Grieg Seafood (GSF) CMD 2022 summary

Strategy and growth

• Strategic pillars remain sustainable global growth, cost improvement and value-chain repositioning; footprint now focuses on Norway and Canada after exiting Shetland and entering Newfoundland.

• Harvest target of 90,000 tonnes in 2022 and 120,000–135,000 tonnes in 2026, from 75,000 tonnes in 2021; growth is expected to be back-loaded.

• Growth levers include capacity utilization, post-smolt, new sites and licenses, Newfoundland expansion and new concepts such as offshore and closed or semi-closed containment; M&A remains under consideration.

• Newfoundland supports growth beyond 2026; Placentia Bay has longer-term potential for 45,000 tonnes and Bays West could add 20,000 tonnes of harvest capacity.

• Cost-leadership ambition across operating regions, supported by post-smolt, preventive farming, digitalization and integrated operations.

Commercial strategy and value chain

• In-house sales organization handles 100% of fish volumes and coordinates sales with farming; the aim is to shift from supplier to strategic partner, with performance measured on group EBIT rather than internal sales margin.

• Value-added products target 20%–30% of harvest volume by 2026; the 2022 target was 5%–10% of harvested volume, supported by strategic and processing partners.

• Develop B2B brands including Skuna Bay, deepen retail and food-service relationships, and innovate in processing, packaging and distribution to pursue premiums and improve group EBIT/kg.

Regional operations and expansion

• 2026 harvest ambitions: Rogaland 35,000–40,000 tonnes, Finnmark 40,000–45,000 tonnes and British Columbia 30,000–35,000 tonnes.

• Rogaland post-smolt strategy includes 9,500 tonnes of planned and 3,600 tonnes of optional capacity expansion; 18 groups using smolt above 600g averaged 306 days at sea, with 6% better feed conversion and 30% higher smolt yield.

• Adamselv post-smolt capacity is planned to rise from 2,000 to 5,000 tonnes, with construction due to start at end-2022 and first delivery expected in 2024.

• British Columbia barriers, aeration and AI-supported operations reduced algae-related mortality from 3.4% to 0.4% since 2019; three sites were slated for barrier installation in 2022.

• Newfoundland Phase 1 targets 15,000 tonnes by 2026, with first harvest in 2023; later expansion depends on Phase 1 results, and more than 99% survival was reported after the May 2022 sea transfer.