lsg-2025-12-31-en

LERØY SEAFOOD GROUP Annual report 2025


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Contents


Introducing Lerøy .............................................	5
Lerøy in short 2025 ...........................................	7
Creating the world’s most efficient and sustainable value chain for seafood ...........	8
Local roots, global perspective .....................	9
Strong development in a long-term perspective ........................................................	10


	Management


The Board’s report ............................................	12
Strategic aspirations .......................................	13
Governance ..................................................	14
Strategic priorities ......................................	17
Group management ...................................	19
Strategic priorities – Farming ..................	20
Strategic priorities – VAPS&D ...................	21
Strategic priorities – Wild Catch ..............	22
Results – Group .................................................	23
The Board of Lerøy Seafood Group ......................................	32
Shares .................................................................	35
Corporate governance report .......................	36


	Sustainability


Sustainability statements ..............................	46
General ...............................................................	47
ESRS 2 General disclosures .......................	47
Environment .......................................................	66
ESRS E1 Climate change ............................	66
EU Taxonomy ...............................................	78
ESRS E4 Biodiversity and ecosystems .....	82
Fish health and fish welfare .....................	86
Social ...................................................................	94
ESRS S1 Own workforce .............................	94
ESRS S4 Consumers and end-users ..............................................	108
Governance ........................................................	112
ESRS G1 Business conduct .........................	112
Signature from the Board and CEO of Lerøy Seafood Group ASA ..............................	115


	Finance


Financial statements .....................................	117
Key figures for the Group ..............................	118
Consolidated financial statements ............	119
G – Notes to the consolidated financial statements .................................	125
Parent company financial statements ......	190
P – Notes to the parent company financial statements .................................	195
Responsibility statement from the Board of Directors and CEO .....................................	210
Independent auditor’s report ......................	211
Independent sustainability auditor’s report .................................................................	216

LERØY SEAFOOD GROUP Annual report 2025


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STRONGER TOGETHER

"With clear direction, disciplined execution,

and one unified organisation, we will realize

the full potential in Lerøy."

Henning Beltestad, CEO

LERØY SEAFOOD GROUP Annual report 2025


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Introducing Lerøy


Lerøy in short 2025	7
Creating the world’s most efficient and sustainable value chain for seafood	8
Local roots, global perspective	9
Strong development in a long- term perspective	10

LERØY SEAFOOD GROUP Annual report 2025


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¹ EPS is impacted by implementation effects of resource rent tax in 2023 and 2024. See note G2.6 for details.

LERØY SEAFOOD GROUP Annual report 2025

Introducing Lerøy


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Lerøy in short 2025

Key notes

All figures in NOK 1 000


Key financial figures	2025	2024	2023	2022	2021
Operating revenue	34 363 832	31 124 691	30 869 712	26 645 877	23 073 280
Operational EBIT before fair value adjustments	2 501 722	2 960 125	3 335 059	3 471 068	2 603 867
Earnings per share before fair value adjustments ¹	2.12	4.19	0.19	3.59	3.08
NIBD	8 022 463	7 705 484	5 209 443	4 346 083	3 297 487
Equity ratio	49.0%	49.4%	48.0%	56.7%	56.5%
ROCE before fair value adjustments of biomass	8.0%	11.3%	12.6%	14.5%	12.4%
Harvest volume (GWT)	195 555	171 228	159 620	174 629	186 635
Catch volume in tonnes (HOG)	57 675	64 991	75 893	71 726	71 521
LSG stock price last annual trading day	50.75	49.16	41.80	55.15	69.00
Dividend per share for payment following year	2.5	2.5	2.5	2.5	2.5

About the Group

Lerøy Seafood Group is a global seafood company,

headquartered in Bergen, that handles 350 000–

400 000 tonnes of seafood annually through the

company’s 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 activity.

Vision, objective and values

for the future

Our employees are our most important resource.

Based on our values – honest, open, responsible and

creative, we work as One Lerøy to reach our goal of

creating the world’s most efficient and sustainable

value chain for seafood, and our vision to be the

leading and most profitable global supplier of high-

quality sustainable seafood.

LERØY SEAFOOD GROUP Annual report 2025

Introducing Lerøy


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Creating the world’s most efficient and

sustainable value chain for seafood

Values and strategic priorities

Lerøy Seafood Group has a 125-year history of growth

and has developed a vertically integrated value chain

for redfish and whitefish, as well as significant third-

party activity. We believe an integrated value chain is

important to meet the markets’ increasingly strict

requirements for traceability, food safety, product

quality, cost-effectiveness, sustainability and

continuous delivery.

Throughout our history, we have always believed that

value creation depends on access to both knowledge

and capital. Every day we provide 5 million meals to

80 countries, and to Norway we supply 1 million meals

per week, totalling 350 000–400 000 tonnes of

seafood annually.

To achieve our objectives, it is imperative that the

Group’s most important resource, our employees, work

together as one value chain “One Lerøy” and thereby

increase synergies, improve the sharing of expertise

and create a winning culture.

LERØY SEAFOOD GROUP Annual report 2025

Introducing Lerøy


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Local roots, global

perspective

Lerøy reports in three segments; Wild Catch, Farming

and Value- Added Processing, Sales and Distribution

(VAPS&D).

Within Wild Catch, our 1 000 employees operate 10

trawlers and 10 processing plants in Northern Norway,

receive regular deliveries from more than 600 fishing

vessels in the Norwegian coastal fleet, in addition to

own catches from the trawler fleet.

Within Farming, our 1 800 employees operate a fully

integrated value chain for the production of salmon

and trout in three regions in Norway: Lerøy Sjøtroll

(West Coast), Lerøy Midt (Central Norway) and Lerøy

Aurora (Northern Norway).

Within VAPS&D, we have operations in 18 countries, and

our 2 600 employees engage in the processing,

sale and distribution of the Group’s

own-produced seafood, along with

significant third-party seafood.

In recent years, the Group has increased its focus

on its operating model and on clarifying its

financial, operational and sustainability

targets, which are further described in

this Annual Report.

LERØY SEAFOOD GROUP Annual report 2025

Introducing Lerøy


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Strong development in a long-term perspective

We have completed a strategic period from 2021 to today characterized by focused

development and significant structural improvements across the Group.

During this period, we have delivered a large

share of the ambitions set at both Group and

segment level for 2025. This is an achievement

we take pride in, and it provides a solid platform

for the company’s next phase of development.

Strengthened competitiveness

We have strengthened our competitiveness

through systematic improvement efforts, a

higher pace of innovation, and substantial

investments in technology and industrial

structure. The implementation of the Lerøy Way

has been a key driver in this transformation.

Now implemented in nearly 100 percent of

the entities, it ensures a common

methodology for operations, continuous

improvement, and leadership across the Group.

Ambitious climate-related target

In 2020, we set an ambitious climate-related

target based on our results in 2019. By the end

of 2025, we had reduced emissions from

comparable categories by 16%, while increasing

revenue by 69%. Our partnership with Ewos has

also enabled a long-term feed strategy,

contributing to a 44% reduction in emissions

related to fish feed over the same period.

As part of Lerøy’s new strategy toward 2030,

sales of third-party products are expected to

increase significantly, affecting the Group’s

Scope 3 emissions. While we remain on track to

meet our climate ambitions in aquaculture, the

Group’s growth ambitions in third party volume

will increase absolute emissions over time. We

therefore consider intensity-based climate

targets, measured per kilo and by segment, to

be a more relevant way of tracking progress

going forward. This shift does not reduce our

ambition; we remain fully committed to

ambitious climate action across the Group.

Targeted initiatives and technological

advancements

Within aquaculture, we have achieved

meaningful progress in fish health, quality, and

survival rates through targeted initiatives and

technological advancements. This has

strengthened both profitability and sustainability.

In VAP, Sales & Distribution, long-term

investments have resulted in strong operational

and commercial development, and we

achieved the ambitious 2025 target.

The Wild Catch segment has operated in a

challenging environment with reduced quotas

and increased volatility. Nevertheless, we have

delivered solid results across the value chain. In

recent years, we have completed major

investments in Kjøllefjord, Båtsfjord, Stamsund,

and Melbu, establishing a modern and efficient

industrial footprint that positions us well for the

future.

Optimization, cost efficiency, and

leadership development

This growth and investment phase has been

capital-intensive. As we move into the next

strategy period, the pace of investment will

decline, and our focus will increasingly shift

toward optimization, cost efficiency,

simplification, and leadership development. We

will continue to improve processes, organisation,

and resource utilization, leveraging technology

to enhance operational performance.

Our integrated value chain remains one of our

strongest strategic advantages. It provides

control, flexibility, and market proximity, clearly

differentiating us in the marketplace. With

strong confidence in our position, we remain

committed to our ambition of reaching NOK 50

billion in revenue by 2030 and to taking a

leading role in the global development of the

seafood industry. With clear direction,

disciplined execution, and one unified

organisation, we will realize the full potential in

Lerøy.

LERØY SEAFOOD GROUP Annual report 2025


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Salmon

The Lerøy salmon is a world class red fish. With its mild, full taste, firm red

meat with the classic white marbling, it is the jewel of the sea.

Salmon conquered the world and captured cuisines everywhere. It is

beloved across cultures. From the clear and cold waters of Norway, the

salmon’s irresistible charm lies in its tasty flavour. Beyond its delicious taste,

salmon is a nutritional powerhouse packed with omega-3 fatty acids that

nourish the body.

Every salmon bite tells a story of pristine waters.

LERØY SEAFOOD GROUP Annual report 2025


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	Management

The Board’s report

LERØY SEAFOOD GROUP Annual report 2025

The Board’s report > Management


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Strategic aspirations

Lerøy Seafood Group has a long and proud history. Our

integrated value chain positions us well in an industry with a

bright future.

The seafood business has always been a global

industry, but remains very fragmented, with complex

value chains. Our strategy during the last thirty years

has therefore been to build an integrated value chain.

Complex and fragmented value chains are

incompatible with the requirements of customers and

consumers with respect to food safety, cost efficiency,

traceability, stability, and, increasingly so,

sustainability.

We have always been a customer-centric company

with a target to become a preferred supplier of

seafood on a global scale. Our customers are

predominantly in retail and food service. Our aim is to

increase their satisfaction and willingness to pay by

having an efficient and sustainable value chain, with a

wide product range and customer integration. In turn,

this will help our customers gain market share.

While growing, we have focused on securing access to

fully traceable raw materials, and on developing the

world’s most efficient and sustainable integrated

value chain for seafood, that provides value for its

customers through an integrated network of

competitively priced processes. This involves

developing long-term customer relationships and an

in-depth understanding of customer requirements,

building strong alliances with suppliers and

continuously improving internal processes.

We have always believed that value creation depends

on access to both knowledge and capital. Our

employees are the Group’s most important resource.

We wish to remain an attractive employer, with the

capacity to attract employees with the appropriate

skills and attitudes and seek to build an organisation

where employees thrive and work together to meet

our customers’ needs. Our governance model is built

on substantial local decision-making authority, but we

are increasing our focus on aligning goals within the

Group and sharing best practices across the value

chain.

The Group depends on the confidence of the capital

markets and our access to capital. We will continue to

adapt our financial strength and structure to our

operational framework and industry outlook. Lerøy

operates in an industry with substantial historical

cyclicality. While this can be challenging, it can also

present us with valuable opportunities, like it has in

the past. We will therefore seek to maintain a strong

balance sheet during healthy periods with a strategy

to put this to use for acquisitions during challenging

times.

As we enter 2026, Lerøy has a unique integrated value

chain, with access to high-quality sustainable

resources sourced both internally and externally. To

an increasing extent, we control the process all the

way to the large retailers and food service providers.

Sustainability is becoming an increasingly competitive

opportunity as our customers rely on committed

suppliers to reach their targets of cutting value chain

carbon emissions.

Lerøy is in a unique position to create the world’s most

efficient and sustainable value chain for seafood, from

raw material to finished product.

We operate in three segments:

Wild Catch, Farming and

VAPS&D.

LERØY SEAFOOD GROUP Annual report 2025

The Board’s report > Management


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Governance – how we create the world’s

most efficient and sustainable value chain

for seafood

How do we choose which problems to solve, and

how do we solve them while controlling risk?

The Lerøy Way

The Lerøy Way is our business system – the way we are

working to increase profitability through satisfied

customers and ensuring stability and improvement in

everything we do. The Lerøy Way, based on the Lean

principles, is the way we work all the way from our

operators to our support functions and Group

management. By 2025, 96% of all companies in Lerøy

have adopted the Lerøy Way and the principles and

tools that the system includes.

We assess and score every business unit in their

adoption of the Lerøy Way. The Lerøy Way score

reflects each business unit’s maturity in implementing

the Lerøy Way, based on structured assessments of

leadership, processes, continuous improvement and

use of common tools. The scoring trend is very positive,

increasing every year concurrent with improvements in

operations. The current average Lerøy Way score for

the Group is 42%. Several companies in the Group have

also been awarded for working with Lerøy Way the last

few years. Lerøy Austevoll has won the Lean Enterprise

of the Year in Norway both in 2024 and 2025. LNWS

Melbu won the Lean Project of the year in Norway in

2025. For comparison Lerøy Austevoll has a Lerøy Way

score of 83%, while LNWS Melbu is at 74%.

The Lerøy Way is based on the Group’s values – “honest,

open, responsible and creative”. Furthermore, food

safety, fish welfare and employment safety are core

elements, as well as ensuring the sustainability of our

operations financially, environmentally and socially.

The basic principle of the Lerøy Way is that it is

imperative to understand our business case, where we

are, where would we like to be and how to get there.

This must be in place before organising people and

standardising and improving. These improvements

depend on our ability to unify people, processes and

machines/technology, and should culminate in

motivated employees, perfect flow, and an ability to

improve quality and deliver zero defects to customer

(do it right the first time). As we succeed, this will

enhance customer satisfaction.

Our end customers are obviously external, but there

are also many important internal customers in our

integrated value chain.

The Lerøy Way: How we work to ensure stability and

improvement in our operations

LERØY SEAFOOD GROUP Annual report 2025

The Board’s report > Management


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Strategic framework and

Governance model

Strategy, Risk Assessment, and Target Setting

The Group and each reporting segment, annually

conduct a review of the Group’s strategy, targets and

actions. Our previous strategy period lasted until 2025.

In 2025, we conducted an extensive review to set the

strategy, new targets and new actions for the period

2026 to 2030. The defined strategy, targets and KPIs,

and actions are cascaded to segments and operating

units, and are monitored on at least a monthly basis.

As foundation for the Board’s and management’s

review of strategy and target setting, we conduct

comprehensive external and internal analyses,

including a Double Materiality Assessment (DMA).

Governing Documentation and Internal Control

Governing documents are structured hierarchically

within the internal control system. Key policy

documents are reviewed by the Board, while

procedures and standard operating guidelines ensure

compliance, operational consistency, and the sharing

of best practices. Deviations related to health, safety,

technical, or operational matters are systematically

reported and addressed through action lists and

dedicated projects.

Continuous Review

KPI meetings across all organisational levels, along

with the registration of deviations in the internal

control system, facilitate ongoing evaluation and

improvement. This process is further reinforced by both

internal and external audits, which play a crucial role in

generating project and action lists, supporting the

Group’s commitment to continuous improvement.

Projects and Action Lists

Strategic projects are implemented at the Group,

segment, and company levels, ensuring alignment with

the overarching strategy. These projects are monitored

at least monthly. Additionally, continuous reviews

generate action lists, which are systematically followed

up to drive progress in line with strategic objectives

and foster ongoing development.

LERØY SEAFOOD GROUP Annual report 2025

The Board’s report > Management


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DMA – double materiality assessment is part of the strategy review and integrated in strategy and governance


Entity specific	Environment		Social		Governance
Material topics

Fish health and welfare	Climate change	Biodiversity and ecosystems	Own workforce	Consumers and end-users	Business conduct, corruption and bribery
	ESRS E1	ESRS E4	ESRS S1	ESRS S4	ESRS G1
Secure fish health and welfare in all aspects of our operations. Good fish health is a core goal and also essential for financial sustainability	Reduce greenhouse gas emissions by 2030, and ambition to be climate neutral by 2050	Avoid harmful impacts on species caused by our intervention in the natural environment. Minimise our adverse impact on marine ecosystems and support their recovery	Safety first. Always. Our employees are the Group’s most important resource. We work together as “One Lerøy” to reduce injuries and sick leave, to develop our people, and to create a good working environment	Production of healthy seafood and secure food safety	Working actively to combat corruption and bribery
Targets and visions - KPIs
Survival in sea (%) Survival on land (%) Sea lice, cages treated for lice (number) Antibiotics used (kg active substance)	Scope 1 (tco2e) Scope 3 (tco2e)	Escape of salmon (number) Escape of trout (number)	LTIFR value Sick leave (%) GPTW value Gender balance in management position (% woman)	Product recalls (number)	Incidents of corruption and bribery (number)
Connections to different ESRS’s
Entity specific disclosure, page 86	ESRS E1 Climate Change, page 66 ESRS E4 Biodiversity and ecosystems, page 82		ESRS S1 Own workforce, page 94 ESRS S4 Consumers and end-users, page 108		ESRS G1 Business conduct, page 112

LERØY SEAFOOD GROUP Annual report 2025

The Board’s report > Management


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Strategic priorities – Lerøy Seafood Group


		Updated strategic framework
		Growth Cost Simplify Leadership
		Cascaded across business units
		Group Segment Company Business units

Lerøy’s vision is to be the leading and most profitable

global supplier of sustainable high-quality seafood. Our

overarching goal is to create the world’s most efficient and

sustainable value chain for seafood.

To deliver on this ambition, we have implemented an

updated strategic framework, based on Lerøy Way as how

we run our business and four overarching priorities, for all

segments. The strategy gives all segments, companies and

employees clear objectives, clear actions and clear targets.

Lerøy Way - how we run our business

Lerøy Way is our system for how we work, our business

system. It defines how we understand our current situation

and improvement areas, how we set clear targets and

objectives, and how we solve our problems. It defines the

enablers and the prerequisites for how we will work to

achieve our four strategic priorities.

Growth

Lerøy’s growth agenda builds on our integrated value chain,

global market reach, and strong demand fundamentals.

From 2025 onward, growth will be driven by increasing

volume throughput, improving capacity utilisation, and

pursuing targeted partnerships and acquisition

opportunities. Existing licence capacity remains the

foundation, while organic expansion depends on improved

biological performance and external sources such as

partnerships where required. Through disciplined execution

and strategic focus, we aim to continue our long‑term

growth trajectory supported by clear ambitions toward 2030.

Cost

Cost discipline is essential to improving and protecting

profitability. Following periods of cost inflation and

biological challenges, we are implementing a

comprehensive programme to reduce the cost base and

strengthen operational performance. Key initiatives

include improving efficiency per FTE, optimising flow and

utilisation across processing lines, enhancing preventive

maintenance to minimise downtime, and leveraging

strategic partnerships such as feed collaboration. These

actions support our long‑term goal of cost leadership and

a more resilient value chain.

Simplify

To operate at scale with greater speed and clarity, we will

continue simplifying our operations and organisational

structure. This includes optimising group structure, reducing

the number of legal entities, moving primary processing

activities to VAP&S&D where appropriate, and standardising

key processes. Simplification frees up resources, makes

decision‑making more effective, and supports more

efficient execution across regions and segments.

Leadership

Strong, accountable leadership is fundamental to

delivering our strategy. The organisation has already

strengthened its leadership culture, including achieving

Great Place to Work® certification in 2025. In 2026, we will

further standardise onboarding, follow‑up and leadership

and capability development, ensuring leaders are fully

equipped to drive operational excellence, employee

engagement, and performance. In recent years, 587

internal leaders have participated in Lerøy’s leadership

development programs which includes programs from

“Leading in the field” for line managers, “Leading in Lerøy”

for field managers and team leaders and “Strategic

leadership” for senior leaders.

LERØY SEAFOOD GROUP Annual report 2025

The Board’s report > Management


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Key targets




50bn	1bn	15%	220 000	2bn
NOK in revenue by 2030	NOK in reduced cost base through initiatives in 2026	Return on Capital Employed (ROCE) on new investments)	Tonnes harvested in 2030 from Farming, based on existing licence capacity	NOK in EBIT for VAP,S&D in 2030

LERØY SEAFOOD GROUP Annual report 2025

The Board’s report > Management


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Nourishing the world,

sustaining the future

At Lerøy Seafood Group, we're more

than just a leading supplier of

Norwegian seafood; we're a global

force for sustainable food production.

Our most important resource, our

team of 6 000 dedicated employees,

ensures that over five million meals

reach more than 80 markets

worldwide every single day. Our

journey from fjord to table is a

testament to our commitment to

quality, sustainability, and innovation.

Group management – Lerøy Seafood Group



Henning Beltestad	Bjarne Reinert	Sjur S. Malm
CEO	COO Farming	CFO


Siren Grønhaug	Ivar Wulff	Håvard Klafstad
CHRO	COO Sales & Distribution	CPO

LERØY SEAFOOD GROUP Annual report 2025

The Board’s report > Management


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Strategic priorities – Farming

The Farming segment comprises the Group’s three

farming regions in Norway: Lerøy Aurora, located in

Troms and Finnmark; Lerøy Midt, located in Nordmøre

and Trøndelag; and Lerøy Sjøtroll, located in Vestland.

In 2025, the operation had around 1 800 employees

and harvested about 195 600 tonnes gutted weight

(GWT) of salmon and trout.

Strategy

Farming has strengthened its operational platform

over the past years, driven by clear improvements in

biological performance. Since 2022, more stable

biology, higher MAB utilisation, reduced mortality and

stronger growth rates have increased standing

biomass and enhanced production results. Targeted

measures within genetics, roe and smolt production,

robust production protocols and the phased

introduction of shielding technology have further

improved biological robustness.

These gains, however, have required higher resource

intensity and contributed to elevated farming costs.

The improvements achieved through 2024 and 2025

demonstrate that the initiatives implemented since

2022 are yielding tangible effects, providing a

stronger basis for both biological and cost

improvements going forward.

Growth - Delivering the best biological performance in

the industry

Lerøy’s growth strategy in Farming is anchored in

achieving consistently strong biological performance.

Since 2022, the segment has delivered higher MAB

utilisation, increased growth rates, reduced mortality

and improved feed conversion, driving both higher

standing biomass and improved harvest volumes.

Continued progress in genetics, roe and smolt

production, robust production protocols and the

rollout of shielding technologies further strengthens

the biological foundation. This enables stable volume

growth within existing licence capacity and supports

the long‑term organic growth ambition of reaching

220 000 tonnes by 2030.

Cost - Becoming the cost leader in all regions

While biological improvements have been substantial,

they have required higher resource intensity.

Achieving cost leadership by 2030 is therefore a core

strategic priority. Key levers include improving feed

efficiency, reducing treatment‑related costs,

optimising operational efficiency, increasing

productivity per FTE, scaling smolt production, and

lowering fixed and overhead costs. The long‑term

feed partnership, improved feeding strategies, and

shielding technology are critical drivers of future cost

reductions.

Simplify - Efficiency and simplicity in everything we do

To support biological and cost improvements,

Farming will simplify core processes across regions

and sites. This includes streamlining operational

routines, ensuring consistent production standards,

reducing variation between sites, improving process

management capabilities, and strengthening

coordination across the value chain. Simplification will

also support more efficient implementation of

shielding solutions, standardised maintenance

practices, and harmonised feeding and production

protocols, enabling greater stability and higher

output from existing capacity.

Leadership - Building leadership as one of our most

important competitive advantages

Strong, accountable leadership is central to delivering

sustainable biological and cost improvements. The

Lerøy Way is now embedded across all farming units,

enabling systematic problem‑solving, clearer roles,

stronger preventive work and more consistent

performance. Continued development of leaders and

teams will be key to sustaining high biological

performance, enhancing safety and welfare

outcomes, and ensuring Farming maintains its licence

to operate in a stricter regulatory environment.

LERØY SEAFOOD GROUP Annual report 2025

The Board’s report > Management


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Strategic priorities – VAPS&D

Lerøy’s VAP, Sales & Distribution (VAPS&D) segment

continues to strengthen its role as a key driver of

value creation in the Group’s integrated value chain.

With operations and partnerships across more than

80 markets, a diversified portfolio of products and

brands, and leading downstream processing capacity

in 18 countries and 2 600 employees, the segment

benefits from scale, market insight and deep

customer relationships.

Performance has improved markedly over recent

years, supported by solid revenue growth, rising EBIT

contributions and a strong ROCE trend. Strategic

upstream and downstream partnerships, expanding

positions in high‑growth markets, particularly Asia,

and the ability to tailor product offerings to local

demand are central to sustained growth and

increased value capture toward 2030.

Strategy

Growth - Expanding volumes, markets and

partnerships

VAPS&D targets 25% volume growth toward 2030,

driven by stronger market penetration, expansion in

high‑value regions, product innovation and increased

sourcing from Farming, Wild Catch and external

partners. The segment is deepening its presence in

growth markets such as China, India, Vietnam and

Thailand, and is strengthening its strategic customer

base, aiming for 70% of revenues from strategic

clients. Upstream and downstream partnerships

support predictable volume flow, improved price

achievement and higher capacity utilisation, enabling

continued scaling of the business.

Cost - Improving efficiency and reducing downstream

cost

Cost efficiency is a key strategic priority, supported by

the rollout of the Lerøy Way and targeted initiatives

to reduce downstream processing costs. The segment

aims to reduce downstream operating expenses

substantially. Priorities include increasing productivity,

focusing investments on high‑return areas,

maximising synergies through integrated primary and

downstream processing, and restructuring

underperforming units. Improved scale effects and

operational efficiencies will further strengthen

margins.

Simplify - streamlining operations across an

integrated global network

Simplification efforts focus on creating a more

efficient and scalable operating model across

VAPS&D’s wide international footprint. This includes

aligning processes across processing units, simplifying

product flows, strengthening process management

capabilities, and integrating primary processing more

closely with downstream activities. A flexible,

market‑tailored approach supported by local sales

organisations and strategic partnerships, ensures

that operations remain responsive while becoming

more standardised and efficient over time.

Leadership - building capability and consistency

through Lerøy Way

Leadership development remains central to

achieving sustainable improvements in performance.

The Lerøy Way is being rolled out across all VAPS&D

units, supporting structured follow‑up, clearer roles

and responsibilities, enhanced engagement and

more consistent execution. These efforts have

already yielded stronger results, including a higher

share of units delivering positive EBIT, improved

operational stability and reduced cost growth.

Continued leadership focus will reinforce trust, drive

organisational cohesion and support the segment’s

ability to grow with customers in an increasingly

competitive global market.

LERØY SEAFOOD GROUP Annual report 2025

The Board’s report > Management


				22

Pioneers in Wild

Catch

The Wild Catch segment highlights our

commitment to sustainable fishing

practices. With the acquisition of

Havfisk AS and Norway Seafoods

Group AS in 2016, we've become

leaders in the sustainable catch and

processing of whitefish in Norway,

ensuring the longevity of marine

resources for future generations. Lerøy

Havfisk currently has ten trawlers,

while Lerøy Norway Seafoods runs

factories in Båtsfjord, Kjøllefjord,

Hammerfest, Melbu, Stamsund,

Sørvær, Tromvik, Forsøl and Berlevåg.

Strategic priorities – Wild Catch

The Wild Catch segment’s primary activity is to catch

and process wild caught whitefish. Wild Catch consists

of Lerøy Havfisk and Lerøy Norway Seafoods (LNWS).

The former has licences to fish around 8% of the total

Norwegian cod quotas in the zone north of 62 degrees

latitude, corresponding to around 30% of the total

quota allocated to the trawler fleet. Lerøy Havfisk

owns trawler licences with an operational obligation

linked to LNWS plants. LNWS’s primary business is the

processing of wild caught whitefish through the use of

10 processing plants and purchasing stations in

Norway, five 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. Lerøy Havfisk and LNWS

has around 1 000 employees combined.

Strategy

In recent years, the quotas for the highest value

species of cod have been falling, and will fall further in

2026. Lower catch volumes represent a challenge for

Lerøy Havfisk, while LNWS is experiencing higher

prices and more competition for available raw

materials. It is imperative that Lerøy is able to

continue its efficient Wild Catch operations, while

increasing capacity utilisation on land by scaling up

new processed products that are being launched.

While the trawler fleet ensures less seasonality than

coastal fisheries, seasonality remains a core challenge,

making year-round capacity utilisation in the land-

based processing industry difficult. In recent years,

Lerøy has made significant investments in land-based

processing facilities, focusing on developing products

with less seasonality. We must continue to work on

reducing seasonal fluctuations for the land-based

industry, continuously improve our operations and

build a more efficient value chain for whitefish. This

includes connecting the raw materials, our processing

capabilities and our downstream network better.

Growth - Leveraging capacity and growing with quota

The segment has increased flexibility in species mix,

shifted capacity toward shrimp and other species

during low cod years, and continues to benefit from

strong global demand and high realised prices. With

volumes constrained by quotas, long‑term growth

depends on operational efficiency through efficient

catch methods and increased catch of other species

than cod. For LNWS, growth depends on increased

capacity utilisation and increased value creation for

non-core species. The segment is very well positioned

for growth when quotas start increasing again.

Cost - Disciplined operations across trawling and

processing

Cost discipline remains essential given volatile quotas

and the fixed‑cost nature of both trawling and

processing. Key cost drivers, crew, fuel, maintenance

and equipment, represent a stable share of catch

value. While LNWS has limited ability to adjust

capacity due to activity obligations. Recent years’

investments have addressed maintenance backlogs

and upgraded vessels and factories for higher‑value

species, enabling improved cost leverage when

volumes recover. Targeted efficiency measures across

both Havfisk and LNWS are expected to materially

improve cost competitiveness and profitability.

Simplify - Operating with clearer flow and utilisation

Havfisk and LNWS operate as one tightly linked

system governed by quotas, delivery obligations and

activity requirements. Simplifying how this system

functions, aligning catch patterns with factory needs,

improving throughput, optimising sourcing from both

trawlers and coastal fleets, and ensuring better

species planning, remains a strategic priority. A more

coordinated operational model reduces seasonality

challenges, increases utilisation at processing plants,

and strengthens the segment’s contribution to our

integrated value chain.

Leadership - Driving improvements through Lerøy Way

Leadership and systematic improvement efforts have

already delivered measurable results, particularly in

LNWS, which today has some of the highest Lerøy

Way scores in the Group and has earned several Lean

awards. The segment has demonstrated significant

efficiency gains during periods of higher quotas, such

as in 2021, showing how strong operational

management translates directly into improved

earnings. Continued focus on safety (targeting zero

lost‑time injuries), culture, fact‑based decision‑making

and cross‑segment collaboration will be critical to

realising the full performance potential of the Wild

Catch value chain.

¹Measurement according to the SBT target methodology

LERØY SEAFOOD GROUP Annual report 2025

The Board’s report > Management


				23

Results – Group

Lerøy Seafood Group currently has a fully vertically integrated

value chain within both redfish and whitefish.

Lerøy is one of the leading Norwegian seafood

companies and therefore one of the world’s leading

seafood corporations. The Group has a clear ambition

to further develop this position in the years to come.

Key development at Group level

In 2025 Group revenue continued to grow at 10% y-o-y

reaching a revenue of NOK 34.4 billion. The Group’s

operational EBIT of NOK 2 502 million was lower than in

2024 with lower salmon and trout prices in the Farming

segment as the key driver.

Key characteristics of 2025 includes a continued

significant improvement in biological performance in

the Farming segments, helped by recent five years

clear and targeted improvement initiatives through

the farming value chain. While these improvements are

positive in the long term, they have led to higher supply

growth and a significantly lower realised price.

The VAPS&D segment saw some tailwind from this

lower than expected salmon and trout prices, but

underlying development in 2025 was very strong, as

Operational EBIT exceeded the long-term target of

NOK 1.25 billion that was set in 2021 for 2025. The Wild

Catch segment saw another year of quota reductions,

but improved operational performance in the land

based industry and higher whitefish prices gave a y-o-y

lift in profitability. Profitability in the different segments

and key developments are further commented below.

EBIT according to IFRS standard in 2025 was NOK 1 059

million, compared to NOK 2 964 million in 2024. The

biggest adjustment items in the operational EBIT are

related to fair value adjustment of the biomass and

the Norwegian production tax on the salmon and trout

aquaculture sector, and the bridge to operational EBIT

may be seen in note on alternative performance

measures (note G1.2). The Group reported an EPS

before value adjustment of NOK 2.12, which is impacted

by the implementation of the resource tax in both 2023

and 2024, as further described in note on resource rent

tax and production fee (note G2.6).

The Group – and KPI’s

The Group compiles its financial reporting in accordance with the International

Financial Reporting Standards (IFRS® Accounting Standards) and CSRD (Corporate

Sustainability Reporting Directive).


	2025	2024	2023
Revenue (NOKbn)	34.4	31.1	30.9
Operational EBIT (NOKm)	2 502	2 960	3 335
EPS before FV adj.	2.12	4.19	0.19
ROCE before FV adj.	8.0%	11.3%	12.6%
Reduction in Scope 1, 2 and 3 GHG emissions compared to the 2019 baseline (%)	16	21	25 ¹
Share of units working with LWAY (%)	96.0%	88.0%	73.0%
Revision score LWAY (%)	41.5%	32.8%	21.7%
# documented improvement initiatives	344	302	185
H1 value/LTIFR	12.90	14.30	18.73
RUH/ man-year	2.40	2.30	1.64
Sickleave	5.5%	5.9%	6.0%
GPTW score	71%	70%	69%

LERØY SEAFOOD GROUP Annual report 2025

The Board’s report > Management


				24

Farming innovation

Our Farming segment, with fully

integrated value chains in North,

Central, and West Norway, represents

the pinnacle of aquaculture

innovation. Lerøy Aurora, Lerøy Midt,

and Lerøy Sjøtroll are not just

employment powerhouses along the

Norwegian coast; they are also centres

of sustainability and biological and

technological advancement in salmon

and trout production.

Associated companies represent a significant

value for the Group

An overview of associated companies may be seen in

note G3.4. The most important asset are the 50%

ownership in the UK-based aquaculture company

Scottish Sea Farms/Norskott Havbruk and Seistar.

Scottish Sea Farms (SSF) is a joint venture with SalMar

ASA and represents one of the largest farming

companies in the UK. 2024 was a year of improvement,

but second half 2025 proved challenging with gill

health related challenges leading to increased

mortality. This, together with a lower price realisation,

had significant impact on profitability. Harvest

volume in 2025 was 32.791 GWT, with an EBIT/kg of

NOK -3.9, a clear reduction from NOK 13.7/kg in 2024.

Significant improvements are expected in 2026, for

which expected harvest volume is 43.000 GWT.

Scottish Sea Farms has the potential to continue to

grow volumes beyond this in the years to come.

In total Seistar fleet has seven boats, and 2025 was

the first full operating year including the two new

vessels received in 2024. EBITDA grew from NOK 123

million in 2024 to NOK 189 million in 2025.

The total income from associated companies and

joint ventures fell from NOK 107 million in 2024 to NOK

-89 million in 2025, with the corresponding figure

before value adjustment decreasing from NOK 117

million in 2024 to NOK -70 million in 2025 with the

weakened performance in Scottish Sea Farms as the

key driver.

Balance, cash development and dividend

In 2025, the cash flow from operating activities

totalled NOK 4 121 million, compared with NOK 2 044

million in 2024. However, part of this effect is related

to periodisation effects on tax increasing in 2024 and

a reduction in 2025 by around NOK 570 million. Net

cash flow from investing activities for 2025 totalled

NOK -1 423 million, compared with NOK -1 638 million

in 2024. Please note that investments in right-of-use

assets are not included in the cash flow from investing

activities, as these investments do not generate any

initial cash impact. The total investments in own

assets, fixed assets leased from credit institutions and

intangible assets totalled NOK 1 828 million in 2025,

compared with NOK 2 062 million in 2024.

Net interest-bearing debt increased to NOK 8 022

million at the close of 2025, up from NOK 7 705 million

at year end 2024. Return on capital employed, before

value adjustments, was 8.0% in 2025 compared to

11.3% in 2024. The Group is financially sound, with a

book equity ratio of 49.0%.

In 2025, the Group paid dividends of NOK 1 498 million,

of which NOK 1 489 million were from the parent

company to the shareholders of Lerøy Seafood Group

ASA. This is in line with the level in 2024. The Group is

rated investment grade, with a BBB+ rating.

LERØY SEAFOOD GROUP Annual report 2025

The Board’s report > Management


				25

Processing excellence

Our involvement in every stage of

seafood production, from catch to

processing, enables us to guarantee

the utmost quality and safety of our

products. Our processing facilities,

sales and distribution activities,

spread across the globe, adhere to the

strictest standards, ensuring that

every seafood product from Lerøy is a

promise of excellence. We distribute

thousands of different seafood

products to supermarkets,

restaurants, canteens, and hotels in

more than 80 countries worldwide.

The Group’s statement of financial position totalled

NOK 40 712 million at 31 December 2025, compared

with NOK 42 831 million at 31 December 2024. Over the

past twenty years, the Group has based its growth on

several factors, including financial flexibility. The

Board of Directors is of the opinion that such financial

flexibility is important to enable the Group to

generate further profitable, organic growth, carry out

strategic acquisitions, establish alliances, and

continue the company’s dividend policy. This

satisfactory financial position supports the Group’s

ambition to be the leading Norwegian seafood

company and one of the world’s leading seafood

corporations in the future.

Result and allocations,

Lerøy Seafood Group ASA

The financial statements for the company and the

Group are submitted on the assumption that the

enterprise is a going concern. In 2025, Lerøy Seafood

Group ASA reported an annual profit after tax of NOK

1 924 million, compared with NOK -459 million in 2024.

The Board will propose the following allocation of the

2025 annual profit (NOK million):

• NOK 2.50 per share to be allocated as a dividend

payment, totalling NOK 1 489 million.

• To other equity NOK 435 million.

• Total allocations: NOK 1 924 million.

The Group’s parent company has a strong financial

position, with an equity ratio of 58.3%. The parent

company has access to satisfactory financing and

liquidity, conforming to the Group’s strategy and

operating plans. At year-end 2025, Lerøy Seafood

Group ASA had 236 FTE’s. The working environment is

considered good, and is measured through an annual

employee survey. Total sick leave was 2.9% in 2025.

There were no injuries or accidents in 2025.

The Board’s dividend recommendation reflects the

Group’s robust statement of financial position,

satisfactory financing and positive outlook.

Sustainability is imperative to the Group

Sustainability is imperative for the Group and further

commented on in different sections of this annual

report including the Sustainability statement.

Significant efforts have been put in place in recent

years in developing the Group’s employees as well as

securing a safe work environment. The Group is not

satisfied with the absolute levels of the H1 value and

sick leave, but it is positive that the H1 value improved

from 14.3 in 2024 to 12.9 in 2025, as well as sick leave

being reduced from 5.9% in 2024 to 5.5% in 2025. The

Group conducts an annual employee survey in

collaboration with Great Place to Work (GPTW), which

showed an improvement from 70% in 2024 to 71% in

2025. Regarding GHG emissions, the Group is

changing its operating model with key suppliers to

achieve long- term joint efforts to reduce the carbon

footprint of its value chain. Please see Sustainability

Statement section E1-3 for more details.

The Group puts significant efforts into implementing

its business system, the Lerøy Way. The number of

units working with these principles increased from

88.0% in 2024 to 96.0% in 2025. The Lerøy Way revision

score measures the degree that each unit is following

the principles. This increased from 33% in 2024 to 42%

in 2025. The highest scoring unit in this internal audit

currently is Lerøy Austevoll AS at 80%, and the Group

is proud that this unit once again in 2025 was voted

the best Lean business in Norway by “Lean

Brukernettverket”/Lean Practitioner Network. This

work is imperative for the Group’s objective of

creating the world’s most efficient and sustainable

value chain for seafood.

LERØY SEAFOOD GROUP Annual report 2025

The Board’s report > Management


				26

Results and KPI’s – Farming Norway

The Farming segment is divided into three regions:

North Norway, with Lerøy Aurora in Troms and

Finnmark; Central Norway, with Lerøy Midt in Nordmøre

and Trøndelag; and West Norway, with Lerøy Sjøtroll in

Vestland.

As highlighted in the strategy section, significant

efforts have been put in place in recent years to

improve fish health and operational efficiency. The

Group has made significant investments in initiatives

along the value chain for the production of salmon,

including investments in submerged production

technology. At end of 2025, more than one third of the

Group’s standing biomass was in cages with shielded

technology. While new technology always will take

time to optimise, and the full potential will be realised

in coming years, it is comforting to see that the efforts

made through the value chain has given significant

improvement in biology since 2024 and continuing in

2025.

In 2025 the production in sea increased from around

212 LWT in 2024 to 228 LWT, the highest in the Group’s

history, with substantial improvements in harvest

weights, survival rates, growth rates and growth speed.

The share of superior fish was improved, and harvest

volumes increased from around 171 000 GWT to 196

000 GWT.

Normally there is a very tight correlation between fish

health and financial results, but in 2025 improvements

in biological performance in the Norwegian industry

lead to a significant production increase and lower

salmon and trout prices.

Operational EBIT/kg for farming fell from NOK 13.2 in

2024 to NOK 6.7 in 2025, driven by lower realised prices.

Cost per harvested kilo was marginally down in 2025

compared to 2024, the first annual reduction for seven

years. It is the Group’s clear ambition, backed by clear

actions, that this trend will continue.

The average spot price as indicated by NSI/SSI fell from

NOK 82.5/kg in 2024 to NOK 74.6/kg in 2025. While

contracts had positive effects, timing effects made the

Group’s average price achieved fell more or less in line

with spot price.


	2025	2024	2023
Operational EBIT (NOKm)	1 302 696	2 257 833	2 607 351
Operational EBIT/kg - farming	6.7	13.2	16.3
Harvest volume (GWT)	195 555	171 228	159 620
Net production (LWT)	228.4	212.1	186.2
Average harvest weight (GW,kg)	4.31	4.15	3.88
Biological feed conversion ratio	1.20	1.17	1.19
Growth speed (iTTT)	110	102	96
# documented improvement initiatives	128	100	50
Escapes salmon (# fish)	14 984	13 478	19
Escapes trout (# fish)	2	254	15
Survival in sea (GSI)	93.7	94.5	91.5
Survival on land (GSI)	93.8	93.1	91.3
Number of treatments (sea lice)	1 956	1 463	1 772
Antibiotics used (kg active substance)	0	219	0

LERØY SEAFOOD GROUP Annual report 2025

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Lerøy Aurora – Record harvest volume

Lerøy Aurora harvested 54 680 GWT in 2025 compared

to 44 070 GWT in 2024, following a year of record

production with continued positive development in key

operational KPI’s. Harvest profile in fourth quarter and

also distribution of harvest volume between 2025 and

2026 is impacted by an ISA outbreak in October and

impacted price realisation. Cost per harvested kilo fell

in 2025, but with a bigger reduction in realised price,

operational EBIT/kg fell from NOK 18.2 in 2024 to NOK

10.7 in 2025.

For 2026 the expected harvest volume is 49 000 GWT.

Lerøy Midt – Continued growth

Lerøy Midt harvested 70 787 GWT in 2025 compared to

68 944 GWT in 2024. Biomass production in first half of

2025 was at record level, but the warm seawater

temperatures over the summer impacted production

negatively through higher sealice pressure and left

harvest volumes only somewhat higher than 2024.

Following higher sealice pressure the cost per

harvested kilo increased in 2025, and with a lower price

realisation had a negative impact on margins.

Operational EBIT/kg fell from NOK 19.0 in 2024 to NOK

7.1 in 2025.

For 2026 the expected harvest volume is 73 000 GWT.

Lerøy Sjøtroll – Substantial improvements

Lerøy Sjøtroll harvested 70 087 GWT in 2025 compared

to 58 214 GWT in 2024. The significant positive

biological development seen in 2024 has continued in

2025 resulting in a large significant increase in harvest

volume and reduction in cost. Despite significantly

lower achieved price the operational EBIT/kg increased

from NOK 2.7 in 2024 to NOK 3.1 in 2025.

For 2026 the expected harvest volume is 73 000 GWT.

LERØY SEAFOOD GROUP Annual report 2025

The Board’s report > Management


				28

Results and KPI’s – Value Added

Processing, Sales & Distribution

(VAPS&D) segment – Record

development


	2025	2024	2023
Revenue (NOKm)	32 945	29 711	28 991
Operational EBIT (NOKm)	1 290	888	643
Operational EBIT margin	3.9%	3.0%	2.2%
# documented improvement initiatives	126	119	65
Number of product recalls	6	7	0

Through its fully integrated, cost-effective value chain

for salmon, trout, whitefish and shellfish, Lerøy

Seafood Group supplies products that match

consumers’ preferences. Proximity to key markets and

knowledge of the individual customer’s needs are

therefore essential for the Group to boost demand for

its main products. Lerøy distributes a wide range of

seafood products from Norway to more than 80

different markets during a calendar year. In addition,

the Group has operations that process and distribute

a number of market-specific seafood products in their

respective local markets. Lerøy Seafood Group aims

to further develop its value chain to satisfy and

increase the consumers’ total demand for seafood.

Within the VAPS&D segment Lerøy has operations in

eighteen end markets, and is working together with

key customers to develop the world’s most efficient

and sustainable value chain for seafood. Significant

efforts are made to improve the profitability of this

downstream segment. It is positive to see that the

number of registered implemented improvement

initiatives are rapidly increasing, that efforts at

reducing operating cost are working and that both

revenues and profitability are increasing, as a result.

Following a highly structured approach to increase

profitability, the operational EBIT in 2025 increased to

NOK 1 290 million from NOK 888 million in 2024. The

operational EBIT margin also grew from 3.0% to 3.9%, a

substantial increase. While earnings in the different

units varies significantly, the variation is substantially

reduced in 2025 and a higher consistency in

performance is a key driver for the substantial

improvement seen in 2025.

Results and KPI’s – The Wild Catch

segment – low quotas is a challenge


	2025	2024	2023
Revenue (NOKm)	3 208	2 626	3 245
Operational EBIT (NOKm)	270	130	278
Operational EBIT/kg	4.7	2.0	3.7
Catch volume (HOG)	57 675	64 991	75 893
# documented improvement initiatives	70	68	56

The Group’s Wild Catch operations are handled by the

wholly owned subsidiary Lerøy Havfisk. Lerøy Havfisk

has licences to fish just under 8% of the total

Norwegian cod quotas in the northern zone,

corresponding to around 30% of the total quota

allocated to the trawler fleet. Lerøy Havfisk also owns

several processing plants, which are leased out to its

sister company Lerøy Norway Seafoods (LNWS) on

long-term contracts. Lerøy Havfisk owns trawler

licences with an operational obligation linked to

some of Lerøy Norway Seafoods’ plants.

In 2025, Lerøy Havfisk had a catch volume of 57 675

tonnes, a substantial decrease compared to 2024. This

reflects the significant year-on-year reduction in cod

and haddock quotas, which were reduced by 32% and

2% respectively. The significant decrease in quotas is

operationally challenging, but was more than offset

by prices increased for whitefish species. While such

higher prices are positive for the trawling fleet, they

represent a challenge for the land based industry.

For several years, processing whitefish in Norway has

been extremely challenging. Onshore processing

facilities made another loss in 2025, but given the

market dynamics the performance in 2025 reflects the

continued signs of improvement in operational KPIs

such as yield.

The lower cod quota is a challenge, but the Group’s

focus on improving the competitiveness of the

whitefish industry is a long-term project and

continues with undiminished force. In challenging

market dynamics it is positive to see that the segment

generated an operating profit of NOK 270 million in

2025, a significant improvement from NOK 130 million

in 2024.

LERØY SEAFOOD GROUP Annual report 2025

The Board’s report > Management


				29

Structural conditions

The Group aims to generate lasting value through its

activities. For this reason, stringent requirements are

imposed on risk management and the ability to plan

for the long term in the development of sustainable

strategic business processes.

Through organic growth and a series of acquisitions

carried out since the stock exchange listing on 3 June

2002, the Group is now one of the world’s largest

producers of Atlantic salmon and trout, and a major

global supplier of whitefish. In recent years, the Group

has also developed and consolidated its position in

the distribution of seafood in Norway and other major

international markets. The Group plays an active role

with an increasingly global reach to create the

world’s most efficient and sustainable value chain for

seafood. Dialogue with various authorities based on

trust, collaboration with suppliers and strategic

customers, and a focus on efficiency and climate

emissions in our value chain allow us to create

solutions that are sustainable, cost-efficient and

innovative for our end customers.

Lerøy Seafood Group invests in the Norwegian

whitefish sector from a long term, industrial

perspective. The industrial facilities are reliant on raw

materials both from the Group’s own trawlers and

from suppliers in the coastal fleet. The symbiosis

between the onshore industry and the coastal fleet is

strong and represents a high level of mutual

dependency. Appropriate and predictable regulatory

frameworks are absolutely decisive to allow us to

successfully play our part as a responsible industrial

organisation. The whitefish sector is subject to

seasonal fluctuations and is highly capital intensive.

We firmly believe that we will only be able to build a

sustainable industry and create attractive full year

jobs if we have appropriate and predictable

regulatory frameworks, investment capacity, product

development and access to the global markets.

In recent years, the Group has made major

investments in facilities for smolt production to ensure

the Group’s global competitiveness in a long-term

perspective. These investments demonstrate not only

the capital requirements, but also the level of

knowledge required in advanced food production. To

succeed, the Group needs a competent organisation,

capital, market access and globally competitive

regulatory conditions.

The Board of Directors believes that the Group’s many

years of investing in vertical integration, building

alliances, developing high quality products and new

markets, quality assuring its value chain and building

its brand will help it continue to create value going

forward. The Group will continue working to deliver

sustainable value creation via strategic business

development, operational efficiency improvements,

management training and ongoing employee

development. This work will generate growth and

based on customer preferences, ensure continuity of

supply, quality and cost efficiency, with scope for

increased profitability. Improving operational

efficiency in all stages of the value chain is an

ongoing process aimed at further strengthening the

Group’s financial and environmental competitiveness

both nationally and internationally.

The Group’s financial position is very strong, and it is

important for the Board that the Group, through its

operations, retains the confidence of stakeholders in

the various capital markets. Lerøy is committed to

retaining its investment grade credit rating.

Lerøy Seafood Group will continue to selectively

consider opportunities for investments, business

combinations and alliances that could strengthen the

basis for further profitable growth and a sustainable

value creation. This includes investment opportunities

both upstream and downstream. This requires the

Group to continuously develop and improve its

performance in all segments throughout the value

chain.

Risk management

Good risk management is of decisive importance if

the Group is to successfully achieve its vision of being

the leading and most profitable global supplier of

sustainable, high quality seafood. Our ability to

understand risk is crucial, both preventively and to

ensure that we are in a position to create new

opportunities and innovative solutions. As highlighted

across this annual report, risk management, including

double materiality analysis, is an integral part of our

corporate governance, and is performed at various

levels in the Group and described in this report,

including the notes to the financial statement and the

ESRS reporting.

Key risk factors for the Group includes biological risk,

market risk, food safety, HSE, credit risk, risk related to

change in price of input factors and political risk

related to changes in framework conditions.

Additional information

For more information about the Group’s annual

disclosures please see the ESRS section of this report,

and the Group’s sustainability library for information

about external environment and climate. Please see

information about health, safety, work environment,

remuneration and social responsibility in the Group’s

Equality, non-discrimination and gender pay report

and the Remuneration report on the Group’s web

pages.

For more information about corporate governance

see the Corporate Governance section of this report.

The Transparency act report for 2024 is available on

the Group’s website, and the Transparency act report

for 2025 will be available on the Group’s website

before end of June 2026.

Insurance policies have been taken out for the

members of the Board of Directors and senior

executives to cover their personal liability for

compensation for economic loss in connection with

exercising their duties (Directors’ and management

LERØY SEAFOOD GROUP Annual report 2025

The Board’s report > Management


				30

liability). These insurance policies have been

subscribed at market terms with a highly rated

international insurance company.

Investigations by

competition authorities

The European Commission (the ”Commission”)

initiated, on 19 February 2019, 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. 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. Lerøy Seafood Group is

one of the companies that has received the SO.

Lerøy Seafood Group strongly rejects the

Commission’s allegations. The SO is not a final

decision and has been issued in accordance with the

Commission’s ordinary procedures for such an

investigation. The SO includes the Commission’s

preliminary assessments only. The company has

thoroughly refuted the allegations in its comments

submitted to the Commission. The company has

cooperated with the Commission throughout the

Commission’s investigation, and will continue to work

constructively with the Commission. It is standard

practice that these investigations last several years. It

is 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 wake of the Commission's investigation, a group

of British supermarket chains in February 2024 issued

claims for damages in the UK against several

Norwegian-owned aquaculture companies, including

companies in the Lerøy Seafood Group. In February

2025, another British supermarket chain issued claims

for damages in the UK. 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, this type of claims are first and

foremost relevant if the Commission adopts a

decision in its ongoing investigation and the decision

is upheld.

Market and outlook

Lerøy Seafood Group works to develop the world’s

most efficient and sustainable seafood value chain —

one that delivers not only cost-efficient solutions, but

also food safety, quality, availability, a high level of

service, traceability, and competitive climate and

environmental solutions.

2025 marks the conclusion of a strategic period in

which key objectives have been achieved. The Board

is pleased to note the substantial improvement in

biological production within Farming, as well as the

VAPS&D segment surpassing its highly ambitious

target for operational EBIT. These results demonstrate

the effectiveness of structured KPI management,

continuous improvement, and that the

implementation of the Lerøy Way in driving

performance.

While these achievements are encouraging, it is also

clear that the Group’s current cost base remains too

high, and further efforts are required to enhance cost

efficiency. At the Capital Markets Day in March 2026,

the Group announced new strategic goals,

emphasizing a more disciplined approach to cost

management and capital allocation.

Looking ahead, the Group will continue to pursue

growth, but with a sharper focus on cost control and

optimal use of capital. The ambition is to increase

revenue to NOK 50 billion by 2030, supported by

ongoing operational improvements in Farming—

targeting a harvest volume of 220 000 GWT in 2030—

and continued expansion, including third-party

sourced volumes, in the VAPS&D segment. The Group

has set an ambitious target of achieving NOK 2 billion

in Operational EBIT in the VAPS&D segment by 2030.

This growth is to be realized in parallel with

significant cost reductions. Through targeted

initiatives to be executed in 2026, the Group aims to

reduce its cost base by NOK 1 billion, assuming all

other factors remain unchanged. It is important to

note, however, that the impact of these cost-cutting

measures—particularly within Farming—will not be

reflected in the profit and loss statement until late

2026 and into 2027.

Lerøy has made substantial investments in new

technology for the sea-based production phase.

Shielding technology, including submersible and semi-

closed cages, is now in use at Lerøy Sjøtroll and Lerøy

Midt, while Lerøy Aurora and Lerøy Midt are utilizing

laser technology. These innovations have already

resulted in a reduction in the number of sea lice

treatments compared to traditional open-pen

farming. The experience gained so far gives the

company confidence that these technologies will

deliver significant improvements in biological

performance. However, there is still room for further

optimization, particularly regarding feed conversion

efficiency in submersible pens.

As previously mentioned, cod quotas have been

drastically reduced in recent years, resulting in a

temporarily and significantly weakened operating

basis for the Group’s whitefish activities. Against this

backdrop, the positive development seen in 2025 is

encouraging. For 2026, further quota reductions are

expected: cod -16%, saithe north -19%, saithe south

-27%, while the haddock quota is anticipated to

increase by 18%.

LERØY SEAFOOD GROUP Annual report 2025

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Quota levels have always been subject to variation,

and the Group therefore continues to prioritize

improvements in operational efficiency both at sea

and in onshore processing. The quotas for 2026 are

close to historic lows, but according to the Institute of

Marine Research, the cod quota is expected to

bottom out in 2026.

Like most forms of food production and many other

economic activities, Norwegian aquaculture has room

for improvement. However, it is important to

recognise that its starting point is already strong, not

least in relation to the UN Sustainable Development

Goals. It is no coincidence that several major

Norwegian aquaculture companies, including Lerøy,

rank highly with independent international ESG rating

agencies. The industry can play an important role in

the global green transition by delivering substantial

food production while supporting jobs and

communities along Norway’s coastline. Realising this

potential requires policymakers to understand the

industry, its opportunities and its challenges. Lerøy’s

Board of Directors and employees hope to see

accountable policymaking and framework conditions

that enable the industry to continue to develop.

On 10 April 2025, the Norwegian government

presented its Havbruksmelding (Aquaculture White

Paper). After several years of considerable political

uncertainty, Lerøy hopes for an open and inclusive

process in which the industry’s voice is heard in

shaping the future of this vital coastal sector. Lerøy

would again stress the importance of ensuring that

competitive and stable framework conditions are

developed on the basis of knowledge and facts. Food

production is not only important, but also highly

demanding. It is therefore crucial that national

leaders, public authorities, research institutes and

seafood companies work together to strengthen the

seafood industry’s environmental and financial

competitiveness, which is already strong from a

global perspective.

At a time of growing geopolitical uncertainty, stable,

sustainable and safe food supplies are more

important than ever. Norwegian seafood is one of the

country’s most important export products and plays a

vital role in meeting global demand for healthy and

nutritious food. The industry’s ability to deliver large

volumes of high-quality products year-round to a

broad range of markets makes it a key contributor to

both national and international food security.

Throughout 2024 and 2025, demand for seafood in

certain market segments was negatively affected by

broader economic developments, while other markets

remained strong. Overall demand for seafood

remains solid. The Group’s products are healthy,

attractive and produced in a sustainable manner

from an economic, social and environmental

perspective.

In early 2026, the situation in the Middle East affected

both energy prices and trade routes to key markets in

Asia. This increase fuel and logistical costs and

represented an operational challenge. Thanks to its

long history in the global seafood industry, Lerøy has

developed extensive organisational experience in

managing such issues. With its experience, culture,

and employees, the company is well positioned to

address the situation.

The Board of Directors and Group management

would also like to thank all Group employees for their

invaluable contribution during 2025 and so far in 2026.

The employees are the company’s most important

resource, and their commitment, problem solving

abilities and hard work are essential to Lerøy’s

continued development and success.

² RC = Renumeration comitee. AC = Audit Comittee, EE = Employee elect

³ Independent according to NUES

LERØY SEAFOOD GROUP Annual report 2025

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The Board of

Lerøy Seafood Group


Name	Position ²	Board meetings	Committee meetings	Independent ³
Arne Møgster	COB, RC	11/11		No
Didrik Munch	AC	10/11	11/11	Yes
Britt K. Drivenes	AC	11/11	11/11	No
Karoline Møgster	AC	11/11	11/11	No
Are Dragesund	RC	11/11		Yes
Linda K. Pedersen		11/11		Yes
Bjarne Kristiansen	EE	11/11
Silje E. Butt	EE	11/11
Tor I. Ingebrigtsen	EE	11/11

Chair of the Board

Arne Møgster (1975)

was elected to the Board at the Annual General Meeting

on 26 May 2009. He holds a Master of Science (MSc) in

International Shipping and a Bachelor’s degree in Business

and Administration.

Arne Møgster is the CEO of Austevoll Seafoood AS, and

serves on the boards of several companies in the Austevoll

Seafood Group. Prior to joining Austevoll Seafood ASA in

2006, Arne gained extensive experience working within

fishing, shipbuilding and the offshore supply market. He

was the Managing Director of Norskan AS for three years,

with one year based in Brazil.

Through more than a decade of working both as a CEO

and a board member for listed companies, Arne has

acquired extensive knowledge of a broad range of

subjects, including ESG.

Austevoll Seafood is the majority owner of Lerøy Seafood

Group. The majority shareholder of Austevoll Seafood is

Laco AS. Arne Møgster is a shareholder in Laco AS, and

indirectly holds shares in Lerøy Seafood Group ASA.

Board member

Britt Kathrine Drivenes (1963)

was elected to the Board at the Annual General Meeting

on 20 May 2008. She holds a Bachelor of Management and

a Master of Management Programme in Internal audit,

Risk Management and Corporate Governance from the

Norwegian School of Management (BI) and a Master of

Strategy and Management from the Norwegian School of

Economics (NHH). She is CFO of Austevoll Seafood ASA and

also serves on the boards of several companies in the

Austevoll Seafood Group. She has also been part of the

Board in Norwegian Seafood Research Fund, FHF – since

2019. FHF’s goal is to create added value to the Seafood

industry through industrybased research and

development.

Britt Kathrine Drivenes has extensive experience from the

fishing industry as well as financing, accounting and ESG.

She is the board's designated resource related to ESG, and

has completed The Acadamy for Sustainability Reporting,

by The Norwegian Institute of Public Accountants. She has

previously served as as board member in an IT company,

and has knowledge within IT and cybersecurity. She owns

shares indirectly in Lerøy Seafood Group ASA as a

shareholder in Austevoll Seafood ASA.

LERØY SEAFOOD GROUP Annual report 2025

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Board member

Didrik Munch (1956)

was elected to the Board at the Annual General Meeting

on 23 May 2012. He has a law degree from the University

of Bergen. Didrik qualified as a police officer at the

Norwegian Police College in Oslo and held a number of

positions within the Norwegian police force (1977–1986).

From 1986 to 1997, he worked in finance, primarily in the

DnB bank system, where he eventually joined corporate

management as Director for the DnB Corporate

Customer division. From 1997 to 2008, Didrik was CEO of

Bergens Tidende AS. He was CEO of Schibsted Norge AS

(formerly Media Norge AS) from 2008 to 2018 and is

currently self-employed. Didrik Munch has served and

serve on the boards of a number of companies, both as

chair and an ordinary member.

Didrik Munch currently chairs the Audit Committee of

Lerøy Seafood Group ASA. He also has comprehensive

knowledge within the field of ESG through his extensive

experience from the managements and boards of some

of Norway’s largest companies.

Didrik Munch is an independent director. As of 31

December 2025, he owned no shares in the company.

Board member

Karoline Møgster (1980)

was elected to the Board at the annual general meeting

on 23 May 2017. She has a law degree from the University

of Bergen (Candidata juris). She also has a Master of

Science in Accounting and Auditing (MRR) from the

Norwegian School of Economics (NHH). She has

previously worked as a lawyer with Advokatfirmaet

Thommessen AS and is now employed as a lawyer in

Møgster Management AS in the Laco Group.

Karoline has extensive experience within Corporate

Governance and corporate law as well as accounting

and financing. She has also completed The Academy for

Sustainability Reporting, by The Norwegian Institute of

Public Accountants.

Karoline serves on the Board of Laco AS and has board

experience from other listed companies. Laco AS is the

ultimate parent company of Lerøy Seafood Group. She is

also a board member in Fiskebåt Sør.

Karoline Møgster indirectly owns shares in Lerøy Seafood

Group ASA as a shareholder of Laco AS.

Board member

Linda Kidøy Pedersen (1971)

was elected to the Board of directors on May 28th, 2024.

She holds a Cand. Scient degree in organic chemistry

(1996) from the University of Bergen.

Linda has experience in areas such as nutrition and

microbiology, as well as management in quality and

laboratory work. Currently, Linda is the bakery plant

manager at Goman dept. Vest AS and has extensive

experience in the production of consumer goods,

emergency management, and food safety.

Linda Kidøy Pedersen is an independent director. As of 31

December 2025, she owned no shares in the company.

Board member

Bjarne Kristiansen (1955)

was elected to the Biard as an employee representative

in 2024. Bjarne is the group union representative at Lerøy

Norway Seafood.

He has been a union representative since 1990 and has

been a full-time group union representative since 1996.

Bjarne has served as an employee representative on the

Board of Lerøy Norway Seafood continuously since 1997.

He has worked in the fishing industry since 1973.

As of 31 December 2025, Bjarne Kristiansen owned no

shares in the company.

LERØY SEAFOOD GROUP Annual report 2025

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Board member

Are Dragesund (1975)

was elected to the Board in 2023. Are is an investment

professional and co-head of Ferd Capital at Ferd AS, one of

Norway’s largest family-owned investment companies.

Prior to joining Ferd in 2015, Are worked at The Norwegian

Ministry of Finance, Cardo Partners and The Boston

Consulting Group. He is a Norwegian national and

graduated from the Norwegian School of Economics (NHH)

in 2000. From his career as management consultant and

investment professional, Are has extensive experience from

the consumer goods and maritime industries. His core

competencies are within strategy, finance, M&A and

capital markets.

As a former board member of IT security specialist firm

Mnemonic AS, Are has a good command of IT security. In

addition to Lerøy Seafood Group ASA, Are currently serves

on the Boards of Nilfisk A/S, Mestergruppen AS and Brav

AS. He has previously served on the Board of Norkart AS.

Are Dragesund is an independent director. As of 31

December 2025, he owned no shares in the company.

Board member

Silje Elin Butt (1984)

was elected to the Board as an employee representative in

2024. Silje holds a Bachelor's degree from BI Norwegian

Business School and began her career as a trainee at

Hallvard Lerøy in 2007. In recent years, she has

supplemented her education with relevant courses at BI

and internally at Lerøy, including the "Leader in Lerøy"

program. After 16 years of selling seafood to the European

market, Silje is currently the team leader for the Internal

Sourcing team at Lerøy Seafood

As of 31 December 2025, Silje Elin Butt owned no shares in

the company.

Board member

Tor Ivar Ingebrigtsen (1974)

was elected to the Board as an employee representative in

2024. He has been employed at Lerøy Aurora since 2007,

where he has worked as an aquaculture technician and

later as a site team leader. Ingebrigtsen holds a vocational

certificate in aquaculture and is the group union

representative for LSG Farming.

Additionally, he represents LSG Farming in the wage and

industry council. Tor Ivar Ingebrigtsen is also a board

member of both Lerøy Aurora and the Norwegian United

Federation of Trade Unions (Fellesforbundet) department

74.

As of 31 December 2025, Tor Ivar Ingebrigtsen owned 160

shares in the company.

LERØY SEAFOOD GROUP Annual report 2025

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Capital structure and dividend policy

The Group’s capital structure and dividend policy are described in

the chapter Corporate Governance.

Dividends

At the Group’s annual general meeting 27 May 2026, the Board will

propose a dividend of NOK 2.50 per share for 2025. Earnings per

share was NOK 2.12, excluding fair value adjustment of biomass. The

dividend for 2024, paid out in 2025, was NOK 2.50 per share.

Buyback of shares

The Board has a mandate to buy-back the company’s own shares. No

buybacks were carried out in 2025.

At 31 December 2025, Lerøy Seafood Group ASA had 21 918

shareholders, compared with 23 095 at 31 December 2024.

The Group had 595 773 680 shares outstanding at 31 December 2025.

All shares carry the same rights in the company. Austevoll Seafood

ASA is the company’s largest shareholder and owns 313 942 810

shares. This corresponds to a shareholding of 52.7%. The company’s 20

largest shareholders owned 77.1% of the shares in the company at 31

December 2025. Lerøy Seafood Group ASA owns a total of 297 760

(0.05%) treasury shares.

The price of Lerøy Seafood Group ASA’s shares fluctuated between

NOK 44.8 and NOK 52.4 in 2025. The price started the year at NOK 49.2

and ended it at NOK 50.8.


Financial calendar
Q1/26 report	12 May
Annual General Meeting	27 May
Exdividend	28 May
Record date	30 May
Q2/26 report	19 August
Q3/26 report	10 November

Number of shareholders

Lerøy Seafood Group vs Oslo Seafood index and OSEBX in 2025

(Figures in %)

LERØY SEAFOOD GROUP Annual report 2025

The Board’s report > Management


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Corporate governance report

In this chapter, the Board of Directors of Lerøy Seafood Group ASA (Lerøy

Seafood Group) will provide a description of its corporate governance, cf.

the Norwegian Accounting Act Section 2–9 and section 4.4 of the Oslo

Stock Exchange’s Oslo Rule Book II - Issuer Rules. The Board of Directors is

of the opinion that clear and effective corporate governance is decisive

in sustaining and strengthening confidence in the company and

contributing to optimal value creation, over time, in a sustainable

manner.

Below, Lerøy Seafood Group ASA and its subsidiaries

are referred to as the Group.

Lerøy Seafood Group’s corporate governance is based

on the Norwegian Code of Practice for Corporate

Governance (NUES), last revised on 28 August 2025; see

also www.nues.no. NUES is based on Norwegian

legislation governing public limited liability companies,

accounting, and securities trading, as well as issuer

rules for the Oslo Stock Exchange. NUES provides

recommendations on corporate governance, which

partly elaborates on existing regulation and partly

covers areas not addressed by legislation.

The Board reviews compliance with NUES based on a

"comply or explain" principle in line with the Code's

recommendation. Any deviations from the Code will

be accounted for and explained.

The below description follows the same structure as

the NUES Code, and all items in the Code are

included.

1. Corporate governance report

The Board of Directors of Lerøy Seafood Group

prioritizes effective corporate governance, with a

clear division of responsibilities between

shareholders, the Board of Directors, and company

Group management. The goal for Lerøy Seafood

Group is for all parts of the Group’s value chain to

operate and achieve growth and development

according to the Group’s strategy for long term and

sustainable value creation for shareholders,

employees, customers, suppliers, and society at large.

The Group’s core values

Lerøy Seafood Group’s core values – honest, open,

responsible and creative are based on the Group’s

vision to be the world’s leading and most profitable

global supplier of sustainable quality seafood. The

Group’s core activities comprise a vertically

integrated value chain for production of salmon and

trout; catches of whitefish; processing, purchasing,

sales, and marketing and distribution of seafood;

product development, and the development of

strategic markets. The Group emphasises quality and

sustainability in all parts of its value chain.

2. Business

According to Lerøy Seafood Group’s Articles of

Association, the company’s purpose is as follows:

fisheries, fish farming, processing, sales, and

distribution within the seafood industry and related

industries and operations. Such activities may be

performed either directly or via participation in other

companies with similar or equivalent objectives, and

all activities related thereto. The parent company’s

Articles of Association reflect the totality of the

Group’s value chain and core activities. The Group’s

goals and main strategies are set out in the Group’s

annual report (go to https://www.leroyseafood.com/

en/ investor/reportsandwebcast/annualreports/) and

can be summarized as follows:

The Group’s goal is to create the world’s most

efficient and sustainable value chain for seafood.

The Board of Directors has a clearly defined goal for

the company to create value for its shareholders,

employees, and other stakeholders in a sustainable

manner. In this regard, the Board will consider

economic, social, and environmental factors. Both

short and long-term goals are established together

with the corporate Group management, in addition

to strategies that reflect the company’s risk profile.

These long and short term goals is interconnected

with strategy and goals through segments and

subsidiaries and closely followed-up.

Double Materiality assessment

The Group has historically conducted materiality

assessments in accordance with the requirements in

the Global Reporting Initiative (GRI). In 2024 and 2025,

the Group carried out a double materiality

assessment according to CSRD. The purpose of the

assessment was to identify significant conditions

where Lerøy has an actual or potential (significant)

impact on people, or the environment, or whether the

environment has or may have a financial impact on

the Group or whether it may provide the Group with

new opportunities.

Lerøy may be impacted by such factors. This includes

both an impact directly caused by Lerøy and the

LERØY SEAFOOD GROUP Annual report 2025

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impact that we have, or may have, throughout our

entire value chain. The Group is for 2025 and from 2024

reporting according to CSRD and further information

on Environmental, Social and Governance may be

found in Sustainability Statement.

Code of conduct and guidelines for corporate

social responsibility at Lerøy Seafood Group

The Group is aware of its responsibility regarding

ethical conduct, society at large, and the environment.

In addition to its common values, Lerøy Seafood Group

has prepared a Code of Conduct that aims to establish

common principles and regulations for all employees

within Lerøy Seafood Group, its subsidiaries, and its

partners. The Code of Conduct reflects the Group’s

values and helps its employees and partners choose

the correct principles to apply with regard to human

rights, business conduct, impartiality, conflicts of

interest, political activity, entertaining customers,

processing information, confidentiality, relationships

with colleagues, business partners, corruption,

whistleblowing, bribes, etc. Each employee is

individually responsible for adhering to the Code of

Conduct. The Group has prepared an ethics test for

employees, to help them make the right decisions.

Each year, the Board of Directors shall revise the

guidelines for employees’ rights as related to diversity,

working conditions, and working environment. For

more information, see Sustainability Statement

ESRS S1.

In the first quarter of 2025 the Group carried out due

diligence assessments internally and externally, with

a special focus on respect for fundamental human

rights and decent working conditions, as part of the

Transparency Act. The results are published on the

Group`s website.

The Group has developed a web page for suppliers,

on the Group’s global website. On this page, old and

new suppliers can find information about what

expectations the Group has of its suppliers. The Group

has developed a new Lerøy Supplier Code of Conduct

and a Lerøy Supplier Declaration Form that can be

found on this supplier webpage. These documents

clarify the Group’s supplier requirements and will

ensure further supplier development, in a sustainable

direction. In the documents, special emphasis is

placed on promoting the Group’s respect for human

rights and decent working conditions, as well as

measures taken by the Group against corruption and

money laundering.

To request information pertaining to the

Transparency Act, the general public can contact the

Group through a contact form on the Group’s

webpages at www.leroyseafood.com.

Lerøy Seafood Group has a general rule that the

Group, along with all its business partners, shall

comply with legislation governing the Group’s

respective locations, and with the Company’s own

quality systems and procedures. The Group has a

principal rule that the strictest requirements shall be

met. The Group management is responsible for

ensuring compliance with regulations. All employees

shall have orderly working conditions, comprising a

personal written employment contract, the correct

salary, sufficient training, follow-up throughout

employment, and the right to organise. The Company

focuses on equal rights for all genders and has in

recent years witnessed an increase in the number of

female employees. More details regarding the

Group’s work towards equality, non-discrimination

and gender pay to meet reporting obligations (Nw.

Aktivitets og redegjørelsesplikten, ARP) are included

in the Group`s Equality, Non- discrimination and

Gender Pay report (ARP) in the Group’s webpages at

www.leroyseafood.com.

Guidelines support the Group’s goal, which is to

contribute positively and constructively to human

rights, labour rights, and environmental protection,

and prevent child labour, both within the Group, in

relation to suppliers and subcontractors, and in

relation to other trading partners. The Company’s

Code of Conduct is incorporated into agreements

with the Group’s suppliers and subcontractors.

The Group has established a system for anonymous

whistleblowing via a third party company, for

employees who wish to report censurable conditions.

In the event of nonconformities, measures shall be

implemented to improve the situation. A

whistleblowing committee has been established,

covering the entire Group. The committee processes

cases and implements necessary measures. The

Group has also facilitated external whistleblowing

via the Group’s website, where the whistleblower may

choose to be anonymous.

As part of the Group’s CSRD reporting, the annual

report contains a list of focus areas, key performance

indicators, and goals related to environmental, social,

and economic sustainability. We have developed a

sustainability library to describe how the Group works

towards social and environmental sustainability. This

library includes key policies for the group and is

available on the Group’s website, leroyseafood.com.

3. Equity and dividends

Dividend policy

The Board of Directors emphasizes the importance of

Lerøy Seafood Group having a clear and predictable

dividend policy adapted to the company’s goals,

strategy, and risk profile. Dividends should be

distributed in accordance with the company’s

financial strength, growth, and profit performance.

Lerøy Seafood Group‘s aim is to provide its

shareholders with competitive returns on invested

capital. Lerøy’s dividend policy is based on the

company at all times having a solid balance sheet,

reflecting the outlook for the industry and the

company’s ability to handle both future liabilities and

opportunities. The ambition is for our annual

dividends to be stable or increasing in line with long

term underlying earnings.

LERØY SEAFOOD GROUP Annual report 2025

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Dividend payment for 2025

The Board of Directors has recommended a dividend

of NOK 2.5 per share for the 2025 financial year. This

recommendation reflects the Group’s solid financial

position and positive outlook, and will be submitted for

adoption at the company’s annual general meeting in

May 2026. A dividend of NOK 2.50 per share was paid

for 2024.

Equity and financial goals

The Group is financially sound, with a book equity of

NOK 19 943 million as of 31 December 2025. This

corresponds to an equity ratio of 49.0%. The number of

shares outstanding in the company at 31 December

2025 was 595 773 680. All shares carry the same rights

in the company. As of 31 December 2025, the company

owned 297 760 treasury shares.

Ongoing structural changes in the global industry in

which the company operates, taken in conjunction with

the industry’s cyclical nature, demand that the

company at all times maintain a satisfactory financial

contingency. This in turn requires a positive

relationship with the Company’s shareholders and

equity markets. The Group has always attached great

importance to maintaining the confidence of its

financial partners and thus also accessing financing on

favourable terms. The financial goals established by

the Board and Group management must be reflected

in an established capital adequacy requirement and a

required rate of return. The capital adequacy

requirement stipulates that the Group’s equity ratio

shall be at least 30% over time. The Group’s long term

goal for earnings is to maintain an annual return on

the Group’s average capital employed of 15% before

tax.

Mandates granted to the Board of Directors

Mandates are granted to the Board of Directors in

accordance with the Norwegian Public Limited

Liability Companies Act, with particular reference to

Chapters 9 and 10 thereof.

Mandate for the Board to

purchase treasury shares

The annual general meeting on 27 May 2025 resolved

to grant the Board an authorization to acquire up to

50 000 000 own shares. The authorization is valid

until the earlier of the 2026 annual general meeting

and 30 June 2026.

The Board of Directors is of the opinion that it should

retain its right to purchase treasury shares. In the

future, situations may also emerge in which the Board

of Directors finds that the market price of the

company’s shares does not reflect the Company’s

underlying intrinsic values, the company has sound

equity and liquidity, and the Board decides that an

investment in treasury shares is an attractive

prospect. In such a situation, the acquisition of own

shares may help improve return for the company’s

shareholders. At the same time, the market generally

views the acquisition of own shares positively, based

on the signals this sends regarding the Group

management’s confidence in the company’s outlook

for the future. The company always considers

alternative ways to ensure equal treatment of all

shareholders when acquiring own shares.

Moreover, the Board of Directors considers that a

holding of own shares will provide the Board with

more leeway for growth via future acquisitions and

business combinations and establishing new forms of

cooperation.

Finally, the acquisition of own shares may take place

in connection with the establishment of a share

incentive program for Group management. A

proposal will therefore be submitted to renew the

mandate at the annual general meeting on 27 May

2026.

The Board’s mandate is not limited to specifically

defined objectives recommended by the NUES.

Principally for operational reasons, this also clearly

shows that the Company is growth oriented and that

shares are regarded as potential means of payment.

This practice is established to ensure the company’s

optimal strategic business development.

Mandate to increase the share capital

by issuing shares for private placings for

external investors, employees, and individual

shareholders in Lerøy Seafood Group

The annual general meeting on 27 May 2025 resolved

to grant the Board of Directors an authorization to

increase share capital by up to NOK 5 000 000 by

issuing up to 50 000 000 shares in Lerøy Seafood

Group, each with a face value of NOK 0.10, through

one or more private placings with the company’s

shareholders and/or external investors. The Board of

Directors considers it is appropriate to retain a

mandate, including authorization for the Board to

deviate from the preference rights of the

shareholders. The Group expects to see continued

structural changes and internationalisation in its

industry. As a result, Lerøy Seafood Group will

continuously assess organic growth, possible share

incentive programmes for employees, possible

acquisition and business combination options, and

possible alliances that may lay the foundations for

future profitable growth, both to capitalise on the

value already created and to position the Group for

future value creation.

The mandate will allow the company to achieve the

requisite financial leeway to rapidly obtain the

necessary liquidity and/or settlement shares that the

Board feels are necessary to ensure future profitable

growth. A proposal will therefore be made to renew

this mandate at the annual general meeting on 27

May 2026. The Board's current mandate is valid until

the earlier of the 2026 annual general meeting and

30 June 2026, but is not limited to specifically defined

objectives recommended by the NUES. Principally for

operational reasons, this also clearly shows that the

company is growth oriented and that shares are

regarded as potential means of payment. This

practice is established to ensure the company’s

optimal strategic business development.

LERØY SEAFOOD GROUP Annual report 2025

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4. Equal treatment of shareholders

The Company has only one class of shares, and each

share carries one vote. Shareholder rights are

governed by the Norwegian Public Limited Liability

Companies Act. Lerøy Seafood Group’s Articles of

Association and agreements are worded to ensure the

equal treatment of shareholders.

If the Board of Directors deviates from shareholders'

pre-emptive rights in connection with capital increases,

it will justify the deviation and include the justification

in the stock exchange announcement that discloses

the capital increase. The justification will state how the

principle of equal treatment is safeguarded.

Any acquisition of own shares is carried out through

the stock exchange or at prevailing stock exchange

prices if carried out in any other way.

Lerøy Seafood Group ASA has a strict policy of

providing correct and open information to

shareholders, potential shareholders, and other

stakeholders.

5. Shares and negotiability

According to the Company’s Articles of Association,

there are no restrictions on the negotiability of Lerøy

Seafood Group’s shares.

6. General meeting

Lerøy Seafood Group holds its annual general

meeting every year before the end of May. Notice of

the annual general meeting and the organisation of

the meeting comply with an established practice that

Lerøy Seafood Group ASA has followed for many

years.

Notice and holding of annual general

meeting

On 27 May 2025, Lerøy Seafood Group ASA held its

annual general meeting at the Company’s head

office at Lanternen, Thormøhlensgate 51 B in Bergen.

The notice of the meeting and a proposed agenda,

meeting slip, and proxy form were distributed to all

shareholders with a registered address three weeks

before the date of the event. The notice of the

general meeting was formatted in accordance with

the requirements of the Public Companies Act in

Norway and the regulation relating to general

meetings which governs the content and availability

of supporting information. Pursuant to the company’s

Articles of Association, all documents to be discussed

at the general meeting were made available on the

Company’s website – leroyseafood.com – three weeks

before the event.

The supporting information was sufficiently detailed

and precise to allow shareholders to form a view on

all matters to be considered at the meeting. Before

the notice of the general meeting was distributed, the

Board of Directors and meeting chairperson

performed a quality control of the procedures for

registration and voting and the proxy form for

participation and voting on behalf of other

shareholders.

The Chair of the Board represented the Board of

Directors at the general meeting. The CEO and other

members of corporate Group management were also

present.

The shareholders voted on each of the proposals that

were considered, including on each individual

candidate in elections.

In consultation with the Chairperson of the

Nomination Committee, the Chair of the Board

presented the committee’s recommendation. To

ensure independent chairing, the general meeting

appoints a chairperson for the meeting and a person

to co-sign the minutes.

Meeting form

The Norwegian Public Limited Liability Companies

Act states that the Board of Directors may choose to

hold annual general meetings in person or

electronically. If the annual general meeting is held

electronically, shareholders may participate in and

vote at the general meeting using various methods,

without physical attendance. Shareholders have the

right to participate electronically, unless the Board of

Directors finds reasonable grounds to deny this. In the

notice of the general meeting, Lerøy Seafood Group

allowed in accordance with the Public Limited

Liabilities Companies Act shareholders to vote by

proxy at the general meeting. The proxy is designed

to permit votes to be cast for each item discussed

and for candidates up for election. The Company’s

procedures ensure full control and oversight of

participation in and voting at general meetings.

Lerøy Seafood Group publishes the signed set of

minutes immediately after the general meeting has

been closed.

No extraordinary general meetings were held in 2025.

The Board of Directors is normally represented at

general meetings by the Chair of the Board, who

currently also represents the majority shareholder in

Lerøy Seafood Group. Because the capacity for other

shareholders to be present at general meetings is

very limited, it has not been deemed necessary for all

Board members to take part in the general meeting.

They are, however, entitled to be present.

7. Nomination Committee

Pursuant to Article 5, paragraph 2 of the Company’s

Articles of Association, the Company shall have a

Nomination Committee consisting of three members

elected by the annual general meeting for a period of

two years. The Group’s Nomination Committee is

charged with preparing proposals for the

composition of a shareholder-elected Board of

Directors and with submitting recommendations to

the annual general meeting for appointments to the

Board.

LERØY SEAFOOD GROUP Annual report 2025

The Board’s report > Management


				40

At present, the members of the Nomination Committee

are Helge Singelstad (Chairman), Benedicte Schilbred

Fasmer, and Morten Borge. Lerøy Seafood Group has

not established specific guidelines for the Nomination

Committee. However, the composition of the

Nomination Committee is such that the interests of the

shareholders in general are taken into account in that

the majority of the committee is independent of the

Board and other executive personnel, and the

company’s Articles of Association also specify the

framework for the Committee’s work. No Board

members or executive personnel in the company are

members of the Nomination Committee.

The Nomination Committee makes a recommendation

regarding remuneration to the members of the Board.

The general meeting makes the final decision

regarding remuneration to be paid to the members of

the Company’s Board and Nomination Committee.

Information on the members of the Nomination

Committee is available on the company's website at

leroyseafood.com, together with information on how

shareholders can propose candidates to the Board of

Directors. To ensure the best possible basis for its

assessments, the Nomination Committee holds

individual meetings with Board members and the CEO.

The Nomination Committee may also consult with

shareholders when recommending candidates, and

shareholders may propose candidates to the

Committee.

The reasoned recommendation of the Nomination

Committee is included in the supporting

documentation for the annual general meeting,

which is published within the twenty-one-day

deadline for notice of the general meeting.

8. Board of Directors, composition and

independence

Occupying a central position between owners and

Group management, the Board of Directors’ function

is to safeguard the shareholders’ interests in parallel

with the Company’s need for strategic governance,

operational control, and diversity. The function and

focus of the Board will always vary somewhat,

depending on circumstances within the company and

changes to external framework conditions.

The transformation of Lerøy Seafood Group from a

family company to a publicly listed company has

been guided by the owners’ clear awareness of the

type of board the company needs. Since the early

1990s, most Board members have been independent

of the Group’s management team, which protects the

Board’s ability to challenge Group management

practices. The Board has established two standing

committees: the Audit Committee and the

Remuneration Committee. Where deemed

appropriate, the Board may establish smaller, non-

standing subcommittees to consider specific matters

and ensure adequate follow-up.

Pursuant to the Norwegian Public Limited Liability

Companies Act, the Chief Executive Officer (CEO) is

not permitted to be a board member. NUES also

recommends that neither the CEO nor other executive

personnel should be members of the Board of

Directors. In Lerøy Seafood Group, neither the CEO

nor other executive personnel are members of the

Board of Directors.

Nomination period and term of office

Both the Chairman of the Board and other Board

members are elected for a period of two years at a

time. The Nomination Committee submits its

recommendation to the general meeting, which

appoints the Chairman of the Board and other Board

members.

The Group’s structure, with independent entities in

different regions, is supervised through Group

management’s participation in the administrative

bodies of the various companies. The employees

contribute to a positive development in operations as

members of the Board in the subsidiaries. The Board

has not elected a vice chair. To date, the Chair of the

Board has always been present. In the event of his

absence, the Board will make satisfactory

arrangements for chairing the meeting.

Encouraging Board members to

own shares in the company

The majority of shareholder-elected Board members

in Lerøy Seafood Group own shares in the Company,

either directly or indirectly.

9. The work of the Board of Directors

The Board of Directors has the ultimate responsibility

for Group management. This involves supervising

day- to-day Group management and activities in

general. The Board’s responsibility for the Group

management of the Company includes ensuring that

the Company’s activities are soundly organised,

drawing up plans and budgets for these activities,

keeping itself informed of the Company’s financial

position, and subjecting the Company’s activities,

accounts, and asset management to adequate

control. The main aim is to ensure continuous follow-

up and the Company’s further development.

For several years, including its eleven meetings in

2025, the Board of Directors has maintained a

particular focus on the connection between practical

operations and strategic business development. The

Board of Directors works purposefully together with

Group management to make the Group the most

sustainable, profitable, fully integrated, and

international seafood company possible. For a

considerable amount of time, this work has been

carried out in accordance with our public

announcements. The Board’s work reflects this

strategy, and the results are shown through Group

management implementation. Although the strategic

development of the company is a continuous process

and part of the work of the Board of Directors,

dedicated strategy meetings are also held. The Board

of Directors held multi-day strategy meetings in 2025.

LERØY SEAFOOD GROUP Annual report 2025

The Board’s report > Management


				41

Instructions for the Board of Directors

and the Group management

In close dialogue with the Board of Directors and the

Chair, instructions have been prepared for the Board of

Directors and the CEO. The instructions cover, inter alia,

how the Board of Directors and the CEO shall handle

agreements with related parties. The instructions

require that members of the Board of Directors and

executive personnel notify the Board of Directors of

any significant interest in an agreement entered into

by the company. If a company with which a member of

the Board of Directors has connections performs work

for Lerøy Seafood Group, the Board of Directors

specifically addresses the question of independence.

Any transactions with related parties shall be

documented and executed in accordance with the

arm’s length principle. An independent valuation shall

be obtained for significant agreements. Exemptions

may be made for agreements that form part of the

company's ordinary course of business and are based

on normal commercial terms and conditions.

Agreements with related parties shall be administered

to ensure that such agreements are properly balanced.

This is to verify that the company is aware of potential

conflicts of interest and has carried out appropriate

due diligence on such agreements, thereby preventing

the transfer of assets from the company to related

parties. The Board of Directors will report on such

agreements in the Annual Report.

Independent consideration of matters

of a material character in which the

Chair of the Board, Board members, or

executive personnel are actively involved

Any transactions with related parties shall be

documented and executed in accordance with the

arm’s length principle. An independent valuation shall

be obtained for significant agreements. Exemptions

may be made for agreements that form part of the

company's ordinary course of business and are based

on normal commercial terms and conditions.

Agreements with related parties shall be

administered to ensure that such agreements are

properly balanced. This is to verify that the company

is aware of potential conflicts of interest and has

carried out appropriate due diligence on such

agreements, thereby preventing the transfer of assets

from the company to related parties. The Board of

Directors will report on such agreements in the

Annual Report.

Board committees

Audit Committee

Pursuant to section 6-41 (1) of the Norwegian Public

Limited Liability Companies Act, companies listed on

the Oslo Stock Exchange are required to establish an

audit committee to prepare matters for and advise

the Board of Directors. In 2025, Lerøy Seafood Group’s

Audit Committee consisted of Britt Kathrine Drivenes,

Karoline Møgster (from February 2025), and Didrik

Munch (chairperson). The Audit Committee reports to

the Board of Directors. The Audit Committee annually

conducts quality assurance of internal control and

reporting and is responsible for the Board of

Directors’ dialogue with and monitoring of the

external auditor.

The auditor reports on its work in writing to the

company administration and the Board of Directors

through the Audit Committee. The Audit Committee

held eleven meetings during 2025.

Instructions for the Audit Committee are adopted by

the Board of Directors.

Remuneration Committee

Lerøy Seafood Group’s Remuneration Committee

consists of the Chair of the Board and Board member

Are Dragesund. The Committee is responsible for

ensuring that the remuneration policy in the Group is

aligned with the company’s long-term interests and

strategy. The Remuneration Committee will among

other update the Group’s Guidelines for stipulating

salaries and other remuneration of persons in senior

positions.

Evaluation of the Board’s work

When recruiting members of the Board of Directors,

the company’s shareholders follow a longstanding

strategy of assessing the company's need for varied

competency, continuity, renewal, and changes in

ownership structure. It will always be in the

company’s interest to ensure that the composition of

the Board of Directors accords with the demands

made on the company. The Board of Directors

conducts annual meetings to review its own work.

Management is not present at these meetings.

10. Risk management and internal

control

Lerøy Seafood Group’s activities are varied,

depending on each entity’s position in the value

chain, and consequently requiring differentiated

forms of management and follow-up. Robust internal

management systems are essential for success and

must be continuously developed to accommodate

changing conditions. The company’s regional

structure, with independent entities, and short-term

reporting, facilitates effective control and a strong

operational focus. Internal control is based on daily

and weekly reports that are summarised into monthly

reports tailored to the company, its subsidiaries and

the Group. Uniform reporting procedures and formats

are required to ensure accurate reporting from all

entities, up to an aggregate level. As Lerøy Seafood

Group is an international seafood corporation with

decentralised operations and a significant volume of

biological production, the Group is exposed to a

number of risk factors. The Board of Directors

therefore endeavours to ensure that the Group

implements all measures necessary to manage risk,

limit individual exposures, and maintain overall risk

within acceptable parameters. Please refer to the

chapter on Risk Management in the Board of

Directors’ report for information on how the Group

manages the different risks to which the company is

exposed.

LERØY SEAFOOD GROUP Annual report 2025

The Board’s report > Management


				42

Review by the Board of Directors

A significant part of the work of the Board of Directors

is to ensure that Group management is familiar with

and understands the Group’s risk areas and manages

such risks through appropriate internal controls.

Regular evaluations and assessments are conducted

of both Group management’s and the Board of

Directors' understanding of risk and internal control.

The Audit Committee plays an important role in these

evaluations and assessments.

Main elements of risk management and

internal control related to financial reports

Internal control within the Group is based on the

framework of the Committee of Sponsoring

Organisations of the Treadway Commission (COSO)

and encompasses the control environment, risk

assessment, control activities, information and

communication, and monitoring. The primary purpose

of the COSO framework is to identify, evaluate, and

manage the Group's risks in an efficient and

appropriate manner. The content of these elements is

described in further detail below.

Control environment

The core of an enterprise is the employees’ individual

skills, ethical values, and competence, in addition to the

environment in which they work.

Reporting guidelines

The Chief Accountant for the Group, on behalf of the

CFO, provides financial reporting guidelines to entities

within the Group. Similarly, the Head of ESG & Safety,

on behalf of the CEO, provides guidelines to entities

within the Group for reporting on environmental,

social, and governance matters. These guidelines

place requirements on both the content of and

process for reporting.

Organisation and responsibility

The Chief Accountant for the Group is responsible for

the financial reporting of the Group. The Head of ESG

& Safety is responsible for sustainability reporting.

The directors of the reporting entities are responsible

for continuous financial, social and environmental

monitoring and reporting. Each entity has

management and functions adopted to their

organisation and business. The managers see that

appropriate and efficient internal control is

implemented and are responsible for compliance

with requirements.

The Audit Committee shall monitor the processes

related to financial and sustainability reporting and

ensure that the Group’s internal control and risk

management systems function efficiently. The Audit

Committee shall also ensure that the Group has an

independent and efficient external auditor.

The financial statements for all companies in the

Group are audited by an external auditor in

accordance with international standards on auditing

and quality control.

Risk assessment

Group management, the Chief Accountant for the

Group, and the Head of ESG & Safety work together

with the managers of each reporting entity to

identify, assess, and monitor risks of errors in the

Group’s reporting.

Control activities

The reporting entities are responsible for

implementing adequate control measures to prevent

errors in financial and sustainability reporting.

Processes and control measures have been

established for quality assurance in reporting. These

measures consist of mandates, the division of work,

reconciliation/ documentation, IT controls, analyses,

management reviews, and Board representation

within subsidiaries.

The Group Chief Accountant and the Head of ESG &

Safety are responsible for ensuring that reporting is

carried out in accordance with applicable legislation,

accounting standards, established accounting

policies, and the guidelines of the Board of Directors.

Reporting by Group companies and segments is

assessed on an ongoing basis in conjunction with

Group management. Analyses are carried out for

previous periods, between different entities, and in

relation to other companies within the same industry.

Review by Group management

Group management holds meetings at least monthly

to review matters such as the monthly development

in key figures and KPIs, as well as the strategic action

plan.

Reviews by the Audit Committee,

Board of Directors, and

annual general meeting

The Audit Committee and the Board of Directors

review the Group’s reports on a quarterly basis.

During these reviews, the Audit Committee holds

discussions with Group management and the

external auditor. At least once a year, the Board of

Directors meets with the external auditor without the

administration being present.

The Board reviews the interim financial statements

on a quarterly basis as well as the proposal for the

financial statements. The financial statements are

adopted by the annual general meeting.

Information and communication

The Group places strong emphasis on providing

accurate and transparent information to

shareholders, potential shareholders, and other

stakeholders. For further details, see Item 13,

‘Information and communication’.

Follow-up of reporting entities

The individuals responsible for reporting entities shall

ensure that appropriate and efficient internal control

LERØY SEAFOOD GROUP Annual report 2025

The Board’s report > Management


				43

is implemented in accordance with applicable

requirements and shall be responsible for compliance

therewith.

Group level

Group management, in cooperation with the

individuals responsible for reporting, review the

financial and sustainability reports issued by the

entities and the Group and assess any errors,

omissions, and required improvements.

External auditor

The external auditor shall provide the Audit Committee

with a description of the main elements of the audit

from the previous financial year, including any

significant weaknesses identified in internal control

related to the financial and sustainability reporting

process.

The Board of Directors

The Board, represented by the Audit Committee,

monitors the reporting process.

11. Remuneration of the

Board of Directors

The remuneration of the Board of Directors is not

based on results. Board members elected by the

shareholders have no share options. If enterprises with

which Board members are associated perform work for

the company’s Board, the Board specifically addresses

the question of independence. The remuneration of the

Chair of the Board and other Board members is

recommended by the Nomination Committee and

adopted by the general meeting. The annual general

meeting on 27 May 2025 adopted annual

remuneration for the Board of Directors as follows:

• Chairman of the Board of Directors NOK 650 000

• Other members of the Board of Directors

NOK 400 000

The Audit Committee’s remuneration for additional

work performed is NOK 120 000 per year for the

committee chair and NOK 80 000 per year for other

member of the committee.

The annual remuneration of the Nomination

Committee totalled NOK 65 000 per member.

12. Salary and other remuneration of

executive personnel

A remuneration report for executives is published

annually, highlighting the actual remuneration,

remuneration principles and framework. The

guidelines regarding salary and other remuneration

shall be clear and understandable and contribute to

the Company’s business strategy, long-term interests,

and financial capacity. The schemes for salary and

other remuneration shall help to align the interests of

shareholders and executive personnel, and they shall

be simple.

The annual general meeting shall, at minimum every

four years, review and approve the Board’s guidelines

for stipulating salary and other remuneration of

persons in senior positions according to the

provisions in section 6–16 a of the Public Limited

Liability Companies Act and related regulations.

Furthermore, the annual general meeting shall hold

an advisory vote each year on the Board’s statement

regarding paid and current remuneration covered by

the guidelines prepared according to section 6–16 a

of the Public Limited Liability Companies Act, cf.

section 6–16 b of the Public Limited Liability

Companies Act.

13. Information and communication

Lerøy Seafood Group seeks to provide correct and

open information to shareholders, potential

shareholders, and other stakeholders. The Board of

Directors discloses financial and other information

with due regard to the requirement of equal

treatment of all participants in the securities market.

The Group discloses inside information in accordance

with section 3–1 of the Securities Trading Act, cf. the

EU’s Market Abuse Regulation (596/2014).

(MAR) Article 17, cf. MAR article 7, and cf. article 2 of

the Commission Regulation 2016/1055. Timely,

relevant, consistent, and current information is the

basis upon which all interested parties assess the

value of the company’s shares. In addition to

disclosing inside information pursuant to MAR, the

company will also hold presentations for investors

and analysts. Lerøy Seafood Group keeps its

shareholders informed via the Board of Directors’

report and interim reports and presentations. In

addition, press releases are sent out about important

events in the company’s markets or other relevant

circumstances.

Every year, Lerøy Seafood Group publishes the

Company’s financial calendar, showing the dates for

the presentation of interim financial statements and

the date of the annual general meeting. The date for

the payment of dividends is decided at the annual

general meeting.

The Group’s website – leroyseafood.com – is updated

constantly with information distributed to

shareholders. No specific guidelines have been

compiled for the Company’s contact with

shareholders outside the general meeting, because

the current integrated practice within this area is

deemed satisfactory.

LERØY SEAFOOD GROUP Annual report 2025

The Board’s report > Management


				44

14. Takeovers

Lerøy Seafood Group has no restrictions in its Articles

of Association regarding company takeovers. As of 3

June 2002, shares in Lerøy Seafood Group have been

quoted on the Oslo Stock Exchange and are freely

negotiable within the provisions of Norwegian law.

The Group has only one class of shares, and each

share carries one vote at the annual general meeting.

If a takeover bid is made for the Company, the Board

of Directors will make a statement prior to the expiry

of the bid. The Board of Directors’ statement will also

include a recommendation as to whether the

shareholders should accept the bid or not. The Board

of Directors will emphasise the equal treatment of

shareholders and avoiding unnecessary disturbance

to the company’s operations.

15. Auditor

Auditing – Annual plan

For a number of years, Lerøy Seafood Group has

engaged the services of PwC as Group auditor. The

auditor follows an auditing plan reviewed in advance

with the Audit Committee and Group management.

The auditor and Audit Committee perform an annual

audit of the Company’s internal control, identifying

weak points and recommending improvements. The

Board is informed of the general nature of the

services that the administration procures from the

auditor.

Treatment of financial statements

The auditor holds meetings with the Audit Committee

and management after the interim audit and in

connection with the company’s presentation of

interim reports for the fourth quarter. The auditor

attends meetings of the Board of Directors where

financial and sustainability statements are to be

approved. The CEO reviews any significant changes to

the company’s accounting policies, the assessment of

material and – where applicable – material matters

related to the company's sustainability reporting.

Where relevant, the auditor comments on the CEO's

review, and for key matters of the audit and all

material matters on which there has been

disagreement between the auditor and the

management. To date, there has been no such

disagreement.

Auditor – Other services

To reinforce the Board’s work on financial and

sustainability reporting as well as with internal

control, according to the auditing regulations, the

auditor shall present an annual supplementary report

to the Audit Committee, in which the auditor declares

his/ her independence and explains the results of the

statutory audit, with information on the audit. The

auditor shall also provide written information to the

Audit Committee on any services provided other than

the statutory audit. The auditing company utilised is a

large company that practises internal rotation, in

compliance with the requirement for independence.

Moreover, at the Board’s discretion, the auditor is

available for questions and comments on financial

statements and other matters.

Global distribution:

bringing seafood to

the world

The VAP, Sales & Distribution

segment is where our global reach

truly comes to life. With a vast

network of wholesalers, factories, and

partnerships worldwide, we ensure

that our high-quality seafood

products are accessible globally,

fulfilling our mission to bring the

richness of the fjords to tables around

the world.

Remuneration of the auditor

Fees invoiced by the auditor are presented in a note

separate from the financial statements. Lerøy

Seafood Group’s annual general meeting is also

notified of the auditor’s remuneration.

Specific guidelines have been prepared for the Group

management’s permission to make use of an auditor

for services other than auditing. The Audit Committee

is continuously informed of the main aspects of the

services purchased by the Group management from

the auditor. In addition, services with an estimated

total cost exceeding NOK 1 million must be pre

approved by the Audit Committee.

LERØY SEAFOOD GROUP Annual report 2025

Cod

Cod has been the means of existence for people along the Norwegian coast

for thousands of years.

It is a timeless delicacy that satisfies with every bite. Light yet indulgent, cod

is a treasure from the sea that delivers comfort, elegance, and pure bliss.

No wonder it is widely desired and sought after. Cod is freshly white, has a

mild taste suitable for your own composition of an inspirational meal. It can

be strongly spiced as in a bacalao, lightly salted, or just as it is,

whatever you prefer.

LERØY SEAFOOD GROUP Annual report 2025


	Sustainability

Sustainability statements

LERØY SEAFOOD GROUP Annual report 2025

The Board’s report > Sustainability


				47

General

ESRS 2 General disclosures

Basis for preparation

ESRS 2 BP-1 General basis for preparation of

sustainability statements

The sustainability statement has been prepared on a

consolidated basis. The scope of consolidation for the

sustainability statement is the same as for the

financial statements. The sustainability statement

covers both the Group's upstream and downstream

value chain. This coverage is determined by the

outcome of the Group's materiality assessment.

Lerøy has used the option to omit a specific piece of

information related to intellectual property, know-

how or the results of innovation.

ESRS 2 BP-2 Disclosures in relation to specific

circumstances

The Group has adopted the following time intervals

as of the end of the reporting period (and has not

deviated from the medium- or long-term time horizons

defined by ESRS 1): Short term time horizon: the period

adopted by the Group as the reporting period in its

financial statements (one year); Medium-term time

horizon: from the end of the short-term reporting

period (one year) up to 5 years; Long term time

horizon: more than 5 years (proposed by the CSRD).

Minor changes have been made to the Group`s

double materiality analysis for 2025, which means

that 2 IRO`s are deleted and 2 new ones are added

compared to the previous year`s reporting.

Scope 3 emissions for the base year 2019 have been

restated to reflect methodological improvements

implemented in 2025. For Scope 3 Category 1

(Purchased goods and services), the largest

subcategories are now calculated using

activity‑based data, resulting in more accurate and

granular emissions accounting.

In 2024, the Group reported emissions of 1,095,153

tCO2e for this category for the 2019 base year and

956 393 tCO2e for 2024. Following a methodological

update in 2025, reported emissions for the same

category amounted to 1 278 592 tCO2e for 2019,

902 350 tCO2e for 2024, and 910 500 tCO2e in 2025. For

further information on the underlying data and

methodological changes, see section ESRS E1 Climate

Change.

Incorporation by reference

The report does not contain information related to

ESRS disclosures, which have been incorporated by

reference and stated outside the sustainability

statement.

Governance

ESRS 2 GOV-1 The role of administrative,

management and supervisory bodies

The Board has 9 members, with a gender distribution

of 55% men (5 members) and 45% women (4

members). All Board members serve in a non-

executive capacity. Additionally, 3 of the Board

members represent both employees and non-

employees. 33% of the Board members are

independent.

The Board's members each bring a wealth of

experience from diverse fields. Three of the members

have extensive experience in leadership and strategic

management within the fish industry as well as

accounting, auditing, governance, ESG matters,

cybersecurity and food safety issues.

The Board of Directors in Lerøy sets the strategic

direction for the Group, ensuring that it aligns with the

Group's vision and long-term goals. The Board

oversees the Group management team, ensuring that

they operate effectively and in the best interests of

shareholders. It is responsible for identifying and

managing risks that could impact the organisation.

This involves establishing risk management policies

and monitoring their implementation. The Board

ensures that the Group adheres to legal and ethical

standards. This includes maintaining transparency,

accountability, and integrity in all business practices.

It also oversees the Group's ESG initiatives, ensuring

that the Group has sound ESG practices in place.

The Board holds a high-level oversight of Impact, risk

and opportunity (IRO) follow-up while the Audit

Committee is responsible for ensuring the reporting of

IROs. In 2025 the Audit Commitee consisted of Board

members Didrik Munch (Chair), Britt Kathrine Drivenes,

and Karoline Møgster.

The Audit Committee reports to the Board. The Audit

Committee holds meetings at least four times a year.

Permanent members from the administration in these

meetings are CFO, Group Chief Accountant, Head of

ESG & Safety and Compliance officer. In addition to

this an independent auditor is present as well. The

Audit Committee conducts quality assurance of

internal control and reporting. It is also responsible for

the Board of Directors' dialogue with the external

auditor. The auditors report on their work in writing to

LERØY SEAFOOD GROUP Annual report 2025

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the Group management and to the Board via the

Audit Committee.

The CEO has delegated the day-to-day process of

identifying and assessing actual and potential

impacts on the economy, environment and people as

well as the determination of material topics for

reporting to the ESG & Safety and the HR

departments.

The Board and the Group management are reviewing

both the effectiveness and the outcome of this

process annually.

The day-to-day follow-up of sustainability related

KPI's is performed locally monthly and quarterly.

Annual reviews of reported information are carried

out by the ESG & Quality department and the HR

department. The Group’s impact on the economy,

environment, and people are reviewed by the Group

management monthly. The Audit Committee and the

Board reviews the same impacts minimum four times

a year.

The ESG and Quality department is responsible for

carrying out the double materiality assessment

(including identification of relevant stakeholders).

Targets (KPIs) related to impacts, risks and

opportunities are defined by the organisation and

approved by the Group management. The progress

towards these targets is monitored on a regular basis.

More detailed information regarding the Board’s

terms of reference, mandate and other related

policies is available in section Corporate governance

report, page 36–44.

ESRS 2 GOV-2 Information provided to and

sustainability matters addressed by the

undertaking’s administrative, management and

supervisory bodies

The organisation, Group management and

supervisory bodies, including their relevant

committees, are informed about material risks,

impacts and opportunities, the implementation of due

diligence, as well as the results and effectiveness of

policies, actions, metrics and targets at least quarterly

by the ESG & Safety department.

IROs are considered when overseeing the Group's

strategy, its decisions on major transactions, and its

risk management processes. Considering trade-offs

associated with impacts, risks and opportunities is a

continuous process. The Group has carefully

evaluated several trade-offs associated with IROs.

These include determining the scope of reporting,

particularly for Scope 3 emissions and global supply

chain impacts. Additionally, the Group has balanced

the need for comprehensive data with the practical

challenges of data collection and integration. While

detailed reporting enhances transparency, it can also

be resource-intensive and complex to manage.

The material IRO matters addressed during the

reporting period include all the IROs that are defined

as material.

ESRS 2 GOV-3 Integration of sustainability-

related performance in incentive schemes

At the Group's General Assembly in May 2025, new

guidelines were adopted regarding the

determination of salaries and other remuneration for

senior executives in Leroy Seafood Group ASA.

Quantitative targets shall be linked to desired

outcomes within finance, operations or sustainability,

where at least one of the targets shall be linked to

sustainability. The targets shall consist of both joint

and individual targets. The guidelines will be

implemented in 2025/2026. As a start the guidelines

will be implemented for the Group management,

where incentives are linked to KPI `s related to

climate survivalrate and HSE, among other things.

ESRS 2 GOV-4 Statement on due diligence

Lerøy has implemented a robust due diligence

approach, that encompasses several key areas to

ensure responsible and ethical practices. The Group

adheres to internationally recognized standards for

human rights and decent working conditions,

including conventions like the International Bill of

Human Rights and ILO's declaration on basic

principles and rights in working life. The Group is a

signatory of UN Global Compact.

The Group conducts thorough risk assessments to

identify and mitigate potential conflicts of interest

and ensure compliance with applicable laws and

regulations.

The due diligence process is overseen by the Board,

Group management and segment management, with

general managers in reporting subsidiaries

responsible for implementation and follow-up in their

operations.

The Group expects its suppliers and business partners

to adhere to the same high standards for human

rights and decent working conditions.

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Our due diligence process is described in ESRS 2 and

the topical ESRS standards. For more information, see

table below:


Core elements of due diligence	Paragraphs in the sustainability statement
a) Embedding due diligence in governance, strategy and business model	GOV-2: Information on sustainability matters addressed by the Group’s administrative, management, and supervisory bodies. SBM-3: Material impacts, risks, and opportunities and their interaction with strategy and business model.
b) Engaging with affected stakeholders in all key steps of the due diligence	GOV-2: Information on and sustainability matters addressed by the Group’s administrative, management, and supervisory bodies. IRO-1: Description of the process to identify and assess material impacts, risks and opportunities
c) Identifying and assessing adverse impacts	SBM-3: Information on material impacts, risks and opportunities and their interaction with an organisation’s strategy and business model. IRO-1: Description of the process to identify and assess material impacts, risks and opportunities
d) Taking actions to address those adverse impacts	E1-3: Actions and resources in relation to climate change policies; E 4-3: Actions and resources related to biodiversity and ecosystems; S1-4: Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions; S2-4: Taking action on material impacts, and approaches to mitigating material risks and pursuing material opportunities related to value chain workers, and effectiveness of those actions and approaches; S4-4: Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to customers and end-users, and effectiveness of those actions
e) Tracking the effective- ness of these efforts and communicating	Please, see the section above as both actions taken and description of their effectiveness is addressed together

ESRS 2 GOV-5 Risk management and internal

controls over sustainability reporting

The Group’s risk management and internal control

processes in relation to sustainability reporting are

designed to ensure the accuracy, reliability, and

transparency of its disclosures. The Group’s risk

management and internal control systems cover all

aspects of its sustainability reporting, including

environmental, social and governance (ESG) factors.

This includes controls over data collection, processing,

and reporting.

The Group conducts risk assessments to identify and

prioritise sustainability reporting related risks. The

Group implements strategies to mitigate identified

risks, ensuring that appropriate controls are in place

to manage these risks effectively. The findings from

risk assessments are integrated into relevant internal

functions and processes, ensuring that sustainability

considerations are embedded in decision-making.

Strategy

ESRS 2 SBM-1 Strategy, business model

and value chain

The Group offers a wide range of seafood products

and services. The Group is a major producer of salmon

and trout, offering whole fish, fillets, portions, smoked,

cured, ready-to-eat, and ready-to-cook products. The

Group also catches and processes various types of

whitefish, providing fresh and frozen options as well

as products like shrimp, crab, and mussels. In addition,

the Group also offers seaweed products and value-

added products (breaded fish, burgers, patties, and

other ready-to-cook or ready-to-eat seafood items).

The Group’s products are distributed globally,

reaching over 80 countries with major markets

including Europe, Asia and North America. The Group’s

customer base includes wholesalers, retailers, food

service companies, and industrial customers.


Country	2025	2024
Norway	4011	3656
Spain	568	462
Denmark	417	398
Sweden	315	302
Netherlands	197	192
France	96	138
Finland	56	52
Turkey	80	41
Portugal	45	30
Italy	27	27
USA	6	7
UK	11	6
Thailand	1	0
Total	5 830	5 311

• Employees are people who perform work for any of the

Group's entities and have a direct employment contract

with the Group.

Lerøy’s sustainability-related goals in terms of

significant groups of products are to focus on

sustainable fishing practices and aquaculture to

ensure long term viability of seafood resources. The

LERØY SEAFOOD GROUP Annual report 2025

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Group provides sustainably sourced products to

major retailers and wholesalers.

The Group collaborates with suppliers to ensure

sustainable sourcing and ethical practices. It also

educates and engages with customers on the

importance of sustainability and responsible

consumption.

The Group works closely with regulatory bodies to

meet and exceed sustainability regulations.

Additionally, the Group engages with its employees in

promoting a culture of sustainability within the

organisation through training and awareness

programs.

The Group has assessed that its sustainability goals

are relevant to all its products, markets and customer

groups.

Lerøy Seafood Group’s strategic priorities are as

follows:

• Growth

• Cost

• Simplify

• Leadership

The Group wants responsible growth for the company

in the years to come and has therefore invested

heavily in new technology that will improve fish

welfare and make it possible to increase production

in the future. The Group has also set KPI`s related to

fish welfare, lice and survival rate to ensure

responsible growth going forward . Fish welfare,

Quality and Sustainability are pillars of our strategy

work and have high focus going forward.

The Group has large costs related to fish production

and therefore significant interest in the survival rate

of the fish. Lost fish represent lost income. The Group

also has a goal of 0 recalls, as product recalls result in

increased costs and reduced customer satisfaction.

When it comes to H1 value, the most important thing

is that all our employees arrive safely at home every

day, but sick leave also results in increased costs,

which we want to avoid. The Group's vision states that

the Group will operate sustainably and by

demonstrating this through, among other things,

increased survival, reduced H1 value and reductions in

our most significant drivers of greenhouse gas

emissions, we also deliver in relation to the Group's

green framework, which in turn ensures better

framework conditions for the Group financially.

Relevant sustainability KPI`s related to "leadership"

will be linked to the Group's various training programs

to ensure relevant competence at all levels, which in

turn contributes to achieving goals set in relation to

the Group`s overall strategic priorities.

The Group's KPI related to greenhouse gas emissions

conflicts with the Group's increased sales of products

transported by air. This is discussed in more detail

under E1.

Lerøy Seafood Group operates a comprehensive and

integrated business model that spans the entire value

chain of seafood production.

The Group’s outputs and outcomes provide significant

benefits for customers, investors and other

stakeholders. The Group offers high-quality seafood

products, by focusing on sustainable practices such as

using special raw materials in feed and reducing

carbon emissions and thus ensuring that customers

receive environmentally responsible products.

The Group’s integrated value chain and efficient

operations contribute to strong financial

performance. The Group engages with local

communities, supporting economic development and

creating job opportunities.

Lerøy Seafood Group invests in research and

development to introduce innovative products and

improve sustainability enhancing overall customer

experience.

LERØY SEAFOOD GROUP Annual report 2025

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Relevant stakeholders_2025 Relevant stakeholders.png

ESRS 2 SBM-2 Interests and views of stakeholders

Lerøy Seafood Group is dedicated to creating value for

all stakeholders through sustainable and responsible

business practices. The Group places significant

emphasis on understanding the interests and views of

its stakeholders as part of its strategy and business

model. This understanding is primarily achieved

through continuous and open dialogue with

stakeholders, which is a crucial component of the

Group's due diligence and materiality assessment

processes.

The Group identifies relevant stakeholders through a

materiality assessment process to recognise groups

that are affected by, or can affect, Lerøy's actions.This

ongoing dialogue helps the Group understand

stakeholder concerns and expectations. This helps the

Group to amplify positive impacts and mitigate

negative ones. The insights gained from stakeholders

are used to continuously improve the Group’s

operations and strategies, ensuring alignment with

stakeholder expectations and enhancing the Group's

overall sustainability efforts.

By integrating stakeholder feedback into the Group's

strategic planning and business model, the Group aims

to foster cooperative and transparent relationship with

all its stakeholders, ultimately contributing to the

Group's success and sustainability goals.

The Group ensures that its administrative,

management and supervisory bodies are well-

informed about the views and interests of affected

stakeholders.

LERØY SEAFOOD GROUP Annual report 2025

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Stakeholder dialogue. The table shows the Group’s different stakeholders, what they are

focusing on and the dialogue between the Group and its stakeholders.


Stakeholder groups	Focus area	Collaboration platform	Year	Quarter	Week
Financial institutions	Earnings	Interim presentations/ meetings		x
	Compliance	Seminars	x
	Climate	Interim presentations		x
	Sustainability	Visits to facilities	x
		Web			x
		Dialogue		x
Insurance company	Earnings	Meetings	x
	Compliance	Seminars	x
	Climate	Interim presentations		x
	Sustainability	Visits to facilities	x
		Web			x
		Dialogue	x
Shareholders Analysts Investors	Earnings	Investor forum	x	x
	Compliance	Conferences	x	x
	Climate	Seminars	x
	Risk	Web		x
	Reputation	Dialogue			x
	Sustainability		x
	Dividends	Collaboration platform, Interim reporting/general assembly	x
The Board of Directors	Earnings	Meetings	x	x
	Compliance	Seminars	x	x
	Climate	Conversations	x	x
	Risk		x	x
	Reputation		x	x
	Sustainability		x	x
	Dividends		x	x
Employees	Sustainability	Intranet			x
	Earnings	Web			x
	Reputation	Newsletters			x
	Working environment	Reports		x	x
	Development	Meetings	x
		E-learning	x


Stakeholder groups	Focus area	Collaboration platform	Year	Quarter	Week
Authorities	Compliance	Meetings	x
	Climate	Presentations	x	x
	Sustainability	Various fora	x
	Employment	Collaboration projects	x
	Taxes and duties	Audits	x
	Food safety	Web			x
	Framework conditions
Customers	Product	Dialogue			x
	Food safety	Meetings	x		x
	Sustainability	Seminars	x
	Earnings	Project collaboration	x
	Expertise	Partnership	x
	Ethics	Web			x
	Product quality	Presentations	x	x
	Certifications	Audits	x
		Trade shows	x
		Visits	x
Suppliers	Earnings	Dialogue			x
	Ethics	Meetings			x
	Long-term perspective	Seminars	x
		Project collaboration	x
		Partnerships	x
		Web			x
		Presentations	x	x
		Audits	x
		Visits	x


Stakeholder groups	Focus area	Collaboration platform	Year	Quarter	Week
NGOs	Sustainability	Dialogue			x
		Meetings	x
		Seminars	x
		Presentations	x	x
		Collaboration projects	x
		Web			x
		Visits	x
Neighbours	Local ripple effects	Dialogue	x
	Employment	Meetings	x
	Sustainability	Interim presentations	x	x
	Contributions to infrastructure	Web			x
Local authorities	Local ripple effects	Dialogue	x
	Employment	Meetings	x
	Sustainability	Presentations		x
	Contributions to infrastructure	Web			x
	Visits
	Framework conditions
Media	Sustainability	Press releases		x
	Current cases related to different topics	News			x
	Ripple effects	Dialogue		x
	Environmental footprint	Meetings		x
		Visits		x
		Web		x
		Travel		x

LERØY SEAFOOD GROUP Annual report 2025

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ESRS 2 SBM-2 S1 Own workforce

Actual and potential impacts on its own workforce

originate from and are connected to the Group's

strategy and business model. The Group’s strategy

emphasises developing Lerøy Seafood Group as an

attractive employer, developing the organisation, its

future leaders and employees as well as

standardising digital working tools. The Group

focuses on employee well-being and satisfaction

which is an important factor in maintaining high

productivity levels and contributes to reducing

turnover rates. The relationship between material

risks and opportunities arising from impacts and

dependencies on its own workforce and the Group’s

strategy and business model stipulates continuous

improvement, workforce development and training,

ensuring a safe working environment as well as

ethical labour practices.

All people in the Group’s own workforce who could be

materially impacted by the organisation are included

in the scope of its disclosure under ESRS 2.

ESRS 2 SBM-2 S4 Consumers and end-users

Lerøy Seafood Group has a complex value chain and

offers a wide assortment of products, from whole fish

to processed ready-to-eat food.

Our primary strategy is to be the leading and most

profitable global supplier of sustainable, high-quality

seafood. We are committed to meeting or exceeding

the markets’ requirements in terms of food safety,

quality, product range, cost efficiency and supply

continuity.

Recognising that food safety is paramount for quality,

we have a strong emphasis on this area. We

encourage customers and end-users to contact us if

they suspect that food safety has been compromised.

Lerøy Seafood Group have established strong

relationships with several strategic customers.

Through strong collaboration, the Group ensure that

the Group have the correct product assortment with

the expected quality. Several of our customers also

conduct audits of our facilities, with a specific focus on

food safety. This collaboration, in addition to our

internal procedures, that satisfy food safety

certifications (GFSI), ensures our ability to produce

safe food. If non-conformances are identified,

corrective actions are implemented at our factories.

Lerøy Seafood Group’s consumers and end-users also

have the possibility to contact the Group. All enquiries

are managed according to our internal procedures,

and a root cause analysis is performed on all non-

conformances where food safety has been

compromised. A mitigating action will be taken,

depending on the nature of the non-conformance.

These actions may include process changes, training

of personnel, changes in the recipe of the product,

investment in new equipment etc.

The Group continuously monitor trends in non-

conformances and our Group management may

choose to adjust the Group's key initiatives

accordingly. This approach ensures that our strategy

and business model remain aligned with the Group's

commitment to food safety and quality.

ESRS 2 SBM-3 Material impacts, risks and

opportunities and their interaction with

strategy and business model

Interaction with strategy and business model

Lerøy Seafood Group's strategy and business model

are deeply intertwined with sustainability- related

performance and the Group's approach to managing

impacts, risks, and opportunities. The Group has

identified several material impacts, risks, and

opportunities (IROs) that influence its strategy and

business model. These include factors such as fish

health, fish welfare, climate change, and biodiversity.

The Group's strategy emphasises sustainable fishing

practices and aquaculture to ensure the long-term

viability of Lerøy Seafood Group's strategic priorities

including safety, developing its employees, reducing

its carbon footprint, strengthening its reputation, and

adhering to regulations. These priorities are closely

related to sustainability matters and have specific

activities in place to address them. The Group

operates a comprehensive and integrated business

model that spans the entire value chain of seafood

production, from broodstock management and

hatchery operations to feed production, aquaculture,

wild catch, processing, and distribution.

The Group's outputs and outcomes provide significant

benefits for customers, investors, and other

stakeholders through an integrated efficient value

chain and by offering high-quality seafood products

and focusing on sustainable practices. The Group has

assessed that its sustainability goals are relevant to

all its products, markets, and customer groups.

A detailed description of the impacts and

opportunities is presented under the respective ESRS

topical descriptions.

LERØY SEAFOOD GROUP Annual report 2025

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Impact, risk and opportunity management

Material topics for Lerøy based on

double materiality assessment

ESRS 2 IRO-1 Description of the process to

identify and assess material impacts, risks and

opportunities

Double materiality assessment (DMA)

The basis for the Corporate Sustainability Reporting

Directive (CSRD) is a double materiality assessment

(DMA) which determines the material topics that are

the most relevant both from an impact materiality

perspective and a financial materiality perspective.

Processes to identify and assess material impacts,

risks and opportunities

Lerøy Seafood Group have utilised the

implementation guidance provided by the European

Financial Reporting Advisory Group (EFRAG), which

includes advice on establishing qualitative and

quantitative thresholds. Previous materiality

assessments have also been incorporated as inputs

into the DMA process. The results of this assessment

will be reviewed annually. The DMA covers the Group’s

own operations and the upstream and downstream

value chains.

To ensure sufficient and capable resources for the

DMA process, a “DMA group” were established in

February 2025. The extensive work done in 2024

related to the DMA analysis became the starting

point for the work and the group's task was to update

the DMA analysis for 2024 based on events/changes

throughout the value chain as well as feedback from

stakeholders the past year.

The DMA group was led by a resource from the ESG &

Safety department, and experts from different areas

were involved, such as fish health, HSE, food safety,

climate, etc.

The result of the DMA forms the basis for the

Material topics for Leroy based on double materiality assessment.png

sustainability reporting and includes relevant and

accurate information about all impacts, risks and

opportunities (also referred to as IROs) across the

environmental, social and governance matters

determined to be material from a double materiality

perspective.

LERØY SEAFOOD GROUP Annual report 2025

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The DMA-process was

conducted in 3 steps:

Step 1: Understand & Identify

This step reviewed the Group`s total value chain

including feedback from stakeholders, to identify

material sustainability impacts and risks that could

have changed from 2024.

The process was carried out in two parts: The Group's

impact on environmental, social, and governance

matters (inside out) and the financial impact the

outside world has on the Group (outside in). The

impacts were identified as actual or potential,

positive or negative, and included ESG-related

financial risks or opportunities. An assessment was

made of any potential dependencies in Lerøy

Seafood Group's value chain and own operations to

ensure all relevant risks and opportunities were

considered.

Step 2: Evaluate

The significance of IROs is assessed based on the

severity and likelihood of impacts. For actual

negative impacts, materiality is based on severity,

while for potential negative impacts, it is based on

both severity and likelihood. Severity is based on

scale, scope and the irremediable character of the

impact. Positive impacts are assessed based on

scale and scope for actual impacts, and scale,

scope, and likelihood for potential impacts.

Definitions of scale, scope and the irremediable

character of the impact, likelihood, as well as the

consequence, were defined before the assessment

was conducted. Financial risks and opportunities

were assessed by likelihood and consequence, also

defined prior to the assessment. The consequence

matrix was linked to financial figures.

The Group has adopted the following time intervals in

the DMA:

• Short-term: One year (equal to reporting period in

financial statements).

• Medium-term: From the end of the short-term

period up to 5 years.

• Long-term: Over 5 years.

The evaluation also considered where in the value

chain the IRO was addressed: own operations (OO),

downstream (D), and/or upstream (U).

Step 3: Decide

Threshold values for impacts and financial risks were

defined, with two different thresholds established due

to differing consequence matrices. The financial

consequence matrix was reconciled with values in the

financial accounts. All IROs were compiled into a list,

and clear thresholds emerged from the evaluation

results. These thresholds determined which IROs were

material. The results were presented to the Group

management the Audit Committee and the Board for

approval.

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Sustainability-related risks

The Group has integrated risk management into its

day-to-day activities and views it as an integral part

of its governance, strategy and operational processes.

Sustainability-related risks are not evaluated in

isolation but are integrated into the Group’s overall

risk management framework and considered within

the established ongoing risk management processes.

Given the significance and focus on sustainability-

related risks, additional efforts are being undertaken

to enhance clarity on how these risks are managed

within the Group’s risk management system. In this

context, the DMA is regarded as an important tool to

identify relevant risks, which will subsequently be

further assessed to determine appropriate mitigation

measures and management strategies. The results of

the DMA process also show a high degree of

consistency with previously identified sustainability-

related risks and will form the basis for further focus

and strategy to manage these.

The Group management, the Board and the Audit

Committee have all been involved in the DMA process.

The KPIs related to the material impacts, risks and

opportunities are integrated in the Group’s goal

management process and will be subject to follow-up

on an equal footing with other action points.

Some of the input parameters used in the DMA

process include the Lerøy Seafood Group

Sustainability Library (web), results from earlier

materiality assessments and GRI reports, processes

related to stakeholder involvement, internal tools for

identifying activities and for risk assessments,

relevant information and reports from external

databases and reports (such as Institute of Marine

Research). To a great extent, the knowledge and

experience of the internal professional resources

involved in the DMA process have been used.

The DMA for 2026 is planned for Q2/Q3 2026 and will

build on the already established DMA process and

with natural adjustments based on this experience.

The future revision date for the DMA is planned to be

October 1, 2026.

Result of the DMA process

In total more than 500 IROs have been assessed in the

processes carried out in 2024/2025. During the

process, it was determined that many of the IROs

were of a similar nature. Consequently, these IROs

were merged and consolidated, and narrowed down

to 13 IROs which are considered material.

The work carried out by the "DMA group" in 2025 led to

few changes compared to 2024. In the risk assessment

conducted in this year's review, two previous IROs

were removed when they did not achieve a high

enough score in relation to the threshold value that

had been set to be significant. Due to this S2 is not a

material area in 2025.

In addition to this, 2 new potential positive IROs,

associated with S1 and S4, became material:

• IRO 7 Develop our people

• IRO 9 Production of healthy seafood

The IROs have been linked to the relevant ESRS-

standards, both at the topic, sub-topic and sub-sub-

topic level. IROs related to fish health and fish welfare

are reported as entity specific disclosures, presented

in the entity specific chapter "Fish health and fish

welfare". In addition to the entity specific disclosures

the IROs result in reporting requirements according to

the following standards:

ESRS E1 Climate change, ESRS E4, Biodiversity and

ecosystems, ESRS S1 Own workforce, ESRS S4

Consumers and end users, ESRS G1 Governance.

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Material topics for Lerøy

Activities - IROs *

Time horizon**

Value chain***

Description

Environment

E1 Climate change

IRO 1 GHG emissions from fish feed production

and from upstream and downstream

transportation activities.

●

The raw material composition of fish feed, along with upstream and downstream transportation, represents

Lerøy’s largest source of greenhouse gas emissions. These emissions contribute to global warming.

IRO 2 Mandated blending of biofuels into

conventional fuels and increased carbon pricing

(e.g., fossil fuel taxes) to reduce emissions and

accelerate the energy transition.

●

Governments are increasingly implementing regulatory and fiscal instruments to mitigate climate change. These

include mandatory blending of biofuels into conventional fuels and the introduction or escalation of carbon

pricing mechanisms, such as carbon taxes. These measures aim to reduce greenhouse gas emissions, accelerate

the energy transition, and internalize the environmental costs of fossil fuel consumption.

IRO 3 Use of energy in own operations

●

Energy consumption in own operations, particularly from non-renewable sources such as fossil fuels and grid

electricity, contributes to GHG emissions and intensifies the greenhouse effect.

E4 Biodiversity and

ecosystems

IRO 4 Escape of salmon and trout

●

Escaped salmon and trout can potentially interact with wild salmon and dilute the genetic diversity locally. This

could potentially affect wild fish in nearby rivers and streams.

Social

S1 Own workforce

IRO 5 Hazardous work operations

●

Lerøy has a high injury frequency among our employees. In addition to the actual harm this causes on the

individuals that get injured, this also leads to a high absence-rate.

IRO 6 Gender equality in management positions

●

Gender imbalance in leadership positions can hinder the diversity of perspectives and experiences, which often

weakens decision-making quality and innovation. Additionally, it can contribute to systematic barriers to equality

and reduce the organisation’s ability to attract and retain talent from the entire population.

IRO 7 Develop our people

●

Developing our people strengthens responsibility, motivation and engagement, while building the skills needed to

grow the business. By investing in learning and development, Lerøy creates a more adaptive, capable, and future-

oriented workforce.

S4 Consumers and end-users

IRO 8 Food safety culture

●

If the focus on food safety culture is inadequate, we risk producing products that are not safe to eat, which can lead

to adverse health effects on the end consumer.

IRO 9 Production of healthy seafood

●

Seafood contains essential nutrients and can contribute to a balanced diet and positive health effects for consumers.

Entity specific disclosures

Fish health and fish welfare

IRO 10 Technology development

●

New technological solutions with less fish handling are expected to provide better fish welfare and reduced

mortality, and in turn improved financial earnings going forward.

IRO 11 Fish health and fish welfare

●

In aquaculture, fish may experience poorer welfare at times. This is due to various factors. Disease, viruses, jellyfish,

handling, genetics, and smolt quality can all affect fish welfare.

IRO 12 New challenges related to fish health

●

Increased risk of new diseases (pathogens), jellyfish and predators. This can be due to various factors such as

changes in ocean currents, changes in temperature, genetics, density etc. Various influences could lead to reduced

survival, poorer fish welfare, and lower earnings.

Governance

G1 Business conduct

IRO 13 Breach of business Code of Conduct and

policy document

●

The fishing industry is considered a high-risk industry regarding money laundering and corruption. Since Lerøy

operates in the industry, there is an inherent risk that money laundering and corruption may occur.

* IRO: I = Impact, R = Risk, O = Opportunities, ** Time horizon: S = Short term (<1 year) M = Medium term (1-5 years) L = Long term (over 5 years), *** Value chain: OO = Own operation, U = Upstream, D = Downstream

● Financial risk● Financial opportunity● Actual negative impact● Potential negative impact ● Potential positive Impact

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ESRS E1 IRO-1 Description of the processes to

identify and assess material climate-related

impacts, risks and opportunities

As part of the DMA process, scenario analyses were

conducted to identify risks and opportunities related

to climate change. The scenarios applied were:

• Narrative well- below 2 degrees scenario (RCP 2.6/

SSP1-2.6 & IEASDS and NZE), This envisions a

smooth transition towards limiting global warming

to the well-below 2 degrees. Lerøy Seafood Group

has adopted the well-below 2 degrees scenario as

it considers that there are no substantial

differences in the risks faced by the Group

compared with a 1.5 degrees scenario. The main

assumption in this scenario is that global

emissions peaked in 2020 and are now rapidly

declining. Factors such as regulatory changes,

market shifts, technological advancements, trends,

consumer behaviour, infrastructure development,

and economic transformation are evaluated in

short, medium and long term.

• The Group also considered the Narrative 4 degrees

(RCP 8.5/ SSP5-8.5), commonly referred to as the

“business-as-usual” scenario. This scenario is

characterised by a lack of coordinated policies to

limit climate change leading to escalating physical

climate risks. Economic growth takes precedence

over climate action, resulting in excessive resource

consumption. Fossil fuels remain the primary

energy source, and energy intensity stays high.

Under this scenario, GHG emissions continue to rise,

driving further global warming and long-lasting

changes in the climate system. The Group has used

this scenario to assess physical climate risks to its

equipment and activities over the short, medium

and long term. No material physical risks have

been identified.

There are uncertainties related to the quality and

availability of the data used in the assessment

which may affect the accuracy of the analysis.

The analysis addresses complex and interconnected

systems, making it challenging to capture all

variables and interactions involved. Completing the

resilience analysis can involve subjective judgements,

particularly when prioritising risks and determining

mitigation strategies. Different stakeholders may hold

varying views on what constitutes a significant risk.

Furthermore, risks and opportunities are dynamic and

may change over time due to various factors. Keeping

resilience plans updated in line with these changes

remains an ongoing challenge.

The scenarios presented here describe hypothetical,

plausible futures rather than forecasts. They are

designed to help the organisation consider the

question: “What would be the potential implications

for our strategy if the future described in a given

scenario would materialise?”. These scenarios are

based on publicly available sources. The Group

considers that the scenarios used are grounded in

state-of-the-art scientific research and modelling.

This ensures the scenarios are credible and reflect the

latest understanding of climate risks and

uncertainties. The analysis of physical climate-related

risks is based on broad regional-level data.

Limitations in data availability and quality, including

accuracy and completeness, present constraints on

the use of scenarios. Furthermore, there are inherent

uncertainties in climate projections and

socioeconomic developments and existing or

potential future regulations.

The following financial risk were defined as material:

IRO 2 Requirement of blending biofuel into

conventional fuel and higher taxes on fossil fuels –

financial risk.

ESRS E1 SBM-3 Material impacts, risks,

opportunities and their interactions with

strategy and business model

Results of the analysis:

An increased fuel tax will significantly raise costs in

parts of the Group where fossil fuel usage is high;

however this is not expected to have a material

impact for the Group as a whole.

Adaptation of strategy and business model:

Adapting the Group's strategy and business model to

address climate change is challenging. The Group’s

main strategy for mitigating risks related to cash flow

volatility in its business model is to maintain a strong

balance sheet, robust liquidity, and an investment-

grade credit rating. Allocating capital in line with the

Group’s strategic ambitions is a key priority. It is

essential to respond and adapt to the cycles in the

seafood industry, enabling investment during

downturns and ensuring access to capital markets on

attractive terms. A strong liquidity position is

therefore critical to supporting operations and

investments.

If IRO 2 were to impose increased costs on the Group,

we expect the Group to manage them accordingly.

Lerøy Seafood Group ASA has a BBB+ long-term issuer

rating with stable outlook from Nordic Credit Rating.

Additionally, Lerøy Seafood Group holds a N2 short-

term issuer rating. For more detailed information,

please, see note G3.11 in Group’s financial statements.

Information on how the climate scenarios used align

with the critical-climate-related assumptions made in

the financial statements is disclosed in note G1.4

ESRS E4 IRO-1 Biodiversity and ecosystems

To identify and assess actual and potential impacts

on biodiversity and ecosystems at own site locations

in Norway and downstream units in Europe,

geospatial analysis was used in conjunction with a

review of relevant literature and an analysis of

reported incidents in our internal quality

management system. Sites located within or close to

biodiversity sensitive areas (areas protected by

Norwegian law, Key Biodiversity Areas, Natura 2000

areas, UNESCO Natural World Heritage Sites) were

evaluated by assessing the criteria for which area

was designated against the activity at the relevant

site. This takes into consideration the proximity to the

protected area, the magnitude (area and number of

species impacted), the duration (temporary/

permanent), and the reversibility and significance (i.e.

the ecological importance of the affected area or

species). For upstream operations, Lerøy Seafood

Group relies on compliance with relevant standards to

assess its impact on biodiversity and ecosystems. For

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essential input factors such as feed and raw materials

used in feed, the Group relies on relevant certifications

such as MSC for marine raw materials and ProTerra,

EuroSoy and DonauSoy for terrestrial ingredients as

well as the ASC Feed Standard. For suppliers of other

goods and services, the Group regularly conducts risk-

based assessments with environmental impacts as

one of the assessment criteria. All suppliers to the

Group are required to comply with the Supplier Code

of Conduct which sets out the Group’s expectations

and demands regarding environmental sustainability.

Based on these processes and previous work,

including a thorough stakeholder analysis performed

in 2022, as well as the process working with the

double materiality assessment in general, the IROs

relevant to biodiversity and ecosystems were

determined. Dependencies on biodiversity and

ecosystems and their services, transition and physical

risk and opportunities related to biodiversity and

ecosystems, as well as systemic risks, were evaluated

in the process of the double materiality assessment

but not considered material.

Lerøy Seafood Group has not conducted

consultations with affected communities on

sustainability assessments of shared biological

resources and ecosystems for this reporting period

but has used findings from its stakeholder analysis

(last conducted in 2022) as a basis for this year’s

double materiality assessment.

Production sites located in or near biodiversity

sensitive areas

The Group has a few sites located in or close to (less

than 1 km away) biodiversity sensitive areas

(including Natura 2000 network of protected areas,

Key Biodiversity Areas and areas protected under

Norwegian law). Most of these sites are in Norway,

with a few sites also located in Denmark, the

Netherlands, Italy and Spain. Activities at the sites

outside of Norway have not been identified as

leading to deterioration of natural habitats of the

species for which the protected area has been

designated. As a result, biodiversity mitigation

measures have not been implemented at these sites.

ESRS G1 IRO Business conduct

Corruption and bribery: Breach of our Code of

Conduct and policies were identified along with other

IROs.

Attention was drawn to this IRO since the fishing

industry is viewed as a high risk industry regarding

potential money laundering activities as well as

corruption. The fishing activities take place in Norway

and the business area is considered high risk for

money laundering due to significant cash

transactions, complex supply chains that involve

multiple intermediaries as well as the global nature of

the seafood trade which increases the risk of money

laundering activities. All of this was taken into

consideration when identifying and assessing

material governance-related IROs.

IRO-1 related to E2 Pollution, E3 Water and

marine resources, and E5 Resource use and

circular economy

As part of the DMA the Group conducted a thorough

review of the Group’s operations, including all sites,

assets, and business activities. This screening process

is designed to identify any material sustainability

impacts and risks associated with our operations.

Also, the Group emphasize the stakeholder

engagement as an important component of our DMA.

This involves conducting consultations with affected

communities to gather their perspectives and

incorporate their feedback into our materiality

assessment. By engaging with these stakeholders, the

Group aim to understand their concerns and ensure

that our sustainability initiatives are responsive to the

needs and expectations of those impacted by our

operations.

The findings revealed that IRO 1, which pertains to E2

Pollution, E3 Water and marine resources, and E5

Resource use and circular economy, was not deemed

material for Lerøy Seafood Group. This conclusion was

based on the Materiality assessment of the Group’s

operations, supply chain, and overall environmental

impact.

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ESRS IRO 2 Disclosure requirements in ESRS

covered by the undertaking's sustainability

statement

Index of material disclosures


Standard	DR	Description /Reference
ESRS 2	BP-1	General basis for preparation of sustainability statement
	BP-2	Disclosures in relation to specific circumstances
	GOV-1	The role of the administrative, management and supervisory bodies
	GOV-2	Information provided to and sustainability matters addressed by the undertaking's administrative, management and supervisory bodies
	GOV-3	Integration of sustainability-related performance in incentive schemes
	GOV-4	Statement on due diligence
	GOV-5	Risk management and internal controls over sustainability reporting
	SBM-1	Strategy, business model and value chain
	SBM-2	Interests and view of stakeholders
	SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model
	IRO-1	Description of the process to identify and assess material impacts, risks and opportunities
	IRO-2	Disclosure requirements in ESRS covered by the undertaking's sustainability statement
E1	E1–1	Transition plan climate change mitigation
	E1–2	Policies related to climate change mitigation and adaptation
	E1–3	Actions and resources in relation to climate change policies
	E1–4	Targets related to climate change mitigation and adaptation
	E1–5	Energy consumption and mix
	E1–6	Gross Scope 1, 2, 3 and Total GHG emissions


Standard	DR	Description /Reference
E4	SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model
	E4–2	Policies related to biodiversity and ecosystems
	E4–3	Actions and resources related to biodiversity and ecosystems
	E4–4	Targets related to biodiversity and ecosystems
	E4–5	Impact metrics related to biodiversity and ecosystems change
S1	SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model
	S1–1	Policies related to own workforce
	S1–2	Process for engaging with own workforce and workers' representatives about impacts
	S1–3	Process to remediate negative impacts and channels for own workforce to raise concerns
	S1–4	Taking action on material impacts on own workforce and approaches to managing material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions
	S1–5	Targets related to managing material negative impacts, advancing positive impacts and managing material risks and opportunities
	S1–6	Characteristics of the undertaking's employees
	S1-7	Characteristics of non-employee workers in the undertaking’s own workforce
	S1–8	Collective bargaining coverage and social dialogue
	S1–9	Diversity metrics
	S1–10	Adequate wages
	S1–14	Health and safety metrics
	S1–16	Remuneration metrics (pay gap and total remuneration)
	S1–17	Incidents, complaints and severe human rights impacts

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Standard	DR	Description /Reference
S4	SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model
	S4–1	Policies related to consumers and end-users
	S4–2	Processes for engaging with consumers and end-users about impacts
	S4–3	Processes to remediate negative impacts and channels for consumers and end-users to raise concerns
	S4–4	Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those actions
	S4–5	Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities
G1	G1–1	Business conduct policies and corporate culture
	G1–2	Management of relationships with suppliers
	G1–3	Prevention and detection of corruption and bribery
	G1–4	Incidents of corruption or bribery
ESD (Entity specific disclosures)	SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model
	Fish health and fish welfare	Technology development
		New challenges related to fish health
		Poor fish health

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Lerøy has applied ESRS 1, section 3.2 Material matters and materiality of information as the framework for determining which disclosure requirements are material to report. After identifying material impacts, risks, and opportunities (IROs),

we assessed which disclosure requirements provide relevant and decision-useful information about these matters. Materiality was evaluated using both quantitative thresholds, such as financial impact and emission levels, and qualitative

factors including strategic significance, regulatory requirements, and stakeholder expectations. The assessment focused on whether the information is necessary to understand how the company`s operation affects ESG-related matters and

also how material IROs affect the company’s strategy, governance, and performance. The assessment also identified disclosure requirements that were considered non-material. All evaluations are documented and aligned with the double

materiality analysis methodology presented in this report, ensuring consistency between identified IROs and reported disclosures. This approach ensures that reporting covers disclosure requirements that are material for understanding

impacts, risks, and opportunities related to Lerøy’s sustainability work.

List of datapoints in cross-cutting and topical standards that derive from other EU legislation


Disclosure Requirement and related datapoint	SFDR reference, Annex 1	Pillar 3 reference	Benchmark Regulation reference	EU Climate Law reference	Material / Not material	Section
ESRS 2 GOV-1 Board's gender diversity par. 21 (d)	Indicator number 13 of Table #1		Commission Delegated Regulation (EU) 2020/1816 (5), Annex II		Material	ESRS 2 GOV-1 The role of administrative, management and supervisory bodies
ESRS 2 GOV-1 Percentage of board members who are independent par. 21 (e)			Delegated Regulation (EU) 2020/1816, Annex II		Material	ESRS 2 GOV-1 The role of administrative, management and supervisory bodies
ESRS 2 GOV-4 Statement on due diligence par. 30	Indicator number 10 Table #3				Material	ESRS 2 GOV-4 Statement on due diligence
ESRS 2 SBM-1 Involvement in activities related to fossil fuel activities par. 40 (d) I	Indicators number 4 Table #1	"Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/245328 Table 1: Qualitative information on Environmental risk and Table 2: Qualitative information on Social risk"	Delegated Regulation (EU) 2020/1816, Annex II		Not Material	n/a
ESRS 2 SBM-1 Involvement in activities related to chemical production par. 40 (d) II	Indicator number 9 Table #2		Delegated Regulation (EU) 2020/1816, Annex II		Not Material	n/a
ESRS 2 SBM-1 Involvement in activities related to controversial weapons par. 40 (d) III	Indicator number 14 Table #1		Delegated Regulation (EU) 2020/1818 (7), Article 12(1) Delegated Regulation (EU) 2020/1816, Annex II		Not Material	n/a
ESRS 2 SBM-1 Involvement in activities related to cultivation and production of tobacco par. 40 (d) IV			Delegated Regulation (EU) 2020/1818, Article 12(1) Delegated Regulation (EU) 2020/1816, Annex II		Not Material	n/a
ESRS E1-1 Transition plan to reach climate neutrality by 2050 par. 14				Regulation (EU) 2021/1119, Article 2(1)	Material	ESRS E1-1 Transition plan for climate change mitigation
ESRS E1-1 Undertakings excluded from Paris-aligned Benchmarks par. 16 (g)		Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 1: Banking bookClimate Change transition risk: Credit quality of exposures by sector, emissions and residual maturity	Delegated Regulation (EU) 2020/1818, Article12.1 (d) to (g), and Article 12.2		Not Material	n/a
ESRS E1-4 GHG emission reduction targets par. 34	Indicator number 4 Table #2	Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 3: Banking book – Climate change transition risk: alignment metrics	Delegated Regulation (EU) 2020/1818, Article 6		Material	ESRS E1-4 Targets related to climate change mitigation and adaptation

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Disclosure Requirement and related datapoint	SFDR reference, Annex 1	Pillar 3 reference	Benchmark Regulation reference	EU Climate Law reference	Material / Not material	Section
ESRS E1-5 Energy consumption from fossil sources disaggregated by sources par. 38	Indicator number 5 Table #1 and Indicator number 5 Table #2				Material	ESRS E1-5 Energy consumption and mix
ESRS E1-5 Energy consumption and mix par. 37	Indicator number 5 Table #1				Material	ESRS E1-5 Energy consumption and mix
ESRS E1-5 Energy intensity associated with activities in high climate impact sectors par.s 40 to 43	Indicator number 6 Table #1				Material	ESRS E1-5 Energy consumption and mix
ESRS E1-6 Gross Scope 1, 2, 3 and Total GHG emissions par. 44	Indicators number 1 and 2 Table #1	"Article 449a; Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 1: Banking book – Climate change transition risk: Credit quality of exposures by sector, emissions and residual maturity"	Delegated Regulation (EU) 2020/1818, Article 5(1), 6 and 8(1)		Material	ESRS E1–6 Gross Scopes 1, 2, 3 and Total GHG emissions
ESRS E1-6 Gross GHG emissions intensity par.s 53 to 55	Indicators number 3 Table #1	Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 3: Banking book – Climate change transition risk: alignment metrics	Delegated Regulation (EU) 2020/1818, Article 8(1)		Material	ESRS E1–6 GHG emissions intensity (total GHG emissions per net revenue)
ESRS E1-7 GHG removals and carbon credits par. 56				Regulation (EU) 2021/1119, Article 2(1)	Not Material	n/a
ESRS E1-9 Exposure of the benchmark portfolio to climate- related physical risks par. 66			Delegated Regulation (EU) 2020/1818, Annex II Delegated Regulation (EU) 2020/1816, Annex II		Not Material	n/a
ESRS E1-9 Disaggregation of monetary amounts by acute and chronic physical risk par. 66 (a) ESRS E1-9 Location of significant assets at material physical risk par. 66 (c)					Not Material	n/a
ESRS E1-9 Breakdown of the carrying value of its real estate assets by energy-efficiency classes par. 67 (c)					Not Material	n/a
ESRS E1-9 Degree of exposure of the portfolio to climate- related opportunities par. 69			Delegated Regulation (EU) 2020/1818, Annex II		Not Material	n/a
ESRS E2-4 Amount of each pollutant listed in Annex II of the E- PRTR Regulation emitted to air, water and soil, par. 28	Indicator number 8 table #1, Indicator number 1,2,3 table #2				Not Material	n/a
ESRS E3-1 Water and marine resources par. 9	Indicator number 7 Table #2				Not Material	n/a
ESRS E3-1 Dedicated policy par. 13	Indicator number 8 Table 2				Not Material	n/a
ESRS E3-1 Sustainable oceans and seas par. 14	Indicator number 12 Table #2				Not Material	n/a
ESRS E3-4 Total water recycled and reused par. 28 (c)	Indicator number 6.2 Table #2				Not Material	n/a
ESRS E3-4 Total water consumption in m3 per net revenue on own operations par. 29	Indicator number 6.1 Table #2				Not Material	n/a
ESRS 2-SBM 3 – E4 par. 16 (a) I	Indicator number 7 Table #1				Material	ESRS E4 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model

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Disclosure Requirement and related datapoint	SFDR reference, Annex 1	Pillar 3 reference	Benchmark Regulation reference	EU Climate Law reference	Material / Not material	Section
ESRS 2-SBM 3 IRO 1 – E4 par. 16 (b)	Indicator number 10 Table #2				Not Material	n/a
ESRS 2-SBM 3-E4 par. 16 (c)	Indicator number 14 Table #2				Material	ESRS E4 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model
ESRS E4-2 Sustainable land/agriculture practices or policies par. 24 (b)	Indicator number 11 Table #2				Not Material	n/a
ESRS E4-2 Sustainable oceans/seas practices or policies par. 24 (c)	Indicator number 12 Table #2				Not Material	n/a
ESRS E4-2 Policies to address deforestation par. 24 (d)	Indicator number 15 Table #2				Not Material	n/a
ESRS E5-5 Non-recycled waste par. 37 (d)	Indicator number 13 Table #2				Not Material	n/a
ESRS E5-5 Hazardous waste and radioactive waste par. 39	Indicator number 9 Table #1				Not Material	n/a
ESRS 2-SBM3 – S1 Risk of incidents of forced labour par. 14 (f)	Indicator number 13 Table #3				Material	ESRS S1 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model
ESRS 2-SBM3 – S1 Risk of incidents of child labour par. 14 (g)	Indicator number 12 Table #3				Material	ESRS S1 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model
ESRS S1-1 Human rights policy commitments par. 20	Indicator number 9 Table #3 and Indicator number 11 Table #1				Material	ESRS S1-1 Policies related to own workforce
ESRS S1-1 Due diligence policies on issues addressed by International Labor Organisation Conventions 1 to 8, par. 21			Delegated Regulation (EU) 2020/1816, Annex II		Material	ESRS S1-1 Policies related to own workforce
ESRS S1-1 processes and measures for preventing trafficking in human beings par. 22	Indicator number 11 Table #3				Material	ESRS S1-1 Policies related to own workforce
ESRS S1-1 workplace accident prevention policy or management system par. 23	Indicator number 1 Table #3				Material	ESRS S1-1 Policies related to own workforce
ESRS S1-3 grievance/complaints handling mechanisms par. 32 (c)	Indicator number 5 Table #3				Material	ESRS S1-3 Processes to remediate negative impacts and channels for own workforce to raise concerns
ESRS S1-14 Number of fatalities and number and rate of work- related accidents par. 88 (b) and ©	Indicator number 2 Table #3		Delegated Regulation (EU) 2020/1816, Annex II		Material	ESRS S1-14 Health and safety metrics
ESRS S1-14 Number of days lost to injuries, accidents, fatalities or illness par. 88 (e)	Indicator number 3 Table #3				Material	ESRS S1-14 Health and safety metrics
ESRS S1-16 Unadjusted gender pay gap par. 97 (a)	Indicator number 12 Table #1		Delegated Regulation (EU) 2020/1816, Annex II		Material	ESRS S1-16 Remuneration metrics (pay gap and total remuneration)
ESRS S1-16 Excessive CEO pay ratio par. 97 (b)	Indicator number 8 Table #3				Material	ESRS S1-16 Remuneration metrics (pay gap and total remuneration)
ESRS S1-17 Incidents of discrimination par. 103 (a)	Indicator number 7 Table #3				Material	ESRS S1-17 Incidents, complaints and severe human rights impacts

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Disclosure Requirement and related datapoint	SFDR reference, Annex 1	Pillar 3 reference	Benchmark Regulation reference	EU Climate Law reference	Material / Not material	Section
ESRS S1-17 Non-respect of UNGPs on Business and Human Rights and OECD Guidelines par. 104 (a)	Indicator number 10 Table #1 and Indicator number 14 Table #3		Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818 Art 12 (1)		Material	ESRS S1-17 Incidents, complaints and severe human rights impacts
ESRS 2- SBM3 – S2 Significant risk of child labour or forced labour in the value chain par. 11 (b)	Indicators number 12 and n. 13 Table #3				Not Material	n/a
ESRS S2-1 Human rights policy commitments par. 17	Indicator number 9 Table #3 and Indicator number 11 Table #1				Not Material	n/a
ESRS S2-1 Policies related to value chain workers par. 18	Indicator number 11 and n. 4 Table #3				Not Material	n/a
ESRS S2-1 Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines par. 19	Indicator number 10 Table #1		Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1)		Not Material	n/a
ESRS S2-1 Due diligence policies on issues addressed by ILOC 1 to 8, par. 19			Delegated Regulation (EU) 2020/1816, Annex II		Not Material	n/a
ESRS S2-4 Human rights issues and incidents connected to its upstream and downstream value chain par. 36	Indicator number 14 Table #3				Not Material	n/a
ESRS S3-1 Human rights policy commitments par. 16	Indicator number 9 Table #3 and Indicator number 11 Table #1				Not Material	n/a
ESRS S3-1 non-respect of UNGPs on Business and Human Rights, ILO principles or and OECD guidelines par. 17	Indicator number 10 Table #1 Annex 1		Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1)		Not Material	n/a
ESRS S3-4 Human rights issues and incidents par. 36	Indicator number 14 Table #3				Not Material	n/a
ESRS S4-1 Policies related to consumers and end-users par. 16	Indicator number 9 Table #3 and Indicator number 11 Table #1				Material	ESRS S4-1 Policies related to consumers and end- users
ESRS S4-1 Non-respect of UNGPs on Business and Human Rights and OECD guidelines par. 17	Indicator number 10 Table #1		Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1)		Not Material	n/a
ESRS S4-4 Human rights issues and incidents par. 35	Indicator number 14 Table #3				Material	ESRS S4-4 Taking action on material impacts and channels for consumers and endusers and effectiveness of those actions
ESRS G1-1 United Nations Convention against Corruption par. 10 (b)	Indicator number 15 Table #3				Material	ESRS G1-1 Business conduct policies and corporate culture
ESRS G1-1 Protection of whistleblowers par. 10 (d)	Indicator number 6 Table #3				Material	ESRS G1-1 Business conduct policies and corporate culture
ESRS G1-4 Fines for violation of anti-corruption and anti- bribery laws par. 24 (a)	Indicator number 17 Table #3		Delegated Regulation (EU) 2020/1816, Annex II)		Material	ESRS G1-4 Incidents of corruption or bribery
ESRS G1-4 Standards of anti-corruption and anti-bribery par. 24 (b)	Indicator number 16 Table #3				Material	ESRS G1-4 Incidents of corruption or bribery

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		E1 Climate change

	Climate change adaptation		Climate change mitigation	Energy
Activities - IROs*
	IRO 2 Requirements for blending biofuels into conventional fuels, combined with higher taxes on fossil fuels (carbon taxes).		IRO 1 GHG emissions related to the upstream and downstream transportation and the production of fish feed	IRO 3 Use of energy in own operations
I			●	●
R	●
O
Time horizon **
S	●		●	●
M	●		●	●
L	●		●	●
Value chain ***
OO	●			●
U	●		●
D	●		●
Description
	The Norwegian government has proposed increasing the existing carbon tax. New requirements for higher biodiesel blending, combined with increased taxes on fossil fuels, will raise operating costs. As a result, some fisheries may become unprofitable, and parts of the fleet may need to be taken out of operation.		The raw material composition of fish feed, along with upstream and downstream transportation, are among the largest sources of GHG emissions in Lerøy and contribute to increased greenhouse effects.	Energy consumption from non‑renewable sources in our own operations—including the use of fossil fuels and electricity—results in greenhouse gas emissions and contributes to an increased greenhouse effect.

* IRO: I = Impact, R = Risk, O = Opportunities Time horizon: S = Short term (<1 year) M = Medium term (1-5 years) L = Long term (over 5 years) * Value chain: OO = Own operation, U = Upstream, D = Downstream ● Financial risk ● Actual negative impact

Environment

ESRS E1 Climate change

Strategy

ESRS E1-1 Transition plan for climate change

mitigation

Lerøy Seafood Group aims to be the leading and

most profitable global supplier of sustainable, high-

quality seafood. The reduction of greenhouse gas

emissions is a key strategic priority for the Group and

sustainability considerations are integrated into the

Group’s governance framework and business

processes.

The Group no longer has a science-based target

aligned with the Paris Agreement and will therefore

not present a transition plan for climate change

mitigation. For further information on the Group’s

ongoing climate work, please see section E1-4.

ESRS E1-4 Targets related to climate change

mitigation and adaptation

Targets related to climate change mitigation and

adaptation

In 2020, the Group set an ambitious science‑based

target (SBT) in line with the Paris Agreement to

reduce its greenhouse gas emissions by 46% by 2030,

using 2019 as the base year. The target was defined

based on what were, at the time, the Group’s most

significant drivers of greenhouse gas emissions for

Scope 3.:

• Fuel and energy related activities

• Upstream transportation and distribution

• Waste in own operations

• Purchased goods and services (fish feed)

• Business travel

These categories accounted for 73% of the Group’s

Scope 3 emissions in 2019 and were therefore in line

with the SBT requirement that at least 67% of Scope 3

emissions should be included in the target.

From the time the target was set in 2020 until today,

major changes have occurred in greenhouse gas

reporting, driven by new and more comprehensive

reporting requirements under the CSRD. In 2025, the

Group also set new strategic targets towards 2030,

including an expected increase in sales to Asian

markets, where parts of the deliveries depend on air

freight and therefore affects greenhouse gas

emissions. As a result, the Group can no longer

maintain its science‑based target in line with the

Paris Agreement and will carry out a review of its

climate target, including consideration of alternative

target structures, in 2026.

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The Group had a turnover of NOK 34.4 billion in 2025

and has set a turnover target of NOK 50 billion by

2030. In the period leading up to 2030, the Group will

continue to focus on the largest drivers of greenhouse

gas emissions and seek solutions to reduce emissions

despite an expected turnover growth of 45%. These

drivers are expected to remain the same as in 2019.

The review will ensure that the Group’s climate

targets remain relevant, ambitious, and aligned with

the business strategy.

Progress this far

In 2019, fish feed accounted for 34% of the Group’s

total greenhouse gas emissions, and for this reason

the Group has had a strong focus on reducing

emissions related to fish feed. By 2025, the Group had

reduced emissions from fish feed by 44% while

simultaneously increasing fish production.

The Group has actively worked on measures to reduce

greenhouse gas emissions within the emission

categories covered by the previous target, and

emissions from the material Scope 3 categories

identified in 2019 were reduced by 19% in 2025

compared with the 2019 base year. Over the same

period, the Group’s turnover increased by 69% .

Including all Scope 1, 2 and 3 emissions in scope for

the target, the total change over the same period was

16%.

Changes in key material Scope 3 categories: 2019 vs 2025

1000 tCO2e

The graph shows the development of the material categories, where air transport to overseas markets is

increasing, while emissions from fish feed have been reduced due to the introduction of new raw materials with

lower greenhouse gas emissions and reduced reliance on soy. Emissions related to fuel and energy related

activities, waste in own operations, and travel activities are relatively stable.

ESRS E1-3 Actions and resources in relation to climate change policies

Although the Group no longer has a science-based target for reduction of greenhouse gas emissions, it remains

committed to reducing its greenhouse gas emissions, with a continued focus on addressing the Group’s most

significant drivers for climate change.

Sustainable fish feed:

Fish feed is a major contributor to the Group’s Scope 3 emissions. Its greenhouse gas intensity is driven by upstream

production of feed ingredients, including soybean meal, wheat and fish meal. Emissions arise from agricultural and

fisheries activities, processing and transport, as well as

associated energy use, resulting in a significant

contribution to total GHG emissions.

Incorporating emerging raw materials—such as by-

products from European poultry production—into fish

feed represents an important step towards the

adoption of innovative solutions, increased circularity,

and the use of new technologies.

Compared to conventional feed ingredients, such

by‑products can, depending on sourcing and

allocation assumptions, have a lower greenhouse gas

intensity and thereby contribute to reduced GHG

emissions across the value chain. To further support

this transition, Lerøy Seafood Group has established a

strategic partnership with a fish feed supplier that

integrates climate change mitigation, adaptation and

energy efficiency considerations into its operations. By

2025, the Group has reduced fish feed emissions by 44%

compared with 2019, while increasing fish production.

Upstream and downstream transportation:

Transportation to customers represents Lerøy’s

second‑largest source of greenhouse gas emissions,

alongside purchased goods and services (including

fish feed). Emissions in this category are expected to

increase in line with the Group’s growth target

towards 2030. Between 2019 and 2025, emissions in

this category increased 13 %, primarily due to higher

volumes transported by air.

Although emissions from this category are expected

to increase, efforts are being made to limit this

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increase. Prioritising and optimising transport weight,

developing new technologies, and evaluating

alternative transport modes are essential measures

to deliver more climate‑efficient logistics solutions.

Key initiatives include the development of an internal

climate calculator for air transport to identify the

most climate‑efficient flight routes, as well as the

introduction of dry ice as a cooling medium to replace

conventional ice. This measure reduces the GHG

intensity per transported unit.

The use of dry ice has already been implemented at

several packing plants, while other transport‑related

initiatives remain in early stages of development and

implementation.

The Group supplies seafood to global markets and is

therefore dependent on international air freight

transport, which represents a potential source of GHG

Greenhouse gas emissions 2019

1000 tCO2e

emissions. To reduce emissions, the Group aims to

shift air freight transport to lower‑carbon transport

modes, optimise transport capacity, improve the

energy efficiency of logistics operations, and support

the transition from fossil to renewable energy sources.

Progress is influenced by the availability and maturity

of low‑carbon technological solutions within the

transportation sector.

Other actions implemented in 2025:

In 2025, the Group invested in the following areas:

Farming:

In 2025, farming companies within the Group carried

out several investments related to energy efficiency,

land‑based power infrastructure, and facility upgrades. The total investment amounted to approximately NOK 112

million.

These investments, undertaken by farming companies within the Group, collectively contribute to improved

energy efficiency and are expected to result in reductions in CO2 emissions over time.

GHG emissions performance

Individually for each Scope:

• Scope 1 emissions have increased by approximately 8.6% compared to the base year, primarily driven by

increased well-boat activity.

• Scope 2 emissions have increased by 18,5% compared to the base year, primarily driven by higher activity levels

and increased electrification in the Farming segment. (Scope 2 emissions are accounted for using the

location‑based method).

• Scope 3 emissions have decreased by 13% primarily driven by decreased emissions from fish feed.

Changes in Scope 1, 2, 3 2019 vs 2025

Locked-in GHG emissions

One of the Group’s operating segments, Wild Catch

(the catching of white fish), represents the largest

share of the Group’s Scope 1 emissions (The trawler

fleet emitted 106 393 tCO2e in 2025). Fishing trawlers,

along with work and well boats, are significant

contributors to these emissions.

There will, however, be residual emissions that remain

after all feasible measures to reduce GHG emissions

have been implemented. These emissions are

unavoidable with current technologies and practices

and will result from the production of fish feed, the

operation of well- and workboats, as well as aviation

transportation activities.

The Group owns the following fishing trawlers:


Trawler name	Age of trawler in 2025 (years)	Expected remaining lifespan (years)
Rypefjord	30	5
Havtind	28	12
Båtsfjord	26	9
Vesttind	25	15
Doggi	24	11
Gadus Poseidon	12	13
Gadus Njord	12	13
Gadus Neptun	11	14
Nordtind	7	28
Kongsfjord	5	30

Greenhouse gas emissions 2025

11% reduction

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Actual and potential future GHG emission sources:

Lerøy Seafood Group recognises that GHG emissions

from trawler operations will persist in the future as

the current business model depends on use of fossil

fuels. At present, transforming this process is highly

challenging, given that these trawlers have a

remaining lifespan of between 5 and 30 years. The

potential for significant emission reductions during

their use is therefore limited, as alternative

technologies are still in the early stages of

development. The Group has already implemented

energy efficiency measures such as installing more

efficient engines to reduce fuel consumption and

associated GHG emissions from the trawlers, and will

continue to pursue such improvements.

Regarding Scope 3 activities – Lerøy Seafood Group

will continue purchasing fish feed and raw materials

in fish feed that may be associated with land use

change (LUC). One of the major ingredients in fish

feed – soy – is a major contributor to LUC, however the

Group exclusively purchases LUC-free soy. The Group

supplies seafood to global markets and is dependent

on international freight transport which will

represents a potential source of GHG emissions. To

reduce emissions, the Group aims to shift freight

forwarding to lower‑carbon transport modes,

optimise transport capacity, improve the energy

efficiency of logistics operations, and support the

transition from fossil to renewable energy sources.

Progress is influenced by the availability and maturity

of low‑carbon technological solutions in the transport

sector.

ESRS E1-2 Policies related to climate change

mitigation and adaptation

Lerøy Seafood Group has developed a Policy for

Climate and Energy Consumption, which discloses

climate change mitigation actions for the relevant IROs.

The general objectives and key concepts of the policy

are as follows:

• The Group shall carry out responsible

environmental and climate management for the

Group’s activities and its business partner’s

activities

• The Group shall take active measures to identify

new and innovative solutions to reduce its GHG

emissions, further develop existing collaborations,

establish new partnerships and contribute to the

transition to a low‑carbon society

• The Group takes action to prevent its operations

from adversely impacting a stable climate by

measuring, monitoring, reporting, and reducing its

carbon footprint. The Group reports its Scope 1, 2,

and 3 greenhouse gas emissions in accordance

with the Greenhouse Gas Protocol (GHG Protocol)

and ESRS

• The Group shall also actively engage in and

promote initiatives across value chain that support

the organisation’s climate objectives

• The Group conducts regular climate-related risk

assessments and analyses to support decision-

making and necessary adjustments. Based on

these assessments, measures to address

greenhouse gas emissions may be identified

The Climate and Energy Consumption policy applies

to all employees and non-employees within the

Group. Contracts with business partners should

include requirements for compliance with this policy.

Roles and responsibilities

Group management is responsible for defining the

Group’s climate and environmental direction and for the

contents of the Climate and Energy Consumption policy.

The Group monitors the policy through regular

reviews and updates it when necessary.

All Lerøy Seafood Group employees and non-

employees are responsible, within their areas of

responsibility and disciplines, for contributing towards

achieving the Group's climate-related goals.

Local management in each company is responsible

for ensuring that the company has personnel with the

competencies required to comply with relevant local

regulations.

The policy addresses the following area:

• Climate change mitigation by defining actions

aimed at reducing and/ or preventing GHG

emissions and contributing to limit global warming

and its associated impacts.

Currently, the policy does not address the following

areas:

• Climate change adaptation.

• Energy efficiency.

• Renewable energy deployment.

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Metrics and targets

ESRS E1-5 Energy consumption and mix

Energy consumption includes all significant energy

used in the Group’s operations and is reported in

accordance with requirements in ESRS E1‑5. Energy

data covers Scope 1 and Scope 2 activities.

Energy consumption is classified as renewable or

fossil based on the underlying energy source.

Electricity is classified using supplier‑specific

information and guarantees of origin where

available; otherwise, the applicable residual mix is

applied. Fuels are classified according to their

physical characteristics and origin.

Scope 1 energy consumption comprises of direct fuel

use from owned or controlled sources, including

marine fuels, road fuels, stationary combustion

(natural gas and LPG) and other fossil (including

biogenic) fuels used in operations. Scope 2 energy

consumption comprises of purchased electricity,

district heating and district cooling. Energy is

reported on a gross basis.

Energy consumption is measured primarily based on

invoiced quantities, metered data and integrated

systems (API). All energy quantities are converted to

MWh.

The reporting period covers January to December

2025. Energy data are subject to internal controls and

consistency checks and form part of the basis for the

Group’s climate and emissions reporting under ESRS

E1.


Calculations based on the market-based method for Scope 2 emissions	2025	2024
(1) Fuel consumption from coal and coal products (MWh)	0	0
(2) Fuel consumption from crude oil and petroleum products (MWh)	623 842	561 572
(3) Fuel consumption from natural gas (MWh)	3 321	3 707
(4) Fuel consumption from other fossil sources (MWh)	0	0
(5) Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources (MWh)	132 209	175 481
(6) Total fossil energy consumption (MWh) (calculated as the sum of lines 1 to 5)	759 372	740 760
Share of fossil sources in total energy consumption (%)	85%	88%
(7) Consumption from nuclear sources (MWh)	45 532	0
Share of consumption from nuclear sources in total energy consumption (%)	5%	NA
(8) Fuel consumption from renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.) (MWh)	22 457	28 178
(9) Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources (MWh)	61 511	68 697
(10) The consumption of self-generated non-fuel renewable energy (MWh)	2 696	1
(11) Total renewable energy consumption (MWh) (calculated as the sum of lines 8 to 10)	86 664	96 876
Share of renewable sources in total energy consumption (%)	10%	12%
Total energy consumption (MWh) (calculated as the sum of lines 6, 7 and 11)	891 568	837 636

GHG emissions in high climate impact sectors


Scope 1 and 2 emissions in high climate impact sectors (Manufacture of food products – Aquaculture, Wild Catch and VAP, Sales and Distribution)	Total energy consumption (MWh)	Net revenue, 1 000 NOK (Financial statements, Note G – Income statement)	Total energy consumption per net revenue
2025	891 568	34 363 832	0.026
2024	837 581	31 124 691	0.027

Information on the energy intensity (total energy

consumption per net revenue) for activities in sectors

with high climate impact, where the manufacture of

food is classified as a high climate impact sector.

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E1–6 Gross Scopes 1, 2, 3 and Total GHG emissions


	Retrospective				Milestones and target year
	2019	2024	2025	% change comparative (2024) vs recent year (2025)	2030	2050	Annual % Target / base year
Scope 1 GHG Emissions
Gross Scope 1 GHG emissions (tCO2eq)	160 138	156 638	173 862	11%			n/a
Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%)	n/a	0
Scope 2 GHG Emissions
Gross location-based Scope 2 GHG emissions (tCO2eq)	5 917	8 210	7 009	-15%			n/a
Gross market-based Scope 2 GHG emissions (tCO2eq)	44 685	99 862	88 228	-12%			n/a
Scope 3 GHG emissions
Total Gross indirect (Scope 3) GHG emissions (tCO2eq)	2 012 632	1 693 961	1 753 264	4%			n/a
1 Purchased goods and services	1 278 592	902 350	910 500	1%			n/a
2 Capital goods	27 046	36 376	27 589	-24%			n/a
3 Fuel and energy-related Activities	36 726	39 522	42 891	9%			n/a
4 Upstream transportation and distribution	543 935	533 618	615 532	15%			n/a
5 Waste generated in operations	3 061	4 612	3 931	(15)%			n/a
6 Business travel	633	798	781	-2%			n/a
7 Employee commuting	6 186	7 396	7 676	4%			n/a
8 Upstream leased assets	n/a	n/a	n/a
9 Downstream transportation and distribution	7 564	5 536	6 410	16%			n/a
10 Processing of sold products	18 488	22 102	22 776	3%			n/a
11 Use of sold products	n/a	n/a	n/a
12 End-of-life treatment of products	1 882	1 644	1 638	0%			n/a
13 Downstream leased asset	n/a	n/a	n/a
14 Franchises	n/a	n/a	n/a
15 Investments	88 519	140 008	113 540	-19%			n/a
Scope 1+2+3 (location-based)	2 178 687	1 858 809	1 934 134	4%			n/a
Scope 1+2+3 (market-based)	2 217 455	1 950 461	2 015 354	3%			n/a

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ESRS E1–6 Emissions intensity (total GHG emissions per net revenue)


	Scope 1,2 and 3 emissions ( 1000 tCO2e)		Net revenue (NOK million) (Financial statements, note G Income statement)		Total energy consumption per net revenue
Year	2024	2025	2024	2025	2024	2025
Location-based GHG intensity	1 859	1 934	31 125	34 364	0.060	0.056
Market-based GHG intensity	1 950	2 015	31 125	34 364	0.063	0.059

Lerøy Seafood Group does not implement internal

carbon pricing schemes.

The Group does not have any GHG removals or

storage.

There are no carbon credits outside the undertaking’s

value chain.

Gross scopes 1, 2, 3 and total GHG emissions

The Group’s GHG emissions are reported in

accordance with the ESRS E1 reporting standard,

which is based on the GHG Protocol Corporate

Accounting and Reporting Standard. Direct emissions

from the Group’s own operations are included in

Scope 1 and 2 and cover both owned and leased

assets. Indirect upstream and downstream emissions

related to the Group’s operations are reported under

Scope 3. Monthly reporting covers fossil fuel

consumption, refrigerants, electricity, district heating/

cooling, water usage, waste composition (incl.

methods of waste disposal). Climate accounts are

consolidated in the same manner as financial

statements presenting aggregated results for the

Group’s entities (reporting units).

Emission factors

Emissions data for Scopes 1, 2 and 3 include the

greenhouse gases that contribute to climate change,

as defined under the Kyoto Protocol.

Scope 1:

Sources for Scope 1 emission factors used for

calculation of tCO2e are DEFRA (Department for

Environmental Food and Rural Affairs, UK

Government), 2024, 2025, Norwegian Environmental

Agency (2023), GHG Protocol, IPCC Global Warming

Potential Values 2024, Linde Gas (2019; 2022), A-gas,

Honeywell Refrigerants (2014), Kaltra (2024).

Scope 1 emissions from leased assets in 2025

amounted to 49,621 tCO2e out of a total of 173,862

tCO2e, corresponding to approximately 28.5% of total

Scope 1 emissions, while Scope 2 emissions from

leased assets were 4 tCO2e out of a total of 7,009

tCO2e, corresponding to approximately 0.06% of total

Scope 2 emissions. In comparison, Scope 1 emissions

from leased assets in 2024 amounted to 37,313 tCO2e

out of a total of 156,638 tCO2e, corresponding to

approximately 23.8% of total Scope 1 emissions, while

Scope 2 emissions from leased assets were 8 tCO2e

out of a total of 8,210 tCO2e, corresponding to

approximately 0.1% of total Scope 2 emissions.

Scope 2:

There are two types of Scope 2 emissions: location-

based and market based. Location-based Scope 2

emissions are calculated using the average emissions

factor for the grid region where the organisation

consumes electricity. Market-based Scope 2 emissions,

by contrast, reflect the specific contractual

instruments the organisation uses , such as renewable

energy certificates or power purchase agreements.

Sources for Scope 2 emission factors used for

calculation of tCO2e are: International Energy Agency

(2025), Energinet (2023) Foreløbig national deklarering

af 1 kWh el, 2022; Generelle eldeklaration 2022 IEA

(2025) Energy Statistics Data Browser AIB (2025)

European residual mix / Guarantee of Origin data

Green‑e (2024) Unweighted average for all 27 eGrid

subregions (CEMAsys calculation) IEA (2024) Energy

Statistics Data Browser NVE (2025) Klimadeklarasjon

for fysisk levert strøm 2024; Varedeklarasjon for

strømleverandører 2024 Ei (2025) Nordic residual mix

COES (2024) 2024 Statistics Energinet (2025) Foreløbig

national deklarering af el 2024; Fjernkontrollen (2025)

Energistyrelsen (2025) Finnish Energy (2025).

Scope 3

Sources for Scope 3 emission factors used for

calculation of tCO2e are: The primary datasets

include DEFRA (2025) and DEFRA (2024), together with

international energy data from the IEA (2025) and IEA

(2024) Energy Statistics Data Browser. Life‑cycle

based factors are drawn from Ecoinvent in versions

3.12, 3.11, and 3.9.1, supplemented by emissions factors

from EPA (2024), v1.3. For United States commodity

categories, the factors originate from Cornerstone

(2025), Supply Chain GHG Emission Factors for U.S.

Commodities (v1.4.0).

National and authority‑level data sources include

Statistics Norway (SSB, 2024), the Norwegian

Environment Agency (2024), and energy consumption

data from Norsk Energi (2020) and the Norwegian EV

Association. Additional transport‑related factors are

based on Ruter (2024) Environmental Reporting, the

Swedish Transport Agency, SJ AB Annual and

Sustainability Report 2024, and Drivmedel 2023.

Company‑specific emission factors and disclosures

are taken from the Vygruppen Annual and

Sustainability Report 2024 and the VR Group Annual

Report 2023, as well as internal company‑specific

data where explicitly stated.

Supplementary studies include SINTEF’s “Greenhouse

gas emissions of Norwegian seafood products” (2017)

and the research article “Investigating the impact of

e‑bikes on modal share and GHG” (2019). Several

factors have also been calculated by CEMAsys, using

combinations of IEA statistics, Ecoinvent datasets,

national reporting, transport sector disclosures, and

energy consumption benchmarks.

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The categories shown in the table are included in the

Group’s Scope 3 reporting. The Group does not have

either upstream or downstream leased assets or

franchises. In addition, the Group considers the use of

sold products is not relevant for reporting purposes

as “sold products” in this context refers to food

consumed by customers.

Biogenic emissions

In 2025, the Group had biogenic CO2 emissions of 5

799 tCO2 from the combustion and biodegradation of

biomass, compared with 7 270 tCO2e in 2024. These

CO2 emissions are not included in the Group’s Scope 1

accounting. There are no biogenic emissions from

Scope 3 GHG emissions.

Biogenic emissions are CO2 emissions related to the

natural carbon cycle, as well as those resulting from

the combustion, harvest, digestion, fermentation,

decomposition, or processing of biologically based

materials.

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Methodology and data sources for Scope 3 upstream value chain categories


Scope 3 category	Basis for preparation	Method description	Actions to improve accuracy in the future
Purchased goods and services	This reporting category is applicable to the organisation and is prepared in accordance with the ESRS and the company’s materiality assessment	Emissions from Purchased Goods and Services are calculated in accordance with ESRS E1-6 and building on the GHG Protocol Scope 3 Standard and cover all Group activities within the category. Fish feed is quantified using activity‑based emission factors applied to primary, volume‑based activity data obtained directly from suppliers or internal procurement systems. This approach reflects the physical quantities purchased and applies established emission factors that are specific to the activity. Emissions from purchases of fish and seafood products are quantified using supplier‑specific, volume‑based activity data. However, the emission factor applied is a proxy emission factor. The proxy has been developed based on the Group’s own reported emissions profile and relevant activity and operational parameters, and represents an average emissions intensity derived from the Group’s disclosed emissions. This approach ensures that the calculations reflect the underlying emissions performance of the relevant activities, while avoiding the use of proprietary or non‑comparable supplier‑specific emission factors. The use of a proxy emission factor is considered appropriate where direct, verified emission factors are not available and is consistent with accepted GHG accounting practices. The methodology provides a reasonable and conservative estimate of emissions and supports comparability and transparency in reporting. For all remaining sub‑categories within Purchased Goods and Services, emissions are calculated using spend‑based emission factors sourced from the Cornerstone database. This approach applies environmentally extended input–output (EEIO) factors to the Group’s financial procurement data and provides a consistent and scalable methodology for items where primary data are not available or where the emission contribution is assessed as less material. Spend‑based data are adjusted for inflation and currency effects, based on the reference year of the emission factors used. Overall, the combined methodology ensures that activity‑based data are applied where available and most relevant, while the category is comprehensively covered through recognised spend‑based factors, in line with corporate GHG accounting practice.	To further improve accuracy in this category, the Group will continue expanding the use of primary activity data and supplier-specific emission factors beyond the two largest sources. This includes engaging suppliers to provide verified life-cycle data, integrating digital data exchange for procurement, and prioritising product- level emission factors where feasible. For sub-categories currently covered by spend-based EEIO factors, the Group aims to transition to hybrid or activity-based approaches as data availability improves, ensuring greater precision and alignment with best practice in Scope  3 accounting.
Capital goods	This reporting category is applicable to the organisation and is prepared in accordance with the ESRS and the company’s materiality assessment	Emissions from Capital Goods are calculated in accordance with ESRS E1-6 and building on the GHG Protocol Scope 3 Standard. For this category, the Group applies a spend-based approach using environmentally extended input–output (EEIO) emission factors sourced from the Cornerstone database. These factors are applied to the Group’s financial procurement data for capital investments, providing a consistent and scalable method for estimating emissions where primary activity data are not available. This approach ensures comprehensive coverage of all relevant capital goods purchases in line with recognised corporate GHG accounting practices.	To enhance accuracy in this category, the Group plans to increase the use of primary activity data and supplier-specific emission factors for major capital projects. This includes engaging with key suppliers to obtain verified life-cycle data, integrating digital reporting tools for capital investments, and prioritising product-level emission factors where feasible. For sub-categories currently covered by spend-based EEIO factors, the Group aims to transition to hybrid or activity-based approaches as data availability improves, ensuring greater precision and alignment with best practice in Scope 3 accounting.

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Scope 3 category	Basis for preparation	Method description	Actions to improve accuracy in the future
Fuel- and energy related activities	This reporting category is applicable to the organisation and is prepared in accordance with the ESRS and the company’s materiality assessment	Emissions from Fuel- and Energy-Related Activities are calculated in accordance with ESRS E1-6 and building on the GHG Protocol Scope 3 Standard. This category covers indirect greenhouse gas emissions associated with the production, transmission, and distribution of fuels and energy purchased and consumed by the Group, but not directly emitted. Consumption data is derived from the Group’s Scope 1 and Scope 2 reporting, ensuring consistency across inventories. Emission factors are sourced from recognised authorities, including DEFRA and the International Energy Agency (IEA), providing robust and credible estimates. This approach ensures a high degree of accuracy and methodological alignment with best practice in corporate GHG accounting.	The accuracy of this reporting category is expected to improve automatically as the precision of Scope 1 and Scope 2 reporting continues to advance.
Upstream transportation and distribution	This reporting category is applicable to the organisation and is prepared in accordance with the ESRS and the company’s materiality assessment	This category includes greenhouse gas emissions arising from the transportation and distribution of products and materials throughout the value chain. Emissions are calculated using primary activity data obtained from the Group’s logistics function, combined with recognised emission factors from DEFRA, ensuring methodological consistency and alignment with the ESRS E1-6 and building on GHG Protocol Scope 3 guidance. The calculations are based on a number of core assumptions and simplifications. Shipment weights are adjusted using standard uplift factors to account for packaging. Transport distances are estimated using a “capital-to-capital” approach for international routes, with additional adjustments applied to reflect inbound transport from slaughterhouses to the Oslo logistics hub where relevant. For each shipment, emissions are calculated based on the primary transport mode used, while secondary or auxiliary transport legs are not separately modelled. These assumptions are applied consistently across reporting periods and are considered appropriate given current data availability, while supporting comparability and transparency of reported emissions.	To improve accuracy in this category, the Group plans to incorporate actual route and distance data rather than capital-to-capital estimates. Additionally, we aim to expand collaboration with logistics partners to obtain verified transport activity data and carrier-specific emission factors. These enhancements will enable a transition from generic assumptions to more granular, activity-based calculations, ensuring greater precision and alignment with best practice in Scope 3 accounting.
Waste generated in operations	This reporting category is applicable to the organisation and is prepared in accordance with the ESRS and the company’s materiality assessment	This reporting category covers greenhouse gas emissions resulting from the disposal and treatment of waste generated by the Group’s activities. Emissions are calculated using primary consumption data obtained directly from waste collection and sorting companies for operations in Norway, ensuring a high degree of accuracy. For other operating countries, data is based on available waste management records and recognised emission factors sourced from DEFRA, providing methodological consistency and alignment with ESRS E1-6 and building on GHG Protocol Scope 3 guidance.	To improve the quality of data in this category, the Group plans to standardise waste reporting processes across all operating regions and strengthen collaboration with waste management providers to obtain verified treatment and disposal data. This includes expanding the use of direct data feeds from waste contractors, integrating digital tracking systems, and collecting facility-specific emission factors where available. These measures will reduce reliance on generic assumptions and enhance the accuracy and completeness of emissions reporting in line with best practice.

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Scope 3 category	Basis for preparation	Method description	Actions to improve accuracy in the future
Business travel	This reporting category is applicable to the organisation and is prepared in accordance with the ESRS and the company’s materiality assessment	This reporting category covers indirect greenhouse gas emissions arising from the transportation of employees for business-related activities in vehicles not owned or operated by the Group. Emissions are calculated using travel activity data provided by the Group’s contracted travel agency, which includes details of flights booked through the agency. Recognised emission factors sourced from DEFRA are applied to this activity data to ensure methodological consistency and alignment with ESRS E1-6 and building on GHG Protocol Scope 3 guidance.	The accuracy of this reporting category is expected to improve with the implementation of a single contracted travel agency in 2026, ensuring more comprehensive data coverage. In addition, the Group’s updated travel policy encourages employees to book all travel through this designated agency. Furthermore, the Group aims to reduce business travel overall by promoting virtual meetings wherever feasible.
Employee commuting	This reporting category is applicable to the organisation and is prepared in accordance with the ESRS and the company’s materiality assessment	This reporting category covers indirect greenhouse gas emissions resulting from the transportation of employees between their homes and worksites. Emissions are calculated using the average-data method, which applies typical commuting patterns and modal split assumptions based on data from relevant national statistical agencies. Emission factors are applied in line with ESRS E1-6 and building on GHG Protocol Scope 3 guidance to ensure methodological consistency.	To improve the accuracy of this data, the Group may consider collecting commuting information directly from employees. However, this approach is time- and resource-intensive, and it cannot be assumed that all employees will be able to provide complete details of their commuting patterns. At the same time, the current methodology is considered to provide a reasonable representation of employee commuting behaviour across the organisation.

Methodology and data sources for Scope 3 downstream value chain categories


Scope 3 categories	Basis for preparation	Method description	Actions to improve accuracy in the future
Downstream transportation and distribution	This reporting category is applicable to the organisation and is prepared in accordance with the ESRS and the company’s materiality assessment	This reporting category covers greenhouse gas emissions generated during downstream transportation and distribution of products and materials after they have been handed over from the Group’s facilities, or from transport service providers contracted and paid for by the Group. Emissions are calculated using primary data obtained from the Group’s logistics department, including shipment volumes and estimated transport distances, combined with recognised emission factors sourced from DEFRA. This approach ensures methodological consistency and alignment with ESRS E1-6 and building on GHG Protocol Scope 3 guidance.	Although this category is currently reported with a high degree of accuracy and considered sufficient, the Group will continue to monitor opportunities for improvement. Potential actions include integrating actual route and carrier-specific data, leveraging digital logistics platforms for real-time tracking, and obtaining verified emission factors directly from transport providers. These measures would further enhance precision and maintain alignment with best practice in Scope 3 accounting
Processing of sold products	This reporting category is applicable to the organisation and is prepared in accordance with the ESRS and the company’s materiality assessment	This reporting category covers greenhouse gas emissions arising from energy use for the storage of sold products, as well as emissions from third-party processing before reaching the end customer. Lerøy Seafood Group accounts for the top 10 countries to which products are sold. Emissions are calculated using activity data related to volumes and destinations, combined with recognised emission factors sourced from DEFRA. This approach ensures methodological consistency and alignment with ESRS E1-6 and building on GHG Protocol Scope 3 guidance.	To improve the accuracy of this reporting category, the Group will explore opportunities to increase the use of more detailed and reliable data sources. This may include obtaining additional activity data from relevant partners, incorporating region-specific information where feasible, and reducing reliance on generic assumptions. These measures aim to enhance precision and maintain alignment with recognised best practices in Scope 3 accounting

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Scope 3 categories	Basis for preparation	Method description	Actions to improve accuracy in the future
End of life treatment of sold products	This reporting category is applicable to the organisation and is prepared in accordance with the ESRS and the company’s materiality assessment	This reporting category covers greenhouse gas emissions associated with the disposal and treatment of products after their useful life has ended. Emissions are calculated using recognised emission factors and activity data relevant to the Group’s products. The level of accuracy for this category is considered relatively high, as reporting includes end-of-life treatment for key product types.	To improve the accuracy of this reporting category, the Group will continue to explore opportunities to use more detailed and reliable data sources, incorporate region-specific information where feasible, and reduce reliance on generic assumptions. These measures aim to strengthen data quality and maintain alignment with recognised best practices in Scope 3 accounting.
Investments	This reporting category is applicable to the organisation and is prepared in accordance with the ESRS and the company’s materiality assessment	This category includes greenhouse gas emissions associated with the Group’s financial investments and covers the Group’s most significant holdings, reflecting emissions from the underlying activities of these investments. Calculations are primarily based on DEFRA emission factors. For Scottish Sea Farms, an emission factor provided by SINTEF has been applied, and Scope 3 emissions have been estimated, as supplier‑specific Scope 3 data are not currently available.	A high degree of accuracy is achieved as we receive primary data directly from the companies in which we hold investments, allowing for precise and reliable calculations. To enhance the accuracy of the reported data, the Group may consider including minor investments in the future. Currently, it has been assessed that only significant investments are included in this reporting category.

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EU Taxonomy

The EU Taxonomy disclosure is prepared in

accordance with Article 8 of Regulation (EU) 2020/852

and the Disclosures Delegated Act (Commission

Delegated Regulation (EU) 2021/2178), as amended by

the Omnibus Delegated Act introducing simplified

templates and a materiality concept for Taxonomy

reporting.

For the current reporting year, LSG’s core activities,

including aquaculture, wild catch and food

production, are not within the scope of the EU

Taxonomy. As a result, the only economic activity

identified as taxonomy‑eligible and material is

operating expenditure (OPEX) directly attributable to

well boat transport.

The taxonomy process in LSG

LSG applies a structured approach to EU Taxonomy

reporting, based on the best available information at

the time of reporting. The process includes the

identification of Taxonomy eligible activities and

assessment of alignment.

Taxonomy‑eligible activities have been identified

through a review of LSG’s activities generating

turnover, CapEx or OpEx within the scope of the EU

Taxonomy Regulation. For the identified activity,

alignment has been assessed against the technical

screening criteria, the “do no significant harm”

requirements and the minimum safeguards.

Turnover, CapEx and OpEx related to eligible activities

have been mapped to the respective KPIs, including

an assessment of quantitative materiality. In

accordance with the EU Taxonomy Omnibus

provisions, activities and financial exposures in sum

under 10% of the relevant KPI denominators are

assessed as non‑material and have therefore not

been evaluated in further detail. The qualitative

disclosures have been prepared in line with the

requirements of the delegated act on EU Taxonomy

reporting, including a description of key assumptions

and methodologies applied.

Results eligibility, alignment and materiality

assessment

Overview of eligibility and alignment results

LSG has assessed eligibility and alignment across all

six EU Taxonomy environmental objectives. For the

reporting period, the Group reports compared to last

year:

• 0% Taxonomy‑eligible and 0% taxonomy‑aligned

turnover, same as in 2024

• 0% Taxonomy‑eligible and 0% taxonomy‑aligned

CapEx, as related investments are considered

non‑material in accordance with the EU Taxonomy

Omnibus provisions. In 2024 the CapEx was 38%

Taxonomy‑eligible (mainly construction of new

factory, renovations, leasing of a new slaughter

facility, and transport by well boats) and 1%

Taxonomy‑aligned (renewable energy

technologies)

• 15.91% Taxonomy‑eligible OpEx, related solely to

Activity 6.10 – well boat transport, which represents

the Group’s only Taxonomy‑relevant operational

expenditure stream. In 2024, OpEx related to well

boat activities accounted for 10% of the total of

11%.

Eligible activities

Transport

The activity “Sea and coastal freight water transport,

vessels for port operations and auxiliary activities

(CCM 6.10)” is identified in the aquaculture segment as

relevant under the environmental objective “Climate

Change Mitigation”.

As no measures to increase the resilience or adaption

to physical climate change risks have been

implemented throughout the reporting period, the

activity is not assessed as taxonomy-eligible under

the environmental objective Climate Change

Adaptation (CCA).

For the activity “Sea and coastal freight water

transport” (CCM 6.10) there was an extensive process

against the shipping companies in 2024 related to

determine alignment. The result from that process is

still standing and shows that this eligible activity in

the transport sector does not meet the criteria for

alignment.

Non-material sectors and activities

Based on assessment of capital expenditure (CapEx),

CapEx related to certain activities within the

Construction and real estate activities sector has

been classified as non‑material and is therefore

excluded from the EU Taxonomy reporting.

The following EU Taxonomy activities have been

assessed and classified as non‑material; 4.16 -

Installation and operation of electric heat pumps, 4.9 -

Transmission and distribution of electricity, 6.5 -

Transport by motorbikes, passenger cars and light

commercial vehicles, 6.6 - Freight transport services by

road, 7.1 – Construction of new buildings; 7.2 –

Renovation of existing buildings, and 7.6 - Installation,

maintenance and repair of renewable energy

technologies and 7.7 – Acquisition and ownership of

buildings.

These activities are primarily linked to the following

EU Taxonomy environmental objectives Climate

change mitigation and Climate change adaptation.

The relevant CapEx related to the abovementioned

activities, cumulatively represents less than 10% of

LSG’s total CapEx for the reporting year. In

accordance with the materiality provisions under the

EU Omnibus rules for EU Taxonomy reporting, these

activities are therefore considered quantitatively

nonmaterial.

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In addition to their limited financial significance, the

following qualitative factors have been considered:

• The activities relate to supporting infrastructure

(buildings and premises) rather than LSG’s core

value‑creating activities, which are primarily

associated with seafood farming, harvesting,

processing and distribution.

• CapEx within construction and real estate is

non‑recurring and opportunistic in nature, typically

linked to maintenance, minor upgrades or

ownership of existing facilities rather than

strategic expansion or transformation projects.

• LSG does not have strategic investment plans or

long‑term CapEx programmes within the

construction and real estate sector that would

materially increase the relevance of these

activities for future EU Taxonomy alignment.

• The environmental impacts and transition risks

associated with these activities are assessed as

limited in scope compared to those arising from

the Group’s main operational activities.

Taken together, these factors support the conclusion

that the identified construction and real estate

activities do not have a material influence on LSG’s

overall CapEx profile, transition strategy, or

contribution to the EU Taxonomy environmental

objectives.

Compliance with minimum safeguards

The objective of the minimum social safeguards is to

guarantee responsible business conduct in

accordance with internationally recognized

standards. In the current reporting year, there have

been no recorded violations of human rights, no

violations of corruption or taxation and no violations

of fair competition. The Group confirms our ongoing

compliance with the minimum safeguards

requirements stipulated in Article 18 of the EU

Taxonomy Regulation. This includes alignment with:

• The OECD Guidelines for Multinational Enterprises

• The United Nations Guiding Principles on Business

and Human Rights (UNGP)

• The eight core International Labour Organisation

(ILO) Conventions

• The International Bill of Human Rights

Compliance assessment

To ensure compliance with the minimum safeguards

criteria, LSG has carried out a thorough review of the

current policies and documentation against the

requirements in the taxonomy. This includes

evaluation of the Principal Adverse Impacts (PAI) –

indicators given in the Commission Delegated

Regulation (EU) 2022/1288 Annex I, table 1.

Human rights

Overall, as a global Group LSG has implemented

procedures and policies to ensure that the economic

activities are carried out in alignment with the OECD

Guidelines for Multinational Enterprises (OECD MNE

Guidelines), the UN Guiding Principles on Business and

Human Rights (UNGPs), including the principles and

rights set out in the eight fundamental conventions

identified in the Declaration of the International

Labour Organisation (ILO) on Fundamental Principles

and Rights at Work; and the International Bill of

Human Rights. LSG is committed to conducting

human rights due diligence in line with the UNGPs,

OECD guidelines and the Norwegian Transparency

Act.

Corruption

Since the fishing industry is viewed as a high-risk

industry regarding potential money laundering

activities as well as corruption, Lerøy has establish a

strict policy against corruption and bribery, applying

to all employees and representatives. The company

has zero tolerance for corruption, including bribery

and money laundering, and actively works to prevent

such activities. Employees receive training to

recognize risks, and any potential violations must be

reported immediately. The Group has a sanctions

forum to assess cases and decide on measures.

Compliance reporting is conducted quarterly, and an

overview is published annually.

Taxation

Lerøys Global Tax Policy document outlines our

framework for tax management and governance,

emphasizing compliance with local laws,

transparency, sustainable value creation, and

maintaining constructive relationships with tax

authorities. All Lerøy employees are responsible for

following the policy within their areas of responsibility

and disciplines. Additionally, the top management in

each company is responsible for ensuring that the

company has personnel with the necessary

competencies to ensure compliance with the policy.

Fair competition

Regarding fair competition, procurement and supply

chain policies ensure impartiality, transparency, and

non-discriminatory practices. Tendering procedures

are designed to prevent conflicts of interest, and no

breaches of competition law have been recorded.

The European Commission is investigating Norwegian

salmon exporters, including Lerøy Seafood Group. On

the back of this ongoing investigation, UK grocery

chains have filed lawsuits against Norwegian

aquaculture companies. Please see note on

Investigation by the competition authorities for a

more detailed description.

KPIs and accounting policies

The taxonomy uses three performance indicators

(KPIs) which ambition is to give an overview of how

green the company is today and where it is heading,

in accordance with the requirements set out in the

taxonomy. The KPIs include the turnover KPI, the

capital expenditure (CapEx) KPI and the operating

expenditure (OpEx) KPI.

Revenue (turnover)

The turnover gives an overview of the current

situation and gives the amount of LSG’s turnover

derived from eligible and aligned activities. Operating

income is defined by IAS 1.82(a). Total turnover

consists of total revenue from sale of goods, as

defined under IFRS.

The turnover KPIs are defined as taxonomy-eligible

and taxonomy-aligned turnover divided by total

turnover.

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LSG has no turnover related to eligible economic

activities, therefore there is a 100 % non-eligible

reporting in this KPI.

Capital expenditure (CapEx)

The CapEx gives the amount of the Group’s

investments derived from eligible and aligned

activities. Total CapEx consists of additions to fixed

assets (including right-of-use assets) and intangible

assets. Additions resulting from business

combinations are also included. This is further

described in the notes related to Intangible assets

(G3.1), Leases (G3.2) and Fixed assets (G3.3). Goodwill is

not included in CapEx as it is not defined as an

intangible asset in accordance with IAS 38. The CapEx

KPIs are defined as taxonomy- eligible and taxonomy-

aligned CapEx divided by total CapEx.

Taxonomy-eligible investments have been assessed

and are considered non‑material under the EU

Taxonomy Omnibus provisions.

We have an ambition to create the world’s most

efficient and sustainable value chain for seafood,

however we do not have CapEx plans to upgrade our

eligble activities or increase our share of aligned

activities at this point. A key reason for this being that

only a small share of the Group’s activity today is

classified by the taxonomy.

Operating expenditure (OpEx)

The OpEx gives an overview of the operation and

gives the amount of LSG’s operational expenses

derived from eligible and aligned activities.

Operating costs in the denominator are limited to the

costs specifically stated in the taxonomy:

• R&D costs

• Short-term leases

• Repair and maintenance costs

• All other direct costs necessary to maintain such

assets

• Costs related to renovation of buildings

Research and development costs cover projects that

do not meet the specific criteria for capitalization as

intangible assets.

Short-term leases and leases for low value assets are

described in note Leases.

The repair and maintenance cost consist of expenses

not qualifying for capitalization as part of the

relevant asset. The costs specially stated in the EU

taxonomy are categorized by function. Therefore,

these expenses are only partly visible in LSG’s

financial reporting, as LSG presents its operating

expenses by nature of expenses and not by function.

Repair and maintenance activities consist of different

cost categories by nature, as payroll expenses in

addition to consumables, spare parts, and various

services included in other operating costs. The total

expense related to these activities has been based on

both actual costs from some reporting units, and on

estimates from other reporting units. The OpEx KPIs

are defined as taxonomy-eligible and taxonomy-

aligned OpEx divided by total OpEx.

It is short-term hire of well boats that make up the

numerators.

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The following tables present LSG's KPIs according to Annex II to the Disclosures Delegated Act.

Proportion of turnover, CapEx, and OpEx from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities in 2025

All figures in NOK 1 000


Financial year	2025
KPI	Total	Proportion of Taxonomy eligible activities	Taxonomy aligned activities	Proportion of Taxonomy aligned activities	Breakdown by environmental objectives of Taxonomy aligned activities						Proportion of enabling activities	Proportion of transitional activities	Not assessed activities considered nonmaterial	Taxonomy aligned activities in previous financial year (N-1)	Proportion of Taxonomy aligned activities in previous financial year (N-1)
KPI	Total	Proportion of Taxonomy eligible activities	Taxonomy aligned activities	Proportion of Taxonomy aligned activities	Climate Change Mitigation	Climate Change Adaptation	Water	Circular Economy	Pollution	Biodiversity	Proportion of enabling activities	Proportion of transitional activities	Not assessed activities considered nonmaterial
	1 000 NOK	%	%	%	%	%	%	%	%	%	%	%	%	1 000 NOK	%
Turnover	34 363 832	0	0	0	0	0	0	0	0	0	0	0	0	0	0
CapEx	2 156 927	0	0	0	0	0	0	0	0	0	0	0	9.73	31 934	0.91
OpEx	2 012 162	15.91	0	0	0	0	0	0	0	0	0	0	0	3 860	0.27

Proportion of OpEx from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities in 2025

All figures in NOK 1 000


Reported KPI	OpEx
Financial year (N)	2025	Taxonomy eligible KPI (Proportion of Taxonomy eligible OpEx)	Taxonomy aligned KPI (monetary value of OpEx)	Taxonomy aligned KPI (Proportion of Taxonomy aligned OpEx)	Environmental objective of Taxonomy aligned activities						Enabling activity	Transitional activity	Proportion of Taxonomy aligned in Taxonomy eligible
Economic Activities	Code		Taxonomy aligned KPI (monetary value of OpEx)	Taxonomy aligned KPI (Proportion of Taxonomy aligned OpEx)	Climate Change Mitigation	Climate Change Adaptation	Water	Circular Economy	Pollution	Biodiversity	Enabling activity	Transitional activity	Proportion of Taxonomy aligned in Taxonomy eligible
		%	1 000 NOK	%	%	%	%	%	%	%	(E where applicable)	(T where applicable)	%
Sea and coastal freight water transport, vessels for port operations and auxiliary activities	CCA 6.10/ CCM 6.10	15.91	0	0	0	0	0	0	0	0	0	0	0
Sum of alignment per objective					0	0	0	0	0	0
Total KPI (OpEx)		15.91	0	0	0	0	0	0	0	0	0	0	0

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ESRS E4 Biodiversity and

ecosystems



		E4 Biodiversity and ecosystems

	Invasive aliens species
Activities - IROs*
	IRO 4 Escape of salmon and trout
I	●
R
O
Time horizon **
S	●
M	●
L	●
Value chain ***
OO	●
U
D
Description
	Escaped salmon and trout may potentially interact with wild salmon and dilute the genetic diversity locally. This could potentially affect wild fish in nearby rivers and streams.

* IRO: I = Impact, R = Risk, O = Opportunities Time horizon: S = Short term (<1 year) M = Medium term (1-5 years) L = Long term (over 5 years) * Value chain: OO = Own operation, U = Upstream, D = Downstream ● Potential negative impact

Avoid potentially harmful impacts on species caused by our interventions in the natural environment. Minimize our potential adverse impact on marine ecosystems and support their recovery. Contribute to securing biodiversity by aiding the recovery of marine ecosystems.

Strategy

ESRS E4 SBM-3 Material impacts, risks and

opportunities and their interaction with

strategy and business model

As a result of the materiality assessment, Lerøy

Seafood Group has identified "Escape of salmon and

trout (IRO 4)" as a material impact related to

biodiversity and ecosystems. The impact associated

with biodiversity and ecosystems applies to the

Farming segment, which includes farming operations

in Norway. Escapes of farmed fish are considered as

one of the anthropogenic factors that may affect wild

salmon stocks in Norway whose condition is a key

factor in the regulation of Norwegian aquaculture.

Material sites affecting biodiversity

All of the Group’s sites where live fish are handled are

considered material sites as these have the capacity

to produce escape events. Although escape incidents

from land-based hatcheries, broodstock production

sites and harvesting stations in Norway have

occurred, the main activity affecting biodiversity

sensitive areas with respect to escapes is fish farming

at sea sites, where salmon and trout are reared at the

final production stage before harvesting. Activities

particularly associated with escape events are mainly

related to fish handling, and handling of nets.

Biodiversity-sensitive areas at risk of being impacted

by potential escapes from the Group’s farming

operations include national salmon fjords and rivers

in Norway. The Norwegian Parliament has established

a scheme with 52 national salmon rivers (Nasjonale

laksevassdrag) and 29 national salmon fjords

(Nasjonale laksefjorder) to provide special protection

for a selection of the most important salmon stocks.

The salmon stocks shall be protected against

interventions and activities in the rivers, as well as in

the nearby fjord and coastal areas. Atlantic salmon

(Salmo salar) is categorised as near threatened (NT)

by the IUCN and is distributed along the Norwegian

coastline and in Norwegian territorial waters where

the Group operates. In the event of an escape or

suspicion thereof, farmers are legally obligated to

immediately report the incident to the Norwegian

Directorate of Fisheries. The duty applies regardless if

an escape occurs in the Group`s own facilities or in

those of other companies. The overall responsibility

for the management of wild salmon, sea trout and

arctic char lies with the Norwegian Environment

Agency.

It is generally difficult to determine how an escape

incident affects the wild population of Atlantic

salmon. The reproductive success and the geographic

distribution of escaped individuals is affected by many

factors such as fish size, time of year in which the escape

event occurs, degree of sexual maturation and so on.

Although the effect from each event is difficult to

ascertain,there is still a potential risk of impacting

wild populations through genetic introgression and

disease transmission.

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In 2025, the Group had 100 production sites for

production of salmon and trout whereof 94 sites were

in active use. The surface area of all of Lerøy’s sea

sites cover 1066 hectares (10.66 km2) of the

Norwegian coastline.

The Group’s facilities in nationally protected salmon

fjords include two land-based hatcheries in the

Trondheimsfjord and a harvest station with a holding

pen in the sea located in the Neidenfjord-Bøkfjord

national salmon fjord, Finnmark. The hatcheries in the

Trondheimsfjord are land-based and covers 1.94

hectares (0.0194 km2), while the holding pen at the

site in Finnmark covers 0.0319 hectares (0.000319 km2)

in the sea.

Current and anticipated effects on business model,

value chain, strategy and response

The Group’s business model, strategy and response

has resulted in a comprehensive focus on preventive

efforts as well as remediating impacts once an

escape has taken place. This includes attitudes,

procedures, emergency preparedness plans, the

technical status of facilities, correct use of approved

equipment, and the right training. Escape prevention

is conducted by maintaining a focus on good

planning, execution, and re-examination of all

operations at each facility. Significant time and effort

is also spent optimizing equipment and routines. This

involves regular personnel training, continuous

surveillance of technical equipment and improving

procedures to reduce the risk of escape events.

Current financial effects of impact

The escape of farmed fish implies several financial

effects for Lerøy Seafood Group. The Group primarily

incurs costs associated with recapture initiatives,

which involve the deployment of resources and

manpower to mitigate escape events. Furthermore,

the loss of biomass, although relatively small,

contributes to a reduction in potential revenue.

The resilience of the Group’s strategy and business

model to address material impact

The Group’s strategy to address the escape of farmed

fish shows resilience through detailed preventive and

remedial measures. Previous incidents of escapes

have been met with a robust response, including

careful planning, thorough training, and ongoing

surveillance. Enhanced emergency preparedness

plans, and new equipment has strengthened the

approach, and additional improvements are

expected as projects related to digitalisation and risk

assessments in the Farming segment mature. In the

future, the risk of escape is expected to decrease with

the implementation of shielding technology in the

farming segment. The escape events have often been

linked to handling related to delousing, and so far,

this technology have already shown a significant

reduction in sea lice treatments compared to

conventional cage systems, contributing to a lower

risk of escape events related to delousing operations.

As a result, the Group’s strategic improvements aim to

secure more sustainable aquaculture practices.

Impact, risk and opportunity management

ESRS E4-2 Policies related to biodiversity and

ecosystems

To address the material potential impact of an

eventual escape of salmon and trout, the Group has

implemented its “Policy for escape prevention”. This

policy provides an overview of the framework,

principles and regulations underlying the Group’s

efforts to prevent the escape of farmed fish. Escape of

farmed fish is an adverse incident for the environment

and causes financial losses, so the Group has a zero-

tolerance policy for escape. The general objective of

the policy is to provide a primary description of how

the Group works to prevent the escape of farmed fish

and describes the Group’s efforts to minimise the

impact of escaped fish on the environment.

The scope of the policy includes all the Group’s

farming operations in Norway, including sites close to

or within biodiversity sensitives areas. The COO

Farming is the owner of the policy and is responsible

for updates and maintenance. The COO Farming is

responsible for the implementation of and

compliance with the policy. The policy has been

approved by the Group management, presented to

the Audit Committee and approved by the Board of

Directors. The CEO of Lerøy Seafood Group has overall

responsibility for the policy.

By implementing the policy, the Group commits to

comply with regulations on technical standards for

aquaculture installations (NYTEK), land-based

aquaculture facilities, and internal control for

compliance with the Aquaculture Act (IC-

Aquaculture). The policy also commits the Group to

participate in OURO, the aquaculture industry’s

association for recatching escaped farmed fish.

Of the matters listed in ESRS E4 AR 4, the policy relates

to AR 4. a) iv. Invasive alien species.

ESRS E4-3 Actions and resources related to

biodiversity and ecosystems

Lerøy Seafood Group has implemented several

measures to address the potential negative impact of

escaped salmon and trout. Continuous improvements

in daily operations and significant investments in new

technology are part of these initiatives. These efforts

aim not only to prevent escapes but also to enhance

the overall safety and quality of routine operations

and equipment. The key action in 2025 is the

continuance of implementing shielding technology at

designated farming sites in the form of submersible,

semi-closed and closed cages and optical delousing

in Lerøy Sjøtroll, Lerøy Midt and Lerøy Aurora. This

contributes to the Group’s objectives of preventing

the escape of fish and minimise the Group’s impact on

marine biodiversity and ecosystems. The effort spans

over several years and continues in 2026. By

implementing shielding technology on designated

farming sites, Lerøy Seafood Group is actively working

towards reducing the number of lice treatments in the

farming operations. This lowers the risk of escape as

these events are often associated with repeated

handling and transport related to sea lice treatments.

So far, the number of sea lice treatments at sites using

new technology are significantly lower than at

comparable sites using conventional cages. The

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investments are part of a broader plan to test and roll

out new technology on designated farming sites in

the Farming segment. For more details on shielding

technology and its benefits, please visit the chapter

on fish health and fish welfare.

Other actions in place to address the material

potential negative impact of escaped salmon and

trout include:

• Improvements to secure use of safety measures to

minimise the possibility of escape during delousing

operations and when returning fish to the cage

after counting sea lice.

• The Group has implemented the NYTEK standard

(as minimum technical requirement) at all sites. We

continuously work together with our suppliers to

improve and develop new and better equipment

to ensure that all the farms have access to

equipment of the highest possible technical

standards.

• The technical condition of moorings, facilities,

vessels, and equipment is regularly inspected by

divers and ROVs to check pen farming nets and

employees are trained in prevention of escapes. In

the Group, a dedicated task force investigates

each escape incident and shares their findings

within the Group.

• The Group’s internal control system clearly defines

procedures, and any deviations are addressed and

continuously used to improve operations. This

includes actively sharing knowledge and

experience (Lessons learned) throughout the

organisation to continuously improve operations.

The Group also shares its experiences with the

industry through the Norwegian Directorate of

Fisheries’ knowledge base on escape incidents to

facilitate learning across companies.

• The Group is currently working on a strategic risk

project to improve risk management and

documentation across the Group. The project aims

to make risk assessments accessible across the

organisation, so employees can view each other’s

assessments and learn from them. This includes

showing the connection between risk, governing

documentation, and nonconformities. Escapes are

one of the consequence dimensions assessed in

the solution, serving as a measure to clarify risks,

nonconformities, and actions related to escapes.

The Group has not used biodiversity offsets in its

action plans or incorporated local and indigenous

knowledge and nature-based solutions into

biodiversity and ecosystems-related actions.

Metrics and targets

ESRS E4-4 Targets related to biodiversity and

ecosystems

Lerøy Seafood Group has set a target of zero escaped

salmon and trout to address the impact on material

impacts on biodiversity and ecosystems. The target is

measured in the absolute number of escaped salmon

and escaped trout per annum and applies to all Lerøy

farming operations in Norway. It is an annual target,

but the progress is assessed continuously and

especially in the event of an escape.

The Group’s goal of zero escapes is aligned with

Norwegian policy goals of zero escapes and that of

the North Atlantic Salmon Conservation Organisation

(NASCO) of which Norway is a member. Relevant

stakeholders such as internal subject matter experts,

the management team have been involved in target

setting as they either develop, monitor progress or

approve the targets. There have been no changes to

methodologies, significant assumptions, limitations,

sources and processes to collect data adopted within

the defined time horizon.

In 2025, 14 986 fish escaped from a total sea stock of

around 51 million, up from 13 732 escapes in 2024,

showing a negative trend away from the zero-escape

goal. There were seven escape incidents in 2025: Lerøy

Sjøtroll had two minor cases with two fish escaping

during lice counting, while Lerøy Midt had five

incidents—four involving one fish each due to routine

maintenance or handling accidents, and one major

event where a net tear led to 14 980 salmon escaping.

The target of zero escaped fish is monitored by

inspecting nets at least monthly with ROVs or if the

integrity of the net is suspected to have been

breached. Confirmed escape events or suspicion

thereof, along with an estimated number of escaped

fish, is reported immediately to the Norwegian

Directorate of Fisheries and to personnel within the

organisation with the responsibility to initiate

necessary actions. After a confirmed escape event the

Group reports the number of fish caught by the Group,

hired fishermen and others. The final number of

escaped fish is reported to the Directorate of

Fisheries. The duration of this process varies from a

few days after the event to about a year later,

depending on the time of harvesting and counting of

fish during the production phase.

The target of zero escaped fish is absolute and

ecological thresholds and allocation of impacts to the

undertaking were not applied when setting the target

as such. The target of zero escapes is aligned with

Target 6 of the Kunming-Montreal Global Biodiversity

Framework. The goal is also aligned with national

goals of and legislation, i.e., the Regulation on

operation of aquaculture facilities

(Akvakulturdriftsforskriften) of preventing escapes of

farmed fish.

The Group does not use biodiversity offsets in setting

targets. The target of zero escapes can be allocated

to avoidance in the mitigation hierarchy (avoidance,

minimisation, restoration and rehabilitation,

compensation or offsets).

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ESRS E4-5 Impact metrics related to biodiversity

and ecosystems change

Entity specific impact metrics related to biodiversity

and ecosystems change for the Group includes the

number or fish (salmon and trout) escaped from our

farming facilities per year. The metric relates to the

material potential negative impact from escape of

salmon and trout and to the target of zero escaped

salmon and trout from Lerøy’s farming operations.

The metric is not validated by external bodies but is

reported to the Directorate of Fisheries as required by

Norwegian law.

Number of escaped fish from Lerøy’s farming

operations in the period 2023–2025


	2025	2024	2023
Number of escaped fish	14 986	13 732	15 030
Number of escaped salmon	14 984	13 478	19
Number of escaped trout	2	254	15 011

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		Fish health and fish welfare

	Entity specific disclosures
Activities - IROs*
	IRO 1 Technology development		Iro 2 New challenges related to fish health	IRO 3 Poor fish health
I				●
R			●
O	●
Time horizon **
S	●		●	●
M	●		●	●
L	●		●	●
Value chain ***
OO	●		●	●
U	●
D
Description
	New technological solutions with less fish handling are expected to provide better fish welfare and reduced mortality, and in turn improved financial earnings going forward.		Increased risk of new diseases (pathogens), jellyfish and predators. This can be due to various factors such as changes in ocean currents, changes in temperature, genetics, density etc. Various influences could lead to reduced survival, poorer fish welfare, and lower earnings.	In aquaculture, fish may experience poorer welfare at times. This is due to various factors. Disease, viruses, jellyfish, handling, genetics, and smolt quality can all affect fish welfare.

* IRO: I = Impact, R = Risk, O = Opportunities Time horizon: S = Short term (<1 year) M = Medium term (1-5 years) L = Long term (over 5 years) * Value chain: OO = Own operation, U = Upstream, D = Downstream ● Financial risk ● Financial opportunity ● Actual negative impact

Farming fish entails responsibility for ensuring that the fish have the best possible conditions. The challenge lies in ensuring optimal protection and care for their health and welfare. For the Group, this means protecting fish from unnecessary stress and impact.

Fish health and fish welfare

Entity specific disclosures

Strategy

ESRS 2 SBM-3 Material impacts, risks and

opportunities and their interaction with

strategy and business model

From the double materiality assessment, the Group

has identified " Technology development” (IRO10),

"New challenges related to fish health” (IRO12) and "

Poor fish health” (IRO11) as material impacts, risks and

opportunities (IROs) related to fish health and fish

welfare. The risks and opportunities associated with

fish health and fish welfare apply to the Farming

segment, which includes the farming operations in

Norway.

Fish welfare is recognised as a strategic objective for

the Group, and the companies involved in farming do

their utmost to protect the well-being of the farmed

fish. The vast majority of Lerøy’s farms are certified to

standards such as GlobalG.A.P. or ASC, which

addresses fish welfare and other important factors

related for fish welfare. Ocean farming gives the

farmed fish conditions that allow them to thrive and

grow in their natural environment during their

lifespan. As part of Lerøy’s continuous improvement

processes, analyses have been conducted to improve

biosecurity and fish welfare, and has led to

investments in new technologies, such as shielding

technologies, at designated farming sites. By

prioritising preventive strategies, innovation, and

operational efficiency, the Group aims to enhance fish

welfare, improve production outcomes, and secure

long- term profitability.

Current and anticipated effects on business model

and value chain

The impact from salmon lice on fish welfare is mainly

indirect in the sense that it is the treatment and not the

lice itself that has the most effect on the health and

welfare of farmed fish. Delousing treatments are

stressful for the fish and can lead to injuries and

increased mortality, especially for fish already

burdened by disease or poor health. Although

pathogens that cause disease occur naturally in the

marine environment, the elevated concentration of

individuals in fish farming contributes to the

proliferation of pathogens such as bacteria and viruses

as they are more easily transmitted between hosts.

The risks to fish welfare in salmon production vary

across different production stages. During the early

stages, such as roe and smolt production, factors like

temperature and water quality are crucial.

Nonconformities in the process at this stage can lead

to less robust fish, which are more vulnerable and

susceptible to disease and environmental stressors in

later production stages.

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In the sea phase, the presence of string jellyfish, algae

blooms, and potential new diseases pose significant

risks. Sea temperatures in surface layers of coastal

waters in Norway are affected by meteorological

conditions throughout the year, and there can be

large weather-induced fluctuations between years.

Generally, higher temperatures of surface waters may

negatively affect the fish health situation in Norway

due to increased prevalence of pathogenic bacteria,

viruses, sea lice and parasites or reduced water

quality. To monitor this, all cages are fitted with

sensors and cameras which allow for continuous

monitoring of oxygen saturation and fish behaviour.

While some sites have equipment to oxygenise the

water on-site, other sites rely on equipment located

on service and treatment vessels in the vicinity in the

event of an emergency.

Reduced fish welfare caused by the factors

mentioned above directly translate to lost income

due to lower production volumes. Moreover, the costs

associated with frequent treatments and advanced

health management practices are substantial, further

straining profitability. High lice pressure, disease

outbreaks or factors like string jellyfish also affect the

value chain through disruptions in the supply of raw

material, reduced availability and lower quality of fish

available for processing and distribution in Lerøy's

downstream units. Accelerated harvests at lower

slaughter weights also negatively affect prices and

may create instability in production schedules.

Shielded farming technologies, such as submerged

cages and semi-closed and closed containment

systems represent an opportunity for Lerøy to

improve fish welfare and reduce mortality, and has

been implemented on designated farming sites as

part of the Group’s improvement plan. The regulatory

framework in Norway imposes upper legal limits on

the number of adult female sea lice per fish,

necessitating frequent delousing treatments. These

treatments are important to secure fish welfare and

compliance but are stressful for the fish and may lead

to injuries and increased mortality. Since shielded

farming technology reduces the occurrence of sea lice

at farming localities, the Group can minimise the need

for such stressful delousing operations. This

technological advancement therefore promises to

enhance the welfare of farmed fish, ultimately

supporting better health outcomes and lowering

mortality rates. Consequently, this will increase

earnings for the Group by lowering costs related to

mortality and lice treatments.

Current and anticipated effects on strategy and

response

Lerøy Seafood Group’s strategy focuses on

sustainability and innovation, and includes a

proactive approach to risk management,

emphasising the importance of resilience and

adaptability in the face of environmental and

biological challenges. The Group aims to maintain its

competitive edge and secure its market position by

integrating these considerations into its decision-

making processes.

In the last couple of years, the results from the

Farming segment have been below expectations, with

a reduction in the Group’s harvested volume. Such a

reduction in volume also has a negative impact on

costs. The reduction in volume has been driven by

biological challenges, and a thorough analysis has

been performed to ensure that this trend is reversed.

The core of the strategy is to reduce risk in each of the

farming stages, to increase biosecurity and fish

welfare and, ultimately, to improve results. Lerøy

believes that the sum of the initiatives across the

value chain will have an overall impact that is higher

than each individual initiative. In short, optimal

selection of genetics and ideal production processes

on land will ensure a more robust smolt, which will

lead to more robust fish in the sea phase. Better

biosecurity, better fish welfare, lower mortality and

higher growth will, in turn, lead to better results.

Current financial effects of impacts, risks and

opportunities

In financial terms, the burden of sea lice and disease

is multifaceted as treatments both necessitate

capital intensive assets such as specialised vessels

and leads to lost harvest volumes due to lost feeding

and lower survival. While the former drives costs, the

latter translates to lost revenues and decreased cash

flow as less fish are made available for sale to the

market and our downstream units. Investments in new

technologies currently impact the Group financially as

large investments in shielded technology, genetics,

roe and smolt drive capex in the short term and costs

related to maintenance in the mid to long term. In

2025 NOK 550 million was allocated to farming

technology and NOK 175 million on postsmolt projects.

Persistent environmental risks such as string jellyfish

also affect the Group’s financial position as outbreaks

may necessitate culling due to welfare concerns and

premature harvest at lower weights, negatively

affecting earnings. The anticipated effect of

environmental risks such as string jellyfish on our

financial performance over time is less certain as

there is generally a lack of knowledge of the species

and under which environmental conditions they

reproduce. Current knowledge suggests that colonies

of string jellyfish are either transported to Norway by

Atlantic currents or are connected to upwelling of

deep water along the Norwegian coast where they

typically proliferate in the months of October to

December. The effect on the individual farm varies

greatly and there is generally much uncertainty as to

how the situation will evolve over the mid to long

term. This also characterises other risks such as algae

blooms of certain species harmful to fish, where many

factors affect the distribution of the algae with

blooms occurring seemingly at random, making

estimations of financial effects difficult.

The resilience of Lerøy Seafood Group’s strategy and

business model to address material impacts risks and

opportunities

Different environmental conditions, location, climate,

history, etc. will influence the environment for the fish.

This means that the conditions for fish will differ from

site to site. For most of the sites, conventional

operation is good where the fish are allowed to live in

their natural environment, but for some sites,

measures may be necessary. Based on thorough

analyses of the Group's sites, an improvement plan

has been prepared for those of our sites that are most

exposed to such fluctuations. The Group’s strategy to

venture into a large-scale rollout of shielded farming

technologies on designated farming sites is a direct

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response to addressing the factors most important

for fish welfare. So far, the results of this effort look

promising, with a substantial decrease in delousing

treatments at sites with shielded production

technology. This effect is expected to gradually

increase further as implementation continues.

Apart from reducing sea lice due to avoiding surface

layers where the parasite is most prevalent, other

benefits of submerged cages include more stable

temperature profiles throughout the year depending

on location. New technologies, however, bring

challenges and risks of their own. Generally,

submerged, semi-closed and closed cages require

more frequent and complex diver or ROV operations

than conventional cages as a greater share of the

farming equipment, like feed spreaders, lights and

sensors, are not easily accessible from the surface.

Further, limiting the share of the water column

available for the fish has biological implications as

temperature, salinity and dissolved oxygen varies

with depth, especially in sites close to shore or in

fjords. Narrowing or changing the portion of the

water column available for the fish naturally affects

the fish’s relation to these factors. While submerging

cages may be beneficial for avoiding heat waves and

cold surface water in parts of the year, there is a

potential loss in growth when temperatures are

optimal at other depths than where fish are held. In

addition to these concerns comes the general risks

associated with phasing in new equipment in training

personnel and developing new routines and

procedures.

Although these caveats are important to bear in mind

when assessing the Group’s strategy, there is

confidence that the teething troubles associated with

new technology and potential biological effects will

be far outweighed by the positive impacts on fish

welfare from reducing handling and treatments

related to sea lice. the Group is confident that this, in

combination with improvements in genetics, roe and

smolt production, will further contribute to addressing

the material impact in an effective manner in the

years to come.

While advancements in shielded farming

technologies on designated farming sites show

promise in mitigating certain risks, it is important to

recognise that other challenges lack similarly

effective measures. For instance, jellyfish can be a

threat due to the current absence of reliable methods

to neutralise them. Current strategies to reduce stress

and handling of the fish, as well as to limit net

washing, is essential as it enhances the robustness of

the fish. Lerøy Seafood Group’s strategy on fish health,

with ventures in new production technology, may

enhance the resilience of the fish stocks against

environmental threats and potentially contributing to

better survival rates and improved financial results.

For threats to fish welfare in general, the Group uses

monitoring systems and seeks to maintain a state of

constant readiness. This includes continuous

surveillance of water quality, fish health, and

environmental conditions to detect potential issues

early. Rapid response protocols are established at the

level of the individual site to mitigate the impact of

unexpected events, such as disease outbreaks or

harmful algal blooms. Regular training for staff on

emergency procedures further enhance the Group's

ability to protect fish welfare and ensure operational

continuity.

Impact, risk and opportunity management

ESRS 2 MDR-P Policies adopted to manage fish

health and fish welfare

Lerøy Seafood Group’s approach to fish health and

welfare is based on a series of policies that guide

operations and ensure that the highest standards are

upheld. These policies serve as governance tools,

standardising production processes and enabling the

Group to incorporate the latest knowledge and

technological advancements swiftly. By adhering to

these protocols, disease risks can be reduced and

overall fish welfare in the farming operations can be

enhanced.

Policy: Fish health and fish welfare

The Fish health and fish welfare policy describes how

to ensure optimal fish welfare by adapting

production to the needs of different fish species and

life stages including handling practices, monitoring of

welfare indicators including jellyfish presence, and

mandatory fish welfare training for employees. The

policy adheres to international standards for fish

welfare and biosafety, employing preventive

measures to manage diseases and ensure fish health.

Welfare indicators for salmon mentioned in the Fish

health and fish welfare policy are evaluated in

accordance with the initiative "Welfare Indicators for

Farmed Salmon: How to Assess and Document Fish

Welfare," with certain modifications adapted to

Lerøy’s production. The manual, which offers a

comprehensive review of welfare indicators used in

salmon farming, is the result of the FISHWELL project,

funded by the Norwegian Seafood Research Fund

(FHF) and conducted by Nofima. IROs related to the

policy include “Technology development” (IRO10),

“New challenges related to fish health” (IRO12) and

“Poor fish health” (IRO11). The scope of the policy is the

Group’s farming operations in Norway and the COO

Farming is the most senior level person accountable

for implementation of the policy.

Policy: Control of salmon lice

The Control of salmon lice policy provides a principal

description of how the Group works to control salmon

lice and the principles of the IPM (Integrated Pest

Management) strategy to control salmon lice and

keep the numbers at a low level in the long term. The

goal is to reduce the need for active interventions. The

core elements of an IPM strategy are prevention,

monitoring and control. the Group’s strategy includes

different complementary measures that supplement

each other, aiming to control salmon lice and keep

them at a low level. The IRO related to the policy

includes “Poor fish health” (IRO11). The scope of the

policy is the Group’s farming operations in Norway

and the COO Farming is the most senior level

accountable for implementation of the policy.

Policy: Use of antimicrobial agents

The antimicrobial agents use policy outlines the

Group’s approach to antimicrobial usage. It prioritises

preventive operating practices to minimise disease

incidence in fish. Antimicrobial agents are used as a

last resort to protect fish welfare, considering food

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safety, environmental impact, resistance and

effectiveness. Medication and retention periods are

prescribed and managed only by authorised fish

health personnel and use of medications must be

approved by Norwegian medicine authorities. Third-

party standards/initiatives respected by

implementing policy include the World Health

Organisation’s (WHO) list of Critically Important

Antimicrobials for Human Medicine (CIA) and

Medically Important Antimicrobials for animals that

produce food (MIA). Bacterial isolates are tested with

a view to sensitivity before treatment starts. Groups of

agents classified by the WHO as CIA or MIA shall only

be used when a professional assessment shows that

this is the only possible method of treatment. IROs

related to the policy include “New challenges related

to fish health” (IRO12) and “Poor fish health” (IRO11).

The scope of the policy is our farming operations in

Norway and the COO Farming is the most senior level

person accountable for implementation of the policy.

ESRS 2 MDR-A Actions and resources in relation

to fish health and fish welfare

To address IROs related to fish health and fish

welfare, Lerøy has initiated several key actions

involving strategic investments in genetics, careful

management of roe incubation temperatures, and

improvements in smolt production protocols, as well

as major investments in shielding technology as first

presented at the Capital Markets Day in 2022. The

actions taken are strategic and will progressively

yield results over time as they come into effect. By

focusing on these areas, the Group aims to improve

fish health and fish welfare and ensure the long-term

success of the operations.

Genetics

Genetic selection is a critical factor influencing the

performance of fish at all life stages and is a key

determinant to produce robust fish with good health

and welfare. Strategic investments in genetics are

therefore crucial for optimising fish performance and

ensuring the long-term success for the Group.

The Group has entered a strategic partnership with a

genetic supplier. The partnership covers all the

Group’s rainbow trout production and most of the

Atlantic salmon production in Norway. This

partnership secures the Group’s access to the input

materials for rainbow trout and Atlantic salmon

production with the genetic traits that are needed to

optimise fish performance, including growth rate and

disease resistance. The main aim of the work within

the partnership is to produce a healthy fish that

reaches its genetic potential. Expected outcomes

include higher growth rates in the sea phase and more

robust fish. The partnership was initiated in 2021 and

has since been gradually implemented. Improvements

are expected to yield results gradually going forward.

Current and future financial resources allocated to

the action are considered immaterial and primarily

include own personnel engaged in related projects.

Roe

Measures taken include incubation temperature for

salmon roe and Rainbow trout roe. Incubator capacity

in Atlantic salmon broodstock facilities was increased

as the lower incubation temperature leads to a

longer incubation period of roe before transport to

freshwater facilities. Expected outcomes of the

actions include improved growth and fish robustness

in the sea phase. The measures were initiated in 2023

and show promising results so far. The effect of the

measures is expected to gradually onwards. The

scope of the action includes broodstock facilities in

Norway. Current and future financial resources

allocated to the action are considered financially

immaterial.

Smolt

Our analysis and our programme initiative “Biology

Land” show that our smolt production protocols have

room for some further improvement. This includes

measures at several stages of the smolt production

process, such as temperature level, and the time of

the year when the smolt is transferred to the sea. As a

result, comprehensive projects have been initiated to

identify critical thresholds and implement best

practice in all smolt facilities.

Implemented initiatives include increased cooling

capacity at smolt facilities to comply with updated

production protocols at all times of the year and the

rebuilding of two sections at Laksefjord from flow-

through to RAS systems. The expected outcome of the

initiatives is more robust and improved fish health

and welfare in later production stages. The action

relates to the IROs on “Poor fish health” (IRO11) and

“Technological development” (IRO10). Metrics and

targets directly related to the action include survival

on land, however, smolt quality is a key determinant

for later production stages and therefore also

indirectly influences the metric and target for survival

in sea.

The measures, to optimize the environment and

ensure infrastructure capacities that allow for the

implementation of new and improved operational

protocols in each of the Farming segment’s regions,

were initiated in 2023 with further investments done in

2025. Current financial resources allocated to the

measures are around NOK 100–200 million with NOK

100–200 million allocated in 2024 and 2025. Lerøy has

allocated green bonds to three RAS post-smolt

facilities located in Kjærelva (West Norway), Belsvik

(Mid Norway) and Laksefjord (North Norway) in

accordance with the Green Project categories defined

in the Green Finance Framework (available at https://

www.leroyseafood.com/en/investor/green-bonds-

rating/green-finance-framework/).

Shielding technology

To counter the burden of sea lice and its effect on fish

health and welfare, Lerøy is currently implementing

shielding technology at selected sites in Lerøy Midt

and Lerøy Sjøtroll, as well as deploying optical

delousing equipment in Lerøy Aurora. The action

relates to the IROs “Poor fish health” (IRO11) and

“Technology development” (IRO10) as well as the

metrics and targets on survival in sea, sea lice and use

of antibiotics. The implementation of shielding

technology has so far showed promising results

related to less fish handling.

No single technology is a perfect fit for all the

production sites and several technologies are

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therefore used. While semi-closed solutions are

employed at protected sites, submerged cages are

rolled out at more exposed sites at greater depths.

Semi-closed solutions have solid barriers in the form

of steel skirts and/or impermeable tarpaulins

physically separating the inside of the cages from the

upper layers of the water column where sea lice are

most abundant. Closed containment systems

however, fully separate the fish and water within the

cage from the surrounding body of water. Pumps

inside the cages facilitate water flow, drawing water

from below the “lice belt” while also ensuring proper

circulation of water within the cage. Submerged

cages resemble conventional cages and are open in

the sense that water flow is not obstructed by any

other barriers than nets. These cages are submerged,

meaning that the fish are held at certain depth, below

the “lice belt” with a net ceiling containing an air

dome supplying the salmon with air to fill its swim

bladder and exhibit natural behaviour.

Optical delousing, uses stereo machine vision,

advanced software and high-precision lasers to

target and kill parasitic sea lice without harming the

fish on which the lice is attached. Each delousing unit

is placed in the middle of each cage and treat fish

continuously over a prolonged period by shooting

high precision laser beams at parasitic lice attached

to the skin of fish swimming close by. This allows for

the benefits of delousing without the compromising

effects on fish health associated with crowding,

handling and more conventional delousing treatments.

By introducing shielding technology, the infection

pressure from sea lice is expected to drop

significantly, thus greatly reducing the need for

delousing treatment at shielded sites. This will further

benefit fish health and fish welfare as frequent

treatments and handling are associated with poor

welfare outcomes. The selection of sites to be part of

the project is based on historical data on the number

of delousing operations, thus maximising the effect of

the initiatives.

The scope of the implemented actions include

selected sites in Lerøy Aurora (northern Norway)

Lerøy Sjøtroll (western Norway) and Lerøy Midt

(central Norway). The initiative was launched in 2022

with further investments planned for 2026. In 2025, the

share of Lerøy’s total volume harvested from sites

using shielding technology amounted to

approximately 30%. Preliminary results show a

decrease in delousing treatments at sites using new

technology and a gradual increase in positive effects

on results/harvest in the coming years is expected.

Current resources allocated to the measure include

submerged and semi closed containment technology

at selected sites in Lerøy Midt, use of submerged

caged in Lerøy Sjøtroll and laser at selected sites,

mainly in Lerøy Aurora. Current financial resources

allocated to the actions amount to NOK 500–600

million (invested in 2023 and 2024) whereas

investments for NOK 550 million was allocated in 2025.

In addition to the previously mentioned actions, Lerøy

has decided to invest in closed containment systems

(Aquatraz C2) in a joint development program with

SalMar. This investment will also contribute

significantly to accelerate learning curves of this type

of production. First fish into these sites are planned

for first quarter 2027. The financial resources currently

allocated to these units are deemed immaterial, as

the bulk of the investment in this production

technology is scheduled for the following fiscal year.

Lerøy Way

“Lerøy Way” is a business system that comprises

Lerøy’s management philosophy and practices. Lerøy

Way is developed from Lerøy’s own experiences,

combined with established improvement methods

from other industries.

The implementation of Lerøy Way will benefit fish

health and welfare through the systematic application

of structured problem-solving methodologies and risk

mitigation strategies. By utilising established

improvement methods and lean principles, Lerøy Way

promotes a culture of continuous improvement and

standardisation. This will lead to enhanced

monitoring and control of environmental and

operational parameters, reducing stressors and

improving overall fish health and welfare, which is a

material topic for Lerøy (actual negative impact). The

system's focus on clear, actionable targets and

regular follow-ups ensures that best practices are

consistently applied and adapted to meet the

evolving needs of the farming operations.

Lerøy Way is a Group-wide initiative, gradually

implemented in all of Lerøy’s subsidiaries. The work

with Lerøy Way in the farming segment started in

2021 and continues in 2026 .

Metrics and targets

ESRS 2 MDR-T Tracking effectiveness of policies

and actions through targets

Lerøy has set several targets to monitor the

effectiveness of policies and actions. These targets

are related to policy objectives to ensure the health

and well-being of fish directly (survival on land and at

sea) and indirectly by monitoring practices indicative

of good fish welfare (number of sea lice treatments

and the use of antibiotics). Progress for all targets is

measured against 2023, as many actions related to

fish health were first announced at the Capital

Markets Day in 2022 and initiated the same year, with

effects on results beginning from 2023 onwards. It is

anticipated that the combined effects of these

measures will be significant. However, their impact on

related targets will be gradual as the measures

comes into effect.

Fish health parameters are regularly assessed by site

personnel and fish health professionals and are on

the agenda in forums such as the Fish Health

Resource Group, which holds biweekly meetings, and

the Fish Health Competence Group, which meets four

times per year or when needed. Additionally,

performance is reported in the different farming

companies’ scorecards, which are reviewed monthly

by the Management Group in each company. This

refers to all of the below fish health parameters,

including survival on land, survival in sea, sea lice

treatments and the use of antibiotics.

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Targets and metrics related to fish health and fish

welfare


	Target	2025	2024	2023
Survival on land (%)	95	93.8	93.1	91.3
Survival in sea (%)	96	93.7	94.5	91.5
Sea lice (no, of treatments)	1 150	1 956	1 463	1 772
Use of antibiotics (kg)	0	0	219	0

Survival on land

The target of 95% survival on land relates to the

objectives of the fish health and fish welfare policy

which is to ensure the health and well-being of fish.

The target is relative and the level to be achieved is

95%. It is measured according to the Global Salmon

Initiative (GSI) definition (12-month rolling average)

and is reported monthly. The scope of the target

includes all Lerøy’s land-based farming operations

(i.e. smolt facilities) in Norway. Progress is measured

from 2023 with a baseline value of 91.3% survival. The

target applies to each reporting year.

Fish mortality is a key measure used to evaluate fish

health during production. Studies on historical

mortality of salmon in the land phase show large

variations between facilities. This shows the potential

to achieve good welfare in all regions where Lerøy

operates and forms the basis for the goal of 95%

survival. Long-term survival, or accumulated survival,

serves as a retrospective welfare indicator commonly

used to evaluate the welfare of animals over an entire

or significant portion of their production cycles.

Assessing the entire production cycle is essential

when evaluating a production method, system or site.

When combined with death causes (pathology), it can

help identify issues and prevent or detect further

problems.

Relevant stakeholders such as internal subject matter

experts, Group management, The Audit Committee

and the Board have been involved in target setting as

they either develop, monitor progress, are informed,

or have approved the targets.

There have been no relevant changes in targets and

corresponding metrics or underlying measurement

methodologies, significant assumptions, limitations,

sources and processes to collect data adopted within

the defined time horizon.

In 2025, the survival on land was 93.8%, an increase

from 93.1% in 2024. The increase is primarily explained

by further investments and systematic improvement

efforts at Lerøy’s RAS-facilities.

Survival in sea

The target of 96% survival in sea relates to the

objectives of the fish health and fish welfare policy

which is to ensure the health and well-being of fish.

The target is relative and the level to be achieved is

96%. It is measured according to the Global Salmon

Initiative (GSI) definition (12-month rolling average)

and is reported yearly. The scope of the target

includes all Lerøy’s sea-based farming in Norway.

Progress is measured from 2023 with a baseline value

of 91.5% survival. The target applies to each reporting

year.

Fish mortality is a key measure used to evaluate fish

health during production. Studies on historical

mortality of salmon in the sea phase show large

variations between generations and within counties

in Norway. This shows the potential in all regions

where Lerøy operates and forms the basis for the

goal of 95% and 96% survival on land and in sea,

respectively. Long-term survival, or accumulated

survival, serves as a retrospective welfare indicator

commonly used to evaluate the welfare of animals

over an entire or significant portion of their

production cycles. Assessing the entire production

cycle is essential when evaluating a production

method, system or site. When combined with death

causes (pathology), it can help identify issues and

prevent or detect further problems.

Relevant stakeholders such as internal subject matter

experts, Group management, The Audit Committee

and the Board have been involved in target setting as

they either develop, monitor progress, are informed,

or have approved the targets. There have been no

relevant changes in targets and corresponding

metrics or underlying measurement methodologies,

significant assumptions, limitations, sources and

processes to collect data adopted within the defined

time horizon. In 2024 bacterial diseases were the main

mortality causes for fish in the sea phase and resulted

in a survival rate of 94.5%. In 2025, the survival rate

decreased to 93.7%. The decrease in survival can

mainly be attributed to sea lice treatments and viral

diseases.

Sea lice

The target of reducing number of sea lice treatments

to 1 150, relates to the objectives of the fish health

and fish welfare policy, which is to ensure the health

and well-being of fish as it is a main driver behind

poor welfare in the Group’s farming operations. The

target is absolute and is measured as the number of

cages treated for lice during the reporting year. The

scope of the target includes all Lerøy’s sea-based

farming in Norway. Progress is measured from 2023

with a baseline value of 1 772 cages treated for sea

lice.

The rationale for setting a reduction of cages treated

for sea lice is that handling and treatment of fish is

associated with elevated mortality and poor welfare

outcomes and should be avoided if possible.

Relevant stakeholders such as internal subject matter

experts, Group management, The Audit Committee

and the Board have been involved in target setting as

they either develop, monitor progress, are informed,

or have approved the targets.

There have been no relevant changes in targets and

corresponding metrics or underlying measurement

methodologies, significant assumptions, limitations,

sources and processes to collect data adopted within

the defined time horizon.

In 2024 the number of treated cages was 1 463. In 2025

this increased to 1 956. Driven by high sea

temperatures, Norway experienced an increased

salmon lice infestation pressure in 2025, with high

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levels in several of the production areas where Lerøy

operates. This situation required a higher frequency of

lice-control interventions, resulting in more treated

units in 2025 compared with 2024. Despite these

challenges, protected (shielded) units continued to

outperform traditional open pens, showing lower lice

loads and improved fish welfare and production

performance under comparable environmental

conditions.

Use of antibiotics

The target of zero kilograms antibiotics used relates

to the objectives of the policy for use of antimicrobial

agents which is to avoid unnecessary use of

antimicrobial agents. It also relates to the fish health

and fish welfare policy as it is indicative of the fish

health and fish welfare in the farming operations. The

target is absolute and is measured in kg active

substance used throughout the reporting period.

Progress is measured from 2023 with a baseline value

of 0 kg antibiotics used. The period for which the

target applies is each reporting year.

Antibiotic use should be avoided as overuse and

misuse contribute to the development of antibiotic-

resistant bacteria. Antimicrobial resistance is one of

the most pressing health issues of our time and

antimicrobial drug use should therefore be avoided if

possible.

Relevant stakeholders such as internal subject matter

experts, Group management, The Audit Committee

and the Board have been involved in target setting as

they either develop, monitor progress, are informed,

or have approved the targets.

There have been no relevant changes in targets and

corresponding metrics or underlying measurement

methodologies, significant assumptions, limitations,

sources and processes to collect data adopted within

the defined time horizon. In 2024, the Group had one

treatment with antibiotics with 219kg active

substance (Florfenicol) used due to bacterial

infections. Antibiotics are used as a last line of

defence to ensure the welfare of the fish. In 2025, no

antibiotics were used.

ESRS 2 MDR-M Metrics in relation to fish health

and fish welfare

Lerøy uses several metrics to evaluate performance

and effectiveness in relation to the material topics of

”Technological development” (IRO10) , “New threats to

fish health” (IRO12) and “Poor fish health” (IRO11).

Survival on land

The metric survival on land relates to the actual

negative impact on poor fish health and to the target

of 95% survival on land. The metric is measured using

the Global Salmon Initiative’s (GSI) definition modified

for land-based farming, which is a 12-month rolling

mortality rate, calculating the annual mortality

(January – December) as a percentage of the

estimated fish population at end of year, adjusted for

sold and outgoing stock of fish and mortalities. The

measurement of the metric is not validated by an

external body.

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	Survival in sea The metric survival in sea relates to the actual negative impact on poor fish health and to the target of 96% survival in sea. Survival in sea is measured using the Global Salmon Initiative’s (GSI) definition which is a 12-month rolling mortality rate, calculating the annual mortality (January – December) as a percentage of the estimated fish population at end of year, adjusted for harvest and mortalities.		Use of antibiotics The metric relates to the target of zero antibiotics use and to the actual negative impact on poor fish health. While the use of antibiotics in isolated cases may be necessary to safeguard fish health, recurring or elevated use is associated with poor animal husbandry and should be avoided if possible. The metric is defined as annual use of antibiotics in the Group’s salmon and trout farming, measured in kilograms active substance. All use of medicines is logged in our own production management system. Details such as the name of the person who prescribed the medicine, approved assistant, active substances, quantity, treatment period and retention period for the fish are all registered each time treatment is administered.
Accounting principles Survival on land (%): 12-month rolling mortality = (number of mortalities (excluding number of culled fish due to illness or similar))/(number of mortalities (included number of culled fish due to illness or similar) + number of fish sold + number of outgoing stock of fish)	Sea lice The metric relates to the target of 1 150 cages treated for sea lice and to the actual negative impact on poor fish health. The metric is defined as the total number of cages treated for lice per annum. One treatment in this context means the treatment of the fish in one single pen by means of non-medicinal treatments (freshwater, flushing and temperate water) as these methods has the most effect on the welfare of the fish.	Accounting principles Survival in sea (%): 1–12 months rolling mortality) *100 12 months rolling mortality = (total number of mortalities last 12 month − total number of culled fish due to illness or similar and not in harvest figures)/ (closing number of fish + total number of mortalities in last 12 months + total number of harvested fish in last 12 months + total number of culled fish)

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		S1 Own workforce

	Working conditions		Equal treatment and opportunities for all	Competence development opportunities for all
Activities - IROs*
	IRO 5 Hazardous work operations		IRO 6 Gender equality in management positions	IRO 7 Develop our people
I	●		●	●
R
O
Time horizon **
S	●		●	●
M	●		●	●
L	●		●	●
Value chain ***
OO	●		●	●
U
D
Description
	Lerøy has a high injury frequency among our employees. In addition to the actual harm this causes on the individuals that get injured, this also leads to high absence-rate		Gender imbalance in leadership positions can hinder the diversity of perspectives and experiences, which often weakens decision-making quality and innovation. Additionally, it can contribute to systematic barriers to equality and reduce the organisation’s ability to attract and retain talent from the entire population.	Lerøy create positive impact by developing our people. We give all employees competence development opportunities through initiatives that support sustainable growth and a strong learning culture

* IRO: I = Impact, R = Risk, O = Opportunities Time horizon: S = Short term (<1 year) M = Medium term (1-5 years) L = Long term (over 5 years) * Value chain: OO = Own operation, U = Upstream, D = Downstream ● Actual negative impact ● Potential negative impact ● Potential positive Impact

Safety first. Always. Our employees are the Group’s most important resource. We work together as “One Lerøy” to reduce injuries and sick leave and to create a good working environment. We uphold internationally recognized labor rights and are committed to providing safe, meaningful and attractive jobs with fair compensation.

Social

ESRS S1 Own workforce

Strategy

ESRS S1 SBM-3 Material impacts, risks and

opportunities and their interaction with

strategy and business model

The Group has conducted a DMA process and

identified IROs that are material for the reporting

year 2025. Lerøy has established processes to

remediate negative impacts, for more information see

S1-4.

The types of employees are as follows:

• Permanent employees – employees with an open-

ended employment contract

• Temporary employees – employees with a fixed-

term employment contract

• Non-guaranteed employees - employees who do

not have fixed or guaranteed working hours

• Full-time employees – employees working the

standard full-time hours as defined by company

policy and labour law

• Part time employees – employees working fewer

hours than a full-time schedule

IRO 5 “Hazardous work operations” are defined as an

actual negative impact – this impact is not

widespread or systemic and is rather related to

individual incidents.

IRO 6 “Gender equality in management positions” is

defined as a potential negative impact in 2025 – this

impact is somewhat widespread and systemic.

IRO 7 “Develop our people” is defined as a positive

impact in the materiality assessment. This is a newly

identified IRO for 2025 . We create positive impact by

investing in competence development through Lerøy

Learning, e-learning, and leadership programs.

Developing all our employees is important in terms of

strengthening competence for future growth. This

opportunity is directly linked to our strategic ambition

of building a resilient and innovative workforce. By

investing in competence development, we ensure that

employees have the skills required to meet future

industry demands and sustainability goals. We have

created training and development programs and

training initiatives to support lifelong careers in Lerøy.

This increases productivity and quality, promotes

innovation and competitiveness, provides more

motivated and loyal employees, strengthens the

ability to adapt and creates a robust learning culture.

There are no material impacts on the Group’s

workforce that arise from transition plans for

reducing negative impacts on the environment and

achieving greener operations.

The Group has no operations at significant risk of

incidents of forced labour, compulsory labour or child

labour.

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Lerøy has been working on understanding and

mitigating risks for individuals with specific

characteristics and for those working in particular

contexts or those undertaking specific activities. The

Group’s approach includes conducting thorough risk

assessments to identify potential hazards and

vulnerabilities in the operations. This involves

evaluating the working conditions and environments

of the employees. To help ensure that employees are

aware of the risks associated with their tasks and

know how to mitigate them, the Group has

implemented training programs about safety

protocol and best practices. Lerøy also continuously

monitors and reports safety performance to identify

areas for improvement and ensure transparency.

The Group also collaborates closely with employee

representatives and trade unions. For more

information, see S1-2 on how we engage with own

workforce.

Employees and workers are able to contribute and

comment on health and safety practices. All

employees and workers have an opportunity to report

hazardous situations, so that preventative measures

can be put into place and necessary corrective action

taken. The Group views consultation and participation

of employees and workers as an essential success

factor for the organisation and its development.

Impacts, risks and opportunities

management

ESRS S1-1 Policies related to own workforce

Lerøy Seafood Group ASA and its subsidiaries are

committed to respecting internationally recognised

human rights and labour rights in our own operations.

Human rights are an integral part of Lerøy's ethical

guidelines and our company culture. All employees

are responsible for understanding and following the

standards and adhering to the principles described in

the guidelines. The Code of Conduct is introduced as

part of the onboarding training. Lerøy expects and

requires that the right to a safe and healthy working

environment is a core component within the Group's

operations as well as in relation to employees and

workers in our supply chains.

The Group’s policies are available at

leroyseafood.com, and each policy states the

ownership of the policy and its implementation

practices. The policies are there to ensure an equal

and inclusive workplace and to prevent

discrimination. The policies are approved by the

Board. The management group in each company is

responsible for ensuring compliance with the policies,

and that the organisation has competent personnel

assigned to the task of ensuring compliance. Any

violations of the Group’s policies will be followed up

with local management and the HR department and

may have consequences for employment at Lerøy.

Four policies and our Code of Conduct specifically

guide our work in Lerøy.

• Policy: Human Rights

• Policy: Whistleblowing

• Policy: Diversity and Inclusion

• Policy: HSE Policy

• Code of Conduct

Our policies on human rights, whistleblowing, diversity

and inclusion, along with the Code of Conduct, are

aligned with IRO 6 and IRO 7. They all ensure ethical

conduct, equal treatment, and compliance with

international standards and conventions. These

policies safeguard against discrimination, promote

transparency, and uphold fundamental rights across

our operations and supply chain. The HSE Policy is

connected to IRO 5, focusing on zero injuries, risk

prevention, and continuous improvement to provide

safe workplaces and protect employee well-being.

The Code of Conduct, policies for human rights,

whistleblowing, and diversity and inclusion are all

included in the Group’s Quality Management System.

The Group's Quality Management system is used in all

companies and is applicable to both our own and

hired workforce (100%). The management group in

each company is accountable for implementation of

the policies. The CHRO at Lerøy Seafood Group is the

owner of these policies and is responsible for updates.

The policies and our Code of Conduct has been

approved by the Group management, presented to

the Audit Committee and approved by the Board of

Directors. The CEO of Lerøy Seafood Group has overall

responsibility for the policies.

Policy: Human Rights

The Human rights policy in Lerøy describes our

commitment to respecting internationally recognised

human and labour rights in our own operations as

well as in our value chain. Lerøy respects and

supports the International Bill of Human Rights and

the core conventions of the International Labour

Organisation (ILO). Lerøy further endorses the United

Nations Guiding Principles on Business and Human

Rights and the OECD Guidelines for Multinational

Enterprises. Lerøy is a member of United Nations

Global Compact. Our Human and labour rights policy

states: “All forms of discrimination or harassment at

work based on ethnicity, religion, age, language,

disability, gender, marital status, sexual orientation,

trade union membership or political beliefs are strictly

prohibited”. In addition to our own commitment, we

expect the same from our suppliers and business

partners.

Policy: Whistleblowing

The purpose of the Group’s Whistleblowing policy is to

ensure that Lerøy's financial results never take priority

over compliance with prevailing laws and regulations

and the Group’s Code of Conduct. The Code reflects

the Group’s fundamental values and guides the

employees as to which principles to follow. All

employees at Lerøy are responsible for complying

with the policy and for contributing towards creating

and sustaining a proper and safe working

environment. The management group in each

company is responsible for ensuring that the

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company has competent personnel assigned with the

task of ensuring compliance with local regulations.

Managers shall provide guidance for employees who

wish to whistleblow.

The Group’s Whistleblowing policy and procedures

state that the term “censurable conditions” is defined

as situations that violate rules of law, the Group's

Code of Conduct or ethical standards. These could be

situations that may represent a risk to life or health, a

risk to the climate or environment, corruption or other

economic crime, abuse of authority, unsatisfactory

working environment (e.g. HSE, bullying,

discrimination), or a breach of personal data privacy

(GDPR).

The information in the Group’s whistleblowing policy,

rights and obligations, procedure, anonymity and

confidentiality, follow-up and protection against

retaliation is available in the Group’s whistleblowing

poster. The poster is available on the Group intranet,

HR system and on information posters.

Policy: Diversity and Inclusion

The Group has implemented a policy for diversity and

inclusion. The policy states that diversity and inclusion

entail ensuring equal treatment of each employee,

irrespective of gender, origin, ethnicity, skin colour,

language, religion or personal philosophy, in addition

to offer a workplace without discrimination of persons

with disabilities.

The Group does not have established processes for

identifying groups at particular risk of vulnerability in

its workforce. As a result, there are no specific policy

commitments related to inclusion or positive action

for people from groups at particular risk of

vulnerability in the Group’s own workforce. We aim to

treat all our employees equally, regardless of their

background and are committed to ensure equal

employment opportunities and rights for all

employees. The policy is related to IRO 6.

The policy is available at leroyseafood.com. The

management group in each company is accountable

for implementation of the policy. The Head of CHRO

at Lerøy Seafood Group is the owner of this policy and

is responsible for updates.

Policy: Health, Safety and Environment

The Group has implemented a policy for health, safety

and environment and the Group’s strategy also

includes the “Safety First” principle. The policy states

that the Group aims to achieve zero injuries and

actively works to provide safe and healthy

workplaces for employees and others present at its

facilities. Systematic HSE work is an integrated part of

the management system, and the Group work

preventively to promote a healthy work environment

and to avoid personal injuries and accidents, as well

as to minimise negative impacts on the external

environment. We actively strive for continuous

improvement in health, environment and safety

through risk assessments and deviation management.

Lerøy promotes open communication and

participation from all employees in the development

of HSE work. The policy is related to IRO 5.

The policies, processes and procedures within HSE are

included in the Group’s Quality Management System.

This system is used in all companies and is applicable

to both our own and hired workforce (100%).

The management group in each company is

accountable for implementation of the policy. The

Head of ESG & Safety at Lerøy Seafood Group is the

owner of this policy and is responsible for updates.

Code of Conduct

The Group is aware of its responsibility to society at

large, and to the environment, to behave in an ethical

manner. In addition to its shared values, Lerøy

Seafood Group has developed a Code of Conduct,

reviewed by the Board and based on the UN Guiding

Principles on Business and Human Rights, that aims to

establish common principles and regulations for all

employees within the Group, its subsidiaries and

partners. This includes own employees, board

members, contract workers, consultants,

representatives and any person performing work on

behalf of LSG or representing LSG in any other way.

The Code of Conduct reflects the Group’s values and

helps employees and partners choose the correct

principles with regard to human rights, working

conditions, business conduct, impartiality, conflicts of

interest, political activity, entertaining customers,

processing information, confidentiality, relationships

with colleagues, business partners, corruption, bribes,

whistleblowing, etc. The Code of Conduct states the

Groups practices regarding human rights and decent

working conditions, such as child labour and forced

and involuntary labour are strictly prohibited, Lerøy's

Code of Conduct is based on GRASP (Global G.A.P Risk

Assessment on Social Practice). Each employee is

individually responsible for reading and familiarising

themselves and complying with the Code of Conduct.

Any violations of the Group’s Code of Conduct may

have consequences for employment. We have

communicated our Code of Conduct to all our

suppliers and subcontractors. Regular audits ensure

that our Code of Conduct is also followed by our

partners.

To help employees make the right decisions, the

Group has created an e-learning course on the Code

of Conduct. New employees in Norway are required to

complete the e-learning course as part of their

mandatory onboarding training. All managers in the

Group are responsible for ensuring that all employees

are familiar with the Code of Conduct, relevant laws,

regulations and framework, including whistleblowing.

ESRS S1-2 Processes for engaging with own

workforce

Engagement with and remedy for workforce and

labour rights

The Group has several tools and processes to identify

and assess relevant data and insights. Our

whistleblowing channel and annual employee survey

are relevant tools that help us to identify possible

impacts on human and labour rights in the Group’s

subsidiaries.

Employee engagement survey

Lerøy strives to develop an inclusive and engaging

work environment. We conduct an annual employee

survey in collaboration with Great Place to Work

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(GPTW), which is distributed to employees in the

Group. In 2025, the Group received a response rate of

87%. The employee survey covers topics on

engagement, motivation, working conditions,

payment and terms of employment, training and

development, harassment, psychological working

environment, leadership, communication, HSE, pride

and community. In addition, there are two open

questions where the employees can provide

additional comments and feedback. The survey is

available in 18 languages.

The Group’s HR department is responsible for

distributing the survey, in collaboration with GPTW. To

ensure continuous improvement, the results of the

survey are followed up locally in each company and

at the Group level. Employee involvement is a key

success factor in this work. Each department follows

up on their own results and the employees are central

in setting goals and targets. This year’s survey

received a record high response rate and result.

Strategy and scorecard

Previous employee surveys revealed that the

employees felt that the goals and strategy of the

Group were unclear. This was one of the reasons for

the Group establishing strategy and scorecards at

various levels, including Group, segment, company,

support functions and large departments, accessible

to every employee. The strategy is reviewed annually.

Employees are involved in this process at their

respective levels. The strategy maps are available to

all employees in our quality system and intranet. After

implementing this action, the same question now

shows an increase in the satisfaction rate in the

employee survey.

Working environment committee and involvement of

employee representatives

The Group has a close collaboration with the trade

unions and employee representatives. To facilitate

dialogues across trade unions and employee

organisations, Lerøy has a formal joint management-

worker health and safety committee in each company

with more than 30 employees. The purpose of the

committees is to promote mutual understanding and

acceptance through open dialogue and information

exchange across the organisation. The committees

are composed of members from management, HR,

HSE representatives, employees and trade union

representatives. The size of the committees depends

on the size of the company. There is no formal joint

management-worker health and safety committee at

the Group level.

90% of all companies in the Group have a formal joint

management-worker health and safety committee/

safety representative. The aim of the committee is to

enable a two-way communication and exchange of

information as well as give informed feedback to be

considered by the organisation before implementing

a change or making a decision. The Group has

procedures that describe the election process of

representatives and the tasks for the committee. In

smaller companies, where it is not required to have a

safety committee, the safety representative

represents the employees and workers in matters

concerning health, safety and working environment.

Information from meetings should be made available

to employees upon request or by the companies’ own

information channels, such as intranet, information

screens or information posters. Organisation and

frequency of meetings is scheduled by each company

in the Group. The election of employee

representatives is organised by the employees in

each company. There is a low threshold for contacting

employee representatives when needed.

Employee representatives have a close collaboration

with the general manager and HR department in

each company and is involved in cases involving large

organisational changes, downsizing, changes in terms

and conditions related to workforce reduction,

changes in workers’ rotations and other topics that

affect the employees. The Group does not have a

standardised process and has not evaluated the

effectiveness of this collaboration.

Performance appraisal

The Group has implemented a new HR system in the

Norwegian subsidiaries that includes a module for

performance appraisals. The process for performance

appraisals has been standardised in Norway to

include a minimum of one performance appraisal per

year to ensure continuous development and

employee engagement. The process for performance

appraisals has not yet been standardised at the

Group level globally.

ESRS S1-3 Processes to remediate negative

impacts and channels for own workforce to

raise concerns

Whistleblowing

The Group has established comprehensive

whistleblowing procedures to ensure that all reports

of suspected misconduct, breaches of laws and

regulations, or violations of the Group’s Code of

Conduct and internal policies are handled with

objectivity, fairness, and integrity. When cases of

nonconformity are identified, appropriate measures

are implemented to rectify the situation.

Dedicated whistleblowing committees have been set

up in all segments across the Group. These

committees are responsible for conducting

preliminary assessments of reported cases and

subsequently referring each matter to the relevant

business unit for handling. They oversee adherence to

case processing routines and ensure that necessary

actions are implemented before cases are formally

closed.

Employees in Lerøy may raise concerns at any time

with their manager, union representative, employee

representative, HR or by using the Group’s digital

whistleblowing channel. Hired workers can also report

censurable conditions within Lerøy.

Submissions may be made verbally or in writing, and

every concern is duly recorded by the recipient within

the whistleblowing channel. Upon submission,

whistleblowers receive notification that their report

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has been received, along with information about the

case handling process and the subsequent steps.

The whistleblowing channel provides employees with

the flexibility to submit reports either under their full

name or anonymously.The whistleblowing channel is

To safeguard the interests of reporting individuals,

the whistleblowing channel is designed to be highly

secure ensuring that all data and communications

are protected through robust encryption and strict

access controls. This ensures the confidentiality and

integrity of information throughout the entire process.

The channel is subject to continuous monitoring to

ensure that all reported cases are processed.

All whistleblowing cases are registered, investigated

and processed in accordance with the Group’s

whistleblowing policy and established routines, with

investigations involving all relevant parties. If any

individual believes they have been subjected to

retaliation following a whistleblowing report, they

may submit a complaint in the whistleblowing

channel.

Every reported case is regarded as unique.

Investigations are conducted by local management,

the COO of the respective business segment, the CEO,

or, in exceptional situations, the Board of Directors.

The selection of investigating parties depends on the

nature, scope, and severity of the issue, with remedial

actions determined by the specific circumstances and

seriousness of the matter.

Any negative consequences related to

whistleblowing, as well as corresponding remedies,

are addressed on a case-by-case basis. Follow-up

actions may involve local management, the relevant

COO, the CEO, or, in special cases, the Board of

Directors. Whistleblowing cases are reported to the

Group management the Audit committee and the

Board of Directors on a quarterly basis.

The Group has not conducted a direct assessment of

the level of awareness and trust among its workforce

regarding these structures or processes for raising

concerns. Nevertheless, feedback from the annual

employee survey indicates a positive sentiment, with

employees expressing confidence in their ability to

speak up when they observe unacceptable incidents

or actions in the workplace.

The effectiveness of the internal grievance

mechanism is regularly evaluated by the

whistleblowing committees, which reviews case

handling, guidelines, and procedures. Necessary

changes and updates are implemented on an

ongoing basis.

The Group ensures that employees have access to the

whistleblowing channel through a variety of

established routines. Information about the

whistleblowing policy, reporting procedures, and

protections against retaliation is made available via

the Group's intranet, Lerøy Connect, quality

management system, HR system, whistleblowing

channel, as well as posters displayed throughout the

workplace. Furthermore, mandatory e-learning

modules, regular training sessions, and employee

surveys are conducted to keep employees informed

and encourage the use of these channels if concerns

arise.

Dedicated whistleblowing committees, a clear

reporting structure, and policies prohibiting

retaliation against both the whistleblower and their

representative are all measures designed to ensure a

safe and secure environment for reporting concerns.

The local management in each company is

responsible for implementing the whistleblowing

policy and conduction regularly assessment in

collaboration with relevant stakeholders.

ESRS S1-4 Taking action on material impacts

and approaches to mitigating material risks

and pursuing material opportunities related to

own workforce, and effectiveness of those

actions and approaches

Positive impacts

Developing our people (IRO 7) is identified as a

positive impact and by investing in these

initiatives,we build a resilient, innovative workforce,

enhance productivity, and foster adaptability,

ensuring all employees benefit, with leaders receiving

targeted development to support sustainable growth

and a strong learning culture.

For society, developing our people reduces

unemployment, increases economic growth and

welfare, contributes to social equality, promotes

sustainability and lifelong learning.

We measure employee development performance

through participation in structured learning

initiatives, including:

• Completion of e-learning programs across key

topics

• Attendance in leadership development programs

designed to strengthen managerial capabilities

• Engagement in group-wide competence-building

programs that support strategic priorities. In

addition, leaders are responsible for following up

with their team members through regular

performance and development dialogues,

conducted as part of the annual performance

appraisal. In addition, we can track employee

satisfaction through our employee survey and is

pleased to see a continuous positive development.

We measure development through various initiatives,

such as Lerøy Learning, specific questions in our

employee survey and internal development

programmes. Lerøy developed a competence

strategy in 2025 that specify how we work with

developing our people. This is a continuous work that

we prioritise both through specific projects such as

Lerøy Competence, that are on the Group’s strategic

action plan, and other initiatives and activities.

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Negative impacts

Hazardous working conditions, is identified as an

actual negative impact. Equal treatment and

opportunities for all, are identified as a potential

negative impact. The Group has established

processes to implement relevant actions in order to

mitigate the identified material negative impacts on

own workforce. Such actions include focusing on

several key occupational health and safety areas to

enhance occupational health and safety in Lerøy. This

includes training of managers and employees,

internal audit programs, increasing managers’

participation in HSE work, establishing internal HSE

networks, launching HSE campaigns, focus on incident

reporting, safe job practices, and Personal Protective

Equipment (PPE). HSE reporting has been developed

and diversified by enhancing learning through

experience transfer. The Group has a dedicated

resource working on HSE-related issues. This person

closely monitors, tracks effectiveness, assesses, and

reports on the progress of the initiatives and

measures described above, as well as the overall HSE

work in the Group.

Should an incident related to hazardous working

occur and an employee is no longer able to perform

their previous work because of this, Lerøy strive to

make necessary adjustments to work tasks or

alternative job positions. Early retirement plans are

also available as an option in some of our companies

that have AFP pension schemes.

We allocate several resources to managing material

impacts through our HSE and HR functions,

respectively, working at both the corporate level, as

well as with initiatives launched locally and owned by

the business line. We have a dedicated team of HSE

advisors across the globe which is regularly reviewed

against the business need and workload. We also

have HR supporting our key projects to ensure

alignment, leadership development, collaboration

and performance. A centralised learning function

supports the business with both operational and

strategic competence development.

Potential negative impact

Gender equality is important to Lerøy. Gender

imbalances in leadership positions may hinder the

diversity of perspectives and experiences, which often

weakens decision-making quality and innovation. It

may also contribute to systematic barriers to equality

and reduce the organisation’s ability to attract and

retain talent from the entire population. Lerøy has

taken actions such as establishing leadership

programmes, information campaigns with increased

activities towards schools and educational

institutions to promote career opportunities in Lerøy,

as well as establishing training and development

programmes and evaluating and continuous

development of recruitment practices and

procedures. Lerøy has a policy for diversity and

inclusion and we are dedicated to creating a

workplace with a focus on diversity, equity and

inclusion, and measure our progress in our annual

employee survey. The Group management has set a

goal of minimum 35% gender representation in

management positions in the Group by 2030. :

Actions HSE:

The Group has taken several actions in relation to

material impacts related to own workforce, such as:

The Group is working actively to achieve the goal of

zero injuries with absence. The following were the

most important actions in 2025 to improve within HSE:

• Standardised general HSE training and

competence development among leaders and

employees to increase understanding and

competence

• Continually report, analyse, and measure HSE

incidents to learn from them and prevent incidents

from happening again

• Conducted HSE audits to establish status and find

actions to improve within HSE

• Hosted a Group-wide HSE week to ensure focus on

HSE and perform risk-reducing activities across the

Group

• Hosted a HSE-gathering for the Group to share

best practices and increase competence within

HSE to increase HSE focus throughout the

organisation

• Started working on HSE-standard for LSG.

• Conducted HSE workshops in several companies

• Trained HSE personnel within audit and

investigation

• Started developing a tool for risk assessment that

makes it easier to perform risk assessments and

share information regarding risks

• Developed an emergency preparedness plan for

the Group.

In 2026 the most important actions planned to

achieve the goal of zero injuries with absence are:

• Implement system support for emergency

situations and conduct emergency drills in LSG

• Continually report, analyse, and measure HSE

incidents. Facilitate better and more effective

learning after serious incidents

• Develop improved root-cause categories for HSE

incidents to improve learning

• Conduct HSE audits to establish status and find

actions to improve within HSE

• Host a Group-wide HSE week to ensure focus on

HSE and perform risk-reducing activities across the

Group

• Implement a HSE standard across the Group to

ensure the implementation of best practice within

HSE across the Group

• Develop training videos within HSE and implement

standardised HSE training

• Prepare a guide for risk assessment of

psychosocial work environment

These actions will be implemented within 2026. The

sum of these actions is expected to lead us towards

our goal of achieving zero injuries with absence. The

scope of these actions is own and hired employees.

Some of the actions are continuous, and some will be

done during 2026. The actions will be undertaken by

HSE personnel and the cost is included in the budgets

for 2026. Both HR and HSE are a part of the Group’s

support functions, which follow up policies and

procedures at the Group level, based on the Group’s

strategy and KPI’s. In addition, the Group also has

local representatives that follow up at a company

level.

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Metrics and targets

ESRS S1-5 Targets related to managing material

impacts, advancing positive impacts, as well as

to risks and opportunities

Target for minimum 35% gender balance in

management positions

Lerøy and the seafood industry have historically been

male dominated. This is especially visible at the

management levels, and Lerøy has therefore set a

target to increase the gender balance in

management positions to a minimum 35% gender

representation by 2030. The base-line value in 2024 is

36% women among all employees, and 24% women in

our management positions.

Managers are defined as managers/leaders with

personnel responsibilities. Lerøy defines balanced

gender representation when neither women nor men

are represented by less than 35%. The target of

achieving 35% gender balance in leadership positions

is set based on the current composition within the

Group, acknowledging that the industry remains

predominantly male-dominated. The target has been

updated in 2025.

In 2025, we strengthened gender balance in our

leadership pipeline. The share of women in

management positions with personnel responsibilities

increased from 24% in 2024 to 26% in 2025. This growth

reflects both an increase in the number of female

managers and a slight reduction in male managers in

comparable roles.

The improvement marks positive progress toward our

long‑term ambition of achieving broader gender

representation in leadership. Continued efforts within

recruitment, leadership development and talent

initiatives will remain essential as we work to build a

more diverse and inclusive leadership structure across

the organisation.

The target is not related to environmental matters.

The process of setting the target for gender diversity

at management level is owned by Group

management. Internal and external stakeholders

have not been involved in setting the target. The

target has not been reviewed by the Board. The

target is related to IRO 6. The target is absolute.

Performance will be tracked annually by measuring

gender distribution in management positions.

Performance against the target will be monitored

and reviewed annually, and result will be reported in

the Annual Report.

The Group’s HR department is responsible for

ensuring that the recruitment processes are aligned

with the Group’s diversity policy. The Group’s HR

strategy was reviewed in 2025 and will be updated in

2026 to align with Lerøy’s strategy for 2026-2030.

Targets HSE

The goal is to achieve zero injuries with absence (lost

time injury- or LTI-value).

The goal of RUH (reported adverse incidents)/man-

year is 2.5 for 2025 and 2026. Increased reporting

leads to actions being implemented, which again

leads to a decrease of injuries and will reduce the

negative impact on own workforce.


Reported Adverse Incidents (RUH)	2025	2024
RUH/man-year	2.4	2.3

The targets within HSE are aligned with the HSE policy

and the purpose is to avoid personal injuries in the

Group.

The baseline value for LTI-frequency is 17.2 (2020) and

the baseline value for the frequency of total

recordable injuries (TRI) is 28.6 (2024). The baseline for

reported adverse incidents (RUH)/man-year is 1.3

(2022). Data regarding personal injuries and incidents

(safety-observations, near-misses and environmental

deviations) is collected from our Quality Management

System where all injuries and incidents are registered.

Data regarding working hours is collected monthly.


Frequency of Total Recordable Injuries (TRI)	2025	2024
TRI-value	26.7	28.6

LTI- and TRI-values are used to evaluate performance

against these targets. The targets are set by the

senior management to achieve the Company’s policy

objectives. The targets are not related to

environmental matters, and stakeholders have not

been involved in setting these targets. The scope of

the targets includes own and hired employees (100%).

Other workers are not yet included in the numbers.

The targets are absolute. The targets apply for the

periods 2025 and 2026. The targets is related to IRO 5,

and our HSE policy.


Frequency of Lost Time Injury (LTI)	2025	2024
LTI- value	12.9	14.3

Even if we do not reach our HSE targets, we are

seeing a positive trend in both injury frequency (LTI

and TRI) and RUH/man-year. This indicates that the

planned and implemented measures have had an

effect.

Any changes to the targets or methodologies will be

documented and explained. Performance against the

target will be monitored and reviewed monthly, and

result will be reported in the Annual Report.

Target for reducing sick leave

The Group aims to reduce both long- and short-term

sick leave among all its employees. The base-line

value in 2024 is 5.9% for total sick leave. The target for

total sick leave in 2030 is 4.6% The target has been

updated in 2025 based on adjusted targets in the

value chain. The target is absolute. The target is

annual, but the KPI is followed up on a monthly basis

in the operating units, the segment- and Group level.

The Group’s total sick-leave percentage is used to

evaluate the performance on this target. Performance

against the target will be monitored monthly by the

Group management to see if any adjustments are

necessary. The result will be reported in Financial

statements Note G 2.3.

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Total sick leave is defined as both short-term and

long- term sick leave. Short-term sick leave is defined

as sick leave (1–16 days).

To reach the target, the Group has set specific actions,

such as leadership training, HSE-training, job rotations

and collaboration with health providers. The Group

has launched a 'Stay Well' initiative aimed at

reducing sickness absence, with a particular focus on

short-term leave. The campaign emphasises the

importance of a supportive psychosocial work

environment and includes measures such as e-

learning modules, informational screen displays and

posters, and targeted training sessions. It is positive to

view that the actions and initiatives have a positive

effect and that there is a reduction in the total sick

leave in the Group.

The target are not related to environmental matters.

The target has been set by the Group management.

Internal and external stakeholders have not been

involved in setting the target. The target have not

been reviewed by the Board of Directors. The target is

related to IRO 5, and our HSE policy.


Sick leave	2025	2024
Sick leave	5.5%	5.9%

Target for employee satisfaction (GPTW)

The Group is committed to high employee satisfaction

and conducts an annual employee survey for

employees in the Group under the auspices of Great

Place to Work. The target for total employee

satisfaction in 2030 is 75% The target is absolute. The

base-line value in 2024 is 70%.

Employee satisfaction is defined as the percentage of

the proportion of those who actively and positively

affirm the statements in the survey.

To achieve our target, employees are involved in the

follow-up work, ensuring that everyone has a voice in

the process. Each manager is responsible for

following up and working with the results in their

respective departments, with HR facilitating and

supporting the process. In the Farming segment, the

follow-up work is included in the bonus model, further

incentivising managers to prioritize employee

engagement.

The target is not related to environmental matters.

The target has been set by the Group management,

based on targets per segment set by the

management group in each segment. The target has

been updated in 2025 based on updates in each

segment. Internal and external stakeholders have not

been involved in setting the target. The target has not

been reviewed by the Board of Directors. These

numbers are not validated by external body. The

target is related to IRO 5, IRO 7 and our HSE policy.


GPTW	2025	2024
Employee satisfaction	71%	70%

Target for developing our people

Developing our people is a new IRO in 2025. Lerøy

operates in a global industry that requires employees

who are dynamic and willing to adapt and learn.

Developing our people promotes sustainable,

responsible and inclusive workplace practice and has

positive effects on the economy and human rights.

The Group measure the development of our people

through several actives related to competence and

learning initiatives.

The target for developing our people is a specific

question in our employee survey that is distributed to

every employee in the Group. “I am offered training or

development to further myself professionally.” The

base-line value in 2024 is 63%. There was a positive

development in 2025 with a score of 66%. The target in

2027 is 75%. The target has been set by the Groups HR

department in relation our employee value

proposition (EVP) and Lerøy learning.

The target is not related to environmental matters.

Internal and external stakeholders have not been

involved in setting the target. The target has not been

reviewed by the Board of Directors. These numbers

are not validated by external body. The target is

related to IRO 7 and our HSE policy and human rights

policy ensuring equal treatment for all employees.

To reach the target, the Group has set specific actions

such as:

• Developed a new leadership program for first-line

leaders – Leading in the Field, where we also

certify our own trainers through Train‑the‑Trainer

sessions.

• Introduced a new onboarding program for new

leaders in Lerøy.

• Initiated a network for subject-matter specialists.

• Established the Lerøy Learning community in

Engage, where we regularly highlight learning and

development opportunities for employees.

• Completed the first Competency Board meeting,

where priorities for 2026 were established

• Launching a new competence page - Lerøy

learning,

• Project for implementing a competence module in

our HR-system with a planned go-live Q3 2026

• Continue implementing the Groups HR system and

e-learning platform globally in 2026 and 2027

• Launching our employee value proposition (EVP).

• The Group continues to develop existing learning

initiatives such as leadership training programmes,

trainee program and other development

programmes.

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ESRS S1-6 Characteristics of employees

Employee headcount of own employees (not hired

workforce) per gender


	2025	2024
Female	2 120	1 936
Male	3 710	3 375
Total	5 830	5 311

For cross-reference to the Financial statements, see

note on number of employees and hired personnel

(note G2.3).

In 2025, the Group experienced strong capacity

growth, increasing total headcount by 519 employees.

Our working‑time structure remains stable, with

full‑time positions continuing to dominate. The overall

gender balance is largely unchanged from the

previous year.

The total number of employees differs from previous

reporting due to a significant change in how

“employees” are defined. In previous years prior to

CSRD-reporting, both own and hired employees were

included in the "employees" category. According to

the new reporting standard CSRD, only own

employees are considered "employees”, while hired

employees are considered “non- employees." This has

resulted in an apparent large discrepancy in the

number of employees compared to previous years.

The Group had 943 hired workers at the end of the

reporting period, an increase from 2024.

Employee headcount of own employees (not hired

workforce) by country


Country	2025	2024
Norway	4 011	3 656

The total number of employees comprises permanent

employees, including those on parental leave and

long-term sickness absence, and, where relevant,

temporary replacements hired to cover these roles.

The increase in headcount of own employees in

Norway is evenly distributed between permanent,

temporary and part-time employees.

Employee headcount of own employees (not hired

workforce) by contract type, broken down by gender


	2025			2024
Employee category type	Female	Male	Total	Female	Male	Total
Total number of employees	2 120	3 710	5 830	1 936	3 375	5 311
Number of permanent employees	1 771	3 072	4 843	1 648	2 918	4 566
Number of temporary employees	270	410	680	215	277	492
Number of non-guaranteed employees	79	228	307	73	180	253
Number of full time employees	1 884	3 316	5 200	1 707	3 045	4 752
Number of part-time employees	236	394	630	229	330	559



	Accounting principles All numbers are reported as headcount and represent the number of own employees (not hired) with employment status “active” at the end of the reporting period. Number of employees, distributed by gender: number of employees distributed into male, female, other and not reported. Gender is specified by the employees themselves in the HR system. Number of employees, distributed by country: number of employees distributed into countries of operation representing at least 10% of total number of employees. Number of employees, distributed by employment type: number of employees distributed into the employment types: permanent, temporary and non- guaranteed employees. The table also shows a distribution of full-time and part- time employees. These numbers are not validated by external body.

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Many of the part-time roles at Lerøy are auxiliary

roles staffed by students. This allows the students to

gain practical work experience alongside their

studies. Most temporary roles are seasonal and

fluctuate with demand, e.g. during the cod (lat. Gadus

morhua) season or during holidays. There was an

increase in the headcount in employees from 2024 to

2025, both in permanent and non-employees.

Turnover figures include employees who have

transferred between companies within the Group.

There were no significant fluctuations in the turnover

rates in the Group in the reporting period from 2024

and 2025.


Turnover	2025	2024
Rate of employee turnover	12%	12%
Share of voluntary leavers	9%	8%
Share of involuntary leavers	2%	3%
Share of leavers due to retirement	1%	1%
Share of leavers due to death in service	—%	—%
Total number of employees who have left	569	623



	Accounting principles Number of employees who have left: number of permanent employees who have left the organisation during the reporting period. The number does not include temporary employees with an end date in their contract and employees with non-guaranteed hours. Rate of employee turnover: number of permanent employees who leave during the year divided by the average number of permanent employees in the same reporting period. Turnover rates include employees who have left voluntary, involuntary, due to retirement, or death in service. These numbers are not validated by external body

ESRS S1-7 Characteristics of non-employees in

the undertaking’s own workforce

Non-employee headcount by contract type


Number of non-employees (headcount)	2025
Non-employees provided by third parties	935
Non-employees self-employed	8
Total number of non-employees	943

The number of non-employees is new in the reporting

period in 2025.



	Accounting principles All numbers are reported as headcount and represent the number of non- employees with employment status “active” at the end of the reporting period. A non-employee is employed temporarily for a fixed period of time (for instance a season). The hired employee is not directly employed by Lerøy but perform work for the company and are considered part of the workforce. These numbers are not validated by external body. Lerøy predominantly uses non-employees to meet the organisation’s temporary/ seasonal needs during certain times of the year, for instance during the cod (Gadus morhua) season, or to provide specialized support in strategic or operational projects.

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ESRS S1-8 Collective bargaining coverage and

social dialogue

Collective bargaining coverage and social dialogue


ESRS ID	Collective bargaining coverage	Social dialogue
Coverage Rate	Employees (EEA)	Workplace representation (EEA)
0-19%
20-39%
40-59%
60-79%	Norway (2024, 2025)
80-100%		Norway (2024, 2025)

Freedom of association

All our employees are free to organise themselves in

unions of their choice, including the right to engage in

collective bargaining. 72% of the Group’s employees

are covered by collective bargaining agreements.The

Group keeps a close dialogue with employee

representatives, and maintains an active cooperation

between the company and employees/trade unions.

The Group does not have an agreement with its

employees for representation by a European Works

Council (EWC), a Societas Europaea (SE) Works

Council, or a Societas Cooperativa Europaea (SCE)

Works Council.



	Accounting principles Percentage of employees covered by collective bargaining agreements: number of employees that are covered by a collective bargaining agreement divided by the total number of employees at the end of the reporting period per country representing at least 10% of total number of employees. Percentage of employees covered by workers' representatives: number of employees working in establishments with workers' representatives divided by the total number of employees at the end of the reporting period per country representing at least 10% of total number of employees. These numbers are not validated by external body.

ESRS S1-9 Diversity metrics


	2025			2024
Company level	Female	Male	Total	Female	Male	Total
Group management	1	4	5	1	4	5
Group management	20%	80%	100%	20%	80%	100%
Managers with personnel responsibiliti es	136	378	514	126	389	515
Managers with personnel responsibiliti es	26%	74%	100%	24%	76%	100%
All employees	2120	3710	5830	1936	3375	5311
All employees	36%	64%	100%	36%	64%	100%

In 2025, we strengthened gender balance in our

leadership pipeline. The share of women in

management positions with personnel responsibilities

increased from around 24% in 2024 to approximately

26% in 2025. This growth reflects both an increase in

the number of female managers and a slight

reduction in male managers in comparable roles.


Age distribution of employees	2025	2024
Employees under 30 years	27%	26%
Employees between 30 and 50 years	50%	49%
Employees over 50 years	23%	25%



	Accounting principles Gender distribution at management level: number and percentage distribution of male and female employees. Group management: the Group’s top management team consisting of five members. Managers with personnel responsibilities: managers who have direct reports. .Age distribution: number of employees distributed into the age groups: 0–29, 30– 50 and 51+ years. These numbers are not validated by external body.

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ESRS S1-10 Adequate wages

The Group has analysed salaries in the countries

where we operate and concludes that it pays

adequate wages in line with applicable benchmarks.

This is in line with the Group’s Code of Conduct.

ESRS S1-14 Health and safety metrics

The Group’s management systems are internally and

externally audited by various certification schemes

the Group is part of. The legal requirements for health

and safety management vary depending on the

country of operation, but the management system

applies to all employees (100%). The Groups

management system shall ensure compliance with

regulations.

The goal is to have zero fatalities and zero injuries

with absence and zero fatalities, as measured by the

LTI-value (Lost Time Injuries). The LTI-value is the

number of injuries with absence divided by the

number of working hours and multiplied by a factor of

1 000 000. Injury with absence is defined as a

workrelated personal injury resulting in absence

beyond the day the injury occurred. Workrelated

injuries are a sudden or unexpected injuries that

occur while carrying out tasks at work. Any fatalities

will be included in the frequency, counted as injury

with absence. In 2025 there were 0 fatalities because

of occupational injuries or illhealth among Lerøy

employees or other employees working at Lerøy

locations.

We also report the TRI-value (Total Recordable

Injuries), which is measured by summarising the

number of injuries with absence and the injuries

without absence, divided by the number of working

hours and multiplied by a factor of 1 000 000.

A personal injury without absence is a sudden and

unexpected physical impact that has resulted in

necessary medical treatment by medical personnel

and/or limitations to working capacity and/or

redeployment due to temporarily reduced ability to

carry out the normal work in accordance with the

duty roster.

Reporting of adverse incidents (RUH) is an important

tool to reduce the HSE risk and thereby achieve the

goal of zero injuries with absence. Our goal is to have

2.5 reports per man-year in 2026. RUH/man-year is

calculated by summarising number of safety

observations, near misses, environmental deviations

and personal injuries, and divided this by man-years

(which is calculated from working hours). The

definition of reported adverse incidents (RUH) are the

sum of personal injuries (definition is shown earlier in

this document), safety observations (dangerous

situations that may cause personal injury), near

misses (incidents that could have resulted in personal

injury in very similar circumstances) and

environmental deviations (incidents that have caused

damage to the nature or environment, or incidents

where there is a risk of damage to the environment or

nature).

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The purpose of these metrics is to measure

performance within HSE, and the metrics are aligned

with the HSE policy. LTI-value and RUH/manyear are

not validated by any external body.

The table shows number and frequency of work-

related injuries, fatalities and RUH (Reported Adverse

Incidents) in 2025.


	2025	2024
Number of fatalities	0	0
Number of injuries with absence	128	132
Number of injuries without absence	138	133
Number of injuries with and without absence	266	265
LTI-frequency (H1)	12.9	14.3
TRI-frequency (H2)	26.7	28.6
RUH/man-year	2.4	2.3

Incidents of ill-health are not reported due to phase-

in, the same regarding number of days lost to work-

related injuries and fatalities from work-related

accidents.

ESRS S1-16 Remuneration metrics (pay gap and

total remuneration)


Remuneration metrics	2025	2024
Gender pay gap	31%	26%
Annual total remuneration ratio	12	12

There was an increase in the pay gap between male

and female employees between 2024 to 2025 across

the entire value chain in the Group. Lerøy has a

complex organisational structure, with many different

types of jobs. A large proportion of the Group's

workforce is paid in accordance with collective

bargaining agreements, with equal pay irrespective

of gender. Pay levels are not directly comparable

because differences relating to specialisation, years

of service, qualifications/certifications, shift work,

responsibility etc. are not taken into account. On

average, men have more years of service than women

across the companies. This is naturally a result of the

seafood industry historically being a male-dominated

sector.

Lerøy works purposefully to improve data and

analyses to better understand where there are

differences, as well as their respective root causes. In

addition to the remuneration metrics, the Norwegian

subsidiaries in the Group publish an equality, non-

discrimination and gender pay report each year at

leroyseafood.com. The report in 2024 includes a

detailed gender pay analysis for the Group’s

Norwegian subsidiaries with more than 50 employees,

and is reported once every two years. The Group does

not have a detailed job architecture with specific job

levels and salary packages tied to this at the Group

level, which makes it difficult to fully compare the

data between the Group’s subsidiaries. However,

several of the subsidiaries in the Group have collective

bargaining agreements, especially in the farming and

industry segment, that follow job architecture and

tenure for certain roles. The roles covered by collective

bargaining agreements have equal pay regardless of

gender The Group will establish a job architecture in

2026.


	Accounting principles The gross hourly pay and total remuneration is converted to Norwegian kroner, and the figures are not adjusted for purchasing power. The data is based on local payroll systems. Gender pay gap: the gender pay gap is calculated based on average gross hourly pay per gender at the end of the reporting period. The pay gap is calculated by dividing the pay gap between men's and women's pay by men's pay. The gross hourly pay includes base salary, fixed allowances, and bonus where applicable. Overtime, irregular allowances, and other variable elements are excluded. Annual total remuneration ratio: the ratio is calculated by dividing the total annual remuneration for the highest paid employee to the median annual total remuneration for all employees, excluding the highest paid employee. The annual remuneration includes base salary, fixed allowances, and bonus where applicable, as well as overtime, irregular allowances, other variable elements and benefits in kind. These numbers are not validated by external body.

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ESRS S1-17 Incidents, complaints and severe

human rights impacts

The company had 22 cases reported through the

company's internal whistleblowing channel in 2025.

After an investigation of the cases, 5 cases were

identified as genuine cases and none of these were

related to discrimination. There were no severe

human rights incidents identified in the reporting

period. The Group did not pay any fines, penalties or

compensations for damages as a result of the

incidents and complaints disclosed above. The data

has been analysed and evaluated by the group

responsible for Lerøy's internal whistleblowing

channel. For more info regarding the Group’s

whistleblowing channel and processes, see S1-3.


Whistleblowing cases	2025	2024
Category	Number reported cases / Confirmed case	Number reported cases / Confirmed case
Internal cases related to
Health and safety	13/5	9/0
Workers rights	0/0	1/0
CoC/Policies	8/0	8/2
Corruption	0/0	0/0
Environment	0/0	0/0
Suppliers	1/0	0/0
Customers	0/0	0/0
External cases related to
Health and safety	1/0	1/0
Workers rights	0/0	0/0
CoC/Policies	0/0	0/0
Corruption	0/0	0/0
Environment	2/2	3/1
Suppliers	1/1	0/0
Customers	1/0	0/0
Total	27/8	22/3

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		S4 Consumers and end-users

	Information-related impacts for consumers and/or end-users & Personal safety of consumers and/ or end-user
Activities - IROs*
	IRO 8 Food safety culture		IRO 9 Production of healthy seafood
I	●		●
R
O
Time horizon **
S	●		●
M	●		●
L	●		●
Value chain ***
OO	●
U	●
D	●		●
Description
	If the focus on food safety culture is inadequate, we are at risk of producing products that are not safe to eat, which can lead to adverse health effects on the end consumer.		Seafood contains essential nutrients and can contribute to a balanced diet and positive health effects for consumers.

* IRO: I = Impact, R = Risk, O = Opportunities Time horizon: S = Short term (<1 year) M = Medium term (1-5 years) L = Long term (over 5 years) * Value chain: OO = Own operation, U = Upstream, D = Downstream ● Potential negative impact ● Potential positive Impact

Full traceability on products to secure reliability, confidence and food safety. Food safety refers to the measures taken to ensure that food is safe for consumption by humans. Ensuring food safety is critical for protecting the health and wellbeing of people and the sustainability of the food industry.

ESRS S4 Consumers

and end-users

Strategy

ESRS S4 SBM3 Material impacts, risks and

opportunities and their interaction with

strategy and business model

The Group's Double Materiality Assessment (DMA) has

identified an inadequate emphasis on food safety

culture as a potential negative impact (IRO 8). Food

safety is directly related to the Group's consumers

and end-users, making it inherently important for the

Group as a global producer of seafood products.

Given the Group's wide range of products and

complex production processes, a strong focus on food

safety culture is crucial. Without it, the Group's

routines for producing safe food may be

compromised, potentially posing risks to the Group’s

consumers.

It is essential that the entire value chain implements

sufficient mitigating actions and fosters a robust food

safety culture to ensure that the Group do not

compromise on food safety. Based on trends in non-

conformances, the Group management may adjust

the Group's key initiatives, which could, in turn, affect

the Group’s strategy or business model.

Lerøy Seafood Group offer a wide range of products,

from whole fish to ready-to-eat processed products.

To ensure that the Group's products do not pose any

threats for consumers, it is important that the

customers receive accurate information about the

products. For all business-to-business products, the

Group provide specifications that includes the

intended use of the product. For consumer facing

products, the Group adhere to the labelling regulation

in the country where the product is marketed. This

includes essential information such as shelf life,

allergen information and heating recommendation (if

applicable).

The Group is dedicated to providing consumers with

safe and high-quality seafood. The safety of the

consumers is paramount, as the Group's business

depend on maintaining full confidence in food safety.

This confidence is essential for sustaining demand for

the Group’s products and, consequently, the Group’s

profitability.

Any decline in food safety or product quality could

have serious repercussions for customers that may

experience adverse health effects.

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To secure food safety, Lerøy Seafood Group has

established comprehensive processes and routines

for production. The Group foster a culture of food

safety throughout the organisation. By prominently

featuring the Lerøy brand on the packaging, the

Group communicate the commitment to quality and

food safety across the entire value chain.

The Group conduct frequent tests and quality

assurance procedures to confirm that the products

meet the required quality standards. Additionally, the

Group place stringent demands on our suppliers

regarding the quality of raw materials and other

input factors used in the products.

Lerøy Seafood Group takes extensive measures to

minimise the risk of listeria in our products. Listeria

monocytogenes is a bacteria that are natural in the

environment and may pose a risk to food safety. The

Group has implemented a comprehensive sampling

program, conducting several thousand samples

annually on factory surfaces, raw materials, and

finished products. The Group’s strategy involves

detecting listeria early and taking immediate action

to prevent contamination. Additionally, the Group

maintains strict cleaning and disinfection protocols,

collaborates with equipment suppliers to improve

machine designs for easier cleaning, and ensures our

facilities are certified to high food safety standard.

The DMA also identified a potential positive impact in

production of healthy seafood (IRO 9 - New 2025) to

our consumers and end-users. The Group contributes

to healthier diets for end users through the

production and sale of seafood products with high

nutritional value, making healthy seafood a core

element in the strategic sustainability efforts. Our

products are rich in protein, omega-3 fatty acids,

vitamins and minerals, supporting both national and

international dietary recommendations. By making

seafood more accessible, varied, and easy to prepare,

we help consumers make healthier and more

sustainable food choices. This has a positive impact

on public health and may contribute to reducing the

prevalence of lifestyle-related diseases both for

present and future generations

Impact, risk and opportunity management

ESRS S4-1 Policies related to consumers and

end-users

The Group has established a comprehensive food

safety policy. This policy is owned by the Head of ESG

& Safety. The policy has been approved by the Board

of Directors, and the CEO of the Group has the overall

responsibility for the policy.

The policy states that our dedication is to deliver safe

and sustainable high-quality seafood in every part of

the value chain. The Group are committed to never

compromise on food safety for any of our products or

services.

To achieve this, the Group require all our employees

involved in production, throughout the entire value

chain, to be fully dedicated to and compliant with a

robust food safety culture.

ESRS S4-2 Processes for engaging with

consumers and end-users about impacts

The Group conducts thorough surveys of all products

for contaminants and microbiological status

throughout the value chain to ensure compliance with

EU regulations (EU 2023/915: Maximum levels for

certain contaminants in food and 2073/2005:

Microbiological criteria for foodstuffs). In addition, the

Group emphasise maintaining a robust food safety

culture to ensure that all our products are safe to

consume for the entire population. Exceeding

regulatory limits or breaching food safety measures

can result in contaminated batches of food,

potentially harming the consumer. Vulnerable

populations, such as individuals with compromised

immune system, children and the elderly are

particularly at risk according to health authorities

(EFSA, Mattilsynet).

The Group gain valuable insights into our customers'

expectations, including those of vulnerable groups,

through relevant journals, food safety competence

groups, and customer feedback. Based on these

insights, the Group make necessary adjustments to

our products or labelling to meet our customers'

needs and ensure their safety.

ESRS S4-3 Processes for remediating negative

impacts and channels for consumers and end-

users to raise concerns

The Group has established a digital channel for

whistleblowing, for all our stakeholders or other

external persons who wish to contact the Group or

report a matter of concern. This channel is accessible

through the Group's website and directs users to an

external whistleblowing channel, where they have the

option to remain anonymous. External whistleblowing

cases are continuously processed by the Head of ESG

& Safety. The Managing Director of the relevant

internal company is contacted for further follow up,

coordinated by the Head of ESG & Safety. In

collaboration, they process cases and implement

necessary measures, ensuring all inquiries are

answered, logged, and archived continuously. For

additional information on whistleblowing, see the

chapter on governance.

In cases where inquiries are anonymous, the Group

are not able to follow up with the stakeholder.

However, if contact information is provided, the Group

can communicate directly to ensure customer

satisfaction and enhance the customer experience

when they reach out to us.

In the Group’s supplier evaluation, the Group inform

our suppliers that the Group encourage all companies

to maintain channels for customer feedback and

whistleblowing channels.

In addition to the whistleblowing channel,

stakeholders can contact the Group by phone, e-mail

or through its website to report other matters,

suggest product alterations, register a complaint

about purchased products or ask questions. The

Group receive weekly enquiries from consumers

through these channels, all of which are continuously

handled by competent personnel, directly with the

consumers. If the contact is due to a customer

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complaint, it is registered in our quality management

system and a non-conformance action is initiated if

necessary. Depending on the nature of the non-

conformance, corrective actions and customer

compensation is considered. The Head of ESG &

Safety holds the overall responsibility for addressing

customer inquiries and ensuring customer

satisfaction.

In accordance with the Norwegian Transparency Act,

all stakeholders, not just consumers, may contact us

with inquiries about our business, and we are obliged

to respond.

ESRS S4-4 Taking action on material impacts

and channels for consumers and end-users and

effectiveness of those actions

The Group have for several years contributed into

initiatives to increase the seafood consumption in

Norway by 30 % within 2030. The Group have been a

part of and contributed financially to different

organisations with the goal to increase children's and

young adults' knowledge about -and consumption of

seafood in Norwegian kindergartens, schools and

sporting events. We will continue these initiatives

going forward to help increase the understanding

and consumption of healthy seafood among the

younger population in Norway.

We regularly engage with customers on social media

to highlight the positive health benefits of seafood

consumption. By collaborating with various

organisations, we aim to reach younger generations,

providing them with our nutritious seafood products

and educating them about their health advantages.

Our ultimate goal is to contribute to increasing

seafood consumption and promoting healthier

lifestyles.

We communicate the health benefits on some of our

products directly on labels, using clear claims such as

‘Rich in Omega-3’ to help customers make informed,

healthy choices.

The Group analyse and survey seafood products every

year for nutritional values including Fatty acids

(Omega 3 and 6), protein content, minerals and

vitamins. Nutrient content is declared on the

consumer packaging, ensuring that end consumers

have the possibility to make educated decisions on

their diet. In addition, we share information on our

web pages with recipes and instructions for

preparation of healthy seafood meals.

The Group is actively engaged in all parts of the value

chain to ensure the supply of safe products to the

consumers. Based on experience gained over many

years, the Group have developed a comprehensive

quality management system (LQMS) that includes

detailed routines and procedures to guarantee

product safety.

A root cause analysis is performed for all major non-

conformances regarding food safety. Based on the

nature, severity and extent of the non-conformance,

an evaluation of the most effective mitigating and

preventive action is made. When placing products on

the market, it is crucial for the Group that the

consumers have enough and correct information to

ensure that the products do not risk having a harmful

effect on the consumer. To ensure this, the Group

follow all laws and regulations on information to

consumers, The Group have established procedures

on how to label our products. Information on the

Group’s consumer facing products include ingredients,

with specified allergens and intended use of the

product. Based on consumer feedback, the Group

evaluate if our description of intended use and heat

treatment is sufficiently understandable to ensure the

safety of the consumer.

To ensure that the Group are prepared if we need to

recall a product, the Group conduct annual recall

exercises with various scenarios involving our

manufacturers. These tests are performed by a

central quality team. At the producer level a

competent recall team (quality, production and

management) take part in these tests. For such a test

to be approved, it is required that the test is

completed within four hours. Rapid product recalls

and the sharing of information are crucial if the Group

are to prevent or minimise an outbreak of illness

caused by a product.

The Group has established product recall procedures

that specify in detail what to do if a non-conformity is

detected in a product once it has left the Group.

Product recalls are defined according to the type of

non-conformity and the risk category. According to

the category and severity of the non-conformance, it

is decided whether customers need information, if the

product is to be withdrawn or if the product should be

recalled. The Group has also established both central

and local emergency preparedness groups, consisting

of quality personnel and management, to manage

product withdrawals. This allows us to develop the

routines and competencies required for efficient

product withdrawals.

In addition to our quality management system, the

Group have identified three focus areas that will

further enhance the Group’s commitment to a strong

food safety culture.

Suppliers

As a part of the Group’s quality assurance routines, all

producers carry out control and monitoring of our

manufacturers and partners. This involves specifying

requirements for their quality systems and routines,

and carrying out analyses, audits and monitoring

operations. The Group’s quality teams carry out nearly

1 000 self-assessments and supplier audits every year.

These audits are a continuous focus and ensure that

the producers adhere to laws, regulations and food

safety standards.

Hygienic design

The Group have focused on hygienic design to ensure

that our facilities are even better equipped to

produce food that is safe for the consumer. In 2025,

the Group contracted 2 external courses ,and focused

on utilizing the knowledge accumulated through the

courses held in 2024 to host local internal courses on

the subject.

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For each internal course, employees in relevant

positions take part. Relevant personnel could include

purchasers of equipment, quality and technical

personnel, and cleaners. The Group expect the results

will be increased focus on hygienic design when

purchasing equipment, increased knowledge of

dismantling and cleaning of equipment and

increased understanding of problem areas in

equipment that need to be addressed.

The internal courses in Hygienic design will be held

yearly

Analysis

The Group has in the last years invested in a live food

safety microbiological reporting system to ensure a

rapid response if any analytical result is out of set

limits. The system receives microbiological results

directly from the laboratory, so that the Group receive

results more rapidly and can implement more

efficient food safety actions if non-conformances

should occur. In 2024 it was decided that all relevant

internal producers, both upstream and downstream

should invest in this reporting system. This investment

will continue until the system is implemented

throughout the whole Group.

Metrics and targets

ESRS S4-5 Targets related to managing material

negative impacts, advancing positive impacts,

and managing material risks and opportunities

As consumer safety is important for the Group, it is

vital that all our products are safe for the consumer. If

our products do not comply with set regulations and,

hence, are at risk of having an adverse health effect

on the consumer, the Group will recall the product

from the market. As the number of recalls is an

indication of our focus on food safety culture, the

Group have set a goal for zero recalls per year in the

entire value chain (IRO 8). This is a goal the Group will

strive to achieve every year. Although the Group have

set this goal within the Group, without input from

stakeholders, it is in the interest of our customers and

end-consumers that the Group achieve this goal. The

Group will however always perform recalls if our

product does not meet our food safety requirements,

either as a precautionary or a corrective action.

All product recalls and withdrawals are recorded in

the Group’s quality system, LQMS, by all Group

companies, and statistics are monitored centrally. If

any recall occurs, an action plan finding the root

cause and actions to eliminate it must be described

and followed up in the system.

Although the Group set a target of zero recalls per

year, the Group unfortunately do not reach this goal

every year. In 2025, The Group had six single incidents

where the food safety of our products was

compromised and the Group had to perform product

recalls.

Four of the recalls were due to the detection of

bacteria above specification limits. One was due to

possible foreign object in product and the last recalls

were due to high temperatures over time, which

caused reduced quality of the products.

The Group have full traceability of products, volumes

and customers in our traceability system and received

feedback from the affected customers of recalled

volumes. A total of 15 198 kg was recalled from the

market in 2025, compared to 8 769 kg in 2024. In all

recalls, customers had the choice to be compensated

for the cost of the purchased product.

To ensure the Group are prepared in case of a recall,

the Group perform recall tests with our suppliers. For

this test to be successful, the Group need to be able to

do a complete traceability of product and input

factors in no more than four hours. In 2024 and 2025,

the Group respectively performed 23 and 15

traceability tests, all with a successful result.

In all recalls corrective action with root cause were

carried out to prevent recurrence. Corrective actions

included procedural changes, training of personnel,

changes in frequencies of analysis, investment in new

equipment etc.

None of the producers that issued a recall had a

recurring problem during 2025. This indicates that the

corrective actions were effective.

The number of recalls vary from year to year with no

clear trends in the number of recalls. Our stakeholders

has not been directly involved in setting the target.

Numbers related to recalls, recall volumes and recall

tests are not validated by an external body other

than the assurance provider.


	2025	2024	2023
Product recalls*	6	7	3

*A product recall is an activity where products that have been

delivered to a customer/store is returned.

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		G1 Business conduct

	Corruption and bribery
Activities - IROs*
	IRO 13 Breach of business Code of Conduct and policy document
I	●
R
O
Time horizon **
S	●
M	●
L	●
Value chain ***
OO	●
U	●
D	●
Description
	The fishing industry is considered to be a high-risk industry regarding money laundering and corruption. Since the Group operates in the industry, and there is an inherent risk that money laundering and corruption may occur.

* IRO: I = Impact, R = Risk, O = Opportunities Time horizon: S = Short term (<1 year) M = Medium term (1-5 years) L = Long term (over 5 years) * Value chain: OO = Own operation, U = Upstream, D = Downstream ● Potential negative impact

Governance

ESRS G1 Business conduct

ESRS G1-1 Business conduct policies and

corporate culture

Corporate culture in the Group is promoted in several

ways. The Group has defined its vision and values and

how these are to be applied. The Group’s values are

“open”, “honest”, “responsible” and “creative”. These

values lay the foundation for everything the Group

does and are communicated to all employees.

Lerøy Seafood Group has developed a Business Code

of Conduct which outlines the Group's fundamental

standards and principles for business conduct and

ethics, human and labour rights, environmental

management, anti-bribery and anti-corruption,

whistleblowing and data privacy protection. The Code

of Conduct identifies what is considered as unlawful

behaviour that contradicts the Code.

The Group accommodates reporting from internal

and external stakeholders.

Lerøy Seafood Group is committed to addressing

negative impacts. Whistleblowing is one mechanism

to ensure this.

Internal whistleblowing channel:

The Group has established a digital whistleblowing

channel which provides employees the opportunity to

report suspected wrongdoing or censurable/

questionable conditions anonymously.

The whistleblowing channel is a low threshold

reporting arena for anonymous reporting, making

sure that those reluctant to speak up also have an

opportunity to express their concerns. A

whistleblowing committee (staff receiving the reports)

has been established, covering the entire Group.

The committee coordinates the process and ensures

that reported cases are registered, investigated and

dealt with in accordance with internal procedures. All

employees reporting concerns shall receive feedback

regarding their report no later than 14 days after the

whistleblower report is submitted.

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Lerøy Seafood Group does not have a policy

document that addresses training on business

conduct matters specifically, however all employees

(including the whistleblowing committee) have

received information and online training course

regarding both identification and reporting of

concerns about unlawful behaviour that contradicts

the Group’s Code of Conduct. This training course

includes such subjects as introduction to corruption

and bribery, red flags and warning signs related to

corruption and bribery, how to recognize and report

suspicious activities as well as information on ethical

decision-making. The entire sales department (100%),

the function within the organisation which is most at

risk in respect of corruption and bribery, must

complete a more comprehensive version of the

course.

External whistleblowing Channel

The Group has established a digital channel for

whistleblowing, for all stakeholders or other external

persons who wish to contact the Company or report a

matter of concern. Contact is made through the

Group’s web page (www.leroyseafood.com), which

directs users to an external whistleblowing channel.

All external whistleblowing cases are handled and

responded to in accordance with relevant internal

procedures. Our whistleblowing policy states that all

parties involved in a whistleblowing case shall be

protected. Retaliation against externals who

whistleblow is prohibited.

It is also possible to contact the Group via its website

(contact form) to report other matters, complaints or

ask questions.

Policies with respect to animal health and welfare

Lerøy Seafood Group has in place policies with

respect to animal health and welfare (please see

section Fish Health and Welfare for more information

on the subject).

ESRS G1-2 Management of relationships with

suppliers

The Group takes a comprehensive and responsible

approach to managing its relationships with

suppliers, focusing on sustainability and risk

management. The Group sets stringent social and

environmental standards for its suppliers. This

includes adherence to laws, regulations and the

Group’s Supplier Code of Conduct. The Group employs

a risk-based approach to supplier management to

ensure a robust and sustainable supply chain. Regular

supplier audits are conducted to verify that suppliers

comply with the Group’s requirements. These audits

help in developing and ensuring continuous

improvement. The Group values its local suppliers and

works to develop a local presence near its operations.

This contributes to local community development and

supports local economies. The Group aims to improve

human rights, labour rights, and environmental

protection through its procurement activities. By

entering into framework and agreement with

suppliers, the Group achieves cost savings, increased

efficiency, improved quality, and better risk

management.

A separate survey focusing on social and

environmental criteria is sent out annually to

suppliers who are considered to be at high risk. Before

entering into new agreements, all potentially new

suppliers must be evaluated in accordance with the

Group’s documentation requirements related to

purchasing. Various sustainability factors related to

social and environmental matters are an integral part

of the evaluation criteria when purchases are made.

The nature of the purchase will affect the weight of

the specific sustainability factor.

The Group’s standard contractual payment terms do

not differ significantly from country or type of supplier.

ESRS G1-3 Prevention and detection of

corruption and bribery

G1 Governance

Lerøy Seafood Group has developed a comprehensive

policy to address the potential negative impacts of

corruption and bribery. The purpose of the Group’s

Anti-corruption and anti-money laundering policy is to

outline clear expectations and requirements related

to compliance with relevant prohibitions against

corruption and bribery, which are material topics for

the Group, as well as money laundering and the

financing of terror activities. The policy provides a

concise and principal description of how the Group

works to promote an ethical business culture by

conducting all business activities with integrity and in

an open and transparent manner. The policy applies

to Lerøy Seafood Group ASA and its subsidiaries,

including all employees and hired staff, as well as

anyone who carries out work on behalf of the Group

or represents the Group in any way. The Group

management of Lerøy Seafood Group ASA and local

management is responsible for implementation of the

policy.

In addition, employees of the Group must act in

accordance with the standards and principles of

business conduct and ethics set out in the Group’s

Code of Conduct, as well as internationally

recognized conventions and guidelines related to

corruption and bribery.

The Group has zero tolerance for corruption in any

form, both in the public and private sectors, including

bribery, influence trading, and facilitation payments,

regardless of whether this occurs directly or through a

third party and whether it occurs actively or passively.

The Group also has zero tolerance for money

laundering and terror financing.

The Group works to prevent activities that facilitate

corruption and bribery and has established processes

to prevent, identify, and manage any risks in the

respective areas, including that the business is not

used for money laundering and terror financing

purposes.

Training is provided to the employees and contractors

through e-learning courses, distributed materials,

information meetings, through the web, and through

the Group's quality system. A differentiated and

updated training program participates to that the

Group’s employees and contractors can recognise

conditions that may pose a risk of corruption and

LERØY SEAFOOD GROUP Annual report 2025

The Board’s report > Sustainability


				114

bribery. All policy documents are reviewed annually,

and any changes made must be approved by the

Group management, Audit Committee, and the Board.

It is the responsibility of the general manager of each

company to ensure that the content of the Group’s

policies and mandatory courses are implemented for

all employees.

Employees who are in contact with customers or

suppliers should be aware if there is a risk of policy

violations related to corruption, bribery, money

laundering, and terror financing, and should

immediately report this to their immediate supervisor

and the Group.

The Group has established a sanctions forum where

cases are brought for closer assessment.

The sanctions forum consists of selected members

from the Group’s management and is responsible for

handling cases where there is an identified risk of

policy violations, and where it is not possible or

desirable from the operational units to terminate the

cooperation with the third party. The sanctions forum

decides which measures should be implemented

which may include further investigations, enhanced

control regimes, reporting to authorities, or

termination of customer/supplier relationships. The

sanctions forum may also decide on changes in

procedures.

Customers and suppliers are screened for sanctions,

among other things.

The Group conducts compliance reporting every

quarter, where the general manager of each

company reports any cases related to corruption and

bribery that have been reported in the last quarter to

the parent company.

All cases are reported to the Group management as

well as the Audit Committee and the Board.

An overview is also published annually on the Group's

website and in the Group’s Annual Report. Information

on how the Group works with corruption and bribery

is also shared in meetings with stakeholders as

needed.

Metrics and targets

ESRS G1-4 Incidents of corruption or bribery


Incidents of corruption or bribery	2025	2024
The total number and nature of confirmed incidents of corruption and bribery	0	0
The number of confirmed incidents in which own workers were dismissed or disciplined for corruption or bribery-related incidents	0	0
The number of confirmed incidents relating to contracts with business partners that were terminated or not renewed due to violations related to corruption or bribery	0	0

Investigation by the competition authorities see note G4.9 in the financial statement.

To the best of our knowledge, there are no incidents involving actors in the Group’s value chain where the Group’s

employees are directly involved.

LERØY SEAFOOD GROUP Annual report 2025

The Board’s report > Sustainability


				115

Signature from the Board and CEO

of Lerøy Seafood Group ASA


Bergen, 30 April 2026
The Board of Directors of Lerøy Seafood Group ASA


Arne Møgster Chairman	Didrik Munch Board member	Karoline Møgster Board member


Linda Kidøy Pedersen Board member	Are Dragesund Board member	Britt Kathrine Drivenes Board member


Bjarne Kristiansen Employees' representative	Silje Elin G. Butt Employees' representative	Tor-Ivar Ingebrigtsen Employees' representative


	Henning Beltestad CEO Lerøy Seafood Group ASA

LERØY SEAFOOD GROUP Annual report 2025

Saithe

Saithe – the unsung hero of the sea.

With a clean flavor that is versatile and convenient for several meal

occasions, saithe is the perfect dinner choice.

Wild caught from the cold and clear sea around Norway, our saithe is

landed at our sites and carefully handled. From there, we are proud to bring

it to your kitchen table. It shines with white brilliance, firm with a delicate

flake it delivers a subtle sweetness that tastes of the ocean.

It is time for saithe and time to bring the hero of the sea to your plate.

LERØY SEAFOOD GROUP Annual report 2025


				117


	Finance

Financial statements


Consolidated financial statements	119
Parent company financial statements	190
Responsibility statement from the Board of Directors and CEO	210

LERØY SEAFOOD GROUP Annual report 2025

Finance


				118

Key figures for the Group

All figures in NOK 1 000


	2025	2024
LSG stock price last annual trading day	50.75	49.16
Dividend paid per share (distribution year)	2.50	2.50
Dividend per share for payment following year	2.50	2.50
Cash flow from operating activities per share	6.92	3.43
Diluted cash flow from operating activities per share	6.92	3.43
NIBD	8 022 463	7 705 484
Equity ratio	49.0%	49.4%
Harvest volume (GWT)	195 555	171 228
Share of slaughtered volume salmon (GWT) from JV (Norskott Havbruk)	16 395	20 220
Catch volume in tonnes (HOG)	57 675	64 991
Other key performance measures (IFRS)
Operating revenue	34 363 832	31 124 691
EBITDA	3 021 595	4 675 017
Operating profit (EBIT)	1 059 155	2 964 266
Pre-tax profit	299 555	2 554 131
Operating margin	3.1%	9.5%
Profit margin (pre-tax)	0.9%	8.2%
ROCE	3.3%	11.4%
Earnings per share	0.61	4.49
Key alternative performance measures (APM)
Operational EBITDA	4 409 361	4 612 334
Operational EBIT	2 501 722	2 960 125
Operational EBIT margin	7.3%	9.5%
Operational EBIT/kg before fair value adjustments	12.8	17.3
Operational EBIT/kg exclusive Wild Catch, before fair value adjustments	11.4	16.5
Key performance measures, before fair value adjustments
EBITDA	4 183 946	4 383 425
Operating profit (EBIT)	2 221 506	2 672 675
Pre-tax profit	1 480 550	2 272 259
Operating margin	6.5%	8.6%
Profit margin (pre-tax)	4.3%	7.3%
ROCE (annualised)	8.0%	11.3%
Earnings per share	2.12	4.19
EBIT/kg	11.4	15.6
EBIT/kg exclusive Wild Catch	10.0	14.8
Fair value adjustments
Fair value adjustments related to consolidated companies' inventory (before tax)	-1 162 351	291 592
Fair value adjustments related to JV and associates' inventory (after tax)	-18 643	-9 720

LERØY SEAFOOD GROUP Annual report 2025

Finance


				119

Consolidated financial statements

Table of content


G – Income statement	120
G – Statement of comprehensive income	120
G – Statement of financial position	121
G – Statement of changes in equity	123
G – Statement of cash flows	124
G – Notes to the consolidated financial statements	125

G – Notes to the consolidated financial statements


Section 1 – Initial notes	125
Note G1.1 Basis for preparation	125
Note G1.2 Alternative performance measures	126
Note G1.3 Significant accounting estimates and assessments	128
Note G1.4 Climate risks and opportunities	131
Note G1.5 Consolidated companies and allocation to operating segment	133
Note G1.6 Business combinations and transactions with non-controlling interests	136
Section 2 – Financial results	137
Note G2.1 Operating revenue and other gains and losses	137
Note G2.2 Segment information	138
Note G2.3 Payroll costs, number of employees, remuneration, loans to staff, etc.	144
Note G2.4 Items that are combined in the financial statements	146
Note G2.5 Ordinary corporate tax	146
Note G2.6 Resource rent tax and production fee	149
Section 3 – Assets and liabilities	151
Note G3.1 Intangible assets	151
Note G3.3 Fixed assets	160
Note G3.4 Shares in joint ventures and associates	161

LERØY SEAFOOD GROUP Annual report 2025

Finance


				120

G – Income statement

All figures in NOK 1 000, except share information


LERØY SEAFOOD GROUP CONSOLIDATED	Notes	2025	2024
OPERATING REVENUE AND EXPENSES
Operating revenue	G2.1 / G2.2 / G4.7	34 363 832	31 124 691
Other gains and losses	G2.1	45 645	-3 952
Cost of materials	G4.7	19 634 150	17 847 620
Change in stock of biological assets at cost, raw materials and finished products		28 743	-921 194
Salaries and other personnel costs	G2.3	5 139 215	4 613 337
Other operating expenses	G2.3	5 423 423	5 197 550
EBITDA before fair value adjustments related to biological assets	G1.2	4 183 946	4 383 425
Depreciation on intangibles	G3.1	32 511	32 367
Depreciation on right-of-use assets	G3.2	788 326	661 098
Depreciation on fixed assets	G3.3	1 086 802	958 744
Impairment loss on intangibles	G3.1	54 802	73 542
Impairment loss on fixed assets	G3.3	0	-15 000
Operating profit before fair value adjustments related to biological assets	G1.2	2 221 506	2 672 675
Fair value adjustments related to biological assets	G3.7	-1 162 351	291 592
Operating profit (EBIT)		1 059 155	2 964 266
ASSOCIATES AND NET FINANCIAL ITEMS
Income from joint ventures and associates	G3.4	-89 106	106 835
Net financial items	G2.4	-670 494	-516 970
Profit before tax		299 555	2 554 131
Ordinary corporate tax cost	G2.5	-147 636	-632 366
Resource rent tax cost	G2.6	215 116	771 518
Annual profit		367 035	2 693 283
Of which controlling interests		365 957	2 673 477
Of which non-controlling interests		1 078	19 806
Earnings per share	G4.3	0.61	4.49
Diluted earnings per share	G4.3	0.61	4.49

G – Statement of comprehensive income

All figures in NOK 1 000


LERØY SEAFOOD GROUP CONSOLIDATED	Notes	2025	2024
Profit for the year		367 035	2 693 283
Estimate differences pension plans (including associates)		-71	-313
Items that will not be reclassified to the income statement		-71	-313
Translation differences related to subsidiaries	G4.6	-10 808	65 919
Translation differences from associates	G4.6	-57 287	97 021
Change in value of financial instruments (cash flow hedges)	G4.2	-21 367	-24 227
Change in value from associates	G3.4	57	1 751
Items that may subsequently be reclassified to the income statement		-89 405	140 464

Other comprehensive income for the year		-89 477	140 151

Comprehensive income for the year		277 558	2 833 434
Of which controlling interests		276 829	2 810 922
Of which non-controlling interests		730	22 512

The items included in comprehensive income are after tax

LERØY SEAFOOD GROUP Annual report 2025

Finance


				121

G – Statement of financial position

All figures in NOK 1 000


LERØY SEAFOOD GROUP CONSOLIDATED	Notes	31.12.25	31.12.24
NON-CURRENT ASSETS
Deferred tax asset related to ordinary corporate tax	G2.5	124 632	126 279
Intangibles	G3.1	8 713 073	8 745 750
Right-of-use assets	G3.2	3 422 421	3 669 804
Fixed assets	G3.3	9 462 206	8 942 027
Shares in associates and joint ventures	G3.4	1 415 575	1 566 934
Other investments	G3.5	13 240	13 783
Non-current receivables	G3.6	62 100	121 279
TOTAL NON-CURRENT ASSETS		23 213 248	23 185 857
CURRENT ASSETS
Biological assets	G3.7	8 657 143	9 654 667
Other inventories	G3.8	2 175 250	2 436 411
Trade receivables	G3.9	3 223 682	3 205 206
Other current receivables	G3.10	778 213	1 023 741
Cash and cash equivalents	G3.11	2 664 089	3 325 191
TOTAL CURRENT ASSETS		17 498 377	19 645 217

TOTAL ASSETS		40 711 624	42 831 074

LERØY SEAFOOD GROUP Annual report 2025

Finance


				122

All figures in NOK 1 000


LERØY SEAFOOD GROUP CONSOLIDATED	Notes	31.12.25	31.12.24
EQUITY
Share capital	G4.5	59 577	59 577
Treasury shares	G4.5	-30	-30
Share premium reserve		4 778 346	4 778 346
Total paid-in capital		4 837 893	4 837 893
Retained earnings		13 959 611	15 171 472
Non-controlling interests		1 145 718	1 157 436
TOTAL EQUITY		19 943 222	21 166 802
LONG-TERM LIABILITIES
Pension liabilities	G2.3	5 849	4 735
Deferred tax liability related to ordinary corporate tax	G2.5	2 797 894	3 016 895
Deferred tax liability related to resource rent tax	G2.6	794 381	1 009 500
Lease liabilities to credit institutions	G3.2 / G3.11	840 038	882 507
Lease liabilities to others	G3.2 / G3.11	1 780 011	1 995 969
Bond loans	G3.11	2 993 086	2 992 431
Loans from credit institutions	G3.11	1 903 047	3 487 003
Other long-term loans	G3.11	8 150	14 587
Other long-term liabilities		6 041	1 839
Total long-term liabilities		11 128 498	13 405 467
SHORT-TERM LIABILITIES
Short-term part of long-term loans and leases	G3.11	3 349 829	1 927 794
Overdrafts and other short-term loans	G3.11	2 017 671	2 123 613
Trade payables		2 147 446	2 270 362
Public duties payable		677 760	623 574
Tax payable, ordinary corporate tax	G2.5	214 009	93 277
Other short-term liabilities	G3.12	1 233 190	1 220 185
Total short-term liabilities		9 639 904	8 258 805

TOTAL LIABILITIES		20 768 402	21 664 272

TOTAL EQUITY AND LIABILITIES		40 711 624	42 831 074

Notes G1.1–G4.9 are an integral part of the consolidated financial statements


Bergen, 30 April 2026
The Board of Directors of Lerøy Seafood Group ASA

Arne Møgster Chairman	Didrik Munch Board member	Karoline Møgster Board member


Linda Kidøy Pedersen Board member	Are Dragesund Board member	Britt Kathrine Drivenes Board member


Bjarne Kristiansen Employees' representative	Silje Elin G. Butt Employees' representative	Tor-Ivar Ingebrigtsen Employees' representative


	Henning Beltestad CEO Lerøy Seafood Group ASA

LERØY SEAFOOD GROUP Annual report 2025

Finance


				123

G – Statement of changes in equity

All figures in NOK 1 000


LERØY SEAFOOD GROUP CONSOLIDATED	Share capital	Treasury shares	Share premium reserve	Currency translation differences	Cash flow hedges reserve	Other retained earnings	Non-controlling interests *	Total equity
Equity 01.01.2024	59 577	-30	4 778 346	318 771	53 468	13 477 002	1 209 412	19 896 546
Annual profit 2024					0	2 673 477	19 806	2 693 283
Other comprehensive income for the year				162 940	-23 645	-1 849	2 706	140 151
Total profit/loss 2024	0	0	0	162 940	-23 645	2 671 628	22 512	2 833 434
Transactions with shareholders
Dividend payments						-1 489 434	-47 787	-1 537 221
Dividend paid on treasury shares						744		744
Change in non-controlling interests							-26 701	-26 701
Total transactions with shareholders	0	0	0	0	0	-1 488 690	-74 488	-1 563 178

Equity 31.12.2024	59 577	-30	4 778 346	481 711	29 822	14 659 939	1 157 436	21 166 802
Annual profit 2025					0	365 957	1 078	367 035
Other comprehensive income for the year				-68 096	-21 364	331	-348	-89 477
Total profit/loss 2025	0	0	0	-68 096	-21 364	366 288	730	277 558
Transactions with shareholders
Dividend payments						-1 489 434	-12 448	-1 501 883
Dividend paid on treasury shares						744		744
Total transactions with shareholders	0	0	0	0	0	-1 488 690	-12 448	-1 501 138

Equity 31.12.2025	59 577	-30	4 778 346	413 616	8 459	13 537 538	1 145 718	19 943 222

* Non-controlling interests. Other components of equity are allocated to Lerøy Seafood Group’s shareholders.

Share capital, treasury shares and share premium

Ordinary shares are classified as equity. Expenses directly associated with issuing new shares or options, less tax, are

booked under equity as reductions in proceeds received. When buying back treasury shares, the purchase amount,

inclusive of directly ascribable costs, is entered as a change in equity. Treasury shares are presented as a reduction in

equity.

Lerøy Seafood Group ASA owns 297 760 treasury shares of a total number of 595 773 680 shares. The ratio of treasury

shares is 0.05%. The purchase price paid for treasury shares is split into two different categories, where the nominal value

of treasury shares is included in paid-in capital (NOK -30 thousand), and the purchase price exceeding nominal value of

treasury shares (NOK -2 389 thousand) is included in retained earnings. The average purchase price for treasury shares is

NOK 8.12 per share.

LERØY SEAFOOD GROUP Annual report 2025

Finance


				124

G – Statement of cash flows

All figures in NOK 1 000

Statement of cash flows

The consolidated statement of cash flows shows the total consolidated cash flows broken down by operating, investing

and financing activities. The indirect method has been applied. For cash flows in foreign currency, the average rate of

exchange is used in the statement. To the extent that changes in the balance sheet figures between financial years do

not match the corresponding figures in the statement of cash flow, this is a result of translation differences linked to

changes in rates of exchange.


LERØY SEAFOOD GROUP CONSOLIDATED	Notes	2025	2024
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before tax		299 555	2 554 131
Taxes paid during the period		-213 391	-1 041 264
Other gains and losses	G2.1	-45 645	-11 838
Depreciation	G3.1/2/3	1 907 639	1 652 209
Impairment loss	G3.1/2/3	54 802	58 542
Profit impact joint ventures and associates	G3.4	89 106	-106 835
Change in fair value adjustments related to biological assets	G3.7	1 162 351	-291 592
Change in inventories/biological assets	G3.7	30 704	-941 487
Change in trade receivables	G3.9	-12 763	-271 502
Change in trade payables		-129 626	-292 945
Net financial items classified as investing or financing activities	G2.4	636 608	526 741
Change in other accruals		341 740	209 846
Net cash flow from operating activities		4 121 079	2 044 006
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of fixed assets	G3.3	27 522	68 048
Payments for acquisitions of fixed assets	G3.3	-1 604 972	-1 732 661
Proceeds from sale of right-of-use assets	G3.2	800	3 100
Proceeds from sale of intangible assets	G3.1	0	5 850
Payments for acquisitions of intangible assets	G3.1	-381	-150 639
Proceeds from sale of shares in associates and other businesses	G3.4/5	545	4 162
Payments for acquisitions of shares in associates and other businesses	G3.4/5	-11	-5 026
Dividend payments received from associates	G3.4	5 000	5 778
Proceeds from sale of subsidiaries	G1.6	0	-29 990
Payments for acquisition of Group companies and redemption of minorities	G1.6	-30 000	-993
Cash and cash equivalents from business combinations	G1.6	257	1 173
Interest payments received	G2.4	133 589	180 104
Proceeds/payments on other loans (short and long-term)		44 427	12 787
Net cash flow from investing activities		-1 423 223	-1 638 307


LERØY SEAFOOD GROUP CONSOLIDATED	Notes	2025	2024
CASH FLOWS FROM FINANCING ACTIVITIES
Movement in short-term interest-bearing debt	G3.11	-116 198	1 147 822
Proceeds from establishing new long-term debt	G3.11	1 118 239	806 637
Downpayments of long-term debt	G3.11	-2 089 755	-1 121 831
Interest paid and other financial expenses	G2.4	-773 046	-699 767
Dividends paid (net, after dividend on treasury shares)	G4.4	-1 498 198	-1 536 477
Net cash flow from financing activities		-3 358 958	-1 403 617

Net cash flow in the accounting period		-661 102	-997 918
Cash and cash equivalents at start of period		3 325 191	4 323 109
Cash and cash equivalents at end of period		2 664 089	3 325 191
This consists of:
Bank deposits, etc.		2 664 089	3 325 191
Of which restricted funds		144 636	127 890

In addition the Group has the following cash capacity:		2025	2024
Unutilised overdraft/drawdown facilities (short-term only)		3 999 308	3 073 825

LERØY SEAFOOD GROUP Annual report 2025

Finance


				125

G – Notes to the consolidated financial statements

Section 1 – Initial notes

Note G1.1 Basis for preparation

Legal entity information

Lerøy Seafood Group ASA is registered in Norway with

identification number 975 350 940. The business address is

Thormøhlens gate 51, 5006 Bergen, Norway. Lerøy

Seafood Group ASA is listed on the Oslo Stock Exchange

with ticker code LSG. Lerøy Seafood Group ASA is a

subsidiary of Austevoll Seafood ASA (52.69%), which in turn

is owned (55.55%) by Laco AS. Laco AS is the ultimate

parent company.

The company's consolidated financial statements for the

financial year 2025 include the company and its

subsidiaries (collectively referred to as "the Group") and

the Group's share in joint ventures and associates.

Information on the consolidated companies are described

in note on consolidated companies, and information on

joint ventures and associates are described in note on

joint ventures and associates.

Statement of compliance

The financial statements were submitted by the Board of

Directors on 30 April 2026.

The consolidated financial statements are submitted in

accordance with IFRS® Accounting Standards

(International Financial Reporting Standards) and

interpretations established by the International Accounting

Standards Board (IASB) and adopted by the EU. Some

additional notes are also provided to be in accordance

with requirements in the Norwegian Accounting Act.

The financial statements for the parent company Lerøy

Seafood Group ASA and the Norwegian subsidiaries, are

prepared according to Norwegian Generally Accepted

Accounting Principles (NGAAP). Accounts for the foreign

subsidiaries are prepared according to accepted

accounting policies in the respective countries.

The presentation currency for the consolidated financial

statements is Norwegian kroner (NOK). All values are

rounded to nearest NOK thousands, except when specifically,

otherwise indicated. The functional currency is NOK.

The consolidated statements have been prepared under

historical cost basis, modified to include revaluation to fair

value of biological assets and derivative financial

instruments. The accounting policies have been consistently

applied for all entities, and for all periods presented in the

consolidated financial statements. The financial

statements are prepared under the assumption that

Lerøy Seafood Group will continue as a going concern.

Estimates and materiality judgements

Preparation of financial statements in accordance with

IFRS Accounting Standards demands that the

administration makes assessments, estimates and

assumptions that influence the application of accounting

policies and the book values of assets and liabilities,

revenue and costs. Estimates and their associated

assumptions are based on historical experience and other

factors seen as reasonable under the circumstances. These

calculations form the basis for measurement of carrying

amounts for assets and liabilities that are not readily

available from other sources. The actual result may deviate

from these estimates. Estimates and underlying

assumptions are under constant review. Changes in the

accounting-related estimates are recognised in the periods

in which they occur, provided they apply only to that

period. If changes also apply to future periods, the effect is

distributed over current and future periods. Assessments

that are made by the administration when applying the

IFRS Accounting Standards and that have a significant

effect on the financial statements and estimates with a

considerable risk of significant adjustments in the next

financial year, are described in note about significant

accounting estimates and assessments.

As the financial statements aim to provide useful financial

information that meets common information needs of the

primary users, materiality judgements are necessary to

meet this objective. Such judgements are made regarding

recognition, measurement and presentation. With

reference to the complete set of financial statements,

information is considered material if omitting, misstating

or obscuring it could reasonably be expected to influence

decisions taken by primary users based on the

information provided.

Foreign currency translation

All items from the individual financial statements in

foreign currency are translated to NOK by using the

exchange rates at period end for statement of financial

position items and annual average exchange rates for

statement of income items. For special transactions, as

business combinations, the exchange rate at the date of

transaction is applied. Gains and losses derived from the

translation are included in other comprehensive income,

as a separate component. The translation differences

derived from each foreign subsidiary, joint venture or

associated company, is reversed through the income

statement as part of the gain or loss arising from disposal

of such foreign operation. Any goodwill arising from

acquisition of foreign entities, and fair value adjustments

to the carrying amounts of the assets and liabilities, are

also translated using the exchange rate at period end

and recognized in other comprehensive income.

Significant accounting policies

The accounting policies listed below are included in the

relevant notes to the consolidated financial statements.

• Consolidation: G1.5

• Operating revenue: G2.1

• Segment information: G2.2

• Income tax: G2.5

• Intangible assets: G3.1

• Leases: G3.2

• Fixed assets: G3.3

• Investments in JV and associates: G3.4

• Other investments: G3.5

• Non-current receivables: G3.6

• Biological assets: G3.7

• Other inventory: G3.8

• Trade receivables: G3.9

• Other current receivables: G3.10

• Interest-bearing debt: G3.11

• Other short-term debt: G3.12

New and amended financial reporting standards

Certain new accounting standards, amendments and

interpretations have been published, that are not

mandatory for 2025 reporting period. These have not been

early adopted by the Group. Except for IFRS 18, these

standards and interpretations are not expected to have a

material impact on the Group in the future reporting

periods and on foreseeable future transactions.

IFRS 18 Presentation and Disclosure in Financial

Statements

IFRS 18 “Presentation and Disclosure in Financial

Statements” has been issued by the IASB to replace IAS 1.

The standard introduces new requirements for the

presentation and disclosure of information in the financial

statements, including changes to the structure of the

statement of profit or loss. IFRS 18 takes effect on 1

January 2027 and will be applied retrospectively. The

Group has not early adopted the standard and is

currently assessing the impact that adoption of the

standard will have on its consolidated financial

statements and related disclosures.

The objective of IFRS 18 is to enhance the comparability

and transparency of financial performance reporting. It

introduces a more structured statement of profit or loss,

including defined categories and mandatory subtotals,

strengthened principles for aggregation and

disaggregation of information, and enhanced disclosure

requirements, particularly in relation to

management‑defined performance measures.

The standard requires income and expenses to be

classified into five categories: operating, investing,

financing, income taxes and discontinued operations.

IFRS 18 further introduces changes affecting the

statement of cash flows, including more consistent

classification requirements and closer alignment with the

categories used in the statement of profit or loss. In

addition, the starting point for the analysis of cash flows

from operating activities will change from profit before

tax to the defined operating profit subtotal.

LERØY SEAFOOD GROUP Annual report 2025

Finance


				126

Note G1.2 Alternative performance measures

All figures 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. Pursuant to IFRS Accounting Standards, biological

assets (fish in the sea) shall be measured at fair value in the statement of financial position (IAS 41). Estimates of fair

value require various assumptions about the future, including price developments. Changes in the market’s price

expectations may therefore result in major changes in carried value. As this change in value is included in the operating

profit or loss (EBIT) as defined in IFRS Accounting Standards, this figure alone is not sufficient to illustrate the Group's

performance during the period. The same applies to other items on the statement of financial position related to

biological assets, onerous contracts (IAS 37) and financial salmon future contracts (IFRS 9). The Group has therefore

elected to present operating profit as it would be presented before recognition of the above-mentioned fair value

adjustments, as an alternative performance measure. 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. The following components are

included:


	2025	2024
Operating profit (EBIT)	1 059 155	2 964 266
Fair value adjustments	1 162 351	-291 592
EBIT before fair value adjustments	2 221 506	2 672 675

Fair value adjustments consists of:

1. Change in fair value adjustment on fish in sea

2. Change in fair value adjustment on roe, fry and cleaning fish *

3. Change in fair value adjustment on onerous contracts (salmon and trout)

4. Change in fair value adjustment on financial future delivery contracts on salmon, not regarded as hedges

* For this group historical cost provides the best estimate of fair value.

The APM is used in the income statement, in note on segment information and in the calculation of some key figures. It is

also referred to in the Board of Directors' report. See note on biological assets for more details.

EBITDA before fair value adjustments

EBITDA before fair value adjustments is an APM. Calculation is identical as the calculation of "EBIT before fair value

adjustments" (above).


	2025	2024
EBIT	1 059 155	2 964 266
Depreciations (intangibles, RoU assets and fixed assets)	1 907 639	1 652 209
Impairment loss	54 802	58 542
EBITDA	3 021 595	4 675 017
Fair value adjustments	1 162 351	-291 592
EBITDA before fair value adjustments	4 183 946	4 383 425

The APM is used in the income statement.

Operational EBIT and operational EBITDA

Operational EBIT and operational EBITDA are two 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. 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.


	2025	2024
Operating profit (EBIT) before fair value adjustments	2 221 506	2 672 675
Change in unrealized internal margin	3 759	-5 221
Production fee	188 710	160 099
Litigation costs	40 074	58 241
Restructuring costs	22 871	0
Impairment loss related to restructuring	54 802	58 542
Other non-operational items	-29 999	15 790
Operational EBIT	2 501 722	2 960 125
Depreciation	1 907 639	1 652 209
Impairment loss, other	0	0
Operational EBITDA	4 409 361	4 612 334

The APMs are used in the note on segment information, and in the Board of Directors' report.

LERØY SEAFOOD GROUP Annual report 2025

Finance


				127

Note G1.2 cont.

Profit before tax and fair value adjustments

Profit before tax and fair value adjustments is an APM utilised by the Group. Pursuant to IFRS Accounting Standards,

biological assets (fish in the sea) shall be measured at fair value in the statement of financial position (IAS 41). The APM

demonstrates how the result would have been if IAS 41 not had been applied. This implies that the FV adjustment on fish

in sea are reversed (eliminated). This includes both the Group's own FV adjustment and also the FV adjustments included

in the income from associated companies (AC) also applying IAS 41, following the equity method. The components

included are:


	2025	2024
Profit before tax	299 555	2 554 131
Fair value adjustments	1 162 351	-291 592
Fair value adj. incl. in income from AC	18 644	9 720
Profit before tax and fair value adjustments	1 480 550	2 272 259

It is referred to this APM in the Board of Directors' report.

Controlling interest’s share of annual profit before fair value adjustments

Controlling interest's (CI's) share of annual profit (after tax) before fair value adjustments is an APM utilised by the Group.

Pursuant to IFRS Accounting Standards, biological assets (fish in the sea) shall be measured at fair value in the statement

of financial position (IAS 41). The APM demonstrates how the share of annual profit after tax to LSG's shareholders would

have been if IAS 41 not had been applied. This implies that the CI's proportional share of FV adjustment on fish in sea are

reversed (eliminated). This includes both the Group's own FV adjustment and also the FV adjustments included in the

income from associated companies (AC) also applying IAS 41, following the equity method. The components included are:


	2025	2024
CI's share of annual profit	365 957	2 673 477
CI's share of fair value adjustments	877 184	-189 363
CI's share of fair value adj. incl. in income from AC	18 644	9 720
Controlling interest's share of annual profit (after tax) before fair value adjustments	1 261 785	2 493 834

This APM is used in note on earnings per share, for calculation of the key figure earnings per share before fair value

adjustments.

Operational EBIT/kg 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 VAPS&D. The APM includes operational EBIT from Farming and

operational EBIT from VAPS&D. 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 VAPS&D-segment / total own volume from farming). For operational EBIT/kg for the Group, it is

referred to note on segment information.


	2025	2024
Operating profit (EBIT)/kg slaughtered salmon and trout	5.8	11.8
Non operational items/kg slaughtered salmon and trout	0.8	1.4
Operational EBIT/kg slaughtered salmon and trout	6.7	13.2
Operational EBIT from VAPS&D/kg slaughtered salmon and trout	6.6	5.2
Operational value-chain EBIT from Farming + VAPS&D/kg slaughtered salmon and trout	13.3	18.4

The APMs are used in the note on segment information, and in the Board of Directors' report.

Net interest-bearing debt (NIBD)

NIBD is an APM utilized 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. NIBD is defined 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.

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. The most important difference relates to the recognition of

lease liabilities. Some companies include all lease liabilities in NIBD. Other companies exclude all lease liabilities from

their NIBD. And some use a combination. Therefore, it is important to be aware of this difference when comparing

between companies. Lerøy Seafood Group use a combination, with an approach that distinct between lease liabilities

derived from a financing purpose and lease liabilities that are not.

In practice, this distinction is based on what kind of party the company has made the leasing agreement with. On the

date of implementation of IFRS 16, the Group's financial leasing liabilities was almost only with credit institutions, with the

main purpose of providing the Group financing. These agreements shared the principle that the duration of the lease

period covered most of the economic lifetime of the asset involved. When it comes to the operational leasing liabilities,

these agreements did nearly only concern rentals for well-boats and buildings, from shipping companies and real estate

developers, where financing was not the purpose, and where the rental period was much shorter than the economic

lifetime of the asset involved.

In the Group's communication to the capital market about how much cash the Group has spent on investments, and how

this is financed, this distinction is of relevance. Therefore, this distinction between leases with credit institutions and

leases with others than credit institutions is established and included in the Group's definition of NIBD.

Lease liabilities to credit institutions are included in NIBD and the Group's communication of changes in NIBD, while lease

liabilities to others than credit institutions are not included. The corresponding right-of-use assets from leases with credit

institutions are included in the Group's communication of investments, while right-of-use assets from leases with others

than credit institutions are not included.

Thus, the definition ensures symmetry between what's reported as the Group's investments and the accompanying

information on how this has been financed. The Group's NIBD is therefore not impacted from the type of financing, in

terms of loans versus leases. This approach also ensures an NIBD basically unimpacted from the implementation of IFRS

16 in 2019. This implies that the Group's key financial figures that includes NIBD in the calculation, still are comparable

over time.

LERØY SEAFOOD GROUP Annual report 2025

Finance


				128

Note G1.2 cont.


Lease liability consists of	2025	2024
Total lease liabilities	3 358 518	3 559 677
Lease liabilities to other than credit institutions	-2 204 681	-2 392 430
Lease liabilities to credit institutions	1 153 838	1 167 247


Components included in NIBD	2025	2024
Bond loans	3 493 086	2 992 431
Loans from credit institutions	4 007 303	4 724 881
Lease liabilities to credit institutions	1 153 838	1 167 247
Other long-term loans	14 654	22 502
Overdraft and other short-term credit	2 017 671	2 123 613
Bank deposits and cash	-2 664 089	-3 325 191
Net interest-bearing debt (NIBD)	8 022 463	7 705 484

It is referred to this APM in the Board of Directors' report, in key figures and in the note on loans, mortgages and

guarantees.


3 different definitions of NIBD, and LSG's position within these alternatives	2025	2024
NIBD including non of the lease liabilities	6 868 625	6 538 237
NIBD including lease liabilities to credit institutions. The definition applied by LSG:	8 022 463	7 705 484
NIBD including total lease liabilities	10 227 144	10 097 914

When comparing NIBD between companies based on annual accounts, it is important to be aware that the presented

NIBD figure is dependent on if lease liabilities is included, partly included, or not included at all. As of today there is no

uniform definition among the reporting entities about how this figures should be calculated and presented.

Note G1.3 Significant accounting estimates

and assessments

All figures in NOK 1 000

Estimates and assessments are reviewed continuously and

are based on historical experience and other factors,

including expectations of future events that seem

probable in view of present circumstances.

The Group draws up estimates and makes assumptions

regarding future events. The accounting estimates from

this process will, by definition, rarely be in exact agreement

with the final results. Estimates and assumptions with a

high risk of significant changes in capitalised values of

assets and liabilities during the next financial year are

discussed below.

Value adjustment of biological assets

Biological assets comprise the stock of roe, fry, juvenile fish,

cleaner fish and fish in sea. Biological assets are measured

at fair value less costs to sell. For a more detailed

description of the accounting policies applied, please refer

to the description provided in the note on biological assets.

Valuation is based on a number of different premises,

many of which are non-observable. The premises can be

categorised in four different groups: (1) Price, (2) Cost, (3)

Volume and (4) Discount rate. Figures for the important

premises are specified in the note on biological assets.

For fish ready for harvest on the balance sheet date,

uncertainty mainly involves realised prices and volume. For

fish not ready for harvest, the level of uncertainty is higher.

In addition to uncertainty related to price and volume,

there will also be uncertainty related to remaining

production costs, remaining biological transformation and

remaining mortality up to harvest date for this fish.

(1) Price

One important premise in the valuation of fish both ready

for harvest and not yet ready for harvest is the projected

market price. This is also the premise that historically

shows the highest fluctuations. In order to estimate the

projected price, the derivative future prices for superior

Norwegian salmon weighing 3-6 kg gutted weight from

Euronext are applied. In the Group’s opinion, the use of

observable prices makes price estimates more reliable

and comparable. For fish ready for harvest, the forward

price for the following month is applied. For fish not ready

for harvest, the forward price for the month when the fish is

expected to achieve optimal weight for harvest, is applied.

If it is probable on the balance sheet date that the fish will

be harvested before it reaches its optimal harvest weight,

for example due to biological challenges, an extra price

adjustment is required. Such a price adjustment takes into

account the fact that the market price per kilo for small

fish is lower than for normal-size fish. The price is

subsequently adjusted for exporter margins and clearing

costs. This applies to fish both ready for harvest and not

ready for harvest. Further adjustments are necessary for

harvest costs (wellboat, slaughtering and packaging

services), transport costs to Oslo and quality differences.

Adjustments are also made for price differences between

salmon and trout, and any other price premium such as for

Ecological produced salmon or ASC-certified fish. The

adjustments for exporter margin and clearing costs are

items estimated by Euronext, adding the clearing fee

applied by the bank. The adjustment for harvest costs,

transport costs and quality differences is based on the

Group’s historical costs per region and historical quality

distribution, while the other adjustments are based on an

assessment using historical data and the Group’s view of

future market developments.

(2) Cost

For fish not ready for harvest, an adjustment is also

required for the costs necessary to grow the fish to optimal

harvest weight. Estimates related to future costs are based

on the Group's prognoses per locality. There is some

uncertainty regarding both future feed prices, other costs

and biological development (growth, feed factor and

mortality). If the estimated costs are higher than expected

by a normal enterprise on the market, for example due to

long-term agreements previously signed with

subcontractors resulting in costs that deviate substantially

from the market price, the cost estimates shall be adjusted

to reflect the costs expected by a rational player in the

market.

LERØY SEAFOOD GROUP Annual report 2025

Finance


				129

Note G1.3 cont.

(3) Volume

Projected harvest volume is calculated on the basis of the

estimated number of fish (individuals) on the balance

sheet date minus estimated future mortality, multiplied by

the estimated harvest weight. There is some uncertainty

involving both the number of fish in the sea on the

balance sheet date, remaining mortality and estimated

harvest weight. The actual harvest volume may therefore

differ from the estimated harvest volume either as a

result of changes in biological developments or due to

special events, such as abnormal mortality. The estimate

for number of fish on the balance sheet date is based on

the number of smolt released to sea. The number of smolt

is adjusted to take into account uncertainties during

counting and actual registered mortality related to

release. The normal estimated harvest weight (optimal

harvest weight) is assessed to be the live weight of fish

that results in a gutted weight of 4 kg, unless specific

conditions exist on the balance sheet date to indicate

that the fish have to be harvested before they reach this

weight. If this is the case, the estimated harvest weight is

adjusted. Projected mortality during the period from the

balance sheet date to the date when the fish reach

harvest weight is estimated to be 0.45% to 1.00% of the

number of incoming fish per month, depending on species

and region. For recalculation factor from gutted weight to

live weight, see note on biological assets.

(4) Discounting

Every time a fish is harvested and sold, this generates a

positive cash flow. In order to simplify matters, all the

remaining expenses are allocated to the same period as

the income, so there is only one cash flow per locality. The

cash flow is allocated to the month when harvest is

estimated to take place. The sum of the cash flows from

all the localities where the Group has fish in the sea will

then be distributed over the entire period of time it takes

to farm the fish in the sea on the balance sheet date. With

the current size of the smolt released and the frequency

of the smolt releases, this period of time may be up to 18

months. The estimated future cash flow is discounted

monthly. The level of discount rate applied has a major

impact on the estimate of fair value. The discount rate

shall take into account a number of factors. The discount

factor comprises three main elements: (1) Risk adjustment,

(2) Licence lease and (3) Time value.

4.1 Risk adjustment

The risk adjustment shall reflect the price discount a

hypothetical buyer would demand as compensation for

the risk assumed by investing in live fish rather than a

different investment. The longer it takes to reach harvest

date, the higher the risk that something may occur to

affect cash flow. Three significant factors could have an

impact on cash flow. Volume could change, costs could

change and prices could change. The one thing all three

factors have in common is that the outcome space is

unsymmetrical. The fact that the Group consists of a well

developed integrated value chain, is a factor reducing

the price risk to some extent. In case a huge portion of

volume with downgrades (low SUP-portion), the Group

has internal production capacity to process the fish

before sale, increasing the value significantly. Thus, a

lower margin in Farming segment due to downgrades,

the higher the margin in VAPS&D will be, due to higher

value added process activity. Therefore, the Group has

not made any specific sensitivity analysis on Superior-

portion.

4.2 Hypothetical licence lease

Salmon and trout farming is not a market with free

competition and no barriers to entry. Due to limited access

to licences for farming fish for consumers, such licences

currently have a very high value. For a hypothetical buyer

of live fish to take over and continue to farm the fish, he/

she would need a licence, locality and other permits

required for such production. At the time of writing, leasing

of licences is not permitted. However, on a hypothetical

market for the purchase and sale of live fish, it has to be

assumed that this would be possible. In such a scenario, a

hypothetical buyer would claim a significant discount in

order to allocate a sufficient share of the returns to the

buyer’s own licences or to cover the lease costs for leased

licences. It is difficult to create a model that would allow a

hypothetical annual lease cost to be derived from prices

for sold licences, as the curve in the model would be based

on projections of future profit performance in the industry.

Moreover, it is a complex process to derive a lease price

per shorter unit of time and, in the last instance, per

volume, when the licence limitations are measured at

different levels (location, region and company).

4.3 Time value

Finally, a discount must be made for the time value of the

tied-up capital linked to the share of the present value of

the cash flow allocated to the biomass. It has to be

assumed that a hypothetical buyer would claim

compensation for the alternative cost of investing funds in

live fish rather than some other type of investment. The

production cycle for salmon in the sea currently takes up

to 18 months. The cash flow will therefore extend over a

similar period. Assuming a constant sales price

throughout the period, the cash flow would decrease for

each month, as costs are incurred to farm the fish to

slaughter weight. The costs increase for every month the

fish are in the sea. As such, the effect of deferred cash flow

is lower than would be the case if the cash flow had been

constant. This component is however deemed important

due to the major values the stock of fish represents.

4.4 Evaluation of discount rate

At year end 2025 a 4.0% monthly discount rate has been

applied. The discount rate previous year was 3.7%. The

discount rate has been increased slightly to reflect the

recent improvement in biological performance driven by,

among others, better genetics, more robust smolt, and

more extensive use of modern shielding technology. In the

sensitivity analysis below, it is demonstrated how a

change in discount rate would impact the value on fish in

sea. The change is a result from a periodic review.

As mentioned above, the hypothetical licence lease is one

of the main elements when setting the discount rate. In

the hypothetical licence lease price the future expected

margin is an important parameter. The margin is

calculated as the difference between price and cost in

future periods. Thus, the derivative future price on salmon

together with expectations regarding future cost level

have a significant impact on the future expected margin.

The higher the expectations to the future margins are, the

higher a hypothetical licence lease price will be. This is

explained with the fact that higher margins will increase

the fair value on the licences. If the expectations to the

margins drops, this will over time lead to lower

hypothetical lease rent, and fair value on the licences.

How the change in the expectations regarding future

margins occurs, has also significance. It is assumed that

an unexpected lower (higher) price at date for

measurement will not lead to a simultaneously reduction

(increase) in hypothetical licence lease price for fish in

sea, but instead a step by step reduction (increase) in

future lease price for new smolt releases. This is explained

with the fact that it must be assumed that the lease price

for the fish in sea is already negotiated for the period

until harvest. When it comes to the production costs, it is

assumed that changes in expected future cost level will

not impact the value of the biological assets directly, but

indirectly as a consequence of the fact that the future

hypothetical licence lease price will be based on

expectations on future margins.

LERØY SEAFOOD GROUP Annual report 2025

Finance


				130

Note G1.3 cont.

Sensitivity analysis on fair value of fish in sea

The Group considers that four components are key for valuation. These are:

1. weighted average price

2. projected optimal harvest weight

3. monthly discount rate

4. estimated number of fish

The tables below show a simulated sensitivity to fair value of the biological assets in the event

of changes in these parameters:

Sensitivity analysis for weighted average price and expected optimal harvest weight


Average price per kg (NOK)	Change in price per kg (NOK)	Projected optimal harvest weight per fish in kg life weight
		4.3	4.5	4.8	5.0	5.3
		Change in projected weight (kg)
		-0.50	-0.25	–	0.25	0.50
72.9	-5.00	6 593 226	7 078 771	7 579 253	7 919 284	8 301 530
75.9	-2.00	7 020 994	7 510 841	7 881 274	8 259 849	8 699 995
76.9	-1.00	7 165 512	7 632 373	7 994 832	8 387 910	8 838 572
77.9	–	7 280 672	7 751 756	8 091 049	8 510 358	8 977 576
78.9	1.00	7 422 593	7 838 978	8 204 005	8 639 724	9 116 745
79.9	2.00	7 588 543	7 927 477	8 325 538	8 771 909	9 259 005
82.9	5.00	7 904 866	8 238 780	8 684 437	9 172 949	9 709 618

The table shows the sensitivity in fair value (present value) before provision for loss-making contracts for the parameters

price per kg and projected weight per kg life weight. For projected weight at time of slaughter, the table shows changes

in fair value when there is an increase in projected weight of 250 and 500 grams respectively, and for a corresponding

reduction, without any change in remaining cost. For price, the change is per NOK gutted weight after adjustment for

slaughtering cost, packaging cost, transport cost to Oslo, quality, size and exporter margin.

Sensitivity analysis for weighted average price and monthly discount rate applied


Average price per kg (NOK)	Change in price per kg (NOK)	Monthly discount rate (%)
		2.0%	3.0%	4.0%	5.0%	6.0%
		Change in monthly discount rate (%)
		-2.0%	-1.0%	–%	1.0%	2.0%
72.9	-5.00	8 213 021	7 859 980	7 579 253	7 370 004	7 196 054
75.9	-2.00	8 644 787	8 207 687	7 881 274	7 625 768	7 435 928
76.9	-1.00	8 805 391	8 340 298	7 994 832	7 725 651	7 526 262
77.9	–	8 955 530	8 465 690	8 091 049	7 806 821	7 591 998
78.9	1.00	9 111 810	8 609 005	8 204 005	7 903 816	7 674 958
79.9	2.00	9 271 908	8 758 597	8 325 538	8 009 758	7 771 004
82.9	5.00	9 755 088	9 169 581	8 684 437	8 286 882	8 000 413

The table shows the sensitivity in fair value (present value) before provision for loss-making contracts for the parameters

price per kg and monthly discount rate. For the monthly discount rate, the table simulates an absolute change of +/- 1%

and +/- 2% (100 and 200 points) respectively.

LERØY SEAFOOD GROUP Annual report 2025

Finance


				131

Note G1.3 cont.

Sensitivity analysis for weighted average price and number of fish in stock


Average price per kg (NOK)	Change in price per kg (NOK)	Number of fish in stock (million fish)
		48.1	49.6	50.6	51.6	53.2
		Change in number of fish in stock
		-5%	-2%	–%	2%	5%
72.9	-5.00	7 003 352	7 329 541	7 579 253	7 754 136	7 973 117
75.9	-2.00	7 479 021	7 729 607	7 881 274	8 056 374	8 314 302
76.9	-1.00	7 559 875	7 818 815	7 994 832	8 156 156	8 441 857
77.9	–	7 675 920	7 929 508	8 091 049	8 272 973	8 562 443
78.9	1.00	7 762 212	8 022 555	8 204 005	8 397 896	8 690 830
79.9	2.00	7 869 340	8 119 830	8 325 538	8 516 161	8 823 272
82.9	5.00	8 178 679	8 471 915	8 684 437	8 899 928	9 225 151

The table shows the sensitivity in fair value (present value) before provision for loss-making contracts for the parameters

price per kg and estimated number of fish in stock on the balance sheet date. For the number of fish in stock, the table

simulates a change of +/- 2% and +/- 5% in the number of fish per locality for all localities with fish in stock.

Sensitivity analysis for number of fish in stock and monthly discount rate applied


Number of fish in stock (in millions)	Change in number of fish	Monthly discount rate (%)
		2.0%	3.0%	4.0%	5.0%	6.0%
		Change in monthly discount rate (%)
		-2.0%	-1.0%	–%	1.0%	2.0%
48.1	-5%	8 356 441	7 970 725	7 675 920	7 454 882	7 282 356
49.6	-2%	8 717 616	8 263 561	7 929 508	7 669 424	7 475 865
50.1	-1%	8 836 464	8 363 278	8 009 442	7 737 414	7 533 911
50.6	–%	8 955 530	8 465 690	8 091 049	7 806 821	7 591 998
51.1	1%	9 074 696	8 572 498	8 175 502	7 877 999	7 651 630
51.6	2%	9 199 864	8 690 262	8 272 973	7 964 283	7 727 800
53.2	5%	9 580 132	9 030 347	8 562 443	8 209 084	7 943 204

The table shows the sensitivity in fair value (present value) before provision for loss-making contracts for the parameters

monthly discount rate and estimated number of ﬁsh in stock on the date of the statement of ﬁnancial position. For the

monthly discount rate, the table simulates an absolute change of +/- 1% and 2% (100 and 200 points) respectively. For the

number of ﬁsh in stock, the table simulates a change of +/- 1%, 2% and 5% in the number of ﬁsh per locality for all localities

with ﬁsh in stock.

Note G1.4 Climate risks and opportunities

Climate risk

Our planet is home to a growing global population,

approaching eight billion people, all of whom need food

every day. Not all food can be harvested from nature’s

own resources, and most food products today therefore

require some form of industrial production. Food

production, like all forms of industrial activity, generates

greenhouse gas (GHG) emissions. To limit the risk of global

warming exceeding levels that the planet can tolerate, it is

therefore essential to reduce GHG emissions to the lowest

feasible level. Addressing climate change is a shared

responsibility, and both individuals and companies must

assess relevant measures and adapt their practices

accordingly to limit the rise in global temperatures. These

measures may be voluntary or mandatory. Public

authorities influence the pace of the transition to a

low‑emissions society primarily through the

implementation of regulations. However, the scope and

timing of such measures are constrained by technological

development and economic feasibility. To ensure that

economic considerations do not hinder progress,

authorities have introduced a range of regulatory

instruments, including fees. The scope of regulations and

fees related to GHG emissions is expected to increase over

time. These developments are relevant to the Group given

its role in food production and global value chains.

The transition to a low‑carbon economy entails significant

costs. Developing and investing in low‑emission

technologies requires substantial capital. At the same

time, failing to adapt would also have financial

consequences and could, in the long term, threaten the

Group’s ability to continue operations. A company’s

capacity to adapt in this context therefore constitutes its

licence to operate.

Climate risk gives rise to financial risk in two main areas.

First, it includes uncertainties related to the physical

impacts of climate change (physical risk) resulting from

global warming. Second, it relates to the transition to a

low‑carbon economy through regulatory measures and

technological developments (transition risk). The Group is

exposed to both types of risk. The physical impacts of

climate change, as well as mandatory measures to limit

emissions, may result in increased costs for the Group.

In addition to increased focus on how the Group’s

operations affect the climate, it is essential that the Group

understands how climate change may affect its own

operations, including the financial impacts on income,

costs, and investments. A strategy aligned with identified

climate risks will help mitigate these costs. At the same

time, the transition to a low‑carbon economy may create

new opportunities for earnings.

The Group has invested significant efforts in this area in

recent years and has established effective processes for

the identification, management, and monitoring of

climate risk. These processes have been fully adopted by

both the Board of Directors and management and are

integrated into ongoing operational and investment

decision‑making. The Group’s goal is to be the world’s

most efficient value chain for sustainable seafood. This

requires making sound decisions that take environmental

considerations into account in both daily operations and

investment decisions. The Group has initiated several

projects focused on internal communication and training

to raise awareness among employees of how individual

and collective choices in daily operations can contribute

to reducing GHG emissions. The Group also engages with

suppliers to encourage efforts to reduce GHG emissions as

part of the ongoing supplier relationship. Given the

number of suppliers involved, this is a gradual process

that requires mapping and, over time, adjustments to

agreements before quantifiable results can be achieved.

The Group has already established commitments with

several suppliers related to GHG emission reductions.

Environmental considerations are also an important

factor when selecting new suppliers.

The Group’s impact on the environment and climate is

continuously monitored and periodically reported, both

internally and externally. For more detailed information

and figures showing the Group’s impact on the

environment and climate change, please refer to the

Sustainability Statement, section ESRS 2 General

Disclosures, as well as section ESRS E1 Climate Change of

this report.

LERØY SEAFOOD GROUP Annual report 2025

Finance


				132

Note G1.4 cont.

Financial impact of climate change

The Group has assessed climate‑related risks to its

operations, including both physical and transition risks.

No significant costs related to climate change impacts

were incurred in 2025, and no climate‑related incidents

were identified in 2025 that would indicate a need to

revise the estimated service life or residual value of the

Group’s assets. Nevertheless, climate risk is continuously

monitored, and maintaining awareness of potential

developments remains an important part of the Group’s

day‑to‑day risk management.

Wild Catch and Whitefish

The Group’s fisheries are primarily conducted in northern

Norwegian waters. Extreme weather events are

considered the main physical climate risk for fishing

activities, as such conditions may, at times, limit the

ability of vessels to operate. If this were to occur during

peak fishing periods, it could affect the Group’s ability to

fully utilise quotas for certain species within the relevant

seasons. This could, in turn, have implications for onshore

processing activities due to reduced availability of raw

materials, with potential effects across the value chain.

Overall, the risk of extreme weather having a significant

impact on the Group’s earnings is currently assessed as

low.

Changes in ocean temperatures are also recognised as a

potential physical risk. Research indicates that rising sea

temperatures may influence migration patterns and

spawning behaviour for certain fish species, which could

affect fishing areas and, over time, complicate the

establishment and allocation of quotas between fishing

nations. In the Group’s assessment, the risk of materially

affected earnings related to these factors is low in the

short to medium term. Over the longer term, however, this

risk may increase and is therefore subject to ongoing

monitoring.

Transition risk has been identified for this segment, as the

shift from fossil energy carriers to renewable energy may,

over time, affect the value of certain capital assets and

have economic implications for the Group. Such impacts

could arise through increased fees related to the use of

the trawler fleet, regulatory requirements concerning

permitted propulsion systems, and, to some extent,

reputation risk associated with continued use of fossil

fuels.

The Group is addressing these risks by implementing

measures to reduce GHG emissions, applying best

available technology, and contributing to ongoing

technological development. The Group applies a cautious

and evaluative approach to the selection of appropriate

technologies. While alternative solutions are still under

development, it is expected that suitable technologies

will become available over time.

In the short to medium term, there are currently no

commercially viable alternative propulsion systems for

fisheries operating in northern waters. Based on current

assessments of the remaining service life of the fleet and

the Group’s depreciation plans, no indications of

impairment related to transition risk have been identified

for either licences or fixed assets.

Consumers are expected to increasingly demand food

with a lower carbon footprint in the future. Wild‑caught

whitefish generally has a low carbon footprint. The Group

has implemented several measures to further reduce its

carbon footprint. These measures include increased

freezer capacity on board, enabling the fleet to spend

more time at sea with fewer trips to and from shore. In

addition, delivery to Norwegian processing facilities helps

reduce pollution compared with transporting raw

materials to low‑cost countries for further processing.

Based on these measures, the Group assesses reputation

risk in this segment as low. The Group also considers the

risk of a decline in demand for its products, resulting in

impairment of inventories, to be very limited. No

climate‑related risk has been identified for trade

receivables.

Farming

The Group’s farming operations are located along the

Norwegian coast and are divided into three regions:

West, Central, and North Norway. For the Farming

segment, physical climate risk is primarily associated with

extreme weather and rising sea temperatures. Most

operations are conducted offshore, where adverse

weather conditions may at times make work on the

facilities more challenging and increase the risk of

damage to production equipment.

Rising sea temperatures are considered a significant

physical risk, as they may affect biological conditions and,

over time, influence operational performance.

A large proportion of the raw materials used in fish feed

are vegetable‑based, and changes in temperature may

affect the conditions for cultivating these raw materials,

potentially increasing the need to identify alternative

sources over time. Rising sea temperatures represent a

long‑term risk that requires ongoing monitoring. Although

temperature increases are expected to occur gradually,

they could have negative economic consequences in the

longer term.

The Group anticipates an increase in biological

challenges, including lice infestation, disease, algal

blooms, and the possible introduction of new species.

Measures implemented to manage and mitigate such

developments may lead to increased costs. Rising sea

temperatures are also expected to contribute to more

frequent extreme weather events. Overall, the physical

climate risk associated with aquaculture is currently

assessed as low in the short, medium, and long term,

based on current conditions and available information.

However, this assessment is subject to ongoing review, as

climate‑related conditions may evolve over time. Close

monitoring and continuous awareness are therefore

considered important to ensure that potential changes in

risk exposure are identified and addressed at an early

stage.

Transition risk for this segment is also assessed as low.

Raw materials used in the production of fish feed

represent the largest source of GHG emissions within this

segment. The Group works closely with fish feed suppliers

to support the development of alternative ingredients

that may contribute to reducing GHG emissions over time.

In recent years, the segment has also made substantial

investments in technologies aimed at reducing emissions,

including the transition from fossil fuel to electric

propulsion for work and service vessels. Similar

developments apply to feed barges, which are

increasingly powered by land‑based electricity. As a

result of these measures, the risk of new climate‑related

requirements with significant economic impact being

imposed on the Group is currently considered limited.

Licences, which represent the Group’s largest asset and

are not subject to depreciation, are assessed annually for

impairment. This assessment implicitly takes

climate‑related risks into account. The valuation of

licences is dependent on expected cash flows, with both

volume and price being key assumptions. Price

development represents the most significant risk factor,

and a potential shift in customers’ willingness to pay, for

example due to reputational considerations, could affect

asset values. Similar impairment assessments are carried

out for fixed assets and inventories.

As for Wild Catch and Whitefish, the climate‑related

reputation risk for aquaculture is assessed as low, as

aquaculture has a relatively low carbon footprint per

kilogram of produced food compared with other protein

sources.

LERØY SEAFOOD GROUP Annual report 2025

Finance


				133

Note G1.4 cont.

VAP, Sales & Distribution

The VAPS&D segment comprises processing, sales, and

distribution. Extreme weather in the form of strong winds,

substantial rainfall, flooding, drought, and fires could

cause damage to both factories and key infrastructure.

This could potentially have a major impact directly on the

Group’s operations and indirectly via the supply chain, as

reliable logistics are essential to maintaining normal

operations. The Group’s factories are located in areas that,

to date, have not been considered particularly exposed to

physical climate risk, and there are no indications that this

situation has changed.

Transition risk for this segment is, in total, assessed as low.

However, transition risk is higher within certain areas of

the segment. Air transport to overseas markets represents

the Group’s second largest source of GHG emissions, and

the risk of new regulations relating to air transport is

therefore higher. Increased fees for air transport could

have significant consequences for sales to these markets.

The Group collaborates with transport suppliers to reduce

GHG emissions and has introduced the transport of fish

fillets instead of whole fish, resulting in lower GHG

emissions per kilogram of finished product transported.

The Group also partly uses dry ice instead of conventional

ice in air freight, which reduces shipment weight and

thereby contributes to lower emissions per unit

transported. In recent years, the Group has also made

substantial investments in measures to reduce energy

consumption in its factories.

The Group has set a growth target towards 2030, which is

expected to result in increased air freight activity and,

consequently, higher emissions associated with air

transport. Despite this, the risk of regulatory changes that

could require substantial new investments or have a

significant economic impact on the Group is currently

assessed as low. Most of the Group’s transport services are

outsourced, and as a result, the Group has no transport

assets recognised on the balance sheet that would be

subject to impairment.

Regarding factories, the Group’s assessment is that these

are located in areas considered to be relatively low risk. In

addition, the Group has already made significant progress

in implementing measures to reduce energy consumption.

Based on these factors, the transition risk for this segment

is assessed as low. The assessment of climate‑related

reputation risk for this segment is consistent with that

applied across the Group’s other segments.

Note G1.5 Consolidated companies and

allocation to operating segment

All figures in NOK 1 000

Accounting policy

Subsidiaries are consolidated from the moment control is

obtained and are excluded from consolidation when such

control ceases. Transactions, intercompany accounts and

unrealised gains or losses between the Group companies

are eliminated. For each business combination after 2009,

the Group has measured components of non‑controlling

interests in the acquiree at fair value at the acquisition

date. This implies that goodwill is recognised also on non-

controlling interests proportionate share of the entity's net

assets. Transactions with non-controlling interests in

subsidiaries are booked as equity transactions. In the

event of the purchase or sale of shares from non-

controlling interests, the difference between the

consideration and the shares' proportional share of the

carrying amount for the net assets in the subsidiary

against the parent company owners' equity is booked to

controlling shareholder’s equity.

Overview

The list below shows which companies are included in the

consolidated financial statements, and how these are

allocated to business area and operating segment. It also

shows changes in ownership through the year. For more

detailed information, including book values, it is referred

to the note on subsidiaries in the parent-company’s

annual accounts.


Company	Ownership	Country	Registered business premises	Year of acquisition	Notes	Share 01.01	Share 31.12
Wild Catch
Lerøy Havfisk AS	Lerøy Seafood Group ASA	Norway	Ålesund	2016		100%	100%
Lerøy Norway Seafoods AS	Lerøy Seafood Group ASA	Norway	Båtsfjord	2016		100%	100%
Melbu Fryselager AS	Lerøy Norway Seafoods AS	Norway	Hadsel	2016		100%	100%
Sørvær Kystfiskeinvest AS	Lerøy Norway Seafoods AS	Norway	Hasvik	2016		51%	51%
Havfisk Finnmark AS	Lerøy Havfisk AS	Norway	Hammerfest	2016		100%	100%
Havfisk Melbu AS	Lerøy Havfisk AS	Norway	Hadsel	2016		100%	100%
Havfisk Stamsund AS	Lerøy Havfisk AS	Norway	Vestvågøy	2016		100%	100%
Nordland Havfiske AS	>1 owner, see specification below	Norway	Vestvågøy	2016		100%	100%
Finnmark Havfiske AS	>1 owner, see specification below	Norway	Hammerfest	2016		98%	98%
Hammerfest Industrifiske AS	Havfisk Finnmark AS	Norway	Hammerfest	2016		60%	60%
Havfisk Båtsfjord AS	Havfisk Finnmark AS	Norway	Båtsfjord	2016		100%	100%
Havfisk Management AS	Havfisk Finnmark AS	Norway	Hammerfest	2016		100%	100%
Havfisk Nordkyn AS	Havfisk Finnmark AS	Norway	Lebesby	2016		100%	100%

LERØY SEAFOOD GROUP Annual report 2025

Finance


				134

Note G1.5 cont.


Company	Ownership	Country	Registered business premises	Year of acquisition	Notes	Share 01.01	Share 31.12
Farming
Lerøy Aurora AS	Lerøy Seafood Group ASA	Norway	Tromsø	2005		100%	100%
Lerøy Aurora Sjø AS	Lerøy Aurora AS	Norway	Tromsø	2022		100%	100%
Lerøy Midt AS	Lerøy Seafood Group ASA	Norway	Hitra	2003		100%	100%
Lerøy Midt Sjø AS	Lerøy Midt AS	Norway	Hitra	2022		100%	100%
Lerøy Vest AS	Lerøy Seafood Group ASA	Norway	Austevoll	2007		100%	100%
Lerøy Vest Sjø AS	Lerøy Vest AS	Norway	Austevoll	2022		100%	100%
Lerøy Vest Kraft AS	Lerøy Vest AS	Norway	Austevoll	2022	3)	100%	0%
Sjøtroll Havbruk AS	Lerøy Seafood Group ASA	Norway	Austevoll	2010		51%	51%
Sjøtroll Havbruk Sjø AS	Sjøtroll Havbruk AS	Norway	Austevoll	2022		100%	100%
Lerøy Sjøtroll Kjærelva AS	>1 owner, see specification below	Norway	Austevoll	2017		100%	100%
Lerøy Ocean Harvest AS	Lerøy Seafood Group ASA	Norway	Bergen	2018		100%	100%
Lerøy Årskog AS	Lerøy Seafood Group ASA	Norway	Bergen	2021		100%	100%
Lerøy Havbruk Service AS	>1 owner, see specification below	Norway	Austevoll	2024		100%	100%


Company	Ownership	Country	Registered business premises	Year of acquisition	Notes	Share 01.01	Share 31.12
Value-added processing (VAP), sales and distribution
Lerøy Seafood AS	Lerøy Seafood Group ASA	Norway	Bergen	1939 *		100%	100%
Lerøy Bulandet AS	Lerøy Seafood AS	Norway	Askvoll	2005		83%	83%
Lerøy Fossen AS	Lerøy Seafood Group ASA	Norway	Bergen	2006		100%	100%
Lerøy Austevoll AS	Lerøy Seafood Group ASA	Norway	Austevoll	2023		100%	100%
AUSS Laks AS	Lerøy Austevoll AS	Norway	Austevoll	2023		100%	100%
Kirkenes Processing AS	Lerøy Aurora AS	Norway	Jarfjord	2025	2)	50%	100%
Lerøy Nord AS	Lerøy Seafood Group ASA	Norway	Tromsø	2015		100%	100%
Dragøy Grossist AS	Lerøy Nord AS	Norway	Tromsø	2021		51%	51%
Lerøy Norge AS	Lerøy Seafood Group ASA	Norway	Oslo	2018		100%	100%


Company	Ownership	Country	Registered business premises	Year of acquisition	Notes	Share 01.01	Share 31.12
Value-added processing (VAP), sales and distribution
Sirevaag AS	Lerøy Norge AS	Norway	Hå	2006		100%	100%
Lerøy Sjømatgruppen AS	>1 owner, see specification below	Norway	Bergen	2006		76%	76%
Sjømathuset AS	Lerøy Seafood Group ASA	Norway	Oslo	2006		100%	100%
Wannebo International AS	Lerøy Seafood Hirtshals A/ S	Norway	Hjørring	2021		100%	100%
Lerøy Seafood Hirtshals A/S	Lerøy Seafood Denmark A/S	Denmark	Hjørring	2021		100%	100%
Lerøy Seafood Denmark A/S	Lerøy Seafood Group ASA	Denmark	Hjørring	2021		78%	78%
Lerøy Seafood Copenhagen ApS	Lerøy Seafood Denmark A/S	Denmark	København	2021		100%	100%
P. Taabbel & Co A/S	Lerøy Seafood Denmark A/S	Denmark	Thisted	2021		100%	100%
Scan Fish Danmark A/S	Lerøy Seafood Denmark A/S	Denmark	Thisted	2021		100%	100%
Mondo Mar Marine Foods ApS	Lerøy Seafood Denmark A/S	Denmark	Hanstholm	2023		100%	100%
LSD Industry ApS	Lerøy Seafood Denmark A/S	Denmark	Hjørring	2025	2) 4)	50%	100%
Lerøy Sverige AB	Lerøy Seafood Group ASA	Sweden	Göteborg	2001		100%	100%
Lerøy Seafood AB	Lerøy Sverige AB	Sweden	Göteborg	2001		100%	100%
Lerøy Smøgen Seafood AB	Lerøy Sverige AB	Sweden	Smøgen	2002		100%	100%
Lerøy Seafood Holding B.V.	Lerøy Seafood Group ASA	Netherlands	Urk	2012		100%	100%
Lerøy Seafood Netherlands B.V.	Lerøy Seafood Holding B.V.	Netherlands	Urk	2012		100%	100%
Lerøy Seafood Real Estate B.V.	Lerøy Seafood Holding B.V.	Netherlands	Urk	2012		100%	100%
Leroy Germany GmbH	Lerøy Seafood Holding B.V.	Germany	Witten	2015		100%	100%
Lerøy Finland OY	Lerøy Seafood Group ASA	Finland	Turku	2011		100%	100%
SAS Leroy Seafood France	Lerøy Seafood AS	France	Boulogne	2008		100%	100%
SAS Eurosalmon	SAS Leroy Seafood France	France	St. Jean d’Ardières	2008		100%	100%
SAS Fishcut	SAS Leroy Seafood France	France	St. Laurent Blangy	2008		100%	100%
Leroy Portugal Lda	Lerøy Seafood Group ASA	Portugal	Lisboa	2005		100%	100%
Leroy Processing Spain SL	Lerøy Seafood Group ASA	Spain	Madrid	2012		100%	100%
Leroy Processing Canarias SL	Leroy Processing Spain SL	Spain	Kanariøyene	2020		100%	100%

LERØY SEAFOOD GROUP Annual report 2025

Finance


				135


Company	Ownership	Country	Registered business premises	Year of acquisition	Notes	Share 01.01	Share 31.12
Value-added processing (VAP), sales and distribution
Leroy Canarias SL	Leroy Processing Spain SL	Spain	Kanariøyene	2023		100%	100%
Leroy Seafood Italy SRL	Lerøy Seafood Group ASA	Italy	Porto Viro	2019		100%	100%
Leroy Seafood UK Ltd	Lerøy Seafood Group ASA	England	Hull	2022		100%	100%
Lerøy Turkey	Lerøy Seafood Group ASA	Turkey	Istanbul	2015		100%	100%
Leroy Seafood USA Inc	Lerøy Seafood AS	USA	Nord Carolina	2016		100%	100%
Leroy Seafood (Thailand) LTD	Lerøy Seafood AS	Thailand	Bangkok	2025	1)	0%	100%


Not allocated
Lerøy Seafood Group ASA	See note on shareholder information		Bergen	1995
Preline Fishfarming Sys. AS	Lerøy Seafood Group ASA	Norway	Bergen	2015	96%	96%


Company	Ownership	Country	Registered business premises	Year of acquisition	Share 01.01	Share 31.12
Specification of ownership in subsidiaries with more than one owner:
Finnmark Havfiske AS	Havfisk Nordkyn AS	Norway	Hammerfest	2016	6%	6%
Finnmark Havfiske AS	Havfisk Finnmark AS	Norway	Hammerfest	2016	78%	78%
Finnmark Havfiske AS	Havfisk Båtsfjord AS	Norway	Hammerfest	2016	13%	13%
Total					98%	98%
Nordland Havfiske AS	Havfisk Stamsund AS	Norway	Vestvågøy	2016	53%	53%
Nordland Havfiske AS	Havfisk Melbu AS	Norway	Vestvågøy	2016	47%	47%
Total					100%	100%
Lerøy Sjøtroll Kjærelva AS	Lerøy Vest AS	Norway	Austevoll	2017	50%	50%
Lerøy Sjøtroll Kjærelva AS	Sjøtroll Havbruk AS	Norway	Austevoll	2017	50%	50%
Total					100%	100%
Lerøy Havbruk Service AS	Lerøy Seafood Group ASA	Norway	Austevoll	2024	74%	74%
Lerøy Havbruk Service AS	Sjøtroll Havbruk AS	Norway	Austevoll	2024	26%	26%
Total					100%	100%
Lerøy Sjømatgruppen AS	Lerøy Norge AS	Norway	Bergen	2006	73.8%	73.8%
Lerøy Sjømatgruppen AS	Lerøy Nord AS	Norway	Bergen	2015	2.5%	2.5%
Total					76.3%	76.3%

* Foundation date. The companies were part of “the old Lerøy group” before Lerøy Seafood Group ASA was founded in 1995


Comments on changes		Changes in company name
1. Foundation of new company 2. Business combination – Change from associated company to subsidiary 3. Parent-subsidiary merger 4. Changed company name		The Danish company included in Lerøy Seafood Denmark group, LSD Industry ApS has changed its name from SCS Industry Aps.

LERØY SEAFOOD GROUP Annual report 2025

Finance


				136

Note G1.6 Business combinations and

transactions with non-controlling interests

All figures in NOK 1 000

Business combinations in 2025

Norway:

The Group increased its ownership in Kirkenes Processing

AS from 50% to 100% 1 July 2025. The consideration paid

was NOK 30 million. Recognised goodwill from the

transaction amounts to NOK 55 million. The acquisition is

recognised as a step-by-step acquisition, with a new

measurement and calculation of gain/loss on the shares

previously held. Calculated gain from remeasurement

amounts to NOK 30 million. This gain has not been

included in the alternative performance measure

operational EBIT. Until transaction date the previously

held shares have been recognised as an associated

company, following the equity method. All shares are held

by Lerøy Aurora AS. Kirkenes Processing AS owns and

operates a salmon slaughtery in Finnmark, which also

produce some value added products. The acquired

company has been allocated to the VAPS&D segment.

Denmark:

There has also been a minor acquisition in Denmark,

where the ownership in the small company LSD Industry

ApS has been increased from 50% to 100%, also

recognized as a step-by-step acquisition. The

consideration paid was insignificant, and there was no

gain or loss from remeasurement, or any goodwill

recognised. The company is a part of the sub-group Lerøy

Seafood Denmark A/S, in the VAPS&D segment.

LERØY SEAFOOD GROUP Annual report 2025

Finance


				137

Section 2 – Financial results

Note G2.1 Operating revenue and other gains and losses

All figures in NOK 1 000

Accounting policy

Operating revenue is recognised at a point in time when control is passed to the customer. Control is generally passed

when delivered to the customer according to the contractual terms. Expected volume discounts are deducted from

operating revenue and presented as current provisions. Sales taxes and duties are deducted from operating revenue.

Provisions for quality deviations and returns based on historical numbers and specific information regarding the

respective deliveries, are also deducted from the operating revenue. The Group delivers, to a large degree, fresh food,

and returns will therefore usually be registered shortly after the customer has received the goods.

Disaggregation of revenues


Operating revenue	2025	2024
Sale of goods and services	34 354 269	31 121 477
Lease income	4 784	2 362
Damages received	3 015	47
Government grants	1 764	805
Total	34 363 832	31 124 691

Disaggregation of other gains and losses


Other gains and losses	2025	2024
Gain(+)/loss(-) from disposal of fixed assets	15 165	5 058
Gain(+)/loss(-) from termination of leases (disposal RoU-assets)	482	930
Gain(+)/loss(-) from disposal of intangibles	0	5 850
Gain(+)/loss(-) from remeasurement of previously held shares in associated company, now recognized as subsidiary (acquisition in stages)	29 999	0
Gain(+)/loss(-) from disposal of subsidiary (Norsk Oppdrettsservice AS)	0	-15 790
Gain(+)/loss(-) from disposal of other non-current financial assets	-1	0
Total	45 645	-3 952

Information on product area

Operating revenue in NOK by product area


Operating revenue	2025	%	2024	%
Salmon, whole	13 659 736	39.8	13 690 747	44.0
Salmon, processed	8 957 113	26.1	7 670 718	24.6
Trout, whole	2 339 279	6.8	1 495 118	4.8
Trout, processed	1 183 171	3.4	952 866	3.1
Whitefish, whole	2 765 717	8.0	2 407 814	7.7
Whitefish, processed	2 423 970	7.1	2 129 171	6.8
Shellfish	1 077 572	3.1	1 153 673	3.7
Pelagic	291 982	0.8	96 020	0.3
Other	1 665 292	4.8	1 528 563	4.9
Total	34 363 832	100.0	31 124 691	100.0

Information on currency

Operating revenue in NOK by currency


Operating revenue	2025	%	2024	%
NOK	8 521 833	24.8	7 770 104	25.0
SEK	1 685 829	4.9	1 223 878	3.9
DKK	1 112 864	3.2	1 160 326	3.7
GBP	185 862	0.5	218 894	0.7
EUR	13 633 152	39.7	13 248 061	42.6
USD	7 838 668	22.8	6 435 698	20.7
JPY	845 747	2.5	645 139	2.1
Other currency	539 877	1.6	422 592	1.4
Total	34 363 832	100.0	31 124 691	100.0

Sales in foreign currency from Group companies in Norway normally take place at an approximate transaction rate

(week rates). However, contractual sales are hedged and the sales revenue is adjusted with the effect from the currency

forward contracts. Sales from foreign Group companies in foreign currency are in principle translated to NOK on the basis

of the accumulated monthly average exchange rate in the accounting period.

LERØY SEAFOOD GROUP Annual report 2025

Finance


				138

Note G2.1 cont.

Information on geographic area

Sales are allocated to the customers' home country. Assets and investments are distributed according to geographical

location.


Operating revenue	2025	%	2024	%
EU	17 783 379	51.8	16 472 106	52.9
Norway	5 819 692	16.9	5 351 258	17.2
Asia	5 779 214	16.8	5 276 202	17.0
Rest of Europe	2 532 941	7.4	1 866 221	6.0
USA	1 825 753	5.3	1 499 077	4.8
Canada	302 881	0.9	378 751	1.2
Other	319 973	0.9	281 076	0.9
Total	34 363 832	100.0	31 124 691	100.0

Note G2.2 Segment information

All figures in NOK 1 000

Accounting policy

The operating segments presented are the key components of the Groups business. The identified segments have been

regularly assessed, monitored and managed by the CEO and key decision makers. The accounting policies used for the

segment reporting are the same as for the consolidated financial statements, with the following exceptions: Alternative

performance measures (APMs) are applied as a supplement. The APMs exclude identified non-operational items and

present a better understanding of the underlying operational performance, where non-recurring items, fair value

adjustments and tax related items are excluded. The APMs applied are explained in more detail in a separate note.

Segments

Segments are reported at a more aggregated level than for internal reporting to the corporate management due to

similar economic characteristics, organisational structure and commercial risk. The Group's reportable segments

comprise the following: (1) Wild Catch, (2) Farming and (3) Value-added Processing (VAP), sales and distribution. The last

segment is also named VAPS&D for short. Lerøy Seafood Group ASA and Preline Fishfarming System AS are not allocated

to any of these segments.

Wild Catch is reported as one segment. The unit comprises the two sub-groups Lerøy Havfisk AS and Lerøy Norway

Seafoods AS. The Lerøy Havfisk Group, owner of the licences, is subject to a so-called “industrial obligation” in Stamsund,

Melbu, Hammerfest, Båtsfjord, Honningsvåg and Kjøllefjord. This implies that the licence is linked to operation of the

facilities in the respective locations. Lerøy Havfisk has leased out the facilities in these locations to Lerøy Norway Seafoods

AS. The lessor is responsible for sustaining operations. However, if the lessor terminates operations, the licence terms oblige

Lerøy Havfisk to sustain operations in the specified locations. The two companies, including their subsidiaries, are so heavily

integrated with each other, that they are regarded as one operating segment, which is reflected in the internal reporting.

Farming is reported as one segment, but specified on the three operating segments (1) North, (2) Central and (3) West.

The North Norway region includes Lerøy Aurora AS and Lerøy Aurora Sjø AS. The Central Norway region includes Lerøy

Midt AS and Lerøy Midt Sjø AS. And the West Norway region (also known as Lerøy Sjøtroll) includes Lerøy Vest AS, Lerøy

Vest Sjø AS, Sjøtroll Havbruk AS, Sjøtroll Havbruk Sjø AS, Lerøy Sjøtroll Kjærelva AS, Lerøy Årskog AS, Lerøy Havbruk

Service AS and Lerøy Ocean Harvest AS. Lerøy Vest Kraft AS has been merged with Lerøy Vest AS in Q4 2025. These units

all operate in the same branch, have the same customers, similar commercial risk and similar processes. Their only

distinguishing factor is geography. It has therefore been deemed appropriate to merge these into one operating segment.

Value-added Processing (VAP), sales and distribution is the third segment. This segment comprises several sub-groups

and individual entities. These are also merged into one reporting segment due to similarities such as same branch,

commercial risk and uniform processes. The Norwegian units are: Lerøy Seafood AS, Lerøy Fossen AS, Lerøy Austevoll AS,

AUSS Laks AS, Lerøy Bulandet AS, Lerøy Sjømatgruppen AS, Lerøy Norge AS, Sirevaag AS, Lerøy Nord AS, Dragøy Grossist

AS, Sjømathuset AS and Wannebo International AS. From Q3 2025 Kirkenes Processing AS has been included in the

segment. The foreign units consist of the Dutch sub-group Lerøy Seafood Holding B.V., that also includes Leroy Germany

GmbH, the Swedish sub-group Lerøy Sverige AB, the Danish sub-group Lerøy Seafood Denmark A/S, the French sub-group

SAS Leroy Seafood France, the Spanish sub-group Leroy Processing Spain S.L, in addition to Leroy Seafood USA Inc, Leroy

Portugal Lda, Lerøy Finland OY, Lerøy Turkey, Leroy Seafood Italy Srl and Leroy Seafood UK Ltd. From Q3 2025 Leroy

Seafood (Thailand) LTD has also been included in the segment.

Please refer to the note on the consolidated companies for a complete overview of the companies in the sub-groups,

allocation into operating segments and ownership structure.

LERØY SEAFOOD GROUP Annual report 2025

Finance


				139

Note G2.2 cont.


Income statement allocated on segment	2025						2024
Income statement allocated on segment	Wild Catch	Farming	VAPS&D	LSG ASA / Preline	Elim.	Total	Wild Catch	Farming	VAPS&D	LSG ASA / Preline	Elim.	Total
External operating revenue	1 353 250	146 545	32 863 176	862		34 363 832	1 228 086	254 187	29 640 596	1 822		31 124 691
Internal operating revenue	1 854 304	13 845 286	81 920	441 091	-16 222 602	0	1 398 199	13 408 339	70 846	401 958	-15 279 342	0
Total operating revenue	3 207 554	13 991 831	32 945 096	441 953	-16 222 602	34 363 832	2 626 285	13 662 526	29 711 441	403 780	-15 279 342	31 124 691
Other gains (+) and losses (-)	689	40 416	4 534	6	0	45 645	404	-6 481	2 126	0	0	-3 952
Operating expenses before depreciations and impairment loss (-)	-2 669 496	-11 576 398	-31 413 526	-784 953	16 218 843	-30 225 531	-2 246 982	-10 448 781	-28 623 701	-760 058	15 342 209	-26 737 314
Operating profit before depreciations and impairment loss (EBITDA), before fair value adjustments	538 747	2 455 849	1 536 104	-342 994	-3 759	4 183 946	379 707	3 207 263	1 089 866	-356 278	62 867	4 383 425
Depreciations (-)	-268 822	-1 311 864	-293 217	-33 735	0	-1 907 639	-249 764	-1 125 319	-247 848	-29 279	0	-1 652 209
Impairment loss (-) / reversal of impairment loss (+)	0	0	0	-54 802	0	-54 802	0	-58 542	0	0	0	-58 542
Operating profit (EBIT) before fair value adjustments	269 925	1 143 985	1 242 886	-431 531	-3 759	2 221 506	129 943	2 023 403	842 018	-385 556	62 867	2 672 675
Change in fair value adjustment of fish in sea (+/-)	0	-1 229 942	0	0	0	-1 229 942	0	347 227	0	0	0	347 227
Change in fair value of onerous contracts (+/-)	0	67 591	0	0	0	67 591	0	-55 636	0	0	0	-55 636
Total fair value adjustments related to biological assets	0	-1 162 351	0	0	0	-1 162 351	0	291 592	0	0	0	291 592

Operating profit (EBIT)	269 925	-18 367	1 242 886	-431 531	-3 759	1 059 155	129 943	2 314 995	842 018	-385 556	62 867	2 964 266
Profit (+) / loss (-) from subsidiaries, JVs and ACs	-1 998	-87 256	148	1 951 553	-1 951 553	-89 106	272	106 997	-434	-429 756	429 756	106 835
Net financial items (+/-)	-97 454	-378 060	-89 361	-105 619	0	-670 494	-71 900	-329 259	-81 483	-40 005	5 677	-516 970
Profit before tax	170 473	-483 683	1 153 673	1 414 403	-1 955 312	299 555	58 315	2 092 733	760 101	-855 318	498 300	2 554 131
Tax cost (-)						67 480						139 152
The year's result						367 035						2 693 283

LERØY SEAFOOD GROUP Annual report 2025

Finance


				140

Note G2.2 cont.


Alternative Performance Measure reconciliation	2025						2024
Alternative Performance Measure reconciliation	Wild Catch	Farming	VAPS&D	LSG ASA / Preline	Elim.	Total	Wild Catch	Farming	VAPS&D	LSG ASA / Preline	Elim.	Total
Operating profit (EBIT)	269 925	-18 367	1 242 886	-431 531	-3 759	1 059 155	129 943	2 314 995	842 018	-385 556	62 867	2 964 266
Fair value adjustments biological assets		1 229 942				1 229 942		-347 227				-347 227
Onerous contract provision		-67 591				-67 591		55 636				55 636
EBIT before fair value adjustments	269 925	1 143 985	1 242 886	-431 531	-3 759	2 221 506	129 943	2 023 403	842 018	-385 556	62 867	2 672 675
Change in unrealized internal margin					3 759	3 759					-5 221	-5 221
Production fee		188 710				188 710		160 099				160 099
Litigation costs			24 270	15 803		40 074			46 050	12 191		58 241
Restructuring costs			22 871			22 871						0
Impairment loss, deducted from operational EBIT				54 802		54 802		58 542				58 542
Other non-operational items		-29 999				-29 999		15 790				15 790
Operational EBIT	269 925	1 302 696	1 290 028	-360 926	0	2 501 722	129 943	2 257 833	888 068	-373 365	57 646	2 960 125
Depreciation	268 822	1 311 864	293 217	33 735	0	1 907 639	249 764	1 125 319	247 848	29 279	0	1 652 209
Impairment loss, not deducted from operational EBIT	0	0	0	0	0	0	0	0	0	0	0	0
Operational EBITDA	538 747	2 614 560	1 583 245	-327 191	0	4 409 361	379 707	3 383 152	1 135 916	-344 087	57 646	4 612 334


Depreciation and impairment loss	2025						2024
Depreciation and impairment loss	Wild Catch	Farming	VAPS&D	LSG ASA / Preline	Elim.	Total	Wild Catch	Farming	VAPS&D	LSG ASA / Preline	Elim.	Total
Depreciation on intangibles	29 137	635	2 738	0		32 511	29 137	635	2 594	0		32 367
Depreciation on right-of-use assets from credit institutions	3 160	235 918	46 504	797		286 380	2 225	201 034	43 400	116		246 775
Depreciation on right-of-use assets from others	2 531	442 642	45 991	10 783		501 946	1 432	368 060	34 049	10 783		414 324
Depreciation on fixed assets	233 994	632 669	197 984	22 155		1 086 802	216 971	555 589	167 804	18 380		958 744
Total depreciation	268 822	1 311 864	293 217	33 735	0	1 907 639	249 764	1 125 319	247 848	29 278	0	1 652 209
Impairment loss on intangibles				54 802		54 802		73 542				73 542
Impairment loss on fixed assets						0		-15 000				-15 000
Total impairment loss	0	0	0	54 802	0	54 802	0	58 542	0	0	0	58 542
Impairment loss relates to:
Termination of Pipefarm concept				54 802		54 802						0
Close down or termination of juvenile/cleaning fish plant						0		82 542				82 542
Close down of slaughtery plants						0		-24 000				-24 000
Total impairment loss	0	0	0	54 802	0	54 802	0	58 542	0	0	0	58 542

LERØY SEAFOOD GROUP Annual report 2025

Finance


				141

Note G2.2 cont.


Key operational figures	2025						2024
Key operational figures	Wild Catch	Farming	VAPS&D	LSG ASA / Preline	Elim.	Total	Wild Catch	Farming	VAPS&D	LSG ASA / Preline	Elim.	Total
Catch volume (HOG) in tonnes	57 675					57 675	64 991					64 991
Harvest volume salmon and trout (GWT)		195 555				195 555		171 228				171 228
Share of harvest volume salmon (GWT) from joint ventures		16 395				16 395		20 220				20 220
Operating margin before fair value adjustments	8.4%	8.2%	3.8%	-97.6%	0.0%	6.5%	4.9%	14.8%	2.8%	-95.5%	-0.4%	8.6%
Operational EBIT-margin	8.4%	9.3%	3.9%	-81.7%	0.0%	7.3%	4.9%	16.5%	3.0%	-92.5%	-0.4%	9.5%
Operational EBIT/kg salmon and trout, exclusive Wild Catch segment		6.7	6.6	-1.8	0.0	11.4		13.2	5.2	-2.2	0.3	16.5
Operational EBIT/kg catch volume in Wild Catch segment	4.7					4.7	2.0					2.0
Operational EBIT from all segments/kg slaughtered salmon and trout	1.4	6.7	6.6	-1.8	0.0	12.8	0.8	13.2	5.2	-2.2	0.3	17.3
EBIT before FV adj./kg salmon and trout, exclusive Wild Catch segment		5.8	6.4	-2.2	0.0	10.0		11.8	4.9	-2.3	0.4	14.8
EBIT before FV adj./kg catch volume in Wild Catch segment	4.7				-0.1	4.6	2.0				0.1	2.1
EBIT before FV adj. from all segments/kg slaughtered salmon and trout	1.4	5.8	6.4	-2.2	0.0	11.4	0.8	11.8	4.9	-2.3	0.4	15.6


Key amounts from statement of financial position	2025						2024
Key amounts from statement of financial position	Wild Catch	Farming	VAPS&D	LSG ASA / Preline	Elim.	Total	Wild Catch	Farming	VAPS&D	LSG ASA / Preline	Elim.	Total
Intangibles	3 430 197	4 366 917	915 958	1		8 713 073	3 459 334	4 367 552	864 062	54 803		8 745 750
Right-of-use assets	34 788	2 530 505	715 284	141 845		3 422 421	36 845	2 698 023	784 752	150 185		3 669 804
Fixed assets	2 349 099	5 431 006	1 642 471	39 631		9 462 206	2 342 152	4 987 655	1 553 892	58 328		8 942 027
Joint ventures and associates	8 618	1 405 735	1 221	555 455	-555 455	1 415 575	10 616	1 555 223	1 096	555 455	-555 455	1 566 934
Other assets	1 058 460	11 552 703	6 342 375	12 435 379	-13 690 567	17 698 349	501 064	13 559 136	6 580 709	10 965 252	-11 699 603	19 906 558
Total assets	6 881 161	25 286 866	9 617 309	13 172 311	-14 246 023	40 711 624	6 350 011	27 167 588	9 784 510	11 784 023	-12 255 058	42 831 074
Total liabilities	2 869 506	11 689 745	6 409 771	4 303 909	-4 504 529	20 768 402	2 750 369	11 544 578	5 999 006	3 694 568	-2 324 248	21 664 272
NIBD	751 017	3 580 346	705 230	2 985 870	0	8 022 463	1 154 507	3 442 511	999 463	2 109 003	0	7 705 484
Net investments *	243 886	1 293 063	284 548	6 691	0	1 828 188	373 706	1 333 147	341 170	13 667	0	2 061 690

* Net investments consist of net addition for (1) fixed assets, (2) intangibles and (3) right-of-use assets from credit institutions.

Net investment is total purchase price paid for new assets minus sale price for disposed assets.

Right-of-use assets derived from leases with other than credit institutions are not considered to be investments, and are therefore not included.

LERØY SEAFOOD GROUP Annual report 2025

Finance


				142

Note G2.2 cont.

Specification per region within Farming


Income statement allocated on region	2025					2024
Income statement allocated on region	North	Central	West	Elimination	Total	North	Central	West	Elimination	Total
External operating revenue	55 807	56 237	34 501		146 545	52 973	87 531	113 683		254 187
Internal operating revenue	3 835 858	5 398 630	4 862 496	-251 697	13 845 286	3 492 896	5 764 062	4 332 769	-181 388	13 408 339
Total operating revenue	3 891 665	5 454 867	4 896 996	-251 697	13 991 831	3 545 869	5 851 593	4 446 452	-181 388	13 662 526
Other gains and losses	31 926	6 722	-4 536	6 304	40 416	6 283	6 930	-7 994	-11 700	-6 481
Operating expenses	-3 361 729	-5 029 991	-4 745 139	248 597	-12 888 262	-2 819 595	-4 611 126	-4 381 028	179 107	-11 632 642
Operating profit (EBIT) before fair value adjustments	561 862	431 598	147 321	3 204	1 143 985	732 557	1 247 397	57 430	-13 981	2 023 403


Alternative Performance Measure reconciliation	2025					2024
Alternative Performance Measure reconciliation	North	Central	West	Elimination	Total	North	Central	West	Elimination	Total
Operating profit (EBIT) before fair value adjustments	561 862	431 598	147 321	3 204	1 143 985	732 557	1 247 397	57 430	-13 981	2 023 403
Production fee	52 767	68 309	67 634		188 710	41 205	64 463	54 430		160 099
Impairment loss, deducted from operational EBIT					0	29 000		29 542		58 542
Other non-operational items	-29 999				-29 999			15 790		15 790
Operational EBIT	584 629	499 907	214 956	3 204	1 302 696	802 762	1 311 860	157 192	-13 981	2 257 834
Depreciation	307 041	500 439	504 384		1 311 864	247 246	412 824	465 248		1 125 319
Impairment loss, not deducted from operational EBIT					0					0
Operational EBITDA	891 670	1 000 346	719 340	3 204	2 614 560	1 050 009	1 724 684	622 440	-13 981	3 383 152


Volumes per region	2025					2024
Volumes per region	North	Central	West	Elimination	Total	North	Central	West	Elimination	Total
Volume salmon (GWT)*	54 680	70 787	32 609		158 077	44 070	68 944	34 686		147 700
Volume trout (GWT)			37 478		37 478			23 528		23 528
Total volume	54 680	70 787	70 087		195 555	44 070	68 944	58 214		171 228

* GWT = Gutted weight in tonnes

LERØY SEAFOOD GROUP Annual report 2025

Finance


				143

Note G2.2 cont.


Key figures per region	2025					2024
Key figures per region	North	Central	West	Elimination	Total	North	Central	West	Elimination	Total
Operating profit (EBIT)/kg slaughtered salmon and trout	10.3	6.1	2.1		5.8	16.6	18.1	1.0		11.8
Non operational items/kg slaughtered salmon and trout	0.4	1.0	1.0		0.8	1.6	0.9	1.7		1.4
Operational EBIT/kg slaughtered salmon and trout	10.7	7.1	3.1		6.7	18.2	19.0	2.7		13.2
Operational EBIT from VAPS&D/kg slaughtered salmon and trout	6.6	6.6	6.6		6.6	5.2	5.2	5.2		5.2
Operational value-chain EBIT from Farming + VAPS&D/kg slaughtered salmon and trout	17.3	13.7	9.7		13.3	23.4	24.2	7.9		18.4

Key amounts from statement of financial position split on geographic area

Sales are allocated to the customers' home country. Assets and investments are distributed according to geographical

location.


Operating revenue	2025	%	2024	%
Norway	5 819 692	16.9	5 351 258	17.2
EU	17 783 379	51.8	16 472 106	52.9
Other countries	10 760 761	31.3	9 301 327	29.9
Total operating revenue	34 363 832	100.0	31 124 691	100.0


Assets	2025	%	2024	%
Norway *	36 163 339	88.8	38 400 264	89.7
EU	3 995 506	9.8	4 038 896	9.4
Other countries	552 779	1.4	391 914	0.9
Total assets	40 711 624	100.0	42 831 074	100.0

* Most of the trade receivables in the subsidiary Lerøy Seafood AS are from customers abroad. At year-end (year-end previous

year) this amounted to NOK 1 286 252 out of NOK 1 521 036 (NOK 1 329 833 out of NOK 1 653 712). Most of the trade receivables are

covered by credit insurance.


Net investments	2025	%	2024	%
Norway	1 673 638	91.5	1 854 715	90.0
EU	150 421	8.2	193 145	9.4
Other countries	4 129	0.2	13 830	0.7
Total net investments	1 828 188	100.0	2 061 690	100.0

LERØY SEAFOOD GROUP Annual report 2025

Finance


				144

Note G2.3 Payroll costs, number of employees, remuneration, loans to staff, etc.

All figures in NOK 1 000

Number of employees, including hired personnel


Key figures	2025	2024
Number of full-time equivalents	5 723	5 269
Number of hired personnel as of 31.12	943	883
Number of employees 31.12	6 773	6 194
Number of men employed 31.12	4 129	3 776
Number of women employed 31.12	2 644	2 418
Percentage of women employed 31.12	39.0%	39.0%
Percentage of men employed 31.12	61.0%	61.0%

Payroll costs and remuneration of senior executives


Disaggregation of salaries and other personnel costs	2025	2024
Salary	3 802 650	3 420 420
Employer's national insurance contribution	372 756	337 376
Hired personnel	530 543	426 624
Pension costs	220 066	203 505
Other remuneration	21 355	35 286
Other personnel expenses	191 845	190 127
Total	5 139 215	4 613 337

All the Norwegian companies in the Group satisfy the requirements in the Act relating to mandatory occupational

pensions (Norwegian: OTP). The schemes are mainly established as defined contribution pension schemes. Most of the

benefit schemes have been replaced with contribution schemes together with a paid-up-policy to the previous members.

The remaining net liabilities are calculated based on common actuarial assumptions. In addition some companies within

the Group have some small unsecured schemes which are financed by operations. These schemes are considered to be

immaterial regarding further disclosure in the notes.


Remuneration of senior executives in 2024	Salary	Bonus	Pension	Other	Total
CEO	3 693	3 100	213	4	7 010
CFO	3 065	2 200	210	4	5 479
COO Farming	2 417	1 200	211	4	3 832
COO VAPS&D	2 360	1 200	209	4	3 773
CHRO	2 133	1 200	213	4	3 550


Remuneration of senior executives in 2025	Salary	Bonus	Pension	Other	Total
CEO	4 388	3 100	223	6	7 717
CFO	3 695	2 200	219	6	6 120
COO Farming	2 607	1 296	221	6	4 130
COO VAPS&D	2 602	1 286	219	8	4 115
CHRO	2 380	1 200	223	7	3 810

Remunerations of board members and committee members

The remuneration fee is approved annually by the shareholders on the ordinary general meeting. The approved

remuneration is applied from this date and until next ordinary general meeting, but with effect from the following month.

Thus, the accounting year has been split in two periods: Period 1: From 1st of January and until 31st of May - 5 months, and

period 2: From 1st of June and until 31st of December - 7 months.


Remuneration of the board	2025	2024
Period 1 (5 months):
Number of board members (4 women and 5 men / 3 women and 4 men)	9	7
Annual remuneration fee for leader	650	500
Annual remuneration fee for other members	400	300
Period 2 (7 months):
Number of board members (4 women and 5 men)	9	9
Annual remuneration fee for leader	650	650
Annual remuneration fee for other members	400	400
Full year - 12 months:
Total remuneration paid / accrued	3 850	3 204

LERØY SEAFOOD GROUP Annual report 2025

Finance


				145

Note G2.3 cont.


Remuneration of the nomination committee	2025	2024
Period 1 (5 months):
Number of committee members (1 woman and 2 men)	3	3
Annual remuneration fee for leader	65	65
Annual remuneration fee for other members	65	65
Period 2 (7 months):
Number of committee members (1 woman and 2 men)	3	3
Annual remuneration fee for leader	65	65
Annual remuneration fee for other members	65	65
Full year - 12 months:
Total remuneration paid / accrued	195	195


Remuneration of the audit committee	2025	2024
Period 1 (5 months):
Number of committee members (2 women and 1 man / 1 woman and 1 man)	3	2
Annual remuneration fee for leader	120	120
Annual remuneration fee for other members	80	80
Period 2 (7 months):
Number of committee members (2 women and 1 man / 1 woman and 1 man)	3	2
Annual remuneration fee for leader	120	120
Annual remuneration fee for other members	80	80
Full year - 12 months:
Total remuneration paid / accrued	273	200

A description of the main principles for the company's salary policy is included in the Board of Directors' statement

regarding salary and other remuneration of executive personnel.

Mandates granted to the Board of Directors

Mandates are granted to the Board of Directors in accordance with the Public Limited Companies Act (Norway), cf. in

particular chapters 8, 9 and 10 of the Act.

The first time the Board was authorised to acquire the company’s own shares was at the ordinary general meeting on 12

May 2000. This mandate has been replaced with a new mandate at the ordinary general meeting on 27 May 2025. The

mandate is valid until the earlier of the 2026 annual general meeting and 30 June 2026. The Board has authority to

acquire up to 50 million shares, each with a face value of NOK 0.1. The lowest price to be paid is NOK 1 per share, and the

highest price per share is NOK 180. The purpose of the authorisation is to provide the Board of Directors with flexibility to

use the company’s own shares as consideration in connection with potential acquisitions, reorganisations and other

structural transactions, as well as to meet obligations under share‑based incentive programmes for management and

key employees. The mandate was not exercised in 2025. Renewal of the mandate will be recommended to the general

meeting on 27 May 2026.

The Board has authority to increase the share capital by up to NOK 5 000 000 by issuing up to 50 000 000 shares in Lerøy

Seafood Group ASA, each with a nominal value of NOK 0.1, through one or more private placings with external investors,

employees and some of the company’s shareholders. This type of mandate was first established by the ordinary general

meeting of 4 May 1999 and subsequently renewed by the ordinary general meeting on 27 May 2025. The mandate

remains valid until the earlier of the 2026 annual general meeting and 30 June 2026. The mandate was not exercised in

2025. Renewal of the mandate will be recommended to the general meeting on 27 May 2026.

Fees to auditor


Disaggregation of fees	2025	2024
Auditing fees Group auditor	18 221	16 958
Auditing fees other auditors	2 747	2 819
Other certification services Group auditor	5 018	2 695
Other certification services other auditors	0	206
Tax services from Group auditor	436	1 615
Tax services from other auditors	1 397	1 208
Other services Group auditor	3 410	5 092
Other services other auditors	1 121	1 647
Total	32 351	32 240
Total fees to Group auditor were	27 086	26 360

The Group auditor is PricewaterhouseCoopers AS. Fees invoiced from the Group auditor also include the law firm

PricewaterhouseCoopers AS and other PricewaterhouseCoopers companies abroad. The auditing fee for the Group's

auditor specified above is the agreed fee for the audit of the present year. Other fees concern services received during

2025. Other services paid to Group auditor in 2025 consists of HR related services.

Loans to employees

No loans have been granted to the CEO, Chairman of the Board or other related parties. No single loan or guarantee to

employees has been granted for more than 5% of the company's equity.

LERØY SEAFOOD GROUP Annual report 2025

Finance


				146

Note G2.4 Items that are combined in the financial statements

All figures in NOK 1 000

Net financial items


Financial revenue	2025	2024
Interest revenue	132 846	179 738
Currency gain *	0	19 035
Income from other investments	743	367
Fair value adjustment on financial instruments (+/-)	0	-728
Other financial revenue	11 253	9 945
Total financial revenue	144 842	208 357


Financial costs	2025	2024
Interest costs (specified below)	761 798	717 095
Currency loss *	4 837	0
Impairment loss / reversal on long-term financial assets	33 886	-10 499
Other financial costs	14 814	18 730
Total financial costs	815 335	725 326

Net financial items	-670 494	-516 970

* Currency gains and losses related to purchases and sales are presented as a part of the accounting line for cost of materials.

Net currency gain in 2025 is NOK 127.2 million. In 2024, net gain was NOK 72.5 million.


Interest costs consist of	2025	2024
Interests on bond loans	163 401	161 358
Interest on long-term loans from credit institutions	273 771	285 916
Interest on interest swap agreements	-16 790	-19 684
Interest on lease liabilities to credit institutions	95 403	65 313
Interest on lease liabilities to others	116 145	72 095
Interest paid to Tax Authorities due to changes in tax filing	698	50 365
Other interest cost, including interests on overdraft	129 171	101 732
Total	761 798	717 095

Note G2.5 Ordinary corporate tax

All figures in NOK 1 000

Accounting policy

Tax cost in the income statement includes both the tax payable for the period and changes in deferred tax. Deferred tax

is calculated at local tax rate for each country based on the temporary differences that exist between accounting and

taxable values, as well as the tax loss carryforward, at the end of the financial year. Temporary tax-increasing and tax-

decreasing differences which reverse or may reverse the figures in the same period and within the same tax regime, are

offset and booked at net value. Deferred tax is calculated at the nominal tax rate.

Overview

Total income tax is split on two separate components in the income statement and in the statement of financial position.

Each type of tax has its own note (1) Ordinary corporate tax and (2) Resource rent tax. The reason for the segregation is

due to the fact that the two taxes are very different in nature and calculation. The resource rent tax comes on top of

ordinary corporate tax, and it is calculated on income from producing salmon and trout in sea, and is explained in detail

in the note following this ordinary corporate tax note.

LERØY SEAFOOD GROUP Annual report 2025

Finance


				147

Note G2.5 cont.


Ordinary corporate tax cost in the income statement	2025	2024
Total tax cost
Pre-tax profit/loss	299 555	2 554 131
Tax based on tax rates in the various countries	67 550	572 125
22% of share of profit/loss from associate	19 603	-23 504
Other differences	60 483	83 744
Total	147 636	632 366
Effective tax rate	49.3%	24.8%

Components of total tax cost
Change in deferred tax recognized in the income statement	-195 781	-112 619
Tax payable cost recognized in the income statement	343 417	744 985
Total	147 636	632 366

Change in deferred tax recognized in the income statement
Change in deferred tax in statement of financial position	-217 354	-120 806
Change in deferred tax recognized in comprehensive income	6 026	6 170
Change in deferred tax from business combinations	15 548	2 017
Total	-195 780	-112 619

Tax payable cost recognized in the income statement
Tax payable cost on this year's taxation base	281 482	127 095
Tax payable cost on changed tax filing for previous years, recognized in income statement for present year	54 020	582 015
Tax payable cost related to estimation deviation previous year	7 915	35 875
Total	343 417	744 985


Tax payable, ordinary corporate tax, in the statement of financial position	2025	2024
Carried value 31.12
Tax payable cost on this year's taxation base	281 482	127 095
Of which prepaid (abroad companies)	-67 473	-33 818
Carried value 31.12	214 009	93 277

Reconciliation carried value
Carried value 01.01	93 277	438 206
Taxes paid during the year	-213 391	-1 041 264
This year's tax payable cost	343 417	744 985
Estimation deviations	-9 294	-48 650
Carried value 31.12	214 009	93 277

Taxes paid
Previous year's tax payable after adjustments in tax filing	111 735	425 431
Tax payable related to change in tax filing for a previous year	34 183	582 015
Prepaid tax for current year	67 473	33 818
Total tax paid during the year	213 391	1 041 264


Deferred tax, ordinary corporate tax, in the statement of financial position	2025	2024
Reconciliation carried value
Net carried value 01.01	2 890 618	3 011 423
Business combination, including disposal of subsidiary	-15 548	-2 017
Tax effect through other comprehensive income	-6 026	-6 170
Recognised change	-195 781	-112 619
Net carried value 31.12	2 673 263	2 890 617

Carried value in the statement of financial position
Net carried value 31.12	2 673 263	2 890 617
Deferred tax asset (-)*	-124 632	-126 279
Deferred tax liability (+)	2 797 895	3 016 896

* The negative temporary differences that can not be eliminated against the positive temporary differences.

LERØY SEAFOOD GROUP Annual report 2025

Finance


				148

Note G2.5 cont.

Deferred tax before elimination of negative temporary

differences against positive temporary differences:


Deferred tax liabilities (+)	Licences and rights	Operating assets and leases	Goods/biological assets	Receivables	Other differences	Sum
01.01.24	1 067 667	238 369	1 847 729	0	105 611	3 259 376
Business combination (22%)	0	0	0	0	-1 172	-1 172
Recognised in the period	3 222	65 212	289 489	0	-65 198	292 725
Deferred tax on records through other comprehensive income	0	0	0	0	-6 170	-6 170
31.12.24	1 070 889	303 581	2 137 218	0	33 071	3 544 759

Business combination (22%)	0	0	0	0	0	0
Recognised in the period	-4 254	-69 591	-233 304	0	-5 040	-312 189
Deferred tax on records through other comprehensive income	0	0	0	0	0	0
31.12.25	1 066 635	233 990	1 903 914	0	28 031	3 232 570


Deferred tax assets (-)	Loss carryforward	Operating assets and leases	Goods/biological assets	Receivables	Other differences	Sum
01.01.24	-136 945	-60 086	0	-2 150	-48 772	-247 952
Business combination	0	0	0	0	-845	-845
Recognised in the period	-390 983	-11 213	0	-468	-2 680	-405 344
Deferred tax on records through other comprehensive income	0	0	0	0	0	0
31.12.24	-527 928	-71 299	0	-2 618	-52 297	-654 141

Business combination	-13 298	-2 250	0	0	0	-15 548
Recognised in the period	154 604	-9 900	0	1 778	-30 074	116 408
Deferred tax on records through other comprehensive income	0	0	0	0	-6 026	-6 026
31.12.25	-386 622	-83 449	0	-840	-88 397	-559 307


Summary gross values before elimination	2025	2024
Deferred tax on positive temporary differences 31.12	3 232 570	3 544 759
Deferred tax on negative temporary differences 31.12	-559 307	-654 141
Net	2 673 263	2 890 618

Capitalised deferred tax asset derive mainly from loss carry forwards in foreign entities where the loss is expected to be

utilised within a reasonable time. Capitalised deferred tax liabilities derive mainly from Norwegian entities. The

applicable tax rates have a variation from 20% to 27%, depending on country.

Tax loss carried forward recognized in deferred tax asset:


	31.12.2025			31.12.2024
Tax jurisdiction	Base amount	Tax rate applied	Recognized amount	Base amount	Tax rate applied	Recognized amount
Norway (ordinary tax)	1 273 394	22%	280 147	1 825 677	22%	401 649
Sweden	68 951	21%	14 204	55 850	21%	11 505
USA	87 692	25%	21 923	94 662	23%	21 772
UK	10 830	27%	2 924	7 352	25%	1 838
Spain	269 696	25%	91 164	363 992	25%	91 164
Total	1 710 563		410 362	2 347 533		527 928

None of the recognized tax loss carried forward have any expiry date. The Group has analyzed the probability to utilize

the tax loss carried forward. It has been concluded, based on the information today, that it is likely that the recognized

tax loss carried forward can be utilized to offset future tax with an equal amount.

The Group has also substantial tax loss carried forward positions that does not meet the criteria for recognition in the

balance sheet. At balance sheet day, these positions represent an unrecognized deferred tax asset of NOK 70 million in

total.

OECD Pillar II model rules

Lerøy Seafood Group is within the scope of the OECD Pillar Two model rules, which came into effect from 1 January 2024.

The Group is in scope of the enacted or substantively enacted legislation and is in the process of reporting the 2024

numbers. The assessment of the exposure to Pillar Two income taxes has been based on the tax filings, country-by-

country reporting and financial statements for the constituent entities in the Group for 2024. Based on the assessment

performed, the Group have identified a limited number of jurisdictions where the transitional safe harbor relief does not

apply. The Group does not expect a material exposure to Pillar Two income taxes in those jurisdictions. As provided in the

amendments to IAS 12 issued May 2023, the Group applies the mandatory exception to recognizing and disclosing

information about deferred tax assets and liabilities arising from Pillar Two income taxes.

LERØY SEAFOOD GROUP Annual report 2025

Finance


				149

Note G2.6 Resource rent tax and production fee

All figures in NOK 1 000

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 four 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), (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 on the overall tax cost. Only which

period the tax will be payable.

Implementation effect from 01.01.2023

The implementation effect related to the 2023 resource rent tax, originally recognized with NOK 1.7 billion, was reduced by

NOK 1.0 billion in 2024. The initial amount reflected increased deferred resource rent tax on fish in sea at the

implementation date, due to an assumed lack of deduction for capitalized costs as of 31 December 2022 in the resource

rent tax calculation. In 2024, the Group submitted revised 2022 tax returns for two of the four companies subject to the

resource rent tax, claiming a deduction in 2023 for costs incurred in raising the fish up to 31 December 2022. Before filing

the revisions, the Group obtained an external legal assessment concluding that it is more likely than not that the claim

will succeed, provided the Group is prepared to pursue the matter in court. As a result, the deferred resource rent tax

related to the implementation-date biomass was reduced from NOK 1.7 billion to NOK 0.7 billion. However, final approval

of the deduction is still uncertain.


Disaggregation of resource rent tax cost	2025	2024
Implementation effect / reversal of implementation effect	0	-996 952
The resource rent tax cost of the period	-215 116	225 435
Total	-215 116	-771 518


Deferred tax related to resource rent tax	2025	2024
Deferred tax asset related to resource rent tax (-)	0	0
Deferred tax liability related to resource rent tax (+)	794 384	1 009 500
Deferred tax related to resource rent tax, net	794 384	1 009 500
Change in net deferred tax liability related to resource rent tax	-215 116	-771 321


Resource rent tax cost consist of	2025	2024
Change in deferred tax related to resource rent tax, net	-215 116	-771 321
Resource rent tax cost payable	0	0
Estimation deviation previous year - resource rent tax cost payable	0	-197
Total	-215 116	-771 518

The change in deferred tax in the table above includes implementation effect.


Resource rent tax cost of the period, excluding implementation effect, consists of	2025	2024
The periods change in deferred resource rent tax cost	-215 116	135 880
The periods resource rent tax cost payable	0	0
Estimation deviation previous year - change in deferred resource rent tax cost	0	89 751
Estimation deviation previous year - resource rent tax cost payable	0	-197
Total	-215 116	225 435

LERØY SEAFOOD GROUP Annual report 2025

Finance


				150

Note G2.6 cont.


Temporary differences and deferred resource rent tax	Change	2025	2024
Biomass (fish in sea)	-838 903	7 532 997	8 371 900
Accumulated negative resource rent carried forward *	-6 934	-4 296 911	-4 289 977
Portion of general deduction utilized	-14 627	-58 550	-43 923
Basis for calculation of deferred resource rent tax *	-860 464	3 177 536	4 038 000
Rate applied for calculation	25%	25%	25%
Deferred resource rent tax recognized *	-215 116	794 384	1 009 500

* After change in tax filing for 2022/2023 where parts of the implementation effect was reversed


Tax base and resource rent tax payable	2025	2024
Result from resource rent taxed activity	-997 977	430 157
Permanent differences	157 532	205 137
Change in temporary differences *	838 903	-1 130 783
Accumulated negative resource rent carried forward from previous year, including interests	-4 289 977	-3 688 072
Difference between annual accounts and tax filing previous year	119 761	18 535
Tax base for calculation of resource rent tax payable *	-4 171 758	-4 165 026
Rate applied for calculation	25%	25%
Resource rent tax payable recognized (on positive result) *	0	0

* After change in tax filing for 2022/2023 where the implementation effect was partly reversed


Accumulated negative resource rent carried forward	2025	2024
Tax base for calculation of resource rent tax payable (-)	-4 171 758	-4 165 026
Interests on accumulated negative resource rent carried forward (-)	-125 153	-124 951
Accumulated negative resource rent to be carried forward, including interests (-)	-4 296 911	-4 289 977


Reconciliation of resource rent tax of the period	2025	2024
25% of profit before tax in resource rent taxed companies	-249 494	107 539
25% of net permanent differences excluding production fee	-7 702	11 269
25% of production fee	47 085	40 016
25% of interests on negative resource rent carried forward	-31 288	-31 238
25% of unutilized part of general deduction	-3 660	3 660
25% of difference between annual accounts and tax filing previous year	29 940	4 634
Estimation deviation	3	0
Total	-215 116	135 880


Impact on key figures from implementation effect	2025	2024
EQUITY
Equity excl. implementation effect	20 666 899	21 890 478
Implementation effect recognized	-723 677	-723 677
Equity included implementation effect, recognized in the statement of financial position	21 166 802	21 166 802
Equity percentage excl. implementation effect	50.8%	51.1%
Implementation effect in % compared with total assets	-1.8%	-1.7%
Equity percentage included implementation effect, recognized in the statement of financial postition	49.0%	49.4%
Implementation effect in % compared with equity	-3.5%	-3.3%
EARNINGS PER SHARE (EPS)
EPS exclusive implementation effect*	2.12	2.51
Implementation effect recognized	0.00	1.68
EPS including implementation effect*	2.12	4.19

* Before fair value adjustment on biological assets

LERØY SEAFOOD GROUP Annual report 2025

Finance


				151

Note G2.6 cont.

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 volume, not income or profit. 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.


Production fee	Rate in kr per tonnes	Volume (GWT)	Production fee
Q1 2024	935	26 376	24 661
Q2 2024	935	36 709	34 323
Q3 2024	935	51 367	48 028
Q4 2024	935	56 776	53 086
Q1 2025	965	38 243	36 904
Q2 2025	965	48 898	47 186
Q3 2025	965	59 168	57 097
Q4 2025	965	49 247	47 523

Section 3 – Assets and liabilities

Note G3.1 Intangible assets

All figures in NOK 1 000

Accounting policy

Goodwill

Goodwill represents the residual value that cannot be assigned to other assets or liabilities on acquisition of a company

or other assets. Deferred tax at date of acquisition on licences with unlimited lifetime, increases goodwill. Goodwill in

respect of the acquisition of subsidiaries is included in intangible assets, while goodwill in connection with the acquisition

of associates is included in the item "Shares in associates". From each business combination goodwill is allocated to a

cash generating unit (CGU). Goodwill is not amortized but reviewed annually for any impairment and carried on the

balance sheet at cost price less accumulated impairment losses.

Other intangible assets

Intangible assets with finite lifetime, and that are acquired separately, are carried at cost less accumulated amortization

and accumulated impairment losses. Amortization is recognized on a straight-line basis over their estimated useful lives.

Intangible assets with indefinite useful lives, and that are acquired separately, are carried at cost less accumulated

impairment losses.

Overview

Licences and other rights

The Group's licences can be split into two main groups:

1. Licences related to farming

2. Licences related to wild catches (fishing rights)

1.1 Licences related to farming

Most licences related to farming are for fish in sea with indefinite lifetime. Some special purpose licences for fish in sea

may have a predetermined time limit. The licences owned by the Group in this category, have zero purchase price.

Juvenile fish licences for production of salmon and trout in the first stage in fresh water on shore, also have an indefinite

lifetime. In addition the Group owns some farming licences for production of cleaner fish in fresh water on shore, also with

indefinite lifetime. Therefore, the licences in farming are not amortized. However, these licences are tested for impairment

once a year as a minimum. The licences are described in more detail later in this note.

1.2 Licences related to wild catches

In Wild Catch the licences are referred to as quotas. The quotas are linked to specific trawling vessels. The quotas define

the annual maximum catch volume for different species. The catch volume per quota varies from year to year. The quotas

are divided into the two groups: (1) "basic quotas", that have an indefinite lifetime, and (2) "structural quotas", with a

predetermined time limit. At end of the lifetime, the catch volumes will be redistributed within the vessel group "cod

trawlers" and thus become part of the vessels' basic quota. This means that if one has structures in line with the average

for the vessel group, one will maintain approximately the same catch quantity after the period for the structural quotas

LERØY SEAFOOD GROUP Annual report 2025

Finance


				152

Note G3.1 cont.

has expired. Due to the predetermined time limit, the structural quotas have to be amortized over the lifetime. The "basic

quotas" that have an indefinite useful life, are not amortised, but tested for impairment once a year as a minimum. The

quotas are described in more detail later in this note.

2 Other rights

The major share of other rights comprises water rights within farming (smolt production). The Group distinguishes

between time-limited water rights, which are amortised over their lifetime, and water rights with no time limit, which are

not amortised but are tested annually for impairment. Other intangible assets comprise rights that are amortised over

their lifetime (contractual period). In addition, the Group has some intellectual property rights, but with no carrying value.

Reconciliation carrying value, gross value and life


2024	Goodwill	Wild Catch quotas	Farming licences	Other rights	Total
Movements during the year
Carrying value as of 01.01	2 690 656	3 485 726	2 484 677	25 992	8 687 051
Translation differences	26 812			156	26 969
Reclassification			-4 000	4 000	0
Additions from business combinations	-13 000				-13 000
Acquisition of intangible assets			150 446	193	150 639
Amortisation for the year		-29 137	0	-3 230	-32 367
Impairment loss of the year	-13 295		-60 247		-73 542
Carrying value as of 31.12	2 691 174	3 456 589	2 570 876	27 111	8 745 750
As of 31 December
Acquisition cost	2 691 174	3 695 464	2 590 877	92 497	9 070 011
Accumulated amortisation		-238 875	0	-65 386	-304 261
Accumulated impairment	0	0	-20 000	0	-20 000
Carrying value as of 31.12	2 691 174	3 456 589	2 570 876	27 111	8 745 750
Assets with unlimited useful life	2 691 174	3 281 401	2 512 602	4 509	8 489 686
Assets with limited useful life		175 188	58 274	22 602	256 064
Carrying value as of 31.12	2 691 174	3 456 589	2 570 876	27 111	8 745 750


2025	Goodwill	Wild Catch quotas	Farming licences	Other rights	Total
Movements during the year
Carrying value as of 01.01	2 691 174	3 456 589	2 570 876	27 111	8 745 750
Translation differences	-934			-35	-969
Reclassification					0
Additions from business combinations	55 224				55 224
Acquisition of intangible assets				381	381
Amortisation for the year		-29 137		-3 374	-32 511
Impairment loss of the year			-54 802		-54 802
Carrying value as of 31.12	2 745 464	3 427 452	2 516 075	24 083	8 713 073
As of 31 December
Acquisition cost	2 745 464	3 695 464	2 590 877	92 820	9 124 625
Accumulated amortisation		-268 012	0	-68 737	-336 750
Accumulated impairment	0	0	-74 802	0	-74 802
Carrying value as of 31.12	2 745 464	3 427 452	2 516 075	24 083	8 713 073
Assets with unlimited useful life	2 745 464	3 281 401	2 512 602	4 509	8 543 976
Assets with limited useful life		146 051	3 473	19 574	169 098
Carrying value as of 31.12	2 745 464	3 427 452	2 516 075	24 083	8 713 073

LERØY SEAFOOD GROUP Annual report 2025

Finance


				153

Note G3.1 cont.


Specification of this years impairment loss	Goodwill	Wild Catch quotas	Farming licences	Other rights	Total
Income statement
Termination of Pipefarm concept			54 802		54 802
Total	0	0	54 802	0	54 802
Balance sheet
Accumulated impairment loss at beginning of the year	0	0	20 000	0	20 000
Impairment loss of the year	0	0	54 802	0	54 802
Accumulated impairment loss at end of the year	0	0	74 802	0	74 802

Licences

Licences in the Farming segment

Licence scheme in Norway

All activities involving aquaculture require a licence. It is prohibited to farm salmon/trout without a licence from the

authorities. All licences are governed by the same regulations (Aquaculture Act with provisions) irrespective of when the

licence was allocated. LSG's aquaculture permit entitles the Group to produce salmon and trout in delimited geographic

areas (localities), according to the prevailing limitations established at any given time regarding the scope of the permit.

The Ministry may prescribe detailed provisions relating to the content of the aquaculture licences by administrative

decision or regulations. The Aquaculture Act is administered centrally by the Ministry of Trade, Industry and Fisheries, and

the Directorate of Fisheries is the supervisory authority. Regionally, there are a number of sector authorities that together

represent a complete administrative and supervisory authority within the area governed by the Aquaculture Act. The

individual county is the regional administrative body, and the Directorate of Fisheries is the appellate body for issues

involving localities and licences. Since January 2005, the limitations on production established for aquaculture licences

for salmon and trout have been governed according to a scheme known as Maximum Allowable Biomass (MAB). This

specifies the maximum biomass in the sea that a licence holder can have at any given time. Following the political

decision taken in 2017 that it should be possible to allocate percentage growth per licence based on various conditions, a

ﬁxed maximum allowable biomass per licence is no longer specified. The system has been named the “traffic light

system”. The traffic light system is meant as a permanent framework for mitigating growth in Norwegian aquaculture. In

this system the Norwegian coastline was divided into 13 different production areas. With a frequency of 2 years, the

different areas are colored red, yellow, or green, based on certain criteria. In areas colored red the maximum production

volumes are reduced. In yellow areas there is no change. In green areas, it is opened for growth. A certain portion of the

growth are offered to the farmers at a fixed price, while the remaining portion are offered at auction. The farmers are

free to choose to purchase the offered growth or not.

Main terms and conditions for licence type

Grow-out licences are the most important type of licence. This is a commercial licence. They are strictly limited in number.

Companies are only granted new licences or more production volume subsequent to politically adopted allocation

rounds. Green farming licences are licences that were awarded in 2015 via a dedicated licensing round. Special

conditions were attached to these licences, mainly concerning environmental improvement measures. The licences were

awarded via open auctions or competitively, based on environmentally focused technology and operating concepts.

Demonstration licences are licences defined for special purposes. Demonstration licences are granted to enterprises in

order to share knowledge of the aquaculture industry. Such licences are often operated in cooperation with a non-

commercial entity. Teaching licences are another kind of special-purpose licence and are allocated to disseminate

knowledge of the ﬁsh farming industry. The licences are linked to speciﬁc educational institutions and are thus regulated

by the county. Research and development licences are licences awarded in connection with research and development

projects in the industry, where dedicated licences are required to carry out the R&D activity. Slaughter cage licences are

allocated for the use of sea cages for live fish for slaughter. These licences are linked to a specific location, which is the

Group's slaughtering plant for salmon and trout. Parent fish licences are also licences defined for special purposes.

Parent fish licences are granted for the production of salmon roe utilised to produce juvenile fish. Juvenile fish licences are

licences to produce juvenile salmon and trout in fresh water that in total authorise the licence holder to produce a

specific number of juvenile salmon and trout. There are certain limitations on the size of juvenile fish that may be

produced according to the individual licence. Licences are granted on the basis of a discharge permit for a certain

number of fish/biomass with a maximum allowable feed consumption per year. In situations where the water source is

owned by a third party, an agreement is also required governing the right to utilise the water source.

Duration and renewal

There are no time limitations specified in LSG's terms for grow-out and juvenile fish licences, and they are therefore

deemed to be time-indefinite production rights according to the prevailing regulations. This also applies to green

licences. As the licences are not bound by a time-limited period, there is no need to apply for their renewal. The licences

are deemed to be valid pursuant to the Aquaculture Act, unless they are revoked in accordance with the Act. Section 9 of

the Aquaculture Act describes the grounds for revocation of a licence. Section 9 states that licences may be revoked due

to gross contravention of the provisions of the Act. We can confirm that no operative licences for salmon and trout have

been revoked in Norway. Research and development licences are time-limited and apply in general for the duration of

the project. They are often linked to the life cycle of the salmon, i.e. three years. R&D licences are managed in close

cooperation with research groups, and an application to extend them for a new three-year period can be made after the

project has ended. The parent fish licences are granted for 15 years at a time, and applications have to be submitted for

their renewal, provided that the licence holder is still involved in production of parent fish for salmon or trout. Parent fish

production is an integral part of LSG's value chain (parent fish production takes place before production of roe and

juvenile fish in the value chain) and is therefore closely linked to the breeding system for salmon and trout. The Group's

applications for renewal of parent fish licences have always been approved, in line with the prevailing practice in the

industry. The licences for slaughter cages are allocated for 10 years at a time. Applications can be submitted for renewal

of such licences provided that they are linked to an approved slaughtering plant and only utilised to keep fish ready for

slaughter in immediate proximity to the slaughtering plant. The Group's demonstration licences are allocated for a

period of 10 years. Applications can be submitted for renewal of demonstration licences provided that the terms for the

licence are met pursuant to the Aquaculture Act. The Group’s teaching licences have been allocated for 10 years.

Applications can be submitted for renewal of teaching licences provided that the terms for the licence are met pursuant

to the Aquaculture Act.

Costs related to licences

Payment has been required for new licences granted during more recent allocation rounds. The amount of the payment

depends on the allocation criteria, including for example a fixed price versus the auction principle. Given that there is no

requirement to apply for renewal of licences, then there are no costs involved in licence renewal. The costs of maintaining

aquaculture licences in Norway are insignificant. There are no annual fees or other types of duties linked to the actual

licence. However, there are certain fees to be paid for inspection and control of the licences. Fees also have to be paid to

establish new localities and/or to extend/amend localities. As a main rule, an amount of twelve thousand Norwegian

krones is paid per licence covered by an application for amendment at locality level, cf. section 2 of the Regulation

LERØY SEAFOOD GROUP Annual report 2025

Finance


				154

Note G3.1 cont.

relating to fees and duties for aquaculture activities. All fees and costs are immediately recognised as an operating

expense.

The net book value of licences in the Farming segment is NOK 2 516 075. Below is a list of the licences owned by LSG at the

end of the financial year according to type, number and volume. The list is based on data registered in the Aquaculture


Salmon and trout licences as of 31.12.2024, commercial and special purpose licences		Region West		Region Central		Region North		Total Group
		Number	Volume (MTB)	Number	Volume (MTB)	Number	Volume (MTB)	Number	Volume (MTB)
Commercial grow-out licences	1)	57	38 975	53	41 435	25	26 186	135.0	106 597
Slaughter cage licences				1.0	780	2.0	1 800	3.0	2 580
R&D licences	2)			1.5	1 170	1.0	780	2.5	1 950
Green farming licences		1.0	733					1.0	733
Demonstration licences		1.0	780	1.0	780	1.0	780	3.0	2 340
Teaching licences	3)	1.0	780			1.0	390	2.0	1 170
Parent fish licences	4)	2.0	1 560	3.0	2 340			5.0	3 900
Land-based grow-out licences	5)	1.0	10 000					1.0	10 000
Total number and volume		63.0	52 828	59.5	46 505	30.0	29 936	152.5	129 270


Salmon and trout licences as of 31.12.2025, commercial and special purpose licences		Region West		Region Central		Region North		Total Group
		Number	Volume (MTB)	Number	Volume (MTB)	Number	Volume (MTB)	Number	Volume (MTB)
Commercial grow-out licences	1)	57.0	38 975	53.0	41 435	25.0	26 186	135.0	106 597
Slaughter cage licences				1.0	780	2.0	1 800	3.0	2 580
R&D licences	2)			1.5	1 170	1.0	780	2.5	1 950
Green farming licences		1.0	733					1.0	733
Demonstration licences		1.0	780	1.0	780	2.0	1 560	4.0	3 120
Teaching licences	3)	1.0	780			1.0	780	2.0	1 560
Parent fish licences	4)	2.0	1 560	3.0	2 340			5.0	3 900
Land-based grow-out licences	5)	1.0	10 000					1.0	10 000
Total number and volume		63.0	52 828	59.5	46 505	31.0	31 106	153.5	130 440

1. The commercial grow-out licences are described further below.

2. The R&D licences are time-limited with a duration of 3–5 years, from time of project start. The licences have zero

purchase price, and therefore no depreciation. The R&D licence allocated to Lerøy Aurora in the table above has a

length of 3 years. It legally belongs to Akvaplan Niva (third party), but is operated by Lerøy Aurora. The R&D licence

allocated to Lerøy Midt in the table above has a remaining length of 1.5 years. It legally belongs to Nofima (third

party), but is operated by Lerøy Midt.

3. The teaching licences are considered time-limited with a duration of 10 years. The licences have zero purchase price,

and therefore no depreciation. The teaching licence allocated to Lerøy Aurora in the table above legally belongs to

Troms- og Finnmark Fylkeskommune (third party), but is operated by Lerøy Aurora.

4. One of the parent fish licences owned by Lerøy Midt, is operated by Lerøy Aurora.

5. The land-based grow-out licence is owned by Lerøy Årskog AS. The licences permits production of land-based salmon

or trout or juvenile fish or a combination, for a total volume of 10 000 tonnes. Theoretically the authorities may

withdraw this licence if the production has not started within two years after reward date. The licences was awarded

25 March 2019. The risk for withdrawal is considered as low, since the ground work for the plant is started.


Commercial grow-out licences for salmon and trout		Region West		Region Central		Region North		Total Group
Commercial grow-out licences for salmon and trout		Number	Volume (MTB)	Number	Volume (MTB)	Number	Volume (MTB)	Number	Volume (MTB)
Status as of 01.01.2024		57	41 372	53	41 317	25	25 502	135	108 190
Changes in 2024
Temporary deductions in PA / reversal of deduction			-2 441		-41			0	-2 482
Growth purchased			44		160		684	0	889
Status as of 31.12.2024		57	38 975	53	41 435	25	26 186	135	106 597
Changes in 2025
Temporary deductions in PA / reversal of deduction								0	0
Growth purchased								0	0
Status as of 31.12.2025		57	38 975	53	41 435	25	26 186	135	106 597
Grow-out licences as of 31.12 per production area (PA)
PA 3	Red	37	25 501					37	25 501
PA 4	Red	19	12 741	1	648			20	13 389
PA 5	Yellow	1	733	7	5 132			8	5 865
PA 6	Yellow			45	35 655			45	35 655
PA 11	Green					17	17 258	17	17 258
PA 13	Green					8	8 928	8	8 928
Status as of 31.12.2025		57	38 975	53	41 435	25	26 186	135	106 597

The colors relate to the “traffic light system" described above.

Red area: Temporary reduction in volume of 6% in PO 3 and PO 4, which equals a reduction of 2 482 tons. In 2024 it was the

second time PO 3 experienced a reduction in production capacity and the third time in PO 4. The color can change each

second year. The color will be subjected to a new evaluation in 2026.

Yellow area: No changes in volume. The color will be subjected to a new evaluation in 2026.

Green area: Is opened for growth. The Group purchased 889 tons growth offered in 2024. The color will be subjected to a

new evaluation in 2026.

LERØY SEAFOOD GROUP Annual report 2025

Finance


				155

Note G3.1 cont.


Other farming licences	Region West		Region Central		Region North		Total Group
Other farming licences	Number	Volume (million individuals)	Number	Volume (million individuals)	Number	Volume (million individuals)	Number	Volume (million individuals)
Status as of 01.01.2024
Juvenile fish licences	11.0	34.9	6.0	23.6	1.0	15.2	18.0	73.6
Cleaner fish licences	4.0	9.0	1.0	2.5	1.0	2.5	6.0	14.0
Total	15.0	43.9	7.0	26.1	2.0	17.7	24.0	87.6
Status as of 31.12.2024
Juvenile fish licences	11.0	34.9	6.0	23.6	1.0	15.2	18.0	73.6
Cleaner fish licences	2.0	5.0	1.0	2.5	1.0	2.5	4.0	10.0
Total	13.0	39.9	7.0	26.1	2.0	17.7	22.0	83.6
Changes in 2025
Juvenile fish licences							0.0	0.0
Cleaner fish licences							0.0	0.0
Total	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Status as of 31.12.2025
Juvenile fish licences	11.0	34.9	6.0	23.6	1.0	15.2	18.0	73.6
Cleaner fish licences	2.0	5.0	1.0	2.5	1.0	2.5	4.0	10.0
Total	13.0	39.9	7.0	26.1	2.0	17.7	22.0	83.6

The Group has also 8 licences to cultivate seaweed in Vestland county. These are located in the same geographical area

as the licences for salmon farming. The licences allows a cultivation of a total of 1 845 decares. These licences have an

indefinite lifetime. The licences are awarded after an application process, and have no purchase price.

Licences in the Wild Catch segment

The Wild Catch segment comprises the two sub-groups, Lerøy Havfisk AS and Lerøy Norway Seafoods AS. Lerøy Havfisk

AS is a shipowning company, with trawlers involved in wild catches. Lerøy Norway Seafoods AS is involved in the receipt

and processing of wild caught whitefish.

The licences in this segment are owned by the sub-group, Lerøy Havfisk AS (vessel owning subsidiaries). The licences are

governed by an obligation to supply products to the regions where the licences are located, i.e. Finnmark and Nordland.

This implies that buyers in those regions have priority over other buyers of fish. The details of the supply obligation are

stipulated in the licence terms for the individual licence unit. This may be a region, but could also be a specific buyer. The

principle for pricing is the average price realised for the species of fish in question over the past two weeks, taking into

account condition, size and quality. Lerøy Havfisk AS is also subject to a so-called “industrial obligation” (obligation to

keep the business going) in Stamsund, Melbu, Hammerfest, Båtsfjord, Honningsvåg and Kjøllefjord. This implies that the

licence is linked to operation of the facilities in the respective locations. Lerøy Havfisk AS has however leased out the

facilities in these locations. The lessee is Lerøy Norway Seafoods AS. The lessee is responsible for sustaining operations. If

the lessee terminates operations, the licence terms oblige Lerøy Havfisk AS to sustain operations in the specified

locations.

At the end of the financial year, the Lerøy Havfisk group owned 29.6 cod and haddock trawling licences, 31.9 saithe

trawling licences, 8 shrimp trawling licences and 2 greater silver licences in Norway. These licences are owned via the

subsidiaries Nordland Havfiske AS, Finnmark Havfiske AS and Hammerfest Industrifiske AS. It has not been acquired or

sold quotas/licences in 2025.

A licence for cod, haddock and saithe is a licence that entitles the holder to trawl for whitefish in the zone north of 62

degrees latitude and in the North Sea at certain times of the year. Correspondingly, a licence for shrimp and greater

silver entitles the holder to fish for shrimp and greater silver. In 2025 (2024), each vessel was permitted up to four (four)

quota units, including the quota connected to the vessel. The volume of fish allowed per licence unit is stipulated annually

by the Norwegian Ministry of Trade, Industry and Fisheries. Moreover, transfers may be made between the different

groups of vessels throughout the year, in the event that one group of vessels is not able to fish its share of the quota. This

is known as “re-allocation”. As of end of year 2025 (2024), one cod licence entitled the holder to fish for an annual volume

of 441 (644) tonnes of cod, 288 (286) tonnes of haddock and 558 (559) tonnes of saithe in the zone north of 62 degrees

latitude. When compared with the final volumes per quota, after re-allocations, in 2025 (2024), this is a change of -32%

(-34%) for cod, 1% (-43%) for haddock and -1% (-13%) for saithe. During the year, the quota for saithe was increased. The

shrimp and greater silver licences have no limit in terms of volume, as long as the sum of catches in Norway does not

exceed the total quota for Norway.

To improve profitability for fisheries, the fisheries authorities have implemented schemes with intent to reduce the

number of vessels in operation, allowing companies to merge several quota units per vessel in return for the permanent

removal of the vessels that have handed over their quotas from the registry of fisheries. Each vessel has one cod trawling

permit, a so-called basic quota. Vessels can also have so-called structural quotas for cod trawling. In total, one vessel

cannot have more than four quotas per fish species. While the basic quotas do not have any time limit, the structural

quotas have a predefined time limit. At the end of the duration, they will be redistributed among all parties in the

regulation group, as basic quotas. In principle, there are two schemes for structural quotas, comprising 20- and 25-years’

duration. Structural quotas allocated before 2007 have a duration of 25 years starting in 2008, while quotas allocated

after 2008 have a duration of 20 years. In the period from the first structural quotas with 20 years duration are due and

until all are due, the volume from the first due quotas will be distributed 2/3 to the basic quotas and 1/3 to the remaining

structural quotas in the regulation group. Lerøy Havfisk has assessed the impact of this in the period between 2027 and

2032 in its impairment test model. The expiry of structural quotas in this time period will not have a significant impact on

the calculated value in use in the cash-generating unit.

Lerøy Havfisk AS – and Lerøy Norway Seafoods AS to a limited extent – is involved in fishing in Norway pursuant to the

provisions in inter alia the Act relating to the right to participate in fishing and catches (Participant Act). Lerøy Havfisk AS

has been given an exemption from the requirement stating that the controlling interest must be an active fisherman. The

Participant Act and supporting legislation stipulate inter alia that any changes to ownership of a company that directly

or indirectly owns fishing vessels requires approval by the relevant authorities. The Ministry of Trade, Industry and

Fisheries’ approval of Lerøy Seafood Group ASA's acquisition of the majority shareholding in Lerøy Havfisk AS was

granted on the basis of Lerøy Seafood Group ASA’s ownership on the date of the approval. The approval also states that

no new applications are required for future changes in ownership of Lerøy Havfisk AS, Lerøy Seafood Group ASA and

Austevoll Seafood ASA provided that Lerøy Seafood Group ASA continues to own minimum 60% of the shares in Lerøy

Havfisk AS and that Austevoll Seafood ASA continues to own minimum 50% of the shares in Lerøy Seafood Group ASA.

However, the approval does not allow for changes in ownership that result in Laco AS directly owning less than 55.55% of

the shares in Austevoll Seafood ASA. Any significant changes in ownership in Laco AS also require approval. The approval

also requires continuation of the prevailing terms related to permits for the vessels and structural quotas, in addition to

compliance with the nationality requirement in section 5 of the Participant Act. Pursuant to the nationality requirement in

section 5 of the Participant Act, operating permits can only be granted to parties that are Norwegian citizens or have

LERØY SEAFOOD GROUP Annual report 2025

Finance


				156

Note G3.1 cont.

status that equals Norwegian citizenship. According to subsection (2)(a) of this section, limited companies, public limited

companies and other companies with limited liability have equal status to Norwegian citizens when the company's head

office and Board of Directors are located in Norway, when the majority of the Board members, including the Chairman of

the Board, are Norwegian citizens resident in Norway and who have lived in Norway for the last two years, and when

Norwegian citizens own shares or stocks corresponding to minimum 6/10 of the company's capital and have voting rights

in the company with minimum 6/10 of the votes. Lerøy Havfisk AS, Lerøy Seafood Group ASA and Austevoll Seafood ASA

are obliged to submit an overview twice a year detailing the company's shareholders, including specification of the

shares held by foreign shareholders. Ultimately, a breach of the above-mentioned licence provisions could result in Lerøy

Havfisk AS losing its licence rights.


Carried value on quotas within Wild Catch as of 31.12	Depreciation plan (linear)	2025	2024
Basic quotas for cod, haddock, saithe, shrimp and greater silver	Indefinite lifetime - no depreciation	3 281 401	3 281 401
Structural quotas, cod trawling	Predefined lifetime (until 2027 and 2032)	146 051	175 188
Total		3 427 452	3 456 589

Other rights

Other rights comprise the following subcategories:


Carried value on other rights 31.12	Segment	Depreciation plan (linear)	2025	2024
Water rights with indefinite lifetime	Farming	Indefinite lifetime - no depreciation	4 409	4 409
Water rights with predefined lifetime	Farming	Depreciation 25 years	14 405	15 039
Customer contracts with predefined lifetime	VAPS&D	Depreciation 10 years	1 298	2 598
Other rights with predefined lifetime	VAPS&D	Depreciation 3 - 5 years	3 871	4 965
Other rights with indefinite lifetime	Wild Catch	Indefinite lifetime - no depreciation	100	100
Total			24 083	27 111
Thereof with indefinite lifetime - subjected to annual impairment testing			4 509	4 509
Thereof with predefined lifetime - subjected to depreciation			19 574	22 602
Total			24 083	27 111

Cash-generating units (CGU) and basis for impairment testing

With each acquisition or purchase of assets, goodwill, licences and rights are allocated to the different cash-generating

units. Each legal unit in the Group in principle comprises one cash-generating unit. Goodwill and intangible assets with an

indefinite useful life are not amortised, but shall be tested for impairment at least once a year and written down if their

value can no longer be justified. The management assesses the carrying value of goodwill and intangible assets with an

indefinite useful life per CGU at least once a year, and more frequently if there are indications of impairment. Useful life is

utilised when establishing recoverable amount.

Wild Catch

In the sub-group Lerøy Havfisk AS, each vessel with its quotas is defined as one cash-generating unit. Despite this, Lerøy

Seafood Group classifies the two sub-groups, Lerøy Havfisk AS and Lerøy Norway Seafoods AS, as one joint cash-

generating unit. This is justified in that, primarily, quotas are transferred between vessels via the so-called “re-allocations”.

Secondly, the two sub-groups are mutually dependent with a view to the industrial obligation mentioned above. In

addition, the supply obligation has an impact on the two units’ co-dependence. On this basis, the two sub-groups are

assessed as one joint cash-generating unit.

Farming

The Group's farming regions share the same top management, the same internal customer, and a joint optimalisation

plan of i.e. slaughter plans. Further on harvest to fulfill the Group’s contract sale, is done across the regions. Due to this, the

Group’s farming business in Norway is regarded as one CGU. The cash generating unit Farming comprises region of

Northern Norway, which consists of Lerøy Aurora AS and Lerøy Aurora Sjø AS, the region of Central Norway which consists

of Lerøy Midt AS and Lerøy Midt Sjø AS, and the region for Western Norway which consists of the eight companies Lerøy

Vest AS, Lerøy Vest Sjø AS, Sjøtroll Havbruk AS, Sjøtroll Havbruk Sjø AS, Lerøy Sjøtroll Kjærelva AS, Lerøy Årskog AS, Lerøy

Havbruk Service AS and Lerøy Ocean Harvest AS.

VAP, Sales & Distribution

For the Group to succeed in being the first choice of the largest and most well-recognised customers, it is important to be

present in the end market. Through local presence the Group can supply the freshest products, portions and packaging

adjusted to local requirements and demand, and developing the seafood category even further together with the

customers. The Group must also build up enough capacity to supply the volumes that the customer will need. The group

has established several fish-cuts in the end markets. A fish-cut means a relatively simple processing activity in addition to

the sale office, that perform some specialized value-added processing based on specification set by the customer. The

fish-cuts are an integrated part of the value chain, and an important tool for efficient global sale.

The table below displays the distribution of goodwill and intangible assets with an indefinite useful life per CGU.

Impairment tests of goodwill and intangible assets with an indefinite useful life have been summarised below for each

CGU in the segment.


Amount to be tested	Goodwill	Wild Catch quotas	Farming licences	Other rights	Total
Wild Catch	2 646	3 281 401		100	3 284 147
Farming	1 832 031		2 512 602	4 409	4 349 041
VAPS&D	910 788				910 788
Total intangibles with indefinite life	2 745 464	3 281 401	2 512 602	4 509	8 543 976

LERØY SEAFOOD GROUP Annual report 2025

Finance


				157

Note G3.1 cont.

Tests of possible impairment loss

The impairment test for cash-generating units is based on estimated present values of future cash flows, and the value of

the assets in use. The present value is compared with the book value per cash-generating unit. The present value is

calculated on the basis of discounted cash flows over the next five or ten years. And for the period thereafter, a terminal

value is estimated. For the cash-generating units Farming and VAPS&D, cash flows are projected over a five-year period.

For the cash-generating unit Wild Catch, a ten-year projection period is applied. This is justified by the fact that the

structural quotas held by Lerøy Havfisk AS expire in the period between 2027 and 2032, causing the quota composition to

change materially during this period. A five-year forecast would not capture the transition to a normalised quota level,

which is necessary to establish a representative basis for the terminal value. The Gordon growth model is applied to

estimate terminal value. The cash flows in the the impairment test are after tax.


Key assumptions:	2025	2024
Discount rate (WACC) before corporate tax (but after resource rent tax)	9.2%	9.8%
Discount rate (WACC) after tax	7.1%	7.4%
Nominal rate of growth in terminal (from 2030)	2.0%	2.0%


Sensitivity analysis per CGU	Book value tested	Critical value in the terminal element (with WACC implemented)	Critical WACC (after tax)	Implemented WACC (after tax)
Wild Catch	3 284 147		11.1%	7.1%
Farming	4 349 041	NOK 4.7/kg	12.7%	7.1%
VAPS&D	910 788	0.4%	25.2%	7.1%
Total	8 543 976			7.1%

The impairment test did not produce grounds for write-down of goodwill or intangible assets with an indefinite useful life

in 2025. Management's calculations, where risks and opportunities within environmental sustainability are included, show

that this conclusion is robust in the face of reasonable changes in conditions in the future. The critical value for the

required rate of return on total assets after tax is between 11.1% and 25.2%.

For the cash generating unit Wild Catch, the most significant key assumptions in the test are estimated future volume of

catches per species, estimated future prices per species and required rate of return. Quota and price assumptions are

key assumptions in the impairment test of Wild Catch. There are a number of species caught, but for the key specie cod,

assumptions include a quota reduction of 20% in 2026 compared with 2025, unchanged in 2027 and unchanged thereafter

in the explicit forecast period. Cod prices are estimated up 9% in 2026, unchanged in 2027, and 2.5% thereafter in the

explicit forecast period. Quotas will naturally fluctuate, and the quota level will have an impact on price. For the Wild

Catch segment it is not calculated a critical value in the terminal element.

For the cash-generating unit Farming it has historically until 2012 been a significant production growth per licence in

Norway. But from 2012 and until today, there has been very limited growth. The model applied is based on actual

production plans for the period until 2026. And after that an assumption of 2% growth in volume until 2030 has been

applied. It is assumed no growth in the terminal value. The critical value for the required rate of return on total assets

after tax is 12.7%. The terminal value for Farming is a NOK amount estimated on the basis of EBIT/kg after an explicit

period (the terminal component) that gives a total value in use similar to net book value. The Farming segment requires

an EBIT in the terminal element of an amount of NOK 4.7 per kg. This amount is well below what's historically achieved.

The management has also carried out tests of sensitivity related to price, cost and volume. With the implemented WACC

and best estimate for the terminal element, the tests show that this value is also robust in the face of changes in these

parameters.

For the cash-generating unit VAP, Sales & Distribution, the book values are almost totally justified by the estimated profit/

loss for the next five years. The terminal value for VAPS&D is a percentage calculated on the basis of the profit margin,

after an explicit period (the terminal component) that gives a total value in use similar to net book value. It is required a

0.4% EBIT margin in the terminal element, which is very low.

LERØY SEAFOOD GROUP Annual report 2025

Finance


				158

Note G3.2 Leases

All figures in NOK 1 000

Accounting policy

Leases are measured as the present value of the remaining lease

payments, discounted using the Group’s incremental borrowing rate, and

recognised from the date the leasing agreement starts. Options for

extension periods are included in the leasing calculation when they are

reasonably certain to be exercised. At time of initial recognition, the

associated right-of use asset is measured at an amount equal to the

lease liability, adjusted by the amount of any prepaid or accrued lease

payments. The right-of-use asset is depreciated linearly from the

commencement date to the earlier of the end of the useful life of the

right-of-use asset or the end of the lease term.

For contracts containing both lease and non-lease components, the

Group allocates the consideration in the contract to the lease and the

non-lease components based on their relative stand-alone prices. This

mainly applies to the Group’s time charter rental agreements of

wellboats, where the service element of the contracts is a significant non-

lease component. The non-lease component is excluded from the lease

accounting and expensed directly in the income statement.

The lease payments (rental-expense) are divided into two parts:

instalment and interest. The interest on the lease liability in each

accounting period of the lease period shall be the amount that provides a

constant periodic interest rate for the remaining balance of the lease

liability (annuity principle).

The Group distinguishes between leases with credit institutions and

leases with others. The distinction is shown in note on leases. Acquisition

of right-of-use assets from leases with credit institutions is considered to

be investments in new assets, while acquisition of right-of-use assets from

others than credit institutions is not. This distinction is also applied on the

debt side, and in the definition of NIBD. See note on APMs for further

information.

The Group has applied the lease recognition exemptions for short-term

lease contracts and low-value assets. Short-term leases represent lease

agreements shorter than 12 months from the date of the contract. Low

value assets represent lease agreements that are lower than fifty

thousand Norwegian krones. Rent paid on non-recognised leases are

presented in the note on leases.

In the statement of cash flows, cash payments for the lease liability's

principal (instalment) and cash payments for the lease liability's interest

are presented under financing activities. The transaction related to

signing new leases has no initial effect on cash.

Right-of-use assets

Right-of-use assets by groups in the notes and lessor


						Of which from
2024	Real estate	Buildings	Vessels	Machines, equip., etc.	Total right-of-use assets	Credit institution	Others
Financial year 2024
Carried value 01.01	31 146	510 120	835 234	1 336 951	2 713 452	1 353 717	1 359 735
Disposal of subsidiary	0	-2 131	0	0	-2 131	0	-2 131
Translation differences	358	4 572	-5	4 391	9 315	7 748	1 567
Additions	8 062	434 697	824 160	369 203	1 636 121	266 695	1 369 426
Disposals	0	-1	-12 041	-13 813	-25 854	-13 814	-12 041
Depreciation for the year	-5 761	-66 197	-270 175	-318 965	-661 098	-246 775	-414 324
Carried value 31.12	33 805	881 060	1 377 173	1 377 766	3 669 804	1 367 572	2 302 232
As of 31 December 2024
Acquisition cost *	60 924	1 211 036	2 308 588	2 876 043	6 456 592	2 661 479	3 795 113
Accumulated depreciation *	-27 119	-329 977	-931 415	-1 498 277	-2 786 788	-1 293 907	-1 492 881
Carried value 31.12	33 805	881 060	1 377 173	1 377 766	3 669 804	1 367 572	2 302 232


						Of which from
2025	Real estate	Buildings	Vessels	Machines, equip., etc.	Total right-of-use assets	Credit institution	Others
Financial year 2025
Carried value 01.01	33 805	881 060	1 377 173	1 377 766	3 669 804	1 367 572	2 302 232
Translation differences	9	4 399	20	657	5 085	665	4 419
Additions	21 196	14 086	68 189	435 035	538 506	253 488	285 019
Disposals	0	0	0	-2 648	-2 648	-2 648	0
Depreciation for the year	-8 866	-83 207	-305 814	-390 439	-788 326	-286 380	-501 946
Carried value 31.12	46 144	816 338	1 139 568	1 420 372	3 422 421	1 332 696	2 089 725
As of 31 December 2025
Acquisition cost *	82 130	1 231 234	2 376 485	3 298 043	6 987 891	2 661 479	4 326 412
Accumulated depreciation *	-35 986	-414 895	-1 236 917	-1 877 671	-3 565 470	-1 328 783	-2 236 687
Carried value 31.12	46 144	816 338	1 139 568	1 420 372	3 422 421	1 332 696	2 089 725

* Including translation differences

LERØY SEAFOOD GROUP Annual report 2025

Finance


				159

Note G3.2 cont.

Lease liabilities

Reconciliation lease liabilities, split by lessor and long-term and short-term


		To credit institutions			To others
2024	Total lease liabilities	Total	Short-term portion	Long-term portion	Total	Short-term portion	Long-term portion
Carried value 01.01	2 598 700	1 166 402	250 343	916 059	1 432 298	285 553	1 146 745
Business combinations	-2 738	0			-2 738
Translation differences	9 287	7 637			1 651
New leasing debt	1 636 121	266 695			1 369 426
Leasing debt terminated in connection with new agreements	-23 685	-11 307			-12 378
Instalments paid	-658 008	-262 180			-395 828
Carried value 31.12	3 559 677	1 167 247	284 740	882 507	2 392 430	396 461	1 995 969


		To credit institutions			To others
2025	Total lease liabilities	Total	Short-term portion	Long-term portion	Total	Short-term portion	Long-term portion
Carried value 01.01	3 559 677	1 167 247	284 740	882 507	2 392 430	396 461	1 995 969
Translation differences	6 026	1 127			4 900
New leasing debt	538 506	253 488			285 019
Leasing debt terminated in connection with new agreements	-2 330	-2 330			0
Instalments paid	-743 362	-265 694			-477 668
Carried value 31.12	3 358 518	1 153 838	313 800	840 038	2 204 680	424 670	1 780 011

For payment profile on instalments and interests, please see note on loans, mortgages and guarantees.

Lease payments


		2025			2024
	Accounting	Lease cost paid	Of which to credit institutions	Of which to others	Lease cost paid	Of which to credit institutions	Of which to others
Lease costs paid on non- carried agreements	Operating cost	413 243	3 478	409 765	184 228	0	184 228
Instalments paid	Reduction in debt	743 362	265 694	477 668	658 008	262 180	395 828
Interest costs paid	Financial cost	211 547	95 403	116 145	137 409	65 313	72 095
Outgoing cash flows related to leases		1 368 153	364 575	1 003 578	979 645	327 494	652 152
Lease costs paid on non- carried agreements compromise
Lease on agreements with exemption for short-term agreements		301 343	2 268	299 075	100 607	0	100 607
Lease on agreements with exemption for low value assets		8 207	1 210	6 997	30 778	0	30 778
Expenses related to variable lease, not included in the carried amount		105 140	0	105 140	54 235	0	54 235
Income from sub-lease		-1 448	0	-1 448	-1 392	0	-1 392
Total		413 243	3 478	409 765	184 228	0	184 228

Instalments paid, to both credit institutions and to others, are included in down payments of long-term debt under

financing activities in the cash flow statement.

See note on loans, mortgages and guarantees for reconciliation

LERØY SEAFOOD GROUP Annual report 2025

Finance


				160

Note G3.3 Fixed assets

All figures in NOK 1 000

Accounting policy

Carrying value and depreciations

Fixed assets are measured at acquisition costs less

accumulated depreciation and any accumulated

impairment loss. The depreciation on fixed assets is

allocated linearly over estimated useful life (depreciation

period). Significant parts of fixed assets that have

different depreciation periods are decomposed and

depreciated separately. The estimated average useful

life of fixed assets, when decomposed, is estimated as:

• Land: Lasting value

• Buildings and real estate: 20–25 years

• Machinery and production equipment: 5–15 years

• Vessels: 25 years

• Fixtures and other equipment etc.: 2.5–5 years

References

For information regarding decommissioning and site

restoration obligations, reference is made to Note G3.12.

For information regarding evaluation of financial impact

of climate changes, reference is made to G1.4.


2024	Prepayments to suppliers	Projects in progress	Real estate	Buildings	Vessels (fishing boats)	Machines, fixtures, equip., etc.	Total
Carrying value 01.01	19 902	189 815	509 289	3 742 153	1 583 178	2 151 650	8 195 987
Allocation of completed projects in progress	-16 784	-97 334		46 409		67 709	0
Foreign currency translation differences	417	1 261	2 518	17 443		12 938	34 578
Business combinations				584		430	1 014
Disposal of subsidiary				-504		-14 976	-15 479
Additions	58 957	330 944	13 096	249 534	211 958	868 173	1 732 661
Disposals		-1	-11 575	-28 806		-22 608	-62 990
Depreciation for the year				-343 212	-129 772	-485 760	-958 744
Impairment loss				15 000			15 000
Carrying value 31.12	62 491	424 685	513 328	3 698 603	1 665 364	2 577 557	8 942 027
Consist of
Acquisition cost	62 491	457 592	513 328	5 761 976	2 460 007	6 103 039	15 358 434
Accumulated depreciation				-2 007 507	-794 643	-3 487 280	-6 289 430
Accumulated impairment loss		-32 907		-55 866		-38 202	-126 976
Carrying value 31.12	62 491	424 685	513 328	3 698 603	1 665 364	2 577 557	8 942 027


2025	Prepayments to suppliers	Projects in progress	Real estate	Buildings	Vessels (fishing boats)	Machines, fixtures, equip., etc.	Total
Carrying value 01.01	62 491	424 685	513 328	3 698 603	1 665 364	2 577 557	8 942 027
Allocation of completed projects in progress	-46 016	-783 486	18 954	322 867	0	487 682	0
Foreign currency translation differences	40	159	-491	2 367	0	-777	1 299
Business combinations	0	0	0	6 630	0	6 438	13 068
Additions	-4 089	673 377	3 783	399 933	121 176	410 791	1 604 972
Disposals	0	-567	0	-563	0	-11 227	-12 358
Depreciation for the year	0	0	0	-353 770	-139 869	-593 163	-1 086 802
Impairment loss	0	0	0	0	0	0	0
Carrying value 31.12	12 427	314 168	535 574	4 076 066	1 646 672	2 877 300	9 462 206
Consist of
Acquisition cost	12 427	347 076	535 574	6 458 219	2 581 184	6 853 038	16 787 516
Accumulated depreciation				-2 326 250	-934 512	-3 937 525	-7 198 287
Accumulated impairment loss		-32 907		-55 902		-38 213	-127 022
Carrying value 31.12	12 427	314 168	535 574	4 076 066	1 646 672	2 877 300	9 462 206

For prepayments to suppliers, the right of property is transferred to the Group on time of completion.

For projects in progress, the right of property is transferred to the Group based on progress.

Information on mortgages for fixed assets is provided in note on loans, mortgages and guarantees.

LERØY SEAFOOD GROUP Annual report 2025

Finance


				161

Note G3.4 Shares in joint ventures

and associates

All figures in NOK 1 000

Accounting policy

Associates are companies where the Group has

significant influence but not control, normally between

20% and 50% of voting equity. Joint ventures are

investments in companies where control is shared

equally with another party, normally representing 50% of

voting equity. The equity method is applied.

Classification

The joint ventures and associated companies in the

Group are listed in the table below, and each company is

allocated to operating segment. Changes during the

year are also included. Net book value is recognised

according to the equity method.

The companies defined as joint ventures are classified as

material. The remaining companies are defined as

associates, and they are classified as not material.


Company	Owner (in LSG group)	Operating segment	Country	Place of business	Ownership / voting share 01.01	Ownership / voting share 31.12	Net book value 31.12	Notes
Joint ventures (JV)
Norskott Havbruk AS - group	Lerøy Seafood Group ASA	Farming	Norway	Bergen	50%	50%	1 091 769
Seistar Holding AS - group	Lerøy Seafood Group ASA	Farming	Norway	Austevoll	50%	50%	290 452
Total classified as material							1 382 221
Associated companies (AC)
Nesset Kystfiske AS	Sørvær Kystfiskeinvest AS	Wild Catch	Norway	Hasvik	34%	34%	1 260
Holmen Fiske AS	Sørvær Kystfiskeinvest AS	Wild Catch	Norway	Hasvik	33%	33%	3 414
Båtsfjord Bedriftshelsetjeneste AS	Lerøy Norway Seafoods AS	Wild Catch	Norway	Båtsfjord	28%	28%	399
Båtsfjord Laboratorium AS	Lerøy Norway Seafoods AS	Wild Catch	Norway	Båtsfjord	34%	34%	514
Sørvær Fiskerikai AS	Lerøy Norway Seafoods AS	Wild Catch	Norway	Hasvik	50%	50%	16
Finnmark Kystfiske AS	Lerøy Havfisk AS	Wild Catch	Norway	Hammerfest	49%	49%	0
Vestvågøy Kystrederi AS	Lerøy Havfisk AS	Wild Catch	Norway	Vestvågøy	50%	50%	3 015
Ocean Forest	Lerøy Seafood Group ASA	Farming	Norway	Bergen	50%	50%	276
Kirkenes Processing AS	Lerøy Aurora AS	Farming	Norway	Kirkenes	50%	0%	0	1)
Romsdal Processing AS	Lerøy Aurora AS	Farming	Norway	Midsund	44%	44%	19 814
Norway Salmon AS	Lerøy Midt AS	Farming	Norway	Rørvik	50%	50%	515
Sporbarhet AS	Lerøy Seafood Group ASA	Farming	Norway	Trondheim	27%	27%	2 910
Bulandet Eiendom AS	Lerøy Seafood AS	VAPS&D *	Norway	Bulandet	20%	20%	1 078	2)
The Seafood Innovation Cl. AS	Lerøy Seafood Group ASA	VAPS&D *	Norway	Bergen	20%	20%	142
LSD Industry Aps	Lerøy Seafood Denmark A/S	VAPS&D *	Denmark	Hirtshals	50%	0%	0	1)
Total classified as not material							33 354

Grand total							1 415 575

* VAPS&D is short for VAP, Sales & Distribution (VAP = Value Added Processing)

1) Acquisition in stages, now recognized as subsidiary

2) Purchase of shares

LERØY SEAFOOD GROUP Annual report 2025

Finance


				162

Note G3.4 cont.

Carrying value on and income from joint ventures and associated companies


	Norskott Havbruk AS Group	Seistar Holding AS Group	Other associated companies	Total
Acquisition year	2001	2015
2024
Income from joint ventures and associates
Share of this year's profit	89 712	14 037	3 086	106 835
Total	89 712	14 037	3 086	106 835
Fair value adjustments on biological assets (after tax) from JV and AC	-9 720			-9 720
Income from JV and AC, before fair value adjustments	99 431	14 037	3 086	116 555
Opening balance 01.01	1 076 095	260 903	29 074	1 366 072
Companies acquired			1 031	1 031
Share of this year's profit	89 712	14 037	3 086	106 835
Dividend distributed		-4 000	-1 778	-5 778
Currency translation differences *	97 021		3	97 024
Other changes over equity	1 751			1 751
Closing balance as of 31.12	1 264 579	270 940	31 416	1 566 934
2025
Income from joint ventures and associates
Share of this year's profit	-115 579	24 512	1 960	-89 106
Total	-115 579	24 512	1 960	-89 106
Fair value adjustments on biological assets (after tax) from JV and AC	-18 643			-18 643
Income from JV and AC, before fair value adjustments	-96 936	24 512	1 960	-70 463
Opening balance 01.01	1 264 579	270 940	31 416	1 566 934
Companies acquired			10	10
Change from associated company to subsidiary			-32	-32
Share of this year's profit	-115 579	24 512	1 960	-89 106
Dividend distributed		-5 000		-5 000
Currency translation differences *	-57 287			-57 287
Other changes over equity	57			57
Closing balance as of 31.12	1 091 769	290 452	33 354	1 415 575

* Currency translation differences relate to translation for the sub-group Scottish Sea Farms Ltd, owned by Norskott Havbruk AS, where functional and reporting currency is GBP.

LERØY SEAFOOD GROUP Annual report 2025

Finance


				163

Note G3.4 cont.

Other information on joint ventures and

associates considered material to the Group

Information on material transactions

The Group has purchased salmon from Norskott Havbruk Group for NOK 189 million, and purchased wellboat services

from Seistar Holding AS for NOK 400 million. See note on related parties for further details.

Information on subsidiaries


Company	Owner (JV or subsidiary of JV)	Operating segment	Country	Ownership / voting share 01.01	Ownership / voting share 31.12
Scottish Sea Farms Ltd *	Norskott Havbruk AS	Farming	Scotland	100%	100%
Ettrick Trout Ltd	Scottish Sea Farms Ltd	Farming	Scotland	100%	100%
Orkney Sea Farms Ltd	Ettrick Trout Ltd	Farming	Scotland	100%	100%
SSF Hjaltland	Scottish Sea Farms Ltd	Farming	Scotland	100%	100%
SSF Shetland	SSF Hjaltland	Farming	Scotland	100%	100%
Isle of Skye Salmon	SSF Shetland	Farming	Scotland	100%	100%
Mowi Star AS	Seistar Holding AS	Farming	Norway	100%	100%
Seifjell AS	Seistar Holding AS	Farming	Norway	100%	100%
Seigrunn AS	Seistar Holding AS	Farming	Norway	100%	100%
Seihav AS	Seistar Holding AS	Farming	Norway	100%	100%
Seistar Prosessfartøy AS	Seistar Holding AS	Farming	Norway	100%	100%
Seistar Mannskap AS	Seistar Holding AS	Farming	Norway	0%	100%

* Dormant subsidiaries are not included in this table

Financial information (100%)

The accounting figures for associates, as shown below, are prepared in accordance with IFRS Accounting Standards.

The figures for present year are based on preliminary annual accounts, as the final annual accounts are not submitted.


	Norskott Havbruk AS Group		Seistar Holding AS Group
Consolidated figures	2025	2024	2025	2024
Revenue	3 190 676	4 403 178	467 573	320 722
Other gains (+) and losses (-)	0	0	2 647	0
Operating profit (EBIT) before fair value adjustments	-127 856	555 167	92 041	64 963
Operating profit (EBIT)	-175 659	530 245	92 041	64 963
Pre-tax profit	-347 758	311 313	44 396	30 639
Annual profit	-231 158	179 424	43 926	29 722
Other comprehensive income	114	3 502	0	0
Fixed assets	3 823 973	3 818 704	1 503 890	1 542 865
Current assets	2 508 150	2 749 881	137 344	132 655
Total assets	6 332 123	6 568 585	1 641 234	1 675 521
Long-term debt	2 497 407	2 445 216	1 001 374	1 072 440
Short-term debt	1 651 176	1 594 211	90 091	103 932
Total debt	4 148 584	4 039 427	1 091 465	1 176 372
Net interest-bearing debt	2 915 313	2 561 583	903 027	952 960
Equity	2 183 539	2 529 158	549 769	499 149

LERØY SEAFOOD GROUP Annual report 2025

Finance


				164

Note G3.4 cont.

Information on biological assets

Norskott Havbruk AS (group) has farming operations in Scotland, and therefore has biological assets on the balance

sheet. The key figures for inventory of fish in the sea for Norskott Havbruk AS group are as follows:


Information on fish in sea and harvested volume in the period, in tonnes	2025		2024
Ownership	100%	50%	100%	50%
Total fish in sea (LWT)	23 233	11 617	22 655	11 328
Total harvest volume in the period (GWT)	32 791	16 395	40 439	20 220


Fair value adjustment related to biological assets in the statement of financial position	2025		2024
Ownership	100%	50%	100%	50%
Fair value adjustment as of 01.01	24 071	12 036	48 993	24 497
Fair value adjustment through the income statement	-47 804	-23 902	-24 922	-12 461
Fair value adjustment as of 31.12	-23 733	-11 866	24 071	12 036
Cost price of fish in sea 31.12	1 940 661	970 330	1 839 707	919 854
Cost price of roe, fry and smolt 31.12	135 519	67 759	73 677	36 839
Carrying value of biological assets 31.12	2 052 447	1 026 223	1 937 456	968 728
Fair value adjustment through the income statement, after tax *	-37 287	-18 644	-19 439	-9 720

* Alternative performance measures (APM), presented as "pre-tax profit before fair value adjustments related to biological assets",

are adjusted with this amount.

Note G3.5 Other investments

All figures in NOK 1 000

Accounting policy

Shares in other investments has been acquired with a long time horizon in mind, and are classified as non-current

financial assets in the financial statements. Other investments are measured at fair value. However, considering the

immaterial value of the assets at end of the accounting period, historic cost has been applied as the best estimate for

fair value.


Other investments	Country	2024	Additions	Disposals	Other	2025
Folgefonn Invest AS	Norway	5 000				5 000
Båtsfjord Sentralfryselager AS	Norway	1 263				1 263
Salmonics Inc	USA	5 265				5 265
Other minor investments		2 255	11	-554		1 712
Total classified as material		13 783				13 240

LERØY SEAFOOD GROUP Annual report 2025

Finance


				165

Note G3.6 Non-current receivables

All figures in NOK 1 000

Accounting policy

Non-current receivables, loans and deposits are initially

recognized at fair value. Subsequently they are measured

at amortized cost using the effective rate interest

method. If the Group expects a loss on a non-current

receivable, a provision is made to reflect the expected

loss based on probability.


Non-current receivables	2025	2024
Loan to associates *	6 833	15 382
Loans to employees	1 478	4 191
Loans to fishermen *	3 354	29 208
Financial instruments with positive fair value, non-current	19 355	34 702
Deposits (mainly Norges Råfisklag)	23 227	24 180
Prepayments	938	2 485
Other receivables and periodisations	6 915	11 132
Total	62 100	121 279

* Loans to associates and fishermen have in 2025 been

written down by NOK 33.9 million in total.


Non-current receivables by currency	2025	2024
NOK	57 574	116 913
EUR	4 279	4 103
Other currencies	247	263
Total	62 100	121 279

Note G3.7 Biological assets

All figures in NOK 1 000, unless otherwise indicated

Accounting policy

The Group recognises and measures biological assets at

fair value (FV) according to IAS 41. The Group's biological

assets comprise live fish, mainly salmon and trout, at all

stages of the life cycle. The fish are divided into two main

groups, depending on the stage of the life cycle. At the

earliest stage of the life cycle, the fish are classified in

group (1) roe, fry and juvenile fish (fish kept on shore).

When the fish are large enough for release to sea, they

are classified in group (2) fish in sea. 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 fulfil 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.

LERØY SEAFOOD GROUP Annual report 2025

Finance


				166

Note G3.7 cont.


Income statement - Recognised fair value adjustment related to biological assets	2025	2024
Change in fair value adjustment of biological assets (fish in sea)	-1 229 942	347 227
Change in fair value of onerous contracts	67 591	-55 636
Fair value adjustments related to biological assets	-1 162 351	291 592


Statement of financial position - Carrying amount of biological assets	2025	2024
Fish in sea at historical cost *	6 298 288	6 118 996
Roe, fry, smolt and cleaner fish at cost *	566 094	512 967
Total biological assets before fair value adjustment	6 864 382	6 631 964
Fair value adjustment of biological assets (fish in sea)	1 792 761	3 022 704
Total biological assets 31.12	8 657 143	9 654 667

Fish in sea at fair value	8 091 049	9 141 700
Roe, fry, smolt and cleaner fish at fair value	566 094	512 967
Total biological assets 31.12	8 657 143	9 654 667

* Historical cost minus expensed mortality


Reconciliation of carrying amount of fair value related to biological assets	2025	2024
Fair value adjustment of biological assets 01.01	3 022 704	2 675 476
Change in fair value adjustment on fish in sea	-1 229 942	347 227
Fair value adjustment of biological assets 31.12	1 792 761	3 022 704


Reconciliation of carrying amount of onerous contracts	2025	2024
Carrying amount of onerous contracts 01.01	-111 605	-55 969
Change in fair value of onerous contracts	67 591	-55 636
Carrying amount of onerous contracts 31.12	-44 013	-111 605

The balance sheet item is included in other short-term liabilities.


Reconciliation of carrying amount of biological assets	Roe, fry, smolt and cleaner fish *	Fish in sea (salmon and trout) *	Fair value adjustment	Total biological assets
Biological assets 01.01.2024	454 775	5 294 230	2 675 477	8 424 483
Changes in 2024
Increase from biological transformation (released and net growth)	1 656 072	11 949 929		13 606 001
Reduction due to disposal of subsidiary	-19 138			-19 138
Reduction due to sale and internal use (smolt and cleaner fish)	-1 578 742			-1 578 742
Reduction due to harvest (salmon and trout)		-10 947 984		-10 947 984
Reduction due to incident-based mortality		-173 664		-173 664
Reduction due to accidental release		-3 515		-3 515
Net change in fair value (fish in sea)			347 226	347 226
Biological assets 31.12.2024	512 967	6 118 996	3 022 704	9 654 667
Changes in 2025
Increase from biological transformation (released and net growth)	1 592 186	12 257 448		13 849 634
Reduction due to sale and internal use (smolt and cleaner fish)	-1 536 204			-1 536 204
Reduction due to harvest (salmon and trout)		-11 866 101		-11 866 101
Reduction due to incident-based mortality	-2 855	-212 055		-214 910
Reduction due to accidental release				0
Net change in fair value (fish in sea)			-1 229 942	-1 229 942
Biological assets 31.12.2025	566 094	6 298 288	1 792 761	8 657 143

* Carrying amount before fair value adjustment (historical cost minus charged mortality)

LERØY SEAFOOD GROUP Annual report 2025

Finance


				167

Note G3.7 cont.


Reconciliation of volume (LWT) for stock of fish in sea	2025	2024
Live weight of fish in sea at 01.01	110 342	97 977
Changes through the year
Increase from biological transformation (released and net growth)	234 345	222 697
Reduction due to harvesting	-224 520	-201 034
Reduction due to incident-based mortality	-10 890	-9 207
Reduction due to accidental release	-18	-91
Live weight of fish in sea at 31.12	109 259	110 342


Total harvest volume in GWT (slaughter weight in tonnes)	2025	2024
Salmon	158 077	147 701
Trout	37 478	23 528
Total	195 555	171 228


Groups of biological assets (LWT)	2025	2024
Distribution by live weight
Fish in sea, 0-1 kg	8 861	13 363
Fish in sea, 1-2 kg	14 460	16 270
Fish in sea, 2-3 kg	20 084	15 903
Fish in sea, 3-4 kg	21 629	43 868
Fish in sea, 4 kg and until ready for harvest	21 638	13 588
Fish in sea, ready for harvest	22 587	7 350
Fish in sea, total salmon and trout	109 259	110 342
Distribution according to type of fish
Total volum of fish in sea (LWT):	109 259	110 342
Salmon	87 934	86 264
Trout	21 325	24 078
Distribution according to mature and immature biological asset, and type of fish
Fish ready for harvest	22 587	7 350
Salmon (live weight > 4.65 kg)	19 926	7 350
Trout (live weight > 4.88 kg)	2 661	0

Fish not ready for harvest	86 672	102 993
Salmon (live weight < 4.65 kg)	68 009	78 915
Trout (live weight < 4.88 kg)	18 663	24 078
Number of individuals
Number of individuals, all groups (in 1 000)	50 622	56 044

Parameters applied for calculation of fair value

Price parameters

All amounts in exact value, kr/kg


2024 - Estimated future price during expected harvesting period	Future price	Exporter fee	Clearing cost	Net future price
Q1 2025	112.64	-0.75	-0.34	111.55
Q2 2025	115.39	-0.75	-0.34	114.30
Q3 2025	77.23	-0.75	-0.34	76.14
Q4 2025	82.34	-0.75	-0.34	81.25
Q1 2026	111.06	-0.75	-0.34	109.97
Q2 2026	102.96	-0.75	-0.34	101.87


2025 - Estimated future price during expected harvesting period	Future price	Exporter fee	Clearing cost	Net future price
Q1 2026	100.67	-0.75	-0.50	99.42
Q2 2026	97.52	-0.75	-0.50	96.27
Q3 2026	76.49	-0.75	-0.50	75.24
Q4 2026	83.58	-0.75	-0.50	82.33
Q1 2027	99.25	-0.75	-0.50	98.00
Q2 2027	95.31	-0.75	-0.50	94.06

The future prices applied in 2025, for 2026 and 2027, is based on monthly future prices sourced from EuroNext at balance

sheet date.


Price adjustments are also made for:		2025	2024
Price premium (+/-) for trout	volume weighted	0.00	0.00
Price premium (+/-) for ecological salmon	volume weighted	0.00	0.00
Price premium (+/-) for ASC certified salmon	volume weighted	0.22	0.22
Reduction for quality differences, salmon (-15 kr/kg on production grade vs superior)	volume weighted	-1.27	-1.26
Reduction for quality differences, trout (-25 kr/kg on production grade vs superior)	volume weighted	-1.60	-1.60
Reduction for size differences, salmon	volume weighted	-0.24	-0.24
Reduction for size differences, trout	volume weighted	-0.80	-0.80

Deductions are also made for wellboat services, slaughtering and packaging (primary processing), and transport to Oslo.

LERØY SEAFOOD GROUP Annual report 2025

Finance


				168

Note G3.7 cont.


Estimated average net price used as basis in the sensitivity analysis	2025	2024
Estimated average net price, all sizes (kr/kg), after primary processing and freight costs	77.9	86.0

In connection with the sensitivity analysis conducted in the note on significant accounting estimates and assessments, an

estimated average net price is applied to all sizes. This is calculated by dividing the total estimated net sales revenue per

locality by the total estimated volume (measured as slaughter weight), based on projected weight on the date of harvest.

Other parameters


The following parameters have been applied:	2025	2024
Projected mortality in relation to number of individuals per month in North Norway	0.45%	0.45%
Projected mortality in relation to number of individuals per month in Central Norway	0.60%	0.60%
Projected mortality in relation to number of individuals per month in West Norway	1.00%	1.00%
Slaughtering and starvation loss for salmon, for recalculation from live weight to gutted weight	14%	14%
Slaughtering and starvation loss for trout, for recalculation from live weight to gutted weight	18%	18%
Weight (life weight) for when the fish is considered to be ready for harvest, salmon	4.65 kg	4.65 kg
Weight (life weight) for when the fish is considered to be ready for harvest, trout	4.88 kg	4.88 kg
Discount rate (monthly)	4.0%	3.7%

The discount rate applied is described further in the note on significant accounting estimates.

Description of significant cost items originating from an incident, disease or other factor related to

biological assets

Accidental releases

For the Group, all accidental release is taken seriously, and the Group’s target is zero accidental release. Accidental

release may however occur randomly due to unforeseen incidents. All accidental releases are reported to the Directorate

of Fisheries, irrespective of the scope of the accident. This applies even if only one individual has escaped. The Group has

not experienced any accidental release of economic significance in 2025. In 2025, 14 986 fish were accidentally released

from a total sea stock of around 51 million. There were seven escape incidents in 2025. Lerøy Sjøtroll had two minor cases

with two fish escaping during lice counting. Lerøy Midt had five incidents. Four of the incidents were involving one fish

each due to routine maintenance or handling accidents, and one event was related to a net tear that led to 14 980

salmon escaping. Accidental release of fish is typically associated with work operations involving net handling, such as

delousing operations. The Group believes that the strategic move towards submersed and semi-closed technologies will

reduce the risk of accidental release in its operations, as these technologies significantly decrease the need for delousing

treatments.

Incident-based mortality

The Group defines mortality as abnormal when more than a certain percentage of the total number of fish die in the

space of one month. Abnormal mortality is defined as incident-based mortality and is charged to the income statement

in the period in which it occurs. As in 2024 most of the incident-based mortality in 2025 has been caused by sea lice

treatment. However, some mortality has been caused by diseases, like gill disease and CMS, together with weakness from

winter wounds. Sea lice treatments pose a challenge to fish health as these procedures may inflict stress and injuries and

may exacerbate other underlying health issues. Consequently, the Group is confident that phasing in submersed and

semi-closed technology will improve fish health and fish welfare as the need for delousing treatments is greatly reduced.

Fish health, including minimizing mortality, is the cornerstone of the Group’s strategy. Due to overall increased sea lice

infection pressure, the number of treatments and related mortality increased in 2025. The Group works continuously with

actions and technology to solve this challenge.

Note G3.8 Other inventories

All figures in NOK 1 000

Accounting policy

Inventories of purchased goods are valued at the lower of acquisition cost and estimated sales value less sales costs. In-

house-produced finished goods and semi-finished goods are valued at full production cost. Write-downs are made for

quantifiable obsolescence.


Other inventories consist of	2025	2024
Feed, packaging materials, auxiliary and other	345 079	175 137
Raw materials, including catches onboard on trawling vessels	469 069	717 816
Work in progress	92 582	87 571
Finished goods / goods for sale	1 273 231	1 462 748
Impairments, including obsoleteness	-4 711	-6 861
Total other inventories	2 175 250	2 436 411

LERØY SEAFOOD GROUP Annual report 2025

Finance


				169

Note G3.9 Trade receivables

All figures in NOK 1 000

Accounting policy

Trade receivables are carried on the balance sheet at nominal amount after deduction of provision for estimated losses.

The Group measures expected credit losses by estimating a lifetime expected loss allowance for all trade receivables.

Trade receivables mature less than 12 months after the balance sheet date, and are classified as current.

Trade receivables


Trade receivables	2025	2024
Nominal value	3 237 594	3 228 081
Provision for bad debts	-13 912	-22 874
Total trade receivables	3 223 682	3 205 206

The Group normally invoices the agreed transaction price upon delivery of the goods. Payment is typically due within 30 -

60 days. The Group arranges for third parties to distribute the goods to the customers and carries the incurred

distribution costs itself. The customers cover these costs through the agreed transaction price.

All but an insignificant part of the Group's trade receivables are covered by credit insurance or other forms of surety. The

loss deductible on credit insured trade receivables is 10%.

By the end of February 2025 95.8% of trade receivables (nominal value) had been collected, compared with 93.9% in the

previous year. This represents 96.2% of book value, compared with 94.6% in the previous year.


Trade receivables 31.12 - aging	2025	2024
Not due	2 740 957	2 614 949
Due, 0 to 3 months	466 822	523 702
Due, 3 to 6 months	13 044	27 792
Due, more than 6 months	16 770	61 638
Total	3 237 594	3 228 081


Trade receivables 31.12 - provision	2025	2024
Not due	2 453	2 756
Due, 0 to 3 months	2 714	2 502
Due, 3 to 6 months	1 241	1 405
Due, more than 6 months	7 504	16 211
Total	13 912	22 874


Trade receivables 31.12 - no provision	2025	2024
Not due	2 738 504	2 612 193
Due, 0 to 3 months	464 108	521 200
Due, 3 to 6 months	11 804	26 387
Due, more than 6 months	9 266	45 427
Total	3 223 682	3 205 206


Lifetime expected loss allowance for provision	2025	2024
Not due	0.1%	0.1%
Due, 0 to 3 months	0.6%	0.5%
Due, 3 to 6 months	9.5%	5.1%
Due, more than 6 months	44.7%	26.3%
Total	0.4%	0.7%


Movements in provision for bad debt	2025	2024
Provision 01.01	22 874	22 751
This years change in provisions, recognised in the income statement	-8 870	-380
Currency translation differences	-92	504
Provision 31.12	13 912	22 874

LERØY SEAFOOD GROUP Annual report 2025

Finance


				170

Note G3.9 cont.


Net loss on account receivables included in the income statement	2025	2024
Net change in provision for bad debt	-8 870	-380
Receivables written off during the year as uncollectable	3 559	4 847
Receivables written off, recovered	-71	-107
Total cost (+) / cost reduction (-)	-5 383	4 361

Included in other operating expenses


Trade receivables by currency	2025	2024
NOK	775 539	925 580
SEK	177 503	113 971
DKK	148 399	174 367
GBP	43 660	43 747
EUR	1 347 920	1 391 150
USD	637 432	504 975
JPY	41 319	7 608
Other currencies	51 909	43 808
Total trade receivables	3 223 682	3 205 206

The Group has international operations and is exposed to currency risk in several currencies. Receivables are recognised

at market rate on balance sheet date. Forward contracts are utilised to the greatest extent possible to eliminate

currency risk related to outstanding trade receivables. See the note on financial instruments.

Note G3.10 Other current receivables

All figures in NOK 1 000

Accounting policy

Other current receivables are carried on the balance sheet at nominal amount after deduction of provision for expected

losses. If the Group expect a loss on a non-current receivable, a provision is made to reflect the expected loss based on

probability. Other current receivables are due within a year, and are classified as current assets.


Other current receivables	2025	2024
VAT to be refunded	429 736	614 724
Financial instruments measured at fair value	48 099	17 071
Pre-payments	236 325	261 598
Current loans and credits given	17 079	17 189
Other current receivables and periodisations	46 974	113 159
Total	778 213	1 023 741


Other current receivables as of 31.12 by currency	2025	2024
NOK	696 475	944 312
SEK	14 943	12 049
DKK	9 417	15 851
EUR	48 771	39 176
USD	783	5 204
Other currencies	7 824	7 149
Total	778 213	1 023 741

LERØY SEAFOOD GROUP Annual report 2025

Finance


				171

Note G3.11 Loans, mortgages and guarantees

All figures in NOK 1 000

Interest-bearing debt

Accounting policy

Loans are booked at fair value when the loan is paid out, less transaction costs. In subsequent periods loans are booked

at amortised cost calculated by applying the effective interest rate, and any differences between acquisition cost and

redemption value are incorporated over the loan period by using the effective interest rate method.

Next year's instalments are classified as short-term debt.


	2025			2024
Interest-bearing debt as of 31.12 by type of debt	Long-term portion	Short-term portion	Total	Long-term portion	Short-term portion	Total
Long-term interest-bearing debt
Lease liabilities to credit institutions	840 038	313 800	1 153 838	882 507	284 740	1 167 247
Bond loans	2 993 086	500 000	3 493 086	2 992 431	0	2 992 431
Loans from credit institutions	1 903 047	2 104 255	4 007 303	3 487 003	1 237 878	4 724 881
Other long-term loans	8 150	6 504	14 654	14 587	7 915	22 502
Total	5 744 322	2 924 559	8 668 881	7 376 528	1 530 533	8 907 061
Short-term interest-bearing debt
Overdrafts		2 007 743	2 007 743		2 097 252	2 097 252
Other short-term credits		9 927	9 927		26 362	26 362
Total		2 017 671	2 017 671		2 123 613	2 123 613
Grand total	5 744 322	4 942 229	10 686 552	7 376 528	3 654 146	11 030 675

Total interest-bearing debt is specified by currency below:


	2025			2024
Interest-bearing debt as of 31.12 by currency	Long-term portion	Short-term portion	Total	Long-term portion	Short-term portion	Total
NOK	5 479 991	4 600 699	10 080 690	7 176 819	3 201 089	10 377 908
SEK	53 191	9 943	63 134	54 749	59 223	113 972
DKK	19 732	231 574	251 306	27 660	325 042	352 701
EUR	191 329	53 893	245 223	117 301	57 542	174 842
Other currencies	80	46 120	46 200	0	11 252	11 252
Total	5 744 322	4 942 229	10 686 552	7 376 528	3 654 146	11 030 675

Net Interest-Bearing Debt (NIBD)

Net interest-bearing debt (NIBD) is defined as interest-bearing debt minus bank deposits, which also are interest-bearing.

Bank deposits are valued at the exchange rates on the balance sheet date. In the Cash Flow Statement it is specified how

much that is restricted funds. NIBD is explained in more detail in note on APMs.


	2025			2024
Net interest-bearing debt (NIBD) as of 31.12	Long-term portion	Short-term portion	Total	Long-term portion	Short-term portion	Total
Interest-bearing debt	5 744 322	4 942 229	10 686 552	7 376 528	3 654 146	11 030 675
Bank deposits (-)		-2 664 089	-2 664 089		-3 325 191	-3 325 191
NIBD	5 744 322	2 278 141	8 022 463	7 376 528	328 956	7 705 484

LERØY SEAFOOD GROUP Annual report 2025

Finance


				172

Note G3.11 cont.

Changes in NIBD during the year is presented in a table below:


	Assets	Current debt	Non-current debt incl. ST-portion
Reconciliation of changes in NIBD	Bank deposits	Overdrafts and other short-term credit	Bond loans	Loans from credit inst.	Leases from credit inst.	Other loans	Total
NIBD as of 01.01.2024	-4 323 109	975 792	2 990 486	4 376 805	1 166 402	23 067	5 209 443
Change in bank deposits	969 102						969 102
Cash flows - in		1 147 821		806 637			1 954 458
Cash flows - out				-462 272	-262 180	-1 550	-726 002
Business combinations	28 817			-2 738			26 079
New leases from credit institutions					266 695		266 695
Terminated leases with credit institutions					-11 307		-11 307
Currency translation differences				6 450	7 637	985	15 071
Other non-cash movements			1 945				1 945
NIBD as of 31.12.2024	-3 325 191	2 123 613	2 992 431	4 724 882	1 167 247	22 502	7 705 484
Change in bank deposits	661 360						661 360
Cash flows - in			500 000	618 159		80	1 118 239
Cash flows - out		-116 198		-1 338 490	-265 694	-7 902	-1 728 284
Business combinations / disposal of subsidiary	-257	10 255					9 998
New leases from credit institutions					253 488		253 488
Terminated leases with credit institutions					-2 330		-2 330
Currency translation differences				2 752	1 127	-24	3 855
Other non-cash movements			656				656
NIBD as of 31.12.2025	-2 664 089	2 017 671	3 493 086	4 007 303	1 153 838	14 654	8 022 463


Reconciliation of cash flows out, as specified above, against the statement of cash flows	2025	2024
Cash flows out - related to downpayment on non-current interest-bearing debt (according to table above)	-1 612 087	-726 002
Cash flows out - related to instalment on lease liabilities to others (according to note G3.2), not included in NIBD	-477 668	-395 828
Downpayments of long-term debt (according to statement of cash flows)	-2 089 755	-1 121 830

LERØY SEAFOOD GROUP Annual report 2025

Finance


				173

Note G3.11 cont.

Overview of bond loans

The Group has seven bond loans as of 31.12.2025. The bonds are so called green bonds. This implies that the Group have

established a green financing framework which covers how the proceeds from the bond loans can be used. The

framework is published on the Group's homepage on internet. At year end the Group has qualifying green investments

that are significantly higher than the proceeds from the loan. Thus, the Group has already fulfilled it's obligations

concerning type of investments.

All seven bond loans have no installments during the duration of the loan. The loans have a duration of 4, 5, 6, 7 and 10

years. The loans with duration of 4, 5 and 6 years have floating interest rate, with four quarterly coupon payments each

year. The loans with a duration of 7 and 10 years, have a fixed interest rate, with one annual termin. The bond loans are

measured at amortized cost. The bond loans are unsecured. Fair value is approximately the same as net book value as of

31.12.


						Value as of 31.12.2024
Bond loans as of 31.12.2024	Date of establishment	Duration	Expiry date	Amortizing effect of the period (2024)	Nominal value	Unamortized drawing costs	Net book value
NO 0011097305, green bond loan, floating rate NIBOR 3m+1.00 p.a.	17.09.2021	5 years	17.09.2026	525	500 000	-919	499 081
NO 0011097297, green bond loan, floating rate NIBOR 3m+1.15 p.a.	17.09.2021	6 years	17.09.2027	438	500 000	-1 203	498 797
NO 0011097339, green bond, fixed rate 3.35% p.a.	17.09.2021	10 years	17.09.2031	263	500 000	-1 773	498 227
NO 0012899287, green bond loan, floating rate NIBOR 3m+1.50 p.a.	26.04.2023	5 years	26.04.2028	325	500 000	-1 097	498 903
NO 0012899295, green bond loan, fixed rate 5.10% p.a.	26.04.2023	7 years	26.04.2030	232	500 000	-1 237	498 763
NO 0012899303, green bond loan, fixed rate 5.315% p.a.	26.04.2023	10 years	26.04.2033	163	500 000	-1 342	498 659
Total				1 945	3 000 000	-7 569	2 992 431


				Value of new bond loans in 2025
New bond loans in 2025	Date of establishment	Duration	Expiry date	Nominal value	Drawing costs	Net book value
NO 0013669804, green bond loan, floating rate NIBOR 3m+0.98 p.a.	01.10.2025	4 years	01.10.2029	500 000	-1 375	498 625
Total				500 000	-1 375	498 625


						Value as of 31.12.2025
Bond loans as of 31.12.2025	Date of establishment	Duration	Expiry date	Amortizing effect of the period (2025)	Nominal value	Unamortized drawing costs	Net book value
NO 0011097305, green bond loan, floating rate NIBOR 3m+1.00 p.a.	17.09.2021	5 years	17.09.2026	525	500 000	-394	499 606
NO 0011097297, green bond loan, floating rate NIBOR 3m+1.15 p.a.	17.09.2021	6 years	17.09.2027	438	500 000	-765	499 235
NO 0011097339, green bond, fixed rate 3.35% p.a.	17.09.2021	10 years	17.09.2031	263	500 000	-1 510	498 490
NO 0012899287, green bond loan, floating rate NIBOR 3m+1.50 p.a.	26.04.2023	5 years	26.04.2028	325	500 000	-772	499 228
NO 0012899295, green bond loan, fixed rate 5.10% p.a.	26.04.2023	7 years	26.04.2030	232	500 000	-1 005	498 995
NO 0012899303, green bond loan, fixed rate 5.315% p.a.	26.04.2023	10 years	26.04.2033	163	500 000	-1 179	498 821
NO 0013669804, green bond loan, floating rate NIBOR 3m+0.98 p.a.	01.10.2025	4 years	01.10.2029	86	500 000	-1 289	498 711
Total				2 031	3 500 000	-6 914	3 493 086


Interests expensed, including amortizing effect	2025	2024
Interests	163 401	161 358
Amortizing effect	2 031	1 945
Total	165 432	163 303

LERØY SEAFOOD GROUP Annual report 2025

Finance


				174

Note G3.11 cont.

Payment profile financial liabilities and interest risk etc.


Payment profile financial liabilities	2026	2027	2028	2029	2030	Later	Total
Instalment profile long-term debt
Instalments on bond loans	500 000	500 000	500 000	500 000	500 000	1 000 000	3 500 000
Instalments on loans from credit institutions	2 104 255	420 259	897 284	224 148	109 958	251 399	4 007 303
Instalments on leasing debt to credit institutions	313 800	272 012	205 152	126 000	73 742	163 133	1 153 838
Instalments on other long-term interest-bearing debt	6 504	8 150	0	0	0	0	14 654
Total instalments on long-term interest-bearing debt	2 924 559	1 200 421	1 602 436	850 148	683 699	1 414 531	8 675 795
Unamortized drawing costs on bond loan, with no cash effect							-6 914
Total net book value 31.12.2025							8 668 881
Instalment profile on other long-term liabilities
Instalments on lease liabilities to others than credit institutions	424 670	347 514	275 473	166 904	123 932	866 187	2 204 680
Instalments on other long-term non-interest-bearing debt	600	923				3 805	5 328
Total instalments on long-term non-interest-bearing debt	425 270	348 437	275 473	166 904	123 932	869 992	2 210 008
Interest payment profile long-term debt
Interest on bond loans	168 389	142 468	104 694	88 999	52 143	74 622	631 316
Interest on loans from credit institutions *	193 905	94 296	57 602	26 370	17 065	14 003	403 241
Interest on leasing debt to credit institutions	81 450	57 519	38 027	24 500	16 340	13 328	231 164
Interest on lease liabilities to others than credit institutions	102 008	82 240	66 292	54 967	47 521	155 221	508 249
Interest on other long-term interest-bearing debt	581	208					789
Total	546 334	376 731	266 615	194 836	133 070	257 174	1 774 760
Other short-term financial liabilities
Overdraft (interest-bearing debt)	2 007 743						2 007 743
Other short-term credits and loans (interest-bearing debt)	9 927						9 927
Accrued interests	78 121						78 121
Trade payables	2 147 446						2 147 446
Other short-term liabilities, excl. tax payable and public duties payable	1 146 042						1 146 042
Total	5 389 280	0	0	0	0	0	5 389 280

Grand total	9 285 442	1 925 590	2 144 525	1 211 887	940 701	2 541 697	18 049 843

* The impact from interest swap contracts is included in the amounts.

The Group's financial liabilities are classified according to payment profile. Classification is based on contractually

agreed date of maturity. The financial liability from the interest rate swap defined as cash flow hedge is included in the

estimated interest costs on the hedged item.

LERØY SEAFOOD GROUP Annual report 2025

Finance


				175

Note G3.11 cont.


Liquidity reserve as of 31.12	2025	2024
Bank deposits	2 664 089	3 325 191
Unutilized drawing facilities	3 999 308	3 073 825
Total	6 663 396	6 399 015


Payment profile interest-bearing debt	2025	2026	2027	2028	2029	2030	Later
Interest-bearing debt 01.01		10 686 552	5 744 322	4 543 901	2 941 465	2 091 317	1 407 618
Instalments on long-term interest-bearing debt		-2 924 559	-1 200 421	-1 602 436	-850 148	-683 699	-1 407 618
Instalments on short-term interest-bearing debt		-2 017 671
Interest-bearing debt 31.12	10 686 552	5 744 322	4 543 901	2 941 465	2 091 317	1 407 618	0


Interest-bearing debt 31.12 secured with fixed interest rate	2025	2026	2027	2028	2029	2030	2031
500.0 MNOK, 17.09.2021 - 17.09.2031 (bond loan)	500 000	500 000	500 000	500 000	500 000	500 000	0
500.0 MNOK, 26.04.2023 - 26.04.2030 (bond loan)	500 000	500 000	500 000	500 000	500 000	0	0
500.0 MNOK, 26.04.2023 - 26.04.2033 (bond loan)	500 000	500 000	500 000	500 000	500 000	500 000	500 000
267.2 MNOK, 15.04.2020 - 11.12.2026 (interest swap agreement) *	267 188	0	0	0	0	0	0
267.2 MNOK, 15.04.2020 - 11.12.2026 (interest swap agreement) *	267 188	0	0	0	0	0	0
Secured interest-bearing debt	2 034 375	1 500 000	1 500 000	1 500 000	1 500 000	1 000 000	500 000
Unsecured interest-bearing debt	8 652 177	4 244 322	3 043 901	1 441 465	591 317	407 618	328 943
Total interest-bearing debt	10 686 552	5 744 322	4 543 901	2 941 465	2 091 317	1 407 618	828 943
Portion fixed interest rate	19%	26%	33%	51%	72%	71%	60%
Portion exposed to interest rate changes	81%	74%	67%	49%	28%	29%	40%

* The interest swap agreements run until 15 April 2027, but the interest-bearing debt matures in full 11 December 2026.


The exposure of the Group's borrowings to interest rate changes and the contractual repricing dates	2025	2024
6 months or less	18 750	18 750
6-12 months	515 625	18 750
1-5 years	500 000	534 375
Over 5 years	1 000 000	1 500 000
Total secured interest-bearing debt	2 034 375	2 071 875
Total unsecured interest-bearing debt	8 652 177	8 958 800
A change in interest rate of 1% will increase the interest cost in 2026 with approximately:	83 525	83 421

LERØY SEAFOOD GROUP Annual report 2025

Finance


				176

Note G3.11 cont.

Fair value, borrowing costs

The book value of long-term debt approximates fair value. There are no significant new loan charges that are not

amortised over the life of the loan.

Covenants

The Group's main borrowing conditions ("covenants") in the different bank loan agreements are to maintain an equity

ratio of at least 25%. The bond loans have a financial covenant where the issuer shall ensure that the Group, on a

consolidated basis, maintains an equity ratio of minimum 30%. When calculating the equity ratio, the balance sheet value

is adjusted for bank deposits and deferred tax associated with licences. There are also some capital adequacy

requirements in some of the subsidiaries that are all 30% or lower. Finally, there are requirements regarding a so-called

"borrowing base" in Lerøy Midt AS, Lerøy Vest AS and Sjøtroll Havbruk AS for the short-term overdraft facilities. More

specifically, this means that the utilisation of the facility must not exceed a certain level of one or more accounting lines.

In this case the relevant accounting lines are inventory, trade receivables and other receivables.

The management of LSG is not aware of any companies within the Group that has entered into a position where they

have become in breach of their covenants in 2025.

Loans secured by mortgages and mortgaged assets


Loans secured by mortgages consists of	2025	2024
Long-term loans from credit institutions, etc.	4 007 303	4 724 881
Other long-term interest-bearing debt	343	339
Short-term debt to credit institutions (overdrafts)	2 007 743	2 097 252
Other short-term interest-bearing loans and credits	9 927	26 362
Total liabilities secured by mortgages as of 31.12	6 025 316	6 848 834


Mortgaged assets	2025	2024
Trade and other receivables	1 117 965	1 302 557
Shares in associates (Norskott Havbruk AS)	1 091 770	1 264 579
Biological assets and other goods	9 988 394	11 176 018
Fixed assets	7 990 496	7 932 854
Licences *	1 649 993	1 679 765
Net book value on mortgaged assets as of 31.12	21 838 617	23 355 773

* Mortgaged licences concern licences owned by Lerøy Midt Sjø AS and Lerøy Vest Sjø AS.

Guaranties on behalf of third party liabilities


Guaranties as of 31.12	2025	2024
Guaranties on behalf of other third parties	1 763	2 398

As an alternative to direct investment, the Group has in some few cases accepted to guarantee on behalf of third party

liabilities.

Note G3.12 Other short-term debt

All figures in NOK 1 000

Accounting policy

Provisions are carried on the balance sheet when the Group has an existing legal obligation or implied duty in

consequence of an earlier event, and it is probable that a flow of economic resources from the enterprise will be required

in order to fulfil such obligation. If the effect is significant, the provision is determined by discounting estimated future

cash flows by a discounting rate before tax, which reflects market pricing of the time value of money and the risks

specifically associated with the obligation.


Other short-term debt	2025	2024
Revenues to be recognised in next accounting period	68 714	75 059
Fair value of financial instruments, with due date within a year	9 027	0
Change in value on hedged risk related to binding agreements	9 634	10 287
Onerous contracts (related to fair value adjustment of biological assets)	44 013	111 605
Accrued wages and holiday pay	595 627	508 078
Accrued interest costs	78 121	81 626
Accrued customer bonus	70 553	59 951
Accrued other expenses	339 076	323 168
Provisions for contingencies	6 639	22 620
Other short-term debt (prepayments from customer, etc.)	11 785	27 791
Total	1 233 190	1 220 185

Accrued other expenses

Accrued other expenses includes freight, claims, treatment expenses on fish in sea, bonuses and various other

operational and inventory related costs. Accrued freight on products sold is the largest single item.

Decommissioning and site restoration

The Group has an obligation to remove equipment from sea farming sites if the activity is ended. However, given the

indefinite useful life of the Group's farming licences and the plan for continued operations at existing sites, such an

obligation is not expected to arise in the foreseeable future. A reliable estimate of the present value of decommissioning

costs cannot be made, as the settlement dates are indeterminate and other estimates, such as very long-term discount

rates, cannot be reliably determined. No provision has been recognised and the obligation is disclosed as a contingent

liability. Equipment at the Group's farming sites is maintained on an ongoing basis and replaced as needed, with costs

capitalised as additions to property, plant and equipment or expensed as appropriate.

LERØY SEAFOOD GROUP Annual report 2025

Finance


				177

Section 4 – Other notes

Note G4.1 Financial risk

Risk management in the Group is based on the principle

that risk evaluation is an integral part of the business

activities. The Groups approach is to determine

appropriate risk levels, and to constantly maintain and

develop tools and procedures for monitoring the

exposures, avoiding too high risk. Based on the overall

evaluation of the risk, the Group seeks to reduce the

identified risk by use of financial instruments and use of

insurance policies. The most important financial risks are

identified below. Financial instruments used to mitigate

the risk, and the impact on the financial statements, are

described in note in financial instruments.

Climate risk

Climate risk implies a financial risk in two areas. Firstly,

climate risk involves uncertainties surrounding physical

climate change (physical risk) caused by global warming.

Secondly, climate risk involves the transition to a low-

carbon economy, to be achieved via measures and

technological developments (transition risk). The Group

will be affected by both above. The consequences of

global warming and mandatory measures to limit climate

change will represent a cost for the Group. This risk has

been acknowledged by the Group and reflected in the

climate plan. This is further described in the note on

climate risk.

Funding risk

The Group relies on access to capital to operate, to

continue as a going concern and to guarantee returns for

the owners and other stakeholders. If the Group loses the

confidence of investors in financial markets, it will not be

able to finance either new or existing operations. The

Group’s participation in the transition to a low carbon

economy has already become an important parameter.

The Group’s investment in new (green) technology, has

resulted in green bond loans as a part of the Group’s

financing. The Group’s comprehensive set of routines and

processes for risk management is key to minimizing

funding risk. Continuous and compliant reports and

information describing the Group’s development, also

within ESG, are essential in sustaining and developing

confidence. The Group aim to maintain the BBB+ credit

rating with Nordic Credit Rating.

Currency risk

At all times, the Group has a substantial volume of fish in

the sea that represents future sales. A significant share of

the Group's revenue is generated in currencies other than

NOK. As the currency rates fluctuate constantly, future

payment in currency will deviate from the amount

recognized at time of sale or purchase. In order to

minimize the currency risk, the Group uses currency

forward contracts to hedge both net receivables and

signed sales contracts in foreign currency.

Interest risk

The Group's exposure to changes in the interest rate is

mainly linked to the debt disclosed in the note on net

interest-bearing debt. The Group’s long-term debt is

based upon a balance between loan agreements with

floating rates of interest, and loan agreements with fixed

rate of interest. In addition, the Group has made use of

long-term interest rate swaps to reduce the floating

interest rate risk for a share of the Group’s long-term debt

with floating interest. For the loans with fixed interest rate,

the period length varies, with different years of expiry.

Price risk

The developments in global salmon and trout prices have

a considerable impact on the results achieved by the

Group. To reduce the price risk, a portion of revenue /

purchase cost can be hedged through financial purchase

and sales contracts for salmon.

The Group is also exposed to fluctuations in the bunker

price. This risk is reduced through use of forward

agreements to purchase bunker (bunker derivatives).

Liquidity risk

The Group manages liquidity risk by maintaining

adequate reserves and committed bank facilities and

constantly monitoring forecasted and actual cash flows.

The Group aim to obtain and maintain a smooth debt

repayment schedule. Further, committed undrawn credit

facilities has been secured with the bank, to provide

sufficient reserves to meet unforeseen liquidity needs. In

addition, the Group takes use of bank guaranties if

needed, to ensure sufficient reserve.

Credit risk

The Group's sales to end customers are credit sales.

Procedures have been established to ensure that the

Group companies only sell products to customers with

satisfactory credit rating. A credit assessment is

performed based on the customer's financial position,

history and any other factors of relevance. Individual limits

are set for risk exposure, based on internal and external

assessments of creditworthiness. The overall credit risk is

also reduced by the geographically diversity of markets.

The Group's compliance on these procedures is regularly

monitored. Furthermore, almost all the Group's trade

receivables are covered by credit insurance, securing

about 90% of nominal amounts. The counterparties to

derivative contracts and financial placements shall also

be financial institutions with a high credit rating or other

parties who can provide reliable security.

LERØY SEAFOOD GROUP Annual report 2025

Finance


				178

Note G4.2 Financial instruments

All figures in NOK 1 000

Financial instruments at fair value by level

The table below shows financial instruments at 31.12 at fair value (before tax) according to valuation method. The

different levels are defined as follows:

Level 1: Listed price on an active market for an identical asset or liability

Level 2: Valuation based on observable factors other than listed price (used in level 1), either direct (price) or indirect

(derived from prices) for the asset or liability

Level 3: Valuation based on factors that are not sourced from observable markets (non-observable premises)


Total fair value of financial instruments by level	Level	2025	2024
Derivative instruments
Forward foreign exchange contracts	Level 2	48 099	16 546
Interest rate swaps	Level 2	19 355	34 702
Commodity derivatives, bunker fuel	Level 2	-8 534	525
Financial purchase and sales contracts for salmon	Level 2	-1 806	0
Total		57 114	51 774

Other financial instruments
Other shares	Level 3	13 240	13 783
Total		13 240	13 783


Financial instruments presented in the statement of financial position	2025	2024
Derivative instruments
Non-current receivables (+)	19 355	34 702
Other current receivables (+)	48 099	17 071
Other long-term liabilities (-)	-1 313	0
Other short-term financial liabilities (-)	-9 027	0
Net asset (+) / liability (-)	57 114	51 774

Other financial instruments
Other investments (non-current)	13 240	13 783
Net asset (+) / liability (-)	13 240	13 783

Forward foreign exchange contracts

The Group has at all times a substantial biomass in the

sea that represents future sales. A significant share of the

Group's revenue is generated in currencies other than

NOK. In order to minimize the currency risk the Group uses

currency forward contracts to hedge both net receivables

and signed sales contracts in foreign currency. The

majority of the contracts have this purpose. Thus the

Group recognises these currency forward contracts as fair

value hedging, also for the signed sales contracts, which

are off-balance items. The change in fair value on currency

forward contracts and hedged foreign exchange gain/

loss on the signed sales contracts is recognized as foreign

exchange gain/loss classified as cost of materials in the

income statement, as it relates to the inventory cycle. The

hedging instruments are measured at fair value at period

end in the statement of financial position. Some currency

forward contracts are acquired by foreign VAPS&D

entities with the purpose of reducing the currency risk

related to external purchases in NOK. The Group recognize

these currency forward contracts for purchase contracts

as a cash flow hedge. The effective share of the change in

value of the derivatives is recorded through other

comprehensive income. The gross asset or liability carried

is a taxable temporary difference. The change in deferred

tax caused by the change in gross carrying amount is also

recorded through other comprehensive income, and is

therefore not included in the tax cost for the year in the

income statement. When realised, the effect is charged to

cost of goods. Revenue by currency is presented in the

note on operating revenue, and trade receivables by

currency is presented in the note on receivables.

Financial purchase and sales contracts for

salmon

Hedge accounting is applied for the financial purchase

and sales contracts for salmon. Normally, the contracts

expire within one year. The fair value of the derivative

(gross before tax) is carried under the item for “other

current receivables” when positive and other short-term

liabilities when negative. The effective share of the change

in value of the derivatives is recorded through other

comprehensive income (cash flow hedging). The gross

asset or liability carried is a taxable temporary difference.

The change in deferred tax caused by the change in gross

carrying amount is also recorded through other

comprehensive income, and is therefore not included in

the tax cost for the year in the income statement. When

realised, the effect is charged to cost of goods.

Financial purchase contracts for bunkers (bunker

derivatives)

Hedge accounting is applied for the financial purchase

contracts for bunkers (bunker derivatives). Normally, the

contracts expire within one year. The fair value of the

bunker derivatives (gross before tax) is carried under the

item for “other current receivables” when positive and

other short-term liabilities when negative. The effective

share of the change in value of the derivatives is recorded

through other comprehensive income (cash flow hedging).

The gross asset or liability carried is a taxable temporary

difference. The change in deferred tax caused by the

change in gross carrying amount is also recorded through

other comprehensive income, and is therefore not

included in the tax cost for the year in the income

statement. When realised, the effect is charged to bunker

cost, which is included in other operating expenses.

Interest rate swaps

Hedge accounting is applied for interest rate swaps.

Normally, the contracts expire later than one year. The fair

value of interest rate swaps (gross before tax) is carried

as a non-current asset under the accounting item for “non-

current receivables" if positive, and under the accounting

item for "other long-term liabilities" if negative. If the

agreement has a remaining duration of less than one

year, the value is entered under “other current receivables”

if positive, and under "other short-term liabilities" if

negative. The effective share of the change in value of the

interest rate swap is recorded through other

comprehensive income (cash flow hedging). The gross

asset or liability carried is a taxable temporary difference.

The change in deferred tax caused by the change in gross

carrying amount is also recorded through other

comprehensive income, and is therefore not included in

the tax cost for the year in the income statement

LERØY SEAFOOD GROUP Annual report 2025

Finance


				179

Note G4.2 cont.

At year-end, the Group had the following interest rate swaps:

Agreement 1 from 2020: NOK 267 188, Start 15 April 2020. Duration 7 years, Terminates 15 April 2027, Interest rate 1.438%, in

Lerøy Havfisk AS.

Agreement 2 from 2020: NOK 267 188, Start 15 April 2020. Duration 7 years, Terminates 15 April 2027, Interest rate 1.440%, in

Lerøy Havfisk AS.

Initial hedged amount on each of the two agreements in Lerøy Havfisk AS was NOK 370 313. The amount on the interest

rate swap decreases during the lifetime to reflect the instalments paid on the hedged debt. See note on long-term debt

for instalment plan details.

The periodic interest payments related to the hedging instrument (interest rate swaps) are calculated as the difference

between fixed and floating interest rate multiplied with the nominal value of the agreement. The fixed rate, expectations

about the future floating rate, and the remaining lifetime to expiry, are the most important parameters in the calculation

of the fair value. The periodic interest payments related to the hedged item (the long-term loans) are calculated as the

floating rate plus margin multiplied with the nominal value of the loan.

Financial instruments by category

The following principles have been used for the subsequent measurement of financial instruments in the balance sheet:


31.12.24	Amortised cost	Fair value through profit or loss	Fair value through other comprehensive income	Total
Assets
Other investments	0	13 783		13 783
Loans and other long-term receivables	86 577		34 702	121 279
Trade receivables	3 205 206			3 205 206
Other current receivables	130 348	13 651	3 420	147 419
Cash and cash equivalents	3 325 191			3 325 191
Total	6 747 322	27 434	38 122	6 812 878
Other current receivables are exclusive advance payments (NOK 261 598) and public duties receivable (NOK 614 724).
Liabilities
Other long-term liabilities				0
Long-term loans	7 739 814			7 739 814
Lease liabilities to credit institutions	1 167 247			1 167 247
Overdraft facility and other short-term loans and credits	2 123 613			2 123 613
Trade payables	2 270 362			2 270 362
Other short-term liabilities	701 821			701 821
Total	14 002 857	0	0	14 002 857
Other short-term liabilities are exclusive statutory liabilities and accrued wages and holiday pay.


31.12.25	Amortised cost	Fair value through profit or loss	Fair value through other comprehensive income	Total
Assets
Other investments		13 240		13 240
Loans and other long-term receivables	42 745		19 355	62 100
Trade receivables	3 223 682			3 223 682
Other current receivables	64 053	46 338	1 761	112 152
Cash and cash equivalents	2 664 089			2 664 089
Total	5 994 569	59 578	21 115	6 075 262
Other current receivables are exclusive advance payments (NOK 236 325) and public duties receivable (NOK 429 736), ref note on other current receivables.
Liabilities
Other long-term liabilities			1 313	1 313
Long-term loans	7 515 043			7 515 043
Lease liabilities to credit institutions	1 153 838			1 153 838
Overdraft facility and other short-term loans and credits	2 017 671			2 017 671
Trade payables	2 147 446			2 147 446
Other short-term liabilities	618 901		9 027	627 928
Total	13 452 899	0	10 339	13 463 239
Other short-term debt are exclusive statutory liabilities and accrued wages and holiday pay.

LERØY SEAFOOD GROUP Annual report 2025

Finance


				180

Note G4.2 cont.

Change in fair value on financial instruments included in receivables, debt, profit and loss and OCI

The table below presents the accounting of financial instruments included in receivables and debt. The financial

instruments are recognised at fair value. Depending on type of hedge, the change in fair value is booked either through

PL or OCI. Each type of financial instruments is further explained below the table.


Changes in balance sheet values before tax	Fair value as of 01.01.2025	Fair value through profit or loss	Fair value through other comprehensive income	Currency translation differences	Fair value as of 31.12.2025
Derivatives included in non-current receivables
Interest rate swap agreements	34 702		-15 348		19 355
Total	34 702	0	-15 348	0	19 355
Derivatives included in other current receivables
Currency forward contracts - recognised hedge objects	6 259	36 150	-1 137	3	41 275
Currency forward contracts - non-recognised hedge objects *	10 287	-3 463			6 824
Bunker derivates	525		-525		0
Total	17 071	32 687	-1 662	3	48 099
Financial instruments included in other long-term liabilities
Financial purchase and sales contracts for salmon	0		-1 313		-1 313
Total	0	0	-1 313	0	-1 313
Financial instruments included in other short-term liabilities
Bunker derivates	0		-8 534		-8 534
Financial purchase and sales contracts for salmon	0		-493		-493
Total	0	0	-9 027	0	-9 027
Net value before tax	51 774	32 687	-27 349	3	57 114

* Non-recognised hedge objects consist of binding sales contracts that are hedged (value hedges). Change in fair value on

hedged risk in the hedged period is recognised through profit or loss. The change in fair value on the hedging instrument will

have its opposite equal value as a short-term receivable or as other short-term debt, depending on positive or negative value

on the instrument. Information on this will be included in either the note on receivables or other short-term debt, depending on

positive or negative value in the instrument.


Changes in balance sheet values, net after tax	Fair value as of 01.01.2025	Fair value through profit or loss	Fair value through other comprehensive income	Currency translation differences	Fair value as of 31.12.2025
Net value before tax	51 774	32 687	-27 349	3	57 114
Deferred tax asset (+) / liability (-), financial instruments	-11 303	-7 191	5 983	-1	-12 512
Net value after tax	40 470	25 496	-21 367	3	44 602
Change in cash flow hedges reserve (as stated in note on changes in equity)			-21 367	3	-21 364

LERØY SEAFOOD GROUP Annual report 2025

Finance


				181

Note G4.2 cont.


Changes through OCI after tax, per type of instrument	2025	2024
Changes interest rate swap agreements	-11 971	-1 483
Changes currency forward contracts	-921	-11 092
Changes bunker derivatives	-7 066	-11 652
Financial purchase and sales contracts for salmon	-1 408	0
Total (ref. Statement of comprehensive income)	-21 367	-24 227

LERØY SEAFOOD GROUP Annual report 2025

Finance


				182

Note G4.3 Earnings per share

All figures in NOK 1 000, with exception of earnings per share


Earnings per share	2025	2024
This year's earnings to LSG shareholders (NOK 1 000)	365 957	2 673 477
Number of issued shares as of 31.12 (in 1 000)	595 774	595 774
Number of treasury shares as of 31.12 (in 1 000)	-298	-298
Number of outstanding shares as of 31.12 (in 1 000)	595 476	595 476
Average number of outstanding shares (in 1 000)	595 476	595 476
Average number of outstanding shares with dilution (in 1 000)	595 476	595 476
Earnings per share	0.61	4.49
Diluted earnings per share	0.61	4.49

Earnings per share since the date of listing


	After fair value adjustment			Before fair value adjustment *
Year	Share of profit for the year to LSG shareholders	Earnings per share	Recommended dividend relative to profit	Share of profit for the year to LSG shareholders *	Earnings per share *	Recommended dividend relative to profit *
2025	365 957	0.61	407%	1 261 785	2.12	118%
2024	2 673 477	4.49	56%	2 493 834	4.19	60%
2023	272 501	0.46	547%	113 231	0.19	1315%
2022	2 906 781	4.88	51%	2 139 193	3.59	70%
2021	2 632 371	4.42	57%	1 834 661	3.08	81%
2020	794 335	1.33	150%	1 467 617	2.46	81%
2019	1 857 172	3.12	48%	2 073 426	3.48	43%
2018	3 437 042	5.77	35%	2 918 324	4.90	41%
2017	1 749 494	2.94	51%	2 919 657	4.90	31%
2016	3 224 143	5.65	24%	2 192 909	3.84	35%
2015	1 179 718	2.16	56%	1 057 767	1.94	62%
2014	1 055 916	1.93	62%	1 312 258	2.40	50%
2013	1 733 352	3.18	31%	1 152 700	2.11	47%
2012	480 797	0.88	79%	278 958	0.51	137%
2011	382 705	0.70	100%	825 625	1.51	46%
2010	1 419 507	2.62	38%	1 193 765	2.21	46%
2009	729 488	1.36	51%	685 940	1.28	55%
2008	124 730	0.23	120%	151 416	0.28	99%
2007	277 014	0.57	35%	279 611	0.58	34%
2006	651 516	1.59	33%	575 141	1.40	37%
2005	319 312	0.87	22%	248 443	0.67	29%
2004	83 402	0.24	36%	82 216	0.24	37%
2003	30 518	0.12	68%	30 518	0.12	68%
2002	25 650	0.11	69%	25 650	0.11	69%
Total	28 406 898	50.23	58%	27 314 644	48.12	61%

* The amounts are adjusted with the LSG's shareholders (controlling interests) share of fair value adjustment related to biological

assets. The adjustment is after tax. Included in the adjustment is also the Groups' share of such adjustments from associates

(after tax). Earnings per share before fair value adjustment is an Alternative Performance Measure. For calculation see note on

APM's.

LERØY SEAFOOD GROUP Annual report 2025

Finance


				183

Note G4.4 Dividend per share

All figures in NOK 1 000, with exception of dividend per share

Time of recognition

Dividends are recognized in the financial statements on the time of adoption by the shareholders' general meeting.

Distributed dividend in current financial year

Distributed dividend in 2025, based on 2024 profit, was NOK 2.50 per share. This amounts to NOK 1 489 434.

Recommended dividend

Based on the 2025 profit, a corresponding dividend of NOK 2.50 per share is recommended for distribution in 2026. This

amounts to NOK 1 489 434. A final decision will be made by the general meeting on 27 May 2026.

Dividend per share since the date of listing


	Dividend recommended			Dividend distributed
Year	Number of issued shares 31.12 (in 1 000)	Recommended dividend per share	Recommended dividend	Number of shares as basis for distribution (in 1 000)	Dividend distributed per share	Dividend distributed
2025	595 774	2.50	1 489 434	595 774	2.50	1 489 434
2024	595 774	2.50	1 489 434	595 774	2.50	1 489 434
2023	595 774	2.50	1 489 434	595 774	2.50	1 489 434
2022	595 774	2.50	1 489 434	595 774	2.50	1 489 434
2021	595 774	2.50	1 489 434	595 774	2.00	1 191 547
2020	595 774	2.00	1 191 547	595 774	1.50	893 661
2019	595 774	1.50	893 661	595 774	2.00	1 191 547
2018	595 774	2.00	1 191 547	595 774	1.50	893 661
2017	595 774	1.50	893 661	595 774	1.30	774 506
2016	595 774	1.30	774 506	545 774	1.20	654 928
2015	545 774	1.20	654 928	545 774	1.20	654 928
2014	545 774	1.20	654 928	545 774	1.00	545 774
2013	545 774	1.00	545 774	545 774	0.70	382 042
2012	545 774	0.70	382 042	545 774	0.70	382 042
2011	545 774	0.70	382 042	545 774	1.00	545 774
2010	545 774	1.00	545 774	535 774	0.70	375 042
2009	535 774	0.70	375 042	535 774	0.28	150 017
2008	535 774	0.28	150 017	535 774	0.18	96 439
2007	535 774	0.18	96 439	535 774	0.40	214 309
2006	427 774	0.50	214 309	427 770	0.18	76 999
2005	393 774	0.18	70 879	378 848	0.08	30 308
2004	344 408	0.09	30 308	344 408	0.06	20 665
2003	344 408	0.06	20 664	294 408	0.06	17 664
2002	294 408	0.06	17 664	194 408	0.06	11 664
Total		28.65	16 532 903		26.10	15 061 252
Recommended dividend to be distributed in 2026					2.50	1 489 434
Accumulated dividend distributed, plus dividend recommended for distribution in 2026					28.60	16 550 686

LERØY SEAFOOD GROUP Annual report 2025

Finance


				184

Note G4.5 Share capital and shareholder information


The share capital consists of	Total number of shares	Nominal value per share	Book value
Share capital 01.01.2025	595 773 680	0.10	59 577 368
Share capital 31.12.2025	595 773 680	0.10	59 577 368

Lerøy Seafood Group ASA had 21 918 shareholders at 31 December 2025. The corresponding number at year end 2024 was

23 095. All shares confer the same rights in the company. End of 2025 it was 945 foreign shareholders. The corresponding

number at year end 2024 was 966. End of 2025 foreign shareholders owned 137 988 869 shares in total, representing 23.2%

of the total capital. Corresponding numbers at year end 2024 was 130 617 207 shares, representing 21.9% of the total

capital.


Overview of the 20 largest shareholders at 31.12.2024	No. of shares	Ownership
Austevoll Seafood ASA	313 942 810	52.69%
Folketrygdfondet	30 072 381	5.05%
UBS AG	18 033 315	3.03%
Ferd AS	13 502 548	2.27%
Pareto Aksje Norge Verdipapirfond	13 193 059	2.21%
JPMorgan Chase Bank, N.A., London	8 418 766	1.41%
The Bank of New York Mellon SA/NV	7 703 416	1.29%
State Street Bank and Trust Comp	7 461 503	1.25%
JPMorgan Chase Bank, N.A., London	6 243 470	1.05%
BNP Paribas	6 222 618	1.04%
Verdipapirfond Odin Norge	4 263 903	0.72%
Forsvarets Personellservice	4 168 100	0.70%
Danske Invest Norske Instit. II.	4 031 531	0.68%
J.P. Morgan SE	3 676 684	0.62%
J.P. Morgan SE	3 627 379	0.61%
State Street Bank and Trust Comp	3 510 796	0.59%
Clearstream Banking S.A.	3 398 821	0.57%
J.P. Morgan SE	3 305 930	0.55%
Verdipapirfondet KLP Aksjenorge In	3 246 444	0.54%
Verdipapirfondet KLP Aksjenorge	3 069 415	0.52%
Total 20 largest shareholders	461 092 889	77.39%
Others	134 680 791	22.61%
Total share capital	595 773 680	100.00%


Overview of the 20 largest shareholders at 31.12.2025	No. of shares	Ownership
Austevoll Seafood ASA	313 942 810	52.69%
Folketrygdfondet	29 048 653	4.88%
UBS AG	17 679 521	2.97%
Pareto Aksje Norge Verdipapirfond	14 657 459	2.46%
Ferd AS	13 502 548	2.27%
JPMorgan Chase Bank, N.A., London	13 211 865	2.22%
The Bank of New York Mellon SA/NV	5 987 707	1.01%
State Street Bank and Trust Comp	4 878 450	0.82%
J.P. Morgan SE	4 681 629	0.79%
Forsvarets Personellservice	4 561 200	0.77%
Verdipapirfond Odin Norge	4 163 903	0.70%
JPMorgan Chase Bank, N.A., London	4 090 116	0.69%
J.P. Morgan SE	4 012 636	0.67%
J.P. Morgan SE	3 841 110	0.64%
Verdipapirfondet KLP Aksjenorge	3 735 659	0.63%
BNP Paribas	3 735 001	0.63%
J.P. Morgan SE	3 717 072	0.62%
Verdipapirfondet KLP Aksjenorge In	3 417 475	0.57%
J.P. Morgan SE	3 357 930	0.56%
State Street Bank and Trust Comp	3 000 238	0.50%
Total 20 largest shareholders	459 222 982	77.08%
Others	136 550 698	22.92%
Total share capital	595 773 680	100.00%

LERØY SEAFOOD GROUP Annual report 2025

Finance


				185

Note G4.5 cont.

Shares owned by members of the Board and their related parties

Chairman of the Board Arne Møgster and Board members Britt Kathrine Drivenes and Karoline Møgster have indirect

ownership in Lerøy Seafood Group ASA through the parent company Austevoll Seafood ASA. Arne Møgster and Karoline

Møgster own their shares through the ultimate parent company Laco AS.

Board member (employees' representative) Tor-Ivar Ingebrigtsen owns 160 shares in Lerøy Seafood Group ASA at year

end.

Shares owned by the Executive Management and their related parties


Name	Position	2025	2024
Henning Beltestad	CEO	84 200	84 200
Sjur Malm	CFO	42 500	42 500
Ivar Wulff	COO VAPS&D	12 000	12 000
Bjarne Reinert	COO Farming	2 800	2 800
Siren Grønhaug	CHRO	1 200	1 200
Total		142 700	142 700

The Chief Operating Officer for VAPS&D has also indirect ownership in Lerøy Seafood Group ASA through the parent

company Austevoll Seafood ASA, where he owns 552 shares.

Note G4.6 Currency translation differences

All figures in NOK 1 000

Assets and liabilities in foreign enterprises are converted to Norwegian krone according to the exchange rate on balance

sheet date. Revenues and expenses from foreign enterprises are converted to Norwegian krone according to the average

exchange rate. Translation differences are charged to comprehensive income.

In the event of a disposal of a foreign enterprise, the relevant accumulated translation differences allocated to the

parent company's owners are reversed over the income statement. The disposal of a foreign enterprise may take the

form either of a whole or partial sale of a subsidiary, joint venture or associate. When selling shares in a subsidiary

without losing control, the relative share of the translation difference is transferred to non-controlling interests in the

equity statement. For other sale of shares without the loss of joint control or significant influence, the relative share of the

accumulated translation difference is reversed over profit or loss.


	LSG shareholders	Non-controlling interests	Total
Accumulated currency translation differences as of 01.01.2024	314 294	4 478	318 772
Translation differences related to subsidiaries	63 213	2 706	65 919
Translation differences from associates	97 021		97 021
Accumulated currency translation differences as of 31.12.2024	474 528	7 184	481 711

Accumulated currency translation differences as of 01.01.2025	474 528	7 184	481 711
Translation differences related to subsidiaries	-10 460	-348	-10 808
Translation differences from associates	-57 287		-57 287
Accumulated currency translation differences as of 31.12.2025	406 780	6 836	413 616

LERØY SEAFOOD GROUP Annual report 2025

Finance


				186

Note G4.7 Related parties

All figures in NOK 1 000

Transactions and balances with parent company and its

related parties

Laco AS is the ultimate parent company. Lerøy Seafood

Group ASA is a subsidiary of Austevoll Seafood ASA,

which in turn is a subsidiary of Laco AS. Transactions and

intercompany accounts with other Group companies in

the Laco AS corporation, not covered by Lerøy Seafood

Group ASA, are classified as transactions and

intercompany accounts with related parties. The same

applies to associates and joint ventures of the above.

Transactions and balances with associated companies

and joint ventures

Associates and joint ventures owned by Lerøy Seafood

Group, and non-controlling interests in subsidiaries, are

also classified as related parties.

Transaction and balances with others

In addition, any companies owned by employees, in

particular senior executives, are classified as related

parties. No transactions of significance between such

companies have been identified.


2024	Ownership	Sales	Purchases	Receivables	Liabilities
Transactions with parent company and its related parties:
Laco AS	“Ultimate parent”	0	0	0	0
Fitjar Mekaniske Verksted AS	Laco AS (100%)	45	13 178	507	1 078
Pelagia AS	Austevoll Seafood ASA (50%)	148 731	14 492	32 406	771
Austevoll Seafood ASA	Laco AS (55.55%)	7	0	886	0
Austevoll Eiendom AS	Austevoll Seafood ASA (100%)	0	25 602	0	0
Br Birkeland Farming AS *	Austevoll Seafood ASA (0%)	4	0	0	0
Kobbevik og Furuholmen Oppdrett AS	Austevoll Seafood ASA (55.2%)	104 823	237 471	157	7 350
Hordalaks Holding AS konsern	Kobbevik og Furuholmen Oppdrett AS (25%)	0	10 600	0	0
Transactions with the Group's own associates and non-controlling interests (NCI) in subsidiaries:
Norskott Havbruk AS	Lerøy Seafood Group ASA (50%)	257	0	247	0
Scottish Sea Farms Ltd	Norskott Havbruk AS (100%)	0	178 354	0	395
Seistar Holding AS konsern	Lerøy Seafood Group ASA (50%)	0	286 484	2 283	2 267
Sporbarhet AS	Lerøy Seafood Group ASA (27.2%)	0	3 894	0	0
Ocean Forest AS	Lerøy Seafood Group ASA (50%)	347	6 000	4 635	57
The Seafood Innovation Cluster (including Aquacloud AS)	Lerøy Seafood Group ASA (20%)	0	1 725	1 333	1 410
Finnmark Kystfiske AS	Havfisk AS (49%)	0	0	16 540	0
Sørvær Fiskerikai AS	Lerøy Norway Seafoods AS (50%)	0	0	3 241	0
Båtsfjord Laboratorium AS	Lerøy Norway Seafoods AS (33.5%)	0	1 109	0	27
Båtsfjord Bedriftshelsetjeneste AS	Lerøy Norway Seafoods AS (28.2%)	0	17	0	0
Itub AS	Lerøy Norway Seafoods AS (22.3%)	0	741	0	4
Nesset Kystfiske AS	Sørvær Kystfiskeinvest AS (34%)	0	0	509	0
Holmen Fiske AS	Sørvær Kystfiskeinvest AS (33%)	0	0	49	0
Romsdal Processing AS	Lerøy Aurora AS (44.4%)	0	108 979	0	9 941
Kirkenes Processing AS	Lerøy Aurora AS (50%)	613	31 107	7 553	960
Norway Salmon AS	Lerøy Midt AS (50%)	0	0	2 000	0
Bulandet Eigedom AS	Lerøy Seafood AS (20.1%)	0	2 800	0	0
Vågen Fiskeriselskap AS	Sirevaag AS (46.5%)	0	0	1	0
Total transactions and intercompany accounts with all identified related parties		254 826	922 553	72 348	24 260

LERØY SEAFOOD GROUP Annual report 2025

Finance


				187

Note G4.7 cont.


2025	Ownership	Sales	Purchases	Receivables	Liabilities
Transactions with parent company and its related parties:
Laco AS	“Ultimate parent”	0	0	0	0
Fitjar Mekaniske Verksted AS	Laco AS (100%)	0	17 653	23	11 662
Pelagia AS	Austevoll Seafood ASA (50%)	119 505	17 964	14 897	2 450
Austevoll Seafood ASA	Laco AS (55.55%)	5	0	0	0
AUSS Shared Service AS	Austevoll Seafood ASA (100%)	0	13	0	1
Austevoll Eiendom AS	Austevoll Seafood ASA (100%)	0	26 915	0	0
Br. Birkeland AS	Austevoll Seafood ASA (81.5%)	0	2 413	0	0
Kobbevik og Furuholmen Oppdrett AS	Austevoll Seafood ASA (55.2%)	21 479	175 558	1 889	19
Thermo Service AS	Kobbevik og Furuholmen Oppdrett AS (100%)	0	361	0	0
Hordalaks Holding AS konsern	Kobbevik og Furuholmen Oppdrett AS (25%)	0	3 869	0	1 701
Transactions with the Group's own associates and non-controlling interests (NCI) in subsidiaries:
Norskott Havbruk AS	Lerøy Seafood Group ASA (50%)	132	0	84	0
Scottish Sea Farms Ltd	Norskott Havbruk AS (100%)	0	189 003	0	6 290
Seistar Holding AS konsern	Lerøy Seafood Group ASA (50%)	0	399 611	0	0
Sporbarhet AS	Lerøy Seafood Group ASA (27.2%)	0	1 877	0	483
Ocean Forest AS	Lerøy Seafood Group ASA (50%)	1 146	4 493	4 972	0
The Seafood Innovation Cluster (including Aquacloud AS)	Lerøy Seafood Group ASA (20%)	0	2 012	1 459	600
Finnmark Kystfiske AS	Havfisk AS (49%)	0	0	7 723	0
Sørvær Fiskerikai AS	Lerøy Norway Seafoods AS (50%)	0	0	3 472	0
Båtsfjord Laboratorium AS	Lerøy Norway Seafoods AS (33.5%)	0	1 035	0	75
Itub AS	Lerøy Norway Seafoods AS (22.3%)	0	1 049	0	0
Nesset Kystfiske AS	Sørvær Kystfiskeinvest AS (34%)	0	0	509	0
Romsdal Processing AS	Lerøy Aurora AS (44.4%)	3 202	102 679	289	7 426
Kirkenes Processing AS **	Lerøy Aurora AS (50%)	125	12 523	0	0
Norway Salmon AS	Lerøy Midt AS (50%)	0	0	2 000	0
Bulandet Eigedom AS	Lerøy Seafood AS (20.2%)	0	2 800	0	0
Total transactions and intercompany accounts with all identified related parties		145 594	961 828	37 317	30 708

* Br Birkeland Farming AS merged with Kobbevik og Furuholmen Oppdrett AS in 2024.

** Kirkenes Processing AS changed from associated company to subsidiary with effect from July 2025. Transactions in first half of 2025 are included in the table above.

NCI means "non controlling interests".

Dividend received from associated companies is specified

in the note on associated companies.

Lerøy Seafood Group (Lerøy Vest AS) leases wellboats

from Seistar Holding. The leases are recognised in the

accounts according to IFRS 16, where leases with a lease

period more than one year, is capitalised. The net book

value of the right-to-use assets as of 31 December 2025

(2024) is NOK 642.2 million (NOK 738.9 million). The net

book value on the lease liability is NOK 658.7 million (NOK

738.9 million). These amounts are not included in the table

above. Repayment and interests on capitalised leases

with Seistar Holding amounted to NOK 122.4 million (NOK

84.1 million), and are included in the table above as

purchases.

Lerøy Seafood Group (Lerøy Austevoll AS and Lerøy Vest

AS) rents commercial buildings and office space from

Austevoll Eiendom AS. The net book value of the right-to-

use assets as of 31 December 2025 (2024) is NOK 343.7

million (NOK 357.1 million). The net book value on the lease

liability is NOK 351.3 million (NOK 357.1 million). This is not

included in the table above. Repayment and interests on

capitalised leases amounted to NOK 26.9 million. This

amount is included in the table above as purchases.

Lerøy Seafood Group (Lerøy Bulandet AS) rents office

space from Bulandet Eigedom AS. The net book value of

the right-to-use assets as of 31 December 2025 (2024) is

NOK 11.0 million (NOK 13.3 million). The net book value on

the lease liability is NOK 12.5 million (NOK 14.8 million).

These amounts are not included in the table above.

Repayment and interests on the capitalised lease with

Bulandet Eigedom amounted to NOK 2.8 million (NOK 2.8

million), and are included in the table above as

purchases.

Lerøy Seafood Group (Lerøy Vest AS) leases a facility from

Br. Birkeland AS. The net book value of the right-to-use

assets as of 31 December 2025 is NOK 9.3 million. The net

book value on the lease liability is NOK 9.5 million. This is

not included in the table above. Repayment and interests

on the capitalised lease amounted to NOK 2.4 million. This

amount is included in the table above as purchase.

LERØY SEAFOOD GROUP Annual report 2025

Finance


				188

Note G4.8 Events after balance sheet date

Trade policy and tariffs

Throughout 2025 and into 2026, there has been significant

and evolving uncertainty regarding U.S. trade policy. From

7 August 2025, Norwegian goods, including seafood, were

subject to an additional 15% ad valorem import tariff

imposed by the United States under the International

Emergency Economic Powers Act (IEEPA).

On 20 February 2026, the U.S. Supreme Court ruled in a 6-3

decision that IEEPA does not authorize the President to

impose tariffs, thereby invalidating the IEEPA-based tariff

regime. On 24 February 2026, the U.S. authorities imposed

a temporary universal 10% tariff on imports from all

countries under Section 122 of the Trade Act of 1974.

Section 122 tariffs are limited to a maximum duration of

150 days and a maximum rate of 15%.

In March 2026, the U.S. Trade Representative initiated

multiple Section 301 investigations under the Trade Act of

1974. Norway is among the countries subject to these

investigations, which address structural excess capacity in

manufacturing sectors, including processed food and

beverages, as well as compliance with forced labor import

prohibitions. The USTR has indicated that further

investigations will address, among other things, practices

related to the trade in seafood. Section 301 investigations

may provide a basis for longer-term tariffs not subject to

the limitations applicable to Section 122 measures.

The tariff framework has been characterized by frequent

and material changes, and the legality of trade measures

has been subject to judicial review at the highest level,

contributing to continued and significant uncertainty. The

United States is one of the largest single-country markets

for Atlantic salmon globally, and it counts for 5% of total

sales from the Group in 2025. However, the seafood

industry has historically been exposed to trade barriers

and has experience in adapting supply chains and market

strategies to prevailing conditions.

Geopolitical developments

Subsequent to the reporting date, there has been

significant military escalation in the Middle East following

operations involving the United States and Israel against

Iran. These developments have contributed to increases in

global energy prices, including aviation fuel costs, and to

heightened volatility in international financial and

commodity markets. For the Group, which transports fresh

salmon and trout by air to overseas markets, higher fuel

costs may affect transportation expenses. Broader

geopolitical uncertainty may also influence demand

patterns and market dynamics.

Capital markets day - lowering cost a key priority

Subsequent to the reporting period, Lerøy Seafood Group

ASA hosted a Capital Markets Day in March 2026.

Management presented an updated strategy and capital

allocation framework, anchored in four priorities: Growth,

Cost, Simplify and Leadership. The Group communicated

long-term financial targets towards 2030, including NOK

50 billion revenues, NOK 2 billion EBIT in VAPS&D and a 15%

ROCE target, alongside initiatives targeting NOK 1 billion

cost base reduction in 2026.

Assessment

These events are considered non-adjusting events after

the reporting period in accordance with IAS 10 and have

not been reflected in the financial statements as of 31

December 2025. It is not practicable to reliably estimate

the financial effect of these events on the Group at this

time.

Note G4.9 Investigation by the competition

authorities

The European Commission (the ”Commission”) initiated, on

19 February 2019, 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. 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. Lerøy Seafood Group is one of the companies

that has received the SO.

Lerøy Seafood Group strongly rejects the Commission’s

allegations. The SO is not a final decision and has been

issued in accordance with the Commission’s ordinary

procedures for such an investigation. The SO includes the

Commission’s preliminary assessments only. The company

has thoroughly refuted the allegations in its comments

submitted to the Commission. The company has

cooperated with the Commission throughout the

Commission’s investigation, and will continue to work

constructively with the Commission. It is standard practice

that these investigations last several years.

It is not practicable to reliably estimate the potential

financial effect of the investigation at this stage. The

outcome is dependent on the Commission’s final

assessment, which has not been issued, and any

subsequent appeals process. There is significant

uncertainty regarding both the potential amount of any

sanctions and the timing of a final resolution. The

investigation process typically takes several years, and

any final decision by the Commission would be subject to

appeal before the European courts. The Group does not

currently expect any reimbursement from third parties in

connection with the investigation.

In the wake of the Commission's investigation, a group of

British supermarket chains in February 2024 issued claims

for damages in the UK against several Norwegian-owned

aquaculture companies, including companies in the Lerøy

Seafood Group. In February 2025, another British

supermarket chain issued claims for damages in the UK. 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.

It is not practicable to reliably estimate the potential

financial effect of these claims at this stage. The claims

are at an early stage, and their outcome is contingent on

the Commission’s final decision in the ongoing

investigation. The Group does not expect any

reimbursement from third parties.

LERØY SEAFOOD GROUP Annual report 2025

Finance


				189

Trout

As one of the worlds´ largest producers of trout, Lerøy is proud to present

this superb red fish to the world.

Fjord trout is a celebration of nature´s finest flavors. It matures in the clear,

cold Norwegian fjords where the seawater meets fresh meltwater from the

glaciers in the mountains.

The fjord trout tastes like no other. With its smooth texture, vibrant color

and delicately fresh flavor, the Fjord Trout is truly one of Norway´s best

kept secrets.

LERØY SEAFOOD GROUP Annual report 2025

Finance


				190

Parent company financial statements

Table of content


P – Income statement ......................................................................................................................................	191
P – Balance sheet ..............................................................................................................................................	191
P – Statement of changes in equity ..............................................................................................................	193
P – Statement of cash flows ...........................................................................................................................	194
P – Notes to the parent company financial statements ..........................................................................	195

P – Notes to the parent company financial statements


Note P1 Accounting policies ...........................................................................................................................	195
Note P2 Payroll costs, number of employees, remuneration, loans to staff, etc. ................................	197
Note P3 Items that are combined in the financial statements ..............................................................	197
Note P4 Taxation ..............................................................................................................................................	197
Note P5 Transactions and balances with subsidiaries ............................................................................	199
Note P6 Transactions and balances with joint ventures and associates ............................................	203
Note P7 Intangibles, fixed assets and leases .............................................................................................	204
Note P8 Shares in subsidiaries and impairment loss on financial assets ............................................	205
Note P9 Shares in joint ventures, associates and others .........................................................................	207
Note P10 Other receivables ............................................................................................................................	207
Note P11 Loans, mortgages and guarantees .............................................................................................	208
Note P12 Other short-term debt ....................................................................................................................	209
Note P13 Financial instruments .....................................................................................................................	209
Note P14 Related parties ................................................................................................................................	210

LERØY SEAFOOD GROUP Annual report 2025

Finance


				191

P – Income statement

All figures in NOK 1 000 (period 01.01 – 31.12)


LERØY SEAFOOD GROUP ASA	Notes	2025	2024
OPERATING REVENUE AND COSTS
Operating revenue	P1 / P5 / P6	441 953	403 780
Wages and other personnel costs	P2	341 922	300 909
Other operating costs	P2 / P5 / P6	457 609	473 460
Depreciation	P7	22 836	18 380
Impairment loss	P7	54 802	0
Total operating costs		877 169	792 749

Operating profit		-435 215	-388 968
FINANCIAL REVENUE AND COSTS
Income from investments in subsidiaries	P5	2 723 053	237 825
Income from investments in joint ventures and associates	P6	5 000	4 000
Income from investments in other shares		2	-43
Interest income from subsidiaries	P5	35 921	34 728
Change in fair value of financial instruments at fair value	P13	0	-728
Impairment loss (-) / reversal (+) on financial assets	P8	-215 261	-361 052
Other financial items, net (-)	P3	-135 146	-77 708
Total financial items		2 413 569	-162 978

Profit before tax		1 978 354	-551 946
Total tax cost (-)	P4	-53 964	92 841
The year's profit		1 924 390	-459 105
Information regarding:
Transferred to (+) / from (-) other equity		434 956	-1 948 539
Allocated to dividend		1 489 434	1 489 434

P – Balance sheet

All figures in NOK 1 000


LERØY SEAFOOD GROUP ASA	Notes	2025	2024
NON-CURRENT ASSETS
Intangibles
Licences	P7	1	54 803
Deferred tax assets	P4	19 453	0
Total intangibles		19 454	54 803
Fixed assets
Buildings and real estate	P7	1 562	1 562
Other fixtures	P7	40 627	56 767
Total fixed assets		42 189	58 329
Financial assets
Shares in subsidiaries	P8	9 265 267	9 276 772
Shares in joint ventures and associates	P9	555 455	555 455
Shares and investments in other companies	P9	10 302	10 302
Loans to subsidiaries	P5	212 810	319 487
Other long-term receivables	P6 / P10 / P14	10 121	12 721
Total non-current financial assets		10 053 956	10 174 739

TOTAL NON-CURRENT ASSETS		10 115 598	10 287 870
CURRENT ASSETS
Receivables
Receivables from Group companies	P5	2 393 001	898 051
Other short-term receivables	P6 / P10 / P14	26 858	63 362
Total receivables		2 419 858	961 412
Cash and cash equivalents		503 134	875 998

TOTAL CURRENT ASSETS		2 922 992	1 837 410

TOTAL ASSETS		13 038 590	12 125 280

LERØY SEAFOOD GROUP Annual report 2025

Finance


				192

P – Balance sheet

All figures in NOK 1 000


LERØY SEAFOOD GROUP ASA		2025	2024
EQUITY
Share capital		59 577	59 577
Treasury shares		-30	-30
Share premium reserve		4 778 346	4 778 346
Other paid in capital		104 572	104 572
Total paid in capital		4 942 466	4 942 466
Retained earnings		2 665 297	2 229 596
TOTAL EQUITY		7 607 762	7 172 062
LONG-TERM LIABILITIES
Deferred tax	P4	0	2 871
Other long-term liabilities	P6	0	600
Total long-term liabilities		0	3 471
LONG-TERM DEBT
Bond loans	P11	2 993 086	2 992 431
Leasing debt to credit institutions	P11	1 525	0
Total long-term debt		2 994 611	2 992 431
SHORT-TERM DEBT
Short-term part of long-term debt	P11	501 064	0
Trade payables		23 107	29 769
Taxes payable	P4	12 689	359
Public duties payable		21 553	19 457
Allocated to dividend		1 489 434	1 489 434
Short-term Group debt	P5	266 168	294 266
Other short-term debt	P6 / P12	122 203	124 031
Total short-term debt		2 436 217	1 957 316

TOTAL DEBT		5 430 828	4 953 218

TOTAL EQUITY AND DEBT		13 038 590	12 125 280


Bergen, 30 April 2026
The Board of Directors of Lerøy Seafood Group ASA

Arne Møgster Chairman	Didrik Munch Board member	Karoline Møgster Board member


Linda Kidøy Pedersen Board member	Are Dragesund Board member	Britt Kathrine Drivenes Board member


Bjarne Kristiansen Employees' representative	Silje Elin G. Butt Employees' representative	Tor-Ivar Ingebrigtsen Employees' representative


	Henning Beltestad CEO Lerøy Seafood Group ASA

LERØY SEAFOOD GROUP Annual report 2025

Finance


				193

P – Statement of changes in equity

All figures in NOK 1 000


2024	Share capital	Treasury shares	Share premium reserve	Other paid in capital	Other equity	Total equity
Equity as of 01.01.2024	59 577	-30	4 778 346	104 572	4 177 392	9 119 858
The year's result to equity					-459 105	-459 105
Dividend received on treasury shares					744	744
Group contribution given to subsidiaries					-205 961	-205 961
Change in value of shares in subsidiaries due to Group contribution					205 961	205 961
Provision for dividend (kr 2.50 per share)					-1 489 434	-1 489 434
Equity as of 31.12.2024	59 577	-30	4 778 346	104 572	2 229 596	7 172 062


2025	Share capital	Treasury shares	Share premium reserve	Other paid in capital	Other equity	Total equity
Equity as of 01.01.2025	59 577	-30	4 778 346	104 572	2 229 596	7 172 062
The year's result to equity					1 924 390	1 924 390
Dividend received on treasury shares					744	744
Group contribution given to subsidiaries					-203 756	-203 756
Change in value of shares in subsidiaries due to Group contribution					203 756	203 756
Provision for dividend (kr 2.50 per share)					-1 489 434	-1 489 434
Equity as of 31.12.2025	59 577	-30	4 778 346	104 572	2 665 297	7 607 762


Share capital	Total number of shares	Nominal value per share	Book value
Ordinary shares	595 773 680	0.10	59 577 368
Total	595 773 680		59 577 368

Dividend

The Board of Directors will propose that the Annual

General Meeting adopts a dividend payment of NOK 2.50

per share.

Number of shareholders

Lerøy Seafood Group ASA had 21 918 shareholders as per

31 December 2025. All shares confer the same rights in the

company. An overview of share capital and the 20 largest

shareholders are shown in the note on shareholders for

the Group.

Treasury shares

Lerøy Seafood Group ASA owns 297 760 treasury shares of

a total number of 595 773 680 shares. The ratio of treasury

shares is 0.05%. The purchase price paid for treasury

shares is split into two different categories, where

nominal value of treasury shares is included in "paid in

capital" (- NOK 30 000), and the purchase price exceeding

nominal value of treasury shares (- NOK 2 389 000) is

included in "other equity". The average purchase price of

own shares is NOK 8.12 per share.

LERØY SEAFOOD GROUP Annual report 2025

Finance


				194

P – Statement of cash flows

All figures in NOK 1 000 (period 01.01–31.12)


LERØY SEAFOOD GROUP ASA	2025	2024
CASH FLOW FROM OPERATING ACTIVITIES
Pre-tax result	1 978 354	-551 946
Taxes paid during the period	-6 088	0
Loss(+)/gain(-) on disposal of shares and other investments	0	13 100
Depreciation and impairment loss	77 638	18 380
Write-down of financial assets	215 261	371 551
Change in trade receivables, including intragroup trade receivables	14 510	77 426
Change in trade payables, including intragroup trade payables	-6 126	-41 543
Items classified as investing activities	-2 833 705	-394 940
Change in financial instruments recognised at fair value	0	728
Other items classified as financing activities	199 453	182 958
Change in other accruals	2 255	20 396
Net cash flow from operating activities	-358 447	-303 888
CASH FLOW FROM INVESTING ACTIVITIES
Proceeds from sale of fixed assets	0	8 048
Payments for acquisitions of fixed assets and intangibles	-3 457	-21 715
Proceeds from disposal of subsidiaries and associates	0	12 052
Payments for acquisitions of subsidiaries and associates, and capital increases	0	-383 461
Proceeds from sale of shares in other companies	2	252
Payments for acquisition of shares in other companies	0	-5 265
Proceeds from group contributions and dividends from subsidiaries	2 263 657	1 551 344
Payments for group contribution given to subsidiaries	-264 052	-1 074 970
Proceeds from dividends from associates	5 000	4 000
Proceeds from interest income received	105 251	140 014
Change in short-term intragroup receivables, excluding trade receivables	-921 333	296 693
Change in long-term intragroup receivables	-19 296	-34 307
Change in other long-term receivables	2 600	-1 546
Net cash flow from investing activities	1 168 373	491 140


Lerøy Seafood Group ASA	2025	2024
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from establishing new long-term debt	498 625	0
Instalments paid on long-term liabilities	-652	0
Interest paid and net financial expenses	-192 074	-181 049
Payment of dividends	-1 489 434	-1 489 434
Proceeds from dividends on treasury shares	744	744
Net cash flow from financing activities	-1 182 790	-1 669 739

Net cash flow for the accounting period	-372 864	-1 482 487
Cash and cash equivalents at the start of the period	875 998	2 358 485
Cash and cash equivalents at the end of the period	503 134	875 998
ADDITIONAL INFORMATION
Cash capacity
Bank deposits	503 134	875 998
Of which restricted funds (tax deductions from employees)	-11 431	-10 524
Unutilised overdraft/drawdown facilities	650 000	650 000
Total	1 141 702	1 515 474

LERØY SEAFOOD GROUP Annual report 2025

Finance


				195

P – Notes to the parent company financial statements

Note P1 Accounting policies

These accounting principles have been applied

consistently to all periods presented, unless otherwise

stated. The financial statements have been prepared in

accordance with the Norwegian Accounting Act and

generally accepted accounting principles in Norway

(Norwegian GAAP).

Basis of Preparation

The financial statements are prepared on a historical cost

basis, except where otherwise stated in the accounting

policies below. The financial statements are presented in

Norwegian kroner (NOK 1 000), which is also the

Company's functional currency. Assets intended for

permanent ownership or use are classified as non-current

assets. Other assets are classified as current assets.

Receivables due within one year are classified as current

assets. Analogous criteria are applied to liabilities. Non-

current liabilities include obligations with a remaining

term of more than one year from the reporting date. The

preparation of financial statements in conformity with

Norwegian GAAP requires management to make

estimates and assumptions that affect the reported

amounts of assets, liabilities, income and expenses, as well

as disclosures of contingent assets and liabilities at the

reporting date. Actual results may differ from these

estimates.

Revenue Recognition

Revenue is recognised when it is earned and can be

measured reliably. The revenue derives from fees from

shared services delivered to group companies and is

recognised over time as the services are rendered, based

on the degree of completion at the reporting date,

provided that the outcome of the transaction can be

measured reliably. Revenue is measured at fair value of

the consideration received or receivable, net of value

added tax. Virtually all of the revenues are related to sales

to subsidiaries in Norway.

Intangible Assets

Intangible assets are stated at acquisition cost less

accumulated amortization and impairment losses.

Intangible assets with a finite useful life are amortized on

a straight-line basis over their estimated useful lives.

Fixed Assets

Fixed assets are recognised at acquisition cost, less

accumulated depreciation and impairment losses.

Depreciation is calculated on a straight-line basis over the

asset's estimated useful life, unless the fixed asset has an

indefinite lifetime.

Leasing

Lease agreements where the Company is a lessee are

classified as either financial or operational leases.

Financial lease agreements, where the Company assumes

substantially all the risks and rewards of ownership, are

recognised at the lower of fair value and the present

value of minimum lease payments at the inception of the

lease. The corresponding liability is included in the

balance sheet as a lease obligation. Lease payments are

allocated between the liability and finance charges.

Operational lease payments are recognised as an

expense on a straight-line basis over the lease term.

Investments in Subsidiaries, Joint Ventures and

Associated Companies

Investments in subsidiaries, joint ventures and associated

companies are accounted for using the cost method in the

Company's separate financial statements. Subsidiaries

are companies in which the Company holds a controlling

interest, normally above 50%. Joint ventures are

companies in which the Company has joint control,

typically through a 50% ownership interest. Associated

companies are companies in which the Company holds a

significant influence, normally through an ownership

interest of 20%-50%. Dividends are recognised as income

when the right to receive payment is established. The

investments are assessed for impairment at each

reporting date. An impairment loss is recognised when the

decline in value is not expected to be temporary. The

investment is written down to its recoverable amount.

Impairment losses are reversed in subsequent periods if

the basis for impairment no longer exists, but not

exceeding the original cost.

Group Contributions

Group contributions received are recognised as financial

income. Group contributions given are recognised as an

increase in the cost of the investment in the receiving

subsidiary, unless the contribution exceeds the

recoverable amount of the investment, in which case the

excess is expensed.

Impairment of Non-Current Assets

At each reporting date, the Company assesses whether

there is any indication that non-current assets may be

impaired. If such indication exists, the recoverable amount

of the asset is estimated. An impairment loss is recognised

if the carrying amount exceeds the recoverable amount.

Accounts Receivable

Trade receivables are recognised initially at nominal

value less provisions for expected credit losses. Provisions

are made based on an individual assessment of

receivables and, where relevant, collective assessments

based on historical loss experience.

Cash and Cash Equivalents

Cash and cash equivalents comprise cash on hand, bank

deposits, and other short-term highly liquid investments

with an original maturity of three months or less. Bank

deposits include restricted funds.

Equity

Equity consists of share capital, share premium and other

equity. Share capital is recognised at nominal value.

Transaction costs directly attributable to the issue of

equity instruments are recognised as a reduction of

equity, net of tax.

Liabilities

Liabilities are recognised when the Company has a

present obligation as a result of a past event and it is

probable that an outflow of resources will be required to

settle the obligation. Liabilities are initially recognised at

fair value and subsequently measured at amortized cost,

unless otherwise stated.

Provisions and Contingent Liabilities

Provisions are recognised when the Company has a

present obligation arising from past events, it is probable

that an outflow of economic resources will be required to

settle the obligation, and a reliable estimate can be made

of the amount. Contingent liabilities are not recognised in

the balance sheet but are disclosed in the notes unless the

probability of an outflow of resources is remote.

Pensions

Defined contribution pension plans are expensed as the

employees render service. The Company has no defined

benefit pension plans unless otherwise stated.

Income Taxes

Income taxes

Income tax expense comprises current tax and deferred

tax. Current tax is based on taxable profit for the year,

calculated in accordance with tax legislation in force at

the reporting date. The tax rate applied is 22%. Deferred

tax is recognised on temporary differences between the

carrying amounts of assets and liabilities and their tax

bases. Deferred tax assets are recognised to the extent

that it is probable that taxable profit will be available

against which the temporary differences can be utilized.

Foreign Currency Transactions

Transactions in foreign currencies are recorded at the

exchange rate prevailing on the transaction date.

Monetary items denominated in foreign currencies are

translated at the exchange rate at the reporting date.

Exchange differences are recognised in profit or loss.

Events After the Reporting Period

Events after the reporting period that provide additional

information about conditions existing at the reporting

date are recognised in the financial statements. Events

that do not provide such information are disclosed if

material. Subsequent to the reporting date, there have

been significant developments in U.S. trade policy and

LERØY SEAFOOD GROUP Annual report 2025

Finance


				196

geopolitical conditions that may affect the Group's

operations. These events do not have a direct material

effect on the parent company's financial statements. For

further details, reference is made to Note G4.8 in the

consolidated financial statements.

Statement of Cash Flows – Classification of

Dividends, Group Contributions and Interest

In the parent company's statement of cash flows, the

classification of dividends received, group contributions

received and interest received and paid, does not follow

the requirements set out in NRS (F) Statement of Cash

Flows. Instead, the classification principles applied in the

consolidated financial statements, prepared in

accordance with IFRS, have been used for these items. This

approach has been adopted as management considers it

to provide increased informational value and a clearer

distinction between cash flows arising from operating

activities, cash flows related to investing activities and

cash flows arising from financing activities. The relevant

flows are presented on separate line items in the

statement of cash flows, for identification purposes.

LERØY SEAFOOD GROUP Annual report 2025

Finance


				197

Note P2 Payroll costs, number of employees, remuneration, loans to staff, etc.

All figures in NOK 1 000


Payroll expenses	2025	2024
Salaries, holiday pay and bonuses	258 828	229 338
Employer's contribution	33 807	30 804
Hired personnel	14 128	10 343
Pension costs	20 910	13 867
Remuneration to the Board of Directors	4 018	2 509
Other remunerations / nomination committee	395	395
Other personnel costs	9 835	13 654
Total	341 922	300 909

Pension costs

All the Norwegian companies in the Group satisfy the requirements in the Act relating to mandatory occupational

pensions (Norwegian: OTP). The schemes are established as defined contribution pension schemes.


Employees	2025	2024
Number of full-time equivalents (average)	236	196
Number of female employees 31.12	135	98
Number of male employees 31.12	166	120
Number of employees 31.12	301	218
Percentage of women employed 31.12	45%	45%
Percentage of men employed 31.12	55%	55%

For a specification of remuneration of senior executives in Lerøy Seafood Group ASA, see note on payroll expenses in the

consolidated financial statements.

Auditor

Fees from the Group auditor PricewaterhouseCoopers AS, the law firm PricewaterhouseCoopers AS and other foreign

PriceWaterhouseCoopers firms, were as follows:


Fees paid to auditor	2025	2024
Auditing fees Group auditor	2 438	2 432
Other services Group auditor	7 937	7 460
Total	10 375	9 892

Other services paid to Group auditor in 2025 consist of HR related services of NOK 3.4 million and assurance services of

NOK 4.5 million.

Note P3 Items that are combined in the financial statements

All figures in NOK 1 000


Financial revenue	2025	2024
Other interest income	69 729	105 286
Currency exchange gain	0	2 528
Other financial income	625	481
Total financial revenue	70 355	108 295


Financial costs	2025	2024
Interest cost	189 630	179 853
Currency exchange loss	10 771	0
Other financial costs	5 099	6 150
Total financial costs	205 500	186 003

Other financial items, net	-135 146	-77 708

Note P4 Taxation

All figures in NOK 1 000


Permanent differences	2025	2024
Dividends received (including the 3% added on the tax base)	-1 950 631	-260 306
Gain(-)/loss(+) on disposal of shares	0	13 100
Impairment loss on financial assets	215 261	371 551
Effect from change in tax filing of 2023 (reversed group contributions)	0	679 799
Other permanent differences	1 934	5 212
Total permanent differences	-1 733 437	809 356

LERØY SEAFOOD GROUP Annual report 2025

Finance


				198

Note P4 cont.


Calculation of tax payable cost	2025	2024
Profit before tax	1 978 354	-551 946
Permanent differences	-1 733 437	809 356
Change in temporary differences (based on tax filing)	101 473	8 272
The year's taxation base for tax payable, before intragroup contributions paid	346 390	265 682
Tax rate, nominal	22%	22%
Tax payable cost	76 206	58 450


Taxation base and calculation of tax payable in balance sheet	2025	2024
The year's taxation base for tax payable, before intragroup contributions paid	346 390	265 682
Intragroup contributions paid	-261 225	-264 052
The year's taxation base for tax payable	85 165	1 630
Tax rate, nominal	22%	22%
Tax payable, after intragroup contributions paid	18 736	359


Tax payable booked in the balance sheet	2025	2024
Tax payable cost	76 206	58 450
Hereby estimation deviation	441	0
Tax payable reduction from intragroup contributions paid	-57 470	-58 091
Tax payable reduction from tax already paid	-6 088	0
Tax payable reduction from offset against withholding tax paid on interest abroad	-400	0
Tax payable in the balance sheet	12 689	359


Overview of temporary differences	2025	2024
Temporary differences where changes are recognised in profit and loss
Intangibles	1	54 803
Buildings and other fixed assets	-7 541	3 174
Amortized borrowing cost bond loan	6 914	7 569
Provision for accrued costs	0	-50 000
Leases	-30	0
Interest deduction for future utilization (capped interests due to tax-deduction limitation rules)	-85 770	0
Gain/loss account	-1 995	-2 494
Temporary differences 31.12	-88 422	13 051
Change in temporary differences (based on annual accounts)	-101 473	-11 287


Deferred tax	2025	2024
Deferred tax where changes are recognised in profit and loss
Total temporary differences through profit and loss	-88 422	13 051
Tax rate, nominal	22%	22%
Deferred tax liability (+) / asset (-)	-19 453	2 871


The year's tax cost consists of	2025	2024
Tax payable in the tax cost before intragroup contributions paid	76 206	58 450
Change in deferred tax where changes are recognised in profit and loss	-22 324	-2 483
Effect from change in earlier years tax filing	0	-145 156
Estimation deviation related to previous years	82	-3 652
Total tax cost	53 964	-92 841
Effective tax rate	2.7%	16.8%


The year's tax cost can also be split on the following components	2025	2024
Tax payable in the balance sheet	18 736	359
Tax payable reduction from intragroup contributions paid	57 470	58 091
Change in deferred tax where changes are recognised in profit and loss	-22 324	-2 483
Too little (+) / much (-) accrued tax payable previous year	82	-3 652
Change in earlier years tax filing	0	-145 156
Total tax cost	53 964	-92 841


Reconciliation of tax cost in the income statement	2025	2024
22% of profit before tax	435 238	-121 428
22% of permanent differences	-381 356	178 058
22% of change in previous years tax filing	0	-145 156
Estimation deviation previous years	82	-4 316
Total tax cost	53 964	-92 841

LERØY SEAFOOD GROUP Annual report 2025

Finance


				199

Note P4 cont.


Estimation deviation related to previous years consists of	2025	2024
Too little (+) / much (-) accrued tax payable previous year	5 729	-3 652
Too little (+) / much (-) accrued deferred tax previous year	-5 647	-663
Total	82	-4 316


Change in previous years tax filing - impact on tax cost and tax payable	2025	2024
Change in group contribution distributed previous year
Increase in group contribution distributed regarding previous year	0	665 894
Net effect on tax cost (22%), increase (+) / reduction (-)	0	0
Net tax effect on tax payable (22%)	0	-146 497
Change in group contribution received previous year
Change in group contribution received regarding previous year	0	-679 799
Hereby received as dividend instead of group contribution	0	20 000
Net effect on tax cost (22%), increase (+) / reduction (-)	0	-145 156
Net tax effect on tax payable (22%), increase (+) / reduction (-)	0	-145 156


Change in previous years tax filing - total impact on tax payable	2025	2024
Tax payable 01.01	359	295 305
Net effect from changes in tax filing previous year	0	-291 652
Net effect from other differences between tax filing and annual accounts	5 729	-3 652
Tax paid to tax authorities	-6 088	0
Tax payable related to previous year, after changes and payment	0	0

Note P5 Transactions and balances with subsidiaries

All figures in NOK 1 000

Transactions


Income from investments in subsidiaries	2025	2024
Intragroup contributions received from subsidiaries	776 500	-8 218
Dividend received from subsidiaries	1 946 553	259 143
Gain(+)/loss(-) from disposal of subsidiaries	0	-13 100
Total	2 723 053	237 825


Intragroup contributions received from subsidiaries	2025	2024
Present year
Lerøy Seafood AS	501 500	638 405
Lerøy Aurora AS	250 000	0
Lerøy Austevoll AS	15 000	0
Sjømathuset AS	10 000	19 000
Lerøy Norge AS	0	14 177
Total present year (receivable)	776 500	671 581

Change related to previous years
Lerøy Aurora AS - change in 2023 contribution after approval of 2023 annual report	0	-439 682
Lerøy Midt AS - Change in 2023 contribution, after approval of 2023 annual report	0	-220 117
Sjømathuset AS - Change in 2023 contribution, after approval of 2023 annual accounts	0	-20 000
Total previous years (settled)	0	-679 799

Total received, net	776 500	-8 218

LERØY SEAFOOD GROUP Annual report 2025

Finance


				200

Note P5 cont.


Dividend received from subsidiaries	2025	2024
Present year
Lerøy Midt AS	800 000	0
Lerøy Seafood Holding B.V.	530 773	29 864
Lerøy Aurora AS	450 000	0
Lerøy Havfisk AS	100 000	150 000
Lerøy Austevoll AS	40 000	0
Lerøy Seafood Denmark A/S	25 780	18 007
Sjøtroll Havbruk AS	0	39 711
Norsk Oppdrettsservice AS	0	1 561
Total present year	1 946 553	239 143
Change related to previous years
Sjømathuset AS - Change in 2023 dividend, after approval of 2023 annual accounts	0	20 000
Total previous years	0	20 000

Total	1 946 553	259 143


Gain (+) / loss (-) on disposal of subsidiaries	2025	2024
Proceeds received
Liquidation dividend from Lerøy & Strudshavn AS	0	52
Proceeds from sale of shares in Norsk Oppdrettsservice AS	0	12 000
Total	0	12 052
Net book value on disposed shares
Net book value of disposed shares in Lerøy & Strudshavn AS (-)	0	-153
Net book value of disposed shares in Norsk Oppdrettsservice AS (-)	0	-25 000
Total	0	-25 153

Total gain(+)/loss(-) on disposal of subsidiaries	0	-13 100


Interest income from subsidiaries	2025	2024
Lerøy Norway Seafoods AS	13 385	16 270
Lerøy Årskog AS	6 229	4 162
Lerøy Turkey	4 203	5 239
Lerøy Havbruk Service AS	2 756	2 210
Lerøy Aurora AS	2 143	0
Lerøy Vest AS	1 756	0
Leroy Seafood Italy SRL	1 424	1 245
Leroy Seafood UK Ltd	1 032	929
Lerøy Havfisk AS	945	0
Lerøy Sverige AB	860	1 320
Lerøy Fossen AS	708	778
Lerøy Ocean Harvest AS	451	361
Lerøy Norge AS	31	245
Lerøy Seafood AS	0	1 422
Lerøy Austevoll AS	0	547
Total	35 921	34 728


Sales to subsidiaries	2025	2024
Lerøy Midt AS	115 273	94 440
Lerøy Seafood AS	92 857	103 525
Lerøy Aurora AS	78 342	67 371
Lerøy Vest AS	51 591	45 890
Sjøtroll Havbruk AS	40 445	38 552
Lerøy Norway Seafoods AS	23 085	21 305
Lerøy Havfisk AS	9 784	4 548
Sjømathuset AS	6 228	4 590
Lerøy Sjøtroll Kjærelva AS	4 757	738
Lerøy Norge AS	3 984	2 220
Lerøy Austevoll AS	3 886	8 572
Lerøy Havbruk Service AS	2 644	752
Lerøy Fossen AS	2 142	1 182
Leroy Seafood USA Inc	1 749	1 332
Lerøy Bulandet AS	1 210	1 533
Lerøy Ocean Harvest AS	707	78
Lerøy Sverige AB	627	198
Lerøy Seafood Denmark A/S	503	4 426
Leroy Seafood Italy SRL	324	486
SAS Leroy Seafood France	268	0
Lerøy Sjømatgruppen AS	263	121
Leroy Seafood UK Ltd	185	98
Preline Fishfarming Sys. AS	71	0
Lerøy Nord AS	49	0
Lerøy Finland OY	46	1
Leroy Processing Spain SL	24	0
Lerøy Seafood Denmark A/S	23	0
Kirkenes Processing AS	22	0
Total	441 091	401 958

Sales to subsidiaries consist of various services. The parent

company provides a broad spectrum of services, including

IT, financial management, analytics, HR, governance,

quality, sustainability, aquaculture, ocean farming,

communication, product development, procurement, and

other shared resources.

LERØY SEAFOOD GROUP Annual report 2025

Finance


				201

Note P5 cont.


Purchases from subsidiaries	2025	2024
Lerøy Norge AS	4 429	5 387
Lerøy Sverige AB	4 318	4 076
Lerøy Vest AS	3 117	2 741
Sjømathuset AS	2 174	3 514
Sjøtroll Havbruk AS	1 529	1 611
Lerøy Sjømatgruppen AS	824	673
Lerøy Aurora AS	792	1 306
Lerøy Midt AS	429	992
Lerøy Austevoll AS	104	0
Lerøy Seafood AS	0	1 677
Lerøy Norway Seafoods AS	0	610
SAS Fishcut	0	5
Total	17 715	22 592

Purchase from subsidiaries consist of goods and services.

Balances


Non-current receivables on subsidiaries	2025	2024
Lerøy Årskog AS	119 176	0
Lerøy Havbruk Service AS	42 125	46 625
Leroy Seafood Italy SRL	35 448	0
Leroy Seafood UK Ltd	16 061	17 847
Lerøy Norway Seafoods AS	0	204 592
Lerøy Turkey	0	22 477
Lerøy Sverige AB	0	20 622
Lerøy Ocean Harvest AS	0	7 325
Total	212 810	319 487


Short-term receivables from subsidiaries	2025	2024
Intragroup contributions received from subsidiaries, present year	776 500	671 581
Dividend accrued, not yet received, from subsidiaries	354 477	0
Other short-term receivables from subsidiaries	1 262 024	226 469
Total	2 393 001	898 051

Intragroup contributions received from subsidiaries

For specification see table above in this note under headline Income from investments in subsidiaries.

Dividend accrued, not yet received, from subsidiaries

Dividend accrued, not yet received, concerns an additional dividend distributed from Lerøy Seafood Holding BV in

December 2025. This dividend has been converted into a long-term loan 1 February 2026.


Other short-term receivables from subsidiaries	2025	2024
Lerøy Aurora AS	708 369	13 031
Lerøy Vest AS	254 989	3 274
Lerøy Norway Seafoods AS	206 875	4 295
Lerøy Turkey	24 621	12 565
Lerøy Sverige AB	22 125	279
Lerøy Midt AS	14 722	26 351
Lerøy Ocean Harvest AS	8 195	8
Lerøy Havfisk AS	6 414	4 797
Lerøy Seafood AS	6 172	0
Lerøy Sjøtroll Kjærelva AS	5 003	922
Lerøy Havbruk Service AS	1 668	940
Lerøy Norge AS	948	792
Sjømathuset AS	538	1 796
Lerøy Austevoll AS	455	806
Leroy Seafood France SAS	356	37
Lerøy Bulandet AS	166	198
Lerøy Fossen AS	146	20 330
Leroy Seafood UK Ltd	82	276
Lerøy Nord AS	62	0
Lerøy Finland OY	45	51
Lerøy Seafood Holding B.V.	23	88
Leroy Processing Spain SL	21	214
Leroy Seafood Italy SRL	14	36 653
Lerøy Seafood Denmark A/S	11	4 124
Preline Fishfarming Systems AS	3	0
Lerøy Årskog AS	0	93 595
Leroy Seafood USA Inc	0	1 023
Leroy Portugal Lda	0	26
Total	1 262 024	226 469

The receivables consists of short-term loans, cash advances and group account receivables

LERØY SEAFOOD GROUP Annual report 2025

Finance


				202

Note P5 cont.


Short-term debt to Group companies	2025	2024
Intragroup contributions distributed, present year	261 225	264 052
Other short-term debt to Group companies	4 943	30 214
Total	266 168	294 266


Intragroup contributions distributed	2025	2024
Present year
Lerøy Norway Seafoods AS	258 108	257 852
Lerøy Nord AS	3 117	0
Lerøy Ocean Harvest AS	0	6 200
Total present year (debt)	261 225	264 052
Change related to previous years
Lerøy Aurora Sjø AS - change in 2023 contribution, after approval of 2023 annual report	0	265 894
Lerøy Midt Sjø AS - change in 2023 contribution, after approval of 2023 annual report	0	400 000
Total previous years (settled)	0	665 894

Total distributed	261 225	929 946


Other short-term debt to Group companies	2025	2024
Lerøy Vest AS	1 397	937
Sjøtroll Havbruk AS	762	12 295
Lerøy Seafood AS	674	13 729
Lerøy Sverige AB	621	715
Lerøy Norge AS	605	434
Leroy Seafood USA Inc	453	9
Lerøy Sjømatgruppen AS	204	526
Sjømathuset AS	168	212
Lerøy Midt AS	41	92
Kirkenes Processing AS	11	0
Lerøy Austevoll AS	6	0
Leroy Processing Spain SL	0	1 004
Lerøy Aurora AS	0	141
Leroy Seafood Italy SRL	0	112
Leroy Seafood UK Ltd	0	7
Total	4 943	30 214

Other short-term debt to Group companies consist of account payables.

LERØY SEAFOOD GROUP Annual report 2025

Finance


				203

Note P6 Transactions and balances with joint ventures and associates

All figures in NOK 1 000

Transactions


Income from investments in joint ventures and associates	2025	2024
Dividend received from Seistar Holding AS	5 000	4 000
Total	5 000	4 000


Interest income from joint ventures and associates	2025	2024
Norskott Havbruk AS	0	1 727
The Seafood Innovation Cluster (including Aquacloud AS)	107	43
Total	107	1 770


Sales to joint ventures and associates	2025	2024
Ocean Forest AS	344	0
Norskott Havbruk AS	132	192
Kirkenes Processing AS *	35	0
Total	512	192

* Sales to Kirkenes Processing AS before it changed from associated company to subsidiary.

Sales to joint ventures and associates consist of services.


Purchase from joint ventures and associates	2025	2024
Ocean Forest AS	4 493	6 000
Sporbarhet AS	1 877	3 894
The Seafood Innovation Cluster (including Aquacloud AS)	1 059	1 188
Total	7 429	11 083

Purchases from joint ventures and associates consist of services.

Balances


Long-term receivables on joint ventures and associated companies	2025	2024
The Seafood Innovation Cluster (including Aquacloud AS)	1 333	1 333
Total	1 333	1 333


Short-term receivables on joint ventures and associated companies	2025	2024
Ocean Forest AS	4 760	4 624
The Seafood Innovation Cluster (including Aquacloud AS)	126	0
Norskott Havbruk AS	84	240
Total short-term receivables from associates	4 969	4 864


Long-term liabilities to joint ventures and associated companies	2025	2024
The Seafood Innovation Cluster (including Aquacloud AS)	0	600
Total	0	600


Short-term debt to joint ventures and associated companies	2025	2024
The Seafood Innovation Cluster (including Aquacloud AS)	600	800
Sporbarhet AS	483	0
Ocean Forest AS	0	57
Total	1 083	857

LERØY SEAFOOD GROUP Annual report 2025

Finance


				204

Note P7 Intangibles, fixed assets and leases

All figures in NOK 1 000

Intangible assets


Development licences	Total	Expensed as R&D cost	Capitalised as intangible asset
Expenses 2017	6 150	0	6 150
Expenses 2018	18 801	0	18 801
Expenses 2019	15 753	0	15 753
Expenses 2020	14 099	0	14 099
Expenses 2021	4 793	4 793	0
Expenses 2022	1 446	1 446	0
Expenses 2023	1 489	1 489	0
Expenses 2024	1 464	1 464	0
Expenses 2025 / impairment loss (-)	-53 607	1 195	-54 802
Carrying value at 31.12	10 388	10 387	1

The intangible assets consists of capitalized expenses

related to development licences based on the concept

"Pipefarm". The project, and Lerøy Seafood Group ASA, has

been assigned with a volume of 1 350 MTB, which is

dependent on developing the proposed project

"Pipefarm" which is a semi-closed production system. In

the end of 2025, the Group decided to terminate the

concept. Following positive experience with submerged

farming technology, a decision was made to proceed with

that solution. Since the "Pipefarm" project is terminated

and the Group will not receive the development licences,

the carrying amount of the intangible assets has been

written down to NOK 1 thousand.

Fixed assets


2024	Prepayments to suppliers related to assets under construction	Financial leases	Buildings (apartment)	Other fixtures	Total
Acquisition cost per 01.01	8 048	0	1 562	72 011	81 621
Additions				21 715	21 715
Disposals	-8 048				-8 048
Acquisition cost per 31.12	0	0	1 562	93 725	95 287
Accumulated depreciations 01.01	0	0	0	18 578	18 578
The year's depreciation				18 380	18 380
Disposal of accumulated depreciations					0
Accumulated depreciations 31.12	0	0	0	36 958	36 958
Carrying value at 31.12	0	0	1 562	56 767	58 329
Economic lifetime		3 years	Indefinite	3-5 years
Depreciation plan	To be allocated	Linear	n/a	Linear


2025	Prepayments to suppliers related to assets under construction	Financial leases	Buildings (apartment)	Other fixtures	Total
Acquisition cost per 01.01	0	0	1 562	93 725	95 287
Additions		3 240		3 457	6 697
Disposals					0
Acquisition cost per 31.12	0	3 240	1 562	97 182	101 984
Accumulated depreciations 01.01	0	0	0	36 958	36 958
The year's depreciation		682		22 155	22 836
Disposal of accumulated depreciations					0
Accumulated depreciations 31.12	0	682	0	59 113	59 795
Carrying value at 31.12	0	2 558	1 562	38 069	42 189
Economic lifetime		3 years	Indefinite	3-5 years
Depreciation plan	To be allocated	Linear	n/a	Linear

LSG’s share of debt related to the apartment, amounts to NOK 2 million.

Leases

Leases not recognized in the balance sheet

Leases with other than credit institutions are regarded as

operational leases. Operational leases are expensed over

the lease period as rent. Head quarter office is rented

externally from GC Rieber AS. The rental agreement is for

10 years, beginning December 2018, with an option for

additional 10 years. Annual expensed rent amounts to

about NOK 14.2 million.

LERØY SEAFOOD GROUP Annual report 2025

Finance


				205

Note P8 Shares in subsidiaries and impairment loss on financial assets

All figures in NOK 1 000

Changes in subsidiaries and ownership during the period


Subsidiary	Country	Place of business	Acquisition year	Ownership / voting share 01.01	Merges	Additions	Disposals	Ownership / voting share 31.12
Lerøy Havbruk Service AS	Norway	Austevoll	2024	74.0%				74.0%
Lerøy Austevoll AS	Norway	Austevoll	2023	100.0%				100.0%
Leroy Seafood UK Ltd	UK	Hull	2022	100.0%				100.0%
Lerøy Årskog AS	Norway	Fitjar	2021	100.0%				100.0%
Lerøy Seafood Denmark A/S	Denmark	Hjørring	2021	77.6%				77.6%
Leroy Seafood Italy SRL	Italy	Porto Viro	2019	100.0%				100.0%
Lerøy Ocean Harvest AS	Norway	Bergen	2018	100.0%				100.0%
Lerøy Norge AS	Norway	Oslo	2018	100.0%				100.0%
Lerøy Havfisk AS	Norway	Ålesund	2016	100.0%				100.0%
Lerøy Norway Seafoods AS	Norway	Oslo	2016	100.0%				100.0%
Lerøy Turkey	Turkey	Istanbul	2015	100.0%				100.0%
Preline Fishfarming Sys. AS	Norway	Bergen	2015	95.9%				95.9%
Lerøy Nord AS	Norway	Bergen	2015	100.0%				100.0%
Leroy Processing Spain SL	Spain	Madrid	2012	100.0%				100.0%
Lerøy Seafood Holding B.V.	Netherlands	Urk	2012	100.0%				100.0%
Lerøy Finland OY	Finland	Turku	2011	100.0%				100.0%
Sjøtroll Havbruk AS	Norway	Austevoll	2010	50.7%				50.7%
Lerøy Vest AS	Norway	Bergen	2007	100.0%				100.0%
Lerøy Fossen AS	Norway	Bergen	2006	100.0%				100.0%
Sjømathuset AS	Norway	Oslo	2006	100.0%				100.0%
Leroy Portugal Lda	Portugal	Lisboa	2005	100.0%				100.0%
Lerøy Aurora AS	Norway	Tromsø	2005	100.0%				100.0%
Lerøy Midt AS	Norway	Hitra	2003	100.0%				100.0%
Lerøy Sverige AB	Sweden	Gothenburg	2001	100.0%				100.0%
Lerøy Seafood AS	Norway	Bergen	1939 *	100.0%				100.0%

* The date for establishment. The companies were a part of the "old Lerøy-group" before LSG ASA was established in 1995.

LERØY SEAFOOD GROUP Annual report 2025

Finance


				206

Note P8 cont.

Change in book value of shares in subsidiaries


Subsidiary	Net book value in LSG ASA 01.01	Companies acquired (+)/ companies disposed (-)	Capital increases	Increase in value from Group contributions	Impairment loss (-) / reversal of impairment loss (+)	Net book value in LSG ASA 31.12
Lerøy Havfisk AS	3 090 921					3 090 921
Lerøy Midt AS	1 447 230					1 447 230
Lerøy Vest AS	1 440 770					1 440 770
Lerøy Aurora AS	598 700					598 700
Sjøtroll Havbruk AS	540 000					540 000
Lerøy Norway Seafoods AS	431 164			201 324	-215 318	417 170
Lerøy Austevoll AS	344 349				583	344 932
Lerøy Seafood Holding B.V.	319 705					319 705
Lerøy Seafood Denmark A/S	284 008					284 008
Lerøy Norge AS	185 287				4 622	189 909
Leroy Processing Spain SL	168 785					168 785
Lerøy Fossen AS	82 217				16 651	98 868
Lerøy Sverige AB	80 167					80 167
Lerøy Seafood AS	58 148					58 148
Leroy Seafood Italy SRL	51 227				-5 837	45 390
Lerøy Turkey	31 578					31 578
Lerøy Finland OY	30 081					30 081
Lerøy Årskog AS	29 411				-6 954	22 457
Leroy Portugal Lda	19 621				-2 992	16 629
Sjømathuset AS	13 925					13 925
Preline Fishfarming Sys. AS	13 534				-694	12 840
Lerøy Nord AS	9 309			2 431		11 741
Lerøy Ocean Harvest AS	5 894				-5 322	572
Lerøy Havbruk Service AS	740					740
Leroy Seafood UK Ltd	1					1
Total	9 276 772	0	0	203 756	-215 261	9 265 267

Shares in subsidiaries are valued based on the cost method

and yearly tested for impairment. The impairment will be

reversed in a later period if the reason for the impairment is

no longer present.

Impairment loss on financial assets


Impairment loss on financial assets consist of	2025	2024
Impairment loss on shares in subsidiaries	237 117	371 551
Reversed impairment loss on shares in subsidiaries	-21 856	0
Impairment loss on long-term loans	0	-10 499
Total	215 261	361 052

LERØY SEAFOOD GROUP Annual report 2025

Finance


				207

Note P9 Shares in joint ventures, associates and others

All figures in NOK 1 000


Joint ventures and associates	Place of business	Ownership / voting share 01.01	Ownership / voting share 31.12	Net book value 01.01	Additions (+)	Disposals (-)	Net book value 31.12
Norskott Havbruk AS	Bergen, Norway	50%	50%	468 773			468 773
Seistar Holding AS	Austevoll, Norway	50%	50%	86 500			86 500
Sporbarhet AS	Trondheim, Norway	27%	27%	135			135
Ocean Forest AS	Bergen, Norway	50%	50%	30			30
The Seafood Innovation Cluster AS	Bergen, Norway	20%	20%	16			16
Total				555 455	0	0	555 455

Norskott Havbruk AS and Seistar Holding AS are joint ventures. The other companies are associates. For further information about joint ventures and associates, and value according to

equity method, see note on joint ventures and associates in the consolidated financial statements.


Other shares and investments	Place of business	Net book value 01.01	Additions (+)	Disposals (-)	Net book value 31.12
Folgefonn Invest AS	Kysnesstrand, Norway	5 000			5 000
Salmonics Inc	Delaware, USA	5 265			5 265
Various minor shareholdings	Norway	37			37
Total		10 302	0	0	10 302

Note P10 Other receivables

All figures in NOK 1 000


Other long-term receivables	Note	2025	2024
Consists of
Loans to employees		7	2 706
Loans to joint ventures and associates	P6	1 333	1 333
Deposit account for leased office building		8 781	8 682
Total		10 121	12 721


Other short-term receivables	Note	2025	2024
Consists of
Account receivables (external)		1 216	3 975
Short-term receivables from joint ventures and associates	P6	4 969	4 864
VAT to be received		0	12 837
Other short-term receivables (advance payments)		20 673	41 686
Total		26 858	63 362

LERØY SEAFOOD GROUP Annual report 2025

Finance


				208

Note P11 Loans, mortgages and

guarantees

All figures in NOK 1 000


Long-term loans	2025	2024
Long-term interest-bearing debt
Bond loans	3 493 086	2 992 431
Leasing debt to credit institutions	2 588	0
Total interest-bearing debt at 31.12	3 495 675	2 992 431
Bank deposits	503 134	875 998
Net interest-bearing debt at 31.12	2 992 541	2 116 432


Repayment profile interest- bearing debt (nominal amounts)	2025	2024
2026	500 000	500 000
2027	500 000	500 000
2028	500 000	500 000
2029	500 000	0
2030	500 000	500 000
Later	1 000 000	1 000 000
Total	3 500 000	3 000 000

Bond loans

The Group has seven bond loans as of 31.12.2025. The bonds

are so called green bonds. This implies that the Group

have established a green financing framework which

covers how the proceeds from the bond loans can be used.

The framework is published on the Group's homepage on

internet. At year end the Group has qualifying green

investments that are significantly higher than the

proceeds from the loan. Thus, the Group has already

fulfilled it's obligations concerning type of investments.

All seven bond loans have no installments during the

duration of the loan. The loans have a duration of 4, 5, 6, 7

and 10 years. The loans with duration of 4, 5 and 6 years

have floating interest rate, with four quarterly coupon payments each year. The loans with a duration of 7 and 10 years, have a fixed interest rate, with one annual termin. The bond loans

are measured at amortized cost. The bond loans are unsecured. Fair value is approximately the same as net book value as of 31.12.


					Value as of 31.12.2024
Bond loans as of 31.12.2024	Date of establishment	Duration	Expiry date	Amortizing effect of the period (2024)	Nominal value	Unamortized drawing costs	Net book value
NO 0011097305, green bond loan, floating rate NIBOR 3m+1.00 p.a.	17.09.2021	5 years	17.09.2026	525	500 000	-919	499 081
NO 0011097297, green bond loan, floating rate NIBOR 3m+1.15 p.a.	17.09.2021	6 years	17.09.2027	438	500 000	-1 203	498 797
NO 0011097339, green bond, fixed rate 3.35% p.a.	17.09.2021	10 years	17.09.2031	263	500 000	-1 773	498 227
NO 0012899287, green bond loan, floating rate NIBOR 3m+1.50 p.a.	26.04.2023	5 years	26.04.2028	325	500 000	-1 097	498 903
NO 0012899295, green bond loan, fixed rate 5.10% p.a.	26.04.2023	7 years	26.04.2030	232	500 000	-1 237	498 763
NO 0012899303, green bond loan, fixed rate 5.315% p.a.	26.04.2023	10 years	26.04.2033	163	500 000	-1 342	498 659
Total				1 945	3 000 000	-7 569	2 992 431


				Value of new bond loans in 2025
New bond loans in 2025	Date of establishment	Duration	Expiry date	Nominal value	Drawing costs	Net book value
NO 0013669804, green bond loan, floating rate NIBOR 3m+0.98 p.a.	01.10.2025	4 years	01.10.2029	500 000	-1 375	498 625
Total				500 000	-1 375	498 625


					Value as of 31.12.2025
Bond loans as of 31.12.2025	Date of establishment	Duration	Expiry date	Amortizing effect of the period (2025)	Nominal value	Unamortized drawing costs	Net book value
NO 0011097305, green bond loan, floating rate NIBOR 3m+1.00 p.a.	17.09.2021	5 years	17.09.2026	525	500 000	-394	499 606
NO 0011097297, green bond loan, floating rate NIBOR 3m+1.15 p.a.	17.09.2021	6 years	17.09.2027	438	500 000	-765	499 235
NO 0011097339, green bond, fixed rate 3.35% p.a.	17.09.2021	10 years	17.09.2031	263	500 000	-1 510	498 490
NO 0012899287, green bond loan, floating rate NIBOR 3m+1.50 p.a.	26.04.2023	5 years	26.04.2028	325	500 000	-772	499 228
NO 0012899295, green bond loan, fixed rate 5.10% p.a.	26.04.2023	7 years	26.04.2030	232	500 000	-1 005	498 995
NO 0012899303, green bond loan, fixed rate 5.315% p.a.	26.04.2023	10 years	26.04.2033	163	500 000	-1 179	498 821
NO 0013669804, green bond loan, floating rate NIBOR 3m+0.98 p.a.	01.10.2025	4 years	01.10.2029	86	500 000	-1 289	498 711
Total				2 031	3 500 000	-6 914	3 493 086

LERØY SEAFOOD GROUP Annual report 2025

Finance


				209


Interests expensed, including amortizing effect	2025	2024
Interests	163 401	161 358
Amortizing effect	2 031	1 945
Total	165 432	163 303

Financial covenants

The bond loans have a financial covenant were the issuer shall ensure that the Group, on a consolidated basis, maintains

an equity ratio of minimum 30%. Lerøy Seafood Group ASA has the same type of covenant on the undrawn liquidity

reserves.


Mortgages and guaranties	2025	2024
Debt secured by mortgages
Total mortgage-secured debt at 31.12	0	0
Unutilized drawing facilities, secured with mortgages
Unutilized amount	650 000	650 000
Mortgaged assets
Shares in subsidiaries	859 707	859 707
Customer receivables - cross-mortgaged (Lerøy Seafood AS)	0	3 975
Shares in associates	468 773	468 773
Total book value of mortgaged assets 31.12	1 328 480	1 332 455
Guarantees and sureties
Total amount	0	32 100

Mortgaged assets

The mortgage loans to credit institutions are settled. But the pledged assets are still pledged as security for the overdraft

loan facility. The overdraft facility is undrawn, and there is no debt to the credit institution at year end.

Guarantee and surety liability

Lerøy Seafood Group ASA has not posted any guarantees, including guarantees on behalf of subsidiaries, as of 31

December 2025.

Lerøy Seafood Group ASA has joint and several liability for outstanding VAT together with Lerøy Seafood AS, which is

included in the joint VAT registration.

Other commitments

Lerøy Seafood Group ASA has entered into a 10 year rental agreement for the office facilities, which started to run from

November 2018, with an option for additional 10 years. Annual minimum rent is approximately NOK 14.2 million. Lerøy

Seafood Group ASA has also a joint liability for debt related to the apartment in Sandbrogaten 3 in Bergen, Norway,

amounting to NOK 2 million.

Restricted funds

Restricted funds included in bank deposits equals to NOK 11 431.

Other contingencies

The European Commission has issued a Statement of Objections to the Company in connection with an investigation into

suspected anti-competitive cooperation. In addition, claims for damages have been issued in the UK against companies

in the Group. The Company strongly rejects all allegations. For further details, reference is made to Note G4.9 in the

consolidated financial statements.

Note P12 Other short-term debt

All figures in NOK 1 000


Consist of	Note	2025	2024
Salary and other personel expenses		66 947	69 126
Accrued interest expenses		53 260	47 911
Short-term debt to joint ventures and associated companies	P6	1 083	857
Other short-term liabilities		913	6 137
Total		122 203	124 031

Note P13 Financial instruments

All figures in NOK 1 000

Currency forward contract

Lerøy Seafood Group ASA had a currency forward contract, of GBP 5 million, running from 21.12.2023 until 27.09.2024. The

contract hedged the value of a 6 months loan to the associated company Norskott Havbruk AS, given 4 January 2024.

Hedge accounting has not been applied. The financial instrument was recognised at fair value. The change in value on

the financial instrument has been booked through profit and loss.


Currency forward contract	2025	2024
Net book value as of 01.01	0	728
New financial instruments acquired in the period	0	0
Change in fair value booked through profit and loss	0	-728
Net book value as of 31.12, included in other current receivables	0	0

LERØY SEAFOOD GROUP Annual report 2025

Finance


				210

Note P14 Related parties

All figures in NOK 1 000

Transactions and balances with parent company and its related parties

Laco AS is the ultimate parent company. Lerøy Seafood Group ASA is a subsidiary of Austevoll Seafood ASA, which in turn

is a subsidiary of Laco AS. Transactions and balances with other Group companies in the Laco AS corporation, not

consolidated in the financial statements of Lerøy Seafood Group ASA, are classified as transactions and balances with

related parties, and included as other current or non-current receivables or debt.

Transaction and balances with other related parties

In addition, any companies owned by employees, in particular senior executives, are classified as related parties. Also

significant non-controlling interests may be considered as related parties. There are no such transactions or balances

identified in 2025 and 2024.


2024	Ownership	Sales	Purchases	Receivables	Debt
Transactions and balances with parent company and its related parties
Laco AS	“Ultimate parent”	0	0	0	0
Fitjar Mekaniske Verksted AS	Laco AS (100%)	7	0	460	0
Austevoll Seafood ASA	Laco AS (55.55%)	7	0	886	0
Total		14	0	1 346	0


2025	Ownership	Sales	Purchases	Receivables	Debt
Transactions and balances with parent company and its related parties
Laco AS	“Ultimate parent”	0	0	0	0
Fitjar Mekaniske Verksted AS	Laco AS (100%)	0	0	0	0
Austevoll Seafood ASA	Laco AS (55.55%)	5	0	0	0
Total		5	0	0	0

No related party transactions of significance are identified in 2025 and 2024.

Responsibility statement from the Board of Directors and CEO

We confirm to the best of our knowledge that the consolidated financial statements for 2025 have been prepared in

accordance with IFRS as adopted by the European Union, as well as additional information requirements in accordance

with the Norwegian Accounting Act, and that the financial statements for the parent company for 2025 have been

prepared in accordance with the Norwegian Accounting Act, and that the information presented in the financial

statements gives a true and fair view of assets, liabilities, financial position and result of Lerøy Seafood Group ASA and

the Group as a whole for the period.

We also confirm to the best of our knowledge that the annual report for 2025 includes a true and fair view of the

development, performance and financial position of Lerøy Seafood Group ASA and the Group, together with a

description of the principal risks and uncertainties that they face, and that the annual report for 2025 meets the

information requirements of the Norwegian Accounting Act with regard to the Report of the Board of Directors and

statements on corporate governance and corporate social responsibility.

We further confirm to the best of our knowledge that the 2025 sustainability statements included in the annual report for

2025, have been prepared in accordance with and meets the information requirements of the Norwegian Accounting Act,

European Sustainability Reporting Standards (ESRS) and EU taxonomy.


Bergen, 30 April 2026
The Board of Directors of Lerøy Seafood Group ASA

Arne Møgster Chairman	Didrik Munch Board member	Karoline Møgster Board member


Linda Kidøy Pedersen Board member	Are Dragesund Board member	Britt Kathrine Drivenes Board member


Bjarne Kristiansen Employees' representative	Silje Elin G. Butt Employees' representative	Tor-Ivar Ingebrigtsen Employees' representative


	Henning Beltestad CEO Lerøy Seafood Group ASA


Strategic aspirations	13
Governance	14
Strategic priorities	17
Group management	19
Strategic priorities – Farming	20
Strategic priorities – VAPS&D	21
Strategic priorities – Wild Catch	22
Results – Group	23
The Board of Lerøy Seafood Group	32
Shares	35
Corporate governance report	36