results. In 2024, we had the highest biomass production at sea in the company's history, significant growth in harvest volumes, and near maximum license utilization at the end of the year. The development in earnings and operations at Scottish Seafarms is also positive," says CEO Henning Beltestad.

The board of Lerøy will propose to the Annual General Meeting (May 27, 2025) a dividend payment of NOK 2.5 per share, which is the same level as last year.

SHIELDING TECHNOLOGY CONTRIBUTES TO IMPROVED FISH WELFARE
"We continue to gain experience with shielding technology. We are seeing an 85% reduction in lice treatment frequency in submerged cages compared to traditional farming. This is groundbreaking and important for fish welfare. Good biology and fish health translates to good economics.

I am proud of the work our employees have done in implementing this new technology, and our experiences so far have been positive. In 2025, we plan to invest a further MNOK 500 in shielding technology, and approximately 40% of the salmon we harvest in 2025 will be from shielding technology," says Beltestad.

VAP S&D ACHIEVES HIGHEST EARNINGS IN THE SEGMENT'S HISTORY
The VAP S&D segment reported an operational EBIT of MNOK 275 for the fourth quarter of 2024 and MNOK 888 for 2024. "VAP S&D continues its positive development, achieving the highest earnings in the segment’s history. This growth is driven by operational improvements and increased utilization of our integrated value chain," notes Beltestad.

LOW QUOTAS IN WILD CATCH
The Wild Catch segment reported an operational EBIT of MNOK 6 in the fourth quarter and MNOK 130 for 2024.

"Our 1,000 employees in Wild Catch are working well and relentlessly to maximize the value of the quota we have. At the same time, we are, of course, impacted by the historically low quota levels," says the CEO.

CIRCULAR ECONOMY IN PRACTICE
Lerøy aims to reduce its greenhouse gas emissions by 46% by 2030. The company’s largest impact occurs through the carbon footprint of fish feed, which therefore has the highest priority. "Through a partnership with our feed supplier, EWOS, we have developed a solution where we will use by-products from European chicken production as an ingredient in the fish feed. This initiative is expected to reduce the carbon footprint of the feed used by Lerøy by up to 16%. This is circular economy in practice," says Beltestad.

ON TRACK TO MEET AMBITIOUS 2025 GOALS
"The long-term efforts to improve genetics, roe and smolt quality, general process improvements, and the use of shielding technology is already bearing fruit and will gradually gain momentum in 2025 and beyond. The goal of 200,000 GWT harvested volume for our Norwegian operations in 2025 is ambitious, but achievable. The best forecast currently is a harvested volume in Norway of approximately 195,000 GWT and 16,000 GWT from Scottish Seafarms in 2025.

In the VAP S&D segment, we expect to increase earnings in 2025 towards our challenging target of an operational EBIT of NOK 1.25 billion.

Our efficient and sustainable fully integrated value chain continues to gain momentum, and we are convinced that it represents the winning recipe in the future seafood market. I would also like to thank all our employees for the important work they have done in recent years. I feel the enthusiasm and look forward to what’s next," concludes Beltestad.

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

Attachments

• LSG Q4 24 presentation
• LSG Q4 24 Report