Grieg Seafood (GSF) Q3 2025 earnings summary

Executive summary

• Divestment of Finnmark and Canadian operations approved by Norwegian and US authorities; Canadian approval expected in Q4 2025, with transaction closing anticipated in Q4, enabling a strategic shift to core Norwegian operations and financial strengthening into 2026.

• New operating model implemented, including a ~55% reduction in HQ FTEs, with a strong focus on cost reduction, regional profitability, and organizational restructuring.

• Strategic transformation underway to position the company as a focused, efficient, and profitable Norwegian aquaculture player, prioritizing profitability over growth.

Financial highlights

• Q3 2025 harvest volume from continued operations was 6,820 tonnes, down 20% year-over-year; operational EBIT was NOK -1 million (NOK -0.2/kg), impacted by higher costs and restructuring.

• Sales revenues from continued operations were NOK 754 million, a 12% decrease compared to Q3 2024.

• Net cash flow from operations was negative NOK 304 million, with positive EBITDA of NOK 101 million offset by significant biomass buildup.

• Net profit for the period from continued operations was NOK -344 million, with discontinued operations contributing NOK 59 million.

• Net interest-bearing debt increased by over NOK 700 million, mainly due to financing discontinued operations.

Outlook and guidance

• Estimated harvest volume for 2025 remains at 30,000 tonnes, with 6,900 tonnes expected in Q4 2025.

• Farming costs are expected to normalize in Q4 2025 but remain above the long-term target of NOK 60/kg, with full-year cost per kilo slightly above NOK 60 (around NOK 62-62.5).

• Positive market outlook for 2026, with focus on strengthening Rogaland and enhancing profitability.

• Capex for continued operations in FY 2025 reduced by NOK 110 million to NOK 215 million.

• Preliminary estimate of NOK 4 billion dividend post-transaction, with a revised dividend policy planned for 2026.