Lerøy Seafood Group (LSG) CMD 2026 summary

Strategic direction and growth ambitions

• Updated strategy for 2025–2030 targets NOK 50 billion turnover, 220,000 tons in farming, and 420,000 tons sold in VAP S&D by 2030, with NOK 2 billion EBIT in VAP S&D and a 15% ROCE ambition.

• Four priorities: Growth, Cost, Simplify, and Leadership, executed via the Lerøy Way business system and a sharpened capital allocation framework.

• Cost base reduction target of NOK 1 billion by 2026, mainly from farming (NOK 850 million), with additional savings in VAP S&D and Wild Catch.

• Emphasis on capital discipline, return on investment, and procurement expertise to drive higher returns and cost reductions.

• Ambition to be the most efficient and sustainable seafood value chain globally, leveraging integrated operations and continuous improvement.

Segment performance and operational improvements

• VAP S&D targets 420,000 tonnes sold and NOK 2 billion EBIT by 2030, with growth driven by strategic partnerships, acquisitions, and operational efficiency.

• Farming segment achieved record 196,000 tonnes harvest in 2025, with improved biological KPIs and aims for 220,000 tonnes by 2030 at lower cost per kilo.

• Wild Catch segment adapted to quota reductions by diversifying catch mix and investing in efficiency, positioned for profitability recovery with potential quota rebound from 2027.

• Investments in shielding technology and feed partnerships have reduced sea lice treatments by 62% and are expected to further reduce costs and improve biological performance.

• Lerøy Way business system and best practice sharing drive continuous improvement and high Lean scores in land-based operations.

Financial performance, guidance, and capital allocation

• Achieved NOK 34 billion in revenue and NOK 2.5 billion operational EBIT in 2025, with a 12% CAGR in revenue since IPO in 2002.

• Free cash flow generation is a core focus, with cost reductions and disciplined capital allocation supporting stable and growing dividends.

• Maintenance CapEx is set at NOK 1 billion annually, with flexibility for higher-return growth investments.

• ROCE target set at 15% by 2030, up from a three-year average of 11%, with significant uplift potential across all segments.

• Share buybacks are not ruled out, though not prioritized over dividends.