Core Viewpoint - Lerøy Seafood Group ASA has presented an updated strategy and financial targets for 2030, focusing on scalable growth, cost reductions, and improved capital efficiency through a fully integrated seafood value chain [1][2]. Group Strategy - The strategy is based on four priorities: Growth, Cost, Simplify, and Leadership, supported by a refined capital allocation framework [2]. - Lerøy aims to enhance operational robustness and integration, serving high-quality seafood in over 80 countries [2]. Operational Performance - Biological KPIs have shown significant improvement since 2022, indicating effective operational enhancements [3]. - The Value Added Processing, Sales & Distribution (VAP S&D) segment achieved operational EBIT of NOK 1,290 million in 2025, meeting targets set in 2022 [4]. Farming Segment - The farming segment recorded a harvest volume of 195,600 tonnes in 2025, with expectations of 195,000 GWT for 2026, reflecting lower costs per produced kilo [6][7]. - The biological performance has been industry-leading, with a focus on translating this into cost leadership across all regions [7]. Financial Targets - Lerøy targets NOK 50 billion in revenues and aims for a NOK 1 billion reduction in the cost base through initiatives in 2026 [8]. - The company is targeting a 15% return on capital employed (ROCE) by leveraging improved operational efficiencies and strategic partnerships [12][16]. Wild Catch Segment - The Wild Catch segment contributes approximately 15% of downstream volumes, operating under reduced cod quotas but positioned for potential recovery by 2030 [11]. Investment and Returns - Lerøy has come off an intensive investment cycle, focusing on harvesting improved returns from strengthened assets and operational capabilities [13][14]. - The integrated value chain is designed to reduce earnings volatility and support stable cash flow generation, aiming for consistent dividend growth [15].