Grieg Seafood Asa · OSL:GSF
Grieg Seafood Asa — Grieg Seafood Asa Ord — Q3 2025 Earnings Presentation
26 slides from Grieg Seafood Asa's earnings presentation, Nov 13, 2025
Slide 1: Q3 Presentation 2025
Q3 2025 Q3 PRESENTATION 2025 13.11.2025 1
Slide 2: Disclaimer
Disclaimer This presentation (the “Presentation”) has been produced by Grieg Seafood ASA (“GSF”) exclusively for information purposes and may not be copied, distributed, further disseminated or relied upon for any purpose by any person without our prior written consent. This Presentation contains fo
Slide 3: Agenda
Agenda • HIGHLIGHTS • STRATEGIC CHANGE • OPERATIONAL REVIEW • FINANCIAL REVIEW • FUTURE BUILDING BLOCKS • APPENDIX 13.11.2025 Grieg Seafood ASA - Q3 2025 3
Slide 4: Highlights
Highlights • Norwegian and US competition authorities have approved the divestment of GSF’s operations in Finnmark and Canada. Process with Canadian authorities is progressing. Expectation to close the transaction during Q4 • Harvest volume of 6,820 tonnes (8,543 tonnes) • Rogaland achieved an Opera
Slide 5: Grieg Seafood is moving in a new direction
Grieg seafood is moving in a new direction FROM… TO… Achieved to date (selected examples) New operating model implemented, ensuring regional teams Focus on global growth and greenfield Regional focus and profitable are set-up for success in their ongoing operational project and projects in Canada, a
Slide 6: Operational Review
OPERATIONAL REVIEW 13.11.2025 Grieg Seafood ASA - Q3 2025 6
Slide 7: GSF Rogaland
GSF Rogaland Quarterly performance NOK million Q3 2025 Q2 2025 Q3 2024 YTD 2025 YTD 2024 Strong freshwater performance during the quarter Harvest volume (tonnes GWT) 6,820 8,850 8,543 23,090 20,740 • 3.0 million smolt released with an average input weight of 890 grams Revenues 501.7 662.1 605.3 1,82
Slide 8: Freshwater production continues to be a priority going forward
Freshwater production continues to be a priority going forward, focusing on maintaining steadily improving post-smolt performance Our post-smolt is gradually increasing in average Post-smolt are now mostly larger, with very Benefits assumed from post-smolt remains size with noticeable economies of s
Slide 9: Grieg Seafood will retain an internal sales team
Grieg Seafood will retain an internal sales team to enhance our downstream operations and keep improving pricing strategies Grieg Seafood outperforms SISALMON index Strong collaboration between farming and sales Optimizing value from raw material through Quarter-over-Quarter last five quarters… have
Slide 10: Financial Review
FINANCIAL REVIEW 13.11.2025 Grieg Seafood ASA - Q3 2025 10
Slide 11: Profit & loss
Profit & loss Q3 Q3 Profit & loss (NOK million) YTD 2025 YTD 2024 Sales revenues negatively impacted by lower prices and lower average weights. 2025 2024 Realized price of NOK 73.6 per kg, up 4% year-over-year Harvest volume tonnes GWT 6,820 8,543 23,090 20,740 Sales revenues 754.4 856.5 2,696.3 2,4
Slide 12: Cash flow
Cash flow Net cash flow from operations NOK -304 million • Operational EBITDA* from all operations (incl. discontinued) of NOK 101 million (NOK -8 million in Q3 2024) • Changes in working capital of NOK -292 million, incl. change in biomass of NOK 387 million Net cash flow from investment activities
Slide 13: Net interest-bearing debt
Net interest-bearing debt Increase in NIBD of NOK 717 million, where NOK 392 million is directly Capital structure (NOK million) 30.09.2025 attributed to continued financing of divested regions until closing Green bond loan — • Transaction follows locked-box principles and post-locked-box items will
Slide 14: Capital allocation strategy remains firm with financial recovery on track
Capital allocation strategy remains firm with financial recovery on track Balance sheet reviewed and new bank Liquidity buffer normalized for Rogaland syndicate in final phase... operation… 50% Long-term target equity ratio, while day-1 ratio post transaction will be • New financial syndicate in fin
Slide 15: Future Building Blocks
FUTURE BUILDING BLOCKS 13.11.2025 Grieg Seafood ASA - Q3 2025 15
Slide 16: Key strategic building blocks
Key strategic building blocks Strengthen Prioritize Future-proof 1 2 3 Focus and prioritize initiatives in Western Norway Strengthen Rogaland & enhance profitability Position GSF for the future in Aquaculture (with Rogaland as the foundation) Enhance capacity and efficiency in Rogaland through Set a
Slide 17: Upcoming financial results
UPCOMING FINANCIAL RESULTS 25 February 2026 Quarterly Report - Q4 2025 The Company reserves the right to make amendments to the financial calendar 13.11.2025 Grieg Seafood ASA - Q3 2025 17
Slide 18: Appendix Q3 2025
APPENDIX Q3 2025 13.11.2025 Grieg Seafood ASA - Q3 2025 18
Slide 19: Our approach to sustainable business
Our approach to sustainable business Our pillars HEALTHY SUSTAINABLE PROFIT & LOCAL OCEAN FOOD INNOVATION PEOPLE COMMUNITIES Topics • Fish health and welfare • Safe and healthy food • Profitable operations • Human rights • Local value creation • Protecting wild salmon • Sustainable feed ingredients
Slide 20: Spot market price development
Spot market price development The chart graphs weekly average prices for NQSALMON up until week 31/2024, and SISALMONI from week 32/2024. 13.11.2025 Grieg Seafood ASA - Q3 2025 20
Slide 21: Profit & loss
GRIEG SEAFOOD GROUP NOK 1 000 Q3 2025 Q3 2024 YTD 2025 YTD 2024 Continued operations Sales revenues 754,380 856,455 2,696,344 2,465,055 Other income 8,105 1,012 1,421 5,484 Share of profit from associates 4,763 1,130 11,622 9,816 Raw materials and consumables used -449,140 -486,936 -1,436,679 -1,257
Slide 22: Comprehensive income
GRIEG SEAFOOD GROUP NOK 1 000 Q3 2025 Q3 2024 YTD 2025 YTD 2024 Net profit for the period -284,195 -30,913 -924,737 -1,062,403 Net other comprehensive income to be reclassified to profit/loss in subsequent periods Currency effect on investment in subsidiaries 54,819 2,112 206,027 15,014 Currency eff
Slide 23: Financial position - assets
GRIEG SEAFOOD GROUP NOK 1 000 30.09.2025 30.09.2024 31.12.2024 Continued operations Goodwill 20,463 735,954 20,463 Licenses 206,393 1,486,682 1,152,173 Other intangible assets 4,980 12,324 10,119 Property, plant and equipment incl. right-of-use assets 916,621 5,755,117 5,399,240 Indemnification asse
Slide 24: Financial position - equity and liabilities
GRIEG SEAFOOD GROUP NOK 1 000 30.09.2025 30.09.2024 31.12.2024 Continued operations EQUITY AND LIABILITIES Share capital 453,788 453,788 453,788 Treasury shares -4,812 -5,255 -4,812 Contingent consideration 701,535 701,535 701,535 Hybrid Bond 2,008,325 — — Financial Retained earnings and other equit
Slide 25: Cash flow
GRIEG SEAFOOD GROUP NOK 1 000 Q3 2025 Q3 2024 YTD 2025 YTD 2024 EBIT (Earnings before interest and taxes) 383,055 168,558 -398,002 -748,639 Depreciation, amortization and write-down 29,088 166,865 350,393 481,023 Gain/loss on sale of property, plant and equipment -240 -51 -267 -464 Share of profit f
Slide 26: Share information
Share information THE 20 LARGEST SHAREHOLDERS IN GRIEG SEAFOOD ASA AT 30.09.2025 NO. OF SHARES SHARE- HOLDING Number of shares Grieg Aqua AS 56,914,355 50.17% • 113,447,042 shares incl. treasury shares OM Holding AS 6,317,076 5.57% Last issues Folketrygdfondet 1,985,949 1.75% • Q2 2020 - NOK 7 milli
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