Grieg Seafood Asa · OSL:GSF
Grieg Seafood Asa — Grieg Seafood Asa Ord — H1 2026 Earnings Presentation
26 slides from Grieg Seafood Asa's earnings presentation, Aug 27, 2026
Slide 1: H1 Presentation 2026
H1 PRESENTATION 2026 27.08.2026 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 TRANSFORMATION • OPERATIONAL REVIEW • FINANCIAL REVIEW • FUTURE BUILDING BLOCKS • APPENDIX 27.08.2026 Grieg Seafood ASA - First half year of 2026 3
Slide 4: Highlights
Highlights • Harvest volume of 13,788 tonnes (16,269 tonnes) • Operational EBIT/kg of NOK 0.6 for the first half year of 2026 from the Farming segment, and NOK 1.1 from the Sales and VAP segment • Continued strong freshwater production in Rogaland, with average smolt size towards 1.3 kg in the first
Slide 5: Grieg Seafood has finalized its transition, and is now focusing on operational improvements and stability across the value chain
Grieg Seafood has finalized its transition, and is now focusing on operational improvements and stability across the value chain BALANCE SHEET OPTIMIZATION STRATEGIC PIVOT NEW GRIEG SEAFOOD FOCUS GOING FORWARD Q1 2025 Mar-Apr 2025 May-Jul 2025 Aug-Dec 2025 Aug-Dec 2025 Jan-Apr 2026 June 2026 July 20
Slide 6: Operational Review
OPERATIONAL REVIEW 27.08.2026 Grieg Seafood ASA - First half year of 2026 6
Slide 7: GSF Rogaland
GSF Rogaland Half-year performance NOK million YTD 2026 YTD 2025 Strong freshwater performance during the period Harvest volume (tonnes GWT) 13,788 16,269 • 2.9 million smolt released with an average input weight of 1.3 kg Average harvest weight (kg) 4.8 5.1 • All freshwater facilities, incl. jointl
Slide 8: Post-smolt distribution continues to be tilted towards 1kg+, and freshwater capacity will now only be allocated to post-smolt production
Post-smolt distribution continues to be tilted towards 1kg+, and freshwater capacity will now only be allocated to post-smolt production Post-smolt distribution remains weighted towards higher average weights - a competitive Learnings from the fully grown land-based advantage for future collaboratio
Slide 9: GSF Sales and VAP
GSF Sales and VAP Half-year performance Price performance compared to SISALMON index Established as a separate operational segment Weighted SISALMON Index FCA South, NOK/KG Price achieved is for all GSFR Achieved Price, NOK/KG volume and all qualities- • H1 results includes figures from our sales op
Slide 10: Financial Review
FINANCIAL REVIEW 27.08.2026 Grieg Seafood ASA - First half year of 2026 10
Slide 11: Profit & loss
Profit & loss Profit & loss (NOK million) YTD 2026 YTD 2025 Sales revenues reduced from H1 2025, attributable to lower price Harvest volume tonnes GWT 13,788 16,269 achievement and higher share of downgrade Sales revenues 1,834.4 1,942.0 Operational EBIT* -29.6 291.0 • Down 6% year-over-year Product
Slide 12: Cash flow
Cash flow Net cash flow from operations NOK -108 million Changes in cash and cash equivalents (NOK million) • Operational EBITDA* NOK 48 million (NOK 349 million in H1 20251) • Changes in working capital of NOK -257 million, incl. change in biomass of NOK 67 million 5,012 48 -156 -80 Net cash flow f
Slide 13: Net interest-bearing debt
Net interest-bearing debt Capital structure (NOK million) 30.06.2026 Net increase in NIBD of NOK 3,721 million mainly due to dividend distribution Hybrid bond redemption liability 87 • Operations with a negative impact on NIBD during the period due to weak earnings and higher Other borrowings includ
Slide 14: Capital allocation strategy to be more cautious due to current operating environment
Capital allocation strategy to be more cautious due to current operating environment 1 2 3 ...Opportunities in the industry requires Grieg ...as well as maintaining sufficient flexibility to Grieg Seafood still maintains a robust balance Seafood to create more headroom in the manage increased volati
Slide 15: 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 16: Capital Markets Day April 2027
Capital Markets Day 27 April 2027 • Grieg Seafood is pleased to invite shareholders, partners, analysts and other stakeholders to a Capital Markets Day on 27 April 2027 • Invitations for physical attendance will be shared in due course. The event will also be streamed online for those unable to atte
Slide 17: Upcoming financial results
UPCOMING FINANCIAL RESULTS 12 November 2026 Q3 2026 Extended trading update The Company reserves the right to make amendments to the financial calendar 27.08.2026 Grieg Seafood ASA - First half year of 2026 17
Slide 18: Appendix Q2 2026
APPENDIX Q2 2026 27.08.2026 Grieg Seafood ASA - First half year of 2026 18
Slide 19: 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. 27
Slide 20: Profit & loss
GRIEG SEAFOOD GROUP NOK 1 000 YTD 2026 YTD 2025 Continued operations Sales revenues 1,834,372 1,941,964 Other income -17,047 -6,684 Share of profit from associates 11,659 6,859 Raw materials and consumables used -1,166,759 -987,539 Salaries and personnel expenses -148,289 -183,935 Other operating ex
Slide 21: Comprehensive income
GRIEG SEAFOOD GROUP NOK 1 000 YTD 2026 YTD 2025 Net profit for the period -145,427 -640,542 Net other comprehensive income to be reclassified to profit/loss in subsequent periods Currency effect on investment in subsidiaries -467 149,871 Currency effect on loans to subsidiaries *) — -295,106 Tax eff
Slide 22: Financial position: Assets
GRIEG SEAFOOD GROUP NOK 1 000 30.06.2026 30.06.2025 31.12.2025 ASSETS Goodwill 20,463 20,463 20,463 Licenses 253,635 206,393 253,635 Other intangible assets 1,553 5,278 1,889 Property, plant and equipment incl. right-of-use assets 1,209,064 836,466 1,189,108 Indemnification assets — 40,000 — Financi
Slide 23: Financial position: Equity and liabilities
GRIEG SEAFOOD GROUP NOK 1 000 30.06.2026 30.06.2025 31.12.2025 EQUITY AND LIABILITIES Share capital 453,788 453,788 453,788 Treasury shares -4,818 -4,812 -4,818 Contingent consideration — 701,535 — Hybrid Bond 742,584 2,010,360 — Financial Retained earnings and other equity -201,579 2,064,656 4,052,
Slide 24: Cash flow
GRIEG SEAFOOD GROUP NOK 1 000 YTD 2026 YTD 2025 EBIT (Earnings before interest and taxes) -424,323 -781,058 Depreciation, amortization and write-down 77,628 321,305 Gain/loss on sale of property, plant and equipment — -27 Share of profit from associates -11,659 6,587 Fair value adjustment of biologi
Slide 25: Share information
Share information THE 20 LARGEST SHAREHOLDERS IN GRIEG SEAFOOD ASA AT 30.06.2026 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
Slide 26: griegseafood.com
griegseafood.com 27.08.2026 1
Grieg Seafood Asa Ord — H1 2026 Earnings Presentation on 6ix