Grieg Seafood Asa · OSL:GSF
Grieg Seafood Asa — Grieg Seafood Asa Ord — Q4 2024 Earnings Presentation
34 slides from Grieg Seafood Asa's earnings presentation, Feb 20, 2025
Slide 1: Q4 2024
Q4 2024 20.02.2025 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 • TRANSFORMATION PROGRAM • OPERATIONAL REVIEW • FINANCIAL REVIEW • THE WAY FORWARD • OUTLOOK AND SUMMARY • APPENDIX 20.02.2025 Grieg Seafood ASA - Q4 2024 3
Slide 4: Highlights
Highlights • Operational EBIT in the quarter of NOK -74 million (NOK -67 million), equivalent of NOK -3.1 per kg (-3.1 per kg) • Finnmark impacted by string jellyfish attack at Vinnalandet, triggering a cost increase of NOK 75 million. Good production at the other sea sites • Stable and good growth
Slide 5: Transformation program
Transformation program • Reallocating resources to develop our strong Norwegian asset base ◦ Operational improvements and cost efficiency measures ◦ Deploying best-practice to bring value creation in Finnmark up to par with Rogaland • Strengthening our financial flexibility and ensuring long- term l
Slide 6: Operational Review
OPERATIONAL REVIEW 20.02.2025 Grieg Seafood ASA - Q4 2024 6
Slide 7: GSF Rogaland
GSF Rogaland NOK million Q4 2024 Q3 2024 Q4 2023 YTD 2024 YTD 2023 Harvest volume (tonnes GWT) 8,074 8,543 2,159 28,813 25,980 • Good seawater production and continued strong performance Revenues 619.2 605.3 167.5 2,431.7 2,305.2 ◦ Maintained efficient utilization of MAB*, exiting quarter with full
Slide 8: GSF Finnmark
GSF Finnmark NOK million Q4 2024 Q3 2024 Q4 2023 YTD 2024 YTD 2023 • Good underlying seawater production, but impacted by Harvest volume (tonnes GWT) 10,122 6,045 10,387 25,717 25,170 jellyfish attack at Vinnalandet Revenues 702.7 398.7 736.1 1,844.3 1,946.6 ◦ Despite biological challenges, Finnmark
Slide 9: GSF BC
GSF BC • Improved and stabilized seawater production NOK million Q4 2024 Q3 2024 Q4 2023 YTD 2024 YTD 2023 • Maintained a cautious approach towards investments. Awaiting clarified political framework Harvest volume (tonnes GWT) — 3,217 6,038 12,499 17,682 ◦ Long-term strategic perspectives prevail R
Slide 10: GSF Newfoundland
GSF Newfoundland • Strong seawater production continues, despite declining NOK million Q4 2024 Q3 2024 Q4 2023 YTD 2024 YTD 2023 sea temperature in Q4 • Harvest of the second generation commenced this quarter Harvest volume (tonnes GWT) 5,355 — 3,184 10,674 3,184 with a superior share of 96% Revenue
Slide 11: Financial Review
FINANCIAL REVIEW 20.02.2025 Grieg Seafood ASA - Q4 2024 11
Slide 12: Profit & loss
Profit & loss Profit & loss (NOK million) Q4 2024 Q3 2024 Q4 2023 YTD 2024 YTD 2023 Harvest volume tonnes GWT 23,551 17,806 21,767 77,704 72,015 Sales revenues 2,248.8 1,460.7 1,937.7 7,519.5 7,019.6 Operational EBIT* -74.0 -175.0 -67.0 8.1 779.7 • Market prices, higher harvest volume and superior F
Slide 13: Cash flow
Cash flow Changes in cash and cash equivalents NOK million • Net cash flow from operations NOK -213 million ◦ Operational EBITDA* impacted cash flow by NOK 96 million (NOK 85 million in Q4 2023) 96 53 203 ◦ Changes in working capital of NOK -359 million, incl. change in 155 741 biomass of NOK 64 mil
Slide 14: Investments
Investments • Gross investments* in Q4 2024 of NOK 441 million (YTD NOK 1,386 million) ◦ Growth investments Q4 2024 of NOK 383 million (YTD 1 106 million) ◦ Maintenance investments Q4 2024 of NOK 57 million (YTD 280 million) • Planned 2025 CapEx of ~ NOK 950 million ◦ Maintenance investments ~ NOK 3
Slide 15: Net interest-bearing debt
Net interest-bearing debt Capital structure (NOK million) 31.12.2024 Green bond loan 1,393 • Investment in biomass and operational assets contributed Term loan 2,523 to the increase in NIBD during the quarter Revolving credit facility 1,380 Lease liabilities (incl IFRS 16) 1,423 • Establishment of N
Slide 16: Three transforming actions to enhance financial robustness
Three transforming actions to enhance financial robustness 1 2 3 HYBRID BOND ISSUE LEASE FINANCE OF SMOLT FACILITY CAPEX OPTIONALITY IN CANADA To give strategic flexibility and provide Boost financial flexibility and provide Creating optionality on investment profile balance sheet robustness long-da
Slide 17: Three actions to enable a transformation of Grieg Seafood
Three actions to enable a transformation of Grieg Seafood SALE- CANADA Q4 REPORT HYBRID BOND PRO-FORMA LEASEBACK REVIEW Equity ratio ~7% 32% ~7% - 47% (excl. IFRS) Est. effect based on ongoing dialogues NOK ~ NOK ~3,200m Cash NOK 1,500m NOK ~1,000m NOK 203m Before Green bond Est. net cash effect aft
Slide 18: The way forward
The way forward Reallocating resources to profitable growth in Norway while maintaining optionality in Canada Y CE IT E AT AL EN LD IC ON LL HO Rogaland Finnmark British Columbia Newfoundland PL TI CE RE ON OP EX 37% of total harvest 2024 33% of total harvest 2024 16% of total harvest 2024 14% of to
Slide 19: Rogaland yielding strong results from post-smolt strategy – other regions to follow
Rogaland yielding strong results from post-smolt strategy – other regions to follow Region Rogaland has been a pioneer in larger smolt… …resulting in significant biological improvements Average harvested generational data from 2019-2024 Increased average smolt weight at transfer to sea, GSF Rogaland
Slide 20: Significant potential for improvement in Finnmark
Significant potential for improvement in Finnmark OPERATIONAL EBIT 12-months rolling 2019-2024 (NOK/kg) • Invested in improvement measures 40 Operational EBIT/kg (NOK) 30 ◦ Treatment capacity, UV filters, shielding technologies, vaccines 20 10 0 -10 • Underlying biological performance improving Q1 1
Slide 21: Protecting the value of our Canadian assets
Protecting the value of our Canadian assets • Scaling down growth ambitions and related CAPEX in Newfoundland by NOK 500-600 million in 2025-2029 • Strategic investments in BC on hold awaiting conclusions on the industry transition process • Expect harvesting volumes in Canada to decline by around 5
Slide 22: Outlook and Summary
OUTLOOK AND SUMMARY 20.02.2025 Grieg Seafood ASA - Q4 2024 22
Slide 23: Outlook
Outlook Sales & Market Guiding Rogaland Finnmark BC NL GSF Group (tonnes GWT) Q1 2024 (actuals) 9,400 5,700 700 5,300 21,100 • Expect continued robust salmon market due to healthy demand and limited supply growth Q2 2024 (actuals) 2,800 3,900 8,600 — 15,300 • Estimated contract share of 23% of Norwe
Slide 24: Summary
Summary • String jellyfish attack at Vinnalandet, Finnmark, impacted Group's EBIT. Production is good going into Q1 • Good production in Norway and MAB* close to fully utilized at quarter-end • Good and stable production in Newfoundland and improved production in British Columbia • Launching transfo
Slide 25: Upcoming financial results
UPCOMING FINANCIAL RESULTS Financial year 2024 1 April 2025 Annual Report 2024 Financial year 2025 22 May 2025 Quarterly Report - Q1 2025 26 August 2025 Half-year Report - Q2 2025 13 November 2025 Quarterly Report - Q3 2025 The Company reserves the right to make amendments to the financial calendar
Slide 26: Appendix Q4 2024
APPENDIX Q4 2024 20.02.2025 Grieg Seafood ASA - Q4 2024 26
Slide 27: 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 • Our market
Slide 28: Spot market price development
Spot market price development NQSALMON/SISALMONI WEEKLY AVERAGE (NOK/KG) 140 130 120 110 100 90 80 70 60 50 40 30 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 2021 2022 2023 2024 2025 The chart graphs weekly average prices for NQSALMON up until week 31/2024, and SISALMONI from week 32/2024. 20
Slide 29: Profit & loss
GRIEG SEAFOOD GROUP NOK 1 000 Q4 2024 Q4 2023 YTD 2024 YTD 2023 Sales revenues 2,248,850 1,937,734 7,519,462 7,019,632 Other income -106,968 -7,975 -85,384 31,538 Share of profit from associates -5,145 -4,572 857 -6,957 Raw materials and consumables used -1,111,497 -995,993 -3,525,403 -2,747,944 Sal
Slide 30: Comprehensive income
GRIEG SEAFOOD GROUP NOK 1 000 Q4 2024 Q4 2023 YTD 2024 YTD 2023 Net profit for the period -1,588,872 547,003 -2,651,275 559,750 Comprehensive Currency effect on investment in subsidiaries Currency effect on loans to subsidiaries Tax effect -4,173 8,477 -1,865 -32,227 -16,948 3,728 10,841 15,544 -3,4
Slide 31: Financial position - assets
GRIEG SEAFOOD GROUP NOK 1 000 31.12.2024 31.12.2023 Deferred tax assets 24,942 — Goodwill 20,463 727,111 Licenses incl. warranty licenses 1,171,480 1,489,798 Other intangible assets 7,264 13,275 Property, plant and equipment incl. right-of-use assets 5,452,803 5,095,401 Financial Indemnification ass
Slide 32: Financial position - equity and liabilities
GRIEG SEAFOOD GROUP NOK 1 000 31.12.2024 31.12.2023 EQUITY AND LIABILITIES Share capital 453,788 453,788 Financial Treasury shares -4,812 -5,255 Contingent consideration 701,535 701,535 Retained earnings and other equity 2,700,802 5,519,102 position Total equity 3,851,313 6,669,170 Deferred tax liab
Slide 33: Cash flow
GRIEG SEAFOOD GROUP NOK 1 000 Q4 2024 Q4 2023 YTD 2024 YTD 2023 EBIT (Earnings before interest and taxes) -1,561,469 484,516 -2,310,109 980,730 Depreciation, amortization and write-down 1,903,407 151,919 2,384,430 554,568 Gain/loss on sale of property, plant and equipment 582 7,333 117 8,159 Share o
Slide 34: Share information
Share information THE 20 LARGEST SHAREHOLDERS IN GRIEG SEAFOOD ASA AT NO. OF SHARE- 31.12.2024 SHARES HOLDING Grieg Aqua AS 56,914,355 50.17% Number of shares • 113,447,042 shares incl. treasury shares OM Holding AS 6,139,076 5.41% Ystholmen Felles AS 1,923,197 1.70% Last issues • Q2 2020 - NOK 7 mi
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