Grieg Seafood (GSF) Investor presentation summary

Transaction and bond terms

• Proposed perpetual callable green hybrid issuance of up to NOK 750m; proceeds for Green Bond Framework projects, including refinancing the existing hybrid.

• Conditional buyback of the outstanding GSF02 ESG hybrid at 105.75% of par; remaining untendered amount planned to be called at 105% using the Capital Replacement clause.

• Pro forma capitalization: equity ratio 58.7%; LTV 27.6% excluding and 40.6% including the hybrid; leverage 4.4x and 6.5x, respectively, based on LTM Q1 2026 EBITDA.

• Bonds are subordinated, perpetual and callable at par after four years; interest may be deferred at the issuer’s discretion, and a 5.0% margin step-up applies after four years if not called, subject to the stated investment-grade exception.

• Intention to list on Oslo Børs within six months of issue; green-bond qualification under the EU Green Bond Standard is not assured.

Strategic repositioning and operations

• Strategic shift from global growth to a leaner Norwegian model focused on Rogaland; Canada and Finnmark divestments completed, with the Cermaq transaction finalized at NOK 10.2bn.

• 2025 harvest volume was 30,461 tonnes; five-year average operational EBIT was NOK 20.9/kg, with Rogaland identified as the core production region.

• Rogaland’s 19 sea licenses support 17,800 tonnes of maximum allowed biomass; 2025 total processing capacity was 45,000 tonnes, including a new 10,000-tonne VAP facility.

• More than 50% of post-smolt were above 1kg when put to sea; smolt above 800g reduced sea days by 36% and lice treatments by 50%, with survival up 8 percentage points.

• Q1 2026 included elevated costs and biological challenges; positive production and mortality trends were reported heading into H2, with 60% of the NOK 50m savings target implemented.

Financial position and credit profile

• 2025 sales revenue was NOK 3,694m, up NOK 377m YoY; operational EBIT was NOK 433m versus NOK 474m in 2024, and net profit was NOK 1,109m.

• 2025 year-end cash was NOK 5,012m after divestment proceeds; net interest-bearing debt was negative NOK 2,485m, and the equity ratio was 52%.

• Pro forma transaction capitalization shows total interest-bearing debt of NOK 2,675m, net interest-bearing debt of NOK 2,331m and equity of NOK 6,350m.

• The new bank syndicate with Nordea and SEB, together with the planned hybrid refinancing, is intended to reduce financing costs and strengthen liquidity flexibility.

• Long-term target for other costs, including ownership and headquarters, is NOK 3/kg; all material one-off costs were recognized in Q1 2026.