The following is a summary of the Lerøy Seafood Group ASA (LYSFF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Lerøy Seafood reported an operational EBIT of NOK842 million in Q1 2024.

• Significant improvements in earnings from VAP's (value-added processing) Sales and Distribution and healthy earnings in Wild Catch were noted.

• A dividend of NOK2.5 per share has been proposed.

• Leroy recorded an exceptional biological performance, improving net growth rate by 9%, reducing mortality by 24%, and reducing life treatments by 56% compared to the five-year average.

Business Progress:

• Lerøy is on track to meet its 2030 target of over NOK50 billion including advancement in the company's value chain.

• Efforts towards a sustainable and efficient seafood value chain are starting to bear fruit.

• The implementation of new shielding technology is set to minimize the need for live treatments with an objective to have 30-35% of the salmon shielded by the end of 2024.

• Through operational improvements focusing on roe, smolt production, and new technologies, Leroy is on course to reach 2024 harvest targets.

• A strong start in 2024 in value-added processing sales and distribution has been observed, including the introduction of salmon blood-derived nutritional supplements to maximize fish usage.

• The company projects lower harvest targets for 2025 due to reduced license capacity following a traffic light system, potentially impacting the Wild catch area with potential challenges in quota situations.

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