Grieg Seafood Asa · OSL:GSF
Grieg Seafood Asa — Grieg Seafood Asa Ord — Q1 2025 Earnings Presentation
29 slides from Grieg Seafood Asa's earnings presentation, May 27, 2025
Slide 1: Q1 2025 Presentation
Q1 2025 Q1 PRESENTATION 2025 27.05.2025 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 • OUTLOOK • APPENDIX 27.05.2025 Grieg Seafood ASA - Q1 2025 3
Slide 4: Highlights
Highlights • Operational EBIT: NOK 221 million (NOK 289 million excl. one-off costs of NOK 68 million related to organizational restructuring and PSA demobilization) • Rogaland: Outperformed expectations across the value chain, with continued positive outlook driven by the post-smolt strategy • Finn
Slide 5: Phase 1 of the financial transformation is successfully completed
Phase 1 of the financial transformation is successfully completed Announcement 20 February Current status at end of Q1 • Operational improvements and cost efficiency measures • Successfully reallocated resources from Canada to Norway, including reorganizing +12pp Reallocated resources to HQ prioriti
Slide 6: Operational Review
OPERATIONAL REVIEW 27.05.2025 Grieg Seafood ASA - Q1 2025 6
Slide 7: GSF Rogaland
GSF Rogaland Quarterly performance NOK million Q1 2025 Q4 2024 Q1 2024 Strong freshwater performance during the quarter Harvest volume (tonnes GWT) 7,419 8,074 9,426 • 1.3 million smolt released with an average input weight of 960 grams Revenues 665.9 619.2 971.0 Robust seawater operations, supporte
Slide 8: GSF Finnmark
GSF Finnmark Quarterly performance NOK million Q1 2025 Q4 2024 Q1 2024 Solid freshwater performance at Adamselv during the quarter Harvest volume (tonnes GWT) 8,147 10,122 5,663 • No smolt transferred to sea, in line with operational plans Revenues 662.5 702.7 450.1 Strong seawater production, harve
Slide 9: GSF British Columbia
GSF British Columbia Quarterly performance NOK million Q1 2025 Q4 2024 Q1 2024 No commercial harvest in Q1 due to strategic focus on biomass growth Harvest volume (tonnes GWT) 116 — 666 Strong freshwater performance Revenues 6.0 12.4 50.7 • High-quality smolt transferred at an average weight of 140
Slide 10: GSF Newfoundland
GSF Newfoundland Quarterly performance NOK million Q1 2025 Q4 2024 Q1 2024 Good biological performance despite low seawater temperatures Harvest volume (tonnes GWT) 5,087 5,355 5,320 • Survival rate consistently high. 94% for Q1 2025 Revenues 463.2 465.6 451.9 Second-generation harvest commenced ach
Slide 11: Financial Review
FINANCIAL REVIEW 27.05.2025 Grieg Seafood ASA - Q1 2025 11
Slide 12: Profit & loss
Profit & loss Q1 Q4 Q1 Profit & loss (NOK million) 2025 2024 2024 Revenue positively impacted by higher average harvest Harvest volume tonnes GWT 20,770 23,551 21,075 weights, partly offset by increased downgrades compared Sales revenues 2,183.8 2,110.6 2,289.8 to Q4 2024 Operational EBIT* 220.5 -74
Slide 13: Cash flow
Cash flow Changes in cash and cash equivalents NOK million Net cash flow from operations NOK 158 million • Operational EBITDA* impacted cash flow by NOK 381 million 1,207 (NOK 443 million in Q1 2024) 1,387 ◦ Changes in working capital of NOK -88 million, incl. change -148 in biomass of NOK 265 milli
Slide 14: Investments
Investments Gross investments in Q1 2025 Planned investments for rest of Key rationale for investment strategy totalling NOK 167 million year 2025 is NOK ~800 million • Growth investments of NOK 127 • Additional growth investments of • Ensure long-term sustainable million NOK ~520 million for 2025 g
Slide 15: Net interest-bearing debt
Net interest-bearing debt Capital structure (NOK million) 31.03.2025 Green bond loan 1,220 Hybrid bond of gross NOK 2,000 million providing Term loan 1,934 temporary buffer, restructuring balance sheet and Revolving credit facility 1,550 reducing interest bearing liabilities Lease liabilities (incl
Slide 16: Successful financial transformation ensures flexibility for executing operational strategies
Successful financial transformation ensures flexibility for executing operational strategies COMPLETED IN Q1 PROGRESS 31 DEC CANADA 31 MARCH SALE- HYBRID BOND PRO-FORMA 2024 REVIEW 2025 LEASEBACK ~12% ~8% Equity ratio 34% - 46% Est. effect based on 54% (excl. IFRS) Improvement ongoing dialogues NOK
Slide 17: Outlook
OUTLOOK 27.05.2025 Grieg Seafood ASA - Q1 2025 17
Slide 18: Outlook
Outlook Sales & Market Guiding (tonnes GWT) Rogaland Finnmark BC NFL GSF Group Q1 2025 (actuals) 7,400 8,100 100 5,100 20,700 • Market fundamentals remain strong with high demand and limited global supply Q2 2025 9,200 7,800 4,000 — 21,000 growth Q3 - Q4 2025 13,400 16,100 7,900 4,900 42,300 • Expec
Slide 19: Grieg Seafood is moving in the right direction
Grieg Seafood is moving in the right direction 1 2 3 FINANCIAL OPERATIONAL FUTURE STABILITY ENHANCEMENTS IMPROVEMENTS Successful stabilization of Set to complete post-smolt Looking at additional financial situation - strategy. Supported by strategic levers for future providing stability and other st
Slide 20: Upcoming financial results
UPCOMING FINANCIAL RESULTS Financial year 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 27.05.2025 Grieg Seafood ASA - Q1 2025 20
Slide 21: Appendix Q1 2025
APPENDIX Q1 2025 27.05.2025 Grieg Seafood ASA - Q1 2025 21
Slide 22: 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 23: 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. 27
Slide 24: Profit & loss
GRIEG SEAFOOD GROUP NOK 1 000 Q1 2025 Q1 2024 FY 2024 Sales revenues 2,183,827 2,289,779 7,381,241 Other income -5,651 5,303 52,838 Share of profit from associates 2,412 -1,601 857 Raw materials and consumables used -923,503 -1,061,565 -3,525,403 Salaries and personnel expenses -226,445 -189,942 -79
Slide 25: Comprehensive income
GRIEG SEAFOOD GROUP NOK 1 000 Q1 2025 Q1 2024 FY 2024 Net profit for the period -312,469 -330,693 -2,450,507 Currency effect on investment in subsidiaries 155,157 32,218 10,841 Currency effect on loans to subsidiaries *) -312,632 19,187 15,544 Tax effect 68,779 -4,221 -3,420 Other comprehensive inco
Slide 26: Financial position - assets
GRIEG SEAFOOD GROUP NOK 1 000 31.03.2025 31.03.2024 31.12.2024 Goodwill 20,463 751,120 20,463 Licenses incl. warranty licenses 1,110,258 1,513,941 1,152,173 Other intangible assets 9,462 13,579 10,119 Property, plant and equipment incl. right-of-use assets 5,263,042 5,329,774 5,399,240 Indemnificati
Slide 27: Financial position - equity and liabilities
GRIEG SEAFOOD GROUP NOK 1 000 31.03.2025 31.03.2024 31.12.2024 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 1,957,066 — — Financial Hybrid Bond Retained earnings and other equity 2,490,027 5,235,593
Slide 28: Cash flow
GRIEG SEAFOOD GROUP NOK 1 000 Q1 2025 Q1 2024 FY 2024 EBIT (Earnings before interest and taxes) -469,702 -319,588 -2,379,964 Depreciation, amortization and write-down 160,075 151,048 2,454,285 Gain/loss on sale of property, plant and equipment -27 -148 117 Share of profit from associates -2,412 1,60
Slide 29: Share information
Share information THE 20 LARGEST SHAREHOLDERS IN GRIEG SEAFOOD ASA AT NO. OF SHARE- 31.03.2025 SHARES HOLDING Grieg Aqua AS 56,914,355 50.17% Number of shares • 113,447,042 shares incl. treasury shares OM Holding AS 6,154,076 5.42% Ystholmen Felles AS 1,923,197 1.70% Last issues • Q2 2020 - NOK 7 mi
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