Grieg Seafood (GSF) Q4 2025 earnings summary

Executive summary

• Completed sale of Canadian, Finnmark, British Columbia, and Newfoundland operations, shifting focus to Rogaland and transforming into a regionally focused aquaculture company.

• Achieved all-time high annual harvest volume in Rogaland at 30,462 tonnes GWT, exceeding guidance, with Q4 2025 harvest at 7,372 tonnes.

• Board proposes NOK 4 billion distribution to shareholders, pending audit and extraordinary general assembly.

• Entered NOK 2 billion sustainability-linked revolving credit facility with Nordea and SEB.

Financial highlights

• Q4 2025 sales revenue from continued operations: NOK 971.1 million, up from NOK 852.6 million in Q4 2024, driven by higher prices and average harvest weights.

• Operational EBIT for Q4 2025: NOK 152.8 million (NOK 19.4/kg), up from NOK 66.7 million (NOK 8.3/kg) year-over-year.

• Net profit for Q4 2025: NOK 1,921.3 million, including NOK 1,434.8 million from discontinued operations.

• Net cash flow from operations was NOK 173 million; operational EBITDA at NOK 408 million.

• Cash and cash equivalents at year-end: NOK 5,012 million (NOK 203 million at end 2024).

Outlook and guidance

• 2026 harvest volume guidance: 31,000 tonnes for the full year and 6,600 tonnes for Q1.

• Farming cost target remains NOK 60 per kilo in Rogaland, but not expected to be reached in 2025.

• Capex for Rogaland estimated at NOK 150 million for 2026 and NOK 100 million for 2027, mainly for maintenance and Årdal Aqua.

• Market expects tighter global salmon supply in 2026, with prices likely to increase.

• Further growth expected in 2027 due to increased smolt weights.