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

02 Mar 2026 06:30 CET

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

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

Lerøy Seafood Group targets towards 2030:

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

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

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

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

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

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

VAP S&D targets towards 2030:

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

Farming: Responsible and cost-efficient farming

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

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

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

Farming targets towards 2030:

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

Wild Catch: Strategic access to high-quality whitefish resources

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

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

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

Lerøy Seafood Group: Capital efficiency for stronger returns

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

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

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

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

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

 Capital Markets Day 2026 materials

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

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

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

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

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

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

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

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

More information:
Access the news on Oslo Bors NewsWeb site

667199_260302 LSG_2026 CMD.pdf