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Grieg Seafood (GSF) investor relations material

Grieg Seafood Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary26 Aug, 2025

Executive summary

  • Signed agreement to sell Finnmark, Newfoundland, British Columbia, and Canadian operations for NOK 10.2 billion, streamlining focus on Rogaland and a leaner HQ.

  • Permanent CEO appointment marks a new leadership chapter.

  • Rogaland remains the core region, delivering strong biological and financial results with high survival rates and cost control.

  • Strategic shift from global to regional operations, prioritizing profitability over growth and leveraging post-smolt technology.

  • Divestment expected to strengthen financial position, enabling net cash status and increased flexibility for shareholder returns and Rogaland investments.

Financial highlights

  • Q2 2025 harvest volume from continued operations: 8,850 tonnes, up 219% year-over-year; total including discontinued: 21,798 tonnes.

  • Sales revenue from continued operations: NOK 1,007 million (Q2), NOK 1,942 million (YTD).

  • Operational EBIT: NOK 91 million (Q2), NOK 291 million (YTD); EBIT per kg: NOK 10.3 (Q2), NOK 17.9 (YTD).

  • Rogaland operational EBIT: NOK 145 million, NOK 16.5 per kilo, despite lower price environment.

  • Realized price per kilo: NOK 74.8, down 12% year-over-year due to lower spot prices.

Outlook and guidance

  • Revised 2025 harvest volume guidance: 30,000 tonnes for Rogaland; Q3 2025 expected harvest: 8,000 tonnes.

  • Farming cost per kg expected to increase slightly in Q3 but full-year cost projected at NOK 60/kg, NOK 3 below previous guidance.

  • Capex for 2025 revised to NOK 325 million, focused on maintenance and VAP facility.

  • Market prices expected to remain low, with gradual increase into next year as production normalizes.

  • Flexibility maintained due to regulatory uncertainties.

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Frequently asked questions

Grieg Seafood ASA, operates as a fish farming company. The company supplies farmed salmon and trout from Norway, Scotland, Chile and Canada. Its products include seafood, including fresh seafood and frozen seafood; aquaculture food; and pet food. The company operates through three segments: Norway, Chile and Canada. The company is also involved in purchasing crude oil for the purpose of producing fish farm heating. Grieg Seafood is based in Bergen, Norway.

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