Grieg Seafood (GSF) Q2 2025 earnings summary

Executive summary

• Permanent CEO appointed and agreement signed to sell Finnmark, Newfoundland, and Canadian operations to Cermaq for NOK 10.2 billion, streamlining focus on Rogaland and a leaner HQ.

• Strategic shift from global growth to regional profitability, leveraging post-smolt technology and operational excellence in Rogaland.

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

• 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 from continued operations: NOK 91.1 million (NOK 10.3/kg), up from NOK 17.8 million (NOK 6.4/kg) in Q2 2024.

• Net cash flow from operations: NOK 351 million; net cash flow from investments: -NOK 212 million; net cash flow from financing: -NOK 1,273 million.

• Net loss from continued operations: NOK 70 million (Q2), NOK 341 million (YTD).

Outlook and guidance

• Harvest guidance for Rogaland is 8,000 t for Q3 and 30,000 t for the year, revised down from previous 84,000 t due to divestments.

• 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 in the near term, with improvement anticipated as production normalizes next year.

• Future investments will focus on strengthening Rogaland and regional synergies, not volume expansion.