Grieg Seafood (GSF) Investor presentation summary

Performance and growth targets

• H1 2019: strong biological performance in Norway; earnings supported by high prices and cost reductions.

• Weaker performance in British Columbia and Shetland reflected biological challenges; Shetland also faced persistently high costs.

• Harvest target: 82,000 tonnes in 2019, increasing to 100,000 tonnes in 2020, with costs at or below the industry average.

• Long-term priorities include sustainable salmon farming and value creation, with sustainability as the foundation of operations.

Post-smolt strategy

• Average expected smolt size rose from 90g in 2017 to 180g in 2018 and 250g in 2019; 425g targeted for 2020.

• Larger smolt are expected to shorten sea grow-out, free seawater capacity, reduce active sea sites and seawater capex, and improve survival and biosecurity.

• More robust fish and flexible release timing are intended to reduce biological risk, enable longer fallow periods and support more stable, lower-cost production.

• Finnmark targeted 8 million smolt capacity and 200g smolt in 2019, with self-sufficient supply; Adamselev produced 6.5 million smolt at 150g in 2018.

• Rogaland's 2019 forecast was 250g average smolt and one site below 365 sea days; 2020 targets were 425g and three sites below 365 days.

Operational progress

• Rogaland smolt size ramp-up faced slow initial growth and inefficient feeding; the situation was improving, with significant longer-term potential.

• Hestholmen Spring 2018 generation results showed all cycles under 365 days; cycles M1–M4 ran 337–351 days, while M5–M6 ran 178–200 days.

• Strategic focus areas also include digitalization in salmon farming, biosecurity and fish welfare, and expansion opportunities.