Welcome to Lerøy Seafood Group's second quarter presentation 2026. My name is Henning Beltestad, I'm CEO in Lerøy Seafood Group, and with me today I have Sjur Malm, CFO.

I will take you through some highlights in the quarter, then give a strategy and target update, then Sjur Malm will take you through the key financial highlights, and then I will come back and take a short outlook of what we expect going forward. Lerøy is a leading global provider of high-quality seafood.

We have a history reaching back to 1899, fully integrated value chain, diversified portfolio of healthy products and strong brands served across 80 countries. Listed in Euronext Oslo Børs since 2002, and have the values open, honest, responsible, and creative.

In total, we are 6,000 employees, a turnover last year of 34 billion NOK, an operational EBIT of 2.5 billion NOK, and a total processed volume of 340,000 ton, and a harvest volume of 195,600, and a wild catch volume of 57,675. We are a seafood company.

Our goal is to create the world's most efficient and sustainable value chain for seafood and have a global presence in all major markets around the world. Also at the same time, of course our sources is mainly coming from the Norwegian coast.

We are a fully integrated company, and our value chain is our unique position in the seafood market. There is not many companies like Lerøy globally today, supplying salmon and controlling the value chain from roe to branded product in the shop, and from fishing boats all the way out to our branded products in shops and restaurants.

Highlights of the quarter: strong biological development with positive cost trend in farming; harvest guidance reiterated at 195,000 ton; increased expectation for profitability in the wild catch; lower margin in market operations compared to last year; tightening market for salmon and trout; and the board has proposed a dividend of 2.5 NOK per share for 2025 paid out during the quarter. The operational EBIT in the quarter is 574 million NOK compared to 680 million NOK same quarter last year.

A short strategy outlook: we have a capital market day in February 2026, and we will every quarter give an update on where we are towards these targets. We have the 220,000 ton target for 2030 in farming.

The run rate is around 193,000 ton today. 50 billion NOK target 2030, we are around 34 billion NOK.

The most important in the short term is the 1 billion NOK reduction in cost. The run rate for the 2 billion NOK EBIT in market operation 2030, we have a 12-month rolling at 1.2 billion NOK.

In the short term, the most important is the cost reduction process. As of Q2, we see that we are going in the right direction.

We have realized end of the quarter 402 million NOK, and identified and under execution is 521 million NOK. We have a gap to target of 77 million NOK, we are really working structured and motivated to achieve this hairy goal.

Then I will go in and look at the highlights for the different segments. We have three segments: Farming, Wild Catch, Market Operation, and we start with the farming.

It's been a quarter with continued strong biology, low mortality, high harvest weights of 4.8 kilo compared to 4.7 kilo last year, high quality, but some maturation on trout which has affected the price achievement. The prices in line year on year, the SSI price second quarter 26 of yeah, close to 72 NOK is about the same level as same quarter last year, and there is been a quarter with high supply growth.

We see in this segment we have had a significant quarter on quarter cost improvement in farming, and we keep the harvest guidance on 195,000 ton. If we go into the different regions, we start with Lerøy Aurora.

It's continue strong biology development, strong growth rates, high survival rates, high superior share, high harvest weights. The cost is lower compared to second quarter last year and first quarter in 2026, it's been a good development, even though we expect a little bit higher cost going forward the next quarter.

The estimated harvest volume is increased to 55,000 ton, and the earlier guiding was 49,000 ton. The operational EBIT value chain is of close to 90—no, 20 NOK and yeah, a little bit higher than what we achieved second quarter last year.

Lerøy Midt, continuous strong biological development, high survival rates, high superior share, high harvest weights, cost lower compared to second quarter 25 and also first quarter 26. Expect a little bit higher cost in third quarter, and but the cost 26 is expected lower than 25.

Estimated harvest volume unchanged at 73,000 ton. Lerøy Sjøtroll, very good development in this region.

Good biological development also here in the second quarter, strong improvement in survival rates. Low sea temperatures held back growth.

Trout of 58% in second quarter. The farming cost is per kilo significantly down from first quarter 26, and we expect a lower cost in third quarter and also for the whole year 26 compared to 25.

In this quarter, price achievement on trout has been influenced by some maturation. The estimated harvest volume is reduced to 70,000 ton, and the main reason for that is the extremely low sea temperature that we've seen through the summer.

Scottish Seafarms, been a difficult situation in Scottish Seafarms the last couple of years, but we are really coming back. Low harvest volumes in second quarter and first half, but have a high volume in second half of the year.

The next generation of fish is performing well. Expect significantly higher volumes and a lower cost in coming quarters.

The estimated harvest volume is unchanged at 43,000 ton, and if we look at the year to date 26, we have harvested 13,500 ton compared to 20,000 ton last year. We have for second half of the year a volume of close to 30,000 ton, there is a huge potential of improvements in Scottish Seafarms going forward, and that's really good to see.

They've done a tremendous job turning this situation around from the last couple of years. Farming volumes to guiding: 52,000 ton in Lerøy Midt—73,000 ton—no, 52,000 ton in Lerøy Aurora, 73,000 ton in Lerøy Midt, and 70,000 ton in Lerøy Sjøtroll, and which is 195,000 ton, and our 50% share of Scottish Seafarms gives us around 22,000 ton and a total of 217,000 ton.

Market Operations: we have market operations in 18 countries, developed the last 20-25 years. We have sales to more than 80 markets, and is yeah, the end part of our value chain.

Market operations has been impacted by lower harvest volume and strengthening NOK, less favorable contract positions than in 25, and the operational EBIT is down to 269 million NOK versus 351 million NOK in second quarter 25. A strong EBIT margin of 3.5% compared to 2.5% EBIT margin in first quarter 26, and we expect a good second half of 2026.

Wild catch highlights: strong performance in second quarter 26 considering quarter, catch volumes up 6% year on year, down 10% year to date. Prices significantly up year on year.

Clear operational financial improvements in land-based industry and a significant inventory build in the quarter. We have increased profit expectation for 26 from 350 to 400 and 400 to 450.

A very good performance in the wild catch segment and a positive outlook going forward. The wild catch quotas and catch volumes: second quarter 1,500 ton cod, 1,300 ton saithe, 3,000 ton haddock, 2,100 ton shrimps, and 11,000 ton others, which is a total of close to 19,000 ton compared to 18,000 ton in second quarter last year.

We have remaining quotas of 16,000 ton compared to 17,000 ton last year. Then Sjur will take you through the key financial highlights.

Yes, thank you, Henning. Then I will sum up what Henning has said into our numbers.

Looking at our P&L, we see the key value drivers on the latter line. On harvesting volume of salmon and trout, as explained, we've seen low water temperatures in Lerøy Sjøtroll impacting growth.

That is one factor behind the lower harvest volume. Still, as there's no changes to guidance, total guidance for the year.

On margin in this part of our business, which is the sum of farming and market operation, we can see that the margin is slightly down compared to last year. Trying to decompose this, starting with farming, we are pleased to see a significant cost reduction from first quarter to second quarter, around 5 kroner a kilo, and that is very positive.

We are seeing the biggest positive contribution and cost reduction in Lerøy Sjøtroll this quarter, the smallest in Lerøy Midt, but also then when we guide costs in Q3 flat-ish to slightly up, it's also a reflection of the fact that cost level in Q2 was lower than what we expected going into the quarter. Looking at price, we have an impact this quarter of the maturation on trout, which was around 10 million kilos of trout in the quarter, and we said that the price impact in our report was around 5 kroner a kilo compared to salmon.

Also on the margin side, which is offsetting then the cost reduction in farming, is the fact that we have slightly lower margins in value-added or market operation this year compared to last year. That was that part of the business decomposed.

Looking in the wild catch business, I think the key takeaway is the fact that we have a quota on the year. It will vary a bit with time it is actually sold and recorded in our books.

This quarter, we are increasing our guidance from 350-400 to 400 to 450, which is then an indication that the business is going better than what we expected a quarter ago. Looking what was booked this quarter, it is a margin not too far from last year, but as written in our report, we have built significantly inventory, which bodes well for profitability in this segment in Q3 and Q4.

In sum then, operational revenue is down. Key driver there is the lower harvest volume in salmon and trout.

We see our operational EBIT is slightly down, and I had then talked through the key drivers behind that. At our Capital Markets Day in March this year, we talked a lot about the capital efficiency, and that focus we have with us every day.

It is positive to see that our total assets is actually reduced a bit this quarter, together with activity being at least at the same level as last year, and no big changes. Worth mentioning is on inventory, and also some comments going into second half.

As Henning have commented and will comment in outlook, we are seeing a tightening market that, together with higher volumes, will increase working capital in the market operation part. Higher feed cost will potentially increase working capital built in farming.

Offsetting this is also the fact that we have a very high inventory of whitefish at end Q2, which will be sold in second half. That will limit the working capital effect of those factors.

This quarter, we would like to say we have a strong cash flow, released 400 million in working capital, and despite paying out 1.5 billion in dividends, debt is still at 8.4 billion. CapEx, there are basically no changes to this slide compared to last quarter.

This is developing according to plan. Key investment areas continues to be new technology in farming and in investment program for 2026 the Aquatasks, and Henning will comment on that shortly.

We also like to include this slide to support the discussion in Norway, showing the ripple effects of our operations in Norway. This highlights that ripple effects of Lerøy is impacting the full country.

We buy goods and services for 2025 of 20 billion NOK. We operate ourselves in 50 municipalities.

We have employees which live in 190 municipalities. The impact, direct and indirect in taxes, is close to 2 billion in 2025.

This is important. This industry is very, very important for Norway.

Then, on our Capital Markets Day, we shed some light on key drivers within market operation, primary processing, which is the slaughtering and filleting, first step of processing of salmon and trout; sales and distribution, which is basically where Lerøy came from in Hallvard Lerøy, which is sales and distribution of seafood globally, both then operations out of Norway, but also our sales offices in different parts of the world. Then we have the consumer product part, which is higher value-added processing of products.

For those who like more input, please see our CMD. I will just highlight some of the key drivers within then market operation this quarter, starting with sales and distribution.

We see, up to the right, volumes are slightly down compared to last year. Profitability is slightly up.

We have a healthy cost control, and we're seeing slightly higher margins this quarter than what we've seen recent quarters, so that was a good quarter. In consumer product, as Henning has highlighted, we're not 100% pleased with profitability this quarter, which is down from last year.

This is driven by firstly the fact that we have less favorable contract positions this year, but also we have one unit which had a low profitability level this quarter, which will be significantly improved in coming quarter. We expect, as of today, significantly higher profitability in this part of our business in 20 second half 2026.

Also fair to comment is the fact that you can see that the rework cost is continuing to lower the cost position, which is good. Finally, within primary processing, so as said at the Capital Markets Day, we are then moving all primary processing to be reported within market operation in one business unit, and we believe this will strengthen the competitiveness of our business over time.

This is done with effect from 1st of January, which is explaining the higher volume, and we see that this is a low-margin business, but it's still then a margin running and stable and good business. In first half, the impact is around 50 million, and we expect full-year impact from this change to be around 120 million, then moving the reported profit from farming to market operation.

Also, as said within wild catch, we have the quota for the year. We showed this model on the Capital Markets Day.

I would just like to give an update to back why are we now estimating 400 to 450 million in operational EBIT this year. This is the model.

This is development and key drivers, and a core driver, compared to previous quarter, is the fact that volumes are slightly down, but also we then reduced the fuel consumption and the fuel price, and these are key factors, together with continued high prices, to why we now estimate profitability between 400 and 450 million on operational EBIT level, which is a significant increase from sub-300 million last year. Then we have a look forward, and I give the word to you, Henning.

Thank you, Sjur. Then I will take us through a short outlook at the end.

We start with the Atlantic salmon supply side. I think the first thing we should look at is 2025 numbers and the increase in supply of 12% that year.

We see in 2026, we see a global increase of 20—no, about 3%, but I think most of this increase already been taken out in 2026, and I think going forward we will see lower volume globally to the market, and we also expect yeah, a 2.6% increase in supply growth for 2027. The extreme increase in supply is in a way over.

We also see that the major markets is demanding more Atlantic salmon, and especially the overseas markets, and we see running into the summer in July and in August, we also see that the demand is increasing with higher prices than last years. If you look at the different segments in Lerøy, we, as I said, we have a very strong biological performance, and we believe that this will continue.

The cost reduction program is progressing as planned. This will be significantly reduced the impact of higher feed price which is expected in 2027.

We expect a harvest volume of 195,000 ton this year, and we believe that we have, with the biological improvements that we're doing in the farming value chain, we believe that we are on a good track also for our long-term goals. Wild Catch: price development outweighs lower catch volumes and significantly higher fuel price.

A positive operational development in land industry also starting to show in financial. It's really good to see, and we believe that this improvements program that has been running in the industry of whitefish is really starting to show results.

Market Operation: lower salmon and trout prices are building markets the last couple of years. Increased demand for integrated, sustainable value chain, strong demand in emerging markets, and for second half of 2026 operational EBIT is expected to be in the same range as H2 2025.

In the long term, the guidance and long-term ambitions repeat in farming: 195,000 ton in the short term, cost per kilo lower than 2025 for the whole year 26, and we believe that we are on a track to 220,000 ton in volumes in 2030, and also the number one relatively cost position in all regions. The Wild Catch: price development outweigh lower quota and higher fuel cost, and indicative operational EBIT of 400 to 450 million NOK, and for 2030 profitability growth with quota growth as we see that the expectation for quota is 10% up for cod and about 17% for haddock.

Market Operations: 26 compared to 2025, continued growth at slightly lower margins, and we believe that we also with the improvement programs in this segment, we also believe that we have a good direction towards the 2 billion NOK EBIT for this segment. Then, at the end, I want to dig a little bit into new technologies that we are doing in farming, and we are doing a lot.

We have the shielded technology and the submerged farming, which we have been a pioneer in development of this, and we are doing laser technology, we are doing semi-closed systems, and then the technology improvements and development is really going fast. Now we, especially for this region which has been historically the most challenging region, we are now investing into closed cages from end of this year, and we have made a small movie showing how this will look, and we have great expectations that this technology would make great improvements and also will give us in a better positions to increase the volume in the west region.

Then, thank you very much, and enjoy the movie.