Lerøy Seafood Group (LSG) CMD 2026 summary

Strategic direction and group overview

• Sharpened strategy for 2025–2030 focuses on growth, cost reduction, simplification, and leadership, executed via the Lerøy Way business system and a disciplined capital allocation framework.

• 2030 targets include NOK 50 billion revenue, NOK 2 billion EBIT in VAP S&D, 220,000 tonnes farming harvest, and 15% ROCE, with a NOK 1 billion cost reduction by 2026.

• Procurement expertise added to management, with a new Chief Procurement Officer and goods/services purchases expected to rise from NOK 25bn in 2025 to NOK 35bn in 2030.

• Investments have shifted from capacity building to harvesting returns, with a focus on capital discipline, higher return opportunities, and leveraging a global integrated value chain.

• Lerøy Way business system drives continuous improvement, operational excellence, and leadership development, now implemented in 96% of units.

Value Added Processing, Sales & Distribution (VAP S&D)

• VAP S&D segment targets 420,000 tonnes sold and NOK 2 billion EBIT by 2030, a 25% increase from 2025, driven by increased throughput, strategic partnerships, and acquisitions.

• Capital-light operating model, downstream partnerships, and increased third-party sourcing are key to market penetration and profitability.

• Strategic focus on increasing share of revenue from strategic clients to 70% by 2030, up from 60% today.

• 75% of 2025 sales were in Europe, with strong growth in Asia-Pacific and expansion into new markets like India, Korea, Vietnam, and Thailand.

• Regional adaptation of value chain and local processing tailored to market preferences, especially in Europe and Asia.

Farming segment

• Achieved record harvest of 196,000–195,600 tonnes in 2025, with 195,000 tonnes guided for 2026 and 220,000 tonnes targeted by 2030, mainly through operational efficiency and organic growth.

• Comprehensive cost program targets NOK 850 million in reductions by 2026, focusing on feed, biological conversion, and fixed costs.

• Strategic partnership with Cargill for feed aims to deliver up to NOK 1.4/kg savings by 2026, with 0.3 NOK/kg already realized.

• Investments in shielding technology have reduced sea lice treatments by 62% and improved fish welfare, with further optimization planned.

• Biological KPIs such as growth rate, survival rate, and quality have improved, supporting higher utilization of capacity and cost leadership ambitions.