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"value": "ON Notes to the consolidated financial statements NOTE 1 General information and accounting policies GENERAL Austevoll Seafood ASA is a public limited company listed on the Oslo Stock Exchange (ticker: AUSS), with its registered office on Storeb\u00f8, Norway. Laco AS is the company's major shareholder and ultimate parent (see Note 16). The Group's principal activities comprise salmon and trout farming, whitefish and pelagic fishing, production of fishmeal, fish oil and protein concentrate, production of frozen and further processed seafood products, and global sale and distribution of seafood. The Group has operations in Norway, Peru, Chile and other countries through subsidiaries, associates and joint ventures. The consolidated financial statements were approved by the Board of Directors on 30 April 2026.
In the following, \"Group\" is used to describe information related to Austevoll Seafood ASA Group, whilst \"Company\" is used for the parent company itself. All amounts in the notes are in NOK million (MNOK), if not specified differently. Rounding errors may occur because of this. BASIS OF PREPARATION The consolidated financial statements have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the European Union. The financial statements are prepared under the historical cost convention, as modified by the following: \u2022 Biological assets are measured at fair value through profit and loss. \u2022 Euronext salmon contracts, financial assets and financial liabilities (including derivative instruments) are measured at fair value. \u2022 Onerous contracts related to biological assets are measured at the lower of the settlement amount and the amount needed to fulfil the contract.
The preparation of financial statements in conformity with IFRS Accounting Standards requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note 2.
Going concern The financial statements have been prepared on the going concern basis. Reference is made to the Board of Directors' report for further discussion of the Group's financial position and going concern assessment.
Presentation The consolidated income statement presents expenses classified by nature. The consolidated statement of comprehensive income is presented as a separate statement following the income statement. Items of other comprehensive income are grouped into items that may subsequently be reclassified to profit or loss and items that will not be reclassified. The consolidated financial statements are presented in Norwegian Kroner (NOK), which is the parent company's functional and presentation currency, rounded to the nearest million (MNOK). New and amended standards In 2025, no new or amended standards have been adopted that have a material impact on the Group's financial statements. Standards and interpretations issued but not yet effective have not been early adopted. The Group has assessed the potential impact of these standards and does not expect them to have a material effect on the financial statements for either the period under review or for future periods and expected transactions.
CONSOLIDATION Subsidiaries Subsidiaries are entities controlled by the Group and are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Control is assessed in accordance with IFRS 10 and may include situations of de facto control. The acquisition method is applied to business combinations in accordance with IFRS 3. Identifiable assets, liabilities and contingent liabilities are recognised at fair value on the date of acquisition. At the acquisition date, non-controlling interests are measured either at fair value or at the non-controlling interest's proportionate share of the acquiree's identifiable net assets. The choice of measurement method is made on a transaction-by-transaction basis. If a business combination is achieved in stages, the acquisition-date fair value of the acquirer's previously held equity interest in the acquiree is re-measured to fair value at the acquisition date. Any gains or losses arising from such re-measurement are recognised in profit or loss. Contingent consideration is measured at fair value on the date of acquisition. Subsequent changes in fair value of the contingent consideration are recognised in profit or loss, unless classified as equity, in which case it is not remeasured. Inter-company transactions, balances and unrealised gains and losses on transactions between Group companies are eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.
Changes in ownership interests in subsidiaries without change of control Transactions with non-controlling interests that do not
result in loss of control are treated as equity transactions. The difference between the consideration and the shares' proportional share of the carrying amount of net assets in the subsidiary is charged to shareholders' equity in the parent company. Gain or loss on the sale to non-controlling interests is correspondingly charged to equity. When the Group ceases to have control, any retained interest in the entity is re-measured to its fair value at the date when control is lost, with the change in carrying amount recognised in profit or loss.
Associates and joint ventures Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Joint ventures are arrangements where the Group has joint control over the economic 108 CONTENT AUSTEVOLL SEAFOOD ASA Annual report 2025 PAGE 05 INTRODUCTION 35 BOARD OF DIRECTORS REPORT 2025 101
FINANCIAL STATEMInvestments in associates and joint ventures are accounted for using the equity method in accordance with IAS 28 and IFRS 11 respectively. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor's share of the profit or loss of the investee after the date of acquisition. The Group's investment in associates and joint ventures includes goodwill (net of any accumulated impairment loss) identified on acquisition. The Group's share of post-acquisition profit or loss is recognised in the income statement, and its share of post-acquisition movements in other comprehensive income is recognised in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. Unrealised gains on transactions with associates and joint ventures are
SEGMENT REPORTING Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker (CODM), identified as the board of directors. The Group has identified its reportable segments based on the nature of its operations: Ler\u00f8y Seafood Group ASA (LSG), Kobbevik og Furuholmen Oppdrett AS (KFO), Austral Group S.A.A. (Austral), FoodCorp Chile S.A. (FC), Br. Birkeland AS (BRBI) and Other/eliminations. See Note 3 for further information.
FOREIGN CURRENCY TRANSLATION Functional and presentation currency Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in Norwegian Kroner (NOK), which is the parent company's functional and presentation currency.
Transactions and balances Foreign currency transactions are translated using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the closing rate at the date of the reporting period. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities are recognised in profit or loss, except when deferred in other comprehensive income as qualifying cash flow hedges and qualifying net investment hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented within finance income or costs. All other foreign exchange gains and losses are presented within other gains/losses. Group companies The results and financial position of all Group entities that have a functional currency different from the presentation currency are translated as follows: assets and liabilities are translated at the closing rate at the date of the reporting period, income and expenses are translated at average exchange rates and all resulting exchange differences are recognised in other comprehensive income. On disposal of a foreign operation, exchange differences previously recognised in equity are reclassified to profit or loss. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. REVENUE RECOGNITION Revenue from contracts with customers is recognised when control of goods is transferred to the customer in accordance with IFRS 15. The Group's revenue is derived from the sale of seafood products across its operating segments, including whole and processed salmon and trout, whitefish, pelagic fish, shellfish, fishmeal, fish oil, protein concentrate and frozen consumer products. Revenue is measured at the transaction price, being the amount of consideration to which the Group expects to be entitled in exchange for transferring goods, net of VAT, returns, rebates and discounts, and after eliminating sales within the Group. For the majority of the Group's sales, the performance obligation is satisfied at a point in time, when control of the goods is transferred to the customer at the point of delivery. The Group invoices the agreed transaction price upon delivery, with payment typically due within 30\u201360 days. Expected volume discounts are deducted from revenue and presented as current provisions. Provisions for quality deviations and returns are based on historical data and specific information about individual deliveries. The Group does not provide material warranties on its products, nor do its contracts contain significant financing components.
GOODWILL Goodwill arises on the acquisition of subsidiaries and represents the excess of the aggregate of the consideration transferred, the amount of any non- controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree, over the fair value of the identifiable net assets acquired. Goodwill is recognised in accordance with IFRS 3 and is not amortised but is tested for impairment annually, or more frequently when indicators of impairment arise, at the cash-generating unit or group of cash- generating units level consistent with the operating segment level. See Note 10 for further information. Any impairment of goodwill is recognised immediately in profit or loss and is not subsequently reversed.
INTANGIBLE ASSETS \u2013 LICENCES AND BRANDS Licences All licences and quotas are distributed by respective governmental bodies. Licences related to fish farming and fishing quotas are recognised in accordance with IAS 38 and carried at cost less accumulated impairment. These are assessed to have indefinite useful lives and are accordingly not amortised, but tested for impairment at least annually. The indefinite useful life assessment reflects that the licences are expected to contribute to the Group's cash flows for an indefinite period, subject to regulatory conditions. Licences and quotas remain subject to each country's fishing and fish farming quota regulations. See Note 10 for further information. Brands Brands acquired as part of a business combination are recognised at fair value at the date of acquisition. Brands assessed to have indefinite useful lives are not amortised but reviewed for impairment at least annually. The useful life assessment is reviewed each period to determine whether events and circumstances continue to support the indefinite useful life classification. Intangible assets with definite useful lives are amortised on a straight-line basis over their expected useful life and reviewed for impairment when indicators arise.
PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are recognised at historical cost less accumulated depreciation and impairment in accordance with IAS 16. Depreciation is calculated using the straight-line method over expected NOTE 1 cont. CONTENT AUSTEVOLL SEAFOOD ASA Annual report 2025 PAGE 05 INTRODUCTION 35 BOARD OF DIRECTORS REPORT 2025 101 FINANCIAL STATEMENT 102 The Group 102 - Notes 1 \u2013 28 172 Parent 172 - Notes 1 \u2013 17 190 Responsibility Statement 191 Sustainability auditor report 195 Financial Statements Auditor Report 200 ADDITIONAL INFORMATION useful life, with component depreciation applied where material parts have different useful lives. Land is not depreciated. Subsequent costs are capitalised only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be reliably measured. All other repairs and maintenance are expensed as incurred. The estimated useful lives are as follows: The useful lives, residual values and depreciation methods are reviewed, and adjusted if appropriate, at each reporting date. RIGHT-OF-USE ASSETS AND LEASE LIABILITIES The Group recognises right-of-use assets and corresponding lease liabilities for all leases in accordance with IFRS 16, with the exception of short- term leases (terms of 12 months or less) and low-value assets (below NOK 50,000 each), for which the Group applies the recognition exemptions permitted by the standard. Lease payments for these exempted leases are expensed on a straight-line basis. For contracts containing both lease and non-lease components, the Group allocates the consideration 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. Right-of-use assets are measured at cost at the commencement date and depreciated on a straight- line basis over the lease term, including extension options the Group is reasonably certain to exercise. Lease liabilities are measured at the present value of future lease payments, discounted using the Group's incremental borrowing rate where the interest rate implicit in the lease is not readily determinable. The Group distinguishes between leases with credit institutions and leases with other parties. 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 other parties is not. This distinction is also reflected in the definition of net interest-bearing debt (NIBD). See Notes 23 and 28 for further information. IMPAIRMENT OF NON-FINANCIAL ASSETS Impairment of non-financial assets is assessed in
accordance with IAS 36. Assets that have indefinite useful lives are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation or depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). An impairment loss is recognised for the amount by which the carrying amount exceeds the recoverable amount, being the higher of the asset's value in use and fair value less costs of disposal. Value in use calculations are based on estimated future cash flows discounted using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or cash-generating unit. See Note 10 for further details on key assumptions. Non-financial assets other than goodwill that have previously been impaired are reviewed for possible reversal of the impairment at each reporting date.
FINANCIAL INSTRUMENTS The Group classifies its financial assets in the following categories in accordance with IFRS 9: financial assets at amortised cost, financial assets at fair value through other comprehensive income, and financial assets at fair value through profit or loss. The classification depends on the Group's business model for managing the financial assets and the contractual terms of the cash flows. Financial assets at amortised cost include cash and cash equivalents, trade receivables and other receivables. For trade receivables, the Group applies the simplified approach permitted by IFRS 9, recognising lifetime expected credit losses from initial recognition. The Group assesses on a forward-looking basis the expected credit losses associated with its financial assets carried at amortised cost. Financial liabilities are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, unless designated at fair value through profit or loss. Regular way purchases and sales of financial assets are recognised on the trade date \u2013 the date on which the Group commits to purchase or sell the asset. Investments in equity instruments of insignificant value for which fair value cannot be reliably measured using observable inputs are carried at cost as the best estimate of fair value. See Note 24 for further information. The Group uses derivative financial instruments to hedge currency, interest rate and commodity price risk. The accounting treatment of hedging instruments depends on whether formal hedge accounting is applied, as described under Derivative financial instruments and hedge accounting below. See Note 12 for further details on financial risk management and fair value measurement. FAIR VALUE MEASUREMENT Fair value is measured in accordance with IFRS 13 using a three-level hierarchy that reflects the significance of the inputs used in measuring fair value. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices, either directly or indirectly derived from prices. Level 3 inputs are unobservable inputs. The Group's financial
instruments measured at fair value are predominantly NOTE 1 cont. General information and accounting policies Asset class Estimated useful life Land and real estate Lasting value (not depreciated) Buildings 20\u201325 years Vessels (fishing boats) 25 years Machinery and production equipment 5\u201315 years Fixtures and other equipment 2.5\u20135 years 110 CONTENT AUSTEVOLL SEAFOOD ASA Annual report 2025 PAGE 05 INTRODUCTION 35 BOARD OF DIRECTORS REPORT 2025 101 FINANCIAL STATEMENT 102 The Group 102 - Notes 1 \u2013 28 172 Parent 172 - Notes 1 \u2013 17 190 Responsibility Statement 191 Sustainability auditor report 195 Financial Statements Auditor Report 200 ADDITIONAL INFORMATION Level 2 instruments. See Note 12 for further details on the fair value hierarchy applied.
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTING Derivative financial instruments are recognised in the balance sheet at fair value at the time of contract and are subsequently remeasured to fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The Group documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the hedging relationship meets the effectiveness requirements of IFRS 9. Fair values of derivative instruments used for hedging are disclosed in Note 12. The fair value of a hedging derivative is classified as a non-current asset or non- current liability if the hedging object matures in more than 12 months, and as a current asset or current liability if the hedging object matures in less than 12 months. Derivatives that are not designated as hedging instruments, including financial salmon contracts (Fish Pool), are measured at fair value through profit or loss. Changes in fair value are recognised in the income statement in the period they occur. (a) Fair value hedges The Group applies fair value hedge accounting for currency forward contracts used to hedge signed sales contracts in foreign currency. The signed sales contracts are off-balance sheet items. Both the hedging instrument and the change in fair value of the hedged item attributable to the hedged risk are recognised in profit or loss, classified within cost of materials as the hedged items relate to the inventory cycle. (b) Cash flow hedges The Group applies cash flow hedge accounting for interest rate swaps hedging variable interest rate risk on borrowings. The effective portion of changes in the fair value is recognised in other comprehensive income and accumulated in the cash flow hedge reserve in equity. Upon realisation, the effect is classified within finance costs. The ineffective portion is recognised immediately in profit or loss. When a hedging instrument expires, is sold or no longer meets the criteria for hedge accounting, any cumulative gain or loss in equity remains in equity and is recognised when the forecast transaction is ultimately recognised in profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss in equity is reclassified immediately to profit or loss. INVENTORIES
Inventories are stated at the lower of cost and net realisable value in accordance with IAS 2. Cost is determined using the FIFO method and includes raw materials, direct labour, other direct costs and related production overheads allocated on the basis of normal operating capacity. Borrowing costs are excluded. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses.
BIOLOGICAL ASSETS The Group's biological assets comprise live fish, mainly salmon and trout at various stages of the life cycle in the Group's Norwegian operations. The Group's operations in Peru and Chile are based on wild-caught fish and do not involve biological assets. Biological assets are measured at fair value less costs to sell in accordance with IAS 41. For roe, fry, smolt and cleaner fish, historical cost is deemed the best estimate of fair value due to limited biological transformation. For fish in sea, a present value model is applied. Fair value is estimated as the discounted future cash flow from harvest and sale, based on Fish Pool forward prices adjusted for export costs, harvesting costs, transport and quality. The discount rate comprises a risk adjustment, a hypothetical licence lease cost and the time value of money. See Notes 2 and 7 for further details, including sensitivity analysis. At the point of harvest, biological assets are transferred to inventories at their fair value less costs to sell at that date. This fair value becomes the deemed cost of the inventory, which is subsequently measured in accordance with IAS 2.
Onerous contracts arise when the fair value-adjusted cost of fulfilling a sales contract exceeds the contractual price. A provision is recognised as other short-term debt. See Note 7 for further information. Abnormal mortality (monthly mortality exceeding 1.5% of incoming fish at a locality) is expensed immediately. Normal mortality is included in production costs.
INCOME TAX The tax expense for the period comprises current and deferred tax in accordance with IAS 12. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred taxes relate to the same tax authority. The Group is within the scope of the OECD Pillar Two model rules and applies the mandatory exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. The Group's effective tax rate and Pillar Two assessment are disclosed in Note 26. RESOURCE RENT TAX The Group, through its subsidiary Ler\u00f8y Seafood Group ASA and Kobbevik og Furuholmen Oppdrett AS, is subject to the Norwegian resource rent tax on aquaculture activities, effective from 1 January 2023. The resource rent tax is calculated on a deemed income based on market prices at the point of removal from the sea cages, less production costs and a basic allowance. The resource rent tax is accounted for in accordance with IAS 12. See Note 26 for further information.
BORROWINGS Borrowings are recognised initially at fair value, net of transaction costs incurred, and subsequently measured at amortised cost using the effective interest method. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 NOTE 1 cont.
directly attributable to the acquisition, construction or production of qualifying assets are capitalised as part of the cost of those assets in accordance with IAS 23. All other borrowing costs are expensed in the period in which they are incurred.
PROVISIONS Provisions are recognised in accordance with IAS 37 when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation where the effect of the time value of money is material. No provisions are made for future operating losses.
DIVIDEND DISTRIBUTION Dividend distribution to the Company's shareholders is recognised as a liability in the Group's financial statements in the period in which the dividends are approved by the Company's shareholders.
EMPLOYEE BENEFITS Termination benefits are recognised when the Group is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal, or providing termination benefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due more than 12 months after the reporting period are discounted to their present value. Obligations for contributions to defined contribution pension plans are recognised as an expense in the period in which the related service is provided. The
Norwegian companies in the Group satiss in the Act relating to mandatory occupational pensions (OTP).
TREASURY SHARES Where the Group purchases its own equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes), is deducted from equity attributable to the company's equity holders until the shares are cancelled or reissued.
EARNINGS PER SHARE Basic earnings per share is calculated by dividing the profit attributable to equity holders of the company by the time-weighted average number of ordinary shares in issue during the period, excluding treasury shares. Diluted earnings per share adjusts the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares.
CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are included within borrowings in current liabilities on the balance sheet, but are included in cash and cash equivalents for the purpose of the cash flow statement. Restricted bank deposits are not included in cash and cash equivalents. See Note 14 for further information. CASH FLOW STATEMENT The Group's consolidated statement of cash flows is presented using the indirect method in accordance with IAS 7. Cash flows are broken down into operating, investing and financing activities. Cash flows resulting from the disposal of operations are presented under NOTE 1 cont. General information and accounting policies investing activities. Interest paid, including interest on lease liabilities, is presented under financing activities. Interest received and dividends received are presented under investing activities. Cash payments for the principal portion of lease liabilities are presented under financing activities.
CONTINGENT LIABILITIES AND ASSETS Contingent liabilities are not recognised in the financial statements except where they are assumed through business combinations. Significant contingent liabilities are disclosed, with the exception of contingent liabilities where the probability of the liability occurring is remote. Contingent assets are disclosed when an inflow of economic benefits is probable. Contingent liabilities and assets are assessed in accordance with IAS 37. IFRS 18 PRESENTATION AND DISCLOSURE IN FINANCIAL STATEMENTS IFRS 18 was issued by the IASB in April 2024 and endorsed by the European Commission on 13 February 2026, replacing IAS 1. The standard is effective for annual periods beginning on or after 1 January 2027, with full retrospective application including restatement of comparative information. IFRS 18 introduces a defined structure for the statement of profit or loss with five categories of income and expenses and two new mandatory subtotals (operating profit and profit before financing and income taxes), enhanced requirements for aggregation and disaggregation, and required disclosures for management-defined performance measures. The standard also amends IAS 7 (new mandatory starting point for indirect method cash flows and removal of classification options for interest and dividend cash flows), IAS 8 (renamed) and IAS 33 (restrictions on additional EPS measures). The Group expects IFRS 18 to have a significant impact on the presentation of its income statement, statement of cash flows and related note disclosures, including the classification of income from associates and joint ventures, the reclassification of interest and dividends in the statement of cash flows, and the disclosure of certain alternative performance measures presented in Note 28. The standard does not change recognition or measurement of any items. The Group is currently assessing the detailed implications for its financial reporting.
EVENTS AFTER THE REPORTING PERIOD New information after the reporting date about the Group's financial position at the date of the reporting period is taken into account in the financial statements in accordance with IAS 10. Events after the reporting date that do not affect the Group's financial position at the date of the reporting period, but which will affect the Group's financial position in the future, are disclosed if material.
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 under
accounting policies and in the note on biological asal 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 harvest 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.
the major values the stock of fish represents. (4.4) Evaluation of the discount rate 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. LSG has applied a monthly discount rate of 4% in 2025 (3.7% in 2024). Sensitivity analysis for 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 and 4. estimated number of fish. The following tables show a simulated sensitivity to fair value of the biological assets in the event of changes in these parameters. The estimated value of the standing biomass of LSG accounts for 96% of the total fair value of biomass for the Group in 2025.
n projected harvest weight per kg (LW) -0.50 -0.25 0.00 0.25 0.50 72.9 -5.0 6,844 7,348 7,871 8,228 8,643 75.9 -2.0 7,284 7,797 8,186 8,598 9,052 76.9 -1.0 7,433 7,923 8,323 8,729 9,194 77.9 0.0 7,553 8,046 8,422 8,855 9,337 78.9 1.0 7,699 8,138 8,538 8,988 9,480 79.9 2.0 7,872 8,251 8,662 9,123 9,625 82.9 5.0 8,200 8,570 9,030 9,534 10,089 Average price per kg (NOK) Change in price per kg (NOK) Sensitivity analysis in relation to weighted average price and projected optimal harvest weight NOTE 2 cont. Critical accounting estimates and judgements Monthly discount rate (%) 2.0% 3.0% 4.0% 5.0% 6.0% Change in monthly discount rate (%) -2.0% -1.0% 0.0% 1.0% 2.0% 72.9 -5.0 8,517 8,158 7,871 7,656 7,476 75.9 -2.0 8,963 8,519 8,186 7,924 7,728 76.9 -1.0 9,139 8,671 8,323 8,052 7,850 77.9 0.0 9,292 8,799 8,422 8,135 7,918 78.9 1.0 9,452 8,946 8,538 8,235 8,004 79.9 2.0 9,615 9,098 8,662 8,344 8,103 82.9 5.0 10,110 9,519 9,030 8,630 8,341 Average price per kg (NOK) Change in price per kg (NOK) Sensitivity analysis of weighted average price and discount rate applied The table above 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. Number of fish in stock (million fish) 49.4 51.0 52.0 53.1 54.6 Change in number of fish in stock -5.0% -2.0% 0.0% 2.0% 5.0% 72.9 -5.0 7,286 7,616 7,871 8,050 8,279 75.9 -2.0 7,779 8,032 8,186 8,385 8,650 76.9 -1.0 7,864 8,126 8,323 8,487 8,780 77.9 0.0 7,984 8,260 8,422 8,607 8,904 78.9 1.0 8,075 8,356 8,538 8,735 9,036 79.9 2.0 8,206 8,456 8,662 8,856 9,172 82.9 5.0 8,524 8,817 9,030 9,250 9,584 Average price per kg (NOK) Change in price per kg (NOK) Sensitivity analysis in relation to weighted average price and number of fish in stock The table above shows the sensitivity in fair value (present value) before provision for loss-making contracts for the parameters price per kg and estimated number of \ufb01sh in stock on the balance sheet date. For the number of \ufb01sh in stock, the table simulates a change of +/- 2% and +/- 5% in the number of \ufb01sh per locality for all localities with \ufb01sh in stock.
NOTE 7 Biological assets The group recognises and measures biological assets (fish in sea) at fair value. 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. For fish not ready for harvest, a deduction is made to cover estimated residual costs to grow the fish to optimal harvest weight. The cash flow is discounted monthly by a discount rate. Please refer to Note 1 general information and accounting policies for more detailed information. Fair value adjustment recognised in 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 in Euronext. The last mentioned adjustment does only include Euronext salmon contracts included in the balance sheet at the beginning of the year. For new contracts entered in 2025, the change in fair value is recognised as other comprehensive income (OCI) due to cash flow hedging. 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 to them 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 Group also enters into Euronext contracts to hedge prices. The number of such contracts is limited. When utilised, the contracts are recorded as financial instruments on the balance sheet (derivatives), where unrealised gain is classified as other short-term receivables and unrealised loss as other short-term debt.
Carrying amount of biological assets 2025 2024 Fish in sea at historical cost* 6,558 6,398 Fry, brood, smolt and cleaner fish at cost* 566 513 Total biological assets before fair value adjustment 7,124 6,911 Fair value adjustment of biological assets 1,863 3,138 Total biological assets 8,988 10,049 Fair value of fish in sea 8,422 9,536 Fair value of fry, brood, smolt and cleaner fish 566 513 Total biological assets 8,988 10,049 * Historical cost minus expensed mortality Carrying amount of loss-making contracts Total loss-making contracts in the SOFP at 31.12. 44 112 Recognised fair value adjustment related to biological assets Change in fair value adjustment of biological assets (fish in sea) -1,275 393 Change in fair value of loss-making contracts 68 -56 Total fair value adjustments related to biological assets -1,207 337 Reconciliation of carrying amount of fair value related to biological assets Fair value adjustment of biological assets at 01.01. 3,138 2,745 Change in fair value adjustment on fish in sea -1,276 393 Fair value adjustment of biological assets at 31.12. 1,863 3,138 NOTE 7 cont. Biological assets
Reconciliation of changes in carrying amount of biological assets Roe, fry, smolt and cleaner fish* Fish in sea (salm- on and trout)* Fair value adjust- ment Total biological assets Biological assets at 31.12.2023 454 5,575 2,744 8,775 Changes in 2024 Increase from biological transformation (released and net growth) 1,656 12,517 0 14,173 Increase from business combinations (acquisitions) -19 0 0 -19 Reduction due to sale and own consumption (smolt and cleaner fish) -1,579 0 0 -1,579 Reduction due to harvest 0 -11,518 0 -11,518 Reduction due to incident-based mortality 0 -174 0 -174 Reduction due to accidental release 0 -4 0 -4 Net change in fair value (fish in sea) 0 0 392 392 Biological assets at 31.12.2024 512 6,397 3,138 10,048 Changes in 2025 Increase from biological transformation (released and net growth) 1,592 12,726 0 14,319 Reduction due to sale and own consumption (smolt and cleaner fish) -1,536 0 0 -1,536 Reduction due to harvest 0 -12,353 0 -12,353 Reduction due to incident-based mortality -3 -212 0 -215 Net change in fair value (fish in sea) 0 0 -1,274 -1,274 Biological assets at 31.12.2025 566 6,559 1,863 8,988 Reconciliation of volume (LWT) for stock of fish in sea 2025 2024 Live weight (LWT) of fish in sea at 01.01. 114,894 102,442 Changes through the year Increase from biological transformation (released and net growth) 243,510 234,559 Reduction due to harvest -232,910 -211,836 Reduction due to incident-based mortality -11,707 -10,180 Reduction due to accidental release -18 -91 Live weight (LWT) of fish in sea at 31.12. 113,769 114,894 * Carrying amount before fair value adjustment (historical cost minus charged mortality)
The table below shows the total volume of fish in sea, living weight measured in tonnes, distributed by weight: Volume (LWT) - Overview of fish in sea at 31.12. 2025 2024 Fish in sea, 0-1 kg 8,861 13,363 Fish in sea, 1-2 kg 15,572 17,003 Fish in sea, 2-3 kg 20,084 16,717 Fish in sea, 3-4 kg 21,629 43,868 Fish in sea: salmon 4-4.65 kg, trout 4-4.88 kg 25,036 13,588 Fish in sea: salmon > 4.65 kg, trout > 4.88 kg (ready for harvest) 22,587 10,355 Fish in sea, total salmon and trout 113,769 114,894 By species and main group Fish ready for harvest 25,985 10,355 Salmon (fish of live weight > 4.65 kg) 23,324 10,355 Trout (fish of live weight > 4.88 kg) 2,661 0 Fish not ready for harvest 87,784 104,540 Salmon (fish of live weight < 4.65 kg) 69,120 80,461 Trout (fish of live weight < 4.88 kg) 18,664 24,078 Total volume: 113,769 114,894 Salmon 92,444 90,816 Trout 21,325 24,078 Number of individuals Total number, all groups (in 1,000) 52,042 57,629
FAIR VALUE ESTIMATION The fair value of financial instruments traded in active markets, such as trading, is based on quoted market prices at the balance sheet date. The quoted market price used for financial assets held by the Group is the current bid price. The fair value of financial instruments that are not traded in an active market (for example, over-the- counter derivatives) is determined by the use of valuation techniques. The Group uses a variety of methods and makes assumptions that are based on market conditions existing at each balance sheet date. Other techniques, such as estimated discounted cash flows, are also used in certain cases. The fair value of forward foreign exchange contracts is determined using quoted forward exchange rates at the balance sheet date. The carrying value less impairment provision of trade receivables and payables are assumed to approximate their fair values. The fair value of financial liabilities for disclosure purposes is estimated by discounting the
future contractual cash flows at",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"value": "GENERAL Austevoll Seafood ASA is a public limited company listed on the Oslo Stock Exchange (ticker: AUSS), with its registered office on Storeb\u00f8, Norway. Laco AS is the company's major shareholder and ultimate parent (see Note 16). The Group's principal activities comprise salmon and trout farming, whitefish and pelagic fishing, production of fishmeal, fish oil and protein concentrate, production of frozen and further processed seafood products, and global sale and distribution of seafood. The Group has operations in Norway, Peru, Chile and other countries through subsidiaries, associates and joint ventures. The consolidated financial statements were approved by the Board of Directors on 30 April 2026.
In the following, \"Group\" is used to describe information related to Austevoll Seafood ASA Group, whilst \"Company\" is used for the parent company itself. All amounts in the notes are in NOK million (MNOK), if not specified differently. Rounding errors may occur because of this. BASIS OF PREPARATION The consolidated financial statements have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the European Union. The financial statements are prepared under the historical cost convention, as modified by the following: \u2022 Biological assets are measured at fair value through profit and loss. \u2022 Euronext salmon contracts, financial assets and financial liabilities (including derivative instruments) are measured at fair value. \u2022 Onerous contracts related to biological assets are measured at the lower of the settlement amount and the amount needed to fulfil the contract.
The preparation of financial statements in conformity with IFRS Accounting Standards requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note 2.
Going concern The financial statements have been prepared on the going concern basis. Reference is made to the Board of Directors' report for further discussion of the Group's financial position and going concern assessment.
Presentation The consolidated income statement presents expenses classified by nature. The consolidated statement of comprehensive income is presented as a separate statement following the income statement. Items of other comprehensive income are grouped into items that may subsequently be reclassified to profit or loss and items that will not be reclassified. The consolidated financial statements are presented in Norwegian Kroner (NOK), which is the parent company's functional and presentation currency, rounded to the nearest million (MNOK). New and amended standards In 2025, no new or amended standards have been adopted that have a material impact on the Group's financial statements. Standards and interpretations issued but not yet effective have not been early adopted. The Group has assessed the potential impact of these standards and does not expect them to have a material effect on the financial statements for either the period under review or for future periods and expected transactions.
CONSOLIDATION Subsidiaries Subsidiaries are entities controlled by the Group and are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Control is assessed in accordance with IFRS 10 and may include situations of de facto control. The acquisition method is applied to business combinations in accordance with IFRS 3. Identifiable assets, liabilities and contingent liabilities are recognised at fair value on the date of acquisition. At the acquisition date, non-controlling interests are measured either at fair value or at the non-controlling interest's proportionate share of the acquiree's identifiable net assets. The choice of measurement method is made on a transaction-by-transaction basis. If a business combination is achieved in stages, the acquisition-date fair value of the acquirer's previously held equity interest in the acquiree is re-measured to fair value at the acquisition date. Any gains or losses arising from such re-measurement are recognised in profit or loss. Contingent consideration is measured at fair value on the date of acquisition. Subsequent changes in fair value of the contingent consideration are recognised in profit or loss, unless classified as equity, in which case it is not remeasured. Inter-company transactions, balances and unrealised gains and losses on transactions between Group companies are eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.
Changes in ownership interests in subsidiaries without change of control Transactions with non-controlling interests that do not
of the Group's interest. SEGMENT REPORTING Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker (CODM), identified as the board of directors. The Group has identified its reportable segments based on the nature of its operations: Ler\u00f8y Seafood Group ASA (LSG), Kobbevik og Furuholmen Oppdrett AS (KFO), Austral Group S.A.A. (Austral), FoodCorp Chile S.A. (FC), Br. Birkeland AS (BRBI) and Other/eliminations. See Note 3 for further information.
FOREIGN CURRENCY TRANSLATION Functional and presentation currency Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in Norwegian Kroner (NOK), which is the parent company's functional and presentation currency.
Transactions and balances Foreign currency transactions are translated using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the closing rate at the date of the reporting period. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities are recognised in profit or loss, except when deferred in other comprehensive income as qualifying cash flow hedges and qualifying net investment hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented within finance income or costs. All other foreign exchange gains and losses are presented within other gains/losses. Group companies The results and financial position of all Group entities that have a functional currency different from the presentation currency are translated as follows: assets and liabilities are translated at the closing rate at the date of the reporting period, income and expenses are translated at average exchange rates and all resulting exchange differences are recognised in other comprehensive income. On disposal of a foreign operation, exchange differences previously recognised in equity are reclassified to profit or loss. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. REVENUE RECOGNITION Revenue from contracts with customers is recognised when control of goods is transferred to the customer in accordance with IFRS 15. The Group's revenue is derived from the sale of seafood products across its operating segments, including whole and processed salmon and trout, whitefish, pelagic fish, shellfish, fishmeal, fish oil, protein concentrate and frozen consumer products. Revenue is measured at the transaction price, being the amount of consideration to which the Group expects to be entitled in exchange for transferring goods, net of VAT, returns, rebates and discounts, and after eliminating sales within the Group. For the majority of the Group's sales, the performance obligation is satisfied at a point in time, when control of the goods is transferred to the customer at the point of delivery. The Group invoices the agreed transaction price upon delivery, with payment typically due within 30\u201360 days. Expected volume discounts are deducted from revenue and presented as current provisions. Provisions for quality deviations and returns are based on historical data and specific information about individual deliveries. The Group does not provide material warranties on its products, nor do its contracts contain significant financing components.
GOODWILL Goodwill arises on the acquisition of subsidiaries and represents the excess of the aggregate of the consideration transferred, the amount of any non- controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree, over the fair value of the identifiable net assets acquired. Goodwill is recognised in accordance with IFRS 3 and is not amortised but is tested for impairment annually, or more frequently when indicators of impairment arise, at the cash-generating unit or group of cash- generating units level consistent with the operating segment level. See Note 10 for further information. Any impairment of goodwill is recognised immediately in profit or loss and is not subsequently reversed.
INTANGIBLE ASSETS \u2013 LICENCES AND BRANDS Licences All licences and quotas are distributed by respective governmental bodies. Licences related to fish farming and fishing quotas are recognised in accordance with IAS 38 and carried at cost less accumulated impairment. These are assessed to have indefinite useful lives and are accordingly not amortised, but tested for impairment at least annually. The indefinite useful life assessment reflects that the licences are expected to contribute to the Group's cash flows for an indefinite period, subject to regulatory conditions. Licences and quotas remain subject to each country's fishing and fish farming quota regulations. See Note 10 for further information. Brands Brands acquired as part of a business combination are recognised at fair value at the date of acquisition. Brands assessed to have indefinite useful lives are not amortised but reviewed for impairment at least annually. The useful life assessment is reviewed each period to determine whether events and circumstances continue to support the indefinite useful life classification. Intangible assets with definite useful lives are amortised on a straight-line basis over their expected useful life and reviewed for impairment when indicators arise.
PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are recognised at historical cost less accumulated depreciation and impairment in accordance with IAS 16. Depreciation is calculated using the straight-line method over expected NOTE 1 cont. Generaland accounting policies 109
CONTENT AUSTEVOLL SEAFOOD ASA Annual report 2025 PAGE 05 INTRODUCTION 35 BOARD OF DIRECTORS REPORT 2025 101 FINANCIAL STATEMENT 102 The Group 102 - Notes 1 \u2013 28 172 Parent 172 - Notes 1 \u2013 17 190 Responsibility Statement 191 Sustainability auditor report 195 Financial Statements Auditor Report 200 ADDITIONAL INFORMATION useful life, with component depreciation applied where material parts have different useful lives. Land is not depreciated. Subsequent costs are capitalised only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be reliably measured. All other repairs and maintenance are expensed as incurred. The estimated useful lives are as follows: The useful lives, residual values and depreciation methods are reviewed, and adjusted if appropriate, at each reporting date. RIGHT-OF-USE ASSETS AND LEASE LIABILITIES The Group recognises right-of-use assets and corresponding lease liabilities for all leases in accordance with IFRS 16, with the exception of short- term leases (terms of 12 months or less) and low-value assets (below NOK 50,000 each), for which the Group applies the recognition exemptions permitted by the standard. Lease payments for these exempted leases are expensed on a straight-line basis. For contracts containing both lease and non-lease components, the Group allocates the consideration 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. Right-of-use assets are measured at cost at the commencement date and depreciated on a straight- line basis over the lease term, including extension options the Group is reasonably certain to exercise. Lease liabilities are measured at the present value of future lease payments, discounted using the Group's incremental borrowing rate where the interest rate implicit in the lease is not readily determinable. The Group distinguishes between leases with credit institutions and leases with other parties. 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 other parties is not. This distinction is also reflected in the definition of net interest-bearing debt (NIBD). See Notes 23 and 28 for further information. IMPAIRMENT OF NON-FINANCIAL ASSETS Impairment of non-financial assets is assessed in
accordance with IAS 36. Assets that have indefinite useful lives are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation or depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). An impairment loss is recognised for the amount by which the carrying amount exceeds the recoverable amount, being the higher of the asset's value in use and fair value less costs of disposal. Value in use calculations are based on estimated future cash flows discounted using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or cash-generating unit. See Note 10 for further details on key assumptions. Non-financial assets other than goodwill that have previously been impaired are reviewed for possible reversal of the impairment at each reporting date.
FINANCIAL INSTRUMENTS The Group classifies its financial assets in the following categories in accordance with IFRS 9: financial assets at amortised cost, financial assets at fair value through other comprehensive income, and financial assets at fair value through profit or loss. The classification depends on the Group's business model for managing the financial assets and the contractual terms of the cash flows. Financial assets at amortised cost include cash and cash equivalents, trade receivables and other receivables. For trade receivables, the Group applies the simplified approach permitted by IFRS 9, recognising lifetime expected credit losses from initial recognition. The Group assesses on a forward-looking basis the expected credit losses associated with its financial assets carried at amortised cost. Financial liabilities are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, unless designated at fair value through profit or loss. Regular way purchases and sales of financial assets are recognised on the trade date \u2013 the date on which the Group commits to purchase or sell the asset. Investments in equity instruments of insignificant value for which fair value cannot be reliably measured using observable inputs are carried at cost as the best estimate of fair value. See Note 24 for further information. The Group uses derivative financial instruments to hedge currency, interest rate and commodity price risk. The accounting treatment of hedging instruments depends on whether formal hedge accounting is applied, as described under Derivative financial instruments and hedge accounting below. See Note 12 for further details on financial risk management and fair value measurement. FAIR VALUE MEASUREMENT Fair value is measured in accordance with IFRS 13 using a three-level hierarchy that reflects the significance of the inputs used in measuring fair value. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices, either directly or indirectly derived from prices. Level 3 inputs are unobservable inputs. The Group's financial
instruments measured at fair value are predominantly NOTE 1 cont. General information and accounting policies Asset class Estimated useful life Land and real estate Lasting value (not depreciated) Buildings 20\u201325 years Vessels (fishing boats) 25 years Machinery and production equipment 5\u201315 years Fixtures and other equipment 2.5\u20135 years 110 CONTENT AUSTEVOLL SEAFOOD ASA Annual report 2025 PAGE 05 INTRODUCTION 35 BOARD OF DIRECTORS REPORT 2025 101 FINANCIAL STATEMENT 102 The Group 102 - Notes 1 \u2013 28 172 Parent 172 - Notes 1 \u2013 17 190 Responsibility Statement 191 Sustainability auditor report 195 Financial Statements Auditor Report 200 ADDITIONAL INFORMATION Level 2 instruments. See Note 12 for further details on the fair value hierarchy applied.
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTING Derivative financial instruments are recognised in the balance sheet at fair value at the time of contract and are subsequently remeasured to fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The Group documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the hedging relationship meets the effectiveness requirements of IFRS 9. Fair values of derivative instruments used for hedging are disclosed incts in foreign currency. The signed sales contracts are off-balance sheet items. Both the hedging instrument and the change in fair value of the hedged item attributable to the hedged risk are recognised in profit or loss, classified within cost of materials as the hedged items relate to the inventory cycle. (b) Cash flow hedges The Group applies cash flow hedge accounting for interest rate swaps hedging variable interest rate risk on borrowings. The effective portion of changes in the fair value is recognised in other comprehensive income and accumulated in the cash flow hedge reserve in equity. Upon realisation, the effect is classified within finance costs. The ineffective portion is recognised immediately in profit or loss. When a hedging instrument expires, is sold or no longer meets the criteria for hedge accounting, any cumulative gain or loss in equity remains in equity and is recognised when the forecast transaction is ultimately recognised in profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss in equity is reclassified immediately to profit or loss. INVENTORIES
Inventories are stated at the lower of cost and net realisable value in accordance with IAS 2. Cost is determined using the FIFO method and includes raw materials, direct labour, other direct costs and related production overheads allocated on the basis of normal operating capacity. Borrowing costs are excluded. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses.
BIOLOGICAL ASSETS The Group's biological assets comprise live fish, mainly salmon and trout at various stages of the life cycle in the Group's Norwegian operations. The Group's operations in Peru and Chile are based on wild-caught fish and do not involve biological assets. Biological assets are measured at fair value less costs to sell in accordance with IAS 41. For roe, fry, smolt and cleaner fish, historical cost is deemed the best estimate of fair value due to limited biological transformation. For fish in sea, a present value model is applied. Fair value is estimated as the discounted future cash flow from harvest and sale, based on Fish Pool forward prices adjusted for export costs, harvesting costs, transport and quality. The discount rate comprises a risk adjustment, a hypothetical licence lease cost and the time value of money. See Notes 2 and 7 for further details, including sensitivity analysis. At the point of harvest, biological assets are transferred to inventories at their fair value less costs to sell at that date. This fair value becomes the deemed cost of the inventory, which is subsequently measured in accordance with IAS 2.
Onerous contracts arise when the fair value-adjusted cost of fulfilling a sales contract exceeds the contractual price. A provision is recognised as other short-term debt. See Note 7 for further information. Abnormal mortality (monthly mortality exceeding 1.5% of incoming fish at a locality) is expensed immediately. Normal mortality is included in production costs.
INCOME TAX The tax expense for the period comprises current and deferred tax in accordance with IAS 12. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred taxes relate to the same tax authority. The Group is within the scope of the OECD Pillar Two model rules and applies the mandatory exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. The Group's effective tax rate and Pillar Two assessment are disclosed in Note 26. RESOURCE RENT TAX The Group, through its subsidiary Ler\u00f8y Seafood Group ASA and Kobbevik og Furuholmen Oppdrett AS, is subject to the Norwegian resource rent tax on aquaculture activities, effective from 1 January 2023. The resource rent tax is calculated on a deemed income based on market prices at the point of removal from the sea cages, less production costs and a basic allowance. The resource rent tax is accounted for in accordance with IAS 12. See Note 26 for further information.
BORROWINGS Borrowings are recognised initially at fair value, net of transaction costs incurred, and subsequently measured at amortised cost using the effective interest method. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 NOTE 1 cont.
occupational pensions (OTP).
TREASURY SHARES Where the Group purchases its own equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes), is deducted from equity attributable to the company's equity holders until the shares are cancelled or reissued.
EARNINGS PER SHARE Basic earnings per share is calculated by dividing the profit attributable to equity holders of the company by the time-weighted average number of ordinary shares in issue during the period, excluding treasury shares. Diluted earnings per share adjusts the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares.
CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are included within borrowings in current liabilities on the balance sheet, but are included in cash and cash equivalents for the purpose of the cash flow statement. Restricted bank deposits are not included in cash and cash equivalents. See Note 14 for further information. CASH FLOW STATEMENT The Group's consolidated statement of cash flows is presented using the indirect method in accordance with IAS 7. Cash flows are broken down into operating, investing and financing activities. Cash flows resulting from the disposal of operations are presented under NOTE 1 cont. General information and accounting policies investing activities. Interest paid, including interest on lease liabilities, is presented under financing activities. Interest received and dividends received are presented under investing activities. Cash payments for the principal portion of lease liabilities are presented under financing activities.
CONTINGENT LIABILITIES AND ASSETS Contingent liabilities are not recognised in the financial statements except where they are assumed through business combinations. Significant contingent liabilities are disclosed, with the exception of contingent liabilities where the probability of the liability occurring is remote. Contingent assets are disclosed when an inflow of economic benefits is probable. Contingent liabilities and assets are assessed in accordance with IAS 37. IFRS 18 PRESENTATION AND DISCLOSURE IN FINANCIAL STATEMENTS IFRS 18 was issued by the IASB in April 2024 and endorsed by the European Commission on 13 February 2026, replacing IAS 1. The standard is effective for annual periods beginning on or after 1 January 2027, with full retrospective application including restatement of comparative information. IFRS 18 introduces a defined structure for the statement of profit or loss with five categories of income and expenses and two new mandatory subtotals (operating profit and profit before financing and income taxes), enhanced requirements for aggregation and disaggregation, and required disclosures for management-defined performance measures. The standard also amends IAS 7 (new mandatory starting point for indirect method cash flows and removal of classification options for interest and dividend cash flows), IAS 8 (renamed) and IAS 33 (restrictions on additional EPS measures). The Group expects IFRS 18 to have a significant impact on the presentation of its income statement, statement of cash flows and related note disclosures, including the classification of income from associates and joint ventures, the reclassification of interest and dividends in the statement of cash flows, and the disclosure of certain alternative performance measures presented in Note 28. The standard does not change recognition or measurement of any items. The Group is currently assessing the detailed implications for its financial reporting.
EVENTS AFTER THE REPORTING PERIOD New information after the reporting date about the Group's financial position at the date of the reporting period is taken into account in the financial statements in accordance with IAS 10. Events after the reporting date that do not affect the Group's financial position at the date of the reporting period, but which will affect the Group's financial position in the future, are disclosed if material.
The consolidated financial statements were approved by the Board of Directors on 30 April 2026.
In the following, \"Group\"",
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"value": "BASIS OF PREPARATION The consolidated financial statements have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the European Union. The financial statements are prepared under the historical cost convention, as modified by the following: \u2022 Biological assets are measured at fair value through profit and loss. \u2022 Euronext salmon contracts, financial assets and financial liabilities (including derivative instruments) are measured at fair value. \u2022 Onerous contracts related to biological assets are measured at the lower of the settlement amount and the amount needed to fulfil the contract.
The preparation of financial statements in conformity with IFRS Accounting Standards requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note 2.
Going concern The financial statements have been prepared on the going concern basis. Reference is made to the Board of Directors' report for further discussion of the Group's financial position and going concern assessment.
Presentation The consolidated income statement presents expenses classified by nature. The consolidated statement of comprehensive income is presented as a separate statement following the income statement. Items of other comprehensive income are grouped into items that may subsequently be reclassified to profit or loss and items that will not be reclassified. The consolidated financial statements are presented in Norwegian Kroner (NOK), which is the parent company's functional and presentation currency, rounded to the nearest million (MNOK). New and amended standards In 2025, no new or amended standards have been adopted that have a material impact on the Group's financial statements. Standards and interpretations issued but not yet effective have not been early adopted. The Group has assessed the potential impact of these standards and does not expect them to have a material effect on the financial statements for either the period under review or for future periods and expected transactions.
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"value": "The consolidated financial statements have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the European Union. The financial statements are prepared under the historical cost convention, as modified by the following: \u2022 Biological assets are measured at fair value through profit and loss. \u2022 Euronext salmon contracts, financial assets and financial liabilities (including derivative instruments) are measured at fair value. \u2022 Onerous contracts related to biological assets are measured at the lower of the settlement amount and the amount needed to fulfil the contract.
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"value": "The preparation of financial statements in conformity with IFRS Accounting Standards requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note 2.
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 harvest 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 the discount rate 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. LSG has applied a monthly discount rate of 4% in 2025 (3.7% in 2024). Sensitivity analysis for 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 and 4. estimated number of fish. The following tables show a simulated sensitivity to fair value of the biological assets in the event of changes in these parameters. The estimated value of the standing biomass of LSG accounts for 96% of the total fair value of biomass for the Group in 2025.
-0.50 -0.25 0.00 0.25 0.50 72.9 -5.0 6,844 7,348 7,871 8,228 8,643 75.9 -2.0 7,284 7,797 8,186 8,598 9,052 76.9 -1.0 7,433 7,923 8,323 8,729 9,194 77.9 0.0 7,553 8,046 8,422 8,855 9,337 78.9 1.0 7,699 8,138 8,538 8,988 9,480 79.9 2.0 7,872 8,251 8,662 9,123 9,625 82.9 5.0 8,200 8,570 9,030 9,534 10,089 Average price per kg (NOK) Change in price per kg (NOK) Sensitivity analysis in relation to weighted average price and projected optimal harvest weight NOTE 2 cont. Critical accounting estimates and judgements Monthly discount rate (%) 2.0% 3.0% 4.0% 5.0% 6.0% Change in monthly discount rate (%) -2.0% -1.0% 0.0% 1.0% 2.0% 72.9 -5.0 8,517 8,158 7,871 7,656 7,476 75.9 -2.0 8,963 8,519 8,186 7,924 7,728 76.9 -1.0 9,139 8,671 8,323 8,052 7,850 77.9 0.0 9,292 8,799 8,422 8,135 7,918 78.9 1.0 9,452 8,946 8,538 8,235 8,004 79.9 2.0 9,615 9,098 8,662 8,344 8,103 82.9 5.0 10,110 9,519 9,030 8,630 8,341 Average price per kg (NOK) Change in price per kg (NOK) Sensitivity analysis of weighted average price and discount rate applied The table above 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. Number of fish in stock (million fish) 49.4 51.0 52.0 53.1 54.6 Change in number of fish in stock -5.0% -2.0% 0.0% 2.0% 5.0% 72.9 -5.0 7,286 7,616 7,871 8,050 8,279 75.9 -2.0 7,779 8,032 8,186 8,385 8,650 76.9 -1.0 7,864 8,126 8,323 8,487 8,780 77.9 0.0 7,984 8,260 8,422 8,607 8,904 78.9 1.0 8,075 8,356 8,538 8,735 9,036 79.9 2.0 8,206 8,456 8,662 8,856 9,172 82.9 5.0 8,524 8,817 9,030 9,250 9,584 Average price per kg (NOK) Change in price per kg (NOK) Sensitivity analysis in relation to weighted average price and number of fish in stock The table above shows the sensitivity in fair value (present value) before provision for loss-making contracts for the parameters price per kg and estimated number of \ufb01sh in stock on the balance sheet date. For the number of \ufb01sh in stock, the table simulates a change of +/- 2% and +/- 5% in the number of \ufb01sh per locality for all localities with \ufb01sh in stock.
Deductions are also made for wellboat services, harvesting and packaging (primary processing), and transport to Oslo from the locality being measured. Based on the above parameters, an estimated net price is calculated for each locality, and is then included in the cash flow calculation in relation to the assessment of fair value. In connection with the sensitivity analysis described in the note on significant accounting estimates and assessments (Note 2), 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 harvest weight), based on projected weight on the date of harvest. Price parameters 2024 - Estimated futures price through expected harvesting period Futures price* Exporter fee Clearing cost Net forward 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 futures price through expected harvesting period Futures price* Exporter fee Clearing cost Net forward price Q1 2026 100.67 -0.75 -0.5 99.42 Q2 2026 97.52 -0.75 -0.5 96.27 Q3 2026 76.49 -0.75 -0.5 75.24 Q4 2026 83.58 -0.75 -0.5 82.33 Q1 2027 99.25 -0.75 -0.5 98.00 Q2 2027 95.31 -0.75 -0.5 94.06 * The futures prices applied is based on monthly futures prices sourced from Euronext at balance sheet date. Adjustments are also made for: 2025 2024 Price premium (+/-) for ASC certified salmon 0.22 0.22 Reduction for quality deviations, salmon -1.27 -1.26 Reduction for quality deviations, trout -1.60 -1.60 Reduction for size deviations, salmon -0.24 -0.24
ACCIDENTAL RELEASE IN 2025 For the Group, all accidental release is taken seriously, and the Group\u2019s target is zero accidental release. Accidental release may however occur due to unforeseen incidents. All accidental releases are reported to the Directorate of Fisheries, irrespective of the scope of the accident. In total 14,986 individuals have escaped, from a total stock of approximately 52 million. The accidental release consists of seven different incidents. Regardless of size, all incidents are described in the sustainability report, available at www.auss.no. 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. In region West this limit is 2.5% for salmon, and otherwise 1.5%. For more detailed information, see the note on biological assets (I). 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 minimising mortality, is the cornerstone of the Group\u2019s 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. 2025 2024 Calculated average net prices, all sizes (NOK/kg) 77.9 86.0 Other parameters 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% 1% Factor used for gutting waste, salmon 14% 14% Factor used for gutting waste, trout 18% 18% Projected harvest weight, salmon 4.65 kg 4.65 kg Projected harvest weight, trout 4.88 kg 4.88 kg Discount rate (monthly) 4.00% 3.70%
191 Sustainability auditor report 195 Financial Statements Auditor Report 200 ADDITIONAL INFORMATION NOTE 13 Climate and sustainability CLIMATE RISK A substantial amount of work has been carried out on climate risk in recent years. In addition to directing attention to how the Group\u2019s undertakings impact the climate, it is also important for AUSS to understand how climate change may affect the Group\u2019s operations, including the financial impact on the Group\u2019s earnings, costs and investments. AUSS has reported the Group\u2019s greenhouse gas emissions to the CDP (Carbon Disclosure Project) since 2019. FINANCIAL IMPACT OF CLIMATE CHANGE ON THE GROUP\u2019S ASSETS Through its portfolio companies, AUSS owns companies involved in the production of Atlantic salmon and trout throughout the value chain, from roe to end products delivered to consumers. The Group is also a major operator within whitefish fisheries, and here too has control of the entire value chain from catch to end product. AUSS\u2019s pelagic operations involve fisheries, and production of fishmeal and fish oil, protein concentrate and frozen pelagic consumer products. In addition, the Group has sales operations in Norway, Europe, Asia, the USA and South America.
FIXED ASSETS As a result of this, the Group\u2019s fixed assets primarily consist of fishing vessels, service vessels for the aquaculture industry, feed barges, sea cages, buildings for the production of spawn and smolt, processing facilities for the receipt and slaughter of salmon, factories for the further processing of salmon, trout and whitefish, and factories for the production of fishmeal and oil, and protein concentrate. The aquaculture and fishery activities also require licences/rights in the various jurisdictions where the Group performs its activities. In 2025 the Group\u2019s fishery activities took place in the Barents Sea, the Norwegian Sea, the North Sea, and the Atlantic and Pacific Oceans. There were no grounds for writing down the company's intangible assets related to aquaculture and fishery rights in 2025 as a result of the impact of climate change. In terms of the Group\u2019s fishery activities (wild catches), extreme weather is first and foremost the most significant physical risk. If the weather is too extreme, the fishing vessels may not be able to fish. Should this type of situation arise during high season for the fishery concerned, the vessels may not be able to fish their quotas for individual fish species within the quota year. Such a situation would also have consequences for the processing industry onshore. With extreme weather, the onshore industry would suffer due to an insufficient supply of raw materials for the production of end products, which in turn would reduce the earnings of fishing vessels and processing facilities alike. Extreme weather in the form of strong winds, heavy precipitation, floods, droughts and fire may damage key infrastructure. This could potentially have a major impact on the Group\u2019s operations both directly and indirectly through our supplier chain, as efficient logistics are crucial for maintaining normal operations. The weather phenomena El Ni\u00f1o and La Ni\u00f1a occur at regular intervals, and may cause changes in fishing patterns in the form of lower quotas and challenging catch conditions during the fishery. Last time Peru was affected by El Ni\u00f1o was in 2023, and the weather phenomenon caused the first fishing season of that year was cancelled. The Group has not had any significant costs in 2025 resulting from incidents that may have been caused by extreme weather. No climate-related incidents were identified in 2025 that would indicate the need to reassess the working life or residual value of the Group\u2019s fixed assets. El Ni\u00f1o and La Ni\u00f1a occur at regular intervals. This is taken into account in the Group\u2019s impairment tests, using historical catch volumes.
ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES Historically, the Group\u2019s losses on accounts receivable and other receivables have been low. Trade receivables are initially recognised at their transaction price in accordance with IFRS 15, which will usually correspond to the nominal value of the receivable. Provisions for loss are recognised when there are objective indications that the Group will not receive settlement in accordance with the original terms. Based on the Group\u2019s business activities and customer base, it has been assessed that climate change does not impact the Group\u2019s estimated provision for bad debt beyond what is stated in Note 9.
INVENTORY The Group\u2019s inventory mainly consists of biomass in the sea (Atlantic salmon and trout), end products in the form of fishmeal and oil, and frozen fish for direct consumption. For further information on valuation of biological assets, see Notes 1, 2 and, 7. Biomass in the sea as at 31.12 will primarily be harvested within 12-14 months, and relevant and up-to-date information is taken into account when measuring the processing cost for live fish in the sea. Any permanent changes related to climate risk will therefore be taken into consideration as part of relevant and up-to-date information, and be reflected in the processing cost for live fish in the sea. Acute incidents, including algal bloom, acute outbreaks of disease or other incidents that lead to abnormal mortality, are expensed on an ongoing basis in profit and loss. If mortality at a site is higher than 1.5% of the opening number of fish at the site in one month, this is considered an indication of possible abnormal mortality. Normal wastage is considered part of the processing cost. Salmon, trout and wild-caught fish have one of the lowest carbon footprints compared with other animal proteins. This is positive for the Group, as it is expected that consumers will increasingly demand food with a lower carbon footprint in the future. The value of the inventory has not been changed based on climate- related incidents.
CO 2 E EMISSIONS IN 2025 Information regarding CO 2 e emissions can be found in the Sustainability statement in the Board of Directors report. Based on current legislation, the Group has not identified any future costs that suggest the need for provisions for future obligations under IAS 37 Provisions, Contingent Liabilities and Contingent Assets. Costs related to climate risk have not been found to have impacted the Group\u2019s impairment tests or sensitivity analyses. It is hereby confirmed that climate-related risks do not significantly affect the Group\u2019s going concern assumption. ",
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"value": "Going concern The financial statements have been prepared on the going concern basis. Reference is made to the Board of Directors' report for further discussion of the Group's financial position and going concern assessment.
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"value": "New and amended standards In 2025, no new or amended standards have been adopted that have a material impact on the Group's financial statements. Standards and interpretations issued but not yet effective have not been early adopted. The Group has assessed the potential impact of these standards and does not expect them to have a material effect on the financial statements for either the period under review or for future periods and expected transactions.
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"value": "New and amended standards In 2025, no new or amended standards have been adopted that have a material impact on the Group's financial statements. Standards and interpretations issued but not yet effective have not been early adopted. The Group has assessed the potential impact of these standards and does not expect them to have a material effect on the financial statements for either the period under review or for future periods and expected transactions.
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"value": "CONSOLIDATION Subsidiaries Subsidiaries are entities controlled by the Group and are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Control is assessed in accordance with IFRS 10 and may include situations of de facto control. The acquisition method is applied to business combinations in accordance with IFRS 3. Identifiable assets, liabilities and contingent liabilities are recognised at fair value on the date of acquisition. At the acquisition date, non-controlling interests are measured either at fair value or at the non-controlling interest's proportionate share of the acquiree's identifiable net assets. The choice of measurement method is made on a transaction-by-transaction basis. If a business combination is achieved in stages, the acquisition-date fair value of the acquirer's previously held equity interest in the acquiree is re-measured to fair value at the acquisition date. Any gains or losses arising from such re-measurement are recognised in profit or loss. Contingent consideration is measured at fair value on the date of acquisition. Subsequent changes in fair value of the contingent consideration are recognised in profit or loss, unless classified as equity, in which case it is not remeasured. Inter-company transactions, balances and unrealised gains and losses on transactions between Group companies are eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.
Changes in ownership interests in subsidiaries without change of control Transactions with non-controlling interests that do not
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"value": "Subsidiaries Subsidiaries are entities controlled by the Group and are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Control is assessed in accordance with IFRS 10 and may include situations of de facto control. The acquisition method is applied to business combinations in accordance with IFRS 3. Identifiable assets, liabilities and contingent liabilities are recognised at fair value on the date of acquisition. At the acquisition date, non-controlling interests are measured either at fair value or at the non-controlling interest's proportionate share of the acquiree's identifiable net assets. The choice of measurement method is made on a transaction-by-transaction basis. If a business combination is achieved in stages, the acquisition-date fair value of the acquirer's previously held equity interest in the acquiree is re-measured to fair value at the acquisition date. Any gains or losses arising from such re-measurement are recognised in profit or loss. Contingent consideration is measured at fair value on the date of acquisition. Subsequent changes in fair value of the contingent consideration are recognised in profit or loss, unless classified as equity, in which case it is not remeasured. Inter-company transactions, balances and unrealised gains and losses on transactions between Group companies are eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.
Changes in ownership interests in subsidiaries without change of control Transactions with non-controlling interests that do not
result in loss of control are treated as equity transactions. The difference between the consideration and the shares' proportional share of the carrying amount of net assets in the subsidiary is charged to shareholders' equity in the parent company. Gain or loss on the sale to non-controlling interests is correspondingly charged to equity. When the Group ceases to have control, any retained interest in the entity is re-measured to its fair value at the date when control is lost, with the change in carrying amount recognised in profit or loss.
Investments in associates and joint ventures are accounted for using the equity method in accordance with IAS 28 and IFRS 11 respectively. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor's share of the profit or loss of the investee after the date of acquisition. The Group's investment in associates and joint ventures includes goodwill (net of any accumulated impairment loss) identified on acquisition. The Group's share of post-acquisition profit or loss is recognised in the income statement, and its share of post-acquisition movements in other comprehensive income is recognised in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. Unrealised gains on transactions with associates and joint ventures are
NOTE 4 Associated companies and investments in joint ventures Set out below are the major joint venture and associates of the Group as of 31.12. In joint venture enterprises, two shareholders each own half of the shares, while in associated companies there are several shareholders owning shares. The amounts recognised in the balance sheet 2025 2024 Associates 1,649 1,759 Joint venture 1,920 2,044 At 31.12. 3,569 3,803 Profit and loss recognised in the income statement Associates -47 161 Joint venture -3 212 At 31.12. -50 374 Company Ownership Business Country of incorporation Voting rights Measurement method 2025 Pelagia Holding AS group Joint venture Pelagic Norway 50.00% Equity method Norskott Havbruk AS group Associates Harvest Norway 50.00% Equity method Seistar Holding AS group Associates Wellboat Norway 50.00% Equity method 2024 Pelagia Holding AS group Joint venture Pelagic Norway 50.00% Equity method Norskott Havbruk AS group Associates Harvest Norway 50.00% Equity method Seistar Holding AS group Associates Wellboat Norway 50.00% Equity method
Set out below are the summarised financial information for the investments in associates considered material to the Group. Company Norskott Havbruk AS Group Seistar Holding AS Group Year-end 2025 2024 2025 2024 Income statement Revenue 3,191 4,403 468 321 Profit before tax -348 311 44 31 Of which fair value adjustment of biological assets -19 -10 0 0 Profit after tax -231 179 44 30 Other comprehensive income 0 0 0 0 Statement of financial position Total current assets 2,508 2,750 137 133 Total current liabilities -1,651 -1,594 -90 -104 Total non-current assets 3,824 3,819 1,504 1,543 Total non-current liabilities -2,497 -2,445 -1,001 -1,072 Net assets 2,184 2,529 550 500 Carrying amount in AUSS 1,125 1,296 290 271 Norskott Havbruk AS is a 50/50 joint venture with SalMar ASA, held through LSG. The joint venture owns Scottish Sea Farms Ltd, one of the largest salmon farming companies in the UK. The Group's share of the net loss from Norskott Havbruk AS amounted to MNOK -116 in 2025, compared to a profit of MNOK 90 in 2024. The loss was primarily driven by gill health related challenges in the second half of 2025, leading to increased mortality and reduced harvest volumes. Lower price realisation for the period further impacted profitability. Harvest volume was 32,791 GWT in 2025, with an EBIT/kg of NOK -3.9, compared to NOK 13.7/kg in 2024. Significant improvements are expected in 2026, with an expected harvest volume of 43,000 GWT.
Reconciliation of summarised financial information of companies recognised under the equity method. Information on material transactions It has not been any material transactions with joint ventures or associates in 2025. Pelagia Holding AS group Norskott Havbruk AS group*) Seistar Holding AS group Others Total 2024 At 01.01. 1,980 1,107 261 223 3,572 Share of profit/(loss) 212 90 14 58 374 Exchange differences 46 97 0 0 143 Dividends -200 0 -4 -32 -236 Other changes in equity 5 2 0 -57 -50 Carrying amount at 31.12. 2,044 1,296 272 192 3,803 2025 At 01.01. 2,044 1,296 272 192 3,803 Share of profit/(loss) -2 -116 25 44 -50 Exchange differences -11 -57 0 0 -68 Dividends -100 0 -5 0 -105 Other changes in equity -10 0 0 0 -11 Carrying amount at 31.12. 1,920 1,123 290 236 3,569
NOTE 6 Acquisition of shares/business combinations BUSINESS COMBINATIONS AND TRANSACTIONS WITH NON-CONTROLLING INTERESTS IN 2025 Kirkenes Processing AS The Group increased its ownership in Kirkenes Processing AS from 50% to 100% 1 July 2025. The consideration paid was MNOK 30. Recognised goodwill from the transaction amounts to MNOK 55. 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 MNOK 30. 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 Ler\u00f8y Aurora AS. Kirkenes Processing AS owns and operates a salmon processing plant in Finnmark, which also produce some value added products. The acquired company has been allocated to the VAPS&D segment. LSD Industry ApS 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 recognised as a step-by-step acquisition. The consideration paid was insignificant, and there was no gain or loss from re-measurement, or any goodwill recognised. The company is a part of the sub-group Ler\u00f8y Seafood Denmark A/S, in the VAPS&D segment. DISPOSAL OF SUBSIDIARIES Opilio AS / Br. Birkeland AS (renamed Bj\u00e5nes\u00f8y Eiendom AS) As a consequence of the Norwegian Participation Act (Deltakerloven), the subsidiary Br. Birkeland AS divested its remaining fishing operations (snow crab) through a demerger of its shares in Opilio AS, completed on 30 December 2025. As part of the demerger, the non-controlling shareholders in Br. Birkeland AS received the Opilio AS shares, while the Group's ownership interest in Br. Birkeland AS increased. Br. Birkeland AS remained a consolidated subsidiary both before and after the transaction. The transaction has been accounted for as an equity transaction in accordance with IFRS 10.23, with no gain or loss recognised in profit or loss. The effect on equity is presented in the statement of changes in equity. Following the demerger, Br. Birkeland AS has been renamed Bj\u00e5nes\u00f8y Eiendom AS.
LER\u00d8Y SEAFOOD GROUP ASA (LSG) LSG is a fully-integrated seafood company and comprises the entire value chain, from roe, fry, smolt, farming of Atlantic salmon and trout, catching whitefish and processing to sales and distribution. Goodwill linked to LSG is measured at operating segment level, which is LSG as a whole. The impairment test for goodwill uses equivalent assumptions to the impairment tests for non- amortisable licences in the Farming segment and for whitefish licences. (See also further discussion below.) No reasonable changes in the assumptions would lead to write-down of goodwill. LSG has following fish farming licences; 31 licences in the North of Norway (incl. slaughter cage-, parent fish-, demonstration- and teaching licences), 59.5 licences (incl. slaughter cage, parent fish-, demonstration- and teaching licences) in Central Norway and 63 (incl. slaughter cage, parent fish-, green farming-, demonstration- and teaching licences) in West Norway. LSG group has also 18 licences for juvenile fish and 4 licences for cleaner fish, and licences to cultivate seaweed in connection with localities for production of salmon. The following rates are applied for tests of possible impairment: discount rate (WACC) after tax of 7.1%, and a nominal rate of 2.0%. LSG's impairment tests did not produce grounds for write-down of goodwill or intangible assets with an indefinite useful life in 2025 and 2024. The 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%. Within aquaculture, historically up to 2012, the Group has experienced a significant production growth per licence in Norway. Since 2012 and until today the growth has been low. The model is based on an assumption of 2% growth in volume produced. The licences in this segment are owned by the sub- group, Havfisk (vessel owning subsidiaries). The licences are governed by an obligation to supply products to the regions where the licences are located, i.e. Troms og 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. Havfisk is also subject to a so-called \u201cindustrial obligation\u201d (obligation to keep the business going) in Stamsund, Melbu, Hammerfest, B\u00e5tsfjord, Honningsv\u00e5g and Kj\u00f8llefjord. This implies that the licence is linked to operation of the facilities in the respective locations. Havfisk has however leased out the facilities in these locations. The lessee is LNWS (group). The lessee is responsible for sustaining operations. If the lessee terminates operations, the licence terms oblige Havfisk to sustain operations in the specified locations. At the end of the financial year, the Ler\u00f8y 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 \u201cre-allocation\u201d. In 2025 (2024), one cod licence entitled the holder to fish for 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 licence volumes after re-allocations for 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 both haddock and saithe was increased and some quotas were re-allocated for these species. The shrimp and greater silver licences have no limit in terms of volume. 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\u2019 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. 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. Havfisk \u2013 and LNWS to a limited extent \u2013 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 (the Norwegian Participation Act). Havfisk has been given an exemption from the requirement stating that the controlling interest must be an active fisherman. The Norwegian Participation 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\u2019 approval of LSG's acquisition of the majority shareholding in Havfisk was granted on the basis of LSG\u2019s ownership on the date of the approval. The approval also states that no new applications are required for future changes in ownership of Havfisk , LSG and AUSS provided that LSG continues to own minimum 60% of the shares in Havfisk and that AUSS continues to own minimum 50% of the shares in LSG. 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 AUSS. 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 Norwegian Participation Act. Pursuant to the nationality requirement in section 5 of the Norwegian Participation Act, operating permits can only be granted to parties that are Norwegian citizens or have status that equals Norwegian citizenship. According to the second paragraph letra a) of the provision, 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. Havfisk, LSG and AUSS 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 Havfisk losing its licence rights. BR. BIRKELAND AS (BRBI) Following the requirements of the Norwegian Participation Act (Norwegian: Deltakerloven), the company divested its remaining fishing operations (snow crab) in the fourth quarter of 2025 through a demerger of its shares in Opilio AS. The demerger was completed on 30 December 2025. As a result, AUSS now only holds shares in Br. Birkeland AS, which has been renamed Bj\u00e5nes\u00f8y Eiendom AS. Due to the limited level of activity, this segment will be reported under \u201cOther\u201d going forward. KOBBEVIK OG FURUHOLMEN OPPDRETT AS (KFO) The KFO Group owns seven licences for farming Atlantic salmon in western Norway. The current maximum allowed biomass (MAB) is 4,700 tonnes, whereas the original capacity is 5,460 tonnes. The 760-tonne difference is a temporary reduction due to the Norwegian traffic light system in production area 3 and 4. AUSS owns 55.2% of KFO\u2019s shares. A post-tax discount rate (WACC) of 9%, insignificant growth in volume produced and a long-term growth rate of 2% are applied when testing for possible impairment of farming licences. KFO\u2019s impairment tests, which incorporate risks and opportunities within environmental sustainability, did not give grounds for write-down of goodwill or intangible assets with an indefinite useful life in either 2025 or 2024. The management's calculations regarding farming licences are robust in the face of reasonable changes in conditions in the future. AUSTRAL GROUP S.A.A. (AUSTRAL) Austral is a fully-integrated fishing company involved in catches, processing and sales. Austral has fishing rights for anchoveta and horse mackerel/mackerel in Peru. The company\u2019s anchoveta quota represents just under 7% of the total quota in Central/North Peru, and just under 4% of the quota in South Peru. Austral's product range comprises fishmeal and fish oil, and fresh and frozen consumer products. Austral's operations are based on wild-caught fish, and the company would not be able to sustain the long-term values generated by its licences without sustainable management of resources. Moreover, natural weather phenomena (El Ni\u00f1o/La Ni\u00f1a) will have an impact on conditions at sea and may cause periodic, short-term fluctuations in biomass and quota levels from year to year. There are two main seasons for anchoveta \u2013 the first from April to July and the second from November to January. Resource management is handled by Instituto del Mar de Peru (IMARPE). Prior to each fishing season, IMARPE undertakes exploratory voyages and recommends quota levels on the basis of its biomass measurements. The tests for impairment apply cash flows after tax and an equivalent post-tax discount rate (WACC) of 8.9%, a nominal growth rate of 2% and expected inflation of 2%. The model uses projected prices for
the products, based on the OECD-FAO Agricultural Outlook 2025-2035 report. The model applies current cost levels, adjusted for growth. The model assumes a total anchoveta quota of 4.8 million tonnes, split between 4.5 million tonnes in Central/North Peru and 0.3 million tonnes in South Peru. The figure below shows the historical development in the estimated anchoveta biomass and associated TAC split by seasons the last five years. From 2008 to 2022, the total volume caught in Central/ North and South Peru averaged just over 4.3 million tonnes, ranging from an annual catch of 6.1 million tonnes (2018) to 2.2 million tonnes (2014). The volume caught in 2023 was severely impacted by El Ni\u00f1o and a cancellation of the second season, coming in at just under 2.0 million tonnes. In 2024, the catch levels displayed a positive development with at significant rebound to 4.7 million tonnes. Austral's impairment tests, which incorporate risks and opportunities within environmental sustainability did not give grounds for write-down of goodwill or intangible assets with an indefinite useful life in either 2025 or 2024. Using WACC and our best estimates of quota and catch in the terminal period, the tests show that the value remains intact in the face of reasonable changes in the realised prices of fishmeal and fish oil. The fishmeal and fish oil prices applied in the last explicit year of the model are USD 1,734 and 3,492, respectively. For comparison, the average price of fishmeal FOB Peru for all producers of fishmeal in Peru was USD 1,460 in 2025 and USD 1,686 in 2024 (source: SUNAT). 2 4 6 8 10 12 2nd 1st 2nd 1st 2nd 1st 2nd 1st 2nd 1st ANNUAL QUOTA AND BIOMASS (million tonnes) 2021 2022 2023 2024 2025 Biomass Quota
FOODCORP CHILE S.A. (FC) FC is a fully-integrated fishing company involved in catches, processing and sales. FC has fishing rights for horse mackerel, mackerel, sardines and anchoveta in Chile. In 2025 the company held 8.9% of the horse mackerel quota for the fleet group in Chile to which the company's vessels belong. FC produces frozen consumer products, as well as fishmeal and fish oil. FC's operations are based on wild-caught fish, and the company would not be able to sustain the long-term values generated by its licences without sustainable management of resources. Moreover, natural weather phenomena will have an impact on conditions at sea and may cause periodic, short-term fluctuations in biomass and, as a result, quota levels from year to year. Horse mackerel stocks in the southern Pacific have been heavily fished, and a common fish stock management scheme was not implemented until 2011. Fish stock management is now handled by the South Pacific Regional Fisheries Management Organisation (SPRFMO). Their work involves measurements and estimates of stock sizes that in turn provide the basis for specification of total quotas from year to year. Total quotas (TAC) were set for the first time in 2012, and at historically extremely low levels. In order to build up the biomass, the quotas in the following years increased only slightly. Conservative management meant that in the autumn of 2017 SPRFMO was able to report that the biomass had reached a sustainable level, and that the organization could therefore recommend a 17% increase in the quotas for 2018. The quotas increased by 15% yearly during 2020-2022. Further confirmation of the positive biomass status came with a 20% increase in quotas for 2023 and a 15% increase in 2024. For 2025 the quota has been increased by 25%. The tests for impairment apply cash flows after tax and an equivalent post-tax discount rate (WACC) of 8.6%, a nominal growth rate of 2%. The model uses projected prices for the products, based on the OECD-FAO Agricultural Outlook 2025-2035 report. The model applies current cost levels, adjusted for growth. The figure for volume of raw materials used in the model is based on a moderate further quota increase of 7.74% for 2026, 10% for 2027-2028, and 0% from 2029 onwards, including the terminal. The model assumes a total horse mackerel quota for Chile in the region of 1.34 million tonnes in the terminal period. Note that our starting point in 2026 was based on an expected increase from 2025 of 7.74%. Realised increase was 7.89% when the quota was finally concluded with no material effect on the terminal quota. The chart to the right shows the development in the Chilean quota from 2000 to 2026. FC\u2019s impairment tests, which incorporate risks and opportunities within environmental sustainability, did not give grounds for write-down of intangible assets with an indefinite useful life in either 2025 or 2024. Licence scheme in Norway The licence scheme for production of salmon and trout in Norway has been implemented by the Storting (the Norwegian Parliament) and adopted in the Norwegian Act relating to aquaculture (Aquaculture Act). The Ministry of Trade, Industry and Fisheries is responsible for allocation of aquaculture permits (licences). All activities involving aquaculture require a licence. It is prohibited to farm salmon/trout without a licence from the authorities, cf. section 4 of the Aquaculture Act. All licences are governed by the same regulations (current Aquaculture Act with provisions) irrespective of when the licence was allocated.
QUOTA OF JACK MACKEREL IN CHILE 2000-2026 (million tonnes) The 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. Principal terms for different types of 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. The Group has a sufficient number of localities (locality MAB) in the different regions to achieve a satisfactory exploitation of the Group's total MAB. All commercial licences are currently operational. The following regulations regarding production limitations apply to the different types of licences held by the Group: Farming licences are limited in number, i.e. the enterprises are only granted new licences or more production volume subsequent to politically adopted allocation rounds. The maximum allowable biomass (MAB) has previously been 780 tonnes of salmon or trout per licence. The maximum allowable biomass 0.6 1.2 1.8 2024 2022 2026 2020 2018 2016 2014 2012 2010 2008 2006 2004 2002 2000 -86% +12% p.a.
or trout per licence. 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 \u201ctraffic light system\u201d. 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. Green farming licences are licences that were awarded in 2015 via a dedicated licencsing 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 as for special purposes. Demonstration licences are granted to enterprises in order to spread 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. Harvest cage licences are allocated for the use of sea cages for live fish ready for harvest. These licences are attached to a specific location, which is the Group's harvesting plant for salmon and trout. Parent fish licences are also licences defined as 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 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 Section 5, second paragraph of the Aquaculture Act reads: \"The Ministry may prescribe detailed provisions relating to the content of the aquaculture licences, including the scope, time limitations, etc., by administrative decision or regulations.\" In the legislative background to the Aquaculture Act, White Paper no. 61 2004-2005, the following statement can be found on page 59: \"It will remain the case that licences are normally allocated without any specific time limitation. Implementation of such limitations should be reserved for those issues where a time limitation, based on the specific situation, provides for a more complete fulfilment of the Act than if the licence were to be allocated without a time limitation.\" The duration of licences is also specified by the Aquaculture Act, which in its most recent revision underlined ownership of licences by allowing the licences to be mortgaged to the benefit of the lender. There are no time limitations specified in the Group's terms for grow out and juvenile licences, and they are therefore deemed to be time-indefinite production rights according to the prevailing regulations. This also applies for green farming 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 in principle are valid for the duration of the project. They are often linked to the lifecycle of the salmon, i.e. three years. Applications may be made to renew R&D licences operated in close collaboration with research environments for a further three-year period after the end of the project. The parent fish licences are granted for 15 years at a time, and applications have to be submitted for their renewal \u2013 provided that the licence holder is still involved in production of brood stock for salmon or trout. Parent fish production is an integral part of the Group'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 harvest cages are allocated for 10 years at a time. Applications can be submitted for renewal of such licences provided that they are attached to an approved harvesting plant and only utilised to keep fish ready for harvest in immediate proximity to the harvesting plant. The Group's demonstration licences are granted with a duration 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\u2019s 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. Regulations relating to right of use: transfer, lease, moving etc. All licences can be transferred pursuant to section 19 of the Aquaculture Act, and can be mortgaged pursuant to section 20 of the Act. An aquaculture register is kept of all aquaculture licences where
transfers and mortgaging are registered. The leasing of aquaculture licences or licence capacity is not permitted. Grow-out licences and parent fish licences can be linked to different locations, but there are certain limitations on moving of licences between the regions defined by the Directorate of Fisheries. In practice, this means that licences cannot be moved between defined regions, which typically follow county borders. Juvenile fish licences are attached to one locality \u2013 the locality for which the licence applies. 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 NOK 12,000 is paid per licence covered by an application for amendment at locality level, cf. section 2 of the Regulation relating to fees and duties for aquaculture activities. All fees and costs are immediately recognised as an operating expense. Assessment of economic life According to past and present legislation and the general interpretation and practice in the industry, Norwegian fish farming licences are not a time-limited right, and licences should therefore not be subject to amortisation. Where time-limited R&D licences, demonstration licences and educational licences are concerned, these are awarded free of charge so amortisation is normally not relevant. However, in cases where related acquiring or renewing costs are capitalized, they will be subjected to depreciation over the economic life. Grow-out licences and juvenile fish licences The following factors played a key role in the assessment of whether licences have an indefinite useful life, with reference to the description of the licence types above: (1) No time limitation on the licences (2) Insignificant expenditure involved in maintaining the licences (3) High threshold for revocation of licences; this has never happened in Norway It has also been noted that the licences are registered in the public aquaculture register as being without time limitation. On this basis, the economic life is assessed to be indefinite for the grow-out licences and juvenile fish licences, in accordance with IAS 38.90. Parent fish licences As mentioned above, these licences are granted for 15 years at a time, and applications can be submitted for renewal. In 2007, the duration of parent \ufb01sh licences was amended from 10 years to 15 years (amendment to regulation dated 14 August 2007 no. 986). In the consultation document dated 7 June 2007, the Ministry stated the following regarding time limitation for parent \ufb01sh licences in item 3.3: \"The recommendation implies that the licences shall be time-limited for a period (...) with clearly de\ufb01ned predictability for extension of new periods. Time-limited licences may however result in less predictability for the entities than licences without time limitations. Predictability is key as breeding and parent \ufb01sh production is a time- consuming and resource-intensive activity, but this is provided for by (...) a \ufb01xed-term period with clearly de\ufb01ned predictability for extension.\" IAS 38.94 states that if the contractual or legal rights are assigned for a limited period of time that can be renewed, the useful life of the intangible asset should include the renewal period(s) only if there is documented evidence to support that the cost of the renewal for the entity is not significant. IAS 38.96 provides guidelines describing factors that can be included in this assessment. The following factors have been central to LSG's assessment of indefinite useful life for the parent fish licences: a. The entity's licences have always been renewed. Renewal does not require third-party consent, but is based on factors that are under the control of the entity, i.e. the terms of the licence are met and an application for renewal has been submitted before the expiry of the 15-year period. The main condition for renewal is that parent fish production is carried out in connection with a breeding system. Parent fish production will continue to be an integral part of LSG's value chain, and as such this requirement will be met. b. The entity can document fulfilment of the licence conditions, c. The cost to the entity for renewal is not significant, when compared with the future economic benefits expected to flow to the entity from renewal. Demonstration licences 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. As with parent fish licences, this type of licence is defined as being for special purposes. Both parent fish and demonstration licences are a type of activity without any clear time limitation. In principle, the same factors as for parent fish licences will apply to demonstration licences. Teaching licences With one exception, the Group\u2019s 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. The Group has also taken over one teaching licence pursuant to an open-ended agreement with an educational institution. Since the agreement has a limited undefined useful life, its duration has been estimated at one year. The Norwegian fishery licence scheme The Participation Act (the Act relating to the right to participate in fishing and catches) and the Marine Resources Act (the Act relating to the management of wild living marine resources) constitute the legal framework for allocation and management of fishery licences and quotas in Norway. The freedom to carry out commercial fishery is regulated in or pursuant to the Participation Act. The Participation Act establishes that a fishing vessel cannot be used for commercial fishery or catches unless it has a commercial licence issued by the Ministry. A commercial licence is issued to the owner
of the vessel for a specific vessel. Among other things, the Participation Act sets out criteria for the vessel\u2019s construction and conditions governing activity, nationality and residence in order for the vessel owner to be issued with a commercial licence. A commercial licence only confers the right to carry out fishery or catches in accordance with the provisions set out in or pursuant to the Marine Resources Act at all times. If the permit holder replaces one vessel with another, a new application is required for a new professional permit so that the fishing rights are transferred to the new vessel. Such transfer is normally granted provided that the requirements specified in the Participation Act are fulfilled. In the event of transfer of a share or holding in the company/association of undertakings that directly or indirectly owns the vessel, advance approval of a change of ownership composition is required from the Ministry. A commercial permit is annulled when the owner loses the right of ownership to a vessel, whether by compulsory sale, condemnation, shipwreck etc. A commercial licence shall and can be revoked if the vessel owner does not fulfil the conditions set out in the Participation Act. If such incidents are of a less serious nature, the Ministry may decide to retract the commercial permit for a specific period of time. Special permits pursuant to sections 12 of the Participation Act Most economically important fisheries also require either a special licence (licence pursuant to the Licencsing Regulations (Regulations on special licences to engage in certain forms of fishing and catching)) or annual permit to participate in a closed group. Essentially, the sea fishing fleet has licence schemes, while the coastal fishing fleet is regulated by means of annual limits on access. The Group\u2019s vessels have special licences for whitefish and snow crab. The Group\u2019s vessels with special licences for pelagic fisheries were sold in 2024. Fisheries permits within whitefish The fishing permits (licences) are valued at cost less any accumulated depreciation and impairment losses. There are no predetermined time limitations specified in the Group's conditions for licences that apply to basic quotas within whitefish, and they are therefore deemed to be time-indefinite rights according to the prevailing regulations. As the fishing rights are not bound by a time-limited period, there is no need to apply for their renewal. The fishing rights are deemed to be valid pursuant to the Participation Act, and pursuant regulations, unless they are annulled or retracted in accordance with the Participation Act. The Group also holds fishing rights within whitefish that have a time limit \u2013 so-called structural quotas. These are amortised over the lifetime of the individual structural quota. The fisheries licences within whitefish comprise basic quotas with no time limit and structural quotas with a time limit of 20 and 25 years respectively. The structural quotas have a definite useful life and are amortised over the length of the structural period. The basic quotas have an indefinite useful life and are not amortised, but are tested annually for impairment. The fishing permits meet the definition of intangible assets in accordance with IAS 38, as these are legal rights, are identifiable and generates economic yield that the company can control. The Storting (the Norwegian Parliament) adopted the new quota report on 30 April 2024. The decision means, among other things, that model X is used as a basis for the return of structural gains, and the structural gain that arises when the time-limited structural quotas expire shall pass to the vessel group that implemented the structuring and shall be allocated with full effect to basic quotas and with half effect to the remaining structural quotas. Furthermore, the \u201ctrawl ladder\u201d is being reintroduced in the quota allocation for cod fishery. In addition, quota for the open group is to be taken from the total quota and not the coastal quota. This means that the trawler fleet\u2019s relative share of the total quota will fall, while that of the coastal fleet will increase. Licence scheme for fishing rights in Peru The fishing licence is granted by the Production Ministry (Ministerio de la Producci\u00f3n) for the extraction of hydrobiological resources, subject to Fishing Regulations as stipulated by General Law of Fisheries (Decreto Ley N\u00b0 25977) and the Regulations for the General Law of Fisheries (Decreto Supremo N\u00b0 012-2001-PE). A fishing licence only expires in case the legal owner breach the requirements established in the mentioned article 33 of the Regulation for the General Law of Fisheries (not increase authorized storage capacity, accredit vessel operation per each species authorized in the fishing licence and paid of the corresponding fishing rights), otherwise, the fishing licence keep in force unlimited. The Supreme Decree N\u00b0 017-2017-PRODUCE (Regulations of control and sanction of fisheries and aquaculture activities) establish the limitations that fleet must fulfil during its operations. The indeterminate life of fishing licence is also subject to lack of repetition of severe penalties (maximum four infractions of the same type allowed in one year). Licence scheme for fishing rights in Chile Fishing and aquaculture activities are ruled by the \u201cGeneral Fishing and Aquaculture Act N\u00ba 18.892 of 1989\u201d (\u201cLey General de Pesca y Acuicultura\u201d or LGPA), which has received several modifications during its life, being the latest related to fishing licenses Law N\u00ba 20.657 of 9 February 2013. In June 2025, Congress approved Law N\u00b021.752 regarding changes in the quota distribution between artisanal and industrial sectors for the main commercial fishing species, including jack mackerel. This Act fixes this proportion until 2040. Until the introduction of 2013 fishing law modifications, fishing licences were linked to a fishing vessel and could not be divided or independently transferred. These types of fishing licence (\u201cPermiso de Pesca\u201d) still exist for those species out of the list of tradable fishing licences (\u201cLicencia Transable de Pesca\u201d or LTP), such as giant squid and mackerel, as well as for the artisanal shipowners. The fishing law of 2013 grants industrial shipowner a \u201cLTP-A\u201d tradeable fishing licence type, which is automatically renewed every 20 years, provided that owner has had a good behaviour in environmental and labour regulations. These LTPs are divided by fish species and macro-
This was done for horse mackerel in 2017. The new quotas will be deducted from the LTP-A, creating a \u201cLTP-B\u201d licence valid for 20 years for each of the auctioned lots. After this period, a new auction process is required. The LTPs are transferable, permanently or temporarily and are also subject to be used as guarantees to financial institutions, something impossible with previous regulation. Fishing permits for the non-LTP species remain linked to a physical fishing vessel are permanent. Fishing licences for the LTP-A are granted for 20 years with automatic renewal for same period of time, therefore are considered a permanent licence system. LTP-B is a 20-year non-renewable fishing licence. Fishing rights can be lost or reduced (partial loss), if a Company: \u2022 Catches in excess over 10% of its quota during 2 years in a row. \u2022 Does not perform fishing activities during 2 years or 12 consecutive months, unless is a case of force majeure, which must be approved by Undersecretary of Fisheries. \u2022 If during a 5-year period, offloading of the 3 highest years are below 70% of the industry average. In this case, is a partial loss, applying a quota reduction equivalent to the difference between this average and the company actual landings. \u2022 Repeatedly not submitting the statistical information required by law. \u2022 Not paying fishing or specific fishing taxes. Gives a 30 days grace period after due dates. \u2022 If court sentences company for spillage of chemical or other harmful substances into water portions. \u2022 If sentenced repeatedly of illegal or unauthorized modifications, alterations or changes to fishing vessels. \u2022 If Company has been sentenced 3 or more times within a 2-year period of infractions to anti-union labour law related only to workers on board vessels. This is a partial loss, equivalent to 10% of the main specie that the vessel was operating at infraction time.
NOTE 27 Group companies The consolidated financial statements include AUSS and the following subsidiaries. Company Comments on change Country Parent company Ownership % Ler\u00f8y Seafood Group ASA Norway Austevoll Seafood ASA 52.69% AUSS Laks AS Norway Ler\u00f8y Austevoll AS 100.00% Drag\u00f8y Grossist AS Norway Ler\u00f8y Nord AS 51.00% Eurosalmon SAS France SAS Ler\u00f8y Seafood France 100.00% Finnmark Havfiske AS Norway Havfisk B\u00e5tsfjord AS 13.34% Finnmark Havfiske AS Norway Havfisk Finnmark AS 78.45% Finnmark Havfiske AS Norway Havfisk Nordkyn AS 5.84% Fishcut SAS France SAS Ler\u00f8y Seafood France 100.00% Hammerfest Industrifiske AS Norway Havfisk Finnmark AS 60.00% Havfisk B\u00e5tsfjord AS Norway Havfisk Finnmark AS 100.00% Havfisk Finnmark AS Norway Ler\u00f8y Havfisk AS 100.00% Havfisk Management AS Norway Havfisk Finnmark AS 100.00% Havfisk Melbu AS Norway Ler\u00f8y Havfisk AS 100.00% Havfisk Nordkyn AS Norway Havfisk Finnmark AS 100.00% Havfisk Stamsund AS Norway Ler\u00f8y Havfisk AS 100.00% Kirkenes Processing AS 2 Norway Ler\u00f8y Aurora AS 100.00% Leroy Canarias SL Spain Leroy Processing Spain S.L. 100.00% Leroy Processing Canarias SL Spain Leroy Processing Spain S.L. 100.00% Leroy Processing Spain S.L. Spain Ler\u00f8y Seafood Group ASA 100.00% Leroy Seafood Italy Italy Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y & Strudshavn AS 9 Norway Ler\u00f8y Seafood Group ASA 0.00% Ler\u00f8y Aurora AS Norway Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Aurora Sj\u00f8 AS Norway Ler\u00f8y Aurora AS 100.00% Ler\u00f8y Austevoll AS Norway Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Bulandet AS Norway Ler\u00f8y Seafood AS 83.43% Ler\u00f6y Finland OY Finland Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Fossen AS Norway Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Germany GmbH Germany Ler\u00f8y Seafood Holding B.V. 100.00% Ler\u00f8y Havbruk Service AS Norway Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Havfisk AS Norway Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Midt AS Norway Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Midt Sj\u00f8 AS Norway Ler\u00f8y Midt AS 100.00% Ler\u00f8y Nord AS 9 Norway Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Norge AS Norway Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Norway Seafoods AS Norway Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Ocean Harvest AS Norway Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Portugal Lda Portugal Ler\u00f8y Seafood Group ASA 100.00% Company Comments on change Country Parent company Ownership % Ler\u00f6y Seafood AB Sweden Ler\u00f8y Sverige AB 100.00% Ler\u00f8y Seafood AS Norway Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Seafood Copenhagen ApS Denmark Ler\u00f8y Seafood Denmark A/S 100.00% Ler\u00f8y Seafood Denmark A/S Denmark Ler\u00f8y Seafood Group ASA 77.59% Ler\u00f8y Seafood France SAS France Ler\u00f8y Seafood AS 100.00% Ler\u00f8y Seafood Hirtshals A/S Denmark Ler\u00f8y Seafood Danmark A/S 100.00% Ler\u00f8y Seafood Holding B.V. Holland Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Seafood Netherlands B.V. Holland Ler\u00f8y Seafood Holding B.V. 100.00% Ler\u00f8y Seafood Real Estate B.V. Holland Ler\u00f8y Seafood Holding B.V. 100.00% Ler\u00f8y Seafood UK Ltd. UK Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Seafood USA Inc USA Ler\u00f8y Seafood AS 100.00% Ler\u00f8y Sj\u00f8matgruppen AS Norway Ler\u00f8y Norge AS 73.75% Ler\u00f8y Sj\u00f8matgruppen AS Norway Ler\u00f8y Nord AS 2.50% Ler\u00f8y Sj\u00f8troll Kj\u00e6relva AS Norway Sj\u00f8troll Havbruk AS 50.00% Ler\u00f8y Sj\u00f8troll Kj\u00e6relva AS Norway Ler\u00f8y Vest AS 50.00% Ler\u00f8y Sm\u00f6gen Seafood AB Sweden Ler\u00f8y Sverige AB 100.00% Ler\u00f8y Sverige AB Sweden Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Thailand 3 Thailand Ler\u00f8y Seafood AS 100.00% Ler\u00f6y Turkey Su \u00dcr\u00fcnleri San. Ve Tic A.S. Turkey Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Vest AS Norway Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Vest Kraft AS 9 Norway Ler\u00f8y Vest AS 0.00% Ler\u00f8y Vest Sj\u00f8 AS Norway Ler\u00f8y Vest AS 100.00% Ler\u00f8y \u00c5rskog AS Norway Ler\u00f8y Seafood Group ASA 100.00% LSD Industry Aps Denmark Ler\u00f8y Seafood Denmark A/S 100.00% Melbu Fryselager AS Norway Ler\u00f8y Norway Seafoods AS 100.00% Mondo Mar Marine Foods ApS Denmark Ler\u00f8y Seafood Denmark A/S 100.00% Nordland Havfiske AS Norway Havfisk Melbu AS 47.07% Nordland Havfiske AS Norway Havfisk Stamsund AS 52.93% P. Tabbel & Co A/S Denmark Ler\u00f8y Seafood Danmark A/S 100.00% Preline Fishfarming System AS Norway Ler\u00f8y Seafood Group ASA 96.00% Scan Fish Danmark A/S Denmark Ler\u00f8y Seafood Danmark A/S 100.00% Sirevaag AS Norway Ler\u00f8y Norge AS 100.00% Sj\u00f8mathuset AS Norway Ler\u00f8y Seafood Group ASA 100.00% Sj\u00f8troll Havbruk AS Norway Ler\u00f8y Seafood Group ASA 50.71% Sj\u00f8troll Havbruk Sj\u00f8 AS Norway Sj\u00f8troll Havbruk AS 100.00% S\u00f8rv\u00e6r Kystfiskeinvest AS Norway Ler\u00f8y Norway Seafoods AS 51.00% Wannebo International AS Norway Ler\u00f8y Seafood Hirtshals A/S 100.00%
Comments on changes 1: Business combination 2: Transactions with non-controlling interests 3: Foundation of a new company 4: Intragroup purchase/sale of company/shareholding 5: Sale of shares to external 6: Private placement (with change in shareholding) 7: Parent - subsidiary business combination 8: Merger between associated companies 9: The company deleted The changes in ownership in the subsidiaries are commented in Note 6. * The companies are Norwegian object of taxation Company Comments on change Land Parent company Ownership % AUSS Shared Service AS Norway Austevoll Seafood ASA 100.00% Austevoll Eiendom AS Norway Austevoll Seafood ASA 100.00% Austevoll Pacific AS Norway Austevoll Seafood ASA 100.00% Gateport Overseas Inc. Panama Austevoll Pacific AS 100.00% Andean Opportunities Fund Ltd. Cayman Island Gateport Overseas Inc. 100.00% Dordogne Holdings Ltd. Panama Gateport Overseas Inc. 66.67% Dordogne Holdings Ltd. Panama Andean Opportunities Fund Ltd. 33.33% Austral Group S.A.A Peru Dordogne Holdings Ltd. 90.12% Alumrock Overseas S.A 9 Peru Austral Group S.A.A 0.00% A-Fish AS Norway Austevoll Seafood ASA 100.00% Foodcorp Chile S.A Chile A-Fish AS 73.61% Foodcorp Chile S.A Chile Austevoll Seafood ASA 26.39% Foodcorp Peru S.A Peru Foodcorp Chile S.A 99.99% Br. Birkeland AS 2 Norway Austevoll Seafood ASA 81.54% Br. Birkeland Drift AS Norway Br. Birkeland AS 50.00% Opilio AS 2 Norway Br. Birkeland AS 0.00% Kobbevik og Furuholmen Oppdrett AS Norway Austevoll Seafood ASA 55.24% Br. Birkeland Drift AS Norway Kobbevik og Furuholmen Oppdrett AS 50.00% Farming Serviceb\u00e5t AS 7 Norway Kobbevik og Furuholmen Oppdrett AS 0.00% Thermo Service AS Norway Kobbevik og Furuholmen Oppdrett AS 100.00%
Subsidiaries Subsidiaries are entities controlled by the Group and are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Control is assessed in accordance with IFRS 10 and may include situations of de facto control. The acquisition method is applied to business combinations in accordance with IFRS 3. Identifiable assets, liabilities and contingent liabilities are recognised at fair value on the date of acquisition. At the acquisition date, non-controlling interests are measured either at fair value or at the non-controlling interest's proportionate share of the acquiree's identifiable net assets. The choice of measurement method is made on a transaction-by-transaction basis. If a business combination is achieved in stages, the acquisition-date fair value of the acquirer's previously held equity interest in the acquiree is re-measured to fair value at the acquisition date. Any gains or losses arising from such re-measurement are recognised in profit or loss. Contingent consideration is measured at fair value on the date of acquisition. Subsequent changes in fair value of the contingent consideration are recognised in profit or loss, unless classified as equity, in which case it is not remeasured. Inter-company transactions, balances and unrealised gains and losses on transactions between Group companies are eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.
Changes in ownership interests in subsidiaries without change of control Transactions with non-controlling interests that do not
result in loss of control are treated as equity transactions. The difference between the consideration and the shares' proportional share of the carrying amount of net assets in the subsidiary is charged to shareholders' equity in the parent company. Gain or loss on the sale to non-controlling interests is correspondingly charged to equity. When the Group ceases to have control, any retained interest in the entity is re-measured to its fair value at the date when control is lost, with the change in carrying amount recognised in profit or loss.
NOTE 6 Acquisition of shares/business combinations BUSINESS COMBINATIONS AND TRANSACTIONS WITH NON-CONTROLLING INTERESTS IN 2025 Kirkenes Processing AS The Group increased its ownership in Kirkenes Processing AS from 50% to 100% 1 July 2025. The consideration paid was MNOK 30. Recognised goodwill from the transaction amounts to MNOK 55. 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 MNOK 30. 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 Ler\u00f8y Aurora AS. Kirkenes Processing AS owns and operates a salmon processing plant in Finnmark, which also produce some value added products. The acquired company has been allocated to the VAPS&D segment. LSD Industry ApS 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 recognised as a step-by-step acquisition. The consideration paid was insignificant, and there was no gain or loss from re-measurement, or any goodwill recognised. The company is a part of the sub-group Ler\u00f8y Seafood Denmark A/S, in the VAPS&D segment. DISPOSAL OF SUBSIDIARIES Opilio AS / Br. Birkeland AS (renamed Bj\u00e5nes\u00f8y Eiendom AS) As a consequence of the Norwegian Participation Act (Deltakerloven), the subsidiary Br. Birkeland AS divested its remaining fishing operations (snow crab) through a demerger of its shares in Opilio AS, completed on 30 December 2025. As part of the demerger, the non-controlling shareholders in Br. Birkeland AS received the Opilio AS shares, while the Group's ownership interest in Br. Birkeland AS increased. Br. Birkeland AS remained a consolidated subsidiary both before and after the transaction. The transaction has been accounted for as an equity transaction in accordance with IFRS 10.23, with no gain or loss recognised in profit or loss. The effect on equity is presented in the statement of changes in equity. Following the demerger, Br. Birkeland AS has been renamed Bj\u00e5nes\u00f8y Eiendom AS.
LER\u00d8Y SEAFOOD GROUP ASA (LSG) LSG is a fully-integrated seafood company and comprises the entire value chain, from roe, fry, smolt, farming of Atlantic salmon and trout, catching whitefish and processing to sales and distribution. Goodwill linked to LSG is measured at operating segment level, which is LSG as a whole. The impairment test for goodwill uses equivalent assumptions to the impairment tests for non- amortisable licences in the Farming segment and for whitefish licences. (See also further discussion below.) No reasonable changes in the assumptions would lead to write-down of goodwill. LSG has following fish farming licences; 31 licences in the North of Norway (incl. slaughter cage-, parent fish-, demonstration- and teaching licences), 59.5 licences (incl. slaughter cage, parent fish-, demonstration- and teaching licences) in Central Norway and 63 (incl. slaughter cage, parent fish-, green farming-, demonstration- and teaching licences) in West Norway. LSG group has also 18 licences for juvenile fish and 4 licences for cleaner fish, and licences to cultivate seaweed in connection with localities for production of salmon. The following rates are applied for tests of possible impairment: discount rate (WACC) after tax of 7.1%, and a nominal rate of 2.0%. LSG's impairment tests did not produce grounds for write-down of goodwill or intangible assets with an indefinite useful life in 2025 and 2024. The 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%. Within aquaculture, historically up to 2012, the Group has experienced a significant production growth per licence in Norway. Since 2012 and until today the growth has been low. The model is based on an assumption of 2% growth in volume produced. The licences in this segment are owned by the sub- group, Havfisk (vessel owning subsidiaries). The licences are governed by an obligation to supply products to the regions where the licences are located, i.e. Troms og 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. Havfisk is also subject to a so-called \u201cindustrial obligation\u201d (obligation to keep the business going) in Stamsund, Melbu, Hammerfest, B\u00e5tsfjord, Honningsv\u00e5g and Kj\u00f8llefjord. This implies that the licence is linked to operation of the facilities in the respective locations. Havfisk has however leased out the facilities in these locations. The lessee is LNWS (group). The lessee is responsible for sustaining operations. If the lessee terminates operations, the licence terms oblige Havfisk to sustain operations in the specified locations. At the end of the financial year, the Ler\u00f8y 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 \u201cre-allocation\u201d. In 2025 (2024), one cod licence entitled the holder to fish for 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 licence volumes after re-allocations for 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 both haddock and saithe was increased and some quotas were re-allocated for these species. The shrimp and greater silver licences have no limit in terms of volume. 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\u2019 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. 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. Havfisk \u2013 and LNWS to a limited extent \u2013 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 (the Norwegian Participation Act). Havfisk has been given an exemption from the requirement stating that the controlling interest must be an active fisherman. The Norwegian Participation 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\u2019 approval of LSG's acquisition of the majority shareholding in Havfisk was granted on the basis of LSG\u2019s ownership on the date of the approval. The approval also states that no new applications are required for future changes in ownership of Havfisk , LSG and AUSS provided that LSG continues to own minimum 60% of the shares in Havfisk and that AUSS continues to own minimum 50% of the shares in LSG. 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 AUSS. 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 Norwegian Participation Act. Pursuant to the nationality requirement in section 5 of the Norwegian Participation Act, operating permits can only be granted to parties that are Norwegian citizens or have status that equals Norwegian citizenship. According to the second paragraph letra a) of the provision, 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. Havfisk, LSG and AUSS 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 Havfisk losing its licence rights. BR. BIRKELAND AS (BRBI) Following the requirements of the Norwegian Participation Act (Norwegian: Deltakerloven), the company divested its remaining fishing operations (snow crab) in the fourth quarter of 2025 through a demerger of its shares in Opilio AS. The demerger was completed on 30 December 2025. As a result, AUSS now only holds shares in Br. Birkeland AS, which has been renamed Bj\u00e5nes\u00f8y Eiendom AS. Due to the limited level of activity, this segment will be reported under \u201cOther\u201d going forward. KOBBEVIK OG FURUHOLMEN OPPDRETT AS (KFO) The KFO Group owns seven licences for farming Atlantic salmon in western Norway. The current maximum allowed biomass (MAB) is 4,700 tonnes, whereas the original capacity is 5,460 tonnes. The 760-tonne difference is a temporary reduction due to the Norwegian traffic light system in production area 3 and 4. AUSS owns 55.2% of KFO\u2019s shares. A post-tax discount rate (WACC) of 9%, insignificant growth in volume produced and a long-term growth rate of 2% are applied when testing for possible impairment of farming licences. KFO\u2019s impairment tests, which incorporate risks and opportunities within environmental sustainability, did not give grounds for write-down of goodwill or intangible assets with an indefinite useful life in either 2025 or 2024. The management's calculations regarding farming licences are robust in the face of reasonable changes in conditions in the future. AUSTRAL GROUP S.A.A. (AUSTRAL) Austral is a fully-integrated fishing company involved in catches, processing and sales. Austral has fishing rights for anchoveta and horse mackerel/mackerel in Peru. The company\u2019s anchoveta quota represents just under 7% of the total quota in Central/North Peru, and just under 4% of the quota in South Peru. Austral's product range comprises fishmeal and fish oil, and fresh and frozen consumer products. Austral's operations are based on wild-caught fish, and the company would not be able to sustain the long-term values generated by its licences without sustainable management of resources. Moreover, natural weather phenomena (El Ni\u00f1o/La Ni\u00f1a) will have an impact on conditions at sea and may cause periodic, short-term fluctuations in biomass and quota levels from year to year. There are two main seasons for anchoveta \u2013 the first from April to July and the second from November to January. Resource management is handled by Instituto del Mar de Peru (IMARPE). Prior to each fishing season, IMARPE undertakes exploratory voyages and recommends quota levels on the basis of its biomass measurements. The tests for impairment apply cash flows after tax and an equivalent post-tax discount rate (WACC) of 8.9%, a nominal growth rate of 2% and expected inflation of 2%. The model uses projected prices for
the products, based on the OECD-FAO Agricultural Outlook 2025-2035 report. The model applies current cost levels, adjusted for growth. The model assumes a total anchoveta quota of 4.8 million tonnes, split between 4.5 million tonnes in Central/North Peru and 0.3 million tonnes in South Peru. The figure below shows the historical development in the estimated anchoveta biomass and associated TAC split by seasons the last five years. From 2008 to 2022, the total volume caught in Central/ North and South Peru averaged just over 4.3 million tonnes, ranging from an annual catch of 6.1 million tonnes (2018) to 2.2 million tonnes (2014). The volume caught in 2023 was severely impacted by El Ni\u00f1o and a cancellation of the second season, coming in at just under 2.0 million tonnes. In 2024, the catch levels displayed a positive development with at significant rebound to 4.7 million tonnes. Austral's impairment tests, which incorporate risks and opportunities within environmental sustainability did not give grounds for write-down of goodwill or intangible assets with an indefinite useful life in either 2025 or 2024. Using WACC and our best estimates of quota and catch in the terminal period, the tests show that the value remains intact in the face of reasonable changes in the realised prices of fishmeal and fish oil. The fishmeal and fish oil prices applied in the last explicit year of the model are USD 1,734 and 3,492, respectively. For comparison, the average price of fishmeal FOB Peru for all producers of fishmeal in Peru was USD 1,460 in 2025 and USD 1,686 in 2024 (source: SUNAT). 2 4 6 8 10 12 2nd 1st 2nd 1st 2nd 1st 2nd 1st 2nd 1st ANNUAL QUOTA AND BIOMASS (million tonnes) 2021 2022 2023 2024 2025 Biomass Quota
FOODCORP CHILE S.A. (FC) FC is a fully-integrated fishing company involved in catches, processing and sales. FC has fishing rights for horse mackerel, mackerel, sardines and anchoveta in Chile. In 2025 the company held 8.9% of the horse mackerel quota for the fleet group in Chile to which the company's vessels belong. FC produces frozen consumer products, as well as fishmeal and fish oil. FC's operations are based on wild-caught fish, and the company would not be able to sustain the long-term values generated by its licences without sustainable management of resources. Moreover, natural weather phenomena will have an impact on conditions at sea and may cause periodic, short-term fluctuations in biomass and, as a result, quota levels from year to year. Horse mackerel stocks in the southern Pacific have been heavily fished, and a common fish stock management scheme was not implemented until 2011. Fish stock management is now handled by the South Pacific Regional Fisheries Management Organisation (SPRFMO). Their work involves measurements and estimates of stock sizes that in turn provide the basis for specification of total quotas from year to year. Total quotas (TAC) were set for the first time in 2012, and at historically extremely low levels. In order to build up the biomass, the quotas in the following years increased only slightly. Conservative management meant that in the autumn of 2017 SPRFMO was able to report that the biomass had reached a sustainable level, and that the organization could therefore recommend a 17% increase in the quotas for 2018. The quotas increased by 15% yearly during 2020-2022. Further confirmation of the positive biomass status came with a 20% increase in quotas for 2023 and a 15% increase in 2024. For 2025 the quota has been increased by 25%. The tests for impairment apply cash flows after tax and an equivalent post-tax discount rate (WACC) of 8.6%, a nominal growth rate of 2%. The model uses projected prices for the products, based on the OECD-FAO Agricultural Outlook 2025-2035 report. The model applies current cost levels, adjusted for growth. The figure for volume of raw materials used in the model is based on a moderate further quota increase of 7.74% for 2026, 10% for 2027-2028, and 0% from 2029 onwards, including the terminal. The model assumes a total horse mackerel quota for Chile in the region of 1.34 million tonnes in the terminal period. Note that our starting point in 2026 was based on an expected increase from 2025 of 7.74%. Realised increase was 7.89% when the quota was finally concluded with no material effect on the terminal quota. The chart to the right shows the development in the Chilean quota from 2000 to 2026. FC\u2019s impairment tests, which incorporate risks and opportunities within environmental sustainability, did not give grounds for write-down of intangible assets with an indefinite useful life in either 2025 or 2024. Licence scheme in Norway The licence scheme for production of salmon and trout in Norway has been implemented by the Storting (the Norwegian Parliament) and adopted in the Norwegian Act relating to aquaculture (Aquaculture Act). The Ministry of Trade, Industry and Fisheries is responsible for allocation of aquaculture permits (licences). All activities involving aquaculture require a licence. It is prohibited to farm salmon/trout without a licence from the authorities, cf. section 4 of the Aquaculture Act. All licences are governed by the same regulations (current Aquaculture Act with provisions) irrespective of when the licence was allocated.
QUOTA OF JACK MACKEREL IN CHILE 2000-2026 (million tonnes) The 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. Principal terms for different types of 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. The Group has a sufficient number of localities (locality MAB) in the different regions to achieve a satisfactory exploitation of the Group's total MAB. All commercial licences are currently operational. The following regulations regarding production limitations apply to the different types of licences held by the Group: Farming licences are limited in number, i.e. the enterprises are only granted new licences or more production volume subsequent to politically adopted allocation rounds. The maximum allowable biomass (MAB) has previously been 780 tonnes of salmon or trout per licence. The maximum allowable biomass 0.6 1.2 1.8 2024 2022 2026 2020 2018 2016 2014 2012 2010 2008 2006 2004 2002 2000 -86% +12% p.a.
or trout per licence. 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 \u201ctraffic light system\u201d. 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. Green farming licences are licences that were awarded in 2015 via a dedicated licencsing 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 as for special purposes. Demonstration licences are granted to enterprises in order to spread 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. Harvest cage licences are allocated for the use of sea cages for live fish ready for harvest. These licences are attached to a specific location, which is the Group's harvesting plant for salmon and trout. Parent fish licences are also licences defined as 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 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 Section 5, second paragraph of the Aquaculture Act reads: \"The Ministry may prescribe detailed provisions relating to the content of the aquaculture licences, including the scope, time limitations, etc., by administrative decision or regulations.\" In the legislative background to the Aquaculture Act, White Paper no. 61 2004-2005, the following statement can be found on page 59: \"It will remain the case that licences are normally allocated without any specific time limitation. Implementation of such limitations should be reserved for those issues where a time limitation, based on the specific situation, provides for a more complete fulfilment of the Act than if the licence were to be allocated without a time limitation.\" The duration of licences is also specified by the Aquaculture Act, which in its most recent revision underlined ownership of licences by allowing the licences to be mortgaged to the benefit of the lender. There are no time limitations specified in the Group's terms for grow out and juvenile licences, and they are therefore deemed to be time-indefinite production rights according to the prevailing regulations. This also applies for green farming 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 in principle are valid for the duration of the project. They are often linked to the lifecycle of the salmon, i.e. three years. Applications may be made to renew R&D licences operated in close collaboration with research environments for a further three-year period after the end of the project. The parent fish licences are granted for 15 years at a time, and applications have to be submitted for their renewal \u2013 provided that the licence holder is still involved in production of brood stock for salmon or trout. Parent fish production is an integral part of the Group'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 harvest cages are allocated for 10 years at a time. Applications can be submitted for renewal of such licences provided that they are attached to an approved harvesting plant and only utilised to keep fish ready for harvest in immediate proximity to the harvesting plant. The Group's demonstration licences are granted with a duration 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\u2019s 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. Regulations relating to right of use: transfer, lease, moving etc. All licences can be transferred pursuant to section 19 of the Aquaculture Act, and can be mortgaged pursuant to section 20 of the Act. An aquaculture register is kept of all aquaculture licences where
transfers and mortgaging are registered. The leasing of aquaculture licences or licence capacity is not permitted. Grow-out licences and parent fish licences can be linked to different locations, but there are certain limitations on moving of licences between the regions defined by the Directorate of Fisheries. In practice, this means that licences cannot be moved between defined regions, which typically follow county borders. Juvenile fish licences are attached to one locality \u2013 the locality for which the licence applies. 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 NOK 12,000 is paid per licence covered by an application for amendment at locality level, cf. section 2 of the Regulation relating to fees and duties for aquaculture activities. All fees and costs are immediately recognised as an operating expense. Assessment of economic life According to past and present legislation and the general interpretation and practice in the industry, Norwegian fish farming licences are not a time-limited right, and licences should therefore not be subject to amortisation. Where time-limited R&D licences, demonstration licences and educational licences are concerned, these are awarded free of charge so amortisation is normally not relevant. However, in cases where related acquiring or renewing costs are capitalized, they will be subjected to depreciation over the economic life. Grow-out licences and juvenile fish licences The following factors played a key role in the assessment of whether licences have an indefinite useful life, with reference to the description of the licence types above: (1) No time limitation on the licences (2) Insignificant expenditure involved in maintaining the licences (3) High threshold for revocation of licences; this has never happened in Norway It has also been noted that the licences are registered in the public aquaculture register as being without time limitation. On this basis, the economic life is assessed to be indefinite for the grow-out licences and juvenile fish licences, in accordance with IAS 38.90. Parent fish licences As mentioned above, these licences are granted for 15 years at a time, and applications can be submitted for renewal. In 2007, the duration of parent \ufb01sh licences was amended from 10 years to 15 years (amendment to regulation dated 14 August 2007 no. 986). In the consultation document dated 7 June 2007, the Ministry stated the following regarding time limitation for parent \ufb01sh licences in item 3.3: \"The recommendation implies that the licences shall be time-limited for a period (...) with clearly de\ufb01ned predictability for extension of new periods. Time-limited licences may however result in less predictability for the entities than licences without time limitations. Predictability is key as breeding and parent \ufb01sh production is a time- consuming and resource-intensive activity, but this is provided for by (...) a \ufb01xed-term period with clearly de\ufb01ned predictability for extension.\" IAS 38.94 states that if the contractual or legal rights are assigned for a limited period of time that can be renewed, the useful life of the intangible asset should include the renewal period(s) only if there is documented evidence to support that the cost of the renewal for the entity is not significant. IAS 38.96 provides guidelines describing factors that can be included in this assessment. The following factors have been central to LSG's assessment of indefinite useful life for the parent fish licences: a. The entity's licences have always been renewed. Renewal does not require third-party consent, but is based on factors that are under the control of the entity, i.e. the terms of the licence are met and an application for renewal has been submitted before the expiry of the 15-year period. The main condition for renewal is that parent fish production is carried out in connection with a breeding system. Parent fish production will continue to be an integral part of LSG's value chain, and as such this requirement will be met. b. The entity can document fulfilment of the licence conditions, c. The cost to the entity for renewal is not significant, when compared with the future economic benefits expected to flow to the entity from renewal. Demonstration licences 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. As with parent fish licences, this type of licence is defined as being for special purposes. Both parent fish and demonstration licences are a type of activity without any clear time limitation. In principle, the same factors as for parent fish licences will apply to demonstration licences. Teaching licences With one exception, the Group\u2019s 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. The Group has also taken over one teaching licence pursuant to an open-ended agreement with an educational institution. Since the agreement has a limited undefined useful life, its duration has been estimated at one year. The Norwegian fishery licence scheme The Participation Act (the Act relating to the right to participate in fishing and catches) and the Marine Resources Act (the Act relating to the management of wild living marine resources) constitute the legal framework for allocation and management of fishery licences and quotas in Norway. The freedom to carry out commercial fishery is regulated in or pursuant to the Participation Act. The Participation Act establishes that a fishing vessel cannot be used for commercial fishery or catches unless it has a commercial licence issued by the Ministry. A commercial licence is issued to the owner
of the vessel for a specific vessel. Among other things, the Participation Act sets out criteria for the vessel\u2019s construction and conditions governing activity, nationality and residence in order for the vessel owner to be issued with a commercial licence. A commercial licence only confers the right to carry out fishery or catches in accordance with the provisions set out in or pursuant to the Marine Resources Act at all times. If the permit holder replaces one vessel with another, a new application is required for a new professional permit so that the fishing rights are transferred to the new vessel. Such transfer is normally granted provided that the requirements specified in the Participation Act are fulfilled. In the event of transfer of a share or holding in the company/association of undertakings that directly or indirectly owns the vessel, advance approval of a change of ownership composition is required from the Ministry. A commercial permit is annulled when the owner loses the right of ownership to a vessel, whether by compulsory sale, condemnation, shipwreck etc. A commercial licence shall and can be revoked if the vessel owner does not fulfil the conditions set out in the Participation Act. If such incidents are of a less serious nature, the Ministry may decide to retract the commercial permit for a specific period of time. Special permits pursuant to sections 12 of the Participation Act Most economically important fisheries also require either a special licence (licence pursuant to the Licencsing Regulations (Regulations on special licences to engage in certain forms of fishing and catching)) or annual permit to participate in a closed group. Essentially, the sea fishing fleet has licence schemes, while the coastal fishing fleet is regulated by means of annual limits on access. The Group\u2019s vessels have special licences for whitefish and snow crab. The Group\u2019s vessels with special licences for pelagic fisheries were sold in 2024. Fisheries permits within whitefish The fishing permits (licences) are valued at cost less any accumulated depreciation and impairment losses. There are no predetermined time limitations specified in the Group's conditions for licences that apply to basic quotas within whitefish, and they are therefore deemed to be time-indefinite rights according to the prevailing regulations. As the fishing rights are not bound by a time-limited period, there is no need to apply for their renewal. The fishing rights are deemed to be valid pursuant to the Participation Act, and pursuant regulations, unless they are annulled or retracted in accordance with the Participation Act. The Group also holds fishing rights within whitefish that have a time limit \u2013 so-called structural quotas. These are amortised over the lifetime of the individual structural quota. The fisheries licences within whitefish comprise basic quotas with no time limit and structural quotas with a time limit of 20 and 25 years respectively. The structural quotas have a definite useful life and are amortised over the length of the structural period. The basic quotas have an indefinite useful life and are not amortised, but are tested annually for impairment. The fishing permits meet the definition of intangible assets in accordance with IAS 38, as these are legal rights, are identifiable and generates economic yield that the company can control. The Storting (the Norwegian Parliament) adopted the new quota report on 30 April 2024. The decision means, among other things, that model X is used as a basis for the return of structural gains, and the structural gain that arises when the time-limited structural quotas expire shall pass to the vessel group that implemented the structuring and shall be allocated with full effect to basic quotas and with half effect to the remaining structural quotas. Furthermore, the \u201ctrawl ladder\u201d is being reintroduced in the quota allocation for cod fishery. In addition, quota for the open group is to be taken from the total quota and not the coastal quota. This means that the trawler fleet\u2019s relative share of the total quota will fall, while that of the coastal fleet will increase. Licence scheme for fishing rights in Peru The fishing licence is granted by the Production Ministry (Ministerio de la Producci\u00f3n) for the extraction of hydrobiological resources, subject to Fishing Regulations as stipulated by General Law of Fisheries (Decreto Ley N\u00b0 25977) and the Regulations for the General Law of Fisheries (Decreto Supremo N\u00b0 012-2001-PE). A fishing licence only expires in case the legal owner breach the requirements established in the mentioned article 33 of the Regulation for the General Law of Fisheries (not increase authorized storage capacity, accredit vessel operation per each species authorized in the fishing licence and paid of the corresponding fishing rights), otherwise, the fishing licence keep in force unlimited. The Supreme Decree N\u00b0 017-2017-PRODUCE (Regulations of control and sanction of fisheries and aquaculture activities) establish the limitations that fleet must fulfil during its operations. The indeterminate life of fishing licence is also subject to lack of repetition of severe penalties (maximum four infractions of the same type allowed in one year). Licence scheme for fishing rights in Chile Fishing and aquaculture activities are ruled by the \u201cGeneral Fishing and Aquaculture Act N\u00ba 18.892 of 1989\u201d (\u201cLey General de Pesca y Acuicultura\u201d or LGPA), which has received several modifications during its life, being the latest related to fishing licenses Law N\u00ba 20.657 of 9 February 2013. In June 2025, Congress approved Law N\u00b021.752 regarding changes in the quota distribution between artisanal and industrial sectors for the main commercial fishing species, including jack mackerel. This Act fixes this proportion until 2040. Until the introduction of 2013 fishing law modifications, fishing licences were linked to a fishing vessel and could not be divided or independently transferred. These types of fishing licence (\u201cPermiso de Pesca\u201d) still exist for those species out of the list of tradable fishing licences (\u201cLicencia Transable de Pesca\u201d or LTP), such as giant squid and mackerel, as well as for the artisanal shipowners. The fishing law of 2013 grants industrial shipowner a \u201cLTP-A\u201d tradeable fishing licence type, which is automatically renewed every 20 years, provided that owner has had a good behaviour in environmental and labour regulations. These LTPs are divided by fish species and macro-
This was done for horse mackerel in 2017. The new quotas will be deducted from the LTP-A, creating a \u201cLTP-B\u201d licence valid for 20 years for each of the auctioned lots. After this period, a new auction process is required. The LTPs are transferable, permanently or temporarily and are also subject to be used as guarantees to financial institutions, something impossible with previous regulation. Fishing permits for the non-LTP species remain linked to a physical fishing vessel are permanent. Fishing licences for the LTP-A are granted for 20 years with automatic renewal for same period of time, therefore are considered a permanent licence system. LTP-B is a 20-year non-renewable fishing licence. Fishing rights can be lost or reduced (partial loss), if a Company: \u2022 Catches in excess over 10% of its quota during 2 years in a row. \u2022 Does not perform fishing activities during 2 years or 12 consecutive months, unless is a case of force majeure, which must be approved by Undersecretary of Fisheries. \u2022 If during a 5-year period, offloading of the 3 highest years are below 70% of the industry average. In this case, is a partial loss, applying a quota reduction equivalent to the difference between this average and the company actual landings. \u2022 Repeatedly not submitting the statistical information required by law. \u2022 Not paying fishing or specific fishing taxes. Gives a 30 days grace period after due dates. \u2022 If court sentences company for spillage of chemical or other harmful substances into water portions. \u2022 If sentenced repeatedly of illegal or unauthorized modifications, alterations or changes to fishing vessels. \u2022 If Company has been sentenced 3 or more times within a 2-year period of infractions to anti-union labour law related only to workers on board vessels. This is a partial loss, equivalent to 10% of the main specie that the vessel was operating at infraction time.
NOTE 27 Group companies The consolidated financial statements include AUSS and the following subsidiaries. Company Comments on change Country Parent company Ownership % Ler\u00f8y Seafood Group ASA Norway Austevoll Seafood ASA 52.69% AUSS Laks AS Norway Ler\u00f8y Austevoll AS 100.00% Drag\u00f8y Grossist AS Norway Ler\u00f8y Nord AS 51.00% Eurosalmon SAS France SAS Ler\u00f8y Seafood France 100.00% Finnmark Havfiske AS Norway Havfisk B\u00e5tsfjord AS 13.34% Finnmark Havfiske AS Norway Havfisk Finnmark AS 78.45% Finnmark Havfiske AS Norway Havfisk Nordkyn AS 5.84% Fishcut SAS France SAS Ler\u00f8y Seafood France 100.00% Hammerfest Industrifiske AS Norway Havfisk Finnmark AS 60.00% Havfisk B\u00e5tsfjord AS Norway Havfisk Finnmark AS 100.00% Havfisk Finnmark AS Norway Ler\u00f8y Havfisk AS 100.00% Havfisk Management AS Norway Havfisk Finnmark AS 100.00% Havfisk Melbu AS Norway Ler\u00f8y Havfisk AS 100.00% Havfisk Nordkyn AS Norway Havfisk Finnmark AS 100.00% Havfisk Stamsund AS Norway Ler\u00f8y Havfisk AS 100.00% Kirkenes Processing AS 2 Norway Ler\u00f8y Aurora AS 100.00% Leroy Canarias SL Spain Leroy Processing Spain S.L. 100.00% Leroy Processing Canarias SL Spain Leroy Processing Spain S.L. 100.00% Leroy Processing Spain S.L. Spain Ler\u00f8y Seafood Group ASA 100.00% Leroy Seafood Italy Italy Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y & Strudshavn AS 9 Norway Ler\u00f8y Seafood Group ASA 0.00% Ler\u00f8y Aurora AS Norway Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Aurora Sj\u00f8 AS Norway Ler\u00f8y Aurora AS 100.00% Ler\u00f8y Austevoll AS Norway Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Bulandet AS Norway Ler\u00f8y Seafood AS 83.43% Ler\u00f6y Finland OY Finland Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Fossen AS Norway Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Germany GmbH Germany Ler\u00f8y Seafood Holding B.V. 100.00% Ler\u00f8y Havbruk Service AS Norway Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Havfisk AS Norway Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Midt AS Norway Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Midt Sj\u00f8 AS Norway Ler\u00f8y Midt AS 100.00% Ler\u00f8y Nord AS 9 Norway Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Norge AS Norway Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Norway Seafoods AS Norway Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Ocean Harvest AS Norway Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Portugal Lda Portugal Ler\u00f8y Seafood Group ASA 100.00% Company Comments on change Country Parent company Ownership % Ler\u00f6y Seafood AB Sweden Ler\u00f8y Sverige AB 100.00% Ler\u00f8y Seafood AS Norway Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Seafood Copenhagen ApS Denmark Ler\u00f8y Seafood Denmark A/S 100.00% Ler\u00f8y Seafood Denmark A/S Denmark Ler\u00f8y Seafood Group ASA 77.59% Ler\u00f8y Seafood France SAS France Ler\u00f8y Seafood AS 100.00% Ler\u00f8y Seafood Hirtshals A/S Denmark Ler\u00f8y Seafood Danmark A/S 100.00% Ler\u00f8y Seafood Holding B.V. Holland Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Seafood Netherlands B.V. Holland Ler\u00f8y Seafood Holding B.V. 100.00% Ler\u00f8y Seafood Real Estate B.V. Holland Ler\u00f8y Seafood Holding B.V. 100.00% Ler\u00f8y Seafood UK Ltd. UK Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Seafood USA Inc USA Ler\u00f8y Seafood AS 100.00% Ler\u00f8y Sj\u00f8matgruppen AS Norway Ler\u00f8y Norge AS 73.75% Ler\u00f8y Sj\u00f8matgruppen AS Norway Ler\u00f8y Nord AS 2.50% Ler\u00f8y Sj\u00f8troll Kj\u00e6relva AS Norway Sj\u00f8troll Havbruk AS 50.00% Ler\u00f8y Sj\u00f8troll Kj\u00e6relva AS Norway Ler\u00f8y Vest AS 50.00% Ler\u00f8y Sm\u00f6gen Seafood AB Sweden Ler\u00f8y Sverige AB 100.00% Ler\u00f8y Sverige AB Sweden Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Thailand 3 Thailand Ler\u00f8y Seafood AS 100.00% Ler\u00f6y Turkey Su \u00dcr\u00fcnleri San. Ve Tic A.S. Turkey Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Vest AS Norway Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Vest Kraft AS 9 Norway Ler\u00f8y Vest AS 0.00% Ler\u00f8y Vest Sj\u00f8 AS Norway Ler\u00f8y Vest AS 100.00% Ler\u00f8y \u00c5rskog AS Norway Ler\u00f8y Seafood Group ASA 100.00% LSD Industry Aps Denmark Ler\u00f8y Seafood Denmark A/S 100.00% Melbu Fryselager AS Norway Ler\u00f8y Norway Seafoods AS 100.00% Mondo Mar Marine Foods ApS Denmark Ler\u00f8y Seafood Denmark A/S 100.00% Nordland Havfiske AS Norway Havfisk Melbu AS 47.07% Nordland Havfiske AS Norway Havfisk Stamsund AS 52.93% P. Tabbel & Co A/S Denmark Ler\u00f8y Seafood Danmark A/S 100.00% Preline Fishfarming System AS Norway Ler\u00f8y Seafood Group ASA 96.00% Scan Fish Danmark A/S Denmark Ler\u00f8y Seafood Danmark A/S 100.00% Sirevaag AS Norway Ler\u00f8y Norge AS 100.00% Sj\u00f8mathuset AS Norway Ler\u00f8y Seafood Group ASA 100.00% Sj\u00f8troll Havbruk AS Norway Ler\u00f8y Seafood Group ASA 50.71% Sj\u00f8troll Havbruk Sj\u00f8 AS Norway Sj\u00f8troll Havbruk AS 100.00% S\u00f8rv\u00e6r Kystfiskeinvest AS Norway Ler\u00f8y Norway Seafoods AS 51.00% Wannebo International AS Norway Ler\u00f8y Seafood Hirtshals A/S 100.00%
Comments on changes 1: Business combination 2: Transactions with non-controlling interests 3: Foundation of a new company 4: Intragroup purchase/sale of company/shareholding 5: Sale of shares to external 6: Private placement (with change in shareholding) 7: Parent - subsidiary business combination 8: Merger between associated companies 9: The company deleted The changes in ownership in the subsidiaries are commented in Note 6. * The companies are Norwegian object of taxation Company Comments on change Land Parent company Ownership % AUSS Shared Service AS Norway Austevoll Seafood ASA 100.00% Austevoll Eiendom AS Norway Austevoll Seafood ASA 100.00% Austevoll Pacific AS Norway Austevoll Seafood ASA 100.00% Gateport Overseas Inc. Panama Austevoll Pacific AS 100.00% Andean Opportunities Fund Ltd. Cayman Island Gateport Overseas Inc. 100.00% Dordogne Holdings Ltd. Panama Gateport Overseas Inc. 66.67% Dordogne Holdings Ltd. Panama Andean Opportunities Fund Ltd. 33.33% Austral Group S.A.A Peru Dordogne Holdings Ltd. 90.12% Alumrock Overseas S.A 9 Peru Austral Group S.A.A 0.00% A-Fish AS Norway Austevoll Seafood ASA 100.00% Foodcorp Chile S.A Chile A-Fish AS 73.61% Foodcorp Chile S.A Chile Austevoll Seafood ASA 26.39% Foodcorp Peru S.A Peru Foodcorp Chile S.A 99.99% Br. Birkeland AS 2 Norway Austevoll Seafood ASA 81.54% Br. Birkeland Drift AS Norway Br. Birkeland AS 50.00% Opilio AS 2 Norway Br. Birkeland AS 0.00% Kobbevik og Furuholmen Oppdrett AS Norway Austevoll Seafood ASA 55.24% Br. Birkeland Drift AS Norway Kobbevik og Furuholmen Oppdrett AS 50.00% Farming Serviceb\u00e5t AS 7 Norway Kobbevik og Furuholmen Oppdrett AS 0.00% Thermo Service AS Norway Kobbevik og Furuholmen Oppdrett AS 100.00%
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-392": {
"value": "Subsidiaries Subsidiaries are entities controlled by the Group and are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Control is assessed in accordance with IFRS 10 and may include situations of de facto control. The acquisition method is applied to business combinations in accordance with IFRS 3. Identifiable assets, liabilities and contingent liabilities are recognised at fair value on the date of acquisition. At the acquisition date, non-controlling interests are measured either at fair value or at the non-controlling interest's proportionate share of the acquiree's identifiable net assets. The choice of measurement method is made on a transaction-by-transaction basis. If a business combination is achieved in stages, the acquisition-date fair value of the acquirer's previously held equity interest in the acquiree is re-measured to fair value at the acquisition date. Any gains or losses arising from such re-measurement are recognised in profit or loss. Contingent consideration is measured at fair value on the date of acquisition. Subsequent changes in fair value of the contingent consideration are recognised in profit or loss, unless classified as equity, in which case it is not remeasured. Inter-company transactions, balances and unrealised gains and losses on transactions between Group companies are eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.
Changes in ownership interests in subsidiaries without change of control Transactions with non-controlling interests that do not
result in loss of control are treated as equity transactions. The difference between the consideration and the shares' proportional share of the carrying amount of net assets in the subsidiary is charged to shareholders' equity in the parent company. Gain or loss on the sale to non-controlling interests is correspondingly charged to equity. When the Group ceases to have control, any retained interest in the entity is re-measured to its fair value at the date when control is lost, with the change in carrying amount recognised in profit or loss.
",
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}
},
"reg-ix-436": {
"value": "Changes in ownership interests in subsidiaries without change of control Transactions with non-controlling interests that do not
result in loss of control are treated as equity transactions. The difference between the consideration and the shares' proportional share of the carrying amount of net assets in the subsidiary is charged to shareholders' equity in the parent company. Gain or loss on the sale to non-controlling interests is correspondingly charged to equity. When the Group ceases to have control, any retained interest in the entity is re-measured to its fair value at the date when control is lost, with the change in carrying amount recognised in profit or loss.
NOTE 6 Acquisition of shares/business combinations BUSINESS COMBINATIONS AND TRANSACTIONS WITH NON-CONTROLLING INTERESTS IN 2025 Kirkenes Processing AS The Group increased its ownership in Kirkenes Processing AS from 50% to 100% 1 July 2025. The consideration paid was MNOK 30. Recognised goodwill from the transaction amounts to MNOK 55. 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 MNOK 30. 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 Ler\u00f8y Aurora AS. Kirkenes Processing AS owns and operates a salmon processing plant in Finnmark, which also produce some value added products. The acquired company has been allocated to the VAPS&D segment. LSD Industry ApS 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 recognised as a step-by-step acquisition. The consideration paid was insignificant, and there was no gain or loss from re-measurement, or any goodwill recognised. The company is a part of the sub-group Ler\u00f8y Seafood Denmark A/S, in the VAPS&D segment. DISPOSAL OF SUBSIDIARIES Opilio AS / Br. Birkeland AS (renamed Bj\u00e5nes\u00f8y Eiendom AS) As a consequence of the Norwegian Participation Act (Deltakerloven), the subsidiary Br. Birkeland AS divested its remaining fishing operations (snow crab) through a demerger of its shares in Opilio AS, completed on 30 December 2025. As part of the demerger, the non-controlling shareholders in Br. Birkeland AS received the Opilio AS shares, while the Group's ownership interest in Br. Birkeland AS increased. Br. Birkeland AS remained a consolidated subsidiary both before and after the transaction. The transaction has been accounted for as an equity transaction in accordance with IFRS 10.23, with no gain or loss recognised in profit or loss. The effect on equity is presented in the statement of changes in equity. Following the demerger, Br. Birkeland AS has been renamed Bj\u00e5nes\u00f8y Eiendom AS.
Changes in ownership interests in subsidiaries without change of control Transactions with non-controlling interests that do not
result in loss of control are treated as equity transactions. The difference between the consideration and the shares' proportional share of the carrying amount of net assets in the subsidiary is charged to shareholders' equity in the parent company. Gain or loss on the sale to non-controlling interests is correspondingly charged to equity. When the Group ceases to have control, any retained interest in the entity is re-measured to its fair value at the date when control is lost, with the change in carrying amount recognised in profit or loss.
",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
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"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-429": {
"value": "Investments in associates and joint ventures are accounted for using the equity method in accordance with IAS 28 and IFRS 11 respectively. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor's share of the profit or loss of the investee after the date of acquisition. The Group's investment in associates and joint ventures includes goodwill (net of any accumulated impairment loss) identified on acquisition. The Group's share of post-acquisition profit or loss is recognised in the income statement, and its share of post-acquisition movements in other comprehensive income is recognised in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. Unrealised gains on transactions with associates and joint ventures are
NOTE 4 Associated companies and investments in joint ventures Set out below are the major joint venture and associates of the Group as of 31.12. In joint venture enterprises, two shareholders each own half of the shares, while in associated companies there are several shareholders owning shares. The amounts recognised in the balance sheet 2025 2024 Associates 1,649 1,759 Joint venture 1,920 2,044 At 31.12. 3,569 3,803 Profit and loss recognised in the income statement Associates -47 161 Joint venture -3 212 At 31.12. -50 374 Company Ownership Business Country of incorporation Voting rights Measurement method 2025 Pelagia Holding AS group Joint venture Pelagic Norway 50.00% Equity method Norskott Havbruk AS group Associates Harvest Norway 50.00% Equity method Seistar Holding AS group Associates Wellboat Norway 50.00% Equity method 2024 Pelagia Holding AS group Joint venture Pelagic Norway 50.00% Equity method Norskott Havbruk AS group Associates Harvest Norway 50.00% Equity method Seistar Holding AS group Associates Wellboat Norway 50.00% Equity method
Set out below are the summarised financial information for the investments in associates considered material to the Group. Company Norskott Havbruk AS Group Seistar Holding AS Group Year-end 2025 2024 2025 2024 Income statement Revenue 3,191 4,403 468 321 Profit before tax -348 311 44 31 Of which fair value adjustment of biological assets -19 -10 0 0 Profit after tax -231 179 44 30 Other comprehensive income 0 0 0 0 Statement of financial position Total current assets 2,508 2,750 137 133 Total current liabilities -1,651 -1,594 -90 -104 Total non-current assets 3,824 3,819 1,504 1,543 Total non-current liabilities -2,497 -2,445 -1,001 -1,072 Net assets 2,184 2,529 550 500 Carrying amount in AUSS 1,125 1,296 290 271 Norskott Havbruk AS is a 50/50 joint venture with SalMar ASA, held through LSG. The joint venture owns Scottish Sea Farms Ltd, one of the largest salmon farming companies in the UK. The Group's share of the net loss from Norskott Havbruk AS amounted to MNOK -116 in 2025, compared to a profit of MNOK 90 in 2024. The loss was primarily driven by gill health related challenges in the second half of 2025, leading to increased mortality and reduced harvest volumes. Lower price realisation for the period further impacted profitability. Harvest volume was 32,791 GWT in 2025, with an EBIT/kg of NOK -3.9, compared to NOK 13.7/kg in 2024. Significant improvements are expected in 2026, with an expected harvest volume of 43,000 GWT.
Reconciliation of summarised financial information of companies recognised under the equity method. Information on material transactions It has not been any material transactions with joint ventures or associates in 2025. Pelagia Holding AS group Norskott Havbruk AS group*) Seistar Holding AS group Others Total 2024 At 01.01. 1,980 1,107 261 223 3,572 Share of profit/(loss) 212 90 14 58 374 Exchange differences 46 97 0 0 143 Dividends -200 0 -4 -32 -236 Other changes in equity 5 2 0 -57 -50 Carrying amount at 31.12. 2,044 1,296 272 192 3,803 2025 At 01.01. 2,044 1,296 272 192 3,803 Share of profit/(loss) -2 -116 25 44 -50 Exchange differences -11 -57 0 0 -68 Dividends -100 0 -5 0 -105 Other changes in equity -10 0 0 0 -11 Carrying amount at 31.12. 1,920 1,123 290 236 3,569
are accounted for using the equity method in accordance with IAS 28 and IFRS 11 respectively. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor's share of the profit or loss of the investee after the date of acquisition. The Group's investment in associates and joint ventures includes goodwill (net of any accumulated impairment loss) identified on acquisition. The Group's share of post-acquisition profit or loss is recognised in the income statement, and its share of post-acquisition movements in other comprehensive income is recognised in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. Unrealised gains on transactions with associates and joint ventures are
NOTE 4 Associated companies and investments in joint ventures Set out below are the major joint venture and associates of the Group as of 31.12. In joint venture enterprises, two shareholders each own half of the shares, while in associated companies there are several shareholders owning shares. The amounts recognised in the balance sheet 2025 2024 Associates 1,649 1,759 Joint venture 1,920 2,044 At 31.12. 3,569 3,803 Profit and loss recognised in the income statement Associates -47 161 Joint venture -3 212 At 31.12. -50 374 Company Ownership Business Country of incorporation Voting rights Measurement method 2025 Pelagia Holding AS group Joint venture Pelagic Norway 50.00% Equity method Norskott Havbruk AS group Associates Harvest Norway 50.00% Equity method Seistar Holding AS group Associates Wellboat Norway 50.00% Equity method 2024 Pelagia Holding AS group Joint venture Pelagic Norway 50.00% Equity method Norskott Havbruk AS group Associates Harvest Norway 50.00% Equity method Seistar Holding AS group Associates Wellboat Norway 50.00% Equity method
Set out below are the summarised financial information for the investments in associates considered material to the Group. Company Norskott Havbruk AS Group Seistar Holding AS Group Year-end 2025 2024 2025 2024 Income statement Revenue 3,191 4,403 468 321 Profit before tax -348 311 44 31 Of which fair value adjustment of biological assets -19 -10 0 0 Profit after tax -231 179 44 30 Other comprehensive income 0 0 0 0 Statement of financial position Total current assets 2,508 2,750 137 133 Total current liabilities -1,651 -1,594 -90 -104 Total non-current assets 3,824 3,819 1,504 1,543 Total non-current liabilities -2,497 -2,445 -1,001 -1,072 Net assets 2,184 2,529 550 500 Carrying amount in AUSS 1,125 1,296 290 271 Norskott Havbruk AS is a 50/50 joint venture with SalMar ASA, held through LSG. The joint venture owns Scottish Sea Farms Ltd, one of the largest salmon farming companies in the UK. The Group's share of the net loss from Norskott Havbruk AS amounted to MNOK -116 in 2025, compared to a profit of MNOK 90 in 2024. The loss was primarily driven by gill health related challenges in the second half of 2025, leading to increased mortality and reduced harvest volumes. Lower price realisation for the period further impacted profitability. Harvest volume was 32,791 GWT in 2025, with an EBIT/kg of NOK -3.9, compared to NOK 13.7/kg in 2024. Significant improvements are expected in 2026, with an expected harvest volume of 43,000 GWT.
Reconciliation of summarised financial information of companies recognised under the equity method. Information on material transactions It has not been any material transactions with joint ventures or associates in 2025. Pelagia Holding AS group Norskott Havbruk AS group*) Seistar Holding AS group Others Total 2024 At 01.01. 1,980 1,107 261 223 3,572 Share of profit/(loss) 212 90 14 58 374 Exchange differences 46 97 0 0 143 Dividends -200 0 -4 -32 -236 Other changes in equity 5 2 0 -57 -50 Carrying amount at 31.12. 2,044 1,296 272 192 3,803 2025 At 01.01. 2,044 1,296 272 192 3,803 Share of profit/(loss) -2 -116 25 44 -50 Exchange differences -11 -57 0 0 -68 Dividends -100 0 -5 0 -105 Other changes in equity -10 0 0 0 -11 Carrying amount at 31.12. 1,920 1,123 290 236 3,569
are accounted for using the equity method in accordance with IAS 28 and IFRS 11 respectively. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor's share of the profit or loss of the investee after the date of acquisition. The Group's investment in associates and joint ventures includes goodwill (net of any accumulated impairment loss) identified on acquisition. The Group's share of post-acquisition profit or loss is recognised in the income statement, and its share of post-acquisition movements in other comprehensive income is recognised in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. Unrealised gains on transactions with associates and joint ventures are
are accounted for using the equity method in accordance with IAS 28 and IFRS 11 respectively. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor's share of the profit or loss of the investee after the date of acquisition. The Group's investment in associates and joint ventures includes goodwill (net of any accumulated impairment loss) identified on acquisition. The Group's share of post-acquisition profit or loss is recognised in the income statement, and its share of post-acquisition movements in other comprehensive income is recognised in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. Unrealised gains on transactions with associates and joint ventures are
are accounted for using the equity method in accordance with IAS 28 and IFRS 11 respectively. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor's share of the profit or loss of the investee after the date of acquisition. The Group's investment in associates and joint ventures includes goodwill (net of any accumulated impairment loss) identified on acquisition. The Group's share of post-acquisition profit or loss is recognised in the income statement, and its share of post-acquisition movements in other comprehensive income is recognised in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. Unrealised gains on transactions with associates and joint ventures are
eliminated to the extent of the Group's intereON NOTE 4 Associated companies and investments in joint ventures Set out below are the major joint venture and associates of the Group as of 31.12. In joint venture enterprises, two shareholders each own half of the shares, while in associated companies there are several shareholders owning shares. The amounts recognised in the balance sheet 2025 2024 Associates 1,649 1,759 Joint venture 1,920 2,044 At 31.12. 3,569 3,803 Profit and loss recognised in the income statement Associates -47 161 Joint venture -3 212 At 31.12. -50 374 Company Ownership Business Country of incorporation Voting rights Measurement method 2025 Pelagia Holding AS group Joint venture Pelagic Norway 50.00% Equity method Norskott Havbruk AS group Associates Harvest Norway 50.00% Equity method Seistar Holding AS group Associates Wellboat Norway 50.00% Equity method 2024 Pelagia Holding AS group Joint venture Pelagic Norway 50.00% Equity method Norskott Havbruk AS group Associates Harvest Norway 50.00% Equity method Seistar Holding AS group Associates Wellboat Norway 50.00% Equity method
Set out below are the summarised financial information for the investments in associates considered material to the Group. Company Norskott Havbruk AS Group Seistar Holding AS Group Year-end 2025 2024 2025 2024 Income statement Revenue 3,191 4,403 468 321 Profit before tax -348 311 44 31 Of which fair value adjustment of biological assets -19 -10 0 0 Profit after tax -231 179 44 30 Other comprehensive income 0 0 0 0 Statement of financial position Total current assets 2,508 2,750 137 133 Total current liabilities -1,651 -1,594 -90 -104 Total non-current assets 3,824 3,819 1,504 1,543 Total non-current liabilities -2,497 -2,445 -1,001 -1,072 Net assets 2,184 2,529 550 500 Carrying amount in AUSS 1,125 1,296 290 271 Norskott Havbruk AS is a 50/50 joint venture with SalMar ASA, held through LSG. The joint venture owns Scottish Sea Farms Ltd, one of the largest salmon farming companies in the UK. The Group's share of the net loss from Norskott Havbruk AS amounted to MNOK -116 in 2025, compared to a profit of MNOK 90 in 2024. The loss was primarily driven by gill health related challenges in the second half of 2025, leading to increased mortality and reduced harvest volumes. Lower price realisation for the period further impacted profitability. Harvest volume was 32,791 GWT in 2025, with an EBIT/kg of NOK -3.9, compared to NOK 13.7/kg in 2024. Significant improvements are expected in 2026, with an expected harvest volume of 43,000 GWT.
Reconciliation of summarised financial information of companies recognised under the equity method. Information on material transactions It has not been any material transactions with joint ventures or associates in 2025. Pelagia Holding AS group Norskott Havbruk AS group*) Seistar Holding AS group Others Total 2024 At 01.01. 1,980 1,107 261 223 3,572 Share of profit/(loss) 212 90 14 58 374 Exchange differences 46 97 0 0 143 Dividends -200 0 -4 -32 -236 Other changes in equity 5 2 0 -57 -50 Carrying amount at 31.12. 2,044 1,296 272 192 3,803 2025 At 01.01. 2,044 1,296 272 192 3,803 Share of profit/(loss) -2 -116 25 44 -50 Exchange differences -11 -57 0 0 -68 Dividends -100 0 -5 0 -105 Other changes in equity -10 0 0 0 -11 Carrying amount at 31.12. 1,920 1,123 290 236 3,569
are accounted for using the equity method in accordance with IAS 28 and IFRS 11 respectively. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor's share of the profit or loss of the investee after the date of acquisition. The Group's investment in associates and joint ventures includes goodwill (net of any accumulated impairment loss) identified on acquisition. The Group's share of post-acquisition profit or loss is recognised in the income statement, and its share of post-acquisition movements in other comprehensive income is recognised in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. Unrealised gains on transactions with associates and joint ventures are
eliminated to the extent of the Group's intere",
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"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-426": {
"value": "RTING Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker (CODM), identified as the board of directors. The Group has identified its reportable segments based on the nature of its operations: Ler\u00f8y Seafood Group ASA (LSG), Kobbevik og Furuholmen Oppdrett AS (KFO), Austral Group S.A.A. (Austral), FoodCorp Chile S.A. (FC), Br. Birkeland AS (BRBI) and Other/eliminations. See Note 3 for further information.
N NOTE 3 Segment information OPERATING SEGMENTS The Board of Directors is the Group's chief operating decision-maker. Management has determined the operating segment based on the information reviewed by the Board of Directors. The Board of Directors considers the business from a company perspective. Several of the larger companies controlled by AUSS are separately listed companies, and as such naturally reviewed on a consolidated basis. LER\u00d8Y SEAFOOD GROUP ASA Ler\u00f8y Seafood Group ASA (LSG) is a Norwegian public company listed on the Oslo Stock Exchange. LSG group is involved in fish farming (salmon and trout), fishery of whitefish and VAP of salmon, trout and whitefish, and sale and distribution of different fish species and processed fish products. AUSTRAL GROUP S.A.A. - PERU Austral Group S.A.A. (Austral) is a Peruvian public company listed on the Peru Stock Exchange. Austral is engaged in the production of fishmeal, fish oil and frozen fish. From its fishing vessels to the finished products produced in the four fishmeal/oil factories in Coishco, Chancay, Pisco and Ilo respectively, Austral is a truly integrated system. FOODCORP CHILE S.A. - CHILE FoodCorp Chile S.A. (FC) is a Chilean private company within the pelagic sector. The company is located in Coronel and is a truly integrated system engaged in production of frozen fish, fishmeal and fish oil. The company holds a fleet of four modern purse-seiner vessels. BR. BIRKELAND AS (RENAMED BJ\u00c5NES\u00d8Y EIENDOM AS FROM 9 FEBRUARY 2026) Br. Birkeland AS (BRBI) is a privately held real estate company that was previously also engaged in fishing activities. Following the requirements of the Norwegian Participation Act (Norwegian: Deltakerloven), the company divested its remaining fishing operations (snow crab) in Q4 of 2025 through a demerger of its shares in Opilio AS. The demerger was completed on 30 December 2025. As a result, AUSS now only holds shares in Br. Birkeland AS, which has been renamed Bj\u00e5nes\u00f8y Eiendom AS. Due to the limited level of activity, this segment will be reported under \u201cOther\u201d from 2026 onwards. KOBBEVIK OG FURUHOLMEN OPPDRETT AS Kobbevik og Furuholmen Oppdrett AS (KFO) is a private company within the farming segment, holding seven licences in western Norway. PELAGIA HOLDING AS Pelagia Holding AS (Pelagia) is a private company within the pelagic sector. Pelagia is engaged in production of fishmeal, fish oil, Omega-3 oil, frozen fish for direct human consumption and protein concentrate and oil based on cuttings from the salmon industry, whitefish industry and pelagic cuttings in Norway, UK and Ireland. Pelagia is jointly owned with Kvefi AS, and is accounted for as a joint venture. OTHER/ELIMINATION Austevoll Seafood ASA (parent company), Austevoll Eiendom AS and AUSS Shared Service AS are not included in any of the operating segments. Unrealised gains on sales between the operating segments, which are eliminated in the consolidated financial statements, are also presented as other/elimination. Pelagia is proportionately consolidated in the segment reporting, whereas the equity method is used in the consolidated financial statements. The column Other/ elimination therefore mainly comprises elimination of
figures fNOTE 3 cont. Segment information 2024 LSG Austral Group FoodCorp Chile Br. Birkeland KFO Pelagia Holding 50% Other/ elim. Group Other operating income 31,020 2,244 1,249 214 630 7,472 -7,462 35,365 Inter-segment sales 105 0 0 16 238 0 -357 1 Other gains and losses -4 -6 12 1,855 9 0 -587 1,280 Total segment income 31,120 2,238 1,261 2,084 876 7,472 -8,406 36,645 Operating expenses -26,737 -1,441 -951 -191 -579 -6,818 7,146 -29,572 Operating profit before depreciation, amortisation, impairment and fair value adjust- ment of biological assets 4,383 797 310 1,893 297 654 -1,260 7,074 Depreciation and amortisation -1,652 -235 -55 -47 -67 -215 207 -2,065 Impairment/reversal of impairment *) -59 1 3 0 0 0 0 -54 Operating profit before fair value adjustment of biological assets 2,672 563 258 1,847 230 439 -1,053 4,955 Income from associates 107 0 0 10 44 0 212 374 Fair value adjustment of biological assets 292 0 0 0 45 0 0 337 Operating profit 3,071 563 258 1,857 320 439 -841 5,665 Financial income 208 445 12 26 16 0 51 761 Financial expenses -725 -543 -15 -9 -21 -157 68 -1,403 Profit before tax 2,554 465 254 1,875 314 282 -721 5,022 Tax 139 -141 -68 -5 -101 -57 101 -133 Profit for the year 2,693 324 186 1,870 213 226 -620 4,890 Attributable to non-controlling interests 1,285 32 0 1,067 96 0 -336 2,144 Attributable to shareholders in Austevoll Seafood ASA 1,409 292 186 803 117 212 -275 2,745 Share of dividend recognised in the parent company, Austevoll Seafood ASA 785 0 21 754 0 200 78 1,838 * For further information on impairments, see Notes 10 and 11
CONTENT
AUSTEVOLL SEAFOODNOTE 3 cont. Segment information Revenue is allocated based on the customer`s country/destination for shipment of sold goods. Non-current assets Total investments in non-current assets Segment 2025 2024 2025 2024 Ler\u00f8y Seafood Group ASA 23,545 23,520 1,605 1,872 Pelagia Holding AS IA IA IA IA Br. Birkeland AS 269 269 45 17 Kobbevik og Furuholmen Oppdrett AS 783 717 55 52 Other 2,437 2,591 1 29 Total for Norway 27,035 27,097 1,707 1,970 Austral Group S.A.A. - Peru 2,901 2,821 403 219 FoodCorp Chile S.A. - Chile 1,219 1,217 173 91 Total 31,154 31,135 2,283 2,280 Associates and joint venture Total liabilities Segment 2025 2024 2025 2024 Ler\u00f8y Seafood Group ASA 1,447 1,598 20,748 21,641 Pelagia Holding AS 1,920 2,044 IA IA Br. Birkeland AS 0 1 11 92 Kobbevik og Furuholmen Oppdrett AS 200 158 621 717 Other 0 0 1,253 1,236 Total for Norway 3,567 3,801 22,633 23,686 Austral Group S.A.A. - Peru 2 2 1,994 1,861 FoodCorp Chile S.A. - Chile 0 0 602 421 Total 3,569 3,803 25,229 25,968 Revenue by geographic area 2025 % 2024 % EU 18,360 47 16,536 47 Asia 7,338 19 6,663 19 Norway 6,628 17 6,524 18 Rest of Europe 2,533 6 1,866 5 USA 1,991 5 1,553 4 Africa 964 2 838 2 South America 859 2 721 2 Canada 312 1 384 1 Other 320 1 281 1 Total 39,306 100 35,366 100
",
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"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-396": {
"value": "RTING Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker (CODM), identified as the board of directors. The Group has identified its reportable segments based on the nature of its operations: Ler\u00f8y Seafood Group ASA (LSG), Kobbevik og Furuholmen Oppdrett AS (KFO), Austral Group S.A.A. (Austral), FoodCorp Chile S.A. (FC), Br. Birkeland AS (BRBI) and Other/eliminations. See Note 3 for further information.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-452": {
"value": "FOREIGN CURRENCY TRANSLATION Functional and presentation currency Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in Norwegian Kroner (NOK), which is the parent company's functional and presentation currency.
Transactions and balances Foreign currency transactions are translated using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the closing rate at the date of the reporting period. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities are recognised in profit or loss, except when deferred in other comprehensive income as qualifying cash flow hedges and qualifying net investment hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented within finance income or costs. All other foreign exchange gains and losses are presented within other gains/losses. Group companies The results and financial position of all Group entities that have a functional currency different from the presentation currency are translated as follows: assets and liabilities are translated at the closing rate at the date of the reporting period, income and expenses are translated at average exchange rates and all resulting exchange differences are recognised in other comprehensive income. On disposal of a foreign operation, exchange differences previously recognised in equity are reclassified to profit or loss. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. (i) Foreign currency risk The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the USD, EUR, CLP and PEN. Foreign exchange risk arises from future commercial transactions, recognised assets and liabilities and net investments in foreign operations. To manage their foreign exchange risk arising, entities in the Group use forward contracts in addition to withdrawals and deposits on multicurrency accounts. Changes in exchange rates that affects accounts receivable, other receivables, and liabilities nominated in other currencies than the entities functional currency will have a direct effect on the Group\u2019s income statement as per year end. At 31.12.2025, if NOK had weakened/strengthened by 10% against the USD with all other variables held constant, before-tax profit for the year would have been MNOK 63 higher/lower. The sensitivity is calculated based on foreign exchange gains/losses on translation of USD denominated trade receivables and other receivables, trade payables, cash in bank and interest-bearing debt. At 31.12.2025, if NOK had weakened/strengthened by 10% against the EUR with all other variables held constant, before-tax profit for the year would have been MNOK 116 higher/lower. The sensitivity is calculated based on foreign exchange gains/losses on translation of EUR denominated trade receivables and other receivables, trade payables, cash in bank and interest-bearing debt. Corresponding changes in exchange rates at year end of other currencies are not considered to have any material effect on the post-tax profit for the Group.
",
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"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-397": {
"value": "FOREIGN CURRENCY TRANSLATION Functional and presentation currency Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in Norwegian Kroner (NOK), which is the parent company's functional and presentation currency.
Transactions and balances Foreign currency transactions are translated using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the closing rate at the date of the reporting period. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities are recognised in profit or loss, except when deferred in other comprehensive income as qualifying cash flow hedges and qualifying net investment hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented within finance income or costs. All other foreign exchange gains and losses are presented within other gains/losses. Group companies The results and financial position of all Group entities that have a functional currency different from the presentation currency are translated as follows: assets and liabilities are translated at the closing rate at the date of the reporting period, income and expenses are translated at average exchange rates and all resulting exchange differences are recognised in other comprehensive income. On disposal of a foreign operation, exchange differences previously recognised in equity are reclassified to profit or loss. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-398": {
"value": "Functional and presentation currency Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in Norwegian Kroner (NOK), which is the parent company's functional and presentation currency.
",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"mtpnn11": {
"value": "REVENUE RECOGNITION Revenue from contracts with customers is recognised when control of goods is transferred to the customer in accordance with IFRS 15. The Group's revenue is derived from the sale of seafood products across its operating segments, including whole and processed salmon and trout, whitefish, pelagic fish, shellfish, fishmeal, fish oil, protein concentrate and frozen consumer products. Revenue is measured at the transaction price, being the amount of consideration to which the Group expects to be entitled in exchange for transferring goods, net of VAT, returns, rebates and discounts, and after eliminating sales within the Group. For the majority of the Group's sales, the performance obligation is satisfied at a point in time, when control of the goods is transferred to the customer at the point of delivery. The Group invoices the agreed transaction price upon delivery, with payment typically due within 30\u201360 days. Expected volume discounts are deducted from revenue and presented as current provisions. Provisions for quality deviations and returns are based on historical data and specific information about individual deliveries. The Group does not provide material warranties on its products, nor do its contracts contain significant financing components.
figures from Pelagia. Operating revenue 2025 2024 Sale of goods and services 39,306 35,362 Lease income 0 2 Other operating revenue 0 1 Total 39,306 35,366 Other gains and losses Gain(+)/loss(-) from disposal of fixed assets 14 12 Gain(+)/loss(-) from termination of leases (disposal RoU-assets) 0 1 Gain(+)/loss(-) from disposal of intangibles 0 6 Gain(+)/loss(-) from changes in shares in associated companies 30 1,277 Total 44 1,295 Gain(+)/loss(-) from changes in shares in associated companies Gain(+)/loss(-) from disposal of shares in associated companies 0 -16 Total 0 -16
2025 LSG Austral Group FoodCorp Chile Br. Birkeland KFO Pelagia Holding 50% Other/ elim. Group Other operating income 34,342 2,829 1,455 214 455 6,722 -6,712 39,306 Inter-segment sales 21 0 0 3 176 0 -199 1 Other gains and losses 46 -4 1 0 3 0 -2 44 Total segment income 34,409 2,825 1,456 217 634 6,722 -6,913 39,350 Operating expenses -30,225 -2,360 -1,134 -173 -536 -6,299 6,432 -34,295 Operating profit before depreciation, amortisation, impairment and fair value adjust- ment of biological assets 4,184 466 322 43 98 423 -481 5,054 Depreciation and amortisation -1,908 -242 -59 -20 -50 -249 245 -2,281 Impairment/reversal of impairment *) -55 1 1 25 0 0 0 -28 Operating profit before fair value adjustment of biological assets 2,221 224 264 48 48 175 -237 2,745 Income from associates -89 0 0 0 42 0 -3 -50 Fair value adjustment of biological assets -1,162 0 0 0 -45 0 0 -1,207 Operating profit 970 224 264 48 46 175 -239 1,488 Financial income 145 588 12 18 13 0 83 859 Financial expenses -815 -563 -19 -10 -19 -184 115 -1,495 Profit before tax 300 249 258 57 39 -9 -41 851 Tax 67 -85 -71 -12 11 15 -87 -163 Profit for the year 367 164 187 44 50 6 -128 688 Attributable to non-controlling interests 174 17 0 25 22 0 0 239 Attributable to shareholders in Austevoll Seafood ASA 193 147 187 19 27 6 -128 449 Share of dividend recognised in the parent company, Austevoll Seafood ASA 785 0 27 22 28 100 78 1,039 * For further information on impairments, see Notes 10 and 11 Pelagia Holding AS (50 %) is a joint venture accounted for using the equity method (see Note 4). The Pelagia column is presented as supplementary information and is not included in the consolidated figures.
2024 LSG Austral Group FoodCorp Chile Br. Birkeland KFO Pelagia Holding 50% Other/ elim. Group Other operating income 31,020 2,244 1,249 214 630 7,472 -7,462 35,365 Inter-segment sales 105 0 0 16 238 0 -357 1 Other gains and losses -4 -6 12 1,855 9 0 -587 1,280 Total segment income 31,120 2,238 1,261 2,084 876 7,472 -8,406 36,645 Operating expenses -26,737 -1,441 -951 -191 -579 -6,818 7,146 -29,572 Operating profit before depreciation, amortisation, impairment and fair value adjust- ment of biological assets 4,383 797 310 1,893 297 654 -1,260 7,074 Depreciation and amortisation -1,652 -235 -55 -47 -67 -215 207 -2,065 Impairment/reversal of impairment *) -59 1 3 0 0 0 0 -54 Operating profit before fair value adjustment of biological assets 2,672 563 258 1,847 230 439 -1,053 4,955 Income from associates 107 0 0 10 44 0 212 374 Fair value adjustment of biological assets 292 0 0 0 45 0 0 337 Operating profit 3,071 563 258 1,857 320 439 -841 5,665 Financial income 208 445 12 26 16 0 51 761 Financial expenses -725 -543 -15 -9 -21 -157 68 -1,403 Profit before tax 2,554 465 254 1,875 314 282 -721 5,022 Tax 139 -141 -68 -5 -101 -57 101 -133 Profit for the year 2,693 324 186 1,870 213 226 -620 4,890 Attributable to non-controlling interests 1,285 32 0 1,067 96 0 -336 2,144 Attributable to shareholders in Austevoll Seafood ASA 1,409 292 186 803 117 212 -275 2,745 Share of dividend recognised in the parent company, Austevoll Seafood ASA 785 0 21 754 0 200 78 1,838 * For further information on impairments, see Notes 10 and 11
Revenue is allocated based on the customer`s country/destination for shipment of sold goods. Non-current assets Total investments in non-current assets Segment 2025 2024 2025 2024 Ler\u00f8y Seafood Group ASA 23,545 23,520 1,605 1,872 Pelagia Holding AS IA IA IA IA Br. Birkeland AS 269 269 45 17 Kobbevik og Furuholmen Oppdrett AS 783 717 55 52 Other 2,437 2,591 1 29 Total for Norway 27,035 27,097 1,707 1,970 Austral Group S.A.A. - Peru 2,901 2,821 403 219 FoodCorp Chile S.A. - Chile 1,219 1,217 173 91 Total 31,154 31,135 2,283 2,280 Associates and joint venture Total liabilities Segment 2025 2024 2025 2024 Ler\u00f8y Seafood Group ASA 1,447 1,598 20,748 21,641 Pelagia Holding AS 1,920 2,044 IA IA Br. Birkeland AS 0 1 11 92 Kobbevik og Furuholmen Oppdrett AS 200 158 621 717 Other 0 0 1,253 1,236 Total for Norway 3,567 3,801 22,633 23,686 Austral Group S.A.A. - Peru 2 2 1,994 1,861 FoodCorp Chile S.A. - Chile 0 0 602 421 Total 3,569 3,803 25,229 25,968 Revenue by geographic area 2025 % 2024 % EU 18,360 47 16,536 47 Asia 7,338 19 6,663 19 Norway 6,628 17 6,524 18 Rest of Europe 2,533 6 1,866 5 USA 1,991 5 1,553 4 Africa 964 2 838 2 South America 859 2 721 2 Canada 312 1 384 1 Other 320 1 281 1 Total 39,306 100 35,366 100
Set out below are the major joint venture and associates of the Group as of 31.12. In joint venture enterprises, two shareholders each own half of the shares, while in associated companies there are several shareholders owning shares. The amounts recognised in the balance sheet 2025 2024 Associates 1,649 1,759 Joint venture 1,920 2,044 At 31.12. 3,569 3,803 Profit and loss recognised in the income statement Associates -47 161 Joint venture -3 212 At 31.12. -50 374 Company Ownership Business Country of incorporation Voting rights Measurement method 2025 Pelagia Holding AS group Joint venture Pelagic Norway 50.00% Equity method Norskott Havbruk AS group Associates Harvest Norway 50.00% Equity method Seistar Holding AS group Associates Wellboat Norway 50.00% Equity method 2024 Pelagia Holding AS group Joint venture Pelagic Norway 50.00% Equity method Norskott Havbruk AS group Associates Harvest Norway 50.00% Equity method Seistar Holding AS group Associates Wellboat Norway 50.00% Equity method
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"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-399": {
"value": "REVENUE RECOGNITION Revenue from contracts with customers is recognised when control of goods is transferred to the customer in accordance with IFRS 15. The Group's revenue is derived from the sale of seafood products across its operating segments, including whole and processed salmon and trout, whitefish, pelagic fish, shellfish, fishmeal, fish oil, protein concentrate and frozen consumer products. Revenue is measured at the transaction price, being the amount of consideration to which the Group expects to be entitled in exchange for transferring goods, net of VAT, returns, rebates and discounts, and after eliminating sales within the Group. For the majority of the Group's sales, the performance obligation is satisfied at a point in time, when control of the goods is transferred to the customer at the point of delivery. The Group invoices the agreed transaction price upon delivery, with payment typically due within 30\u201360 days. Expected volume discounts are deducted from revenue and presented as current provisions. Provisions for quality deviations and returns are based on historical data and specific information about individual deliveries. The Group does not provide material warranties on its products, nor do its contracts contain significant financing components.
",
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"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-441": {
"value": "GOODWILL Goodwill arises on the acquisition of subsidiaries and represents the excess of the aggregate of the consideration transferred, the amount of any non- controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree, over the fair value of the identifiable net assets acquired. Goodwill is recognised in accordance with IFRS 3 and is not amortised but is tested for impairment annually, or more frequently when indicators of impairment arise, at the cash-generating unit or group of cash- generating units level consistent with the operating segment level. See Note 10 for further information. Any impairment of goodwill is recognised immediately in profit or loss and is not subsequently reversed.
INTANGIBLE ASSETS \u2013 LICENCES AND BRANDS Licences All licences and quotas are distributed by respective governmental bodies. Licences related to fish farming and fishing quotas are recognised in accordance with IAS 38 and carried at cost less accumulated impairment. These are assessed to have indefinite useful lives and are accordingly not amortised, but tested for impairment at least annually. The indefinite useful life assessment reflects that the licences are expected to contribute to the Group's cash flows for an indefinite period, subject to regulatory conditions. Licences and quotas remain subject to each country's fishing and fish farming quota regulations. See Note 10 for further information. Brands Brands acquired as part of a business combination are recognised at fair value at the date of acquisition. Brands assessed to have indefinite useful lives are not amortised but reviewed for impairment at least annually. The useful life assessment is reviewed each period to determine whether events and circumstances continue to support the indefinite useful life classification. Intangible assets with definite useful lives are amortised on a straight-line basis over their expected useful life and reviewed for impairment when indicators arise.
NOTE 10 Intangible assets 2024 Goodwill Licences, fish farming, Norway Licences, whitefish and pelagic fisheries, Norway Licences, pelagic fisher- ies, South America Brands Total Per 01.01. Acquisition cost 2,435 4,668 3,928 1,486 50 12,568 Accumulated depreciation and amortisation 0 -388 -367 -70 0 -824 Accumulated impairment -141 -79 0 -21 0 -241 Carrying amount at 01.01. 2,294 4,202 3,562 1,396 50 11,504 Carrying amount at 01.01. 2,436 4,115 4,112 1,289 50 12,002 Exchange differences 59 -3 30 110 0 195 Business combinations -18 0 0 0 0 -18 Additions for the year 0 151 0 0 0 151 Disposals for the year -169 0 -550 0 0 -720 Depreciation and amortisation 0 -2 -29 -2 0 -32 Impairment/reversal of impairment -13 -60 0 0 0 -74 Carrying amount at 31.12. 2,294 4,202 3,563 1,398 50 11,504 Per 31.12. Acquisition cost 2,435 4,898 3,698 1,486 50 12,568 Accumulated depreciation and amortisation 0 -388 -367 -70 0 -824 Accumulated impairment -141 -79 0 -21 0 -241 Carrying amount at 31.12. 2,294 4,431 3,333 1,396 50 11,504 - of which assets with indefinite lives 2,294 4,431 3,047 1,396 50 11,218 - of which assets with definite lives 0 0 286 0 0 286
Included in licences fishfarming above is a privilege for utilisation of waterfalls with definite useful lives.
CASH-GENERATING UNITS (CGU) Each operating segment in the AUSS Group is classified as one group of CGUs in order to allow for the distribution of goodwill for impairment testing. Goodwill and intangible assets with an indefinite useful life are not amortised, but shall be tested for impairment at least once a year \u2013 or when there are indications of impairment \u2013 and written down if their value can no longer be justified. Useful life is utilised as a main rule when establishing recoverable amount. Useful life is estimated as the present value of future cash flows. The present value is compared with the book value per CGU or group of CGUs. The present value estimate is based on the budget for the next year and the estimated profit/loss over the next four years. A terminal value is estimated for the period following the next five years. The Gordon growth model is applied to estimate terminal value. Goodwill and intangible assets with indefinite useful life (which is not depreciated) is distributed on the different groups as follows: 2025 Goodwill Licences, fish farming, Norway Licences, whitefish and pelagic fisheries, Norway Licences, pelagic fisher- ies, South America Brands Total Carrying amount at 01.01. 2,294 4,431 3,333 1,396 50 11,504 Exchange differences -15 0 0 -99 0 -114 Business combinations 55 0 0 0 0 55 Additions for the year 0 22 0 0 0 22 Disposals for the year 0 0 -3 0 0 -3 Depreciation and amortisation 0 -4 -29 -1 0 -33 Impairment/reversal of impairment 0 -55 0 0 0 -55 Carrying amount at 31.12. 2,334 4,394 3,301 1,297 50 11,376 Acquisition cost 2,476 4,946 3,695 1,387 50 12,554 Accumulated depreciation and amortisation 0 -416 -396 -70 0 -882 Accumulated impairment -141 -134 0 -21 0 -296 Carrying amount at 31.12. 2,334 4,395 3,301 1,296 50 11,376 - of which assets with indefinite lives 2,334 4,395 3,044 1,296 50 11,119 - of which assets with definite lives 0 0 257 0 0 257
Carrying amount of intangible assets per CGU Goodwill Licences Brands Total Ler\u00f8y Seafood Group ASA 1,987 7,463 50 9,500 Br. Birkeland AS 0 0 0 0 Kobbevik og Furuholmen Oppdrett AS 21 174 0 195 Austral Group S.A.A. 325 954 0 1,279 FoodCorp Chile S.A. 0 401 0 401 Total 2,334 8,992 50 11,376 LER\u00d8Y SEAFOOD GROUP ASA (LSG) LSG is a fully-integrated seafood company and comprises the entire value chain, from roe, fry, smolt, farming of Atlantic salmon and trout, catching whitefish and processing to sales and distribution. Goodwill linked to LSG is measured at operating segment level, which is LSG as a whole. The impairment test for goodwill uses equivalent assumptions to the impairment tests for non- amortisable licences in the Farming segment and for whitefish licences. (See also further discussion below.) No reasonable changes in the assumptions would lead to write-down of goodwill. LSG has following fish farming licences; 31 licences in the North of Norway (incl. slaughter cage-, parent fish-, demonstration- and teaching licences), 59.5 licences (incl. slaughter cage, parent fish-, demonstration- and teaching licences) in Central Norway and 63 (incl. slaughter cage, parent fish-, green farming-, demonstration- and teaching licences) in West Norway. LSG group has also 18 licences for juvenile fish and 4 licences for cleaner fish, and licences to cultivate seaweed in connection with localities for production of salmon. The following rates are applied for tests of possible impairment: discount rate (WACC) after tax of 7.1%, and a nominal rate of 2.0%. LSG's impairment tests did not produce grounds for write-down of goodwill or intangible assets with an indefinite useful life in 2025 and 2024. The 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%. Within aquaculture, historically up to 2012, the Group has experienced a significant production growth per licence in Norway. Since 2012 and until today the growth has been low. The model is based on an assumption of 2% growth in volume produced. The licences in this segment are owned by the sub- group, Havfisk (vessel owning subsidiaries). The licences are governed by an obligation to supply products to the regions where the licences are located, i.e. Troms og 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. Havfisk is also subject to a so-called \u201cindustrial obligation\u201d (obligation to keep the business going) in Stamsund, Melbu, Hammerfest, B\u00e5tsfjord, Honningsv\u00e5g and Kj\u00f8llefjord. This implies that the licence is linked to operation of the facilities in the respective locations. Havfisk has however leased out the facilities in these locations. The lessee is LNWS (group). The lessee is responsible for sustaining operations. If the lessee terminates operations, the licence terms oblige Havfisk to sustain operations in the specified locations. At the end of the financial year, the Ler\u00f8y 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 \u201cre-allocation\u201d. In 2025 (2024), one cod licence entitled the holder to fish for 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 licence volumes after re-allocations for 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 both haddock and saithe was increased and some quotas were re-allocated for these species. The shrimp and greater silver licences have no limit in terms of volume. 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\u2019 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. 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. Havfisk \u2013 and LNWS to a limited extent \u2013 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 (the Norwegian Participation Act). Havfisk has been given an exemption from the requirement stating that the controlling interest must be an active fisherman. The Norwegian Participation 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\u2019 approval of LSG's acquisition of the majority shareholding in Havfisk was granted on the basis of LSG\u2019s ownership on the date of the approval. The approval also states that no new applications are required for future changes in ownership of Havfisk , LSG and AUSS provided that LSG continues to own minimum 60% of the shares in Havfisk and that AUSS continues to own minimum 50% of the shares in LSG. 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 AUSS. 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 Norwegian Participation Act. Pursuant to the nationality requirement in section 5 of the Norwegian Participation Act, operating permits can only be granted to parties that are Norwegian citizens or have status that equals Norwegian citizenship. According to the second paragraph letra a) of the provision, 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. Havfisk, LSG and AUSS 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 Havfisk losing its licence rights. BR. BIRKELAND AS (BRBI) Following the requirements of the Norwegian Participation Act (Norwegian: Deltakerloven), the company divested its remaining fishing operations (snow crab) in the fourth quarter of 2025 through a demerger of its shares in Opilio AS. The demerger was completed on 30 December 2025. As a result, AUSS now only holds shares in Br. Birkeland AS, which has been renamed Bj\u00e5nes\u00f8y Eiendom AS. Due to the limited level of activity, this segment will be reported under \u201cOther\u201d going forward. KOBBEVIK OG FURUHOLMEN OPPDRETT AS (KFO) The KFO Group owns seven licences for farming Atlantic salmon in western Norway. The current maximum allowed biomass (MAB) is 4,700 tonnes, whereas the original capacity is 5,460 tonnes. The 760-tonne difference is a temporary reduction due to the Norwegian traffic light system in production area 3 and 4. AUSS owns 55.2% of KFO\u2019s shares. A post-tax discount rate (WACC) of 9%, insignificant growth in volume produced and a long-term growth rate of 2% are applied when testing for possible impairment of farming licences. KFO\u2019s impairment tests, which incorporate risks and opportunities within environmental sustainability, did not give grounds for write-down of goodwill or intangible assets with an indefinite useful life in either 2025 or 2024. The management's calculations regarding farming licences are robust in the face of reasonable changes in conditions in the future. AUSTRAL GROUP S.A.A. (AUSTRAL) Austral is a fully-integrated fishing company involved in catches, processing and sales. Austral has fishing rights for anchoveta and horse mackerel/mackerel in Peru. The company\u2019s anchoveta quota represents just under 7% of the total quota in Central/North Peru, and just under 4% of the quota in South Peru. Austral's product range comprises fishmeal and fish oil, and fresh and frozen consumer products. Austral's operations are based on wild-caught fish, and the company would not be able to sustain the long-term values generated by its licences without sustainable management of resources. Moreover, natural weather phenomena (El Ni\u00f1o/La Ni\u00f1a) will have an impact on conditions at sea and may cause periodic, short-term fluctuations in biomass and quota levels from year to year. There are two main seasons for anchoveta \u2013 the first from April to July and the second from November to January. Resource management is handled by Instituto del Mar de Peru (IMARPE). Prior to each fishing season, IMARPE undertakes exploratory voyages and recommends quota levels on the basis of its biomass measurements. The tests for impairment apply cash flows after tax and an equivalent post-tax discount rate (WACC) of 8.9%, a nominal growth rate of 2% and expected inflation of 2%. The model uses projected prices for
the products, based on the OECD-FAO Agricultural Outlook 2025-2035 report. The model applies current cost levels, adjusted for growth. The model assumes a total anchoveta quota of 4.8 million tonnes, split between 4.5 million tonnes in Central/North Peru and 0.3 million tonnes in South Peru. The figure below shows the historical development in the estimated anchoveta biomass and associated TAC split by seasons the last five years. From 2008 to 2022, the total volume caught in Central/ North and South Peru averaged just over 4.3 million tonnes, ranging from an annual catch of 6.1 million tonnes (2018) to 2.2 million tonnes (2014). The volume caught in 2023 was severely impacted by El Ni\u00f1o and a cancellation of the second season, coming in at just under 2.0 million tonnes. In 2024, the catch levels displayed a positive development with at significant rebound to 4.7 million tonnes. Austral's impairment tests, which incorporate risks and opportunities within environmental sustainability did not give grounds for write-down of goodwill or intangible assets with an indefinite useful life in either 2025 or 2024. Using WACC and our best estimates of quota and catch in the terminal period, the tests show that the value remains intact in the face of reasonable changes in the realised prices of fishmeal and fish oil. The fishmeal and fish oil prices applied in the last explicit year of the model are USD 1,734 and 3,492, respectively. For comparison, the average price of fishmeal FOB Peru for all producers of fishmeal in Peru was USD 1,460 in 2025 and USD 1,686 in 2024 (source: SUNAT). 2 4 6 8 10 12 2nd 1st 2nd 1st 2nd 1st 2nd 1st 2nd 1st ANNUAL QUOTA AND BIOMASS (million tonnes) 2021 2022 2023 2024 2025 Biomass Quota
FOODCORP CHILE S.A. (FC) FC is a fully-integrated fishing company involved in catches, processing and sales. FC has fishing rights for horse mackerel, mackerel, sardines and anchoveta in Chile. In 2025 the company held 8.9% of the horse mackerel quota for the fleet group in Chile to which the company's vessels belong. FC produces frozen consumer products, as well as fishmeal and fish oil. FC's operations are based on wild-caught fish, and the company would not be able to sustain the long-term values generated by its licences without sustainable management of resources. Moreover, natural weather phenomena will have an impact on conditions at sea and may cause periodic, short-term fluctuations in biomass and, as a result, quota levels from year to year. Horse mackerel stocks in the southern Pacific have been heavily fished, and a common fish stock management scheme was not implemented until 2011. Fish stock management is now handled by the South Pacific Regional Fisheries Management Organisation (SPRFMO). Their work involves measurements and estimates of stock sizes that in turn provide the basis for specification of total quotas from year to year. Total quotas (TAC) were set for the first time in 2012, and at historically extremely low levels. In order to build up the biomass, the quotas in the following years increased only slightly. Conservative management meant that in the autumn of 2017 SPRFMO was able to report that the biomass had reached a sustainable level, and that the organization could therefore recommend a 17% increase in the quotas for 2018. The quotas increased by 15% yearly during 2020-2022. Further confirmation of the positive biomass status came with a 20% increase in quotas for 2023 and a 15% increase in 2024. For 2025 the quota has been increased by 25%. The tests for impairment apply cash flows after tax and an equivalent post-tax discount rate (WACC) of 8.6%, a nominal growth rate of 2%. The model uses projected prices for the products, based on the OECD-FAO Agricultural Outlook 2025-2035 report. The model applies current cost levels, adjusted for growth. The figure for volume of raw materials used in the model is based on a moderate further quota increase of 7.74% for 2026, 10% for 2027-2028, and 0% from 2029 onwards, including the terminal. The model assumes a total horse mackerel quota for Chile in the region of 1.34 million tonnes in the terminal period. Note that our starting point in 2026 was based on an expected increase from 2025 of 7.74%. Realised increase was 7.89% when the quota was finally concluded with no material effect on the terminal quota. The chart to the right shows the development in the Chilean quota from 2000 to 2026. FC\u2019s impairment tests, which incorporate risks and opportunities within environmental sustainability, did not give grounds for write-down of intangible assets with an indefinite useful life in either 2025 or 2024. Licence scheme in Norway The licence scheme for production of salmon and trout in Norway has been implemented by the Storting (the Norwegian Parliament) and adopted in the Norwegian Act relating to aquaculture (Aquaculture Act). The Ministry of Trade, Industry and Fisheries is responsible for allocation of aquaculture permits (licences). All activities involving aquaculture require a licence. It is prohibited to farm salmon/trout without a licence from the authorities, cf. section 4 of the Aquaculture Act. All licences are governed by the same regulations (current Aquaculture Act with provisions) irrespective of when the licence was allocated.
QUOTA OF JACK MACKEREL IN CHILE 2000-2026 (million tonnes) The 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. Principal terms for different types of 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. The Group has a sufficient number of localities (locality MAB) in the different regions to achieve a satisfactory exploitation of the Group's total MAB. All commercial licences are currently operational. The following regulations regarding production limitations apply to the different types of licences held by the Group: Farming licences are limited in number, i.e. the enterprises are only granted new licences or more production volume subsequent to politically adopted allocation rounds. The maximum allowable biomass (MAB) has previously been 780 tonnes of salmon or trout per licence. The maximum allowable biomass 0.6 1.2 1.8 2024 2022 2026 2020 2018 2016 2014 2012 2010 2008 2006 2004 2002 2000 -86% +12% p.a.
or trout per licence. 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 \u201ctraffic light system\u201d. 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. Green farming licences are licences that were awarded in 2015 via a dedicated licencsing 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 as for special purposes. Demonstration licences are granted to enterprises in order to spread 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. Harvest cage licences are allocated for the use of sea cages for live fish ready for harvest. These licences are attached to a specific location, which is the Group's harvesting plant for salmon and trout. Parent fish licences are also licences defined as 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 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 Section 5, second paragraph of the Aquaculture Act reads: \"The Ministry may prescribe detailed provisions relating to the content of the aquaculture licences, including the scope, time limitations, etc., by administrative decision or regulations.\" In the legislative background to the Aquaculture Act, White Paper no. 61 2004-2005, the following statement can be found on page 59: \"It will remain the case that licences are normally allocated without any specific time limitation. Implementation of such limitations should be reserved for those issues where a time limitation, based on the specific situation, provides for a more complete fulfilment of the Act than if the licence were to be allocated without a time limitation.\" The duration of licences is also specified by the Aquaculture Act, which in its most recent revision underlined ownership of licences by allowing the licences to be mortgaged to the benefit of the lender. There are no time limitations specified in the Group's terms for grow out and juvenile licences, and they are therefore deemed to be time-indefinite production rights according to the prevailing regulations. This also applies for green farming 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 in principle are valid for the duration of the project. They are often linked to the lifecycle of the salmon, i.e. three years. Applications may be made to renew R&D licences operated in close collaboration with research environments for a further three-year period after the end of the project. The parent fish licences are granted for 15 years at a time, and applications have to be submitted for their renewal \u2013 provided that the licence holder is still involved in production of brood stock for salmon or trout. Parent fish production is an integral part of the Group'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 harvest cages are allocated for 10 years at a time. Applications can be submitted for renewal of such licences provided that they are attached to an approved harvesting plant and only utilised to keep fish ready for harvest in immediate proximity to the harvesting plant. The Group's demonstration licences are granted with a duration 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\u2019s 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. Regulations relating to right of use: transfer, lease, moving etc. All licences can be transferred pursuant to section 19 of the Aquaculture Act, and can be mortgaged pursuant to section 20 of the Act. An aquaculture register is kept of all aquaculture licences where
transfers and mortgaging are registered. The leasing of aquaculture licences or licence capacity is not permitted. Grow-out licences and parent fish licences can be linked to different locations, but there are certain limitations on moving of licences between the regions defined by the Directorate of Fisheries. In practice, this means that licences cannot be moved between defined regions, which typically follow county borders. Juvenile fish licences are attached to one locality \u2013 the locality for which the licence applies. 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 NOK 12,000 is paid per licence covered by an application for amendment at locality level, cf. section 2 of the Regulation relating to fees and duties for aquaculture activities. All fees and costs are immediately recognised as an operating expense. Assessment of economic life According to past and present legislation and the general interpretation and practice in the industry, Norwegian fish farming licences are not a time-limited right, and licences should therefore not be subject to amortisation. Where time-limited R&D licences, demonstration licences and educational licences are concerned, these are awarded free of charge so amortisation is normally not relevant. However, in cases where related acquiring or renewing costs are capitalized, they will be subjected to depreciation over the economic life. Grow-out licences and juvenile fish licences The following factors played a key role in the assessment of whether licences have an indefinite useful life, with reference to the description of the licence types above: (1) No time limitation on the licences (2) Insignificant expenditure involved in maintaining the licences (3) High threshold for revocation of licences; this has never happened in Norway It has also been noted that the licences are registered in the public aquaculture register as being without time limitation. On this basis, the economic life is assessed to be indefinite for the grow-out licences and juvenile fish licences, in accordance with IAS 38.90. Parent fish licences As mentioned above, these licences are granted for 15 years at a time, and applications can be submitted for renewal. In 2007, the duration of parent \ufb01sh licences was amended from 10 years to 15 years (amendment to regulation dated 14 August 2007 no. 986). In the consultation document dated 7 June 2007, the Ministry stated the following regarding time limitation for parent \ufb01sh licences in item 3.3: \"The recommendation implies that the licences shall be time-limited for a period (...) with clearly de\ufb01ned predictability for extension of new periods. Time-limited licences may however result in less predictability for the entities than licences without time limitations. Predictability is key as breeding and parent \ufb01sh production is a time- consuming and resource-intensive activity, but this is provided for by (...) a \ufb01xed-term period with clearly de\ufb01ned predictability for extension.\" IAS 38.94 states that if the contractual or legal rights are assigned for a limited period of time that can be renewed, the useful life of the intangible asset should include the renewal period(s) only if there is documented evidence to support that the cost of the renewal for the entity is not significant. IAS 38.96 provides guidelines describing factors that can be included in this assessment. The following factors have been central to LSG's assessment of indefinite useful life for the parent fish licences: a. The entity's licences have always been renewed. Renewal does not require third-party consent, but is based on factors that are under the control of the entity, i.e. the terms of the licence are met and an application for renewal has been submitted before the expiry of the 15-year period. The main condition for renewal is that parent fish production is carried out in connection with a breeding system. Parent fish production will continue to be an integral part of LSG's value chain, and as such this requirement will be met. b. The entity can document fulfilment of the licence conditions, c. The cost to the entity for renewal is not significant, when compared with the future economic benefits expected to flow to the entity from renewal. Demonstration licences 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. As with parent fish licences, this type of licence is defined as being for special purposes. Both parent fish and demonstration licences are a type of activity without any clear time limitation. In principle, the same factors as for parent fish licences will apply to demonstration licences. Teaching licences With one exception, the Group\u2019s 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. The Group has also taken over one teaching licence pursuant to an open-ended agreement with an educational institution. Since the agreement has a limited undefined useful life, its duration has been estimated at one year. The Norwegian fishery licence scheme The Participation Act (the Act relating to the right to participate in fishing and catches) and the Marine Resources Act (the Act relating to the management of wild living marine resources) constitute the legal framework for allocation and management of fishery licences and quotas in Norway. The freedom to carry out commercial fishery is regulated in or pursuant to the Participation Act. The Participation Act establishes that a fishing vessel cannot be used for commercial fishery or catches unless it has a commercial licence issued by the Ministry. A commercial licence is issued to the owner
of the vessel for a specific vessel. Among other things, the Participation Act sets out criteria for the vessel\u2019s construction and conditions governing activity, nationality and residence in order for the vessel owner to be issued with a commercial licence. A commercial licence only confers the right to carry out fishery or catches in accordance with the provisions set out in or pursuant to the Marine Resources Act at all times. If the permit holder replaces one vessel with another, a new application is required for a new professional permit so that the fishing rights are transferred to the new vessel. Such transfer is normally granted provided that the requirements specified in the Participation Act are fulfilled. In the event of transfer of a share or holding in the company/association of undertakings that directly or indirectly owns the vessel, advance approval of a change of ownership composition is required from the Ministry. A commercial permit is annulled when the owner loses the right of ownership to a vessel, whether by compulsory sale, condemnation, shipwreck etc. A commercial licence shall and can be revoked if the vessel owner does not fulfil the conditions set out in the Participation Act. If such incidents are of a less serious nature, the Ministry may decide to retract the commercial permit for a specific period of time. Special permits pursuant to sections 12 of the Participation Act Most economically important fisheries also require either a special licence (licence pursuant to the Licencsing Regulations (Regulations on special licences to engage in certain forms of fishing and catching)) or annual permit to participate in a closed group. Essentially, the sea fishing fleet has licence schemes, while the coastal fishing fleet is regulated by means of annual limits on access. The Group\u2019s vessels have special licences for whitefish and snow crab. The Group\u2019s vessels with special licences for pelagic fisheries were sold in 2024. Fisheries permits within whitefish The fishing permits (licences) are valued at cost less any accumulated depreciation and impairment losses. There are no predetermined time limitations specified in the Group's conditions for licences that apply to basic quotas within whitefish, and they are therefore deemed to be time-indefinite rights according to the prevailing regulations. As the fishing rights are not bound by a time-limited period, there is no need to apply for their renewal. The fishing rights are deemed to be valid pursuant to the Participation Act, and pursuant regulations, unless they are annulled or retracted in accordance with the Participation Act. The Group also holds fishing rights within whitefish that have a time limit \u2013 so-called structural quotas. These are amortised over the lifetime of the individual structural quota. The fisheries licences within whitefish comprise basic quotas with no time limit and structural quotas with a time limit of 20 and 25 years respectively. The structural quotas have a definite useful life and are amortised over the length of the structural period. The basic quotas have an indefinite useful life and are not amortised, but are tested annually for impairment. The fishing permits meet the definition of intangible assets in accordance with IAS 38, as these are legal rights, are identifiable and generates economic yield that the company can control. The Storting (the Norwegian Parliament) adopted the new quota report on 30 April 2024. The decision means, among other things, that model X is used as a basis for the return of structural gains, and the structural gain that arises when the time-limited structural quotas expire shall pass to the vessel group that implemented the structuring and shall be allocated with full effect to basic quotas and with half effect to the remaining structural quotas. Furthermore, the \u201ctrawl ladder\u201d is being reintroduced in the quota allocation for cod fishery. In addition, quota for the open group is to be taken from the total quota and not the coastal quota. This means that the trawler fleet\u2019s relative share of the total quota will fall, while that of the coastal fleet will increase. Licence scheme for fishing rights in Peru The fishing licence is granted by the Production Ministry (Ministerio de la Producci\u00f3n) for the extraction of hydrobiological resources, subject to Fishing Regulations as stipulated by General Law of Fisheries (Decreto Ley N\u00b0 25977) and the Regulations for the General Law of Fisheries (Decreto Supremo N\u00b0 012-2001-PE). A fishing licence only expires in case the legal owner breach the requirements established in the mentioned article 33 of the Regulation for the General Law of Fisheries (not increase authorized storage capacity, accredit vessel operation per each species authorized in the fishing licence and paid of the corresponding fishing rights), otherwise, the fishing licence keep in force unlimited. The Supreme Decree N\u00b0 017-2017-PRODUCE (Regulations of control and sanction of fisheries and aquaculture activities) establish the limitations that fleet must fulfil during its operations. The indeterminate life of fishing licence is also subject to lack of repetition of severe penalties (maximum four infractions of the same type allowed in one year). Licence scheme for fishing rights in Chile Fishing and aquaculture activities are ruled by the \u201cGeneral Fishing and Aquaculture Act N\u00ba 18.892 of 1989\u201d (\u201cLey General de Pesca y Acuicultura\u201d or LGPA), which has received several modifications during its life, being the latest related to fishing licenses Law N\u00ba 20.657 of 9 February 2013. In June 2025, Congress approved Law N\u00b021.752 regarding changes in the quota distribution between artisanal and industrial sectors for the main commercial fishing species, including jack mackerel. This Act fixes this proportion until 2040. Until the introduction of 2013 fishing law modifications, fishing licences were linked to a fishing vessel and could not be divided or independently transferred. These types of fishing licence (\u201cPermiso de Pesca\u201d) still exist for those species out of the list of tradable fishing licences (\u201cLicencia Transable de Pesca\u201d or LTP), such as giant squid and mackerel, as well as for the artisanal shipowners. The fishing law of 2013 grants industrial shipowner a \u201cLTP-A\u201d tradeable fishing licence type, which is automatically renewed every 20 years, provided that owner has had a good behaviour in environmental and labour regulations. These LTPs are divided by fish species and macro-
This was done for horse mackerel in 2017. The new quotas will be deducted from the LTP-A, creating a \u201cLTP-B\u201d licence valid for 20 years for each of the auctioned lots. After this period, a new auction process is required. The LTPs are transferable, permanently or temporarily and are also subject to be used as guarantees to financial institutions, something impossible with previous regulation. Fishing permits for the non-LTP species remain linked to a physical fishing vessel are permanent. Fishing licences for the LTP-A are granted for 20 years with automatic renewal for same period of time, therefore are considered a permanent licence system. LTP-B is a 20-year non-renewable fishing licence. Fishing rights can be lost or reduced (partial loss), if a Company: \u2022 Catches in excess over 10% of its quota during 2 years in a row. \u2022 Does not perform fishing activities during 2 years or 12 consecutive months, unless is a case of force majeure, which must be approved by Undersecretary of Fisheries. \u2022 If during a 5-year period, offloading of the 3 highest years are below 70% of the industry average. In this case, is a partial loss, applying a quota reduction equivalent to the difference between this average and the company actual landings. \u2022 Repeatedly not submitting the statistical information required by law. \u2022 Not paying fishing or specific fishing taxes. Gives a 30 days grace period after due dates. \u2022 If court sentences company for spillage of chemical or other harmful substances into water portions. \u2022 If sentenced repeatedly of illegal or unauthorized modifications, alterations or changes to fishing vessels. \u2022 If Company has been sentenced 3 or more times within a 2-year period of infractions to anti-union labour law related only to workers on board vessels. This is a partial loss, equivalent to 10% of the main specie that the vessel was operating at infraction time.
GOODWILL Goodwill arises on the acquisition of subsidiaries and represents the excess of the aggregate of the consideration transferred, the amount of any non- controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree, over the fair value of the identifiable net assets acquired. Goodwill is recognised in accordance with IFRS 3 and is not amortised but is tested for impairment annually, or more frequently when indicators of impairment arise, at the cash-generating unit or group of cash- generating units level consistent with the operating segment level. See Note 10 for further information. Any impairment of goodwill is recognised immediately in profit or loss and is not subsequently reversed.
NOTE 10 Intangible assets 2024 Goodwill Licences, fish farming, Norway Licences, whitefish and pelagic fisheries, Norway Licences, pelagic fisher- ies, South America Brands Total Per 01.01. Acquisition cost 2,435 4,668 3,928 1,486 50 12,568 Accumulated depreciation and amortisation 0 -388 -367 -70 0 -824 Accumulated impairment -141 -79 0 -21 0 -241 Carrying amount at 01.01. 2,294 4,202 3,562 1,396 50 11,504 Carrying amount at 01.01. 2,436 4,115 4,112 1,289 50 12,002 Exchange differences 59 -3 30 110 0 195 Business combinations -18 0 0 0 0 -18 Additions for the year 0 151 0 0 0 151 Disposals for the year -169 0 -550 0 0 -720 Depreciation and amortisation 0 -2 -29 -2 0 -32 Impairment/reversal of impairment -13 -60 0 0 0 -74 Carrying amount at 31.12. 2,294 4,202 3,563 1,398 50 11,504 Per 31.12. Acquisition cost 2,435 4,898 3,698 1,486 50 12,568 Accumulated depreciation and amortisation 0 -388 -367 -70 0 -824 Accumulated impairment -141 -79 0 -21 0 -241 Carrying amount at 31.12. 2,294 4,431 3,333 1,396 50 11,504 - of which assets with indefinite lives 2,294 4,431 3,047 1,396 50 11,218 - of which assets with definite lives 0 0 286 0 0 286
Included in licences fishfarming above is a privilege for utilisation of waterfalls with definite useful lives.
CASH-GENERATING UNITS (CGU) Each operating segment in the AUSS Group is classified as one group of CGUs in order to allow for the distribution of goodwill for impairment testing. Goodwill and intangible assets with an indefinite useful life are not amortised, but shall be tested for impairment at least once a year \u2013 or when there are indications of impairment \u2013 and written down if their value can no longer be justified. Useful life is utilised as a main rule when establishing recoverable amount. Useful life is estimated as the present value of future cash flows. The present value is compared with the book value per CGU or group of CGUs. The present value estimate is based on the budget for the next year and the estimated profit/loss over the next four years. A terminal value is estimated for the period following the next five years. The Gordon growth model is applied to estimate terminal value. Goodwill and intangible assets with indefinite useful life (which is not depreciated) is distributed on the different groups as follows: 2025 Goodwill Licences, fish farming, Norway Licences, whitefish and pelagic fisheries, Norway Licences, pelagic fisher- ies, South America Brands Total Carrying amount at 01.01. 2,294 4,431 3,333 1,396 50 11,504 Exchange differences -15 0 0 -99 0 -114 Business combinations 55 0 0 0 0 55 Additions for the year 0 22 0 0 0 22 Disposals for the year 0 0 -3 0 0 -3 Depreciation and amortisation 0 -4 -29 -1 0 -33 Impairment/reversal of impairment 0 -55 0 0 0 -55 Carrying amount at 31.12. 2,334 4,394 3,301 1,297 50 11,376 Acquisition cost 2,476 4,946 3,695 1,387 50 12,554 Accumulated depreciation and amortisation 0 -416 -396 -70 0 -882 Accumulated impairment -141 -134 0 -21 0 -296 Carrying amount at 31.12. 2,334 4,395 3,301 1,296 50 11,376 - of which assets with indefinite lives 2,334 4,395 3,044 1,296 50 11,119 - of which assets with definite lives 0 0 257 0 0 257
Carrying amount of intangible assets per CGU Goodwill Licences Brands Total Ler\u00f8y Seafood Group ASA 1,987 7,463 50 9,500 Br. Birkeland AS 0 0 0 0 Kobbevik og Furuholmen Oppdrett AS 21 174 0 195 Austral Group S.A.A. 325 954 0 1,279 FoodCorp Chile S.A. 0 401 0 401 Total 2,334 8,992 50 11,376 LER\u00d8Y SEAFOOD GROUP ASA (LSG) LSG is a fully-integrated seafood company and comprises the entire value chain, from roe, fry, smolt, farming of Atlantic salmon and trout, catching whitefish and processing to sales and distribution. Goodwill linked to LSG is measured at operating segment level, which is LSG as a whole. The impairment test for goodwill uses equivalent assumptions to the impairment tests for non- amortisable licences in the Farming segment and for whitefish licences. (See also further discussion below.) No reasonable changes in the assumptions would lead to write-down of goodwill. LSG has following fish farming licences; 31 licences in the North of Norway (incl. slaughter cage-, parent fish-, demonstration- and teaching licences), 59.5 licences (incl. slaughter cage, parent fish-, demonstration- and teaching licences) in Central Norway and 63 (incl. slaughter cage, parent fish-, green farming-, demonstration- and teaching licences) in West Norway. LSG group has also 18 licences for juvenile fish and 4 licences for cleaner fish, and licences to cultivate seaweed in connection with localities for production of salmon. The following rates are applied for tests of possible impairment: discount rate (WACC) after tax of 7.1%, and a nominal rate of 2.0%. LSG's impairment tests did not produce grounds for write-down of goodwill or intangible assets with an indefinite useful life in 2025 and 2024. The 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%. Within aquaculture, historically up to 2012, the Group has experienced a significant production growth per licence in Norway. Since 2012 and until today the growth has been low. The model is based on an assumption of 2% growth in volume produced. The licences in this segment are owned by the sub- group, Havfisk (vessel owning subsidiaries). The licences are governed by an obligation to supply products to the regions where the licences are located, i.e. Troms og 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. Havfisk is also subject to a so-called \u201cindustrial obligation\u201d (obligation to keep the business going) in Stamsund, Melbu, Hammerfest, B\u00e5tsfjord, Honningsv\u00e5g and Kj\u00f8llefjord. This implies that the licence is linked to operation of the facilities in the respective locations. Havfisk has however leased out the facilities in these locations. The lessee is LNWS (group). The lessee is responsible for sustaining operations. If the lessee terminates operations, the licence terms oblige Havfisk to sustain operations in the specified locations. At the end of the financial year, the Ler\u00f8y 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 \u201cre-allocation\u201d. In 2025 (2024), one cod licence entitled the holder to fish for 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 licence volumes after re-allocations for 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 both haddock and saithe was increased and some quotas were re-allocated for these species. The shrimp and greater silver licences have no limit in terms of volume. 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\u2019 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. 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. Havfisk \u2013 and LNWS to a limited extent \u2013 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 (the Norwegian Participation Act). Havfisk has been given an exemption from the requirement stating that the controlling interest must be an active fisherman. The Norwegian Participation 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\u2019 approval of LSG's acquisition of the majority shareholding in Havfisk was granted on the basis of LSG\u2019s ownership on the date of the approval. The approval also states that no new applications are required for future changes in ownership of Havfisk , LSG and AUSS provided that LSG continues to own minimum 60% of the shares in Havfisk and that AUSS continues to own minimum 50% of the shares in LSG. 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 AUSS. 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 Norwegian Participation Act. Pursuant to the nationality requirement in section 5 of the Norwegian Participation Act, operating permits can only be granted to parties that are Norwegian citizens or have status that equals Norwegian citizenship. According to the second paragraph letra a) of the provision, 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. Havfisk, LSG and AUSS 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 Havfisk losing its licence rights. BR. BIRKELAND AS (BRBI) Following the requirements of the Norwegian Participation Act (Norwegian: Deltakerloven), the company divested its remaining fishing operations (snow crab) in the fourth quarter of 2025 through a demerger of its shares in Opilio AS. The demerger was completed on 30 December 2025. As a result, AUSS now only holds shares in Br. Birkeland AS, which has been renamed Bj\u00e5nes\u00f8y Eiendom AS. Due to the limited level of activity, this segment will be reported under \u201cOther\u201d going forward. KOBBEVIK OG FURUHOLMEN OPPDRETT AS (KFO) The KFO Group owns seven licences for farming Atlantic salmon in western Norway. The current maximum allowed biomass (MAB) is 4,700 tonnes, whereas the original capacity is 5,460 tonnes. The 760-tonne difference is a temporary reduction due to the Norwegian traffic light system in production area 3 and 4. AUSS owns 55.2% of KFO\u2019s shares. A post-tax discount rate (WACC) of 9%, insignificant growth in volume produced and a long-term growth rate of 2% are applied when testing for possible impairment of farming licences. KFO\u2019s impairment tests, which incorporate risks and opportunities within environmental sustainability, did not give grounds for write-down of goodwill or intangible assets with an indefinite useful life in either 2025 or 2024. The management's calculations regarding farming licences are robust in the face of reasonable changes in conditions in the future. AUSTRAL GROUP S.A.A. (AUSTRAL) Austral is a fully-integrated fishing company involved in catches, processing and sales. Austral has fishing rights for anchoveta and horse mackerel/mackerel in Peru. The company\u2019s anchoveta quota represents just under 7% of the total quota in Central/North Peru, and just under 4% of the quota in South Peru. Austral's product range comprises fishmeal and fish oil, and fresh and frozen consumer products. Austral's operations are based on wild-caught fish, and the company would not be able to sustain the long-term values generated by its licences without sustainable management of resources. Moreover, natural weather phenomena (El Ni\u00f1o/La Ni\u00f1a) will have an impact on conditions at sea and may cause periodic, short-term fluctuations in biomass and quota levels from year to year. There are two main seasons for anchoveta \u2013 the first from April to July and the second from November to January. Resource management is handled by Instituto del Mar de Peru (IMARPE). Prior to each fishing season, IMARPE undertakes exploratory voyages and recommends quota levels on the basis of its biomass measurements. The tests for impairment apply cash flows after tax and an equivalent post-tax discount rate (WACC) of 8.9%, a nominal growth rate of 2% and expected inflation of 2%. The model uses projected prices for
the products, based on the OECD-FAO Agricultural Outlook 2025-2035 report. The model applies current cost levels, adjusted for growth. The model assumes a total anchoveta quota of 4.8 million tonnes, split between 4.5 million tonnes in Central/North Peru and 0.3 million tonnes in South Peru. The figure below shows the historical development in the estimated anchoveta biomass and associated TAC split by seasons the last five years. From 2008 to 2022, the total volume caught in Central/ North and South Peru averaged just over 4.3 million tonnes, ranging from an annual catch of 6.1 million tonnes (2018) to 2.2 million tonnes (2014). The volume caught in 2023 was severely impacted by El Ni\u00f1o and a cancellation of the second season, coming in at just under 2.0 million tonnes. In 2024, the catch levels displayed a positive development with at significant rebound to 4.7 million tonnes. Austral's impairment tests, which incorporate risks and opportunities within environmental sustainability did not give grounds for write-down of goodwill or intangible assets with an indefinite useful life in either 2025 or 2024. Using WACC and our best estimates of quota and catch in the terminal period, the tests show that the value remains intact in the face of reasonable changes in the realised prices of fishmeal and fish oil. The fishmeal and fish oil prices applied in the last explicit year of the model are USD 1,734 and 3,492, respectively. For comparison, the average price of fishmeal FOB Peru for all producers of fishmeal in Peru was USD 1,460 in 2025 and USD 1,686 in 2024 (source: SUNAT). 2 4 6 8 10 12 2nd 1st 2nd 1st 2nd 1st 2nd 1st 2nd 1st ANNUAL QUOTA AND BIOMASS (million tonnes) 2021 2022 2023 2024 2025 Biomass Quota
FOODCORP CHILE S.A. (FC) FC is a fully-integrated fishing company involved in catches, processing and sales. FC has fishing rights for horse mackerel, mackerel, sardines and anchoveta in Chile. In 2025 the company held 8.9% of the horse mackerel quota for the fleet group in Chile to which the company's vessels belong. FC produces frozen consumer products, as well as fishmeal and fish oil. FC's operations are based on wild-caught fish, and the company would not be able to sustain the long-term values generated by its licences without sustainable management of resources. Moreover, natural weather phenomena will have an impact on conditions at sea and may cause periodic, short-term fluctuations in biomass and, as a result, quota levels from year to year. Horse mackerel stocks in the southern Pacific have been heavily fished, and a common fish stock management scheme was not implemented until 2011. Fish stock management is now handled by the South Pacific Regional Fisheries Management Organisation (SPRFMO). Their work involves measurements and estimates of stock sizes that in turn provide the basis for specification of total quotas from year to year. Total quotas (TAC) were set for the first time in 2012, and at historically extremely low levels. In order to build up the biomass, the quotas in the following years increased only slightly. Conservative management meant that in the autumn of 2017 SPRFMO was able to report that the biomass had reached a sustainable level, and that the organization could therefore recommend a 17% increase in the quotas for 2018. The quotas increased by 15% yearly during 2020-2022. Further confirmation of the positive biomass status came with a 20% increase in quotas for 2023 and a 15% increase in 2024. For 2025 the quota has been increased by 25%. The tests for impairment apply cash flows after tax and an equivalent post-tax discount rate (WACC) of 8.6%, a nominal growth rate of 2%. The model uses projected prices for the products, based on the OECD-FAO Agricultural Outlook 2025-2035 report. The model applies current cost levels, adjusted for growth. The figure for volume of raw materials used in the model is based on a moderate further quota increase of 7.74% for 2026, 10% for 2027-2028, and 0% from 2029 onwards, including the terminal. The model assumes a total horse mackerel quota for Chile in the region of 1.34 million tonnes in the terminal period. Note that our starting point in 2026 was based on an expected increase from 2025 of 7.74%. Realised increase was 7.89% when the quota was finally concluded with no material effect on the terminal quota. The chart to the right shows the development in the Chilean quota from 2000 to 2026. FC\u2019s impairment tests, which incorporate risks and opportunities within environmental sustainability, did not give grounds for write-down of intangible assets with an indefinite useful life in either 2025 or 2024. Licence scheme in Norway The licence scheme for production of salmon and trout in Norway has been implemented by the Storting (the Norwegian Parliament) and adopted in the Norwegian Act relating to aquaculture (Aquaculture Act). The Ministry of Trade, Industry and Fisheries is responsible for allocation of aquaculture permits (licences). All activities involving aquaculture require a licence. It is prohibited to farm salmon/trout without a licence from the authorities, cf. section 4 of the Aquaculture Act. All licences are governed by the same regulations (current Aquaculture Act with provisions) irrespective of when the licence was allocated.
QUOTA OF JACK MACKEREL IN CHILE 2000-2026 (million tonnes) The 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. Principal terms for different types of 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. The Group has a sufficient number of localities (locality MAB) in the different regions to achieve a satisfactory exploitation of the Group's total MAB. All commercial licences are currently operational. The following regulations regarding production limitations apply to the different types of licences held by the Group: Farming licences are limited in number, i.e. the enterprises are only granted new licences or more production volume subsequent to politically adopted allocation rounds. The maximum allowable biomass (MAB) has previously been 780 tonnes of salmon or trout per licence. The maximum allowable biomass 0.6 1.2 1.8 2024 2022 2026 2020 2018 2016 2014 2012 2010 2008 2006 2004 2002 2000 -86% +12% p.a.
or trout per licence. 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 \u201ctraffic light system\u201d. 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. Green farming licences are licences that were awarded in 2015 via a dedicated licencsing 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 as for special purposes. Demonstration licences are granted to enterprises in order to spread 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. Harvest cage licences are allocated for the use of sea cages for live fish ready for harvest. These licences are attached to a specific location, which is the Group's harvesting plant for salmon and trout. Parent fish licences are also licences defined as 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 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 Section 5, second paragraph of the Aquaculture Act reads: \"The Ministry may prescribe detailed provisions relating to the content of the aquaculture licences, including the scope, time limitations, etc., by administrative decision or regulations.\" In the legislative background to the Aquaculture Act, White Paper no. 61 2004-2005, the following statement can be found on page 59: \"It will remain the case that licences are normally allocated without any specific time limitation. Implementation of such limitations should be reserved for those issues where a time limitation, based on the specific situation, provides for a more complete fulfilment of the Act than if the licence were to be allocated without a time limitation.\" The duration of licences is also specified by the Aquaculture Act, which in its most recent revision underlined ownership of licences by allowing the licences to be mortgaged to the benefit of the lender. There are no time limitations specified in the Group's terms for grow out and juvenile licences, and they are therefore deemed to be time-indefinite production rights according to the prevailing regulations. This also applies for green farming 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 in principle are valid for the duration of the project. They are often linked to the lifecycle of the salmon, i.e. three years. Applications may be made to renew R&D licences operated in close collaboration with research environments for a further three-year period after the end of the project. The parent fish licences are granted for 15 years at a time, and applications have to be submitted for their renewal \u2013 provided that the licence holder is still involved in production of brood stock for salmon or trout. Parent fish production is an integral part of the Group'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 harvest cages are allocated for 10 years at a time. Applications can be submitted for renewal of such licences provided that they are attached to an approved harvesting plant and only utilised to keep fish ready for harvest in immediate proximity to the harvesting plant. The Group's demonstration licences are granted with a duration 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\u2019s 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. Regulations relating to right of use: transfer, lease, moving etc. All licences can be transferred pursuant to section 19 of the Aquaculture Act, and can be mortgaged pursuant to section 20 of the Act. An aquaculture register is kept of all aquaculture licences where
transfers and mortgaging are registered. The leasing of aquaculture licences or licence capacity is not permitted. Grow-out licences and parent fish licences can be linked to different locations, but there are certain limitations on moving of licences between the regions defined by the Directorate of Fisheries. In practice, this means that licences cannot be moved between defined regions, which typically follow county borders. Juvenile fish licences are attached to one locality \u2013 the locality for which the licence applies. 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 NOK 12,000 is paid per licence covered by an application for amendment at locality level, cf. section 2 of the Regulation relating to fees and duties for aquaculture activities. All fees and costs are immediately recognised as an operating expense. Assessment of economic life According to past and present legislation and the general interpretation and practice in the industry, Norwegian fish farming licences are not a time-limited right, and licences should therefore not be subject to amortisation. Where time-limited R&D licences, demonstration licences and educational licences are concerned, these are awarded free of charge so amortisation is normally not relevant. However, in cases where related acquiring or renewing costs are capitalized, they will be subjected to depreciation over the economic life. Grow-out licences and juvenile fish licences The following factors played a key role in the assessment of whether licences have an indefinite useful life, with reference to the description of the licence types above: (1) No time limitation on the licences (2) Insignificant expenditure involved in maintaining the licences (3) High threshold for revocation of licences; this has never happened in Norway It has also been noted that the licences are registered in the public aquaculture register as being without time limitation. On this basis, the economic life is assessed to be indefinite for the grow-out licences and juvenile fish licences, in accordance with IAS 38.90. Parent fish licences As mentioned above, these licences are granted for 15 years at a time, and applications can be submitted for renewal. In 2007, the duration of parent \ufb01sh licences was amended from 10 years to 15 years (amendment to regulation dated 14 August 2007 no. 986). In the consultation document dated 7 June 2007, the Ministry stated the following regarding time limitation for parent \ufb01sh licences in item 3.3: \"The recommendation implies that the licences shall be time-limited for a period (...) with clearly de\ufb01ned predictability for extension of new periods. Time-limited licences may however result in less predictability for the entities than licences without time limitations. Predictability is key as breeding and parent \ufb01sh production is a time- consuming and resource-intensive activity, but this is provided for by (...) a \ufb01xed-term period with clearly de\ufb01ned predictability for extension.\" IAS 38.94 states that if the contractual or legal rights are assigned for a limited period of time that can be renewed, the useful life of the intangible asset should include the renewal period(s) only if there is documented evidence to support that the cost of the renewal for the entity is not significant. IAS 38.96 provides guidelines describing factors that can be included in this assessment. The following factors have been central to LSG's assessment of indefinite useful life for the parent fish licences: a. The entity's licences have always been renewed. Renewal does not require third-party consent, but is based on factors that are under the control of the entity, i.e. the terms of the licence are met and an application for renewal has been submitted before the expiry of the 15-year period. The main condition for renewal is that parent fish production is carried out in connection with a breeding system. Parent fish production will continue to be an integral part of LSG's value chain, and as such this requirement will be met. b. The entity can document fulfilment of the licence conditions, c. The cost to the entity for renewal is not significant, when compared with the future economic benefits expected to flow to the entity from renewal. Demonstration licences 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. As with parent fish licences, this type of licence is defined as being for special purposes. Both parent fish and demonstration licences are a type of activity without any clear time limitation. In principle, the same factors as for parent fish licences will apply to demonstration licences. Teaching licences With one exception, the Group\u2019s 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. The Group has also taken over one teaching licence pursuant to an open-ended agreement with an educational institution. Since the agreement has a limited undefined useful life, its duration has been estimated at one year. The Norwegian fishery licence scheme The Participation Act (the Act relating to the right to participate in fishing and catches) and the Marine Resources Act (the Act relating to the management of wild living marine resources) constitute the legal framework for allocation and management of fishery licences and quotas in Norway. The freedom to carry out commercial fishery is regulated in or pursuant to the Participation Act. The Participation Act establishes that a fishing vessel cannot be used for commercial fishery or catches unless it has a commercial licence issued by the Ministry. A commercial licence is issued to the owner
of the vessel for a specific vessel. Among other things, the Participation Act sets out criteria for the vessel\u2019s construction and conditions governing activity, nationality and residence in order for the vessel owner to be issued with a commercial licence. A commercial licence only confers the right to carry out fishery or catches in accordance with the provisions set out in or pursuant to the Marine Resources Act at all times. If the permit holder replaces one vessel with another, a new application is required for a new professional permit so that the fishing rights are transferred to the new vessel. Such transfer is normally granted provided that the requirements specified in the Participation Act are fulfilled. In the event of transfer of a share or holding in the company/association of undertakings that directly or indirectly owns the vessel, advance approval of a change of ownership composition is required from the Ministry. A commercial permit is annulled when the owner loses the right of ownership to a vessel, whether by compulsory sale, condemnation, shipwreck etc. A commercial licence shall and can be revoked if the vessel owner does not fulfil the conditions set out in the Participation Act. If such incidents are of a less serious nature, the Ministry may decide to retract the commercial permit for a specific period of time. Special permits pursuant to sections 12 of the Participation Act Most economically important fisheries also require either a special licence (licence pursuant to the Licencsing Regulations (Regulations on special licences to engage in certain forms of fishing and catching)) or annual permit to participate in a closed group. Essentially, the sea fishing fleet has licence schemes, while the coastal fishing fleet is regulated by means of annual limits on access. The Group\u2019s vessels have special licences for whitefish and snow crab. The Group\u2019s vessels with special licences for pelagic fisheries were sold in 2024. Fisheries permits within whitefish The fishing permits (licences) are valued at cost less any accumulated depreciation and impairment losses. There are no predetermined time limitations specified in the Group's conditions for licences that apply to basic quotas within whitefish, and they are therefore deemed to be time-indefinite rights according to the prevailing regulations. As the fishing rights are not bound by a time-limited period, there is no need to apply for their renewal. The fishing rights are deemed to be valid pursuant to the Participation Act, and pursuant regulations, unless they are annulled or retracted in accordance with the Participation Act. The Group also holds fishing rights within whitefish that have a time limit \u2013 so-called structural quotas. These are amortised over the lifetime of the individual structural quota. The fisheries licences within whitefish comprise basic quotas with no time limit and structural quotas with a time limit of 20 and 25 years respectively. The structural quotas have a definite useful life and are amortised over the length of the structural period. The basic quotas have an indefinite useful life and are not amortised, but are tested annually for impairment. The fishing permits meet the definition of intangible assets in accordance with IAS 38, as these are legal rights, are identifiable and generates economic yield that the company can control. The Storting (the Norwegian Parliament) adopted the new quota report on 30 April 2024. The decision means, among other things, that model X is used as a basis for the return of structural gains, and the structural gain that arises when the time-limited structural quotas expire shall pass to the vessel group that implemented the structuring and shall be allocated with full effect to basic quotas and with half effect to the remaining structural quotas. Furthermore, the \u201ctrawl ladder\u201d is being reintroduced in the quota allocation for cod fishery. In addition, quota for the open group is to be taken from the total quota and not the coastal quota. This means that the trawler fleet\u2019s relative share of the total quota will fall, while that of the coastal fleet will increase. Licence scheme for fishing rights in Peru The fishing licence is granted by the Production Ministry (Ministerio de la Producci\u00f3n) for the extraction of hydrobiological resources, subject to Fishing Regulations as stipulated by General Law of Fisheries (Decreto Ley N\u00b0 25977) and the Regulations for the General Law of Fisheries (Decreto Supremo N\u00b0 012-2001-PE). A fishing licence only expires in case the legal owner breach the requirements established in the mentioned article 33 of the Regulation for the General Law of Fisheries (not increase authorized storage capacity, accredit vessel operation per each species authorized in the fishing licence and paid of the corresponding fishing rights), otherwise, the fishing licence keep in force unlimited. The Supreme Decree N\u00b0 017-2017-PRODUCE (Regulations of control and sanction of fisheries and aquaculture activities) establish the limitations that fleet must fulfil during its operations. The indeterminate life of fishing licence is also subject to lack of repetition of severe penalties (maximum four infractions of the same type allowed in one year). Licence scheme for fishing rights in Chile Fishing and aquaculture activities are ruled by the \u201cGeneral Fishing and Aquaculture Act N\u00ba 18.892 of 1989\u201d (\u201cLey General de Pesca y Acuicultura\u201d or LGPA), which has received several modifications during its life, being the latest related to fishing licenses Law N\u00ba 20.657 of 9 February 2013. In June 2025, Congress approved Law N\u00b021.752 regarding changes in the quota distribution between artisanal and industrial sectors for the main commercial fishing species, including jack mackerel. This Act fixes this proportion until 2040. Until the introduction of 2013 fishing law modifications, fishing licences were linked to a fishing vessel and could not be divided or independently transferred. These types of fishing licence (\u201cPermiso de Pesca\u201d) still exist for those species out of the list of tradable fishing licences (\u201cLicencia Transable de Pesca\u201d or LTP), such as giant squid and mackerel, as well as for the artisanal shipowners. The fishing law of 2013 grants industrial shipowner a \u201cLTP-A\u201d tradeable fishing licence type, which is automatically renewed every 20 years, provided that owner has had a good behaviour in environmental and labour regulations. These LTPs are divided by fish species and macro-
This was done for horse mackerel in 2017. The new quotas will be deducted from the LTP-A, creating a \u201cLTP-B\u201d licence valid for 20 years for each of the auctioned lots. After this period, a new auction process is required. The LTPs are transferable, permanently or temporarily and are also subject to be used as guarantees to financial institutions, something impossible with previous regulation. Fishing permits for the non-LTP species remain linked to a physical fishing vessel are permanent. Fishing licences for the LTP-A are granted for 20 years with automatic renewal for same period of time, therefore are considered a permanent licence system. LTP-B is a 20-year non-renewable fishing licence. Fishing rights can be lost or reduced (partial loss), if a Company: \u2022 Catches in excess over 10% of its quota during 2 years in a row. \u2022 Does not perform fishing activities during 2 years or 12 consecutive months, unless is a case of force majeure, which must be approved by Undersecretary of Fisheries. \u2022 If during a 5-year period, offloading of the 3 highest years are below 70% of the industry average. In this case, is a partial loss, applying a quota reduction equivalent to the difference between this average and the company actual landings. \u2022 Repeatedly not submitting the statistical information required by law. \u2022 Not paying fishing or specific fishing taxes. Gives a 30 days grace period after due dates. \u2022 If court sentences company for spillage of chemical or other harmful substances into water portions. \u2022 If sentenced repeatedly of illegal or unauthorized modifications, alterations or changes to fishing vessels. \u2022 If Company has been sentenced 3 or more times within a 2-year period of infractions to anti-union labour law related only to workers on board vessels. This is a partial loss, equivalent to 10% of the main specie that the vessel was operating at infraction time.
GOODWILL Goodwill arises on the acquisition of subsidiaries and represents the excess of the aggregate of the consideration transferred, the amount of any non- controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree, over the fair value of the identifiable net assets acquired. Goodwill is recognised in accordance with IFRS 3 and is not amortised but is tested for impairment annually, or more frequently when indicators of impairment arise, at the cash-generating unit or group of cash- generating units level consistent with the operating segment level. See Note 10 for further information. Any impairment of goodwill is recognised immediately in profit or loss and is not subsequently reversed.
INTANGIBLE ASSETS \u2013 LICENCES AND BRANDS Licences All licences and quotas are distributed by respective governmental bodies. Licences related to fish farming and fishing quotas are recognised in accordance with IAS 38 and carried at cost less accumulated impairment. These are assessed to have indefinite useful lives and are accordingly not amortised, but tested for impairment at least annually. The indefinite useful life assessment reflects that the licences are expected to contribute to the Group's cash flows for an indefinite period, subject to regulatory conditions. Licences and quotas remain subject to each country's fishing and fish farming quota regulations. See Note 10 for further information. Brands Brands acquired as part of a business combination are recognised at fair value at the date of acquisition. Brands assessed to have indefinite useful lives are not amortised but reviewed for impairment at least annually. The useful life assessment is reviewed each period to determine whether events and circumstances continue to support the indefinite useful life classification. Intangible assets with definite useful lives are amortised on a straight-line basis over their expected useful life and reviewed for impairment when indicators arise.
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"value": "GOODWILL Goodwill arises on the acquisition of subsidiaries and represents the excess of the aggregate of the consideration transferred, the amount of any non- controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree, over the fair value of the identifiable net assets acquired. Goodwill is recognised in accordance with IFRS 3 and is not amortised but is tested for impairment annually, or more frequently when indicators of impairment arise, at the cash-generating unit or group of cash- generating units level consistent with the operating segment level. See Note 10 for further information. Any impairment of goodwill is recognised immediately in profit or loss and is not subsequently reversed.
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"reg-ix-400": {
"value": "GOODWILL Goodwill arises on the acquisition of subsidiaries and represents the excess of the aggregate of the consideration transferred, the amount of any non- controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree, over the fair value of the identifiable net assets acquired. Goodwill is recognised in accordance with IFRS 3 and is not amortised but is tested for impairment annually, or more frequently when indicators of impairment arise, at the cash-generating unit or group of cash- generating units level consistent with the operating segment level. See Note 10 for further information. Any impairment of goodwill is recognised immediately in profit or loss and is not subsequently reversed.
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"value": "INTANGIBLE ASSETS \u2013 LICENCES AND BRANDS Licences All licences and quotas are distributed by respective governmental bodies. Licences related to fish farming and fishing quotas are recognised in accordance with IAS 38 and carried at cost less accumulated impairment. These are assessed to have indefinite useful lives and are accordingly not amortised, but tested for impairment at least annually. The indefinite useful life assessment reflects that the licences are expected to contribute to the Group's cash flows for an indefinite period, subject to regulatory conditions. Licences and quotas remain subject to each country's fishing and fish farming quota regulations. See Note 10 for further information. Brands Brands acquired as part of a business combination are recognised at fair value at the date of acquisition. Brands assessed to have indefinite useful lives are not amortised but reviewed for impairment at least annually. The useful life assessment is reviewed each period to determine whether events and circumstances continue to support the indefinite useful life classification. Intangible assets with definite useful lives are amortised on a straight-line basis over their expected useful life and reviewed for impairment when indicators arise.
NOTE 10 Intangible assets 2024 Goodwill Licences, fish farming, Norway Licences, whitefish and pelagic fisheries, Norway Licences, pelagic fisher- ies, South America Brands Total Per 01.01. Acquisition cost 2,435 4,668 3,928 1,486 50 12,568 Accumulated depreciation and amortisation 0 -388 -367 -70 0 -824 Accumulated impairment -141 -79 0 -21 0 -241 Carrying amount at 01.01. 2,294 4,202 3,562 1,396 50 11,504 Carrying amount at 01.01. 2,436 4,115 4,112 1,289 50 12,002 Exchange differences 59 -3 30 110 0 195 Business combinations -18 0 0 0 0 -18 Additions for the year 0 151 0 0 0 151 Disposals for the year -169 0 -550 0 0 -720 Depreciation and amortisation 0 -2 -29 -2 0 -32 Impairment/reversal of impairment -13 -60 0 0 0 -74 Carrying amount at 31.12. 2,294 4,202 3,563 1,398 50 11,504 Per 31.12. Acquisition cost 2,435 4,898 3,698 1,486 50 12,568 Accumulated depreciation and amortisation 0 -388 -367 -70 0 -824 Accumulated impairment -141 -79 0 -21 0 -241 Carrying amount at 31.12. 2,294 4,431 3,333 1,396 50 11,504 - of which assets with indefinite lives 2,294 4,431 3,047 1,396 50 11,218 - of which assets with definite lives 0 0 286 0 0 286
Included in licences fishfarming above is a privilege for utilisation of waterfalls with definite useful lives.
CASH-GENERATING UNITS (CGU) Each operating segment in the AUSS Group is classified as one group of CGUs in order to allow for the distribution of goodwill for impairment testing. Goodwill and intangible assets with an indefinite useful life are not amortised, but shall be tested for impairment at least once a year \u2013 or when there are indications of impairment \u2013 and written down if their value can no longer be justified. Useful life is utilised as a main rule when establishing recoverable amount. Useful life is estimated as the present value of future cash flows. The present value is compared with the book value per CGU or group of CGUs. The present value estimate is based on the budget for the next year and the estimated profit/loss over the next four years. A terminal value is estimated for the period following the next five years. The Gordon growth model is applied to estimate terminal value. Goodwill and intangible assets with indefinite useful life (which is not depreciated) is distributed on the different groups as follows: 2025 Goodwill Licences, fish farming, Norway Licences, whitefish and pelagic fisheries, Norway Licences, pelagic fisher- ies, South America Brands Total Carrying amount at 01.01. 2,294 4,431 3,333 1,396 50 11,504 Exchange differences -15 0 0 -99 0 -114 Business combinations 55 0 0 0 0 55 Additions for the year 0 22 0 0 0 22 Disposals for the year 0 0 -3 0 0 -3 Depreciation and amortisation 0 -4 -29 -1 0 -33 Impairment/reversal of impairment 0 -55 0 0 0 -55 Carrying amount at 31.12. 2,334 4,394 3,301 1,297 50 11,376 Acquisition cost 2,476 4,946 3,695 1,387 50 12,554 Accumulated depreciation and amortisation 0 -416 -396 -70 0 -882 Accumulated impairment -141 -134 0 -21 0 -296 Carrying amount at 31.12. 2,334 4,395 3,301 1,296 50 11,376 - of which assets with indefinite lives 2,334 4,395 3,044 1,296 50 11,119 - of which assets with definite lives 0 0 257 0 0 257
Carrying amount of intangible assets per CGU Goodwill Licences Brands Total Ler\u00f8y Seafood Group ASA 1,987 7,463 50 9,500 Br. Birkeland AS 0 0 0 0 Kobbevik og Furuholmen Oppdrett AS 21 174 0 195 Austral Group S.A.A. 325 954 0 1,279 FoodCorp Chile S.A. 0 401 0 401 Total 2,334 8,992 50 11,376 LER\u00d8Y SEAFOOD GROUP ASA (LSG) LSG is a fully-integrated seafood company and comprises the entire value chain, from roe, fry, smolt, farming of Atlantic salmon and trout, catching whitefish and processing to sales and distribution. Goodwill linked to LSG is measured at operating segment level, which is LSG as a whole. The impairment test for goodwill uses equivalent assumptions to the impairment tests for non- amortisable licences in the Farming segment and for whitefish licences. (See also further discussion below.) No reasonable changes in the assumptions would lead to write-down of goodwill. LSG has following fish farming licences; 31 licences in the North of Norway (incl. slaughter cage-, parent fish-, demonstration- and teaching licences), 59.5 licences (incl. slaughter cage, parent fish-, demonstration- and teaching licences) in Central Norway and 63 (incl. slaughter cage, parent fish-, green farming-, demonstration- and teaching licences) in West Norway. LSG group has also 18 licences for juvenile fish and 4 licences for cleaner fish, and licences to cultivate seaweed in connection with localities for production of salmon. The following rates are applied for tests of possible impairment: discount rate (WACC) after tax of 7.1%, and a nominal rate of 2.0%. LSG's impairment tests did not produce grounds for write-down of goodwill or intangible assets with an indefinite useful life in 2025 and 2024. The 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%. Within aquaculture, historically up to 2012, the Group has experienced a significant production growth per licence in Norway. Since 2012 and until today the growth has been low. The model is based on an assumption of 2% growth in volume produced. The licences in this segment are owned by the sub- group, Havfisk (vessel owning subsidiaries). The licences are governed by an obligation to supply products to the regions where the licences are located, i.e. Troms og 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. Havfisk is also subject to a so-called \u201cindustrial obligation\u201d (obligation to keep the business going) in Stamsund, Melbu, Hammerfest, B\u00e5tsfjord, Honningsv\u00e5g and Kj\u00f8llefjord. This implies that the licence is linked to operation of the facilities in the respective locations. Havfisk has however leased out the facilities in these locations. The lessee is LNWS (group). The lessee is responsible for sustaining operations. If the lessee terminates operations, the licence terms oblige Havfisk to sustain operations in the specified locations. At the end of the financial year, the Ler\u00f8y 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 \u201cre-allocation\u201d. In 2025 (2024), one cod licence entitled the holder to fish for 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 licence volumes after re-allocations for 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 both haddock and saithe was increased and some quotas were re-allocated for these species. The shrimp and greater silver licences have no limit in terms of volume. 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\u2019 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. 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. Havfisk \u2013 and LNWS to a limited extent \u2013 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 (the Norwegian Participation Act). Havfisk has been given an exemption from the requirement stating that the controlling interest must be an active fisherman. The Norwegian Participation 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\u2019 approval of LSG's acquisition of the majority shareholding in Havfisk was granted on the basis of LSG\u2019s ownership on the date of the approval. The approval also states that no new applications are required for future changes in ownership of Havfisk , LSG and AUSS provided that LSG continues to own minimum 60% of the shares in Havfisk and that AUSS continues to own minimum 50% of the shares in LSG. 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 AUSS. 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 Norwegian Participation Act. Pursuant to the nationality requirement in section 5 of the Norwegian Participation Act, operating permits can only be granted to parties that are Norwegian citizens or have status that equals Norwegian citizenship. According to the second paragraph letra a) of the provision, 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. Havfisk, LSG and AUSS 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 Havfisk losing its licence rights. BR. BIRKELAND AS (BRBI) Following the requirements of the Norwegian Participation Act (Norwegian: Deltakerloven), the company divested its remaining fishing operations (snow crab) in the fourth quarter of 2025 through a demerger of its shares in Opilio AS. The demerger was completed on 30 December 2025. As a result, AUSS now only holds shares in Br. Birkeland AS, which has been renamed Bj\u00e5nes\u00f8y Eiendom AS. Due to the limited level of activity, this segment will be reported under \u201cOther\u201d going forward. KOBBEVIK OG FURUHOLMEN OPPDRETT AS (KFO) The KFO Group owns seven licences for farming Atlantic salmon in western Norway. The current maximum allowed biomass (MAB) is 4,700 tonnes, whereas the original capacity is 5,460 tonnes. The 760-tonne difference is a temporary reduction due to the Norwegian traffic light system in production area 3 and 4. AUSS owns 55.2% of KFO\u2019s shares. A post-tax discount rate (WACC) of 9%, insignificant growth in volume produced and a long-term growth rate of 2% are applied when testing for possible impairment of farming licences. KFO\u2019s impairment tests, which incorporate risks and opportunities within environmental sustainability, did not give grounds for write-down of goodwill or intangible assets with an indefinite useful life in either 2025 or 2024. The management's calculations regarding farming licences are robust in the face of reasonable changes in conditions in the future. AUSTRAL GROUP S.A.A. (AUSTRAL) Austral is a fully-integrated fishing company involved in catches, processing and sales. Austral has fishing rights for anchoveta and horse mackerel/mackerel in Peru. The company\u2019s anchoveta quota represents just under 7% of the total quota in Central/North Peru, and just under 4% of the quota in South Peru. Austral's product range comprises fishmeal and fish oil, and fresh and frozen consumer products. Austral's operations are based on wild-caught fish, and the company would not be able to sustain the long-term values generated by its licences without sustainable management of resources. Moreover, natural weather phenomena (El Ni\u00f1o/La Ni\u00f1a) will have an impact on conditions at sea and may cause periodic, short-term fluctuations in biomass and quota levels from year to year. There are two main seasons for anchoveta \u2013 the first from April to July and the second from November to January. Resource management is handled by Instituto del Mar de Peru (IMARPE). Prior to each fishing season, IMARPE undertakes exploratory voyages and recommends quota levels on the basis of its biomass measurements. The tests for impairment apply cash flows after tax and an equivalent post-tax discount rate (WACC) of 8.9%, a nominal growth rate of 2% and expected inflation of 2%. The model uses projected prices for
the products, based on the OECD-FAO Agricultural Outlook 2025-2035 report. The model applies current cost levels, adjusted for growth. The model assumes a total anchoveta quota of 4.8 million tonnes, split between 4.5 million tonnes in Central/North Peru and 0.3 million tonnes in South Peru. The figure below shows the historical development in the estimated anchoveta biomass and associated TAC split by seasons the last five years. From 2008 to 2022, the total volume caught in Central/ North and South Peru averaged just over 4.3 million tonnes, ranging from an annual catch of 6.1 million tonnes (2018) to 2.2 million tonnes (2014). The volume caught in 2023 was severely impacted by El Ni\u00f1o and a cancellation of the second season, coming in at just under 2.0 million tonnes. In 2024, the catch levels displayed a positive development with at significant rebound to 4.7 million tonnes. Austral's impairment tests, which incorporate risks and opportunities within environmental sustainability did not give grounds for write-down of goodwill or intangible assets with an indefinite useful life in either 2025 or 2024. Using WACC and our best estimates of quota and catch in the terminal period, the tests show that the value remains intact in the face of reasonable changes in the realised prices of fishmeal and fish oil. The fishmeal and fish oil prices applied in the last explicit year of the model are USD 1,734 and 3,492, respectively. For comparison, the average price of fishmeal FOB Peru for all producers of fishmeal in Peru was USD 1,460 in 2025 and USD 1,686 in 2024 (source: SUNAT). 2 4 6 8 10 12 2nd 1st 2nd 1st 2nd 1st 2nd 1st 2nd 1st ANNUAL QUOTA AND BIOMASS (million tonnes) 2021 2022 2023 2024 2025 Biomass Quota
FOODCORP CHILE S.A. (FC) FC is a fully-integrated fishing company involved in catches, processing and sales. FC has fishing rights for horse mackerel, mackerel, sardines and anchoveta in Chile. In 2025 the company held 8.9% of the horse mackerel quota for the fleet group in Chile to which the company's vessels belong. FC produces frozen consumer products, as well as fishmeal and fish oil. FC's operations are based on wild-caught fish, and the company would not be able to sustain the long-term values generated by its licences without sustainable management of resources. Moreover, natural weather phenomena will have an impact on conditions at sea and may cause periodic, short-term fluctuations in biomass and, as a result, quota levels from year to year. Horse mackerel stocks in the southern Pacific have been heavily fished, and a common fish stock management scheme was not implemented until 2011. Fish stock management is now handled by the South Pacific Regional Fisheries Management Organisation (SPRFMO). Their work involves measurements and estimates of stock sizes that in turn provide the basis for specification of total quotas from year to year. Total quotas (TAC) were set for the first time in 2012, and at historically extremely low levels. In order to build up the biomass, the quotas in the following years increased only slightly. Conservative management meant that in the autumn of 2017 SPRFMO was able to report that the biomass had reached a sustainable level, and that the organization could therefore recommend a 17% increase in the quotas for 2018. The quotas increased by 15% yearly during 2020-2022. Further confirmation of the positive biomass status came with a 20% increase in quotas for 2023 and a 15% increase in 2024. For 2025 the quota has been increased by 25%. The tests for impairment apply cash flows after tax and an equivalent post-tax discount rate (WACC) of 8.6%, a nominal growth rate of 2%. The model uses projected prices for the products, based on the OECD-FAO Agricultural Outlook 2025-2035 report. The model applies current cost levels, adjusted for growth. The figure for volume of raw materials used in the model is based on a moderate further quota increase of 7.74% for 2026, 10% for 2027-2028, and 0% from 2029 onwards, including the terminal. The model assumes a total horse mackerel quota for Chile in the region of 1.34 million tonnes in the terminal period. Note that our starting point in 2026 was based on an expected increase from 2025 of 7.74%. Realised increase was 7.89% when the quota was finally concluded with no material effect on the terminal quota. The chart to the right shows the development in the Chilean quota from 2000 to 2026. FC\u2019s impairment tests, which incorporate risks and opportunities within environmental sustainability, did not give grounds for write-down of intangible assets with an indefinite useful life in either 2025 or 2024. Licence scheme in Norway The licence scheme for production of salmon and trout in Norway has been implemented by the Storting (the Norwegian Parliament) and adopted in the Norwegian Act relating to aquaculture (Aquaculture Act). The Ministry of Trade, Industry and Fisheries is responsible for allocation of aquaculture permits (licences). All activities involving aquaculture require a licence. It is prohibited to farm salmon/trout without a licence from the authorities, cf. section 4 of the Aquaculture Act. All licences are governed by the same regulations (current Aquaculture Act with provisions) irrespective of when the licence was allocated.
QUOTA OF JACK MACKEREL IN CHILE 2000-2026 (million tonnes) The 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. Principal terms for different types of 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. The Group has a sufficient number of localities (locality MAB) in the different regions to achieve a satisfactory exploitation of the Group's total MAB. All commercial licences are currently operational. The following regulations regarding production limitations apply to the different types of licences held by the Group: Farming licences are limited in number, i.e. the enterprises are only granted new licences or more production volume subsequent to politically adopted allocation rounds. The maximum allowable biomass (MAB) has previously been 780 tonnes of salmon or trout per licence. The maximum allowable biomass 0.6 1.2 1.8 2024 2022 2026 2020 2018 2016 2014 2012 2010 2008 2006 2004 2002 2000 -86% +12% p.a.
or trout per licence. 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 \u201ctraffic light system\u201d. 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. Green farming licences are licences that were awarded in 2015 via a dedicated licencsing 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 as for special purposes. Demonstration licences are granted to enterprises in order to spread 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. Harvest cage licences are allocated for the use of sea cages for live fish ready for harvest. These licences are attached to a specific location, which is the Group's harvesting plant for salmon and trout. Parent fish licences are also licences defined as 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 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 Section 5, second paragraph of the Aquaculture Act reads: \"The Ministry may prescribe detailed provisions relating to the content of the aquaculture licences, including the scope, time limitations, etc., by administrative decision or regulations.\" In the legislative background to the Aquaculture Act, White Paper no. 61 2004-2005, the following statement can be found on page 59: \"It will remain the case that licences are normally allocated without any specific time limitation. Implementation of such limitations should be reserved for those issues where a time limitation, based on the specific situation, provides for a more complete fulfilment of the Act than if the licence were to be allocated without a time limitation.\" The duration of licences is also specified by the Aquaculture Act, which in its most recent revision underlined ownership of licences by allowing the licences to be mortgaged to the benefit of the lender. There are no time limitations specified in the Group's terms for grow out and juvenile licences, and they are therefore deemed to be time-indefinite production rights according to the prevailing regulations. This also applies for green farming 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 in principle are valid for the duration of the project. They are often linked to the lifecycle of the salmon, i.e. three years. Applications may be made to renew R&D licences operated in close collaboration with research environments for a further three-year period after the end of the project. The parent fish licences are granted for 15 years at a time, and applications have to be submitted for their renewal \u2013 provided that the licence holder is still involved in production of brood stock for salmon or trout. Parent fish production is an integral part of the Group'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 harvest cages are allocated for 10 years at a time. Applications can be submitted for renewal of such licences provided that they are attached to an approved harvesting plant and only utilised to keep fish ready for harvest in immediate proximity to the harvesting plant. The Group's demonstration licences are granted with a duration 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\u2019s 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. Regulations relating to right of use: transfer, lease, moving etc. All licences can be transferred pursuant to section 19 of the Aquaculture Act, and can be mortgaged pursuant to section 20 of the Act. An aquaculture register is kept of all aquaculture licences where
transfers and mortgaging are registered. The leasing of aquaculture licences or licence capacity is not permitted. Grow-out licences and parent fish licences can be linked to different locations, but there are certain limitations on moving of licences between the regions defined by the Directorate of Fisheries. In practice, this means that licences cannot be moved between defined regions, which typically follow county borders. Juvenile fish licences are attached to one locality \u2013 the locality for which the licence applies. 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 NOK 12,000 is paid per licence covered by an application for amendment at locality level, cf. section 2 of the Regulation relating to fees and duties for aquaculture activities. All fees and costs are immediately recognised as an operating expense. Assessment of economic life According to past and present legislation and the general interpretation and practice in the industry, Norwegian fish farming licences are not a time-limited right, and licences should therefore not be subject to amortisation. Where time-limited R&D licences, demonstration licences and educational licences are concerned, these are awarded free of charge so amortisation is normally not relevant. However, in cases where related acquiring or renewing costs are capitalized, they will be subjected to depreciation over the economic life. Grow-out licences and juvenile fish licences The following factors played a key role in the assessment of whether licences have an indefinite useful life, with reference to the description of the licence types above: (1) No time limitation on the licences (2) Insignificant expenditure involved in maintaining the licences (3) High threshold for revocation of licences; this has never happened in Norway It has also been noted that the licences are registered in the public aquaculture register as being without time limitation. On this basis, the economic life is assessed to be indefinite for the grow-out licences and juvenile fish licences, in accordance with IAS 38.90. Parent fish licences As mentioned above, these licences are granted for 15 years at a time, and applications can be submitted for renewal. In 2007, the duration of parent \ufb01sh licences was amended from 10 years to 15 years (amendment to regulation dated 14 August 2007 no. 986). In the consultation document dated 7 June 2007, the Ministry stated the following regarding time limitation for parent \ufb01sh licences in item 3.3: \"The recommendation implies that the licences shall be time-limited for a period (...) with clearly de\ufb01ned predictability for extension of new periods. Time-limited licences may however result in less predictability for the entities than licences without time limitations. Predictability is key as breeding and parent \ufb01sh production is a time- consuming and resource-intensive activity, but this is provided for by (...) a \ufb01xed-term period with clearly de\ufb01ned predictability for extension.\" IAS 38.94 states that if the contractual or legal rights are assigned for a limited period of time that can be renewed, the useful life of the intangible asset should include the renewal period(s) only if there is documented evidence to support that the cost of the renewal for the entity is not significant. IAS 38.96 provides guidelines describing factors that can be included in this assessment. The following factors have been central to LSG's assessment of indefinite useful life for the parent fish licences: a. The entity's licences have always been renewed. Renewal does not require third-party consent, but is based on factors that are under the control of the entity, i.e. the terms of the licence are met and an application for renewal has been submitted before the expiry of the 15-year period. The main condition for renewal is that parent fish production is carried out in connection with a breeding system. Parent fish production will continue to be an integral part of LSG's value chain, and as such this requirement will be met. b. The entity can document fulfilment of the licence conditions, c. The cost to the entity for renewal is not significant, when compared with the future economic benefits expected to flow to the entity from renewal. Demonstration licences 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. As with parent fish licences, this type of licence is defined as being for special purposes. Both parent fish and demonstration licences are a type of activity without any clear time limitation. In principle, the same factors as for parent fish licences will apply to demonstration licences. Teaching licences With one exception, the Group\u2019s 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. The Group has also taken over one teaching licence pursuant to an open-ended agreement with an educational institution. Since the agreement has a limited undefined useful life, its duration has been estimated at one year. The Norwegian fishery licence scheme The Participation Act (the Act relating to the right to participate in fishing and catches) and the Marine Resources Act (the Act relating to the management of wild living marine resources) constitute the legal framework for allocation and management of fishery licences and quotas in Norway. The freedom to carry out commercial fishery is regulated in or pursuant to the Participation Act. The Participation Act establishes that a fishing vessel cannot be used for commercial fishery or catches unless it has a commercial licence issued by the Ministry. A commercial licence is issued to the owner
of the vessel for a specific vessel. Among other things, the Participation Act sets out criteria for the vessel\u2019s construction and conditions governing activity, nationality and residence in order for the vessel owner to be issued with a commercial licence. A commercial licence only confers the right to carry out fishery or catches in accordance with the provisions set out in or pursuant to the Marine Resources Act at all times. If the permit holder replaces one vessel with another, a new application is required for a new professional permit so that the fishing rights are transferred to the new vessel. Such transfer is normally granted provided that the requirements specified in the Participation Act are fulfilled. In the event of transfer of a share or holding in the company/association of undertakings that directly or indirectly owns the vessel, advance approval of a change of ownership composition is required from the Ministry. A commercial permit is annulled when the owner loses the right of ownership to a vessel, whether by compulsory sale, condemnation, shipwreck etc. A commercial licence shall and can be revoked if the vessel owner does not fulfil the conditions set out in the Participation Act. If such incidents are of a less serious nature, the Ministry may decide to retract the commercial permit for a specific period of time. Special permits pursuant to sections 12 of the Participation Act Most economically important fisheries also require either a special licence (licence pursuant to the Licencsing Regulations (Regulations on special licences to engage in certain forms of fishing and catching)) or annual permit to participate in a closed group. Essentially, the sea fishing fleet has licence schemes, while the coastal fishing fleet is regulated by means of annual limits on access. The Group\u2019s vessels have special licences for whitefish and snow crab. The Group\u2019s vessels with special licences for pelagic fisheries were sold in 2024. Fisheries permits within whitefish The fishing permits (licences) are valued at cost less any accumulated depreciation and impairment losses. There are no predetermined time limitations specified in the Group's conditions for licences that apply to basic quotas within whitefish, and they are therefore deemed to be time-indefinite rights according to the prevailing regulations. As the fishing rights are not bound by a time-limited period, there is no need to apply for their renewal. The fishing rights are deemed to be valid pursuant to the Participation Act, and pursuant regulations, unless they are annulled or retracted in accordance with the Participation Act. The Group also holds fishing rights within whitefish that have a time limit \u2013 so-called structural quotas. These are amortised over the lifetime of the individual structural quota. The fisheries licences within whitefish comprise basic quotas with no time limit and structural quotas with a time limit of 20 and 25 years respectively. The structural quotas have a definite useful life and are amortised over the length of the structural period. The basic quotas have an indefinite useful life and are not amortised, but are tested annually for impairment. The fishing permits meet the definition of intangible assets in accordance with IAS 38, as these are legal rights, are identifiable and generates economic yield that the company can control. The Storting (the Norwegian Parliament) adopted the new quota report on 30 April 2024. The decision means, among other things, that model X is used as a basis for the return of structural gains, and the structural gain that arises when the time-limited structural quotas expire shall pass to the vessel group that implemented the structuring and shall be allocated with full effect to basic quotas and with half effect to the remaining structural quotas. Furthermore, the \u201ctrawl ladder\u201d is being reintroduced in the quota allocation for cod fishery. In addition, quota for the open group is to be taken from the total quota and not the coastal quota. This means that the trawler fleet\u2019s relative share of the total quota will fall, while that of the coastal fleet will increase. Licence scheme for fishing rights in Peru The fishing licence is granted by the Production Ministry (Ministerio de la Producci\u00f3n) for the extraction of hydrobiological resources, subject to Fishing Regulations as stipulated by General Law of Fisheries (Decreto Ley N\u00b0 25977) and the Regulations for the General Law of Fisheries (Decreto Supremo N\u00b0 012-2001-PE). A fishing licence only expires in case the legal owner breach the requirements established in the mentioned article 33 of the Regulation for the General Law of Fisheries (not increase authorized storage capacity, accredit vessel operation per each species authorized in the fishing licence and paid of the corresponding fishing rights), otherwise, the fishing licence keep in force unlimited. The Supreme Decree N\u00b0 017-2017-PRODUCE (Regulations of control and sanction of fisheries and aquaculture activities) establish the limitations that fleet must fulfil during its operations. The indeterminate life of fishing licence is also subject to lack of repetition of severe penalties (maximum four infractions of the same type allowed in one year). Licence scheme for fishing rights in Chile Fishing and aquaculture activities are ruled by the \u201cGeneral Fishing and Aquaculture Act N\u00ba 18.892 of 1989\u201d (\u201cLey General de Pesca y Acuicultura\u201d or LGPA), which has received several modifications during its life, being the latest related to fishing licenses Law N\u00ba 20.657 of 9 February 2013. In June 2025, Congress approved Law N\u00b021.752 regarding changes in the quota distribution between artisanal and industrial sectors for the main commercial fishing species, including jack mackerel. This Act fixes this proportion until 2040. Until the introduction of 2013 fishing law modifications, fishing licences were linked to a fishing vessel and could not be divided or independently transferred. These types of fishing licence (\u201cPermiso de Pesca\u201d) still exist for those species out of the list of tradable fishing licences (\u201cLicencia Transable de Pesca\u201d or LTP), such as giant squid and mackerel, as well as for the artisanal shipowners. The fishing law of 2013 grants industrial shipowner a \u201cLTP-A\u201d tradeable fishing licence type, which is automatically renewed every 20 years, provided that owner has had a good behaviour in environmental and labour regulations. These LTPs are divided by fish species and macro-
This was done for horse mackerel in 2017. The new quotas will be deducted from the LTP-A, creating a \u201cLTP-B\u201d licence valid for 20 years for each of the auctioned lots. After this period, a new auction process is required. The LTPs are transferable, permanently or temporarily and are also subject to be used as guarantees to financial institutions, something impossible with previous regulation. Fishing permits for the non-LTP species remain linked to a physical fishing vessel are permanent. Fishing licences for the LTP-A are granted for 20 years with automatic renewal for same period of time, therefore are considered a permanent licence system. LTP-B is a 20-year non-renewable fishing licence. Fishing rights can be lost or reduced (partial loss), if a Company: \u2022 Catches in excess over 10% of its quota during 2 years in a row. \u2022 Does not perform fishing activities during 2 years or 12 consecutive months, unless is a case of force majeure, which must be approved by Undersecretary of Fisheries. \u2022 If during a 5-year period, offloading of the 3 highest years are below 70% of the industry average. In this case, is a partial loss, applying a quota reduction equivalent to the difference between this average and the company actual landings. \u2022 Repeatedly not submitting the statistical information required by law. \u2022 Not paying fishing or specific fishing taxes. Gives a 30 days grace period after due dates. \u2022 If court sentences company for spillage of chemical or other harmful substances into water portions. \u2022 If sentenced repeatedly of illegal or unauthorized modifications, alterations or changes to fishing vessels. \u2022 If Company has been sentenced 3 or more times within a 2-year period of infractions to anti-union labour law related only to workers on board vessels. This is a partial loss, equivalent to 10% of the main specie that the vessel was operating at infraction time.
INTANGIBLE ASSETS \u2013 LICENCES AND BRANDS Licences All licences and quotas are distributed by respective governmental bodies. Licences related to fish farming and fishing quotas are recognised in accordance with IAS 38 and carried at cost less accumulated impairment. These are assessed to have indefinite useful lives and are accordingly not amortised, but tested for impairment at least annually. The indefinite useful life assessment reflects that the licences are expected to contribute to the Group's cash flows for an indefinite period, subject to regulatory conditions. Licences and quotas remain subject to each country's fishing and fish farming quota regulations. See Note 10 for further information. Brands Brands acquired as part of a business combination are recognised at fair value at the date of acquisition. Brands assessed to have indefinite useful lives are not amortised but reviewed for impairment at least annually. The useful life assessment is reviewed each period to determine whether events and circumstances continue to support the indefinite useful life classification. Intangible assets with definite useful lives are amortised on a straight-line basis over their expected useful life and reviewed for impairment when indicators arise.
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"value": "SE ASSETS AND LEASE LIABILITIES The Group recognises right-of-use assets and corresponding lease liabilities for all leases in accordance with IFRS 16, with the exception of short- term leases (terms of 12 months or less) and low-value assets (below NOK 50,000 each), for which the Group applies the recognition exemptions permitted by the standard. Lease payments for these exempted leases are expensed on a straight-line basis. For contracts containing both lease and non-lease components, the Group allocates the consideration 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. Right-of-use assets are measured at cost at the commencement date and depreciated on a straight- line basis over the lease term, including extension options the Group is reasonably certain to exercise. Lease liabilities are measured at the present value of future lease payments, discounted using the Group's incremental borrowing rate where the interest rate implicit in the lease is not readily determinable. The Group distinguishes between leases with credit institutions and leases with other parties. 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 other parties is not. This distinction is also reflected in the definition of net interest-bearing debt (NIBD). See Notes 23 and 28 for further information. IMPAIRMENT OF NON-FINANCIAL ASSETS Impairment of non-financial assets is assessed in
accoNOTE 11 Fixed assets 2024 Land Projects in progress Buildings/real estate Plant, equipment and other fixtures Vessels Total At 01.01. Acquisition cost 692 364 7,957 11,803 8,538 29,354 Accumulated depreciation and amortisation 0 -1 -2,715 -7,645 -4,408 -14,769 Accumulated impairment -26 -33 -106 -37 -243 -444 Carrying amount at 01.01. 666 330 5,136 4,122 3,887 14,142 Currency translation differences 15 11 56 78 102 262 Reclassification 0 -381 67 163 23 -128 Acquisitions through business combinations 0 12 -2 -15 0 -5 Additions 14 645 362 1,311 1,121 3,453 Disposals -12 0 -121 -245 -74 -452 Depreciation and amortisation 0 0 -461 -973 -600 -2,034 Acc. depreciation on disposals 0 0 92 178 18 287 Reversal of impairment 0 0 16 3 0 19 Carrying amount at 31.12. 683 617 5,145 4,622 4,477 15,543 At 31.12. Acquisition cost 709 651 8,318 13,060 9,711 32,448 Accumulated depreciation and amortisation 0 -1 -3,084 -8,405 -4,991 -16,479 Accumulated impairment -26 -33 -89 -33 -243 -425 Carrying amount at 31.12. 683 617 5,145 4,622 4,477 15,543 Carrying amount of right-of-use assets included above 0 0 558 1,400 1,542 3,500 Depreciation of right-of-use assets included above 0 0 72 373 274 720
2025 Land Projects in progress Buildings/real estate Plant, equipment and other fixtures Vessels Total Carrying amount at 01.01 683 617 5,145 4,622 4,477 15,544 Currency translation differences -6 -8 -19 -12 -35 -79 Reclassification 20 -1,330 348 660 324 22 Remeasurement (index adjustments) 0 0 0 0 26 26 Acquisitions through business combinations 0 0 7 6 0 13 Additions 4 1,223 447 881 245 2,801 Disposals 0 -1 -63 -324 -238 -626 Depreciation and amortisation 0 0 -477 -1,122 -649 -2,248 Acc. depreciation on disposals 0 0 54 306 3 362 Reversal of impairment 0 0 10 4 0 14 Reversal of impairment in connection with sale/demerger -1 0 -2 -42 -2 -47 Carrying amount at 31.12. 699 501 5,449 4,979 4,151 15,780 At 31.12. Acquisition cost 729 535 9,038 14,271 10,033 34,606 Accumulated depreciation and amortisation 0 -1 -3,507 -9,221 -5,637 -18,365 Accumulated impairment -29 -33 -82 -71 -245 -460 Carrying amount at 31.12. 699 501 5,449 4,979 4,151 15,780 Right-of-use assets included above 0 0 502 1,436 1,319 3,256 Depreciation of right-of-use assets included above 0 0 77 418 313 807
NOTE 17 Interest-bearing debt The conditions for long-term loans other than bond loans mean that fair value is estimated to be equal to the carrying amount at 31.12.2025, adjusted for fair value of interest rate swaps. Three of the bond loans are so-called green bonds. This means that the Group has established a green framework stipulating how the proceeds from the loans can be used. Non-current liabilities 2025 2024 Mortgages 3,349 4,799 Bond loans 3,790 3,789 Other loans 14 15 Lease liabilities to credit institutions 875 918 Total non-current liabilities 8,029 9,522 Current liabilities Overdraft facility 2,643 2,348 Mortgages 2,323 1,579 Bond loans 500 0 Lease liabilities to credit institutions 324 288 Total current liabilities 5,791 4,214 Total non-current and current liabilities 13,820 13,736 Net interest-bearing debt Liquid assets 5,101 5,719 Other non interest-bearing debt \u2013 non-current 7 0 Total net interest-bearing debt (cf. Note 28) 8,712 8,016 Long term lease liabilities other than to credit institutions 1,551 1,769 Short term lease liabilities other than to credit institutions 442 417 Lease liabilities other than to credit institutions 1,993 2,186 Total non-current and current liabilities 15,813 15,922 Liquid assets -5,101 -5,719 Net interest-bearing debt incl. lease liabilities other than to credit institutions 10,712 10,203
NOTE 17 cont. Interest-bearing debt AUSS has pledged as security of 6 million shares in BRBI and 6 million shares in KFO for a revolving credit facility of MNOK 500, of which only MNOK 10 was drawn by 31.12.2025. Assets owned by LSG, BRBI and KFO are also placed as security directly to their separate and individual loans, and are included in the figures presented above.
Repayment profile for interest-bearing debt 2026* 2027 2028 2029 2030 Subsequent Total Mortgages* 2,323 617 1,088 427 327 905 5,687 Overdraft facility 2,643 0 0 0 0 0 2,643 Bond loans 500 500 500 1,050 500 1,240 4,290 Lease liabilities to credit institutions 324 283 215 130 78 170 1,199 Total 5,791 1,400 1,803 1,607 904 2,314 13,820 Repayment profile for long-term non-interest-bearing debt Lease liabilities other than to credit institutions 442 372 299 191 140 549 1,993 Total 442 372 299 191 140 549 1,993 Total 6,233 1,772 2,102 1,798 1,044 2,863 15,812 * Repayments of non-current liabilities which mature in 2026 are classi\ufb01ed as current liabilities in the balance sheet.
Liabilities secured by mortgage 2025 2024 Current liabilities 2,973 2,684 Non-current liabilities 7,004 6,870 Liabilities to credit institutions incl. finance lease agreements 9,976 9,554 Assets provided as security Operating assets 10,697 9,205 Licences * 1,944 2,000 Biological assets 10,254 11,460 Shares 1,277 1,496 Trade receivables 1,198 1,390 Right-of-use assets leased from credit institutions -1 -1 Total assets provided as security 25,370 25,551 * Licence value excluding price purchase allocation.
NOTE 17 cont. Interest-bearing debt Based on contractual terms the fair value of non- current borrowings (incl. bond loan) is estimated to be equal to book value as of 31.12.2025, adjusted for fair value of interest rate swaps. Three of the new bonds established in 2021 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 bond loans are listed on Oslo Stock Exchange, and fair value is assumed to approximate carrying amount. The carrying amounts of short-term borrowings approximate their fair value. FINANCIAL \"COVENANTS\" The parent company's borrowing agreements, comprising bond loans with a nominal value of MNOK 800 and a revolving credit facility of MNOK 500, contain a financial covenant measured at the Group's consolidated level. The borrower shall procure that the equity ratio of the Group shall not fall below 30 per cent tested quarterly. At 31 December 2025, the Group's book equity ratio was 52% (2024: 53%). In addition, borrowing arrangements within the Group's subsidiaries, including the LSG sub-group, Austral and FC, contain financial covenants primarily related to equity ratios. These are managed at the respective subsidiary level. The total carrying amount of interest-bearing debt subject to covenant requirements is MNOK 13,820 as at 31 December 2025 (2024: MNOK 13,736). The Group has committed overdraft facilities totalling MNOK 4,380 (MNOK 3,504 in 2024, of which MNOK 2,691 was drawn at 31 December 2025. The unutilised portion of MNOK 1,779 is available to the Group at any time within the terms of the facility agreements. The Group is exposed to interest rate changes on the loans, based on the following repricing structure 2025 2024 6 months or less 11,786 11,665 6-12 months 0 0 1-5 years 1,034 572 Over 5 years 1,000 1,500 Total 13,820 13,736 The carrying amounts of the Group's loans are denominated in the following currencies 2025 2024 NOK 11,449 11,824 SEK 63 114 DKK 251 353 USD 1,758 1,250 EUR 245 175 Other currencies 53 20 Total 13,820 13,736 Overdraft facility 2025 2024 Overdraft facility 2,691 2,395 Unutilised overdraft facility 1,689 1,109 Limit of overdraft facility 4,380 3,504 Unutilised long term credit facility 1,779 2,486
Current debt Non-current debt Cash movement reconciliation of interest-bearing debt Overdrafts and other short term credit Other current debt Bond loans Loans from credit inst. Leases from credit inst. Other loans Total As per 01.01.2024 976 0 3,795 6,243 1,215 48 12,277 Proceeds from loans and borrowings 0 0 0 2,238 0 0 2,238 Repayments from loans and borrowings 0 0 0 -1,582 0 0 -1,582 Business combinations 0 0 0 -3 0 0 -3 Capitalised borrowing costs 0 0 1 1 0 0 2 Currency gain/loss on items in foreign currency 0 0 0 6 8 -18 -4 Other non-cash movements 1,206 10 -7 -382 -18 -1 808 As per 31.12.2024 2,182 10 3,789 6,521 1,205 29 13,736 Current debt Non-current debt Cash movement reconciliation of interest-bearing debt Overdrafts and other short term credit Other current debt Bond loans Loans from credit inst. Leases from credit inst. Other loans Total As per 01.01.2025 2,182 10 3,789 6,521 1,205 29 13,736 Proceeds from loans and borrowings 0 0 500 1,785 0 0 2,285 Repayments from loans and borrowings 0 -10 0 -2,465 -277 -8 -2,760 Business combinations 10 0 0 -67 0 0 -57 Capitalised borrowing costs 0 0 1 1 0 0 2 Currency gain/loss on items in foreign currency 0 0 0 -131 1 0 -130 Other non-cash movements -15 0 0 490 270 0 745 As per 31.12.2025 2,177 0 4,290 6,134 1,199 21 13,820 NOTE 17 cont. Interest-bearing debt
NOTE 23 Lease contracts Right-of-use assets Land Buildings/ real estate Plant, equipment and other fixtures Vessels Total right-of-use assets Of which from credit institutions Of which from others At 01.01.2024 Acquisition cost 51 817 2,734 2,292 5,895 3,004 2,894 Accumulated depreciation and amortisation -19 -308 -1,389 -1,135 -2,852 -1,239 -1,616 Carrying amount at 01.01.2024 32 510 1,345 1,158 3,043 1,765 1,278 Financial year 2024 Carrying amount at 01.01. 32 511 1,345 1,158 3,043 1,765 1,278 Currency translation differences 0 5 5 0 10 1 9 Addition of new right-of-use assets 8 78 393 910 1,389 353 1,035 Disposals 0 0 -13 -26 -40 -14 -26 Depreciation and amortisation for the year -6 -66 -373 -274 -720 -252 -467 Impairment for the year 0 -2 0 -71 -74 0 -73 Reclassification 0 0 0 -109 -109 0 -109 Carrying amount at 31.12.2024 35 525 1,355 1,587 3,500 1,852 1,647 At 31.12.2024 Acquisition cost 60 900 3,118 2,996 7,071 3,343 3,731 Accumulated depreciation and amortisation -25 -374 -1,763 -1,409 -3,571 -1,491 -2,084 Carrying amount at 31.12.2024 35 526 1,355 1,587 3,500 1,852 1,647 Of which secured by mortgage 1,852 Financial year 2025 Carrying amount at 01.01.2025 35 525 1,355 1,587 3,500 1,852 1,647 Currency translation differences 0 4 0 0 6 1 4 Addition of new right-of-use assets 21 14 446 74 555 270 285 Disposals 0 0 -3 0 -3 0 -3 Depreciation and amortisation for the year -9 -68 -418 -313 -807 -295 -513 Business combinations 0 0 0 0 0 0 0 Reclassification -1 -19 0 0 -19 0 -19 Remeasurement (index adjustments) 0 0 0 26 26 0 26 Carrying amount at 31.12.2025 46 456 1,380 1,374 3,256 1,828 1,428 At 31.12.2025 Acquisition cost 81 899 3,561 3,096 7,636 3,614 4,024 Accumulated depreciation and amortisation -34 -443 -2,181 -1,722 -4,379 -1,786 -2,596 Carrying amount at 31.12.2025 46 456 1,380 1,374 3,256 1,828 1,428 Of which secured by mortgage 1,828
Lease liabilities right of use assets 01.01.2025 Changes in 2025 31.12.2025 Lease liabilities other than to credit institutions Long-term portion (cf. Notes 17 and 23) 1,769 -218 1,551 Short-term portion (cf. Notes 17 and 23) 417 25 442 Total 2,186 -193 1,993 Lease liabilities to credit institutions Long-term portion (cf. Notes 17 and 23) 918 -43 875 Short-term portion (cf. Notes 17 and 23) 288 36 324 Total 1,206 -7 1,199 Total lease liabilities right of use assets Long-term portion (cf. Notes 17 and 23) 2,687 -261 2,426 Short-term portion (cf. Notes 17 and 23) 705 61 766 Total 3,392 -200 3,192 Interest expense on right-of-use assets 2025 2024 Interest expense on lease liabilities to credit institutions (cf. Note 19) 98 67 Interest expense on lease liabilities to others (cf. Note 19) 101 83 Interest expenses on lease liabilities 199 150 Leased assets booked as lease is specified in Notes 11 and 23.
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"reg-ix-402": {
"value": "SE ASSETS AND LEASE LIABILITIES The Group recognises right-of-use assets and corresponding lease liabilities for all leases in accordance with IFRS 16, with the exception of short- term leases (terms of 12 months or less) and low-value assets (below NOK 50,000 each), for which the Group applies the recognition exemptions permitted by the standard. Lease payments for these exempted leases are expensed on a straight-line basis. For contracts containing both lease and non-lease components, the Group allocates the consideration 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. Right-of-use assets are measured at cost at the commencement date and depreciated on a straight- line basis over the lease term, including extension options the Group is reasonably certain to exercise. Lease liabilities are measured at the present value of future lease payments, discounted using the Group's incremental borrowing rate where the interest rate implicit in the lease is not readily determinable. The Group distinguishes between leases with credit institutions and leases with other parties. 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 other parties is not. This distinction is also reflected in the definition of net interest-bearing debt (NIBD). See Notes 23 and 28 for further information. IMPAIRMENT OF NON-FINANCIAL ASSETS Impairment of non-financial assets is assessed in
acco",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"mtpnn18": {
"value": "IMPAIRMENT OF NON-FINANCIAL ASSETS Impairment of non-financial assets is assessed in
accordance with IAS 36. Assets that have indefinite useful lives are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation or depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). An impairment loss is recognised for the amount by which the carrying amount exceeds the recoverable amount, being the higher of the asset's value in use and fair value less costs of disposal. Value in use calculations are based on estimated future cash flows discounted using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or cash-generating unit. See Note 10 for further details on key assumptions. Non-financial assets other than goodwill that have previously been impaired are reviewed for possible reversal of the impairment at each reporting date.
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"reg-ix-442": {
"value": "IMPAIRMENT OF NON-FINANCIAL ASSETS Impairment of non-financial assets is assessed in
accordance with IAS 36. Assets that have indefinite useful lives are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation or depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). An impairment loss is recognised for the amount by which the carrying amount exceeds the recoverable amount, being the higher of the asset's value in use and fair value less costs of disposal. Value in use calculations are based on estimated future cash flows discounted using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or cash-generating unit. See Note 10 for further details on key assumptions. Non-financial assets other than goodwill that have previously been impaired are reviewed for possible reversal of the impairment at each reporting date.
NOTE 10 Intangible assets 2024 Goodwill Licences, fish farming, Norway Licences, whitefish and pelagic fisheries, Norway Licences, pelagic fisher- ies, South America Brands Total Per 01.01. Acquisition cost 2,435 4,668 3,928 1,486 50 12,568 Accumulated depreciation and amortisation 0 -388 -367 -70 0 -824 Accumulated impairment -141 -79 0 -21 0 -241 Carrying amount at 01.01. 2,294 4,202 3,562 1,396 50 11,504 Carrying amount at 01.01. 2,436 4,115 4,112 1,289 50 12,002 Exchange differences 59 -3 30 110 0 195 Business combinations -18 0 0 0 0 -18 Additions for the year 0 151 0 0 0 151 Disposals for the year -169 0 -550 0 0 -720 Depreciation and amortisation 0 -2 -29 -2 0 -32 Impairment/reversal of impairment -13 -60 0 0 0 -74 Carrying amount at 31.12. 2,294 4,202 3,563 1,398 50 11,504 Per 31.12. Acquisition cost 2,435 4,898 3,698 1,486 50 12,568 Accumulated depreciation and amortisation 0 -388 -367 -70 0 -824 Accumulated impairment -141 -79 0 -21 0 -241 Carrying amount at 31.12. 2,294 4,431 3,333 1,396 50 11,504 - of which assets with indefinite lives 2,294 4,431 3,047 1,396 50 11,218 - of which assets with definite lives 0 0 286 0 0 286
Included in licences fishfarming above is a privilege for utilisation of waterfalls with definite useful lives.
CASH-GENERATING UNITS (CGU) Each operating segment in the AUSS Group is classified as one group of CGUs in order to allow for the distribution of goodwill for impairment testing. Goodwill and intangible assets with an indefinite useful life are not amortised, but shall be tested for impairment at least once a year \u2013 or when there are indications of impairment \u2013 and written down if their value can no longer be justified. Useful life is utilised as a main rule when establishing recoverable amount. Useful life is estimated as the present value of future cash flows. The present value is compared with the book value per CGU or group of CGUs. The present value estimate is based on the budget for the next year and the estimated profit/loss over the next four years. A terminal value is estimated for the period following the next five years. The Gordon growth model is applied to estimate terminal value. Goodwill and intangible assets with indefinite useful life (which is not depreciated) is distributed on the different groups as follows: 2025 Goodwill Licences, fish farming, Norway Licences, whitefish and pelagic fisheries, Norway Licences, pelagic fisher- ies, South America Brands Total Carrying amount at 01.01. 2,294 4,431 3,333 1,396 50 11,504 Exchange differences -15 0 0 -99 0 -114 Business combinations 55 0 0 0 0 55 Additions for the year 0 22 0 0 0 22 Disposals for the year 0 0 -3 0 0 -3 Depreciation and amortisation 0 -4 -29 -1 0 -33 Impairment/reversal of impairment 0 -55 0 0 0 -55 Carrying amount at 31.12. 2,334 4,394 3,301 1,297 50 11,376 Acquisition cost 2,476 4,946 3,695 1,387 50 12,554 Accumulated depreciation and amortisation 0 -416 -396 -70 0 -882 Accumulated impairment -141 -134 0 -21 0 -296 Carrying amount at 31.12. 2,334 4,395 3,301 1,296 50 11,376 - of which assets with indefinite lives 2,334 4,395 3,044 1,296 50 11,119 - of which assets with definite lives 0 0 257 0 0 257
Carrying amount of intangible assets per CGU Goodwill Licences Brands Total Ler\u00f8y Seafood Group ASA 1,987 7,463 50 9,500 Br. Birkeland AS 0 0 0 0 Kobbevik og Furuholmen Oppdrett AS 21 174 0 195 Austral Group S.A.A. 325 954 0 1,279 FoodCorp Chile S.A. 0 401 0 401 Total 2,334 8,992 50 11,376 LER\u00d8Y SEAFOOD GROUP ASA (LSG) LSG is a fully-integrated seafood company and comprises the entire value chain, from roe, fry, smolt, farming of Atlantic salmon and trout, catching whitefish and processing to sales and distribution. Goodwill linked to LSG is measured at operating segment level, which is LSG as a whole. The impairment test for goodwill uses equivalent assumptions to the impairment tests for non- amortisable licences in the Farming segment and for whitefish licences. (See also further discussion below.) No reasonable changes in the assumptions would lead to write-down of goodwill. LSG has following fish farming licences; 31 licences in the North of Norway (incl. slaughter cage-, parent fish-, demonstration- and teaching licences), 59.5 licences (incl. slaughter cage, parent fish-, demonstration- and teaching licences) in Central Norway and 63 (incl. slaughter cage, parent fish-, green farming-, demonstration- and teaching licences) in West Norway. LSG group has also 18 licences for juvenile fish and 4 licences for cleaner fish, and licences to cultivate seaweed in connection with localities for production of salmon. The following rates are applied for tests of possible impairment: discount rate (WACC) after tax of 7.1%, and a nominal rate of 2.0%. LSG's impairment tests did not produce grounds for write-down of goodwill or intangible assets with an indefinite useful life in 2025 and 2024. The 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%. Within aquaculture, historically up to 2012, the Group has experienced a significant production growth per licence in Norway. Since 2012 and until today the growth has been low. The model is based on an assumption of 2% growth in volume produced. The licences in this segment are owned by the sub- group, Havfisk (vessel owning subsidiaries). The licences are governed by an obligation to supply products to the regions where the licences are located, i.e. Troms og 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. Havfisk is also subject to a so-called \u201cindustrial obligation\u201d (obligation to keep the business going) in Stamsund, Melbu, Hammerfest, B\u00e5tsfjord, Honningsv\u00e5g and Kj\u00f8llefjord. This implies that the licence is linked to operation of the facilities in the respective locations. Havfisk has however leased out the facilities in these locations. The lessee is LNWS (group). The lessee is responsible for sustaining operations. If the lessee terminates operations, the licence terms oblige Havfisk to sustain operations in the specified locations. At the end of the financial year, the Ler\u00f8y 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 \u201cre-allocation\u201d. In 2025 (2024), one cod licence entitled the holder to fish for 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 licence volumes after re-allocations for 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 both haddock and saithe was increased and some quotas were re-allocated for these species. The shrimp and greater silver licences have no limit in terms of volume. 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\u2019 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. 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. Havfisk \u2013 and LNWS to a limited extent \u2013 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 (the Norwegian Participation Act). Havfisk has been given an exemption from the requirement stating that the controlling interest must be an active fisherman. The Norwegian Participation 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\u2019 approval of LSG's acquisition of the majority shareholding in Havfisk was granted on the basis of LSG\u2019s ownership on the date of the approval. The approval also states that no new applications are required for future changes in ownership of Havfisk , LSG and AUSS provided that LSG continues to own minimum 60% of the shares in Havfisk and that AUSS continues to own minimum 50% of the shares in LSG. 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 AUSS. 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 Norwegian Participation Act. Pursuant to the nationality requirement in section 5 of the Norwegian Participation Act, operating permits can only be granted to parties that are Norwegian citizens or have status that equals Norwegian citizenship. According to the second paragraph letra a) of the provision, 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. Havfisk, LSG and AUSS 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 Havfisk losing its licence rights. BR. BIRKELAND AS (BRBI) Following the requirements of the Norwegian Participation Act (Norwegian: Deltakerloven), the company divested its remaining fishing operations (snow crab) in the fourth quarter of 2025 through a demerger of its shares in Opilio AS. The demerger was completed on 30 December 2025. As a result, AUSS now only holds shares in Br. Birkeland AS, which has been renamed Bj\u00e5nes\u00f8y Eiendom AS. Due to the limited level of activity, this segment will be reported under \u201cOther\u201d going forward. KOBBEVIK OG FURUHOLMEN OPPDRETT AS (KFO) The KFO Group owns seven licences for farming Atlantic salmon in western Norway. The current maximum allowed biomass (MAB) is 4,700 tonnes, whereas the original capacity is 5,460 tonnes. The 760-tonne difference is a temporary reduction due to the Norwegian traffic light system in production area 3 and 4. AUSS owns 55.2% of KFO\u2019s shares. A post-tax discount rate (WACC) of 9%, insignificant growth in volume produced and a long-term growth rate of 2% are applied when testing for possible impairment of farming licences. KFO\u2019s impairment tests, which incorporate risks and opportunities within environmental sustainability, did not give grounds for write-down of goodwill or intangible assets with an indefinite useful life in either 2025 or 2024. The management's calculations regarding farming licences are robust in the face of reasonable changes in conditions in the future. AUSTRAL GROUP S.A.A. (AUSTRAL) Austral is a fully-integrated fishing company involved in catches, processing and sales. Austral has fishing rights for anchoveta and horse mackerel/mackerel in Peru. The company\u2019s anchoveta quota represents just under 7% of the total quota in Central/North Peru, and just under 4% of the quota in South Peru. Austral's product range comprises fishmeal and fish oil, and fresh and frozen consumer products. Austral's operations are based on wild-caught fish, and the company would not be able to sustain the long-term values generated by its licences without sustainable management of resources. Moreover, natural weather phenomena (El Ni\u00f1o/La Ni\u00f1a) will have an impact on conditions at sea and may cause periodic, short-term fluctuations in biomass and quota levels from year to year. There are two main seasons for anchoveta \u2013 the first from April to July and the second from November to January. Resource management is handled by Instituto del Mar de Peru (IMARPE). Prior to each fishing season, IMARPE undertakes exploratory voyages and recommends quota levels on the basis of its biomass measurements. The tests for impairment apply cash flows after tax and an equivalent post-tax discount rate (WACC) of 8.9%, a nominal growth rate of 2% and expected inflation of 2%. The model uses projected prices for
the products, based on the OECD-FAO Agricultural Outlook 2025-2035 report. The model applies current cost levels, adjusted for growth. The model assumes a total anchoveta quota of 4.8 million tonnes, split between 4.5 million tonnes in Central/North Peru and 0.3 million tonnes in South Peru. The figure below shows the historical development in the estimated anchoveta biomass and associated TAC split by seasons the last five years. From 2008 to 2022, the total volume caught in Central/ North and South Peru averaged just over 4.3 million tonnes, ranging from an annual catch of 6.1 million tonnes (2018) to 2.2 million tonnes (2014). The volume caught in 2023 was severely impacted by El Ni\u00f1o and a cancellation of the second season, coming in at just under 2.0 million tonnes. In 2024, the catch levels displayed a positive development with at significant rebound to 4.7 million tonnes. Austral's impairment tests, which incorporate risks and opportunities within environmental sustainability did not give grounds for write-down of goodwill or intangible assets with an indefinite useful life in either 2025 or 2024. Using WACC and our best estimates of quota and catch in the terminal period, the tests show that the value remains intact in the face of reasonable changes in the realised prices of fishmeal and fish oil. The fishmeal and fish oil prices applied in the last explicit year of the model are USD 1,734 and 3,492, respectively. For comparison, the average price of fishmeal FOB Peru for all producers of fishmeal in Peru was USD 1,460 in 2025 and USD 1,686 in 2024 (source: SUNAT). 2 4 6 8 10 12 2nd 1st 2nd 1st 2nd 1st 2nd 1st 2nd 1st ANNUAL QUOTA AND BIOMASS (million tonnes) 2021 2022 2023 2024 2025 Biomass Quota
FOODCORP CHILE S.A. (FC) FC is a fully-integrated fishing company involved in catches, processing and sales. FC has fishing rights for horse mackerel, mackerel, sardines and anchoveta in Chile. In 2025 the company held 8.9% of the horse mackerel quota for the fleet group in Chile to which the company's vessels belong. FC produces frozen consumer products, as well as fishmeal and fish oil. FC's operations are based on wild-caught fish, and the company would not be able to sustain the long-term values generated by its licences without sustainable management of resources. Moreover, natural weather phenomena will have an impact on conditions at sea and may cause periodic, short-term fluctuations in biomass and, as a result, quota levels from year to year. Horse mackerel stocks in the southern Pacific have been heavily fished, and a common fish stock management scheme was not implemented until 2011. Fish stock management is now handled by the South Pacific Regional Fisheries Management Organisation (SPRFMO). Their work involves measurements and estimates of stock sizes that in turn provide the basis for specification of total quotas from year to year. Total quotas (TAC) were set for the first time in 2012, and at historically extremely low levels. In order to build up the biomass, the quotas in the following years increased only slightly. Conservative management meant that in the autumn of 2017 SPRFMO was able to report that the biomass had reached a sustainable level, and that the organization could therefore recommend a 17% increase in the quotas for 2018. The quotas increased by 15% yearly during 2020-2022. Further confirmation of the positive biomass status came with a 20% increase in quotas for 2023 and a 15% increase in 2024. For 2025 the quota has been increased by 25%. The tests for impairment apply cash flows after tax and an equivalent post-tax discount rate (WACC) of 8.6%, a nominal growth rate of 2%. The model uses projected prices for the products, based on the OECD-FAO Agricultural Outlook 2025-2035 report. The model applies current cost levels, adjusted for growth. The figure for volume of raw materials used in the model is based on a moderate further quota increase of 7.74% for 2026, 10% for 2027-2028, and 0% from 2029 onwards, including the terminal. The model assumes a total horse mackerel quota for Chile in the region of 1.34 million tonnes in the terminal period. Note that our starting point in 2026 was based on an expected increase from 2025 of 7.74%. Realised increase was 7.89% when the quota was finally concluded with no material effect on the terminal quota. The chart to the right shows the development in the Chilean quota from 2000 to 2026. FC\u2019s impairment tests, which incorporate risks and opportunities within environmental sustainability, did not give grounds for write-down of intangible assets with an indefinite useful life in either 2025 or 2024. Licence scheme in Norway The licence scheme for production of salmon and trout in Norway has been implemented by the Storting (the Norwegian Parliament) and adopted in the Norwegian Act relating to aquaculture (Aquaculture Act). The Ministry of Trade, Industry and Fisheries is responsible for allocation of aquaculture permits (licences). All activities involving aquaculture require a licence. It is prohibited to farm salmon/trout without a licence from the authorities, cf. section 4 of the Aquaculture Act. All licences are governed by the same regulations (current Aquaculture Act with provisions) irrespective of when the licence was allocated.
QUOTA OF JACK MACKEREL IN CHILE 2000-2026 (million tonnes) The 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. Principal terms for different types of 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. The Group has a sufficient number of localities (locality MAB) in the different regions to achieve a satisfactory exploitation of the Group's total MAB. All commercial licences are currently operational. The following regulations regarding production limitations apply to the different types of licences held by the Group: Farming licences are limited in number, i.e. the enterprises are only granted new licences or more production volume subsequent to politically adopted allocation rounds. The maximum allowable biomass (MAB) has previously been 780 tonnes of salmon or trout per licence. The maximum allowable biomass 0.6 1.2 1.8 2024 2022 2026 2020 2018 2016 2014 2012 2010 2008 2006 2004 2002 2000 -86% +12% p.a.
or trout per licence. 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 \u201ctraffic light system\u201d. 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. Green farming licences are licences that were awarded in 2015 via a dedicated licencsing 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 as for special purposes. Demonstration licences are granted to enterprises in order to spread 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. Harvest cage licences are allocated for the use of sea cages for live fish ready for harvest. These licences are attached to a specific location, which is the Group's harvesting plant for salmon and trout. Parent fish licences are also licences defined as 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 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 Section 5, second paragraph of the Aquaculture Act reads: \"The Ministry may prescribe detailed provisions relating to the content of the aquaculture licences, including the scope, time limitations, etc., by administrative decision or regulations.\" In the legislative background to the Aquaculture Act, White Paper no. 61 2004-2005, the following statement can be found on page 59: \"It will remain the case that licences are normally allocated without any specific time limitation. Implementation of such limitations should be reserved for those issues where a time limitation, based on the specific situation, provides for a more complete fulfilment of the Act than if the licence were to be allocated without a time limitation.\" The duration of licences is also specified by the Aquaculture Act, which in its most recent revision underlined ownership of licences by allowing the licences to be mortgaged to the benefit of the lender. There are no time limitations specified in the Group's terms for grow out and juvenile licences, and they are therefore deemed to be time-indefinite production rights according to the prevailing regulations. This also applies for green farming 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 in principle are valid for the duration of the project. They are often linked to the lifecycle of the salmon, i.e. three years. Applications may be made to renew R&D licences operated in close collaboration with research environments for a further three-year period after the end of the project. The parent fish licences are granted for 15 years at a time, and applications have to be submitted for their renewal \u2013 provided that the licence holder is still involved in production of brood stock for salmon or trout. Parent fish production is an integral part of the Group'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 harvest cages are allocated for 10 years at a time. Applications can be submitted for renewal of such licences provided that they are attached to an approved harvesting plant and only utilised to keep fish ready for harvest in immediate proximity to the harvesting plant. The Group's demonstration licences are granted with a duration 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\u2019s 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. Regulations relating to right of use: transfer, lease, moving etc. All licences can be transferred pursuant to section 19 of the Aquaculture Act, and can be mortgaged pursuant to section 20 of the Act. An aquaculture register is kept of all aquaculture licences where
transfers and mortgaging are registered. The leasing of aquaculture licences or licence capacity is not permitted. Grow-out licences and parent fish licences can be linked to different locations, but there are certain limitations on moving of licences between the regions defined by the Directorate of Fisheries. In practice, this means that licences cannot be moved between defined regions, which typically follow county borders. Juvenile fish licences are attached to one locality \u2013 the locality for which the licence applies. 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 NOK 12,000 is paid per licence covered by an application for amendment at locality level, cf. section 2 of the Regulation relating to fees and duties for aquaculture activities. All fees and costs are immediately recognised as an operating expense. Assessment of economic life According to past and present legislation and the general interpretation and practice in the industry, Norwegian fish farming licences are not a time-limited right, and licences should therefore not be subject to amortisation. Where time-limited R&D licences, demonstration licences and educational licences are concerned, these are awarded free of charge so amortisation is normally not relevant. However, in cases where related acquiring or renewing costs are capitalized, they will be subjected to depreciation over the economic life. Grow-out licences and juvenile fish licences The following factors played a key role in the assessment of whether licences have an indefinite useful life, with reference to the description of the licence types above: (1) No time limitation on the licences (2) Insignificant expenditure involved in maintaining the licences (3) High threshold for revocation of licences; this has never happened in Norway It has also been noted that the licences are registered in the public aquaculture register as being without time limitation. On this basis, the economic life is assessed to be indefinite for the grow-out licences and juvenile fish licences, in accordance with IAS 38.90. Parent fish licences As mentioned above, these licences are granted for 15 years at a time, and applications can be submitted for renewal. In 2007, the duration of parent \ufb01sh licences was amended from 10 years to 15 years (amendment to regulation dated 14 August 2007 no. 986). In the consultation document dated 7 June 2007, the Ministry stated the following regarding time limitation for parent \ufb01sh licences in item 3.3: \"The recommendation implies that the licences shall be time-limited for a period (...) with clearly de\ufb01ned predictability for extension of new periods. Time-limited licences may however result in less predictability for the entities than licences without time limitations. Predictability is key as breeding and parent \ufb01sh production is a time- consuming and resource-intensive activity, but this is provided for by (...) a \ufb01xed-term period with clearly de\ufb01ned predictability for extension.\" IAS 38.94 states that if the contractual or legal rights are assigned for a limited period of time that can be renewed, the useful life of the intangible asset should include the renewal period(s) only if there is documented evidence to support that the cost of the renewal for the entity is not significant. IAS 38.96 provides guidelines describing factors that can be included in this assessment. The following factors have been central to LSG's assessment of indefinite useful life for the parent fish licences: a. The entity's licences have always been renewed. Renewal does not require third-party consent, but is based on factors that are under the control of the entity, i.e. the terms of the licence are met and an application for renewal has been submitted before the expiry of the 15-year period. The main condition for renewal is that parent fish production is carried out in connection with a breeding system. Parent fish production will continue to be an integral part of LSG's value chain, and as such this requirement will be met. b. The entity can document fulfilment of the licence conditions, c. The cost to the entity for renewal is not significant, when compared with the future economic benefits expected to flow to the entity from renewal. Demonstration licences 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. As with parent fish licences, this type of licence is defined as being for special purposes. Both parent fish and demonstration licences are a type of activity without any clear time limitation. In principle, the same factors as for parent fish licences will apply to demonstration licences. Teaching licences With one exception, the Group\u2019s 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. The Group has also taken over one teaching licence pursuant to an open-ended agreement with an educational institution. Since the agreement has a limited undefined useful life, its duration has been estimated at one year. The Norwegian fishery licence scheme The Participation Act (the Act relating to the right to participate in fishing and catches) and the Marine Resources Act (the Act relating to the management of wild living marine resources) constitute the legal framework for allocation and management of fishery licences and quotas in Norway. The freedom to carry out commercial fishery is regulated in or pursuant to the Participation Act. The Participation Act establishes that a fishing vessel cannot be used for commercial fishery or catches unless it has a commercial licence issued by the Ministry. A commercial licence is issued to the owner
of the vessel for a specific vessel. Among other things, the Participation Act sets out criteria for the vessel\u2019s construction and conditions governing activity, nationality and residence in order for the vessel owner to be issued with a commercial licence. A commercial licence only confers the right to carry out fishery or catches in accordance with the provisions set out in or pursuant to the Marine Resources Act at all times. If the permit holder replaces one vessel with another, a new application is required for a new professional permit so that the fishing rights are transferred to the new vessel. Such transfer is normally granted provided that the requirements specified in the Participation Act are fulfilled. In the event of transfer of a share or holding in the company/association of undertakings that directly or indirectly owns the vessel, advance approval of a change of ownership composition is required from the Ministry. A commercial permit is annulled when the owner loses the right of ownership to a vessel, whether by compulsory sale, condemnation, shipwreck etc. A commercial licence shall and can be revoked if the vessel owner does not fulfil the conditions set out in the Participation Act. If such incidents are of a less serious nature, the Ministry may decide to retract the commercial permit for a specific period of time. Special permits pursuant to sections 12 of the Participation Act Most economically important fisheries also require either a special licence (licence pursuant to the Licencsing Regulations (Regulations on special licences to engage in certain forms of fishing and catching)) or annual permit to participate in a closed group. Essentially, the sea fishing fleet has licence schemes, while the coastal fishing fleet is regulated by means of annual limits on access. The Group\u2019s vessels have special licences for whitefish and snow crab. The Group\u2019s vessels with special licences for pelagic fisheries were sold in 2024. Fisheries permits within whitefish The fishing permits (licences) are valued at cost less any accumulated depreciation and impairment losses. There are no predetermined time limitations specified in the Group's conditions for licences that apply to basic quotas within whitefish, and they are therefore deemed to be time-indefinite rights according to the prevailing regulations. As the fishing rights are not bound by a time-limited period, there is no need to apply for their renewal. The fishing rights are deemed to be valid pursuant to the Participation Act, and pursuant regulations, unless they are annulled or retracted in accordance with the Participation Act. The Group also holds fishing rights within whitefish that have a time limit \u2013 so-called structural quotas. These are amortised over the lifetime of the individual structural quota. The fisheries licences within whitefish comprise basic quotas with no time limit and structural quotas with a time limit of 20 and 25 years respectively. The structural quotas have a definite useful life and are amortised over the length of the structural period. The basic quotas have an indefinite useful life and are not amortised, but are tested annually for impairment. The fishing permits meet the definition of intangible assets in accordance with IAS 38, as these are legal rights, are identifiable and generates economic yield that the company can control. The Storting (the Norwegian Parliament) adopted the new quota report on 30 April 2024. The decision means, among other things, that model X is used as a basis for the return of structural gains, and the structural gain that arises when the time-limited structural quotas expire shall pass to the vessel group that implemented the structuring and shall be allocated with full effect to basic quotas and with half effect to the remaining structural quotas. Furthermore, the \u201ctrawl ladder\u201d is being reintroduced in the quota allocation for cod fishery. In addition, quota for the open group is to be taken from the total quota and not the coastal quota. This means that the trawler fleet\u2019s relative share of the total quota will fall, while that of the coastal fleet will increase. Licence scheme for fishing rights in Peru The fishing licence is granted by the Production Ministry (Ministerio de la Producci\u00f3n) for the extraction of hydrobiological resources, subject to Fishing Regulations as stipulated by General Law of Fisheries (Decreto Ley N\u00b0 25977) and the Regulations for the General Law of Fisheries (Decreto Supremo N\u00b0 012-2001-PE). A fishing licence only expires in case the legal owner breach the requirements established in the mentioned article 33 of the Regulation for the General Law of Fisheries (not increase authorized storage capacity, accredit vessel operation per each species authorized in the fishing licence and paid of the corresponding fishing rights), otherwise, the fishing licence keep in force unlimited. The Supreme Decree N\u00b0 017-2017-PRODUCE (Regulations of control and sanction of fisheries and aquaculture activities) establish the limitations that fleet must fulfil during its operations. The indeterminate life of fishing licence is also subject to lack of repetition of severe penalties (maximum four infractions of the same type allowed in one year). Licence scheme for fishing rights in Chile Fishing and aquaculture activities are ruled by the \u201cGeneral Fishing and Aquaculture Act N\u00ba 18.892 of 1989\u201d (\u201cLey General de Pesca y Acuicultura\u201d or LGPA), which has received several modifications during its life, being the latest related to fishing licenses Law N\u00ba 20.657 of 9 February 2013. In June 2025, Congress approved Law N\u00b021.752 regarding changes in the quota distribution between artisanal and industrial sectors for the main commercial fishing species, including jack mackerel. This Act fixes this proportion until 2040. Until the introduction of 2013 fishing law modifications, fishing licences were linked to a fishing vessel and could not be divided or independently transferred. These types of fishing licence (\u201cPermiso de Pesca\u201d) still exist for those species out of the list of tradable fishing licences (\u201cLicencia Transable de Pesca\u201d or LTP), such as giant squid and mackerel, as well as for the artisanal shipowners. The fishing law of 2013 grants industrial shipowner a \u201cLTP-A\u201d tradeable fishing licence type, which is automatically renewed every 20 years, provided that owner has had a good behaviour in environmental and labour regulations. These LTPs are divided by fish species and macro-
This was done for horse mackerel in 2017. The new quotas will be deducted from the LTP-A, creating a \u201cLTP-B\u201d licence valid for 20 years for each of the auctioned lots. After this period, a new auction process is required. The LTPs are transferable, permanently or temporarily and are also subject to be used as guarantees to financial institutions, something impossible with previous regulation. Fishing permits for the non-LTP species remain linked to a physical fishing vessel are permanent. Fishing licences for the LTP-A are granted for 20 years with automatic renewal for same period of time, therefore are considered a permanent licence system. LTP-B is a 20-year non-renewable fishing licence. Fishing rights can be lost or reduced (partial loss), if a Company: \u2022 Catches in excess over 10% of its quota during 2 years in a row. \u2022 Does not perform fishing activities during 2 years or 12 consecutive months, unless is a case of force majeure, which must be approved by Undersecretary of Fisheries. \u2022 If during a 5-year period, offloading of the 3 highest years are below 70% of the industry average. In this case, is a partial loss, applying a quota reduction equivalent to the difference between this average and the company actual landings. \u2022 Repeatedly not submitting the statistical information required by law. \u2022 Not paying fishing or specific fishing taxes. Gives a 30 days grace period after due dates. \u2022 If court sentences company for spillage of chemical or other harmful substances into water portions. \u2022 If sentenced repeatedly of illegal or unauthorized modifications, alterations or changes to fishing vessels. \u2022 If Company has been sentenced 3 or more times within a 2-year period of infractions to anti-union labour law related only to workers on board vessels. This is a partial loss, equivalent to 10% of the main specie that the vessel was operating at infraction time.
NOTE 11 Fixed assets 2024 Land Projects in progress Buildings/real estate Plant, equipment and other fixtures Vessels Total At 01.01. Acquisition cost 692 364 7,957 11,803 8,538 29,354 Accumulated depreciation and amortisation 0 -1 -2,715 -7,645 -4,408 -14,769 Accumulated impairment -26 -33 -106 -37 -243 -444 Carrying amount at 01.01. 666 330 5,136 4,122 3,887 14,142 Currency translation differences 15 11 56 78 102 262 Reclassification 0 -381 67 163 23 -128 Acquisitions through business combinations 0 12 -2 -15 0 -5 Additions 14 645 362 1,311 1,121 3,453 Disposals -12 0 -121 -245 -74 -452 Depreciation and amortisation 0 0 -461 -973 -600 -2,034 Acc. depreciation on disposals 0 0 92 178 18 287 Reversal of impairment 0 0 16 3 0 19 Carrying amount at 31.12. 683 617 5,145 4,622 4,477 15,543 At 31.12. Acquisition cost 709 651 8,318 13,060 9,711 32,448 Accumulated depreciation and amortisation 0 -1 -3,084 -8,405 -4,991 -16,479 Accumulated impairment -26 -33 -89 -33 -243 -425 Carrying amount at 31.12. 683 617 5,145 4,622 4,477 15,543 Carrying amount of right-of-use assets included above 0 0 558 1,400 1,542 3,500 Depreciation of right-of-use assets included above 0 0 72 373 274 720
2025 Land Projects in progress Buildings/real estate Plant, equipment and other fixtures Vessels Total Carrying amount at 01.01 683 617 5,145 4,622 4,477 15,544 Currency translation differences -6 -8 -19 -12 -35 -79 Reclassification 20 -1,330 348 660 324 22 Remeasurement (index adjustments) 0 0 0 0 26 26 Acquisitions through business combinations 0 0 7 6 0 13 Additions 4 1,223 447 881 245 2,801 Disposals 0 -1 -63 -324 -238 -626 Depreciation and amortisation 0 0 -477 -1,122 -649 -2,248 Acc. depreciation on disposals 0 0 54 306 3 362 Reversal of impairment 0 0 10 4 0 14 Reversal of impairment in connection with sale/demerger -1 0 -2 -42 -2 -47 Carrying amount at 31.12. 699 501 5,449 4,979 4,151 15,780 At 31.12. Acquisition cost 729 535 9,038 14,271 10,033 34,606 Accumulated depreciation and amortisation 0 -1 -3,507 -9,221 -5,637 -18,365 Accumulated impairment -29 -33 -82 -71 -245 -460 Carrying amount at 31.12. 699 501 5,449 4,979 4,151 15,780 Right-of-use assets included above 0 0 502 1,436 1,319 3,256 Depreciation of right-of-use assets included above 0 0 77 418 313 807
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-403": {
"value": "IMPAIRMENT OF NON-FINANCIAL ASSETS Impairment of non-financial assets is assessed in
accordance with IAS 36. Assets that have indefinite useful lives are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation or depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). An impairment loss is recognised for the amount by which the carrying amount exceeds the recoverable amount, being the higher of the asset's value in use and fair value less costs of disposal. Value in use calculations are based on estimated future cash flows discounted using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or cash-generating unit. See Note 10 for further details on key assumptions. Non-financial assets other than goodwill that have previously been impaired are reviewed for possible reversal of the impairment at each reporting date.
",
"dimensions": {
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"value": "FINANCIAL INSTRUMENTS The Group classifies its financial assets in the following categories in accordance with IFRS 9: financial assets at amortised cost, financial assets at fair value through other comprehensive income, and financial assets at fair value through profit or loss. The classification depends on the Group's business model for managing the financial assets and the contractual terms of the cash flows. Financial assets at amortised cost include cash and cash equivalents, trade receivables and other receivables. For trade receivables, the Group applies the simplified approach permitted by IFRS 9, recognising lifetime expected credit losses from initial recognition. The Group assesses on a forward-looking basis the expected credit losses associated with its financial assets carried at amortised cost. Financial liabilities are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, unless designated at fair value through profit or loss. Regular way purchases and sales of financial assets are recognised on the trade date \u2013 the date on which the Group commits to purchase or sell the asset. Investments in equity instruments of insignificant value for which fair value cannot be reliably measured using observable inputs are carried at cost as the best estimate of fair value. See Note 24 for further information. The Group uses derivative financial instruments to hedge currency, interest rate and commodity price risk. The accounting treatment of hedging instruments depends on whether formal hedge accounting is applied, as described under Derivative financial instruments and hedge accounting below. See Note 12 for further details on financial risk management and fair value measurement. FAIR VALUE MEASUREMENT Fair value is measured in accordance with IFRS 13 using a three-level hierarchy that reflects the significance of the inputs used in measuring fair value. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices, either directly or indirectly derived from prices. Level 3 inputs are unobservable inputs. The Group's financial
instruments measured at fair value are predominantly NOTE 1 cont. General information anduments. See Note 12 for further details on the fair value hierarchy applied.
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTING Derivative financial instruments are recognised in the balance sheet at fair value at the time of contract and are subsequently remeasured to fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The Group documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the hedging relationship meets the effectiveness requirements of IFRS 9. Fair values of derivative instruments used for hedging are disclosed in Note 12. The fair value of a hedging derivative is classified as a non-current asset or non- current liability if the hedging object matures in more than 12 months, and as a current asset or current liability if the hedging object matures in less than 12 months. Derivatives that are not designated as hedging instruments, including financial salmon contracts (Fish Pool), are measured at fair value through profit or loss. Changes in fair value are recognised in the income statement in the period they occur. (a) Fair value hedges The Group applies fair value hedge accounting for currency forward contracts used to hedge signed sales contracts in foreign currency. The signed sales contracts are off-balance sheet items. Both the hedging instrument and the change in fair value of the hedged item attributable to the hedged risk are recognised in profit or loss, classified within cost of materials as the hedged items relate to the inventory cycle. (b) Cash flow hedges The Group applies cash flow hedge accounting for interest rate swaps hedging variable interest rate risk on borrowings. The effective portion of changes in the fair value is recognised in other comprehensive income and accumulated in the cash flow hedge reserve in equity. Upon realisation, the effect is classified within finance costs. The ineffective portion is recognised immediately in profit or loss. When a hedging instrument expires, is sold or no longer meets the criteria for hedge accounting, any cumulative gain or loss in equity remains in equity and is recognised when the forecast transaction is ultimately recognised in profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss in equity is reclassified immediately to profit or loss. INVENTORIES
BORROWINGS Borrowings are recognised initially at fair value, net of transaction costs incurred, and subsequently measured at amortised cost using the effective interest method. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 NOTE 1 cont.
Generaldirectly attributable to the acquisition, construction or production of qualifying assets are capitalised as part of the cost of those assets in accordance with IAS 23. All other borrowing costs are expensed in the period in which they are incurred.
The Group's trade receivables of MNOK 3,586 are partly covered by credit insurance and other types of security. Trade receivables per 31.12. were nominally MNOK 3,600 while provisions for bad debts amounted to MNOK 14. Trade receivables, past due but not impaired was MNOK 3,337 per 31.12. A major part of the trade receivables, past due but not impaired are related to the subsidiary LSG with MNOK 3,224 of the amount overdue. Per end of February 2026 more than 95.8% of the customer receivables related to LSG are paid.
2025 2024 Carrying amount of trade receivables and other short-term receivables per currency USD 970 788 GBP 44 44 EUR 1,397 1,430 NOK 1,661 2,013 DKK 158 0 CLP 59 105 PEN 137 126 SEK 192 126 JPY 41 0 Others 60 249 Total 4,719 4,881 The change in provision for bad debts is as follows: 2025 2024 At 01.01. -24 -24 Provision for bad debts for the year 9 0 At 31.12. -14 -24
FINANCIAL RISK FACTORS The Group\u2019s activities expose it to a variety of financial risks: market risk (including currency risk, cash flow and fair value interest rate risk and price risk), credit risk, liquidity risk and cash flow interest rate risk. The Group\u2019 focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance. The Group uses to some degree derivative financial instruments to reduce certain risk exposures. MARKET RISK (i) Foreign currency risk The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the USD, EUR, CLP and PEN. Foreign exchange risk arises from future commercial transactions, recognised assets and liabilities and net investments in foreign operations. To manage their foreign exchange risk arising, entities in the Group use forward contracts in addition to withdrawals and deposits on multicurrency accounts. Changes in exchange rates that affects accounts receivable, other receivables, and liabilities nominated in other currencies than the entities functional currency will have a direct effect on the Group\u2019s income statement as per year end. At 31.12.2025, if NOK had weakened/strengthened by 10% against the USD with all other variables held constant, before-tax profit for the year would have been MNOK 63 higher/lower. The sensitivity is calculated based on foreign exchange gains/losses on translation of USD denominated trade receivables and other receivables, trade payables, cash in bank and interest-bearing debt. At 31.12.2025, if NOK had weakened/strengthened by 10% against the EUR with all other variables held constant, before-tax profit for the year would have been MNOK 116 higher/lower. The sensitivity is calculated based on foreign exchange gains/losses on translation of EUR denominated trade receivables and other receivables, trade payables, cash in bank and interest-bearing debt. Corresponding changes in exchange rates at year end of other currencies are not considered to have any material effect on the post-tax profit for the Group.
(ii) Price risk Through the subsidiary LSG, the Group has a substantial exposure to the price risk of the fluctuating marked prices on salmon, trout and whitefish. To reduce this risk, LSG aims to have a certain part of the sales on fixed price contracts. The Group is also exposed to changes in the prices of other products sold, mainly fishmeal, fish oil and human consumption products. Local management reviews before selling whether price levels are consistent with the target profitability. The Group is also exposed to changes in prices of pelagic raw material purchase. Price risk identified here is not hedged by any derivative financial instruments. (iii) Interest rate risk The Group's interest rate risk arises from long-term borrowings. Borrowings issued at variable rates expose the Group to cash flow interest rate risk. Borrowings issued at fixed rates expose the Group to fair value interest rate risk. The Group search to reduce interest rate risk by using interest rate swaps (floating-to-fixed) for part of the borrowings. Such interest rate swaps have the economic effect of converting borrowings from floating rates to fixed rates. As at 31.12.2025, the Group has a total gain of MNOK 15 (after tax) attached to interest rate swaps. If the interest rate level had been 0.5% higher (lower) throughout the year, all other variables held constant, profit before income taxes would have decreased (increased) by MNOK 41 in 2025 and MNOK 37 in 2024 through the impact of floating rate borrowings and deposits. The sensitivity analysis is based on the level of net interest-bearing debt (NIBD) by year end 2025 and 2024, allowed for entered interest rate swaps. CREDIT RISK Credit risk occurs in transactions involving derivatives, deposits with banks and financial institutions in addition to transactions with wholesalers and customers, including outstanding receivables and fixed agreements. As virtually all 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 and guidelines from the Board of Directors. The Group's compliance on these procedures is regularly monitored. For the business in Europe, almost all of the Group's trade receivables are covered by credit insurance securing about 90% of nominal amounts. For the business in South America, credit and prepayment are largely used. The counterparties to derivative contracts and financial placements may only be financial institutions with a high credit rating and other parties who can provide reliable security. See note on receivables for further information on credit risk.
NOTE 12 Financial instruments Amounts in MNOK Increase/reduction in interest points 2025 2024 Impact on profit before tax +/- 50 -/+ 41 -/+ 37 LIQUIDITY RISK Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. Due to the dynamic nature of the underlying businesses, the Group aims to maintain flexibility in funding by keeping committed credit lines available. Management monitors rolling forecasts of the Group's liquidity reserve (comprises undrawn borrowing facility and cash and cash equivalents) on the basis of expected cash flow. This is generally carried out at local level in the operating companies of the Group. The table below specifies the Group's financial liabilities that are not derivatives, classified in relation to downpayment schedule. The figures in the table are non-discounted contractual cash flows, and includes both repayment of principal and future interest payments.
CAPITAL MANAGEMENT The Group`s objectives when managing capital are to safeguard the Group`s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. For further
information on the dividend policy, see Note 5. The Group monitors capital on the basis of the gearing ratio. This ratio is calculated as net interest-bearing debt divided by capital employed. Net interest-bearing Less than 1 year 1-2 years 3-5 years Over 5 years Total 31.12.2025 Loan debt 5,912 3,879 2,527 1,608 13,926 Lease liability for right-of-use assets to credit institutions 407 594 249 183 1,432 Lease liability for right-of-use assets other than to credit institutions 517 764 378 480 2,138 Trade payables and other liabilities (excl. statutory liabilities) 3,835 0 0 0 3,835 Total 10,670 5,237 3,154 2,271 21,332 31.12.2024 Loan debt 4,442 3,212 3,769 3,027 14,450 Lease liability for right-of-use assets to credit institutions 352 570 283 170 1,375 Lease liability for right-of-use assets other than to credit institutions 513 834 516 578 2,440 Trade payables and other liabilities (excl. statutory liabilities) 3,986 0 0 0 3,986 Total 9,291 4,616 4,567 3,776 22,250 2025 2024 Total loans (Note 17) 13,820 13,736 Minus liquid assets 5,101 5,719 Minus other interest-bearing assets 7 0 Net interest-bearing debt (cf. Note 28) 8,712 8,016 Total equity 27,861 29,667 Total assets 36,573 37,684 Debt\u2013equity ratio 24% 21% The gearing ratios at 31.12.2025 and 31.12.2024 were as follows:
debt is calculated as total borrowings (including 'current and non-current borrowings' as shown in the consolidated statement of financial position) less interest-bearing assets and cash and cash equivalents. Total capital is calculated as 'equity' as shown in the statement of financial position plus net debt. FAIR VALUE ESTIMATION The fair value of financial instruments traded in active markets, such as trading, is based on quoted market prices at the balance sheet date. The quoted market price used for financial assets held by the Group is the current bid price. The fair value of financial instruments that are not traded in an active market (for example, over-the- counter derivatives) is determined by the use of valuation techniques. The Group uses a variety of methods and makes assumptions that are based on market conditions existing at each balance sheet date. Other techniques, such as estimated discounted cash flows, are also used in certain cases. The fair value of forward foreign exchange contracts is determined using quoted forward exchange rates at the balance sheet date. The carrying value less impairment provision of trade receivables and payables are assumed to approximate their fair values. The fair value of financial liabilities for disclosure purposes is estimated by discounting the
future contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments. Fair value for all the Group\u2019s assets and liabilities recognised at amortised cost is considered to approximate the carrying amount. 31.12.2025 Amortised cost Fair value through profit and loss Fair value through other comprehensive income Total Assets Investment in shares 0 39 0 39 Derivatives (interest rate swaps) 0 0 11 11 Trade receivables and other receivables excl. prepayments * 4,414 0 0 4,414 Financial assets at fair value through profit or loss 0 48 0 48 Liquid assets 5,101 0 0 5,101 Total 9,515 87 11 9,613
* Prepayments are excluded from the receivables line in the statement of \ufb01nancial position, as this analysis is only required for \ufb01nancial instruments. 31.12.2024 Amortised cost Fair value through profit and loss Fair value through other comprehensive income Total Assets Investment in shares 0 40 0 40 Derivatives (interest rate swaps) 0 0 35 35 Trade receivables and other receivables excl. prepayments * 4,544 0 0 4,544 Financial assets at fair value through profit or loss 0 17 0 17 Liquid assets 5,719 0 0 5,719 Total 10,263 56 35 10,354
* Prepayments are excluded from the receivables line in the statement of \ufb01nancial position, as this analysis is only required for \ufb01nancial instruments. 31.12.2024 Amortised cost Fair value through profit and loss Fair value through other comprehensive income Total Liabilities Loans excl. lease liabilities to credit institutions 12,530 0 0 12,530 Lease liabilities to credit institutions 1,206 0 0 1,206 Lease liabilities other than to credit institutions 2,186 0 0 2,186 Trade payables and other liabilities, excl. statutory liabilities 3,985 0 0 3,985 Fish Pool contracts (cf. Note 7) 0 112 0 112 Total 19,908 112 0 20,020 31.12.2025 Amortised cost Fair value through profit and loss Fair value through other comprehensive income Total Liabilities Loans excl. lease liabilities to credit institutions 12,621 0 0 12,621 Lease liabilities to credit institutions 1,199 0 0 1,199 Lease liabilities other than to credit institutions 1,993 0 0 1,993 Trade payables and other liabilities, excl. statutory liabilities 3,835 0 0 3,835 Fish Pool contracts (cf. Note 7) 0 44 0 44 Total 19,648 44 0 19,692 Financial instruments by category
CURRENCY FORWARD CONTRACTS The value of the Norwegian krone (NOK) is one of many parameters that have an effect on the Group's competitiveness. 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. Revenue by currency is presented in the note on operating segments, and trade receivables by currency is presented in the note on receivables. In order to minimise the currency risk the Group uses currency forward contracts to hedge both net receivables and signed sales contracts in foreign currency. Thus the Group recognises the currency forward contracts as fair value hedging, also for the signed sales contracts, which are off-balance items. At 31.12.2025 the Group has currency forward contracts with a net positive fair value of MNOK 48 (MNOK 17 in 2024). The net currency gain in 2025 is MNOK 127.2 (MNOK 72.5 in 2024), which is recognised in cost of materials in the income statement, as it relates to the inventory cycle. INTEREST RATE SWAPS
Conr value based on observable market inputs (quoted exchange rates, interest rate curves, salmon forward prices). Level 3: Fair value based on non-observable inputs; cost used as best estimate of fair value for immaterial equity investments (see Note 24). Financial instruments at fair value by level Level 1 Level 2 Level 3 Total Currency forward contracts 0 48 0 48 Interest rate swaps (FVOCI) 0 11 0 11 Investments in shares 0 0 39 39 Total financial instruments 0 59
Nominal value Interest rate/ aver- age interest rate Gross liability recognised Corresponding deferred tax Equity impact Fair value at 31.12.2024 572 1.44% -35 -8 27 Fair value adjustment 31.12.2025 534 1.44% 15 4 -12 Fair value at 31.12.2025 -20 -4 15 The fair value of the swap agreements has been estimated using market inputs per 31 December. As at 31.12.2025, a total unrealised profit of MNOK 15 was included in equity. Fair value of the interest rate swaps (gross liability) is recognised as \"other non-current receivables\". The effective part of the fair value adjustment is recognised in other comprehensive income (cash flow hedge). The deferred tax effect is also recognised in other comprehensive income, and is thus not part of
NOTE 17 Interest-bearing debt The conditions for long-term loans other than bond loans mean that fair value is estimated to be equal to the carrying amount at 31.12.2025, adjusted for fair value of interest rate swaps. Three of the bond loans are so-called green bonds. This means that the Group has established a green framework stipulating how the proceeds from the loans can be used. Non-current liabilities 2025 2024 Mortgages 3,349 4,799 Bond loans 3,790 3,789 Other loans 14 15 Lease liabilities to credit institutions 875 918 Total non-current liabilities 8,029 9,522 Current liabilities Overdraft facility 2,643 2,348 Mortgages 2,323 1,579 Bond loans 500 0 Lease liabilities to credit institutions 324 288 Total current liabilities 5,791 4,214 Total non-current and current liabilities 13,820 13,736 Net interest-bearing debt Liquid assets 5,101 5,719 Other non interest-bearing debt \u2013 non-current 7 0 Total net interest-bearing debt (cf. Note 28) 8,712 8,016 Long term lease liabilities other than to credit institutions 1,551 1,769 Short term lease liabilities other than to credit institutions 442 417 Lease liabilities other than to credit institutions 1,993 2,186 Total non-current and current liabilities 15,813 15,922 Liquid assets -5,101 -5,719 Net interest-bearing debt incl. lease liabilities other than to credit institutions 10,712 10,203
NOTE 17 cont. Interest-bearing debt AUSS has pledged as security of 6 million shares in BRBI and 6 million shares in KFO for a revolving credit facility of MNOK 500, of which only MNOK 10 was drawn by 31.12.2025. Assets owned by LSG, BRBI and KFO are also placed as security directly to their separate and individual loans, and are included in the figures presented above.
Repayment profile for interest-bearing debt 2026* 2027 2028 2029 2030 Subsequent Total Mortgages* 2,323 617 1,088 427 327 905 5,687 Overdraft facility 2,643 0 0 0 0 0 2,643 Bond loans 500 500 500 1,050 500 1,240 4,290 Lease liabilities to credit institutions 324 283 215 130 78 170 1,199 Total 5,791 1,400 1,803 1,607 904 2,314 13,820 Repayment profile for long-term non-interest-bearing debt Lease liabilities other than to credit institutions 442 372 299 191 140 549 1,993 Total 442 372 299 191 140 549 1,993 Total 6,233 1,772 2,102 1,798 1,044 2,863 15,812 * Repayments of non-current liabilities which mature in 2026 are classi\ufb01ed as current liabilities in the balance sheet.
Liabilities secured by mortgage 2025 2024 Current liabilities 2,973 2,684 Non-current liabilities 7,004 6,870 Liabilities to credit institutions incl. finance lease agreements 9,976 9,554 Assets provided as security Operating assets 10,697 9,205 Licences * 1,944 2,000 Biological assets 10,254 11,460 Shares 1,277 1,496 Trade receivables 1,198 1,390 Right-of-use assets leased from credit institutions -1 -1 Total assets provided as security 25,370 25,551 * Licence value excluding price purchase allocation.
NOTE 17 cont. Interest-bearing debt Based on contractual terms the fair value of non- current borrowings (incl. bond loan) is estimated to be equal to book value as of 31.12.2025, adjusted for fair value of interest rate swaps. Three of the new bonds established in 2021 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 bond loans are listed on Oslo Stock Exchange, and fair value is assumed to approximate carrying amount. The carrying amounts of short-term borrowings approximate their fair value. FINANCIAL \"COVENANTS\" The parent company's borrowing agreements, comprising bond loans with a nominal value of MNOK 800 and a revolving credit facility of MNOK 500, contain a financial covenant measured at the Group's consolidated level. The borrower shall procure that the equity ratio of the Group shall not fall below 30 per cent tested quarterly. At 31 December 2025, the Group's book equity ratio was 52% (2024: 53%). In addition, borrowing arrangements within the Group's subsidiaries, including the LSG sub-group, Austral and FC, contain financial covenants primarily related to equity ratios. These are managed at the respective subsidiary level. The total carrying amount of interest-bearing debt subject to covenant requirements is MNOK 13,820 as at 31 December 2025 (2024: MNOK 13,736). The Group has committed overdraft facilities totalling MNOK 4,380 (MNOK 3,504 in 2024, of which MNOK 2,691 was drawn at 31 December 2025. The unutilised portion of MNOK 1,779 is available to the Group at any time within the terms of the facility agreements. The Group is exposed to interest rate changes on the loans, based on the following repricing structure 2025 2024 6 months or less 11,786 11,665 6-12 months 0 0 1-5 years 1,034 572 Over 5 years 1,000 1,500 Total 13,820 13,736 The carrying amounts of the Group's loans are denominated in the following currencies 2025 2024 NOK 11,449 11,824 SEK 63 114 DKK 251 353 USD 1,758 1,250 EUR 245 175 Other currencies 53 20 Total 13,820 13,736 Overdraft facility 2025 2024 Overdraft facility 2,691 2,395 Unutilised overdraft facility 1,689 1,109 Limit of overdraft facility 4,380 3,504 Unutilised long term credit facility 1,779 2,486
Current debt Non-current debt Cash movement reconciliation of interest-bearing debt Overdrafts and other short term credit Other current debt Bond loans Loans from credit inst. Leases from credit inst. Other loans Total As per 01.01.2024 976 0 3,795 6,243 1,215 48 12,277 Proceeds from loans and borrowings 0 0 0 2,238 0 0 2,238 Repayments from loans and borrowings 0 0 0 -1,582 0 0 -1,582 Business combinations 0 0 0 -3 0 0 -3 Capitalised borrowing costs 0 0 1 1 0 0 2 Currency gain/loss on items in foreign currency 0 0 0 6 8 -18 -4 Other non-cash movements 1,206 10 -7 -382 -18 -1 808 As per 31.12.2024 2,182 10 3,789 6,521 1,205 29 13,736 Current debt Non-current debt Cash movement reconciliation of interest-bearing debt Overdrafts and other short term credit Other current debt Bond loans Loans from credit inst. Leases from credit inst. Other loans Total As per 01.01.2025 2,182 10 3,789 6,521 1,205 29 13,736 Proceeds from loans and borrowings 0 0 500 1,785 0 0 2,285 Repayments from loans and borrowings 0 -10 0 -2,465 -277 -8 -2,760 Business combinations 10 0 0 -67 0 0 -57 Capitalised borrowing costs 0 0 1 1 0 0 2 Currency gain/loss on items in foreign currency 0 0 0 -131 1 0 -130 Other non-cash movements -15 0 0 490 270 0 745 As per 31.12.2025 2,177 0 4,290 6,134 1,199 21 13,820 NOTE 17 cont. Interest-bearing debt
NOTE 28 cont. Alternative performance measures NET INTEREST-BEARING DEBT (NIBD) NIBD is an APM utilised 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. The Group therefore defines NIBD 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. This implies that long-term interest-bearing receivables (assets) and other lease commitments with the exception of leasing debt to credit institutions (liability) are not included. The latter component comprises most of the new lease commitments carried in connection with implementation of IFRS\u00ae Accounting Standards 16. Net interest-bearing debt (NIBD) 2025 2024 Loans from credit institutions * 9,963 10,167 + Lease liabilities to credit institutions * 1,199 1,206 + Other long-term loans * 7 15 + Overdrafts and other short-term credits 2,643 2,348 - Liquid assets -5,101 -5,719 Net interest-bearing debt (NIBD) 8,712 8,016 * Both long-term and short-term The following components from the statement of financial position are included: EBITDA 2025 2024 Operating profit (EBIT) 1,488 5,665 Depreciation and amortisation 2,309 2,120 - Income from associates 50 -374 - Fair value adjustment biomass 1,207 -337 EBITDA 5,054 7,074 EBITDA (adj.) 2025 2024 EBITDA 5,054 7,074 + Production tax aquaculture 196 168 Change in unrealised internal margin 4 -5 + Other non-operational items 33 74 EBITDA (adj.) 5,287 7,311
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"value": "FINANCIAL INSTRUMENTS The Group classifies its financial assets in the following categories in accordance with IFRS 9: financial assets at amortised cost, financial assets at fair value through other comprehensive income, and financial assets at fair value through profit or loss. The classification depends on the Group's business model for managing the financial assets and the contractual terms of the cash flows. Financial assets at amortised cost include cash and cash equivalents, trade receivables and other receivables. For trade receivables, the Group applies the simplified approach permitted by IFRS 9, recognising lifetime expected credit losses from initial recognition. The Group assesses on a forward-looking basis the expected credit losses associated with its financial assets carried at amortised cost. Financial liabilities are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, unless designated at fair value through profit or loss. Regular way purchases and sales of financial assets are recognised on the trade date \u2013 the date on which the Group commits to purchase or sell the asset. Investments in equity instruments of insignificant value for which fair value cannot be reliably measured using observable inputs are carried at cost as the best estimate of fair value. See Note 24 for further information. The Group uses derivative financial instruments to hedge currency, interest rate and commodity price risk. The accounting treatment of hedging instruments depends on whether formal hedge accounting is applied, as described under Derivative financial instruments and hedge accounting below. See Note 12 for further details on financial risk management and fair value measurement. FAIR VALUE MEASUREMENT Fair value is measured in accordance with IFRS 13 using a three-level hierarchy that reflects the significance of the inputs used in measuring fair value. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices, either directly or indirectly derived from prices. Level 3 inputs are unobservable inputs. The Group's financial
instruments measured at fair value are predominantly NOTE 1 cont. General information anduments. See Note 12 for further details on the fair value hierarchy applied.
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTING Derivative financial instruments are recognised in the balance sheet at fair value at the time of contract and are subsequently remeasured to fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The Group documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the hedging relationship meets the effectiveness requirements of IFRS 9. Fair values of derivative instruments used for hedging are disclosed in Note 12. The fair value of a hedging derivative is classified as a non-current asset or non- current liability if the hedging object matures in more than 12 months, and as a current asset or current liability if the hedging object matures in less than 12 months. Derivatives that are not designated as hedging instruments, including financial salmon contracts (Fish Pool), are measured at fair value through profit or loss. Changes in fair value are recognised in the income statement in the period they occur. (a) Fair value hedges The Group applies fair value hedge accounting for currency forward contracts used to hedge signed sales contracts in foreign currency. The signed sales contracts are off-balance sheet items. Both the hedging instrument and the change in fair value of the hedged item attributable to the hedged risk are recognised in profit or loss, classified within cost of materials as the hedged items relate to the inventory cycle. (b) Cash flow hedges The Group applies cash flow hedge accounting for interest rate swaps hedging variable interest rate risk on borrowings. The effective portion of changes in the fair value is recognised in other comprehensive income and accumulated in the cash flow hedge reserve in equity. Upon realisation, the effect is classified within finance costs. The ineffective portion is recognised immediately in profit or loss. When a hedging instrument expires, is sold or no longer meets the criteria for hedge accounting, any cumulative gain or loss in equity remains in equity and is recognised when the forecast transaction is ultimately recognised in profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss in equity is reclassified immediately to profit or loss. INVENTORIES
BORROWINGS Borrowings are recognised initially at fair value, net of transaction costs incurred, and subsequently measured at amortised cost using the effective interest method. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 NOTE 1 cont.
Generaldirectly attributable to the acquisition, construction or production of qualifying assets are capitalised as part of the cost of those assets in accordance with IAS 23. All other borrowing costs are expensed in the period in which they are incurred.
FINANCIAL INSTRUMENTS The Group classifies its financial assets in the following categories in accordance with IFRS 9: financial assets at amortised cost, financial assets at fair value through other comprehensive income, and financial assets at fair value through profit or loss. The classification depends on the Group's business model for managing the financial assets and the contractual terms of the cash flows. Financial assets at amortised cost include cash and cash equivalents, trade receivables and other receivables. For trade receivables, the Group applies the simplified approach permitted by IFRS 9, recognising lifetime expected credit losses from initial recognition. The Group assesses on a forward-looking basis the expected credit losses associated with its financial assets carried at amortised cost. Financial liabilities are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, unless designated at fair value through profit or loss. Regular way purchases and sales of financial assets are recognised on the trade date \u2013 the date on which the Group commits to purchase or sell the asset. Investments in equity instruments of insignificant value for which fair value cannot be reliably measured using observable inputs are carried at cost as the best estimate of fair value. See Note 24 for further information. The Group uses derivative financial instruments to hedge currency, interest rate and commodity price risk. The accounting treatment of hedging instruments depends on whether formal hedge accounting is applied, as described under Derivative financial instruments and hedge accounting below. See Note 12 for further details on financial risk management and fair value measurement. FAIR VALUE MEASUREMENT Fair value is measured in accordance with IFRS 13 using a three-level hierarchy that reflects the significance of the inputs used in measuring fair value. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices, either directly or indirectly derived from prices. Level 3 inputs are unobservable inputs. The Group's financial
instruments measured at fair value are predominantly NOTE 1 cont. General information anduments. See Note 12 for further details on the fair value hierarchy applied.
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTING Derivative financial instruments are recognised in the balance sheet at fair value at the time of contract and are subsequently remeasured to fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The Group documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the hedging relationship meets the effectiveness requirements of IFRS 9. Fair values of derivative instruments used for hedging are disclosed in Note 12. The fair value of a hedging derivative is classified as a non-current asset or non- current liability if the hedging object matures in more than 12 months, and as a current asset or current liability if the hedging object matures in less than 12 months. Derivatives that are not designated as hedging instruments, including financial salmon contracts (Fish Pool), are measured at fair value through profit or loss. Changes in fair value are recognised in the income statement in the period they occur. (a) Fair value hedges The Group applies fair value hedge accounting for currency forward contracts used to hedge signed sales contracts in foreign currency. The signed sales contracts are off-balance sheet items. Both the hedging instrument and the change in fair value of the hedged item attributable to the hedged risk are recognised in profit or loss, classified within cost of materials as the hedged items relate to the inventory cycle. (b) Cash flow hedges The Group applies cash flow hedge accounting for interest rate swaps hedging variable interest rate risk on borrowings. The effective portion of changes in the fair value is recognised in other comprehensive income and accumulated in the cash flow hedge reserve in equity. Upon realisation, the effect is classified within finance costs. The ineffective portion is recognised immediately in profit or loss. When a hedging instrument expires, is sold or no longer meets the criteria for hedge accounting, any cumulative gain or loss in equity remains in equity and is recognised when the forecast transaction is ultimately recognised in profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss in equity is reclassified immediately to profit or loss. INVENTORIES
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"value": "asurement. FAIR VALUE MEASUREMENT Fair value is measured in accordance with IFRS 13 using a three-level hierarchy that reflects the significance of the inputs used in measuring fair value. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices, either directly or indirectly derived from prices. Level 3 inputs are unobservable inputs. The Group's financial
instruments measured at fair value are preote 12 for further details on the fair value hierarchy applied.
For fish in sea, a present value model is applied. Fair value is estimated as the discounted future cash flow from harvest and sale, based on Fish Pool forward prices adjusted for export costs, harvesting costs, transport and quality. The discount rate comprises a risk adjustment, a hypothetical licence lease cost and the time value of money. See Notes 2 and 7 for further details, including sensitivity analysis. At the point of harvest, biological assets are transferred to inventories at their fair value less costs to sell at that date. This fair value becomes the deemed cost of the inventory, which is subsequently measured in accordance with IAS 2.
al position plus net debt. FAIR VALUE ESTIMATION The fair value of financial instruments traded in active markets, such as trading, is based on quoted market prices at the balance sheet date. The quoted market price used for financial assets held by the Group is the current bid price. The fair value of financial instruments that are not traded in an active market (for example, over-the- counter derivatives) is determined by the use of valuation techniques. The Group uses a variety of methods and makes assumptions that are based on market conditions existing at each balance sheet date. Other techniques, such as estimated discounted cash flows, are also used in certain cases. The fair value of forward foreign exchange contracts is determined using quoted forward exchange rates at the balance sheet date. The carrying value less impairment provision of trade receivables and payables are assumed to approximate their fair values. The fair value of financial liabilities for disclosure purposes is estimated by discounting the
future contractual cash flows atr value based on observable market inputs (quoted exchange rates, interest rate curves, salmon forward prices). Level 3: Fair value based on non-observable inputs; cost used as best estimate of fair value for immaterial equity investments (see Note 24). Financial instruments at fair value by level Level 1 Level 2 Level 3 Total Currency forward contracts 0 48 0 48 Interest rate swaps (FVOCI) 0 11 0 11 Investments in shares 0 0 39 39 Total financial instruments 0 59
FAIR VALUE MEASUREMENT Fair value is measured in accordance with IFRS 13 using a three-level hierarchy that reflects the significance of the inputs used in measuring fair value. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices, either directly or indirectly derived from prices. Level 3 inputs are unobservable inputs. The Group's financial
instruments measured at fair value are preote 12 for further details on the fair value hierarchy applied.
For fish in sea, a present value model is applied. Fair value is estimated as the discounted future cash flow from harvest and sale, based on Fish Pool forward prices adjusted for export costs, harvesting costs, transport and quality. The discount rate comprises a risk adjustment, a hypothetical licence lease cost and the time value of money. See Notes 2 and 7 for further details, including sensitivity analysis. At the point of harvest, biological assets are transferred to inventories at their fair value less costs to sell at that date. This fair value becomes the deemed cost of the inventory, which is subsequently measured in accordance with IAS 2.
al position plus net debt. FAIR VALUE ESTIMATION The fair value of financial instruments traded in active markets, such as trading, is based on quoted market prices at the balance sheet date. The quoted market price used for financial assets held by the Group is the current bid price. The fair value of financial instruments that are not traded in an active market (for example, over-the- counter derivatives) is determined by the use of valuation techniques. The Group uses a variety of methods and makes assumptions that are based on market conditions existing at each balance sheet date. Other techniques, such as estimated discounted cash flows, are also used in certain cases. The fair value of forward foreign exchange contracts is determined using quoted forward exchange rates at the balance sheet date. The carrying value less impairment provision of trade receivables and payables are assumed to approximate their fair values. The fair value of financial liabilities for disclosure purposes is estimated by discounting the
future contractual cash flows at",
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"value": "s. See Note 12 for further details on the fair value hierarchy applied.
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTING Derivative financial instruments are recognised in the balance sheet at fair value at the time of contract and are subsequently remeasured to fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The Group documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the hedging relationship meets the effectiveness requirements of IFRS 9. Fair values of derivative instruments used for hedging are disclosed in Note 12. The fair value of a hedging derivative is classified as a non-current asset or non- current liability if the hedging object matures in more than 12 months, and as a current asset or current liability if the hedging object matures in less than 12 months. Derivatives that are not designated as hedging instruments, including financial salmon contracts (Fish Pool), are measured at fair value through profit or loss. Changes in fair value are recognised in the income statement in the period they occur. (a) Fair value hedges The Group applies fair value hedge accounting for currency forward contracts used to hedge signed sales contracts in foreign currency. The signed sales contracts are off-balance sheet items. Both the hedging instrument and the change in fair value of the hedged item attributable to the hedged risk are recognised in profit or loss, classified within cost of materials as the hedged items relate to the inventory cycle. (b) Cash flow hedges The Group applies cash flow hedge accounting for interest rate swaps hedging variable interest rate risk on borrowings. The effective portion of changes in the fair value is recognised in other comprehensive income and accumulated in the cash flow hedge reserve in equity. Upon realisation, the effect is classified within finance costs. The ineffective portion is recognised immediately in profit or loss. When a hedging instrument expires, is sold or no longer meets the criteria for hedge accounting, any cumulative gain or loss in equity remains in equity and is recognised when the forecast transaction is ultimately recognised in profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss in equity is reclassified immediately to profit or loss. INVENTORIES
Fair value through profit and loss Fair value through other comprehensive income Total Assets Investment in shares 0 39 0 39 Derivatives (interest rate swaps) 0 0 11 11 Trade receivables and other receivables excl. prepayments * 4,414 0 0 4,414 Financial assets at fair value through profit or loss 0 48 0 48 Liquid assets 5,101 0 0 5,101 Total 9,515 87 11 9,613
* Prepayments are excluded from the31.12.2024 Amortised cost Fair value through profit and loss Fair value through other comprehensive income Total Assets Investment in shares 0 40 0 40 Derivatives (interest rate swaps) 0 0 35 35 Trade receivables and other receivables excl. prepayments * 4,544 0 0 4,544 Financial assets at fair value through profit or loss 0 17 0 17 Liquid assets 5,719 0 0 5,719 Total 10,263 56 35 10,354
31.12.2024 Amortised cost Fair value through profit and loss Fair value through other comprehensive income Total Liabilities Loans excl. lease liabilities to credit institutions 12,530 0 0 12,530 Lease liabilities to credit institutions 1,206 0 0 1,206 Lease liabilities other than to credit institutions 2,186 0 0 2,186 Trade payables and other liabilities, excl. statutory liabilities 3,985 0 0 3,985 Fish Pool contracts (cf. Note 7) 0 112 0 112 Total 19,908 112 0 20,020 31.12.2025 Amortised cost Fair value through profit and loss Fair value through other comprehensive income Total Liabilities Loans excl. lease liabilities to credit institutions 12,621 0 0 12,621 Lease liabilities to credit institutions 1,199 0 0 1,199 Lease liabilities other than to credit institutions 1,993 0 0 1,993 Trade payables and other liabilities, excl. statutory liabilities 3,835 0 0 3,835 Fish Pool contracts (cf. Note 7) 0 44 0 44 Total 19,648 44 0 19,692 Financial instruments by category
struments CURRENCY FORWARD CONTRACTS The value of the Norwegian krone (NOK) is one of many parameters that have an effect on the Group's competitiveness. 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. Revenue by currency is presented in the note on operating segments, and trade receivables by currency is presented in the note on receivables. In order to minimise the currency risk the Group uses currency forward contracts to hedge both net receivables and signed sales contracts in foreign currency. Thus the Group recognises the currency forward contracts as fair value hedging, also for the signed sales contracts, which are off-balance items. At 31.12.2025 the Group has currency forward contracts with a net positive fair value of MNOK 48 (MNOK 17 in 2024). The net currency gain in 2025 is MNOK 127.2 (MNOK 72.5 in 2024), which is recognised in cost of materials in the income statement, as it relates to the inventory cycle. INTEREST RATE SWAPS
Conr value based on observable market inputs (quoted exchange rates, interest rate curves, salmon forward prices). Level 3: Fair value based on non-observable inputs; cost used as best estimate of fair value for immaterial equity investments (see Note 24). Financial instruments at fair value by level Level 1 Level 2 Level 3 Total Currency forward contracts 0 48 0 48 Interest rate swaps (FVOCI) 0 11 0 11 Investments in shares 0 0 39 39 Total financial instruments 0 59
Nominal value Interest rate/ aver- age interest rate Gross liability recognised Corresponding deferred tax Equity impact Fair value at 31.12.2024 572 1.44% -35 -8 27 Fair value adjustment 31.12.2025 534 1.44% 15 4 -12 Fair value at 31.12.2025 -20 -4 15 The fair value of the swap agreements has been estimated using market inputs per 31 December. As at 31.12.2025, a total unrealised profit of MNOK 15 was included in equity. Fair value of the interest rate swaps (gross liability) is recognised as \"other non-current receivables\". The effective part of the fair value adjustment is recognised in other comprehensive income (cash flow hedge). The deferred tax effect is also recognised in other comprehensive income, and is thus not part of
the fair value hierarchy applied.
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTING Derivative financial instruments are recognised in the balance sheet at fair value at the time of contract and are subsequently remeasured to fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The Group documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the hedging relationship meets the effectiveness requirements of IFRS 9. Fair values of derivative instruments used for hedging are disclosed in Note 12. The fair value of a hedging derivative is classified as a non-current asset or non- current liability if the hedging object matures in more than 12 months, and as a current asset or current liability if the hedging object matures in less than 12 months. Derivatives that are not designated as hedging instruments, including financial salmon contracts (Fish Pool), are measured at fair value through profit or loss. Changes in fair value are recognised in the income statement in the period they occur. (a) Fair value hedges The Group applies fair value hedge accounting for currency forward contracts used to hedge signed sales contracts in foreign currency. The signed sales contracts are off-balance sheet items. Both the hedging instrument and the change in fair value of the hedged item attributable to the hedged risk are recognised in profit or loss, classified within cost of materials as the hedged items relate to the inventory cycle. (b) Cash flow hedges The Group applies cash flow hedge accounting for interest rate swaps hedging variable interest rate risk on borrowings. The effective portion of changes in the fair value is recognised in other comprehensive income and accumulated in the cash flow hedge reserve in equity. Upon realisation, the effect is classified within finance costs. The ineffective portion is recognised immediately in profit or loss. When a hedging instrument expires, is sold or no longer meets the criteria for hedge accounting, any cumulative gain or loss in equity remains in equity and is recognised when the forecast transaction is ultimately recognised in profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss in equity is reclassified immediately to profit or loss. INVENTORIES
the fair value hierarchy applied.
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTING Derivative financial instruments are recognised in the balance sheet at fair value at the time of contract and are subsequently remeasured to fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The Group documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the hedging relationship meets the effectiveness requirements of IFRS 9. Fair values of derivative instruments used for hedging are disclosed in Note 12. The fair value of a hedging derivative is classified as a non-current asset or non- current liability if the hedging object matures in more than 12 months, and as a current asset or current liability if the hedging object matures in less than 12 months. Derivatives that are not designated as hedging instruments, including financial salmon contracts (Fish Pool), are measured at fair value through profit or loss. Changes in fair value are recognised in the income statement in the period they occur. (a) Fair value hedges The Group applies fair value hedge accounting for currency forward contracts used to hedge signed sales contracts in foreign currency. The signed sales contracts are off-balance sheet items. Both the hedging instrument and the change in fair value of the hedged item attributable to the hedged risk are recognised in profit or loss, classified within cost of materials as the hedged items relate to the inventory cycle. (b) Cash flow hedges The Group applies cash flow hedge accounting for interest rate swaps hedging variable interest rate risk on borrowings. The effective portion of changes in the fair value is recognised in other comprehensive income and accumulated in the cash flow hedge reserve in equity. Upon realisation, the effect is classified within finance costs. The ineffective portion is recognised immediately in profit or loss. When a hedging instrument expires, is sold or no longer meets the criteria for hedge accounting, any cumulative gain or loss in equity remains in equity and is recognised when the forecast transaction is ultimately recognised in profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss in equity is reclassified immediately to profit or loss. INVENTORIES
the fair value hierarchy applied.
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTING Derivative financial instruments are recognised in the balance sheet at fair value at the time of contract and are subsequently remeasured to fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The Group documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the hedging relationship meets the effectiveness requirements of IFRS 9. Fair values of derivative instruments used for hedging are disclosed in Note 12. The fair value of a hedging derivative is classified as a non-current asset or non- current liability if the hedging object matures in more than 12 months, and as a current asset or current liability if the hedging object matures in less than 12 months. Derivatives that are not designated as hedging instruments, including financial salmon contracts (Fish Pool), are measured at fair value through profit or loss. Changes in fair value are recognised in the income statement in the period they occur. (a) Fair value hedges The Group applies fair value hedge accounting for currency forward contracts used to hedge signed sales contracts in foreign currency. The signed sales contracts are off-balance sheet items. Both the hedging instrument and the change in fair value of the hedged item attributable to the hedged risk are recognised in profit or loss, classified within cost of materials as the hedged items relate to the inventory cycle. (b) Cash flow hedges The Group applies cash flow hedge accounting for interest rate swaps hedging variable interest rate risk on borrowings. The effective portion of changes in the fair value is recognised in other comprehensive income and accumulated in the cash flow hedge reserve in equity. Upon realisation, the effect is classified within finance costs. The ineffective portion is recognised immediately in profit or loss. When a hedging instrument expires, is sold or no longer meets the criteria for hedge accounting, any cumulative gain or loss in equity remains in equity and is recognised when the forecast transaction is ultimately recognised in profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss in equity is reclassified immediately to profit or loss. INVENTORIES
INVENTORIES
Inventories are stated at the lower of cost and net realisable value in accordance with IAS 2. Cost is determined using the FIFO method and includes raw materials, direct labour, other direct costs and related production overheads allocated on the basis of normal operating capacity. Borrowing costs are excluded. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses.
NOTE 8 Inventories 2025 2024 Raw materials 896 964 Work in progress 161 150 Finished goods 2,098 2,557 Impairment due to loss in value and obsolescence -13 -19 Total 3,142 3,652 Impairment of inventories expensed during the year 3 2
INVENTORY The Group\u2019s inventory mainly consists of biomass in the sea (Atlantic salmon and trout), end products in the form of fishmeal and oil, and frozen fish for direct consumption. For further information on valuation of biological assets, see Notes 1, 2 and, 7. Biomass in the sea as at 31.12 will primarily be harvested within 12-14 months, and relevant and up-to-date information is taken into account when measuring the processing cost for live fish in the sea. Any permanent changes related to climate risk will therefore be taken into consideration as part of relevant and up-to-date information, and be reflected in the processing cost for live fish in the sea. Acute incidents, including algal bloom, acute outbreaks of disease or other incidents that lead to abnormal mortality, are expensed on an ongoing basis in profit and loss. If mortality at a site is higher than 1.5% of the opening number of fish at the site in one month, this is considered an indication of possible abnormal mortality. Normal wastage is considered part of the processing cost. Salmon, trout and wild-caught fish have one of the lowest carbon footprints compared with other animal proteins. This is positive for the Group, as it is expected that consumers will increasingly demand food with a lower carbon footprint in the future. The value of the inventory has not been changed based on climate- related incidents.
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"value": "INVENTORIES
Inventories are stated at the lower of cost and net realisable value in accordance with IAS 2. Cost is determined using the FIFO method and includes raw materials, direct labour, other direct costs and related production overheads allocated on the basis of normal operating capacity. Borrowing costs are excluded. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses.
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"reg-ix-437": {
"value": "BIOLOGICAL ASSETS The Group's biological assets comprise live fish, mainly salmon and trout at various stages of the life cycle in the Group's Norwegian operations. The Group's operations in Peru and Chile are based on wild-caught fish and do not involve biological assets. Biological assets are measured at fair value less costs to sell in accordance with IAS 41. For roe, fry, smolt and cleaner fish, historical cost is deemed the best estimate of fair value due to limited biological transformation. For fish in sea, a present value model is applied. Fair value is estimated as the discounted future cash flow from harvest and sale, based on Fish Pool forward prices adjusted for export costs, harvesting costs, transport and quality. The discount rate comprises a risk adjustment, a hypothetical licence lease cost and the time value of money. See Notes 2 and 7 for further details, including sensitivity analysis. At the point of harvest, biological assets are transferred to inventories at their fair value less costs to sell at that date. This fair value becomes the deemed cost of the inventory, which is subsequently measured in accordance with IAS 2.
Onerous contracts arise when the fair value-adjusted cost of fulfilling a sales contract exceeds the contractual price. A provision is recognised as other short-term debt. See Note 7 for further information. Abnormal mortality (monthly mortality exceeding 1.5% of incoming fish at a locality) is expensed immediately. Normal mortality is included in production costs.
STMENT 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 under
accounting policies and in the note on biological asal 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 harvest 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.
the major values the stock of fish represents. (4.4) Evaluation of the discount rate 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. LSG has applied a monthly discount rate of 4% in 2025 (3.7% in 2024). Sensitivity analysis for 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 and 4. estimated number of fish. The following tables show a simulated sensitivity to fair value of the biological assets in the event of changes in these parameters. The estimated value of the standing biomass of LSG accounts for 96% of the total fair value of biomass for the Group in 2025.
n projected harvest weight per kg (LW) -0.50 -0.25 0.00 0.25 0.50 72.9 -5.0 6,844 7,348 7,871 8,228 8,643 75.9 -2.0 7,284 7,797 8,186 8,598 9,052 76.9 -1.0 7,433 7,923 8,323 8,729 9,194 77.9 0.0 7,553 8,046 8,422 8,855 9,337 78.9 1.0 7,699 8,138 8,538 8,988 9,480 79.9 2.0 7,872 8,251 8,662 9,123 9,625 82.9 5.0 8,200 8,570 9,030 9,534 10,089 Average price per kg (NOK) Change in price per kg (NOK) Sensitivity analysis in relation to weighted average price and projected optimal harvest weight NOTE 2 cont. Critical accounting estimates and judgements Monthly discount rate (%) 2.0% 3.0% 4.0% 5.0% 6.0% Change in monthly discount rate (%) -2.0% -1.0% 0.0% 1.0% 2.0% 72.9 -5.0 8,517 8,158 7,871 7,656 7,476 75.9 -2.0 8,963 8,519 8,186 7,924 7,728 76.9 -1.0 9,139 8,671 8,323 8,052 7,850 77.9 0.0 9,292 8,799 8,422 8,135 7,918 78.9 1.0 9,452 8,946 8,538 8,235 8,004 79.9 2.0 9,615 9,098 8,662 8,344 8,103 82.9 5.0 10,110 9,519 9,030 8,630 8,341 Average price per kg (NOK) Change in price per kg (NOK) Sensitivity analysis of weighted average price and discount rate applied The table above 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. Number of fish in stock (million fish) 49.4 51.0 52.0 53.1 54.6 Change in number of fish in stock -5.0% -2.0% 0.0% 2.0% 5.0% 72.9 -5.0 7,286 7,616 7,871 8,050 8,279 75.9 -2.0 7,779 8,032 8,186 8,385 8,650 76.9 -1.0 7,864 8,126 8,323 8,487 8,780 77.9 0.0 7,984 8,260 8,422 8,607 8,904 78.9 1.0 8,075 8,356 8,538 8,735 9,036 79.9 2.0 8,206 8,456 8,662 8,856 9,172 82.9 5.0 8,524 8,817 9,030 9,250 9,584 Average price per kg (NOK) Change in price per kg (NOK) Sensitivity analysis in relation to weighted average price and number of fish in stock The table above shows the sensitivity in fair value (present value) before provision for loss-making contracts for the parameters price per kg and estimated number of \ufb01sh in stock on the balance sheet date. For the number of \ufb01sh in stock, the table simulates a change of +/- 2% and +/- 5% in the number of \ufb01sh per locality for all localities with \ufb01sh in stock.
NOTE 7 Biological assets The group recognises and measures biological assets (fish in sea) at fair value. 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. For fish not ready for harvest, a deduction is made to cover estimated residual costs to grow the fish to optimal harvest weight. The cash flow is discounted monthly by a discount rate. Please refer to Note 1 general information and accounting policies for more detailed information. Fair value adjustment recognised in 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 in Euronext. The last mentioned adjustment does only include Euronext salmon contracts included in the balance sheet at the beginning of the year. For new contracts entered in 2025, the change in fair value is recognised as other comprehensive income (OCI) due to cash flow hedging. 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 to them 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 Group also enters into Euronext contracts to hedge prices. The number of such contracts is limited. When utilised, the contracts are recorded as financial instruments on the balance sheet (derivatives), where unrealised gain is classified as other short-term receivables and unrealised loss as other short-term debt.
Carrying amount of biological assets 2025 2024 Fish in sea at historical cost* 6,558 6,398 Fry, brood, smolt and cleaner fish at cost* 566 513 Total biological assets before fair value adjustment 7,124 6,911 Fair value adjustment of biological assets 1,863 3,138 Total biological assets 8,988 10,049 Fair value of fish in sea 8,422 9,536 Fair value of fry, brood, smolt and cleaner fish 566 513 Total biological assets 8,988 10,049 * Historical cost minus expensed mortality Carrying amount of loss-making contracts Total loss-making contracts in the SOFP at 31.12. 44 112 Recognised fair value adjustment related to biological assets Change in fair value adjustment of biological assets (fish in sea) -1,275 393 Change in fair value of loss-making contracts 68 -56 Total fair value adjustments related to biological assets -1,207 337 Reconciliation of carrying amount of fair value related to biological assets Fair value adjustment of biological assets at 01.01. 3,138 2,745 Change in fair value adjustment on fish in sea -1,276 393 Fair value adjustment of biological assets at 31.12. 1,863 3,138 NOTE 7 cont. Biological assets
Reconciliation of changes in carrying amount of biological assets Roe, fry, smolt and cleaner fish* Fish in sea (salm- on and trout)* Fair value adjust- ment Total biological assets Biological assets at 31.12.2023 454 5,575 2,744 8,775 Changes in 2024 Increase from biological transformation (released and net growth) 1,656 12,517 0 14,173 Increase from business combinations (acquisitions) -19 0 0 -19 Reduction due to sale and own consumption (smolt and cleaner fish) -1,579 0 0 -1,579 Reduction due to harvest 0 -11,518 0 -11,518 Reduction due to incident-based mortality 0 -174 0 -174 Reduction due to accidental release 0 -4 0 -4 Net change in fair value (fish in sea) 0 0 392 392 Biological assets at 31.12.2024 512 6,397 3,138 10,048 Changes in 2025 Increase from biological transformation (released and net growth) 1,592 12,726 0 14,319 Reduction due to sale and own consumption (smolt and cleaner fish) -1,536 0 0 -1,536 Reduction due to harvest 0 -12,353 0 -12,353 Reduction due to incident-based mortality -3 -212 0 -215 Net change in fair value (fish in sea) 0 0 -1,274 -1,274 Biological assets at 31.12.2025 566 6,559 1,863 8,988 Reconciliation of volume (LWT) for stock of fish in sea 2025 2024 Live weight (LWT) of fish in sea at 01.01. 114,894 102,442 Changes through the year Increase from biological transformation (released and net growth) 243,510 234,559 Reduction due to harvest -232,910 -211,836 Reduction due to incident-based mortality -11,707 -10,180 Reduction due to accidental release -18 -91 Live weight (LWT) of fish in sea at 31.12. 113,769 114,894 * Carrying amount before fair value adjustment (historical cost minus charged mortality)
The table below shows the total volume of fish in sea, living weight measured in tonnes, distributed by weight: Volume (LWT) - Overview of fish in sea at 31.12. 2025 2024 Fish in sea, 0-1 kg 8,861 13,363 Fish in sea, 1-2 kg 15,572 17,003 Fish in sea, 2-3 kg 20,084 16,717 Fish in sea, 3-4 kg 21,629 43,868 Fish in sea: salmon 4-4.65 kg, trout 4-4.88 kg 25,036 13,588 Fish in sea: salmon > 4.65 kg, trout > 4.88 kg (ready for harvest) 22,587 10,355 Fish in sea, total salmon and trout 113,769 114,894 By species and main group Fish ready for harvest 25,985 10,355 Salmon (fish of live weight > 4.65 kg) 23,324 10,355 Trout (fish of live weight > 4.88 kg) 2,661 0 Fish not ready for harvest 87,784 104,540 Salmon (fish of live weight < 4.65 kg) 69,120 80,461 Trout (fish of live weight < 4.88 kg) 18,664 24,078 Total volume: 113,769 114,894 Salmon 92,444 90,816 Trout 21,325 24,078 Number of individuals Total number, all groups (in 1,000) 52,042 57,629
Deductions are also made for wellboat services, harvesting and packaging (primary processing), and transport to Oslo from the locality being measured. Based on the above parameters, an estimated net price is calculated for each locality, and is then included in the cash flow calculation in relation to the assessment of fair value. In connection with the sensitivity analysis described in the note on significant accounting estimates and assessments (Note 2), 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 harvest weight), based on projected weight on the date of harvest. Price parameters 2024 - Estimated futures price through expected harvesting period Futures price* Exporter fee Clearing cost Net forward 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 futures price through expected harvesting period Futures price* Exporter fee Clearing cost Net forward price Q1 2026 100.67 -0.75 -0.5 99.42 Q2 2026 97.52 -0.75 -0.5 96.27 Q3 2026 76.49 -0.75 -0.5 75.24 Q4 2026 83.58 -0.75 -0.5 82.33 Q1 2027 99.25 -0.75 -0.5 98.00 Q2 2027 95.31 -0.75 -0.5 94.06 * The futures prices applied is based on monthly futures prices sourced from Euronext at balance sheet date. Adjustments are also made for: 2025 2024 Price premium (+/-) for ASC certified salmon 0.22 0.22 Reduction for quality deviations, salmon -1.27 -1.26 Reduction for quality deviations, trout -1.60 -1.60 Reduction for size deviations, salmon -0.24 -0.24
Reduction for size deviations, trouACCIDENTAL RELEASE IN 2025 For the Group, all accidental release is taken seriously, and the Group\u2019s target is zero accidental release. Accidental release may however occur due to unforeseen incidents. All accidental releases are reported to the Directorate of Fisheries, irrespective of the scope of the accident. In total 14,986 individuals have escaped, from a total stock of approximately 52 million. The accidental release consists of seven different incidents. Regardless of size, all incidents are described in the sustainability report, available at www.auss.no. 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. In region West this limit is 2.5% for salmon, and otherwise 1.5%. For more detailed information, see the note on biological assets (I). 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 minimising mortality, is the cornerstone of the Group\u2019s 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. 2025 2024 Calculated average net prices, all sizes (NOK/kg) 77.9 86.0 Other parameters 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% 1% Factor used for gutting waste, salmon 14% 14% Factor used for gutting waste, trout 18% 18% Projected harvest weight, salmon 4.65 kg 4.65 kg Projected harvest weight, trout 4.88 kg 4.88 kg Discount rate (monthly) 4.00% 3.70%
FIXED ASSETS As a result of this, the Group\u2019s fixed assets primarily consist of fishing vessels, service vessels for the aquaculture industry, feed barges, sea cages, buildings for the production of spawn and smolt, processing facilities for the receipt and slaughter of salmon, factories for the further processing of salmon, trout and whitefish, and factories for the production of fishmeal and oil, and protein concentrate. The aquaculture and fishery activities also require licences/rights in the various jurisdictions where the Group performs its activities. In 2025 the Group\u2019s fishery activities took place in the Barents Sea, the Norwegian Sea, the North Sea, and the Atlantic and Pacific Oceans. There were no grounds for writing down the company's intangible assets related to aquaculture and fishery rights in 2025 as a result of the impact of climate change. In terms of the Group\u2019s fishery activities (wild catches), extreme weather is first and foremost the most significant physical risk. If the weather is too extreme, the fishing vessels may not be able to fish. Should this type of situation arise during high season for the fishery concerned, the vessels may not be able to fish their quotas for individual fish species within the quota year. Such a situation would also have consequences for the processing industry onshore. With extreme weather, the onshore industry would suffer due to an insufficient supply of raw materials for the production of end products, which in turn would reduce the earnings of fishing vessels and processing facilities alike. Extreme weather in the form of strong winds, heavy precipitation, floods, droughts and fire may damage key infrastructure. This could potentially have a major impact on the Group\u2019s operations both directly and indirectly through our supplier chain, as efficient logistics are crucial for maintaining normal operations. The weather phenomena El Ni\u00f1o and La Ni\u00f1a occur at regular intervals, and may cause changes in fishing patterns in the form of lower quotas and challenging catch conditions during the fishery. Last time Peru was affected by El Ni\u00f1o was in 2023, and the weather phenomenon caused the first fishing season of that year was cancelled. The Group has not had any significant costs in 2025 resulting from incidents that may have been caused by extreme weather. No climate-related incidents were identified in 2025 that would indicate the need to reassess the working life or residual value of the Group\u2019s fixed assets. El Ni\u00f1o and La Ni\u00f1a occur at regular intervals. This is taken into account in the Group\u2019s impairment tests, using historical catch volumes.
BIOLOGICAL ASSETS The Group's biological assets comprise live fish, mainly salmon and trout at various stages of the life cycle in the Group's Norwegian operations. The Group's operations in Peru and Chile are based on wild-caught fish and do not involve biological assets. Biological assets are measured at fair value less costs to sell in accordance with IAS 41. For roe, fry, smolt and cleaner fish, historical cost is deemed the best estimate of fair value due to limited biological transformation. For fish in sea, a present value model is applied. Fair value is estimated as the discounted future cash flow from harvest and sale, based on Fish Pool forward prices adjusted for export costs, harvesting costs, transport and quality. The discount rate comprises a risk adjustment, a hypothetical licence lease cost and the time value of money. See Notes 2 and 7 for further details, including sensitivity analysis. At the point of harvest, biological assets are transferred to inventories at their fair value less costs to sell at that date. This fair value becomes the deemed cost of the inventory, which is subsequently measured in accordance with IAS 2.
Onerous contracts arise when the fair value-adjusted cost of fulfilling a sales contract exceeds the contractual price. A provision is recognised as other short-term debt. See Note 7 for further information. Abnormal mortality (monthly mortality exceeding 1.5% of incoming fish at a locality) is expensed immediately. Normal mortality is included in production costs.
STMENT 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 under
accounting policies and in the note on biological asal 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 harvest 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.
the major values the stock of fish represents. (4.4) Evaluation of the discount rate 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. LSG has applied a monthly discount rate of 4% in 2025 (3.7% in 2024). Sensitivity analysis for 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 and 4. estimated number of fish. The following tables show a simulated sensitivity to fair value of the biological assets in the event of changes in these parameters. The estimated value of the standing biomass of LSG accounts for 96% of the total fair value of biomass for the Group in 2025.
n projected harvest weight per kg (LW) -0.50 -0.25 0.00 0.25 0.50 72.9 -5.0 6,844 7,348 7,871 8,228 8,643 75.9 -2.0 7,284 7,797 8,186 8,598 9,052 76.9 -1.0 7,433 7,923 8,323 8,729 9,194 77.9 0.0 7,553 8,046 8,422 8,855 9,337 78.9 1.0 7,699 8,138 8,538 8,988 9,480 79.9 2.0 7,872 8,251 8,662 9,123 9,625 82.9 5.0 8,200 8,570 9,030 9,534 10,089 Average price per kg (NOK) Change in price per kg (NOK) Sensitivity analysis in relation to weighted average price and projected optimal harvest weight NOTE 2 cont. Critical accounting estimates and judgements Monthly discount rate (%) 2.0% 3.0% 4.0% 5.0% 6.0% Change in monthly discount rate (%) -2.0% -1.0% 0.0% 1.0% 2.0% 72.9 -5.0 8,517 8,158 7,871 7,656 7,476 75.9 -2.0 8,963 8,519 8,186 7,924 7,728 76.9 -1.0 9,139 8,671 8,323 8,052 7,850 77.9 0.0 9,292 8,799 8,422 8,135 7,918 78.9 1.0 9,452 8,946 8,538 8,235 8,004 79.9 2.0 9,615 9,098 8,662 8,344 8,103 82.9 5.0 10,110 9,519 9,030 8,630 8,341 Average price per kg (NOK) Change in price per kg (NOK) Sensitivity analysis of weighted average price and discount rate applied The table above 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. Number of fish in stock (million fish) 49.4 51.0 52.0 53.1 54.6 Change in number of fish in stock -5.0% -2.0% 0.0% 2.0% 5.0% 72.9 -5.0 7,286 7,616 7,871 8,050 8,279 75.9 -2.0 7,779 8,032 8,186 8,385 8,650 76.9 -1.0 7,864 8,126 8,323 8,487 8,780 77.9 0.0 7,984 8,260 8,422 8,607 8,904 78.9 1.0 8,075 8,356 8,538 8,735 9,036 79.9 2.0 8,206 8,456 8,662 8,856 9,172 82.9 5.0 8,524 8,817 9,030 9,250 9,584 Average price per kg (NOK) Change in price per kg (NOK) Sensitivity analysis in relation to weighted average price and number of fish in stock The table above shows the sensitivity in fair value (present value) before provision for loss-making contracts for the parameters price per kg and estimated number of \ufb01sh in stock on the balance sheet date. For the number of \ufb01sh in stock, the table simulates a change of +/- 2% and +/- 5% in the number of \ufb01sh per locality for all localities with \ufb01sh in stock.
NOTE 7 Biological assets The group recognises and measures biological assets (fish in sea) at fair value. 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. For fish not ready for harvest, a deduction is made to cover estimated residual costs to grow the fish to optimal harvest weight. The cash flow is discounted monthly by a discount rate. Please refer to Note 1 general information and accounting policies for more detailed information. Fair value adjustment recognised in 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 in Euronext. The last mentioned adjustment does only include Euronext salmon contracts included in the balance sheet at the beginning of the year. For new contracts entered in 2025, the change in fair value is recognised as other comprehensive income (OCI) due to cash flow hedging. 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 to them 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 Group also enters into Euronext contracts to hedge prices. The number of such contracts is limited. When utilised, the contracts are recorded as financial instruments on the balance sheet (derivatives), where unrealised gain is classified as other short-term receivables and unrealised loss as other short-term debt.
Carrying amount of biological assets 2025 2024 Fish in sea at historical cost* 6,558 6,398 Fry, brood, smolt and cleaner fish at cost* 566 513 Total biological assets before fair value adjustment 7,124 6,911 Fair value adjustment of biological assets 1,863 3,138 Total biological assets 8,988 10,049 Fair value of fish in sea 8,422 9,536 Fair value of fry, brood, smolt and cleaner fish 566 513 Total biological assets 8,988 10,049 * Historical cost minus expensed mortality Carrying amount of loss-making contracts Total loss-making contracts in the SOFP at 31.12. 44 112 Recognised fair value adjustment related to biological assets Change in fair value adjustment of biological assets (fish in sea) -1,275 393 Change in fair value of loss-making contracts 68 -56 Total fair value adjustments related to biological assets -1,207 337 Reconciliation of carrying amount of fair value related to biological assets Fair value adjustment of biological assets at 01.01. 3,138 2,745 Change in fair value adjustment on fish in sea -1,276 393 Fair value adjustment of biological assets at 31.12. 1,863 3,138 NOTE 7 cont. Biological assets
Reconciliation of changes in carrying amount of biological assets Roe, fry, smolt and cleaner fish* Fish in sea (salm- on and trout)* Fair value adjust- ment Total biological assets Biological assets at 31.12.2023 454 5,575 2,744 8,775 Changes in 2024 Increase from biological transformation (released and net growth) 1,656 12,517 0 14,173 Increase from business combinations (acquisitions) -19 0 0 -19 Reduction due to sale and own consumption (smolt and cleaner fish) -1,579 0 0 -1,579 Reduction due to harvest 0 -11,518 0 -11,518 Reduction due to incident-based mortality 0 -174 0 -174 Reduction due to accidental release 0 -4 0 -4 Net change in fair value (fish in sea) 0 0 392 392 Biological assets at 31.12.2024 512 6,397 3,138 10,048 Changes in 2025 Increase from biological transformation (released and net growth) 1,592 12,726 0 14,319 Reduction due to sale and own consumption (smolt and cleaner fish) -1,536 0 0 -1,536 Reduction due to harvest 0 -12,353 0 -12,353 Reduction due to incident-based mortality -3 -212 0 -215 Net change in fair value (fish in sea) 0 0 -1,274 -1,274 Biological assets at 31.12.2025 566 6,559 1,863 8,988 Reconciliation of volume (LWT) for stock of fish in sea 2025 2024 Live weight (LWT) of fish in sea at 01.01. 114,894 102,442 Changes through the year Increase from biological transformation (released and net growth) 243,510 234,559 Reduction due to harvest -232,910 -211,836 Reduction due to incident-based mortality -11,707 -10,180 Reduction due to accidental release -18 -91 Live weight (LWT) of fish in sea at 31.12. 113,769 114,894 * Carrying amount before fair value adjustment (historical cost minus charged mortality)
The table below shows the total volume of fish in sea, living weight measured in tonnes, distributed by weight: Volume (LWT) - Overview of fish in sea at 31.12. 2025 2024 Fish in sea, 0-1 kg 8,861 13,363 Fish in sea, 1-2 kg 15,572 17,003 Fish in sea, 2-3 kg 20,084 16,717 Fish in sea, 3-4 kg 21,629 43,868 Fish in sea: salmon 4-4.65 kg, trout 4-4.88 kg 25,036 13,588 Fish in sea: salmon > 4.65 kg, trout > 4.88 kg (ready for harvest) 22,587 10,355 Fish in sea, total salmon and trout 113,769 114,894 By species and main group Fish ready for harvest 25,985 10,355 Salmon (fish of live weight > 4.65 kg) 23,324 10,355 Trout (fish of live weight > 4.88 kg) 2,661 0 Fish not ready for harvest 87,784 104,540 Salmon (fish of live weight < 4.65 kg) 69,120 80,461 Trout (fish of live weight < 4.88 kg) 18,664 24,078 Total volume: 113,769 114,894 Salmon 92,444 90,816 Trout 21,325 24,078 Number of individuals Total number, all groups (in 1,000) 52,042 57,629
Onerous contracts arise when the fair value-adjusted cost of fulfilling a sales contract exceeds the contractual price. A provision is recognised as other short-term debt. See Note 7 for further information. Abnormal mortality (monthly mortality exceeding 1.5% of incoming fish at a locality) is expensed immediately. Normal mortality is included in production costs.
PROVISIONS Provisions are recognised in accordance with IAS 37 when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation where the effect of the time value of money is material. No provisions are made for future operating losses.
CONTINGENT LIABILITIES AND ASSETS Contingent liabilities are not recognised in the financial statements except where they are assumed through business combinations. Significant contingent liabilities are disclosed, with the exception of contingent liabilities where the probability of the liability occurring is remote. Contingent assets are disclosed when an inflow of economic benefits is probable. Contingent liabilities and assets are assessed in accordance with IAS 37. IFRS 18 PRESENTATION AND DISCLOSURE IN FINANCIAL STATEMENTS IFRS 18 was issued by the IASB in April 2024 and endorsed by the European Commission on 13 February 2026, replacing IAS 1. The standard is effective for annual periods beginning on or after 1 January 2027, with full retrospective application including restatement of comparative information. IFRS 18 introduces a defined structure for the statement of profit or loss with five categories of income and expenses and two new mandatory subtotals (operating profit and profit before financing and income taxes), enhanced requirements for aggregation and disaggregation, and required disclosures for management-defined performance measures. The standard also amends IAS 7 (new mandatory starting point for indirect method cash flows and removal of classification options for interest and dividend cash flows), IAS 8 (renamed) and IAS 33 (restrictions on additional EPS measures). The Group expects IFRS 18 to have a significant impact on the presentation of its income statement, statement of cash flows and related note disclosures, including the classification of income from associates and joint ventures, the reclassification of interest and dividends in the statement of cash flows, and the disclosure of certain alternative performance measures presented in Note 28. The standard does not change recognition or measurement of any items. The Group is currently assessing the detailed implications for its financial reporting.
NOTE 18
Contingencies and provGroup has recognised a provision related to the acquisition of Cormar in Austral in 2007. The Group will have reimbursement rights for some of the liabilities, if the liabilities materialises. A provision of MNOK 24 has been recorded for this contingent liability, ref Note 22. AUSTRAL The subsidiary Austral (Peru) has certain court actions pending resolution for a total of MNOK 146 as of 31.12.2025 mainly related to its business activities. It is considered unlikely that the prosecutor will succeed with the claims in full. Based on specific assessments of each case, a provision of MNOK 12 relating to these
suits, which is considered to be the best estimThe Norwegian companies in the Group satisfy the requirements in the Act relating to mandatory occupational pensions (Norwegian: OTP). The schemes are in the main established as defined contribution pension schemes, with external life insurance companies. The Group participates in an overarching pension scheme for employees, where it is not possible to measure the individual entity\u2019s share of the obligation. Moreover, a limited part of the Group companies have defined benefit schemes with life insurance companies, with pension funds placed in a portfolio of investments by insurance companies. The insurance company administers all transactions related to the pension scheme. Estimated return on pension funds is based on marked prices on balance sheet date and projected development during the period in which the pension scheme is valid. The calculation of pension liabilities is based on assumptions in line with the recommendations of Norsk Regnskapsstiftelse (NRS) per 31.12.2025. Change in the benefit obligations as a result of actuarial gains and losses are booked as comprehensive income. For further information see the declaration from the Board of Directors on salaries and other remuneration to executive personnel submitted at the Ordinary General Meeting 28 May 2025. The Group management takes part in the Groups collective pension schemes. No loans or securities have been issued in 2025 or 2024 to the CEO, board members, members of the corporate management or other employees or closely related parties. 2025 2024 Salaries and holiday pay 4,238 3,817 Contract labour 535 452 Other remuneration 187 184 National insurance contributions 403 362 Pension costs (incl. national insurance contribution) 244 223 Remuneration to board members 3 3 Other payments
26The CEO has a term of notice of 3 months. On resignation, the CEO has no right to extra compensation. Pension age is 70 years, and the CEO takes part in the defined contribution scheme. Additional disclosures are provided in the Remuneration report, which is available on the Group\u2019s website, www.auss.no. OPTIONS There are as of 31.12.2025, no on-going option program in the Group.
",
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"reg-ix-411": {
"value": "Onerous contracts arise when the fair value-adjusted cost of fulfilling a sales contract exceeds the contractual price. A provision is recognised as other short-term debt. See Note 7 for further information. Abnormal mortality (monthly mortality exceeding 1.5% of incoming fish at a locality) is expensed immediately. Normal mortality is included in production costs.
PROVISIONS Provisions are recognised in accordance with IAS 37 when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation where the effect of the time value of money is material. No provisions are made for future operating losses.
",
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"reg-ix-480": {
"value": "INCOME TAX The tax expense for the period comprises current and deferred tax in accordance with IAS 12. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred taxes relate to the same tax authority. The Group is within the scope of the OECD Pillar Two model rules and applies the mandatory exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. The Group's effective tax rate and Pillar Two assessment are disclosed in Note 26. RESOURCE RENT TAX The Group, through its subsidiary Ler\u00f8y Seafood Group ASA and Kobbevik og Furuholmen Oppdrett AS, is subject to the Norwegian resource rent tax on aquaculture activities, effective from 1 January 2023. The resource rent tax is calculated on a deemed income based on market prices at the point of removal from the sea cages, less production costs and a basic allowance. The resource rent tax is accounted for in accordance with IAS 12. See Note 26 for further information.
NOTE 26 Tax ORDINARY CORPORATE TAX AND RESOURCE RENT TAX 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. In Norway a 25% resource rent tax was implemented on income from producing salmon and trout in sea, with effect from 01.01.2023. 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 implementation effect of resource rent tax recognized with NOK 1,809 million in 2023, has been reversed with NOK 1,000 million in 2024. In 2024, the Group has changed the tax declaration of 2022 for two of the five companies with ground rent tax eligible activity. The following 5 companies in the Group have resource rent taxed activities: (1) Ler\u00f8y Aurora Sj\u00f8 AS (Northern region), (2) Ler\u00f8y Midt Sj\u00f8 AS (Central region), (3) Ler\u00f8y Vest Sj\u00f8 AS (Western region), (4) Sj\u00f8troll Havbruk Sj\u00f8 AS (Western region) and (5) Kobbevik og Furuholmen Oppdrett 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 Tax for the year is as follows: 2025 2024 Tax payable 432 308 Tax payable resource rent tax (32.1% of taxable resource rent income) 2 41 Change in deferred tax/tax asset -128 -128 Change in deferred resource rent tax (incl. implementation effect) -229 -838 Correction, prior years 86 750 Tax 163 133 Tax reconciliation Profit before tax 851 5,022 Tax calculated using the nominal tax rate 223 886 Income from associates -11 82 Tax-free profit from sale of shares 0 -423 Other differences 94 -366 Tax payable resource rent tax (32.1% of taxable resource rent income) -227 -797 Correction, prior years 86 750 Deferred tax asset not recognised in the SOFP -1 0 Tax 163 133 Weighted average tax rate 19.20% 2.60% Change in gross book deferred tax: 2025 2024 Carrying amount at 01.01. 4,862 5,706 Recognised in the period -247 -86 Recognised in other comprehensive income in the period -6 -7 Exchange differences 16 1 Effect of business combinations 0 -2 Effect of resource rent -229 -751 Net balance sheet value at 31.12. 4,396 4,862 Balance sheet value of deferred tax asset -183 -199 Balance sheet value of deferred tax 3,689 3,942 Balance sheet value of deferred tax of resource rent (25%) 890 1,119 Net balance sheet value at 31.12. 4,396 4,862
The movement in deferred income tax assets and liabilities during the year. 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 in which period the tax will be payable. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. Capitalised deferred tax assets derive mainly from loss carryforwards in foreign entities where the loss is expected to be able to be utilised within a reasonable time. Capitalised deferred tax liabilities derive mainly from Norwegian entities, where a rate of 22% has been applied. Austevoll Seafood Group is within the scope of the OECD Pillar Two model rules, which came into effect from 01.01.2024. The Group is in scope of the enacted or substantively enacted legislation and is in the process of performing an assessment of the Group\u2019s potential exposure to Pillar Two Income taxes. The assessment of the potential exposure to Pillar Two income taxes is based on the most recent tax filings, country-by-country reporting and financial statements for the constituent entities in the Group. Based on a preliminary assessment, the Group have identified a limited number of jurisdictions where the transitional safe harbour 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 recognising and disclosing information about deferred tax assets and liabilities arising from Pillar Two income taxes. Specification of temporary differences not included in deferred tax 2025 2024 Non-current assets -47 -45 Loss carryforward -896 -834 Interest deduction carryforward -184 -135 Liabilities 3 5 Other differences 24 24 Total temporary differences not included in deferred tax -1,100 -984 Including net deferred tax asset not recognised in the SOFP -242 -217 Specification of loss carryforward Austevoll Seafood ASA -483 -469 Ler\u00f8y Seafood Group ASA -105 0 Austevoll Eiendom AS -2 0 A-Fish AS -121 -180 Gateport Overseas Ltd -183 -183 Andean Opportunities Fund Ltd -2 -2 Total -896 -834 Change in book value of deferred tax: Non-current assets Current assets Inventories and biological assets Liabilities Loss carryfor- ward Other differ- ences Total Carrying amount at 01.01.2024 2,215 -4 3,868 -40 -206 -127 5,706 Recognised in 2024 -65 0 210 -19 -325 113 -86 Recognised in other comprehensive income in the period 0 0 0 0 0 -7 -7 Exchange differences 47 0 -2 -40 0 -4 2 Effect of resource rent 0 0 -751 0 0 0 -751 Effect of business combinations 0 0 0 0 0 -2 -2 31.12.2024 2,197 -4 3,325 -100 -530 -27 4,862 Recognised in 2025 -97 0 -252 -10 120 -8 -247 Recognised in other comprehensive income in the period 0 0 0 0 0 -6 -6 Exchange differences -33 0 0 49 0 0 16 Effect of resource rent 0 0 -229 0 0 0 -229 31.12.2025 2,067 -4 2,844 -60 -410 -41 4,396
INCOME TAX The tax expense for the period comprises current and deferred tax in accordance with IAS 12. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred taxes relate to the same tax authority. The Group is within the scope of the OECD Pillar Two model rules and applies the mandatory exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. The Group's effective tax rate and Pillar Two assessment are disclosed in Note 26. RESOURCE RENT TAX The Group, through its subsidiary Ler\u00f8y Seafood Group ASA and Kobbevik og Furuholmen Oppdrett AS, is subject to the Norwegian resource rent tax on aquaculture activities, effective from 1 January 2023. The resource rent tax is calculated on a deemed income based on market prices at the point of removal from the sea cages, less production costs and a basic allowance. The resource rent tax is accounted for in accordance with IAS 12. See Note 26 for further information.
INCOME TAX The tax expense for the period comprises current and deferred tax in accordance with IAS 12. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred taxes relate to the same tax authority. The Group is within the scope of the OECD Pillar Two model rules and applies the mandatory exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. The Group's effective tax rate and Pillar Two assessment are disclosed in Note 26. RESOURCE RENT TAX The Group, through its subsidiary Ler\u00f8y Seafood Group ASA and Kobbevik og Furuholmen Oppdrett AS, is subject to the Norwegian resource rent tax on aquaculture activities, effective from 1 January 2023. The resource rent tax is calculated on a deemed income based on market prices at the point of removal from the sea cages, less production costs and a basic allowance. The resource rent tax is accounted for in accordance with IAS 12. See Note 26 for further information.
The movement in deferred income tax assets and liabilities during the year. 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 in which period the tax will be payable. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. Capitalised deferred tax assets derive mainly from loss carryforwards in foreign entities where the loss is expected to be able to be utilised within a reasonable time. Capitalised deferred tax liabilities derive mainly from Norwegian entities, where a rate of 22% has been applied. Austevoll Seafood Group is within the scope of the OECD Pillar Two model rules, which came into effect from 01.01.2024. The Group is in scope of the enacted or substantively enacted legislation and is in the process of performing an assessment of the Group\u2019s potential exposure to Pillar Two Income taxes. The assessment of the potential exposure to Pillar Two income taxes is based on the most recent tax filings, country-by-country reporting and financial statements for the constituent entities in the Group. Based on a preliminary assessment, the Group have identified a limited number of jurisdictions where the transitional safe harbour 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 recognising and disclosing information about deferred tax assets and liabilities arising from Pillar Two income taxes. Specification of temporary differences not included in deferred tax 2025 2024 Non-current assets -47 -45 Loss carryforward -896 -834 Interest deduction carryforward -184 -135 Liabilities 3 5 Other differences 24 24 Total temporary differences not included in deferred tax -1,100 -984 Including net deferred tax asset not recognised in the SOFP -242 -217 Specification of loss carryforward Austevoll Seafood ASA -483 -469 Ler\u00f8y Seafood Group ASA -105 0 Austevoll Eiendom AS -2 0 A-Fish AS -121 -180 Gateport Overseas Ltd -183 -183 Andean Opportunities Fund Ltd -2 -2 Total -896 -834 Change in book value of deferred tax: Non-current assets Current assets Inventories and biological assets Liabilities Loss carryfor- ward Other differ- ences Total Carrying amount at 01.01.2024 2,215 -4 3,868 -40 -206 -127 5,706 Recognised in 2024 -65 0 210 -19 -325 113 -86 Recognised in other comprehensive income in the period 0 0 0 0 0 -7 -7 Exchange differences 47 0 -2 -40 0 -4 2 Effect of resource rent 0 0 -751 0 0 0 -751 Effect of business combinations 0 0 0 0 0 -2 -2 31.12.2024 2,197 -4 3,325 -100 -530 -27 4,862 Recognised in 2025 -97 0 -252 -10 120 -8 -247 Recognised in other comprehensive income in the period 0 0 0 0 0 -6 -6 Exchange differences -33 0 0 49 0 0 16 Effect of resource rent 0 0 -229 0 0 0 -229 31.12.2025 2,067 -4 2,844 -60 -410 -41 4,396
",
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"reg-ix-412": {
"value": "INCOME TAX The tax expense for the period comprises current and deferred tax in accordance with IAS 12. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred taxes relate to the same tax authority. The Group is within the scope of the OECD Pillar Two model rules and applies the mandatory exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. The Group's effective tax rate and Pillar Two assessment are disclosed in Note 26. RESOURCE RENT TAX The Group, through its subsidiary Ler\u00f8y Seafood Group ASA and Kobbevik og Furuholmen Oppdrett AS, is subject to the Norwegian resource rent tax on aquaculture activities, effective from 1 January 2023. The resource rent tax is calculated on a deemed income based on market prices at the point of removal from the sea cages, less production costs and a basic allowance. The resource rent tax is accounted for in accordance with IAS 12. See Note 26 for further information.
",
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"mtpnn31": {
"value": "BORROWINGS Borrowings are recognised initially at fair value, net of transaction costs incurred, and subsequently measured at amortised cost using the effective interest method. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 NOTE 1 cont.
Generaldirectly attributable to the acquisition, construction or production of qualifying assets are capitalised as part of the cost of those assets in accordance with IAS 23. All other borrowing costs are expensed in the period in which they are incurred.
BORROWINGS Borrowings are recognised initially at fair value, net of transaction costs incurred, and subsequently measured at amortised cost using the effective interest method. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 NOTE 1 cont.
Generaldirectly attributable to the acquisition, construction or production of qualifying assets are capitalised as part of the cost of those assets in accordance with IAS 23. All other borrowing costs are expensed in the period in which they are incurred.
NOTE 17 Interest-bearing debt The conditions for long-term loans other than bond loans mean that fair value is estimated to be equal to the carrying amount at 31.12.2025, adjusted for fair value of interest rate swaps. Three of the bond loans are so-called green bonds. This means that the Group has established a green framework stipulating how the proceeds from the loans can be used. Non-current liabilities 2025 2024 Mortgages 3,349 4,799 Bond loans 3,790 3,789 Other loans 14 15 Lease liabilities to credit institutions 875 918 Total non-current liabilities 8,029 9,522 Current liabilities Overdraft facility 2,643 2,348 Mortgages 2,323 1,579 Bond loans 500 0 Lease liabilities to credit institutions 324 288 Total current liabilities 5,791 4,214 Total non-current and current liabilities 13,820 13,736 Net interest-bearing debt Liquid assets 5,101 5,719 Other non interest-bearing debt \u2013 non-current 7 0 Total net interest-bearing debt (cf. Note 28) 8,712 8,016 Long term lease liabilities other than to credit institutions 1,551 1,769 Short term lease liabilities other than to credit institutions 442 417 Lease liabilities other than to credit institutions 1,993 2,186 Total non-current and current liabilities 15,813 15,922 Liquid assets -5,101 -5,719 Net interest-bearing debt incl. lease liabilities other than to credit institutions 10,712 10,203
NOTE 17 cont. Interest-bearing debt AUSS has pledged as security of 6 million shares in BRBI and 6 million shares in KFO for a revolving credit facility of MNOK 500, of which only MNOK 10 was drawn by 31.12.2025. Assets owned by LSG, BRBI and KFO are also placed as security directly to their separate and individual loans, and are included in the figures presented above.
Repayment profile for interest-bearing debt 2026* 2027 2028 2029 2030 Subsequent Total Mortgages* 2,323 617 1,088 427 327 905 5,687 Overdraft facility 2,643 0 0 0 0 0 2,643 Bond loans 500 500 500 1,050 500 1,240 4,290 Lease liabilities to credit institutions 324 283 215 130 78 170 1,199 Total 5,791 1,400 1,803 1,607 904 2,314 13,820 Repayment profile for long-term non-interest-bearing debt Lease liabilities other than to credit institutions 442 372 299 191 140 549 1,993 Total 442 372 299 191 140 549 1,993 Total 6,233 1,772 2,102 1,798 1,044 2,863 15,812 * Repayments of non-current liabilities which mature in 2026 are classi\ufb01ed as current liabilities in the balance sheet.
Liabilities secured by mortgage 2025 2024 Current liabilities 2,973 2,684 Non-current liabilities 7,004 6,870 Liabilities to credit institutions incl. finance lease agreements 9,976 9,554 Assets provided as security Operating assets 10,697 9,205 Licences * 1,944 2,000 Biological assets 10,254 11,460 Shares 1,277 1,496 Trade receivables 1,198 1,390 Right-of-use assets leased from credit institutions -1 -1 Total assets provided as security 25,370 25,551 * Licence value excluding price purchase allocation.
NOTE 17 cont. Interest-bearing debt Based on contractual terms the fair value of non- current borrowings (incl. bond loan) is estimated to be equal to book value as of 31.12.2025, adjusted for fair value of interest rate swaps. Three of the new bonds established in 2021 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 bond loans are listed on Oslo Stock Exchange, and fair value is assumed to approximate carrying amount. The carrying amounts of short-term borrowings approximate their fair value. FINANCIAL \"COVENANTS\" The parent company's borrowing agreements, comprising bond loans with a nominal value of MNOK 800 and a revolving credit facility of MNOK 500, contain a financial covenant measured at the Group's consolidated level. The borrower shall procure that the equity ratio of the Group shall not fall below 30 per cent tested quarterly. At 31 December 2025, the Group's book equity ratio was 52% (2024: 53%). In addition, borrowing arrangements within the Group's subsidiaries, including the LSG sub-group, Austral and FC, contain financial covenants primarily related to equity ratios. These are managed at the respective subsidiary level. The total carrying amount of interest-bearing debt subject to covenant requirements is MNOK 13,820 as at 31 December 2025 (2024: MNOK 13,736). The Group has committed overdraft facilities totalling MNOK 4,380 (MNOK 3,504 in 2024, of which MNOK 2,691 was drawn at 31 December 2025. The unutilised portion of MNOK 1,779 is available to the Group at any time within the terms of the facility agreements. The Group is exposed to interest rate changes on the loans, based on the following repricing structure 2025 2024 6 months or less 11,786 11,665 6-12 months 0 0 1-5 years 1,034 572 Over 5 years 1,000 1,500 Total 13,820 13,736 The carrying amounts of the Group's loans are denominated in the following currencies 2025 2024 NOK 11,449 11,824 SEK 63 114 DKK 251 353 USD 1,758 1,250 EUR 245 175 Other currencies 53 20 Total 13,820 13,736 Overdraft facility 2025 2024 Overdraft facility 2,691 2,395 Unutilised overdraft facility 1,689 1,109 Limit of overdraft facility 4,380 3,504 Unutilised long term credit facility 1,779 2,486
Current debt Non-current debt Cash movement reconciliation of interest-bearing debt Overdrafts and other short term credit Other current debt Bond loans Loans from credit inst. Leases from credit inst. Other loans Total As per 01.01.2024 976 0 3,795 6,243 1,215 48 12,277 Proceeds from loans and borrowings 0 0 0 2,238 0 0 2,238 Repayments from loans and borrowings 0 0 0 -1,582 0 0 -1,582 Business combinations 0 0 0 -3 0 0 -3 Capitalised borrowing costs 0 0 1 1 0 0 2 Currency gain/loss on items in foreign currency 0 0 0 6 8 -18 -4 Other non-cash movements 1,206 10 -7 -382 -18 -1 808 As per 31.12.2024 2,182 10 3,789 6,521 1,205 29 13,736 Current debt Non-current debt Cash movement reconciliation of interest-bearing debt Overdrafts and other short term credit Other current debt Bond loans Loans from credit inst. Leases from credit inst. Other loans Total As per 01.01.2025 2,182 10 3,789 6,521 1,205 29 13,736 Proceeds from loans and borrowings 0 0 500 1,785 0 0 2,285 Repayments from loans and borrowings 0 -10 0 -2,465 -277 -8 -2,760 Business combinations 10 0 0 -67 0 0 -57 Capitalised borrowing costs 0 0 1 1 0 0 2 Currency gain/loss on items in foreign currency 0 0 0 -131 1 0 -130 Other non-cash movements -15 0 0 490 270 0 745 As per 31.12.2025 2,177 0 4,290 6,134 1,199 21 13,820 NOTE 17 cont. Interest-bearing debt
NOTE 28 cont. Alternative performance measures NET INTEREST-BEARING DEBT (NIBD) NIBD is an APM utilised 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. The Group therefore defines NIBD 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. This implies that long-term interest-bearing receivables (assets) and other lease commitments with the exception of leasing debt to credit institutions (liability) are not included. The latter component comprises most of the new lease commitments carried in connection with implementation of IFRS\u00ae Accounting Standards 16. Net interest-bearing debt (NIBD) 2025 2024 Loans from credit institutions * 9,963 10,167 + Lease liabilities to credit institutions * 1,199 1,206 + Other long-term loans * 7 15 + Overdrafts and other short-term credits 2,643 2,348 - Liquid assets -5,101 -5,719 Net interest-bearing debt (NIBD) 8,712 8,016 * Both long-term and short-term The following components from the statement of financial position are included: EBITDA 2025 2024 Operating profit (EBIT) 1,488 5,665 Depreciation and amortisation 2,309 2,120 - Income from associates 50 -374 - Fair value adjustment biomass 1,207 -337 EBITDA 5,054 7,074 EBITDA (adj.) 2025 2024 EBITDA 5,054 7,074 + Production tax aquaculture 196 168 Change in unrealised internal margin 4 -5 + Other non-operational items 33 74 EBITDA (adj.) 5,287 7,311
",
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"reg-ix-414": {
"value": "BORROWINGS Borrowings are recognised initially at fair value, net of transaction costs incurred, and subsequently measured at amortised cost using the effective interest method. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 NOTE 1 cont.
Generaldirectly attributable to the acquisition, construction or production of qualifying assets are capitalised as part of the cost of those assets in accordance with IAS 23. All other borrowing costs are expensed in the period in which they are incurred.
directly attributable to the acquisition, construction or production of qualifying assets are capitalised as part of the cost of those assets in accordance with IAS 23. All other borrowing costs are expensed in the period in which they are incurred.
",
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},
"reg-ix-415": {
"value": "Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are capitalised as part of the cost of those assets in accordance with IAS 23. All other borrowing costs are expensed in the period in which they are incurred.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-433": {
"value": "DIVIDEND DISTRIBUTION Dividend distribution to the Company's shareholders is recognised as a liability in the Group's financial statements in the period in which the dividends are approved by the Company's shareholders.
NOTE 5 Earnings and dividend per share Year Share of profit after tax to shareholders in AUSS No. of shares at 31.12. Earnings per share Proposed dividend Proposed dividend per share Proposed dividend as % of profit for the year excl. fair value adjustment of biological assets Dividend paid in NOK million (from last year) Dividend paid per share 2025 449 202,717,374 2.22 1,318 6.50 81% 1,318 6.50 2024 2,745 202,717,374 13.54 1,318 6.50 28% 912 4.50 2023 292 202,717,374 1.44 912 4.50 321% 1,115 5.50 2022 2,490 202,717,374 12.34 1,115 5.50 33% 912 4.50 2021 1,982 202,717,374 9.82 912 4.50 36% 710 3.50 2020 494 202,717,374 2.45 710 3.50 45% 507 2.50 2019 1,256 202,717,374 6.22 507 2.50 21% 708 3.50 2018 2,299 202,717,374 11.39 710 3.50 20% 566 2.80 2017 1,009 202,717,374 5.00 568 2.80 18% 505 2.50 2016 1,645 202,717,374 8.17 507 2.50 20% 1,419 7.00 2015 722 202,717,374 3.59 1,419 7.00 129% 405 2.00 2014 555 202,717,374 2.76 405 2.00 32% 324 1.60 2013 699 202,717,374 3.48 324 1.60 32% 243 1.20 2012 419 202,717,374 2.07 243 1.20 59% 203 1.00 2011 369 202,717,374 1.82 203 1.00 21% 304 1.50 2010 1,222 202,717,374 6.03 304 1.50 20% 243 1.20 2009 723 202,717,374 3.57 243 1.20 26% 0 0.00 2008 122 184,317,374 0.66 0 0.00 0% 55 0.30 2007 499 184,317,374 2.71 55 0.30 12% 0 0.00 2006 264 178,223,624 1.48 0 0.00 0% 0 0.00 Total 20,256 11,772 58.10 10,449 51.60 Distributed dividend per share in 2025, based on the profit figure for 2024, was NOK 6.50 per share. This amounted to a total of TNOK 1,317,663. Based on the profit figure for 2025, a dividend payment of NOK 6.50 per share is proposed for 2026. This will in total constitute TNOK 1,317,663. A final decision will be made by the ordinary shareholders' meeting on 28 May 2026. AUSS aims to maximize value creation for the benefit of shareholders by constantly striving to achieve good results. Over time, the target is to pay out between 20% and 40% of the Group`s net profit as dividends (excluding the value adjustment of biological assets).
DIVIDEND DISTRIBUTION Dividend distribution to the Company's shareholders is recognised as a liability in the Group's financial statements in the period in which the dividends are approved by the Company's shareholders.
",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-473": {
"value": "s recognised as a liability in the Group's financial statements in the period in which the dividends are approved by the Company's shareholders.
EMPLOYEE BENEFITS Termination benefits are recognised when the Group is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal, or providing termination benefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due more than 12 months after the reporting period are discounted to their present value. Obligations for contributions to defined contribution pension plans are recognised as an expense in the period in which the related service is provided. The
Norwegian companies in the Group satiss in the Act relating to mandatory occupational pensions (OTP).
NOTE 20 Payroll, fees, no. of employees etc. The Norwegian companies in the Group satisfy the requirements in the Act relating to mandatory occupational pensions (Norwegian: OTP). The schemes are in the main established as defined contribution pension schemes, with external life insurance companies. The Group participates in an overarching pension scheme for employees, where it is not possible to measure the individual entity\u2019s share of the obligation. Moreover, a limited part of the Group companies have defined benefit schemes with life insurance companies, with pension funds placed in a portfolio of investments by insurance companies. The insurance company administers all transactions related to the pension scheme. Estimated return on pension funds is based on marked prices on balance sheet date and projected development during the period in which the pension scheme is valid. The calculation of pension liabilities is based on assumptions in line with the recommendations of Norsk Regnskapsstiftelse (NRS) per 31.12.2025. Change in the benefit obligations as a result of actuarial gains and losses are booked as comprehensive income. For further information see the declaration from the Board of Directors on salaries and other remuneration to executive personnel submitted at the Ordinary General Meeting 28 May 2025. The Group management takes part in the Groups collective pension schemes. No loans or securities have been issued in 2025 or 2024 to the CEO, board members, members of the corporate management or other employees or closely related parties. 2025 2024 Salaries and holiday pay 4,238 3,817 Contract labour 535 452 Other remuneration 187 184 National insurance contributions 403 362 Pension costs (incl. national insurance contribution) 244 223 Remuneration to board members 3 3 Other payments
267 254 Total wages and salaries 5,876 5,296 No. of full-time equivalents 7,910 7,320 Pension costs 2025 2024 Pension costs, defined contribution plan 210 193 National insurance contributions, defined contribution plan 27 25 Net pension costs, defined contribution plan 238 219 Net pension costs, defined benefit plan 6 4 Total pension costs 244 223 Pension liabilities and other liabilities Pension liabilities 6 6 Total 6 6 The CEO has a term of notice of 3 months. On resignation, the CEO has no right to extra compensation. Pension age is 70 years, and the CEO takes part in the defined contribution scheme. Additional disclosures are provided in the Remuneration report, which is available on the Group\u2019s website, www.auss.no. OPTIONS There are as of 31.12.2025, no on-going option program in the Group.
2025 \u2013 Remuneration to leading personnel (amounts in NOK 1,000) CEO CFO Chair of the Board * Other board members ** Total Salary 3,952 3,038 0 0 6,990 Bonus payment based on results for 2024 4,150 1,300 0 0 5,450 Pension costs 206 205 0 0 411 Other remuneration 250 193 0 0 443 Board fee/other remuneration 0 0 4,250 3,040 7,290 Total 8,559 4,736 4,250 3,040 20,584 2024 \u2013 Remuneration to leading personnel (amounts in NOK 1,000) CEO CFO Chair of the Board * Other board members ** Total Salary 3,952 3,046 0 0 6,998 Bonus payment based on results for 2023 3,700 1,300 0 0 5,000 Pension costs 209 206 0 0 415 Other remuneration 225 191 0 0 416 Board fee/other remuneration 0 0 3,749 2,748 6,497 Total 8,088 4,743 3,749 2,748 19,327 * The annual directors' fee to the Chair of the Board is not paid as taxable remuneration. AUSS is invoiced for the Chair's services and for consultancy fees by Group head entity Laco AS, with which company the Chair is employed. The total amount paid in 2024 of TNOK 3,749 includes Board remuneration of TNOK 513, and the total amount earned in 2025 of TNOK 4,250 includes Board remuneration of TNOK 575. ** Siren Gr\u00f8nhaug, board member of Austevoll Seafood ASA, also serves as Chief Human Resources Of\ufb01cer (CHRO) in the subsidiary Ler\u00f8y Seafood Group ASA (LSG). For details, reference is made to the remuneration report of LSG.
statements in the period in which the dividends are approved by the Company's shareholders.
EMPLOYEE BENEFITS Termination benefits are recognised when the Group is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal, or providing termination benefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due more than 12 months after the reporting period are discounted to their present value. Obligations for contributions to defined contribution pension plans are recognised as an expense in the period in which the related service is provided. The
Norwegian companies in the Group satiss in the Act relating to mandatory occupational pensions (OTP).
Termination benefits are recognised when the Group is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal, or providing termination benefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due more than 12 months after the reporting period are discounted to their present value. Obligations for contributions to defined contribution pension plans are recognised as an expense in the period in which the related service is provided. The
Norwegian companies in the Group satiss in the Act relating to mandatory occupational pensions (OTP).
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mtpnn46": {
"value": "TREASURY SHARES Where the Group purchases its own equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes), is deducted from equity attributable to the company's equity holders until the shares are cancelled or reissued.
NOTE 16 Share capital and shareholders SHARE CAPITAL As of 31.12.2025, the Company has 202,717,374 shares at nominal value of NOK 0.50 per share, of which 893,300 treasury shares. Date of registration Type of change Nominal value per share (NOK) Total share capital No. of ordinary shares 01.01.2008/30.09.2009 Capital increase 0.50 101,358,687 202,717,374 2010 - 2025 No changes 31.12.2025 0.50 101,358,687 202,717,374 SHARES CONTROLLED BY BOARD MEMBERS AND MANAGEMENT DIRECTORS\u2019 OWNERSHIP OF SHARES Helge Singelstad owns 50,000 shares in the company Helge M\u00f8gster owns shares indirectly through Laco AS Lill Maren M\u00f8gster owns shares indirectly through Laco AS Eirik Dr\u00f8nen Melingen owns shares indirectly through Laco AS MANAGEMENTS\u2019 OWNERSHIP OF SHARES Arne M\u00f8gster owns shares indirectly through Laco AS Britt Kathrine Drivenes owns, through Lerkehaug AS, 50,367 shares in the company
",
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"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-462": {
"value": "TREASURY SHARES Where the Group purchases its own equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes), is deducted from equity attributable to the company's equity holders until the shares are cancelled or reissued.
NOTE 16 Share capital and shareholders SHARE CAPITAL As of 31.12.2025, the Company has 202,717,374 shares at nominal value of NOK 0.50 per share, of which 893,300 treasury shares. Date of registration Type of change Nominal value per share (NOK) Total share capital No. of ordinary shares 01.01.2008/30.09.2009 Capital increase 0.50 101,358,687 202,717,374 2010 - 2025 No changes 31.12.2025 0.50 101,358,687 202,717,374 SHARES CONTROLLED BY BOARD MEMBERS AND MANAGEMENT DIRECTORS\u2019 OWNERSHIP OF SHARES Helge Singelstad owns 50,000 shares in the company Helge M\u00f8gster owns shares indirectly through Laco AS Lill Maren M\u00f8gster owns shares indirectly through Laco AS Eirik Dr\u00f8nen Melingen owns shares indirectly through Laco AS MANAGEMENTS\u2019 OWNERSHIP OF SHARES Arne M\u00f8gster owns shares indirectly through Laco AS Britt Kathrine Drivenes owns, through Lerkehaug AS, 50,367 shares in the company
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-419": {
"value": "TREASURY SHARES Where the Group purchases its own equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes), is deducted from equity attributable to the company's equity holders until the shares are cancelled or reissued.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-432": {
"value": "EARNINGS PER SHARE Basic earnings per share is calculated by dividing the profit attributable to equity holders of the company by the time-weighted average number of ordinary shares in issue during the period, excluding treasury shares. Diluted earnings per share adjusts the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares.
NOTE 5 Earnings and dividend per share Year Share of profit after tax to shareholders in AUSS No. of shares at 31.12. Earnings per share Proposed dividend Proposed dividend per share Proposed dividend as % of profit for the year excl. fair value adjustment of biological assets Dividend paid in NOK million (from last year) Dividend paid per share 2025 449 202,717,374 2.22 1,318 6.50 81% 1,318 6.50 2024 2,745 202,717,374 13.54 1,318 6.50 28% 912 4.50 2023 292 202,717,374 1.44 912 4.50 321% 1,115 5.50 2022 2,490 202,717,374 12.34 1,115 5.50 33% 912 4.50 2021 1,982 202,717,374 9.82 912 4.50 36% 710 3.50 2020 494 202,717,374 2.45 710 3.50 45% 507 2.50 2019 1,256 202,717,374 6.22 507 2.50 21% 708 3.50 2018 2,299 202,717,374 11.39 710 3.50 20% 566 2.80 2017 1,009 202,717,374 5.00 568 2.80 18% 505 2.50 2016 1,645 202,717,374 8.17 507 2.50 20% 1,419 7.00 2015 722 202,717,374 3.59 1,419 7.00 129% 405 2.00 2014 555 202,717,374 2.76 405 2.00 32% 324 1.60 2013 699 202,717,374 3.48 324 1.60 32% 243 1.20 2012 419 202,717,374 2.07 243 1.20 59% 203 1.00 2011 369 202,717,374 1.82 203 1.00 21% 304 1.50 2010 1,222 202,717,374 6.03 304 1.50 20% 243 1.20 2009 723 202,717,374 3.57 243 1.20 26% 0 0.00 2008 122 184,317,374 0.66 0 0.00 0% 55 0.30 2007 499 184,317,374 2.71 55 0.30 12% 0 0.00 2006 264 178,223,624 1.48 0 0.00 0% 0 0.00 Total 20,256 11,772 58.10 10,449 51.60 Distributed dividend per share in 2025, based on the profit figure for 2024, was NOK 6.50 per share. This amounted to a total of TNOK 1,317,663. Based on the profit figure for 2025, a dividend payment of NOK 6.50 per share is proposed for 2026. This will in total constitute TNOK 1,317,663. A final decision will be made by the ordinary shareholders' meeting on 28 May 2026. AUSS aims to maximize value creation for the benefit of shareholders by constantly striving to achieve good results. Over time, the target is to pay out between 20% and 40% of the Group`s net profit as dividends (excluding the value adjustment of biological assets).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-420": {
"value": "EARNINGS PER SHARE Basic earnings per share is calculated by dividing the profit attributable to equity holders of the company by the time-weighted average number of ordinary shares in issue during the period, excluding treasury shares. Diluted earnings per share adjusts the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mtpnn38": {
"value": "CASH FLOW STATEMENT The Group's consolidated statement of cash flows is presented using the indirect method in accordance with IAS 7. Cash flows are broken down into operating, investing and financing activities. Cash flows resulting from the disposal of operations are presented under NOTE 1 cont. General information and accounting policies investing activities. Interest paid, including interest on lease liabilities, is presented under financing activities. Interest received and dividends received are presented under investing activities. Cash payments for the principal portion of lease liabilities are presented under financing activities.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-421": {
"value": "CASH FLOW STATEMENT The Group's consolidated statement of cash flows is presented using the indirect method in accordance with IAS 7. Cash flows are broken down into operating, investing and financing activities. Cash flows resulting from the disposal of operations are presented under NOTE 1 cont. General information and accounting policies investing activities. Interest paid, including interest on lease liabilities, is presented under financing activities. Interest received and dividends received are presented under investing activities. Cash payments for the principal portion of lease liabilities are presented under financing activities.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-467": {
"value": "CONTINGENT LIABILITIES AND ASSETS Contingent liabilities are not recognised in the financial statements except where they are assumed through business combinations. Significant contingent liabilities are disclosed, with the exception of contingent liabilities where the probability of the liability occurring is remote. Contingent assets are disclosed when an inflow of economic benefits is probable. Contingent liabilities and assets are assessed in accordance with IAS 37. IFRS 18 PRESENTATION AND DISCLOSURE IN FINANCIAL STATEMENTS IFRS 18 was issued by the IASB in April 2024 and endorsed by the European Commission on 13 February 2026, replacing IAS 1. The standard is effective for annual periods beginning on or after 1 January 2027, with full retrospective application including restatement of comparative information. IFRS 18 introduces a defined structure for the statement of profit or loss with five categories of income and expenses and two new mandatory subtotals (operating profit and profit before financing and income taxes), enhanced requirements for aggregation and disaggregation, and required disclosures for management-defined performance measures. The standard also amends IAS 7 (new mandatory starting point for indirect method cash flows and removal of classification options for interest and dividend cash flows), IAS 8 (renamed) and IAS 33 (restrictions on additional EPS measures). The Group expects IFRS 18 to have a significant impact on the presentation of its income statement, statement of cash flows and related note disclosures, including the classification of income from associates and joint ventures, the reclassification of interest and dividends in the statement of cash flows, and the disclosure of certain alternative performance measures presented in Note 28. The standard does not change recognition or measurement of any items. The Group is currently assessing the detailed implications for its financial reporting.
NOTE 18
Contingencies and provGroup has recognised a provision related to the acquisition of Cormar in Austral in 2007. The Group will have reimbursement rights for some of the liabilities, if the liabilities materialises. A provision of MNOK 24 has been recorded for this contingent liability, ref Note 22. AUSTRAL The subsidiary Austral (Peru) has certain court actions pending resolution for a total of MNOK 146 as of 31.12.2025 mainly related to its business activities. It is considered unlikely that the prosecutor will succeed with the claims in full. Based on specific assessments of each case, a provision of MNOK 12 relating to these
suits, which is considered to be the best estim",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mtpnn53": {
"value": "CONTINGENT LIABILITIES AND ASSETS Contingent liabilities are not recognised in the financial statements except where they are assumed through business combinations. Significant contingent liabilities are disclosed, with the exception of contingent liabilities where the probability of the liability occurring is remote. Contingent assets are disclosed when an inflow of economic benefits is probable. Contingent liabilities and assets are assessed in accordance with IAS 37. IFRS 18 PRESENTATION AND DISCLOSURE IN FINANCIAL STATEMENTS IFRS 18 was issued by the IASB in April 2024 and endorsed by the European Commission on 13 February 2026, replacing IAS 1. The standard is effective for annual periods beginning on or after 1 January 2027, with full retrospective application including restatement of comparative information. IFRS 18 introduces a defined structure for the statement of profit or loss with five categories of income and expenses and two new mandatory subtotals (operating profit and profit before financing and income taxes), enhanced requirements for aggregation and disaggregation, and required disclosures for management-defined performance measures. The standard also amends IAS 7 (new mandatory starting point for indirect method cash flows and removal of classification options for interest and dividend cash flows), IAS 8 (renamed) and IAS 33 (restrictions on additional EPS measures). The Group expects IFRS 18 to have a significant impact on the presentation of its income statement, statement of cash flows and related note disclosures, including the classification of income from associates and joint ventures, the reclassification of interest and dividends in the statement of cash flows, and the disclosure of certain alternative performance measures presented in Note 28. The standard does not change recognition or measurement of any items. The Group is currently assessing the detailed implications for its financial reporting.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mtpnn40": {
"value": "CONTINGENT LIABILITIES AND ASSETS Contingent liabilities are not recognised in the financial statements except where they are assumed through business combinations. Significant contingent liabilities are disclosed, with the exception of contingent liabilities where the probability of the liability occurring is remote. Contingent assets are disclosed when an inflow of economic benefits is probable. Contingent liabilities and assets are assessed in accordance with IAS 37. IFRS 18 PRESENTATION AND DISCLOSURE IN FINANCIAL STATEMENTS IFRS 18 was issued by the IASB in April 2024 and endorsed by the European Commission on 13 February 2026, replacing IAS 1. The standard is effective for annual periods beginning on or after 1 January 2027, with full retrospective application including restatement of comparative information. IFRS 18 introduces a defined structure for the statement of profit or loss with five categories of income and expenses and two new mandatory subtotals (operating profit and profit before financing and income taxes), enhanced requirements for aggregation and disaggregation, and required disclosures for management-defined performance measures. The standard also amends IAS 7 (new mandatory starting point for indirect method cash flows and removal of classification options for interest and dividend cash flows), IAS 8 (renamed) and IAS 33 (restrictions on additional EPS measures). The Group expects IFRS 18 to have a significant impact on the presentation of its income statement, statement of cash flows and related note disclosures, including the classification of income from associates and joint ventures, the reclassification of interest and dividends in the statement of cash flows, and the disclosure of certain alternative performance measures presented in Note 28. The standard does not change recognition or measurement of any items. The Group is currently assessing the detailed implications for its financial reporting.
",
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"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-422": {
"value": "CONTINGENT LIABILITIES AND ASSETS Contingent liabilities are not recognised in the financial statements except where they are assumed through business combinations. Significant contingent liabilities are disclosed, with the exception of contingent liabilities where the probability of the liability occurring is remote. Contingent assets are disclosed when an inflow of economic benefits is probable. Contingent liabilities and assets are assessed in accordance with IAS 37. IFRS 18 PRESENTATION AND DISCLOSURE IN FINANCIAL STATEMENTS IFRS 18 was issued by the IASB in April 2024 and endorsed by the European Commission on 13 February 2026, replacing IAS 1. The standard is effective for annual periods beginning on or after 1 January 2027, with full retrospective application including restatement of comparative information. IFRS 18 introduces a defined structure for the statement of profit or loss with five categories of income and expenses and two new mandatory subtotals (operating profit and profit before financing and income taxes), enhanced requirements for aggregation and disaggregation, and required disclosures for management-defined performance measures. The standard also amends IAS 7 (new mandatory starting point for indirect method cash flows and removal of classification options for interest and dividend cash flows), IAS 8 (renamed) and IAS 33 (restrictions on additional EPS measures). The Group expects IFRS 18 to have a significant impact on the presentation of its income statement, statement of cash flows and related note disclosures, including the classification of income from associates and joint ventures, the reclassification of interest and dividends in the statement of cash flows, and the disclosure of certain alternative performance measures presented in Note 28. The standard does not change recognition or measurement of any items. The Group is currently assessing the detailed implications for its financial reporting.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-423": {
"value": "EVENTS AFTER THE REPORTING PERIOD New information after the reporting date about the Group's financial position at the date of the reporting period is taken into account in the financial statements in accordance with IAS 10. Events after the reporting date that do not affect the Group's financial position at the date of the reporting period, but which will affect the Group's financial position in the future, are disclosed if material.
NOTE 15 Events after reporting period 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. 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.
",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-424": {
"value": "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 harvest 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 the discount rate 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. LSG has applied a monthly discount rate of 4% in 2025 (3.7% in 2024). Sensitivity analysis for 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 and 4. estimated number of fish. The following tables show a simulated sensitivity to fair value of the biological assets in the event of changes in these parameters. The estimated value of the standing biomass of LSG accounts for 96% of the total fair value of biomass for the Group in 2025. n projected harvest weight per kg (LW) -0.50 -0.25 0.00 0.25 0.50 72.9 -5.0 6,844 7,348 7,871 8,228 8,643 75.9 -2.0 7,284 7,797 8,186 8,598 9,052 76.9 -1.0 7,433 7,923 8,323 8,729 9,194 77.9 0.0 7,553 8,046 8,422 8,855 9,337 78.9 1.0 7,699 8,138 8,538 8,988 9,480 79.9 2.0 7,872 8,251 8,662 9,123 9,625 82.9 5.0 8,200 8,570 9,030 9,534 10,089 Average price per kg (NOK) Change in price per kg (NOK) Sensitivity analysis in relation to weighted average price and projected optimal harvest weight NOTE 2 cont. Critical accounting estimates and judgements Monthly discount rate (%) 2.0% 3.0% 4.0% 5.0% 6.0% Change in monthly discount rate (%) -2.0% -1.0% 0.0% 1.0% 2.0% 72.9 -5.0 8,517 8,158 7,871 7,656 7,476 75.9 -2.0 8,963 8,519 8,186 7,924 7,728 76.9 -1.0 9,139 8,671 8,323 8,052 7,850 77.9 0.0 9,292 8,799 8,422 8,135 7,918 78.9 1.0 9,452 8,946 8,538 8,235 8,004 79.9 2.0 9,615 9,098 8,662 8,344 8,103 82.9 5.0 10,110 9,519 9,030 8,630 8,341 Average price per kg (NOK) Change in price per kg (NOK) Sensitivity analysis of weighted average price and discount rate applied The table above 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. Number of fish in stock (million fish) 49.4 51.0 52.0 53.1 54.6 Change in number of fish in stock -5.0% -2.0% 0.0% 2.0% 5.0% 72.9 -5.0 7,286 7,616 7,871 8,050 8,279 75.9 -2.0 7,779 8,032 8,186 8,385 8,650 76.9 -1.0 7,864 8,126 8,323 8,487 8,780 77.9 0.0 7,984 8,260 8,422 8,607 8,904 78.9 1.0 8,075 8,356 8,538 8,735 9,036 79.9 2.0 8,206 8,456 8,662 8,856 9,172 82.9 5.0 8,524 8,817 9,030 9,250 9,584 Average price per kg (NOK) Change in price per kg (NOK) Sensitivity analysis in relation to weighted average price and number of fish in stock The table above shows the sensitivity in fair value (present value) before provision for loss-making contracts for the parameters price per kg and estimated number of \ufb01sh in stock on the balance sheet date. For the number of \ufb01sh in stock, the table simulates a change of +/- 2% and +/- 5% in the number of \ufb01sh per locality for all localities with \ufb01sh in stock. The table above shows the sensitivity in fair value (present value) before provision for loss-making contracts for the parameters pri",
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"reg-ix-425": {
"value": "N NOTE 3 Segment information OPERATING SEGMENTS The Board of Directors is the Group's chief operating decision-maker. Management has determined the operating segment based on the information reviewed by the Board of Directors. The Board of Directors considers the business from a company perspective. Several of the larger companies controlled by AUSS are separately listed companies, and as such naturally reviewed on a consolidated basis. LER\u00d8Y SEAFOOD GROUP ASA Ler\u00f8y Seafood Group ASA (LSG) is a Norwegian public company listed on the Oslo Stock Exchange. LSG group is involved in fish farming (salmon and trout), fishery of whitefish and VAP of salmon, trout and whitefish, and sale and distribution of different fish species and processed fish products. AUSTRAL GROUP S.A.A. - PERU Austral Group S.A.A. (Austral) is a Peruvian public company listed on the Peru Stock Exchange. Austral is engaged in the production of fishmeal, fish oil and frozen fish. From its fishing vessels to the finished products produced in the four fishmeal/oil factories in Coishco, Chancay, Pisco and Ilo respectively, Austral is a truly integrated system. FOODCORP CHILE S.A. - CHILE FoodCorp Chile S.A. (FC) is a Chilean private company within the pelagic sector. The company is located in Coronel and is a truly integrated system engaged in production of frozen fish, fishmeal and fish oil. The company holds a fleet of four modern purse-seiner vessels. BR. BIRKELAND AS (RENAMED BJ\u00c5NES\u00d8Y EIENDOM AS FROM 9 FEBRUARY 2026) Br. Birkeland AS (BRBI) is a privately held real estate company that was previously also engaged in fishing activities. Following the requirements of the Norwegian Participation Act (Norwegian: Deltakerloven), the company divested its remaining fishing operations (snow crab) in Q4 of 2025 through a demerger of its shares in Opilio AS. The demerger was completed on 30 December 2025. As a result, AUSS now only holds shares in Br. Birkeland AS, which has been renamed Bj\u00e5nes\u00f8y Eiendom AS. Due to the limited level of activity, this segment will be reported under \u201cOther\u201d from 2026 onwards. KOBBEVIK OG FURUHOLMEN OPPDRETT AS Kobbevik og Furuholmen Oppdrett AS (KFO) is a private company within the farming segment, holding seven licences in western Norway. PELAGIA HOLDING AS Pelagia Holding AS (Pelagia) is a private company within the pelagic sector. Pelagia is engaged in production of fishmeal, fish oil, Omega-3 oil, frozen fish for direct human consumption and protein concentrate and oil based on cuttings from the salmon industry, whitefish industry and pelagic cuttings in Norway, UK and Ireland. Pelagia is jointly owned with Kvefi AS, and is accounted for as a joint venture. OTHER/ELIMINATION Austevoll Seafood ASA (parent company), Austevoll Eiendom AS and AUSS Shared Service AS are not included in any of the operating segments. Unrealised gains on sales between the operating segments, which are eliminated in the consolidated financial statements, are also presented as other/elimination. Pelagia is proportionately consolidated in the segment reporting, whereas the equity method is used in the consolidated financial statements. The column Other/ elimination therefore mainly comprises elimination of
figures from Pelagia. Operating revenue 2025 2024 Sale of goods and services 39,306 35,362 Lease income 0 2 Other operating revenue 0 1 Total 39,306 35,366 Other gains and losses Gain(+)/loss(-) from disposal of fixed assets 14 12 Gain(+)/loss(-) from termination of leases (disposal RoU-assets) 0 1 Gain(+)/loss(-) from disposal of intangibles 0 6 Gain(+)/loss(-) from changes in shares in associated companies 30 1,277 Total 44 1,295 Gain(+)/loss(-) from changes in shares in associated companies Gain(+)/loss(-) from disposal of shares in associated companies 0 -16 Total 0 -16
2025 LSG Austral Group FoodCorp Chile Br. Birkeland KFO Pelagia Holding 50% Other/ elim. Group Other operating income 34,342 2,829 1,455 214 455 6,722 -6,712 39,306 Inter-segment sales 21 0 0 3 176 0 -199 1 Other gains and losses 46 -4 1 0 3 0 -2 44 Total segment income 34,409 2,825 1,456 217 634 6,722 -6,913 39,350 Operating expenses -30,225 -2,360 -1,134 -173 -536 -6,299 6,432 -34,295 Operating profit before depreciation, amortisation, impairment and fair value adjust- ment of biological assets 4,184 466 322 43 98 423 -481 5,054 Depreciation and amortisation -1,908 -242 -59 -20 -50 -249 245 -2,281 Impairment/reversal of impairment *) -55 1 1 25 0 0 0 -28 Operating profit before fair value adjustment of biological assets 2,221 224 264 48 48 175 -237 2,745 Income from associates -89 0 0 0 42 0 -3 -50 Fair value adjustment of biological assets -1,162 0 0 0 -45 0 0 -1,207 Operating profit 970 224 264 48 46 175 -239 1,488 Financial income 145 588 12 18 13 0 83 859 Financial expenses -815 -563 -19 -10 -19 -184 115 -1,495 Profit before tax 300 249 258 57 39 -9 -41 851 Tax 67 -85 -71 -12 11 15 -87 -163 Profit for the year 367 164 187 44 50 6 -128 688 Attributable to non-controlling interests 174 17 0 25 22 0 0 239 Attributable to shareholders in Austevoll Seafood ASA 193 147 187 19 27 6 -128 449 Share of dividend recognised in the parent company, Austevoll Seafood ASA 785 0 27 22 28 100 78 1,039 * For further information on impairments, see Notes 10 and 11 Pelagia Holding AS (50 %) is a joint venture accounted for using the equity method (see Note 4). The Pelagia column is presented as supplementary information and is not included in the consolidated figures.
2024 LSG Austral Group FoodCorp Chile Br. Birkeland KFO Pelagia Holding 50% Other/ elim. Group Other operating income 31,020 2,244 1,249 214 630 7,472 -7,462 35,365 Inter-segment sales 105 0 0 16 238 0 -357 1 Other gains and losses -4 -6 12 1,855 9 0 -587 1,280 Total segment income 31,120 2,238 1,261 2,084 876 7,472 -8,406 36,645 Operating expenses -26,737 -1,441 -951 -191 -579 -6,818 7,146 -29,572 Operating profit before depreciation, amortisation, impairment and fair value adjust- ment of biological assets 4,383 797 310 1,893 297 654 -1,260 7,074 Depreciation and amortisation -1,652 -235 -55 -47 -67 -215 207 -2,065 Impairment/reversal of impairment *) -59 1 3 0 0 0 0 -54 Operating profit before fair value adjustment of biological assets 2,672 563 258 1,847 230 439 -1,053 4,955 Income from associates 107 0 0 10 44 0 212 374 Fair value adjustment of biological assets 292 0 0 0 45 0 0 337 Operating profit 3,071 563 258 1,857 320 439 -841 5,665 Financial income 208 445 12 26 16 0 51 761 Financial expenses -725 -543 -15 -9 -21 -157 68 -1,403 Profit before tax 2,554 465 254 1,875 314 282 -721 5,022 Tax 139 -141 -68 -5 -101 -57 101 -133 Profit for the year 2,693 324 186 1,870 213 226 -620 4,890 Attributable to non-controlling interests 1,285 32 0 1,067 96 0 -336 2,144 Attributable to shareholders in Austevoll Seafood ASA 1,409 292 186 803 117 212 -275 2,745 Share of dividend recognised in the parent company, Austevoll Seafood ASA 785 0 21 754 0 200 78 1,838 * For further information on impairments, see Notes 10 and 11
Revenue is allocated based on the customer`s country/destination for shipment of sold goods. Non-current assets Total investments in non-current assets Segment 2025 2024 2025 2024 Ler\u00f8y Seafood Group ASA 23,545 23,520 1,605 1,872 Pelagia Holding AS IA IA IA IA Br. Birkeland AS 269 269 45 17 Kobbevik og Furuholmen Oppdrett AS 783 717 55 52 Other 2,437 2,591 1 29 Total for Norway 27,035 27,097 1,707 1,970 Austral Group S.A.A. - Peru 2,901 2,821 403 219 FoodCorp Chile S.A. - Chile 1,219 1,217 173 91 Total 31,154 31,135 2,283 2,280 Associates and joint venture Total liabilities Segment 2025 2024 2025 2024 Ler\u00f8y Seafood Group ASA 1,447 1,598 20,748 21,641 Pelagia Holding AS 1,920 2,044 IA IA Br. Birkeland AS 0 1 11 92 Kobbevik og Furuholmen Oppdrett AS 200 158 621 717 Other 0 0 1,253 1,236 Total for Norway 3,567 3,801 22,633 23,686 Austral Group S.A.A. - Peru 2 2 1,994 1,861 FoodCorp Chile S.A. - Chile 0 0 602 421 Total 3,569 3,803 25,229 25,968 Revenue by geographic area 2025 % 2024 % EU 18,360 47 16,536 47 Asia 7,338 19 6,663 19 Norway 6,628 17 6,524 18 Rest of Europe 2,533 6 1,866 5 USA 1,991 5 1,553 4 Africa 964 2 838 2 South America 859 2 721 2 Canada 312 1 384 1 Other 320 1 281 1 Total 39,306 100 35,366 100
figures from Pelagia. Operating revenue 2025 2024 Sale of goods and services 39,306 35,362 Lease income 0 2 Other operating revenue 0 1 Total 39,306 35,366 Other gains and losses Gain(+)/loss(-) from disposal of fixed assets 14 12 Gain(+)/loss(-) from termination of leases (disposal RoU-assets) 0 1 Gain(+)/loss(-) from disposal of intangibles 0 6 Gain(+)/loss(-) from changes in shares in associated companies 30 1,277 Total 44 1,295 Gain(+)/loss(-) from changes in shares in associated companies Gain(+)/loss(-) from disposal of shares in associated companies 0 -16 Total 0 -16
2025 LSG Austral Group FoodCorp Chile Br. Birkeland KFO Pelagia Holding 50% Other/ elim. Group Other operating income 34,342 2,829 1,455 214 455 6,722 -6,712 39,306 Inter-segment sales 21 0 0 3 176 0 -199 1 Other gains and losses 46 -4 1 0 3 0 -2 44 Total segment income 34,409 2,825 1,456 217 634 6,722 -6,913 39,350 Operating expenses -30,225 -2,360 -1,134 -173 -536 -6,299 6,432 -34,295 Operating profit before depreciation, amortisation, impairment and fair value adjust- ment of biological assets 4,184 466 322 43 98 423 -481 5,054 Depreciation and amortisation -1,908 -242 -59 -20 -50 -249 245 -2,281 Impairment/reversal of impairment *) -55 1 1 25 0 0 0 -28 Operating profit before fair value adjustment of biological assets 2,221 224 264 48 48 175 -237 2,745 Income from associates -89 0 0 0 42 0 -3 -50 Fair value adjustment of biological assets -1,162 0 0 0 -45 0 0 -1,207 Operating profit 970 224 264 48 46 175 -239 1,488 Financial income 145 588 12 18 13 0 83 859 Financial expenses -815 -563 -19 -10 -19 -184 115 -1,495 Profit before tax 300 249 258 57 39 -9 -41 851 Tax 67 -85 -71 -12 11 15 -87 -163 Profit for the year 367 164 187 44 50 6 -128 688 Attributable to non-controlling interests 174 17 0 25 22 0 0 239 Attributable to shareholders in Austevoll Seafood ASA 193 147 187 19 27 6 -128 449 Share of dividend recognised in the parent company, Austevoll Seafood ASA 785 0 27 22 28 100 78 1,039 * For further information on impairments, see Notes 10 and 11 Pelagia Holding AS (50 %) is a joint venture accounted for using the equity method (see Note 4). The Pelagia column is presented as supplementary information and is not included in the consolidated figures.
2024 LSG Austral Group FoodCorp Chile Br. Birkeland KFO Pelagia Holding 50% Other/ elim. Group Other operating income 31,020 2,244 1,249 214 630 7,472 -7,462 35,365 Inter-segment sales 105 0 0 16 238 0 -357 1 Other gains and losses -4 -6 12 1,855 9 0 -587 1,280 Total segment income 31,120 2,238 1,261 2,084 876 7,472 -8,406 36,645 Operating expenses -26,737 -1,441 -951 -191 -579 -6,818 7,146 -29,572 Operating profit before depreciation, amortisation, impairment and fair value adjust- ment of biological assets 4,383 797 310 1,893 297 654 -1,260 7,074 Depreciation and amortisation -1,652 -235 -55 -47 -67 -215 207 -2,065 Impairment/reversal of impairment *) -59 1 3 0 0 0 0 -54 Operating profit before fair value adjustment of biological assets 2,672 563 258 1,847 230 439 -1,053 4,955 Income from associates 107 0 0 10 44 0 212 374 Fair value adjustment of biological assets 292 0 0 0 45 0 0 337 Operating profit 3,071 563 258 1,857 320 439 -841 5,665 Financial income 208 445 12 26 16 0 51 761 Financial expenses -725 -543 -15 -9 -21 -157 68 -1,403 Profit before tax 2,554 465 254 1,875 314 282 -721 5,022 Tax 139 -141 -68 -5 -101 -57 101 -133 Profit for the year 2,693 324 186 1,870 213 226 -620 4,890 Attributable to non-controlling interests 1,285 32 0 1,067 96 0 -336 2,144 Attributable to shareholders in Austevoll Seafood ASA 1,409 292 186 803 117 212 -275 2,745 Share of dividend recognised in the parent company, Austevoll Seafood ASA 785 0 21 754 0 200 78 1,838 * For further information on impairments, see Notes 10 and 11
Revenue is allocated based on the customer`s country/destination for shipment of sold goods. Non-current assets Total investments in non-current assets Segment 2025 2024 2025 2024 Ler\u00f8y Seafood Group ASA 23,545 23,520 1,605 1,872 Pelagia Holding AS IA IA IA IA Br. Birkeland AS 269 269 45 17 Kobbevik og Furuholmen Oppdrett AS 783 717 55 52 Other 2,437 2,591 1 29 Total for Norway 27,035 27,097 1,707 1,970 Austral Group S.A.A. - Peru 2,901 2,821 403 219 FoodCorp Chile S.A. - Chile 1,219 1,217 173 91 Total 31,154 31,135 2,283 2,280 Associates and joint venture Total liabilities Segment 2025 2024 2025 2024 Ler\u00f8y Seafood Group ASA 1,447 1,598 20,748 21,641 Pelagia Holding AS 1,920 2,044 IA IA Br. Birkeland AS 0 1 11 92 Kobbevik og Furuholmen Oppdrett AS 200 158 621 717 Other 0 0 1,253 1,236 Total for Norway 3,567 3,801 22,633 23,686 Austral Group S.A.A. - Peru 2 2 1,994 1,861 FoodCorp Chile S.A. - Chile 0 0 602 421 Total 3,569 3,803 25,229 25,968 Revenue by geographic area 2025 % 2024 % EU 18,360 47 16,536 47 Asia 7,338 19 6,663 19 Norway 6,628 17 6,524 18 Rest of Europe 2,533 6 1,866 5 USA 1,991 5 1,553 4 Africa 964 2 838 2 South America 859 2 721 2 Canada 312 1 384 1 Other 320 1 281 1 Total 39,306 100 35,366 100
Set out below are the major joint venture and associates of the Group as of 31.12. In joint venture enterprises, two shareholders each own half of the shares, while in associated companies there are several shareholders owning shares. The amounts recognised in the balance sheet 2025 2024 Associates 1,649 1,759 Joint venture 1,920 2,044 At 31.12. 3,569 3,803 Profit and loss recognised in the income statement Associates -47 161 Joint venture -3 212 At 31.12. -50 374 Company Ownership Business Country of incorporation Voting rights Measurement method 2025 Pelagia Holding AS group Joint venture Pelagic Norway 50.00% Equity method Norskott Havbruk AS group Associates Harvest Norway 50.00% Equity method Seistar Holding AS group Associates Wellboat Norway 50.00% Equity method 2024 Pelagia Holding AS group Joint venture Pelagic Norway 50.00% Equity method Norskott Havbruk AS group Associates Harvest Norway 50.00% Equity method Seistar Holding AS group Associates Wellboat Norway 50.00% Equity method
NOTE 28 Alternative performance measures The Group's accounts are submitted in accordance with IFRS\u00ae 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\u2019s 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\u00ae 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\u00ae 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\u2019s 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\u00ae 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 Fish Pool contracts (IFRS\u00ae Accounting Standards 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. EBITDA EBITDA exclude certain items. The most significant of these items is fair value adjustment related to biological assets. This is excluded because it has nothing to do with the Group\u2019s operational performance. The change in fair value derives from changes in salmon forward prices published on an exchange. Another item excluded is provision for onerous contracts. This item is indirectly related to biological assets, as the loss is calculated based on the increased value of fish in the sea as a result of fair value adjustment. EBITDA (adj.) exclude certain items. The most significant of these items is fair value adjustment related to biological assets. This is excluded because it has nothing to do with the Group\u2019s operational performance. The change in fair value derives from changes in salmon forward prices published on an exchange. Another item excluded is provision for onerous contracts. This item is indirectly related to biological assets, as the loss is calculated based on the increased value of fish in the sea as a result of fair value adjustment. Production fees based on the harvest volume of salmon and trout, which were introduced in 2021, are also excluded. This is because production fees are tax-related. Production fees were introduced as an alternative to resource rent tax. Also excluded are one-off events not expected to happen again, such as settlement costs. These types of costs are not considered relevant to the current operational activity and hence not relevant to persons wanting to analyse operating profit in the period. Finally, unrealised internal gains associated with inventories are also excluded. This APM is used under the introduction chapter \u201cAustevoll Seafood at a glance\u201d. EBIT (before fair value adj. biomass) 2025 2024 Operating profit (EBIT) 1,488 5,665 - Fair value adjustment biomass 1,207 -337 EBIT (before fair value adj. biomass) 2,695 5,328 EBIT (before income from associates) 2025 2024 Profit before tax 851 5,022 - Income from associates 50 -374 - Fair value adjustment biomass* 1,207 -337 - Net financial items 637 643 EBIT (before income from associates) 2,745 4,954 * See note on biological assets for details. The following components are included: Fair value adjustments comprises \u2022 Change in fair value adjustment on fish in sea \u2022 Change in fair value adjustment on roe, fry and cleaner fish * \u2022 Change in fair value adjustment on onerous contracts (salmon and trout) \u2022 Change in fair value adjustment on Fish Pool contracts (financial contracts on salmon) * For this group historical cost provides the best estimate of fair value. See note on biological assets for further details. EBIT (BEFORE INCOME FROM ASSOCIATES) EBIT (before income from associates) is an APM used by the Group that are commonly used within aquaculture. This APM provides the information required by management, investors and analysts in terms of performance and industry comparability. EBIT (before income from associates) exclude certain items. The most significant of these items is fair value adjustment related to biological assets. This is excluded because it has nothing to do with the Group\u2019s operational performance. The change in fair value derives from changes in salmon forward prices published on an exchange. Another item excluded is provision for onerous contracts. This item is indirectly related to biological assets, as the loss is calculated based on the increased value of fish in the sea as a result of fair value adjustment.
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"reg-ix-427": {
"value": "figures from Pelagia. Operating revenue 2025 2024 Sale of goods and services 39,306 35,362 Lease income 0 2 Other operating revenue 0 1 Total 39,306 35,366 Other gains and losses Gain(+)/loss(-) from disposal of fixed assets 14 12 Gain(+)/loss(-) from termination of leases (disposal RoU-assets) 0 1 Gain(+)/loss(-) from disposal of intangibles 0 6 Gain(+)/loss(-) from changes in shares in associated companies 30 1,277 Total 44 1,295 Gain(+)/loss(-) from changes in shares in associated companies Gain(+)/loss(-) from disposal of shares in associated companies 0 -16 Total 0 -16
2025 LSG Austral Group FoodCorp Chile Br. Birkeland KFO Pelagia Holding 50% Other/ elim. Group Other operating income 34,342 2,829 1,455 214 455 6,722 -6,712 39,306 Inter-segment sales 21 0 0 3 176 0 -199 1 Other gains and losses 46 -4 1 0 3 0 -2 44 Total segment income 34,409 2,825 1,456 217 634 6,722 -6,913 39,350 Operating expenses -30,225 -2,360 -1,134 -173 -536 -6,299 6,432 -34,295 Operating profit before depreciation, amortisation, impairment and fair value adjust- ment of biological assets 4,184 466 322 43 98 423 -481 5,054 Depreciation and amortisation -1,908 -242 -59 -20 -50 -249 245 -2,281 Impairment/reversal of impairment *) -55 1 1 25 0 0 0 -28 Operating profit before fair value adjustment of biological assets 2,221 224 264 48 48 175 -237 2,745 Income from associates -89 0 0 0 42 0 -3 -50 Fair value adjustment of biological assets -1,162 0 0 0 -45 0 0 -1,207 Operating profit 970 224 264 48 46 175 -239 1,488 Financial income 145 588 12 18 13 0 83 859 Financial expenses -815 -563 -19 -10 -19 -184 115 -1,495 Profit before tax 300 249 258 57 39 -9 -41 851 Tax 67 -85 -71 -12 11 15 -87 -163 Profit for the year 367 164 187 44 50 6 -128 688 Attributable to non-controlling interests 174 17 0 25 22 0 0 239 Attributable to shareholders in Austevoll Seafood ASA 193 147 187 19 27 6 -128 449 Share of dividend recognised in the parent company, Austevoll Seafood ASA 785 0 27 22 28 100 78 1,039 * For further information on impairments, see Notes 10 and 11 Pelagia Holding AS (50 %) is a joint venture accounted for using the equity method (see Note 4). The Pelagia column is presented as supplementary information and is not included in the consolidated figures.
2024 LSG Austral Group FoodCorp Chile Br. Birkeland KFO Pelagia Holding 50% Other/ elim. Group Other operating income 31,020 2,244 1,249 214 630 7,472 -7,462 35,365 Inter-segment sales 105 0 0 16 238 0 -357 1 Other gains and losses -4 -6 12 1,855 9 0 -587 1,280 Total segment income 31,120 2,238 1,261 2,084 876 7,472 -8,406 36,645 Operating expenses -26,737 -1,441 -951 -191 -579 -6,818 7,146 -29,572 Operating profit before depreciation, amortisation, impairment and fair value adjust- ment of biological assets 4,383 797 310 1,893 297 654 -1,260 7,074 Depreciation and amortisation -1,652 -235 -55 -47 -67 -215 207 -2,065 Impairment/reversal of impairment *) -59 1 3 0 0 0 0 -54 Operating profit before fair value adjustment of biological assets 2,672 563 258 1,847 230 439 -1,053 4,955 Income from associates 107 0 0 10 44 0 212 374 Fair value adjustment of biological assets 292 0 0 0 45 0 0 337 Operating profit 3,071 563 258 1,857 320 439 -841 5,665 Financial income 208 445 12 26 16 0 51 761 Financial expenses -725 -543 -15 -9 -21 -157 68 -1,403 Profit before tax 2,554 465 254 1,875 314 282 -721 5,022 Tax 139 -141 -68 -5 -101 -57 101 -133 Profit for the year 2,693 324 186 1,870 213 226 -620 4,890 Attributable to non-controlling interests 1,285 32 0 1,067 96 0 -336 2,144 Attributable to shareholders in Austevoll Seafood ASA 1,409 292 186 803 117 212 -275 2,745 Share of dividend recognised in the parent company, Austevoll Seafood ASA 785 0 21 754 0 200 78 1,838 * For further information on impairments, see Notes 10 and 11
Revenue is allocated based on the customer`s country/destination for shipment of sold goods. Non-current assets Total investments in non-current assets Segment 2025 2024 2025 2024 Ler\u00f8y Seafood Group ASA 23,545 23,520 1,605 1,872 Pelagia Holding AS IA IA IA IA Br. Birkeland AS 269 269 45 17 Kobbevik og Furuholmen Oppdrett AS 783 717 55 52 Other 2,437 2,591 1 29 Total for Norway 27,035 27,097 1,707 1,970 Austral Group S.A.A. - Peru 2,901 2,821 403 219 FoodCorp Chile S.A. - Chile 1,219 1,217 173 91 Total 31,154 31,135 2,283 2,280 Associates and joint venture Total liabilities Segment 2025 2024 2025 2024 Ler\u00f8y Seafood Group ASA 1,447 1,598 20,748 21,641 Pelagia Holding AS 1,920 2,044 IA IA Br. Birkeland AS 0 1 11 92 Kobbevik og Furuholmen Oppdrett AS 200 158 621 717 Other 0 0 1,253 1,236 Total for Norway 3,567 3,801 22,633 23,686 Austral Group S.A.A. - Peru 2 2 1,994 1,861 FoodCorp Chile S.A. - Chile 0 0 602 421 Total 3,569 3,803 25,229 25,968 Revenue by geographic area 2025 % 2024 % EU 18,360 47 16,536 47 Asia 7,338 19 6,663 19 Norway 6,628 17 6,524 18 Rest of Europe 2,533 6 1,866 5 USA 1,991 5 1,553 4 Africa 964 2 838 2 South America 859 2 721 2 Canada 312 1 384 1 Other 320 1 281 1 Total 39,306 100 35,366 100
Set out below are the major joint venture and associates of the Group as of 31.12. In joint venture enterprises, two shareholders each own half of the shares, while in associated companies there are several shareholders owning shares. The amounts recognised in the balance sheet 2025 2024 Associates 1,649 1,759 Joint venture 1,920 2,044 At 31.12. 3,569 3,803 Profit and loss recognised in the income statement Associates -47 161 Joint venture -3 212 At 31.12. -50 374 Company Ownership Business Country of incorporation Voting rights Measurement method 2025 Pelagia Holding AS group Joint venture Pelagic Norway 50.00% Equity method Norskott Havbruk AS group Associates Harvest Norway 50.00% Equity method Seistar Holding AS group Associates Wellboat Norway 50.00% Equity method 2024 Pelagia Holding AS group Joint venture Pelagic Norway 50.00% Equity method Norskott Havbruk AS group Associates Harvest Norway 50.00% Equity method Seistar Holding AS group Associates Wellboat Norway 50.00% Equity method
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"value": "NOTE 6 Acquisition of shares/business combinations BUSINESS COMBINATIONS AND TRANSACTIONS WITH NON-CONTROLLING INTERESTS IN 2025 Kirkenes Processing AS The Group increased its ownership in Kirkenes Processing AS from 50% to 100% 1 July 2025. The consideration paid was MNOK 30. Recognised goodwill from the transaction amounts to MNOK 55. 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 MNOK 30. 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 Ler\u00f8y Aurora AS. Kirkenes Processing AS owns and operates a salmon processing plant in Finnmark, which also produce some value added products. The acquired company has been allocated to the VAPS&D segment. LSD Industry ApS 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 recognised as a step-by-step acquisition. The consideration paid was insignificant, and there was no gain or loss from re-measurement, or any goodwill recognised. The company is a part of the sub-group Ler\u00f8y Seafood Denmark A/S, in the VAPS&D segment. DISPOSAL OF SUBSIDIARIES Opilio AS / Br. Birkeland AS (renamed Bj\u00e5nes\u00f8y Eiendom AS) As a consequence of the Norwegian Participation Act (Deltakerloven), the subsidiary Br. Birkeland AS divested its remaining fishing operations (snow crab) through a demerger of its shares in Opilio AS, completed on 30 December 2025. As part of the demerger, the non-controlling shareholders in Br. Birkeland AS received the Opilio AS shares, while the Group's ownership interest in Br. Birkeland AS increased. Br. Birkeland AS remained a consolidated subsidiary both before and after the transaction. The transaction has been accounted for as an equity transaction in accordance with IFRS 10.23, with no gain or loss recognised in profit or loss. The effect on equity is presented in the statement of changes in equity. Following the demerger, Br. Birkeland AS has been renamed Bj\u00e5nes\u00f8y Eiendom AS.
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"value": "NOTE 9 Trade receivables and other receivables The Group's trade receivables of MNOK 3,586 are partly covered by credit insurance and other types of security. Trade receivables per 31.12. were nominally MNOK 3,600 while provisions for bad debts amounted to MNOK 14. Trade receivables, past due but not impaired was MNOK 3,337 per 31.12. A major part of the trade receivables, past due but not impaired are related to the subsidiary LSG with MNOK 3,224 of the amount overdue. Per end of February 2026 more than 95.8% of the customer receivables related to LSG are paid.
2025 2024 Trade receivables 3,600 3,525 Minus: provision for bad debts -14 -24 Trade receivables \u2013 net 3,586 3,501 Other current receivables Prepayments 285 302 Loans to related parties 4 5 Short-term loans provided 17 17 Public fees and taxes, credit balance 543 729 Currency forward contracts and assets recognised in the SOFP due to fair value hedging 67 35 Short-term loans 39 40 Receivables on sale of non-current assets 2 40 Other current assets 175 212 Total other current receivables 1,133 1,379 Total current receivables 4,719 4,881 Other non-current receivables Loans to related parties (cf. Note 25) 7 16 Loans to third parties 130 164 Other non-current receivables 55 65 Total non-current receivables 193 245 Age distribution for trade receivables past due but not impaired: 0 to 3 months 566 581 3 to 6 months 13 31 Over 6 months 17 62 Total 596 674 Age distribution for trade receivables past due and impaired: 0 to 3 months 5 5 3 to 6 months 1 1 Over 6 months 8 17 Total 14 24 Lifetime expected loss allowance for provision 0 to 3 months 0.90% 0.90% 3 to 6 months 9.20% 4.50% Over 6 months 48.10% 27.60% Total 2.40% 3.50% 2025 2024 Carrying amount of trade receivables and other short-term receivables per currency USD 970 788 GBP 44 44 EUR 1,397 1,430 NOK 1,661 2,013 DKK 158 0 CLP 59 105 PEN 137 126 SEK 192 126 JPY 41 0 Others 60 249 Total 4,719 4,881 The change in provision for bad debts is as follows: 2025 2024 At 01.01. -24 -24 Provision for bad debts for the year 9 0 At 31.12. -14 -24
ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES Historically, the Group\u2019s losses on accounts receivable and other receivables have been low. Trade receivables are initially recognised at their transaction price in accordance with IFRS 15, which will usually correspond to the nominal value of the receivable. Provisions for loss are recognised when there are objective indications that the Group will not receive settlement in accordance with the original terms. Based on the Group\u2019s business activities and customer base, it has been assessed that climate change does not impact the Group\u2019s estimated provision for bad debt beyond what is stated in Note 9.
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"reg-ix-453": {
"value": "The Group's trade receivables of MNOK 3,586 are partly covered by credit insurance and other types of security. Trade receivables per 31.12. were nominally MNOK 3,600 while provisions for bad debts amounted to MNOK 14. Trade receivables, past due but not impaired was MNOK 3,337 per 31.12. A major part of the trade receivables, past due but not impaired are related to the subsidiary LSG with MNOK 3,224 of the amount overdue. Per end of February 2026 more than 95.8% of the customer receivables related to LSG are paid.
2025 2024 Carrying amount of trade receivables and other short-term receivables per currency USD 970 788 GBP 44 44 EUR 1,397 1,430 NOK 1,661 2,013 DKK 158 0 CLP 59 105 PEN 137 126 SEK 192 126 JPY 41 0 Others 60 249 Total 4,719 4,881 The change in provision for bad debts is as follows: 2025 2024 At 01.01. -24 -24 Provision for bad debts for the year 9 0 At 31.12. -14 -24
CREDIT RISK Credit risk occurs in transactions involving derivatives, deposits with banks and financial institutions in addition to transactions with wholesalers and customers, including outstanding receivables and fixed agreements. As virtually all 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 and guidelines from the Board of Directors. The Group's compliance on these procedures is regularly monitored. For the business in Europe, almost all of the Group's trade receivables are covered by credit insurance securing about 90% of nominal amounts. For the business in South America, credit and prepayment are largely used. The counterparties to derivative contracts and financial placements may only be financial institutions with a high credit rating and other parties who can provide reliable security. See note on receivables for further information on credit risk.
",
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"reg-ix-440": {
"value": "The Group's trade receivables of MNOK 3,586 are partly covered by credit insurance and other types of security. Trade receivables per 31.12. were nominally MNOK 3,600 while provisions for bad debts amounted to MNOK 14. Trade receivables, past due but not impaired was MNOK 3,337 per 31.12. A major part of the trade receivables, past due but not impaired are related to the subsidiary LSG with MNOK 3,224 of the amount overdue. Per end of February 2026 more than 95.8% of the customer receivables related to LSG are paid.
2025 2024 Carrying amount of trade receivables and other short-term receivables per currency USD 970 788 GBP 44 44 EUR 1,397 1,430 NOK 1,661 2,013 DKK 158 0 CLP 59 105 PEN 137 126 SEK 192 126 JPY 41 0 Others 60 249 Total 4,719 4,881 The change in provision for bad debts is as follows: 2025 2024 At 01.01. -24 -24 Provision for bad debts for the year 9 0 At 31.12. -14 -24
NOTE 10 Intangible assets 2024 Goodwill Licences, fish farming, Norway Licences, whitefish and pelagic fisheries, Norway Licences, pelagic fisher- ies, South America Brands Total Per 01.01. Acquisition cost 2,435 4,668 3,928 1,486 50 12,568 Accumulated depreciation and amortisation 0 -388 -367 -70 0 -824 Accumulated impairment -141 -79 0 -21 0 -241 Carrying amount at 01.01. 2,294 4,202 3,562 1,396 50 11,504 Carrying amount at 01.01. 2,436 4,115 4,112 1,289 50 12,002 Exchange differences 59 -3 30 110 0 195 Business combinations -18 0 0 0 0 -18 Additions for the year 0 151 0 0 0 151 Disposals for the year -169 0 -550 0 0 -720 Depreciation and amortisation 0 -2 -29 -2 0 -32 Impairment/reversal of impairment -13 -60 0 0 0 -74 Carrying amount at 31.12. 2,294 4,202 3,563 1,398 50 11,504 Per 31.12. Acquisition cost 2,435 4,898 3,698 1,486 50 12,568 Accumulated depreciation and amortisation 0 -388 -367 -70 0 -824 Accumulated impairment -141 -79 0 -21 0 -241 Carrying amount at 31.12. 2,294 4,431 3,333 1,396 50 11,504 - of which assets with indefinite lives 2,294 4,431 3,047 1,396 50 11,218 - of which assets with definite lives 0 0 286 0 0 286
Included in licences fishfarming above is a privilege for utilisation of waterfalls with definite useful lives.
2025 Goodwill Licences, fish farming, Norway Licences, whitefish and pelagic fisheries, Norway Licences, pelagic fisher- ies, South America Brands Total Carrying amount at 01.01. 2,294 4,431 3,333 1,396 50 11,504 Exchange differences -15 0 0 -99 0 -114 Business combinations 55 0 0 0 0 55 Additions for the year 0 22 0 0 0 22 Disposals for the year 0 0 -3 0 0 -3 Depreciation and amortisation 0 -4 -29 -1 0 -33 Impairment/reversal of impairment 0 -55 0 0 0 -55 Carrying amount at 31.12. 2,334 4,394 3,301 1,297 50 11,376 Acquisition cost 2,476 4,946 3,695 1,387 50 12,554 Accumulated depreciation and amortisation 0 -416 -396 -70 0 -882 Accumulated impairment -141 -134 0 -21 0 -296 Carrying amount at 31.12. 2,334 4,395 3,301 1,296 50 11,376 - of which assets with indefinite lives 2,334 4,395 3,044 1,296 50 11,119 - of which assets with definite lives 0 0 257 0 0 257
NOTE 11 Fixed assets 2024 Land Projects in progress Buildings/real estate Plant, equipment and other fixtures Vessels Total At 01.01. Acquisition cost 692 364 7,957 11,803 8,538 29,354 Accumulated depreciation and amortisation 0 -1 -2,715 -7,645 -4,408 -14,769 Accumulated impairment -26 -33 -106 -37 -243 -444 Carrying amount at 01.01. 666 330 5,136 4,122 3,887 14,142 Currency translation differences 15 11 56 78 102 262 Reclassification 0 -381 67 163 23 -128 Acquisitions through business combinations 0 12 -2 -15 0 -5 Additions 14 645 362 1,311 1,121 3,453 Disposals -12 0 -121 -245 -74 -452 Depreciation and amortisation 0 0 -461 -973 -600 -2,034 Acc. depreciation on disposals 0 0 92 178 18 287 Reversal of impairment 0 0 16 3 0 19 Carrying amount at 31.12. 683 617 5,145 4,622 4,477 15,543 At 31.12. Acquisition cost 709 651 8,318 13,060 9,711 32,448 Accumulated depreciation and amortisation 0 -1 -3,084 -8,405 -4,991 -16,479 Accumulated impairment -26 -33 -89 -33 -243 -425 Carrying amount at 31.12. 683 617 5,145 4,622 4,477 15,543 Carrying amount of right-of-use assets included above 0 0 558 1,400 1,542 3,500 Depreciation of right-of-use assets included above 0 0 72 373 274 720
2025 Land Projects in progress Buildings/real estate Plant, equipment and other fixtures Vessels Total Carrying amount at 01.01 683 617 5,145 4,622 4,477 15,544 Currency translation differences -6 -8 -19 -12 -35 -79 Reclassification 20 -1,330 348 660 324 22 Remeasurement (index adjustments) 0 0 0 0 26 26 Acquisitions through business combinations 0 0 7 6 0 13 Additions 4 1,223 447 881 245 2,801 Disposals 0 -1 -63 -324 -238 -626 Depreciation and amortisation 0 0 -477 -1,122 -649 -2,248 Acc. depreciation on disposals 0 0 54 306 3 362 Reversal of impairment 0 0 10 4 0 14 Reversal of impairment in connection with sale/demerger -1 0 -2 -42 -2 -47 Carrying amount at 31.12. 699 501 5,449 4,979 4,151 15,780 At 31.12. Acquisition cost 729 535 9,038 14,271 10,033 34,606 Accumulated depreciation and amortisation 0 -1 -3,507 -9,221 -5,637 -18,365 Accumulated impairment -29 -33 -82 -71 -245 -460 Carrying amount at 31.12. 699 501 5,449 4,979 4,151 15,780 Right-of-use assets included above 0 0 502 1,436 1,319 3,256 Depreciation of right-of-use assets included above 0 0 77 418 313 807
Right-of-use assets Land Buildings/ real estate Plant, equipment and other fixtures Vessels Total right-of-use assets Of which from credit institutions Of which from others At 01.01.2024 Acquisition cost 51 817 2,734 2,292 5,895 3,004 2,894 Accumulated depreciation and amortisation -19 -308 -1,389 -1,135 -2,852 -1,239 -1,616 Carrying amount at 01.01.2024 32 510 1,345 1,158 3,043 1,765 1,278 Financial year 2024 Carrying amount at 01.01. 32 511 1,345 1,158 3,043 1,765 1,278 Currency translation differences 0 5 5 0 10 1 9 Addition of new right-of-use assets 8 78 393 910 1,389 353 1,035 Disposals 0 0 -13 -26 -40 -14 -26 Depreciation and amortisation for the year -6 -66 -373 -274 -720 -252 -467 Impairment for the year 0 -2 0 -71 -74 0 -73 Reclassification 0 0 0 -109 -109 0 -109 Carrying amount at 31.12.2024 35 525 1,355 1,587 3,500 1,852 1,647 At 31.12.2024 Acquisition cost 60 900 3,118 2,996 7,071 3,343 3,731 Accumulated depreciation and amortisation -25 -374 -1,763 -1,409 -3,571 -1,491 -2,084 Carrying amount at 31.12.2024 35 526 1,355 1,587 3,500 1,852 1,647 Of which secured by mortgage 1,852 Financial year 2025 Carrying amount at 01.01.2025 35 525 1,355 1,587 3,500 1,852 1,647 Currency translation differences 0 4 0 0 6 1 4 Addition of new right-of-use assets 21 14 446 74 555 270 285 Disposals 0 0 -3 0 -3 0 -3 Depreciation and amortisation for the year -9 -68 -418 -313 -807 -295 -513 Business combinations 0 0 0 0 0 0 0 Reclassification -1 -19 0 0 -19 0 -19 Remeasurement (index adjustments) 0 0 0 26 26 0 26 Carrying amount at 31.12.2025 46 456 1,380 1,374 3,256 1,828 1,428 At 31.12.2025 Acquisition cost 81 899 3,561 3,096 7,636 3,614 4,024 Accumulated depreciation and amortisation -34 -443 -2,181 -1,722 -4,379 -1,786 -2,596 Carrying amount at 31.12.2025 46 456 1,380 1,374 3,256 1,828 1,428 Of which secured by mortgage 1,828
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"reg-ix-448": {
"value": "NOTE 11 Fixed assets 2024 Land Projects in progress Buildings/real estate Plant, equipment and other fixtures Vessels Total At 01.01. Acquisition cost 692 364 7,957 11,803 8,538 29,354 Accumulated depreciation and amortisation 0 -1 -2,715 -7,645 -4,408 -14,769 Accumulated impairment -26 -33 -106 -37 -243 -444 Carrying amount at 01.01. 666 330 5,136 4,122 3,887 14,142 Currency translation differences 15 11 56 78 102 262 Reclassification 0 -381 67 163 23 -128 Acquisitions through business combinations 0 12 -2 -15 0 -5 Additions 14 645 362 1,311 1,121 3,453 Disposals -12 0 -121 -245 -74 -452 Depreciation and amortisation 0 0 -461 -973 -600 -2,034 Acc. depreciation on disposals 0 0 92 178 18 287 Reversal of impairment 0 0 16 3 0 19 Carrying amount at 31.12. 683 617 5,145 4,622 4,477 15,543 At 31.12. Acquisition cost 709 651 8,318 13,060 9,711 32,448 Accumulated depreciation and amortisation 0 -1 -3,084 -8,405 -4,991 -16,479 Accumulated impairment -26 -33 -89 -33 -243 -425 Carrying amount at 31.12. 683 617 5,145 4,622 4,477 15,543 Carrying amount of right-of-use assets included above 0 0 558 1,400 1,542 3,500 Depreciation of right-of-use assets included above 0 0 72 373 274 720
2025 Land Projects in progress Buildings/real estate Plant, equipment and other fixtures Vessels Total Carrying amount at 01.01 683 617 5,145 4,622 4,477 15,544 Currency translation differences -6 -8 -19 -12 -35 -79 Reclassification 20 -1,330 348 660 324 22 Remeasurement (index adjustments) 0 0 0 0 26 26 Acquisitions through business combinations 0 0 7 6 0 13 Additions 4 1,223 447 881 245 2,801 Disposals 0 -1 -63 -324 -238 -626 Depreciation and amortisation 0 0 -477 -1,122 -649 -2,248 Acc. depreciation on disposals 0 0 54 306 3 362 Reversal of impairment 0 0 10 4 0 14 Reversal of impairment in connection with sale/demerger -1 0 -2 -42 -2 -47 Carrying amount at 31.12. 699 501 5,449 4,979 4,151 15,780 At 31.12. Acquisition cost 729 535 9,038 14,271 10,033 34,606 Accumulated depreciation and amortisation 0 -1 -3,507 -9,221 -5,637 -18,365 Accumulated impairment -29 -33 -82 -71 -245 -460 Carrying amount at 31.12. 699 501 5,449 4,979 4,151 15,780 Right-of-use assets included above 0 0 502 1,436 1,319 3,256 Depreciation of right-of-use assets included above 0 0 77 418 313 807
FIXED ASSETS As a result of this, the Group\u2019s fixed assets primarily consist of fishing vessels, service vessels for the aquaculture industry, feed barges, sea cages, buildings for the production of spawn and smolt, processing facilities for the receipt and slaughter of salmon, factories for the further processing of salmon, trout and whitefish, and factories for the production of fishmeal and oil, and protein concentrate. The aquaculture and fishery activities also require licences/rights in the various jurisdictions where the Group performs its activities. In 2025 the Group\u2019s fishery activities took place in the Barents Sea, the Norwegian Sea, the North Sea, and the Atlantic and Pacific Oceans. There were no grounds for writing down the company's intangible assets related to aquaculture and fishery rights in 2025 as a result of the impact of climate change. In terms of the Group\u2019s fishery activities (wild catches), extreme weather is first and foremost the most significant physical risk. If the weather is too extreme, the fishing vessels may not be able to fish. Should this type of situation arise during high season for the fishery concerned, the vessels may not be able to fish their quotas for individual fish species within the quota year. Such a situation would also have consequences for the processing industry onshore. With extreme weather, the onshore industry would suffer due to an insufficient supply of raw materials for the production of end products, which in turn would reduce the earnings of fishing vessels and processing facilities alike. Extreme weather in the form of strong winds, heavy precipitation, floods, droughts and fire may damage key infrastructure. This could potentially have a major impact on the Group\u2019s operations both directly and indirectly through our supplier chain, as efficient logistics are crucial for maintaining normal operations. The weather phenomena El Ni\u00f1o and La Ni\u00f1a occur at regular intervals, and may cause changes in fishing patterns in the form of lower quotas and challenging catch conditions during the fishery. Last time Peru was affected by El Ni\u00f1o was in 2023, and the weather phenomenon caused the first fishing season of that year was cancelled. The Group has not had any significant costs in 2025 resulting from incidents that may have been caused by extreme weather. No climate-related incidents were identified in 2025 that would indicate the need to reassess the working life or residual value of the Group\u2019s fixed assets. El Ni\u00f1o and La Ni\u00f1a occur at regular intervals. This is taken into account in the Group\u2019s impairment tests, using historical catch volumes.
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},
"reg-ix-450": {
"value": "FINANCIAL RISK FACTORS The Group\u2019s activities expose it to a variety of financial risks: market risk (including currency risk, cash flow and fair value interest rate risk and price risk), credit risk, liquidity risk and cash flow interest rate risk. The Group\u2019 focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance. The Group uses to some degree derivative financial instruments to reduce certain risk exposures. MARKET RISK (i) Foreign currency risk The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the USD, EUR, CLP and PEN. Foreign exchange risk arises from future commercial transactions, recognised assets and liabilities and net investments in foreign operations. To manage their foreign exchange risk arising, entities in the Group use forward contracts in addition to withdrawals and deposits on multicurrency accounts. Changes in exchange rates that affects accounts receivable, other receivables, and liabilities nominated in other currencies than the entities functional currency will have a direct effect on the Group\u2019s income statement as per year end. At 31.12.2025, if NOK had weakened/strengthened by 10% against the USD with all other variables held constant, before-tax profit for the year would have been MNOK 63 higher/lower. The sensitivity is calculated based on foreign exchange gains/losses on translation of USD denominated trade receivables and other receivables, trade payables, cash in bank and interest-bearing debt. At 31.12.2025, if NOK had weakened/strengthened by 10% against the EUR with all other variables held constant, before-tax profit for the year would have been MNOK 116 higher/lower. The sensitivity is calculated based on foreign exchange gains/losses on translation of EUR denominated trade receivables and other receivables, trade payables, cash in bank and interest-bearing debt. Corresponding changes in exchange rates at year end of other currencies are not considered to have any material effect on the post-tax profit for the Group.
(ii) Price risk Through the subsidiary LSG, the Group has a substantial exposure to the price risk of the fluctuating marked prices on salmon, trout and whitefish. To reduce this risk, LSG aims to have a certain part of the sales on fixed price contracts. The Group is also exposed to changes in the prices of other products sold, mainly fishmeal, fish oil and human consumption products. Local management reviews before selling whether price levels are consistent with the target profitability. The Group is also exposed to changes in prices of pelagic raw material purchase. Price risk identified here is not hedged by any derivative financial instruments. (iii) Interest rate risk The Group's interest rate risk arises from long-term borrowings. Borrowings issued at variable rates expose the Group to cash flow interest rate risk. Borrowings issued at fixed rates expose the Group to fair value interest rate risk. The Group search to reduce interest rate risk by using interest rate swaps (floating-to-fixed) for part of the borrowings. Such interest rate swaps have the economic effect of converting borrowings from floating rates to fixed rates. As at 31.12.2025, the Group has a total gain of MNOK 15 (after tax) attached to interest rate swaps. If the interest rate level had been 0.5% higher (lower) throughout the year, all other variables held constant, profit before income taxes would have decreased (increased) by MNOK 41 in 2025 and MNOK 37 in 2024 through the impact of floating rate borrowings and deposits. The sensitivity analysis is based on the level of net interest-bearing debt (NIBD) by year end 2025 and 2024, allowed for entered interest rate swaps. CREDIT RISK Credit risk occurs in transactions involving derivatives, deposits with banks and financial institutions in addition to transactions with wholesalers and customers, including outstanding receivables and fixed agreements. As virtually all 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 and guidelines from the Board of Directors. The Group's compliance on these procedures is regularly monitored. For the business in Europe, almost all of the Group's trade receivables are covered by credit insurance securing about 90% of nominal amounts. For the business in South America, credit and prepayment are largely used. The counterparties to derivative contracts and financial placements may only be financial institutions with a high credit rating and other parties who can provide reliable security. See note on receivables for further information on credit risk.
NOTE 12 Financial instruments Amounts in MNOK Increase/reduction in interest points 2025 2024 Impact on profit before tax +/- 50 -/+ 41 -/+ 37 LIQUIDITY RISK Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. Due to the dynamic nature of the underlying businesses, the Group aims to maintain flexibility in funding by keeping committed credit lines available. Management monitors rolling forecasts of the Group's liquidity reserve (comprises undrawn borrowing facility and cash and cash equivalents) on the basis of expected cash flow. This is generally carried out at local level in the operating companies of the Group. The table below specifies the Group's financial liabilities that are not derivatives, classified in relation to downpayment schedule. The figures in the table are non-discounted contractual cash flows, and includes both repayment of principal and future interest payments.
CAPITAL MANAGEMENT The Group`s objectives when managing capital are to safeguard the Group`s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. For further
information on the dividend policy, see Note 5. The Group monitors capital on the basis of the gearing ratio. This ratio is calculated as net interest-bearing debt divided by capital employed. Net interest-bearing Less than 1 year 1-2 years 3-5 years Over 5 years Total 31.12.2025 Loan debt 5,912 3,879 2,527 1,608 13,926 Lease liability for right-of-use assets to credit institutions 407 594 249 183 1,432 Lease liability for right-of-use assets other than to credit institutions 517 764 378 480 2,138 Trade payables and other liabilities (excl. statutory liabilities) 3,835 0 0 0 3,835 Total 10,670 5,237 3,154 2,271 21,332 31.12.2024 Loan debt 4,442 3,212 3,769 3,027 14,450 Lease liability for right-of-use assets to credit institutions 352 570 283 170 1,375 Lease liability for right-of-use assets other than to credit institutions 513 834 516 578 2,440 Trade payables and other liabilities (excl. statutory liabilities) 3,986 0 0 0 3,986 Total 9,291 4,616 4,567 3,776 22,250 2025 2024 Total loans (Note 17) 13,820 13,736 Minus liquid assets 5,101 5,719 Minus other interest-bearing assets 7 0 Net interest-bearing debt (cf. Note 28) 8,712 8,016 Total equity 27,861 29,667 Total assets 36,573 37,684 Debt\u2013equity ratio 24% 21% The gearing ratios at 31.12.2025 and 31.12.2024 were as follows:
debt is calculated as total borrowings (including 'current and non-current borrowings' as shown in the consolidated statement of financial position) less interest-bearing assets and cash and cash equivalents. Total capital is calculated as 'equity' as shown in the statement of financial position plus net debt. FAIR VALUE ESTIMATION The fair value of financial instruments traded in active markets, such as trading, is based on quoted market prices at the balance sheet date. The quoted market price used for financial assets held by the Group is the current bid price. The fair value of financial instruments that are not traded in an active market (for example, over-the- counter derivatives) is determined by the use of valuation techniques. The Group uses a variety of methods and makes assumptions that are based on market conditions existing at each balance sheet date. Other techniques, such as estimated discounted cash flows, are also used in certain cases. The fair value of forward foreign exchange contracts is determined using quoted forward exchange rates at the balance sheet date. The carrying value less impairment provision of trade receivables and payables are assumed to approximate their fair values. The fair value of financial liabilities for disclosure purposes is estimated by discounting the
future contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments. Fair value for all the Group\u2019s assets and liabilities recognised at amortised cost is considered to approximate the carrying amount. ",
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"reg-ix-451": {
"value": "MARKET RISK (i) Foreign currency risk The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the USD, EUR, CLP and PEN. Foreign exchange risk arises from future commercial transactions, recognised assets and liabilities and net investments in foreign operations. To manage their foreign exchange risk arising, entities in the Group use forward contracts in addition to withdrawals and deposits on multicurrency accounts. Changes in exchange rates that affects accounts receivable, other receivables, and liabilities nominated in other currencies than the entities functional currency will have a direct effect on the Group\u2019s income statement as per year end. At 31.12.2025, if NOK had weakened/strengthened by 10% against the USD with all other variables held constant, before-tax profit for the year would have been MNOK 63 higher/lower. The sensitivity is calculated based on foreign exchange gains/losses on translation of USD denominated trade receivables and other receivables, trade payables, cash in bank and interest-bearing debt. At 31.12.2025, if NOK had weakened/strengthened by 10% against the EUR with all other variables held constant, before-tax profit for the year would have been MNOK 116 higher/lower. The sensitivity is calculated based on foreign exchange gains/losses on translation of EUR denominated trade receivables and other receivables, trade payables, cash in bank and interest-bearing debt. Corresponding changes in exchange rates at year end of other currencies are not considered to have any material effect on the post-tax profit for the Group.
(ii) Price risk Through the subsidiary LSG, the Group has a substantial exposure to the price risk of the fluctuating marked prices on salmon, trout and whitefish. To reduce this risk, LSG aims to have a certain part of the sales on fixed price contracts. The Group is also exposed to changes in the prices of other products sold, mainly fishmeal, fish oil and human consumption products. Local management reviews before selling whether price levels are consistent with the target profitability. The Group is also exposed to changes in prices of pelagic raw material purchase. Price risk identified here is not hedged by any derivative financial instruments. (iii) Interest rate risk The Group's interest rate risk arises from long-term borrowings. Borrowings issued at variable rates expose the Group to cash flow interest rate risk. Borrowings issued at fixed rates expose the Group to fair value interest rate risk. The Group search to reduce interest rate risk by using interest rate swaps (floating-to-fixed) for part of the borrowings. Such interest rate swaps have the economic effect of converting borrowings from floating rates to fixed rates. As at 31.12.2025, the Group has a total gain of MNOK 15 (after tax) attached to interest rate swaps. If the interest rate level had been 0.5% higher (lower) throughout the year, all other variables held constant, profit before income taxes would have decreased (increased) by MNOK 41 in 2025 and MNOK 37 in 2024 through the impact of floating rate borrowings and deposits. The sensitivity analysis is based on the level of net interest-bearing debt (NIBD) by year end 2025 and 2024, allowed for entered interest rate swaps. ",
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"reg-ix-454": {
"value": "LIQUIDITY RISK Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. Due to the dynamic nature of the underlying businesses, the Group aims to maintain flexibility in funding by keeping committed credit lines available. Management monitors rolling forecasts of the Group's liquidity reserve (comprises undrawn borrowing facility and cash and cash equivalents) on the basis of expected cash flow. This is generally carried out at local level in the operating companies of the Group. The table below specifies the Group's financial liabilities that are not derivatives, classified in relation to downpayment schedule. The figures in the table are non-discounted contractual cash flows, and includes both repayment of principal and future interest payments.
Repayment profile for interest-bearing debt 2026* 2027 2028 2029 2030 Subsequent Total Mortgages* 2,323 617 1,088 427 327 905 5,687 Overdraft facility 2,643 0 0 0 0 0 2,643 Bond loans 500 500 500 1,050 500 1,240 4,290 Lease liabilities to credit institutions 324 283 215 130 78 170 1,199 Total 5,791 1,400 1,803 1,607 904 2,314 13,820 Repayment profile for long-term non-interest-bearing debt Lease liabilities other than to credit institutions 442 372 299 191 140 549 1,993 Total 442 372 299 191 140 549 1,993 Total 6,233 1,772 2,102 1,798 1,044 2,863 15,812 * Repayments of non-current liabilities which mature in 2026 are classi\ufb01ed as current liabilities in the balance sheet.
",
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"reg-ix-455": {
"value": "CAPITAL MANAGEMENT The Group`s objectives when managing capital are to safeguard the Group`s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. For further
information on the dividend policy,g ratio. This ratio is calculated as net interest-bearing debt divided by capital employed. Net interest-bearing Less than 1 year 1-2 years 3-5 years Over 5 years Total 31.12.2025 Loan debt 5,912 3,879 2,527 1,608 13,926 Lease liability for right-of-use assets to credit institutions 407 594 249 183 1,432 Lease liability for right-of-use assets other than to credit institutions 517 764 378 480 2,138 Trade payables and other liabilities (excl. statutory liabilities) 3,835 0 0 0 3,835 Total 10,670 5,237 3,154 2,271 21,332 31.12.2024 Loan debt 4,442 3,212 3,769 3,027 14,450 Lease liability for right-of-use assets to credit institutions 352 570 283 170 1,375 Lease liability for right-of-use assets other than to credit institutions 513 834 516 578 2,440 Trade payables and other liabilities (excl. statutory liabilities) 3,986 0 0 0 3,986 Total 9,291 4,616 4,567 3,776 22,250 2025 2024 Total loans (Note 17) 13,820 13,736 Minus liquid assets 5,101 5,719 Minus other interest-bearing assets 7 0 Net interest-bearing debt (cf. Note 28) 8,712 8,016 Total equity 27,861 29,667 Total assets 36,573 37,684 Debt\u2013equity ratio 24% 21% The gearing ratios at 31.12.2025 and 31.12.2024 were as follows:
",
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"reg-ix-456": {
"value": "Amortised cost Fair value through profit and loss Fair value through other comprehensive income Total Assets Investment in shares 0 39 0 39 Derivatives (interest rate swaps) 0 0 11 11 Trade receivables and other receivables excl. prepayments * 4,414 0 0 4,414 Financial assets at fair value through profit or loss 0 48 0 48 Liquid assets 5,101 0 0 5,101 Total 9,515 87 11 9,613
* Prepayments are excluded from the receivables line in the statement of \ufb01nancial position, as this analysis is only required for \ufb01nancial instruments. 31.12.2024 Amortised cost Fair value through profit and loss Fair value through other comprehensive income Total Assets Investment in shares 0 40 0 40 Derivatives (interest rate swaps) 0 0 35 35 Trade receivables and other receivables excl. prepayments * 4,544 0 0 4,544 Financial assets at fair value through profit or loss 0 17 0 17 Liquid assets 5,719 0 0 5,719 Total 10,263 56 35 10,354
* Prepayments are excluded from the receivables line in the statement of \ufb01nancial position, as this analysis is only required for \ufb01nancial instruments. 31.12.2024 Amortised cost Fair value through profit and loss Fair value through other comprehensive income Total Liabilities Loans excl. lease liabilities to credit institutions 12,530 0 0 12,530 Lease liabilities to credit institutions 1,206 0 0 1,206 Lease liabilities other than to credit institutions 2,186 0 0 2,186 Trade payables and other liabilities, excl. statutory liabilities 3,985 0 0 3,985 Fish Pool contracts (cf. Note 7) 0 112 0 112 Total 19,908 112 0 20,020 31.12.2025 Amortised cost Fair value through profit and loss Fair value through other comprehensive income Total Liabilities Loans excl. lease liabilities to credit institutions 12,621 0 0 12,621 Lease liabilities to credit institutions 1,199 0 0 1,199 Lease liabilities other than to credit institutions 1,993 0 0 1,993 Trade payables and other liabilities, excl. statutory liabilities 3,835 0 0 3,835 Fish Pool contracts (cf. Note 7) 0 44 0 44 Total 19,648 44 0 19,692 Financial instruments by category
struments CURRENCY FORWARD CONTRACTS The value of the Norwegian krone (NOK) is one of many parameters that have an effect on the Group's competitiveness. 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. Revenue by currency is presented in the note on operating segments, and trade receivables by currency is presented in the note on receivables. In order to minimise the currency risk the Group uses currency forward contracts to hedge both net receivables and signed sales contracts in foreign currency. Thus the Group recognises the currency forward contracts as fair value hedging, also for the signed sales contracts, which are off-balance items. At 31.12.2025 the Group has currency forward contracts with a net positive fair value of MNOK 48 (MNOK 17 in 2024). The net currency gain in 2025 is MNOK 127.2 (MNOK 72.5 in 2024), which is recognised in cost of materials in the income statement, as it relates to the inventory cycle. INTEREST RATE SWAPS
based on non-observable inputs; cost used as best estimate of fair value for immaterial equity investments (see Note 24). Financial instruments at fair value by level Level 1 Level 2 Level 3 Total Currency forward contracts 0 48 0 48 Interest rate swaps (FVOCI) 0 11 0 11 Investments in shares 0 0 39 39 Total financial instruments 0 59
NOTE 14 Restricted cash deposits 2025 2024 Restricted deposits related to employee tax deduction 151 135 Total 151 135
",
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"reg-ix-464": {
"value": "74 SHARES CONTROLLED BY BOARD MEMBERS AND MANAGEMENT DIRECTORS\u2019 OWNERSHIP OF SHARES Helge Singelstad owns 50,000 shares in the company Helge M\u00f8gster owns shares indirectly through Laco AS Lill Maren M\u00f8gster owns shares indirectly through Laco AS Eirik Dr\u00f8nen Melingen owns shares indirectly through Laco AS MANAGEMENTS\u2019 OWNERSHIP OF SHARES Arne M\u00f8gster owns shares indirectly through Laco AS Britt Kathrine Drivenes owns, through Lerkehaug AS, 50,367 shares in the company
2025 \u2013 Remuneration to leading personnel (amounts in NOK 1,000) CEO CFO Chair of the Board * Other board members ** Total Salary 3,952 3,038 0 0 6,990 Bonus payment based on results for 2024 4,150 1,300 0 0 5,450 Pension costs 206 205 0 0 411 Other remuneration 250 193 0 0 443 Board fee/other remuneration 0 0 4,250 3,040 7,290 Total 8,559 4,736 4,250 3,040 20,584 2024 \u2013 Remuneration to leading personnel (amounts in NOK 1,000) CEO CFO Chair of the Board * Other board members ** Total Salary 3,952 3,046 0 0 6,998 Bonus payment based on results for 2023 3,700 1,300 0 0 5,000 Pension costs 209 206 0 0 415 Other remuneration 225 191 0 0 416 Board fee/other remuneration 0 0 3,749 2,748 6,497 Total 8,088 4,743 3,749 2,748 19,327 * The annual directors' fee to the Chair of the Board is not paid as taxable remuneration. AUSS is invoiced for the Chair's services and for consultancy fees by Group head entity Laco AS, with which company the Chair is employed. The total amount paid in 2024 of TNOK 3,749 includes Board remuneration of TNOK 513, and the total amount earned in 2025 of TNOK 4,250 includes Board remuneration of TNOK 575. ** Siren Gr\u00f8nhaug, board member of Austevoll Seafood ASA, also serves as Chief Human Resources Of\ufb01cer (CHRO) in the subsidiary Ler\u00f8y Seafood Group ASA (LSG). For details, reference is made to the remuneration report of LSG.
Remuneration to executives and members of the parent Company's Board are reported exclusive employer\u2019s contribution and in amounts TNNOTE 25 Related parties The Group is controlled by Laco AS which owns 55.55% of the company's shares. The remaining 44.45% of the shares are widely held. The ultimate parent of the Group is Laco AS. The majority of transactions with related parties are carried out through; - LSG sale and purchase of goods to/from LSG associated companies. In addition, the Group had some minor transactions with related parties such as the associated companies Pelagia. Group companies have sold services as harvesting, filleting and storage of salmon to associated companies. The Group has also sold administrative services to associated companies. All goods and services are bought based on the market price and terms that would be available for third parties. The Group has bought fish and fish products, and renting wellboats from associated companies. The Group has bought administrative services such as IT, reception, catering, accounting and secretary- and financial from associated companies. The receivables from related parties arise mainly from sale transactions and are due one month after date of sale. The receivables are unsecured in nature and bear no interest. The payable to related parties arise mainly from purchase transactions and are due one month after the date of purchase. The payable bear no interest. The following transactions were conducted with related parties: Sales of goods and services 2025 2024 Sales - associated 129 162 Sale of services - associated 0 0 - ultimate parent and its subsidiaries 1 1 - close family members of controlling owner 0 0 Total 130 163 Purchase of goods and services Purchase - associated 921 819 Purchase of goods - associated 0 0 - close family members of controlling owner 0 0 - ultimate parent and its subsidiaries 38 35 Total 958 855 SOFP items arising from purchase and sale of goods and services Receivables from related parties - ultimate parent and its subsidiaries 2 2 - associated 35 82 - close family members of controlling owner 0 0 Debt to related parties - ultimate parent and its subsidiaries 18 8 - associated 22 11
",
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"reg-ix-463": {
"value": "74 SHARES CONTROLLED BY BOARD MEMBERS AND MANAGEMENT DIRECTORS\u2019 OWNERSHIP OF SHARES Helge Singelstad owns 50,000 shares in the company Helge M\u00f8gster owns shares indirectly through Laco AS Lill Maren M\u00f8gster owns shares indirectly through Laco AS Eirik Dr\u00f8nen Melingen owns shares indirectly through Laco AS MANAGEMENTS\u2019 OWNERSHIP OF SHARES Arne M\u00f8gster owns shares indirectly through Laco AS Britt Kathrine Drivenes owns, through Lerkehaug AS, 50,367 shares in the company
2025 \u2013 Remuneration to leading personnel (amounts in NOK 1,000) CEO CFO Chair of the Board * Other board members ** Total Salary 3,952 3,038 0 0 6,990 Bonus payment based on results for 2024 4,150 1,300 0 0 5,450 Pension costs 206 205 0 0 411 Other remuneration 250 193 0 0 443 Board fee/other remuneration 0 0 4,250 3,040 7,290 Total 8,559 4,736 4,250 3,040 20,584 2024 \u2013 Remuneration to leading personnel (amounts in NOK 1,000) CEO CFO Chair of the Board * Other board members ** Total Salary 3,952 3,046 0 0 6,998 Bonus payment based on results for 2023 3,700 1,300 0 0 5,000 Pension costs 209 206 0 0 415 Other remuneration 225 191 0 0 416 Board fee/other remuneration 0 0 3,749 2,748 6,497 Total 8,088 4,743 3,749 2,748 19,327 * The annual directors' fee to the Chair of the Board is not paid as taxable remuneration. AUSS is invoiced for the Chair's services and for consultancy fees by Group head entity Laco AS, with which company the Chair is employed. The total amount paid in 2024 of TNOK 3,749 includes Board remuneration of TNOK 513, and the total amount earned in 2025 of TNOK 4,250 includes Board remuneration of TNOK 575. ** Siren Gr\u00f8nhaug, board member of Austevoll Seafood ASA, also serves as Chief Human Resources Of\ufb01cer (CHRO) in the subsidiary Ler\u00f8y Seafood Group ASA (LSG). For details, reference is made to the remuneration report of LSG.
Remuneration to executives and members of the parent Company's Board are reported exclusive employer\u2019s contribution and in amounts TN",
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"reg-ix-466": {
"value": "AUSS has pledged as security of 6 million shares in BRBI and 6 million shares in KFO for a revolving credit facility of MNOK 500, of which only MNOK 10 was drawn by 31.12.2025. Assets owned by LSG, BRBI and KFO are also placed as security directly to their separate and individual loans, and are included in the figures presented above.
Liabilities secured by mortgage 2025 2024 Current liabilities 2,973 2,684 Non-current liabilities 7,004 6,870 Liabilities to credit institutions incl. finance lease agreements 9,976 9,554 Assets provided as security Operating assets 10,697 9,205 Licences * 1,944 2,000 Biological assets 10,254 11,460 Shares 1,277 1,496 Trade receivables 1,198 1,390 Right-of-use assets leased from credit institutions -1 -1 Total assets provided as security 25,370 25,551 * Licence value excluding price purchase allocation.
",
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"reg-ix-468": {
"value": "ncome and expenses 2025 2024 Other interest income 257 293 Foreign exchange gains (realised and unrealised) 586 453 Other financial income 16 13 Total financial income 859 759 Interest expense 737 765 Interest expense on lease liabilities to credit institutions 98 67 Interest expense on lease liabilities to others 101 83 Foreign exchange losses (realised and unrealised) 500 472 Other financial expenses 60 15 Total financial expenses 1,496 1,402 Net financial expenses -637 -643
2025 2024 Other interest income 257 293 Foreign exchange gains (realised and unrealised) 586 453 Other financial income 16 13 Total financial income 859 759 Interest expense 737 765 Interest expense on lease liabilities to credit institutions 98 67 Interest expense on lease liabilities to others 101 83 Foreign exchange losses (realised and unrealised) 500 472 Other financial expenses 60 15 Total financial expenses 1,496 1,402 Net financial expenses -637 -643
2025 2024 Other interest income 257 293 Foreign exchange gains (realised and unrealised) 586 453 Other financial income 16 13 Total financial income 859 759 Interest expense 737 765 Interest expense on lease liabilities to credit institutions 98 67 Interest expense on lease liabilities to others 101 83 Foreign exchange losses (realised and unrealised) 500 472 Other financial expenses 60 15 Total financial expenses 1,496 1,402 Net financial expenses -637 -643
2025 2024 Other interest income 257 293 Foreign exchange gains (realised and unrealised) 586 453 Other financial income 16 13 Total financial income 859 759 Interest expense 737 765 Interest expense on lease liabilities to credit institutions 98 67 Interest expense on lease liabilities to others 101 83 Foreign exchange losses (realised and unrealised) 500 472 Other financial expenses 60 15 Total financial expenses 1,496 1,402 Net financial expenses -637 -643
2025 2024 Other interest income 257 293 Foreign exchange gains (realised and unrealised) 586 453 Other financial income 16 13 Total financial income 859 759 Interest expense 737 765 Interest expense on lease liabilities to credit institutions 98 67 Interest expense on lease liabilities to others 101 83 Foreign exchange losses (realised and unrealised) 500 472 Other financial expenses 60 15 Total financial expenses 1,496 1,402 Net financial expenses -637 -643
2025 2024 Other interest income 257 293 Foreign exchange gains (realised and unrealised) 586 453 Other financial income 16 13 Total financial income 859 759 Interest expense 737 765 Interest expense on lease liabilities to credit institutions 98 67 Interest expense on lease liabilities to others 101 83 Foreign exchange losses (realised and unrealised) 500 472 Other financial expenses 60 15 Total financial expenses 1,496 1,402 Net financial expenses -637 -643
NOTE 20 Payroll, fees, no. of employees etc. The Norwegian companies in the Group satisfy the requirements in the Act relating to mandatory occupational pensions (Norwegian: OTP). The schemes are in the main established as defined contribution pension schemes, with external life insurance companies. The Group participates in an overarching pension scheme for employees, where it is not possible to measure the individual entity\u2019s share of the obligation. Moreover, a limited part of the Group companies have defined benefit schemes with life insurance companies, with pension funds placed in a portfolio of investments by insurance companies. The insurance company administers all transactions related to the pension scheme. Estimated return on pension funds is based on marked prices on balance sheet date and projected development during the period in which the pension scheme is valid. The calculation of pension liabilities is based on assumptions in line with the recommendations of Norsk Regnskapsstiftelse (NRS) per 31.12.2025. Change in the benefit obligations as a result of actuarial gains and losses are booked as comprehensive income. For further information see the declaration from the Board of Directors on salaries and other remuneration to executive personnel submitted at the Ordinary General Meeting 28 May 2025. The Group management takes part in the Groups collective pension schemes. No loans or securities have been issued in 2025 or 2024 to the CEO, board members, members of the corporate management or other employees or closely related parties. 2025 2024 Salaries and holiday pay 4,238 3,817 Contract labour 535 452 Other remuneration 187 184 National insurance contributions 403 362 Pension costs (incl. national insurance contribution) 244 223 Remuneration to board members 3 3 Other payments
267 254 Total wages and salaries 5,876 5,296 No. of full-time equivalents 7,910 7,320 Pension costs 2025 2024 Pension costs, defined contribution plan 210 193 National insurance contributions, defined contribution plan 27 25 Net pension costs, defined contribution plan 238 219 Net pension costs, defined benefit plan 6 4 Total pension costs 244 223 Pension liabilities and other liabilities Pension liabilities 6 6 Total 6 6 The CEO has a term of notice of 3 months. On resignation, the CEO has no right to extra compensation. Pension age is 70 years, and the CEO takes part in the defined contribution scheme. Additional disclosures are provided in the Remuneration report, which is available on the Group\u2019s website, www.auss.no. OPTIONS There are as of 31.12.2025, no on-going option program in the Group.
2025 \u2013 Remuneration to leading personnel (amounts in NOK 1,000) CEO CFO Chair of the Board * Other board members ** Total Salary 3,952 3,038 0 0 6,990 Bonus payment based on results for 2024 4,150 1,300 0 0 5,450 Pension costs 206 205 0 0 411 Other remuneration 250 193 0 0 443 Board fee/other remuneration 0 0 4,250 3,040 7,290 Total 8,559 4,736 4,250 3,040 20,584 2024 \u2013 Remuneration to leading personnel (amounts in NOK 1,000) CEO CFO Chair of the Board * Other board members ** Total Salary 3,952 3,046 0 0 6,998 Bonus payment based on results for 2023 3,700 1,300 0 0 5,000 Pension costs 209 206 0 0 415 Other remuneration 225 191 0 0 416 Board fee/other remuneration 0 0 3,749 2,748 6,497 Total 8,088 4,743 3,749 2,748 19,327 * The annual directors' fee to the Chair of the Board is not paid as taxable remuneration. AUSS is invoiced for the Chair's services and for consultancy fees by Group head entity Laco AS, with which company the Chair is employed. The total amount paid in 2024 of TNOK 3,749 includes Board remuneration of TNOK 513, and the total amount earned in 2025 of TNOK 4,250 includes Board remuneration of TNOK 575. ** Siren Gr\u00f8nhaug, board member of Austevoll Seafood ASA, also serves as Chief Human Resources Of\ufb01cer (CHRO) in the subsidiary Ler\u00f8y Seafood Group ASA (LSG). For details, reference is made to the remuneration report of LSG.
Specification of auditor\u2019s fee 2025 2024 Statutory audit 26 26 Audit fee, other auditors 4 3 Other certification services 8 5 Tax services 1 2 Tax services from other auditors 1 1 Other services Group auditors 3 5 Other services from other auditors 1 2 Total 45 45
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"reg-ix-477": {
"value": "NOTE 21 Other gains and losses
2025 2024 Gains and losses on sale of land, buildings and equipment 44 1,280 Total other gains and losses 44 1,280 See Note 6 Acquisition of shares/business combinations for further details.
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"mtpnn52": {
"value": "NOTE 22 Other current liabilities
Specification of other current liabilities 2025 2024 Wages, salaries and other staff costs 697 613 Public taxes payable 705 671 Accrued expenses 527 503 Contingent liabilities from addition of Cormar (cf. Note 18) 24 23 Contingent liabilities concerning ongoing legal disputes in Austral (cf. Note 18) 12 24 Unrealised loss on Fish Pool contracts (cf. Note 7) 44 112 Other current liabilities 148 223 Total other current liabilities 2,157 2,169
",
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"reg-ix-478": {
"value": "NOTE 22 Other current liabilities
Specification of other current liabilities 2025 2024 Wages, salaries and other staff costs 697 613 Public taxes payable 705 671 Accrued expenses 527 503 Contingent liabilities from addition of Cormar (cf. Note 18) 24 23 Contingent liabilities concerning ongoing legal disputes in Austral (cf. Note 18) 12 24 Unrealised loss on Fish Pool contracts (cf. Note 7) 44 112 Other current liabilities 148 223 Total other current liabilities 2,157 2,169
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"reg-ix-479": {
"value": "tments Country Ownership/ voting share 2024 Additions Disposals Other 2025 Euro-Terminal AS Norway 16.27% 26 26 Folgefonn Invest AS Norway minor 5 5 B\u00e5tsfjord Sentralfryselager AS Norway minor 1 1 Salmonics Inc USA minor 5 5 Other minor investments minor 2 -1 2 Total classified as material 40 -1 39
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"reg-ix-482": {
"value": "lity Statement 191 Sustainability auditor report 195 Financial Statements Auditor Report 200 ADDITIONAL INFORMATION NOTE 27 Group companies The consolidated financial statements include AUSS and the following subsidiaries. Company Comments on change Country Parent company Ownership % Ler\u00f8y Seafood Group ASA Norway Austevoll Seafood ASA 52.69% AUSS Laks AS Norway Ler\u00f8y Austevoll AS 100.00% Drag\u00f8y Grossist AS Norway Ler\u00f8y Nord AS 51.00% Eurosalmon SAS France SAS Ler\u00f8y Seafood France 100.00% Finnmark Havfiske AS Norway Havfisk B\u00e5tsfjord AS 13.34% Finnmark Havfiske AS Norway Havfisk Finnmark AS 78.45% Finnmark Havfiske AS Norway Havfisk Nordkyn AS 5.84% Fishcut SAS France SAS Ler\u00f8y Seafood France 100.00% Hammerfest Industrifiske AS Norway Havfisk Finnmark AS 60.00% Havfisk B\u00e5tsfjord AS Norway Havfisk Finnmark AS 100.00% Havfisk Finnmark AS Norway Ler\u00f8y Havfisk AS 100.00% Havfisk Management AS Norway Havfisk Finnmark AS 100.00% Havfisk Melbu AS Norway Ler\u00f8y Havfisk AS 100.00% Havfisk Nordkyn AS Norway Havfisk Finnmark AS 100.00% Havfisk Stamsund AS Norway Ler\u00f8y Havfisk AS 100.00% Kirkenes Processing AS 2 Norway Ler\u00f8y Aurora AS 100.00% Leroy Canarias SL Spain Leroy Processing Spain S.L. 100.00% Leroy Processing Canarias SL Spain Leroy Processing Spain S.L. 100.00% Leroy Processing Spain S.L. Spain Ler\u00f8y Seafood Group ASA 100.00% Leroy Seafood Italy Italy Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y & Strudshavn AS 9 Norway Ler\u00f8y Seafood Group ASA 0.00% Ler\u00f8y Aurora AS Norway Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Aurora Sj\u00f8 AS Norway Ler\u00f8y Aurora AS 100.00% Ler\u00f8y Austevoll AS Norway Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Bulandet AS Norway Ler\u00f8y Seafood AS 83.43% Ler\u00f6y Finland OY Finland Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Fossen AS Norway Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Germany GmbH Germany Ler\u00f8y Seafood Holding B.V. 100.00% Ler\u00f8y Havbruk Service AS Norway Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Havfisk AS Norway Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Midt AS Norway Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Midt Sj\u00f8 AS Norway Ler\u00f8y Midt AS 100.00% Ler\u00f8y Nord AS 9 Norway Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Norge AS Norway Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Norway Seafoods AS Norway Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Ocean Harvest AS Norway Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Portugal Lda Portugal Ler\u00f8y Seafood Group ASA 100.00% Company Comments on change Country Parent company Ownership % Ler\u00f6y Seafood AB Sweden Ler\u00f8y Sverige AB 100.00% Ler\u00f8y Seafood AS Norway Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Seafood Copenhagen ApS Denmark Ler\u00f8y Seafood Denmark A/S 100.00% Ler\u00f8y Seafood Denmark A/S Denmark Ler\u00f8y Seafood Group ASA 77.59% Ler\u00f8y Seafood France SAS France Ler\u00f8y Seafood AS 100.00% Ler\u00f8y Seafood Hirtshals A/S Denmark Ler\u00f8y Seafood Danmark A/S 100.00% Ler\u00f8y Seafood Holding B.V. Holland Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Seafood Netherlands B.V. Holland Ler\u00f8y Seafood Holding B.V. 100.00% Ler\u00f8y Seafood Real Estate B.V. Holland Ler\u00f8y Seafood Holding B.V. 100.00% Ler\u00f8y Seafood UK Ltd. UK Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Seafood USA Inc USA Ler\u00f8y Seafood AS 100.00% Ler\u00f8y Sj\u00f8matgruppen AS Norway Ler\u00f8y Norge AS 73.75% Ler\u00f8y Sj\u00f8matgruppen AS Norway Ler\u00f8y Nord AS 2.50% Ler\u00f8y Sj\u00f8troll Kj\u00e6relva AS Norway Sj\u00f8troll Havbruk AS 50.00% Ler\u00f8y Sj\u00f8troll Kj\u00e6relva AS Norway Ler\u00f8y Vest AS 50.00% Ler\u00f8y Sm\u00f6gen Seafood AB Sweden Ler\u00f8y Sverige AB 100.00% Ler\u00f8y Sverige AB Sweden Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Thailand 3 Thailand Ler\u00f8y Seafood AS 100.00% Ler\u00f6y Turkey Su \u00dcr\u00fcnleri San. Ve Tic A.S. Turkey Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Vest AS Norway Ler\u00f8y Seafood Group ASA 100.00% Ler\u00f8y Vest Kraft AS 9 Norway Ler\u00f8y Vest AS 0.00% Ler\u00f8y Vest Sj\u00f8 AS Norway Ler\u00f8y Vest AS 100.00% Ler\u00f8y \u00c5rskog AS Norway Ler\u00f8y Seafood Group ASA 100.00% LSD Industry Aps Denmark Ler\u00f8y Seafood Denmark A/S 100.00% Melbu Fryselager AS Norway Ler\u00f8y Norway Seafoods AS 100.00% Mondo Mar Marine Foods ApS Denmark Ler\u00f8y Seafood Denmark A/S 100.00% Nordland Havfiske AS Norway Havfisk Melbu AS 47.07% Nordland Havfiske AS Norway Havfisk Stamsund AS 52.93% P. Tabbel & Co A/S Denmark Ler\u00f8y Seafood Danmark A/S 100.00% Preline Fishfarming System AS Norway Ler\u00f8y Seafood Group ASA 96.00% Scan Fish Danmark A/S Denmark Ler\u00f8y Seafood Danmark A/S 100.00% Sirevaag AS Norway Ler\u00f8y Norge AS 100.00% Sj\u00f8mathuset AS Norway Ler\u00f8y Seafood Group ASA 100.00% Sj\u00f8troll Havbruk AS Norway Ler\u00f8y Seafood Group ASA 50.71% Sj\u00f8troll Havbruk Sj\u00f8 AS Norway Sj\u00f8troll Havbruk AS 100.00% S\u00f8rv\u00e6r Kystfiskeinvest AS Norway Ler\u00f8y Norway Seafoods AS 51.00% Wannebo International AS Norway Ler\u00f8y Seafood Hirtshals A/S 100.00%
CONTENT AUSTEVOLL SEAFOOD ASA Annual report 2025 PAGE 05 INTRODUCTION 35 BOARD OF DIRECTORS REPORT 2025 101
FINANCIAComments on changes 1: Business combination 2: Transactions with non-controlling interests 3: Foundation of a new company 4: Intragroup purchase/sale of company/shareholding 5: Sale of shares to external 6: Private placement (with change in shareholding) 7: Parent - subsidiary business combination 8: Merger between associated companies 9: The company deleted The changes in ownership in the subsidiaries are commented in Note 6. * The companies are Norwegian object of taxation Company Comments on change Land Parent company Ownership % AUSS Shared Service AS Norway Austevoll Seafood ASA 100.00% Austevoll Eiendom AS Norway Austevoll Seafood ASA 100.00% Austevoll Pacific AS Norway Austevoll Seafood ASA 100.00% Gateport Overseas Inc. Panama Austevoll Pacific AS 100.00% Andean Opportunities Fund Ltd. Cayman Island Gateport Overseas Inc. 100.00% Dordogne Holdings Ltd. Panama Gateport Overseas Inc. 66.67% Dordogne Holdings Ltd. Panama Andean Opportunities Fund Ltd. 33.33% Austral Group S.A.A Peru Dordogne Holdings Ltd. 90.12% Alumrock Overseas S.A 9 Peru Austral Group S.A.A 0.00% A-Fish AS Norway Austevoll Seafood ASA 100.00% Foodcorp Chile S.A Chile A-Fish AS 73.61% Foodcorp Chile S.A Chile Austevoll Seafood ASA 26.39% Foodcorp Peru S.A Peru Foodcorp Chile S.A 99.99% Br. Birkeland AS 2 Norway Austevoll Seafood ASA 81.54% Br. Birkeland Drift AS Norway Br. Birkeland AS 50.00% Opilio AS 2 Norway Br. Birkeland AS 0.00% Kobbevik og Furuholmen Oppdrett AS Norway Austevoll Seafood ASA 55.24% Br. Birkeland Drift AS Norway Kobbevik og Furuholmen Oppdrett AS 50.00% Farming Serviceb\u00e5t AS 7 Norway Kobbevik og Furuholmen Oppdrett AS 0.00% Thermo Service AS Norway Kobbevik og Furuholmen Oppdrett AS 100.00%