Grieg Seafood Asa · OSL:GSF
Grieg Seafood Asa — Grieg Seafood Asa Ord — Q4 2025 Earnings Presentation
26 slides from Grieg Seafood Asa's earnings presentation, Feb 25, 2026
Slide 1: Q4 2025 Presentation
Q4 2025 Q4 PRESENTATION 2025 25.02.2026 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 25.02.2026 Grieg Seafood ASA - Q4 2025 3
Slide 4: Highlights
Highlights • Harvest volume of 7,372 tonnes (8,074 tonnes) • Rogaland achieved an Operational EBIT/kg of NOK 20.7 for the quarter • Continued strong freshwater production in Rogaland, with average smolt size exceeding 1 kg in 2025 • Entered Q4 2025 close to maximum MAB capacity following recovery fr
Slide 5: Grieg Seafood is moving in a new direction
Grieg Seafood is moving in a new direction FROM… TO… Achieved in Q4 (selected examples) Continued to strengthen new operating model and Focus on global growth and Regional focus and profitable ensure focused effort on cost reduction. greenfield projects in Canada, growth, aiming at maximizing aiming
Slide 6: Operational Review
OPERATIONAL REVIEW 25.02.2026 Grieg Seafood ASA - Q4 2025 6
Slide 7: GSF Rogaland
GSF Rogaland Quarterly performance NOK million Q4 2025 Q3 2025 Q4 2024 YTD 2025 YTD 2024 Strong freshwater performance during the quarter Harvest volume (tonnes GWT) 7,372 6,820 8,074 30,462 28,813 • 1.4 million smolt released with an average input weight of 1,200 grams Average harvest weight (kg) 4
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 Post-smolt are now mostly larger, with very few small smolt; >50% is above 1.0 kg…with solid Benefits assumed from post-smolt remains performance in both land-based facil
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 Strong collaboration between farming and Optimizing value from raw material index Quarter-over-Quarter last six sales have improved harvest t
Slide 10: Financial Review
FINANCIAL REVIEW 25.02.2026 Grieg Seafood ASA - Q4 2025 10
Slide 11: Profit & loss
Profit & loss Q4 Q4 Profit & loss (NOK million) YTD 2025 YTD 2024 2025 2024 Sales revenues up from Q4 2024, attributable to improved price Harvest volume tonnes GWT 7,372 8,074 30,462 28,813 achievement and higher average harvest weights Sales revenues 971.1 852.6 3,667.4 3,317.6 Operational EBIT* 1
Slide 12: Cash flow
Cash flow Net cash flow from operations NOK 173 million Changes in cash and cash equivalents (NOK million) • Operational EBITDA* from all operations (incl. discontinued) of NOK 8,944 408 million (NOK 96 million in Q4 2024) • Changes in working capital of NOK -414 million, incl. change in biomass of
Slide 13: Net interest-bearing debt
Net interest-bearing debt Reduction in NIBD of NOK 6,875 million compared to end of Q3 2025 Capital structure (NOK million) 31.12.2025 • Bridge financing of NOK 250 million established in Q4 to ensure sufficient liquidity Hybrid bond 2,109 position to cover additional financing needs in divested reg
Slide 14: The Board will propose to the Ex. General Assembly to distribute NOK 4 billion in dividends
The Board will propose to the Ex. General Assembly to distribute NOK 4 billion in dividends to the shareholders NOK 4 billion shareholder distribution to With the following items outstanding... be formalized... End of March Anticipated call for extraordinary General Assembly • Further optimization o
Slide 15: Future Building Blocks
FUTURE BUILDING BLOCKS 25.02.2026 Grieg Seafood ASA - Q4 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 27 March 2026 Annual Report 2025 6 May 2026 Annual General Meeting 21 May 2026 Q1 Quarterly Report 2026 The Company reserves the right to make amendments to the financial calendar 25.02.2026 Grieg Seafood ASA - Q4 2025 17
Slide 18: Appendix Q4 2025
APPENDIX Q4 2025 25.02.2026 Grieg Seafood ASA - Q4 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 • Our market
Slide 20: 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 2022 2023 2024 2025 2026 The chart graphs weekly average prices for NQSALMON up until week 31/2024, and SISALMONI from week 32/2024. 25
Slide 21: Profit & loss
GRIEG SEAFOOD GROUP NOK 1 000 Q4 2025 Q4 2024 YTD 2025 YTD 2024 Continued operations Sales revenues 971,084 852,589 3,667,428 3,317,645 Other income 28,697 17,890 30,117 23,375 Share of profit from associates 3,243 -4,106 14,866 5,710 Raw materials and consumables used -517,755 -479,786 -1,954,434 -
Slide 22: Comprehensive income
GRIEG SEAFOOD GROUP NOK 1 000 Q4 2025 Q4 2024 YTD 2025 YTD 2024 Net profit for the period 1,921,344 -1,388,104 996,608 -2,450,507 Net other comprehensive income to be reclassified to profit/loss in subsequent periods Currency effect on investment in subsidiaries -41,779 -4,173 163,611 10,841 Currenc
Slide 23: Financial position - assets
GRIEG SEAFOOD GROUP NOK 1 000 31.12.2025 31.12.2024 Continued operations Goodwill 20,463 20,463 Licenses 253,635 1,152,173 Other intangible assets 1,889 10,119 Property, plant and equipment incl. right-of-use assets 1,189,108 5,399,240 Indemnification assets — 40,000 Investments in associates 223,51
Slide 24: Financial position - equity and liabilities
GRIEG SEAFOOD GROUP NOK 1 000 31.12.2025 31.12.2024 Continued operations EQUITY AND LIABILITIES Share capital 453,788 453,788 Treasury shares -4,818 -4,812 Contingent consideration — 701,535 — — Financial Hybrid Bond Retained earnings and other equity 4,007,757 2,901,442 Total equity 4,456,726 4,051
Slide 25: Cash flow
GRIEG SEAFOOD GROUP NOK 1 000 Q4 2025 Q4 2024 YTD 2025 YTD 2024 EBIT (Earnings before interest and taxes) 866,847 -1,631,325 468,845 -2,379,964 Depreciation, amortization and write-down 30,403 1,973,262 380,797 2,454,285 Gain/loss on sale of property, plant and equipment 4,420 581 4,153 117 Share of
Slide 26: Share information
Share information THE 20 LARGEST SHAREHOLDERS IN GRIEG SEAFOOD ASA AT 31.12.2025 NO. OF SHARES SHARE- HOLDING Grieg Aqua AS 56,914,355 50.17% Number of shares • 113,447,042 shares incl. treasury shares OM Holding AS 6,447,076 5.68% Folketrygdfondet 1,924,324 1.70% Last issues • Q2 2020 - NOK 7 milli
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