Grieg Seafood Asa · OSL:GSF
Grieg Seafood Asa — Grieg Seafood Asa Ord — Q2 2025 Earnings Presentation
28 slides from Grieg Seafood Asa's earnings presentation, Aug 26, 2025
Slide 1: Q2 Presentation 2025
Q2 2025 Q2 PRESENTATION 2025 26.08.2025 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 • ROGALAND - ABOUT THE REGION • FINANCIAL REVIEW • DIVESTMENT OF FINNMARK AND CANADA • OUTLOOK FOR GRIEG SEAFOOD • APPENDIX 26.08.2025 Grieg Seafood ASA - Q2 2025 3
Slide 4: Highlights
Highlights • Agreement with Cermaq Group for sale of Finnmark and Canadian operations for NOK 10.2 billion (EV, cash- and debt-free) signed in July, following a process in Q2 • Good production at freshwater and seawater across all regions in Q2 2025 • Harvest volume of 8,850 tonnes (2,771 tonnes). T
Slide 5: Grieg Seafood is moving in a new direction
Grieg seafood is moving in a new direction FROM… TO… LEVERAGING… Focus on global growth and Regional focus and profitable Proven and tested post-smolt strategy greenfield projects in Canada, growth, aiming at maximizing with three post-smolt facilities aiming for >130 Kt financial results Four regio
Slide 6: Operational Review
OPERATIONAL REVIEW 26.08.2025 Grieg Seafood ASA - Q2 2025 6
Slide 7: GSF Rogaland
GSF Rogaland Quarterly performance NOK million Q2 2025 Q1 2025 Q2 2024 YTD 2025 YTD 2024 Strong freshwater performance during the quarter Harvest volume (tonnes GWT) 8,850 7,419 2,771 16,269 12,196 • 1.2 million smolt released with an average input weight of 1,290 grams Revenues 662.1 665.9 236.3 1,
Slide 8: Rogaland has a fully integrated value-chain infrastructure with large post-smolt facilities and processing
Rogaland has a fully integrated and invested value-chain infrastructure with large post-smolt facilities and processing 1 SMOLT POST-SMOLT PENS AND FARMING PROCESSING VAP Broodstock production in Grieg's post-smolt strategy Salmon are raised in the sea Efficient in-house harvesting A new 10,000-tonn
Slide 9: Rogaland pioneer in larger smolt since 2011, resulting in biological improvements
Region Rogaland has been a pioneer …resulting in significant biological in larger smolt since 2011… improvements 2 Smolt size when 100g – 1,000g >1,000g inserted to sea Average annual smolt weight at transfer to sea, GSF Rogaland -9% 90g 400g 670g 1,120g 1,400g 1.40 Avg. economic feed 1.28 3 convers
Slide 10: Financial Review
FINANCIAL REVIEW 26.08.2025 Grieg Seafood ASA - Q2 2025 10
Slide 11: Profit & loss
Profit & loss Q2 Q2 Profit & loss (NOK million) YTD 2025 YTD 2024 2025 2024 Sales revenues negatively impacted by lower prices Harvest volume tonnes GWT 8,850 2,771 16,269 12,196 • Partly off-set by higher superior share and fixed price contracts Sales revenues 1,006.8 426.1 1,942.0 1,608.6 Operatio
Slide 12: Cash flow
Cash flow Changes in cash and cash equivalents (NOK million) Net cash flow from operations NOK 351 million 84 • Operational EBITDA* from all operations of NOK 204 million (NOK 128 204 million in Q2 2024) 1,387 -212 • Changes in working capital of NOK 84 million, incl. change in biomass of NOK 43 mil
Slide 13: Net interest-bearing debt
Net interest-bearing debt Capital structure (NOK million) 30.06.2025 Down payment of NOK 1,220 million of the Green bond Green bond loan — • In addition to a NOK 500 million draw on the bridge loan and Term loan 2,435 NOK 290 million net drawdown on the RCF Revolving credit facility 1,260 Lease liab
Slide 14: Capital allocation strategy will favor dividends
Capital allocation strategy will favor dividends Balance sheet reviewed Liquidity buffer normalized While still ensuring 1 for optimization... for Rogaland operation … dividend distribution... 50% • Current financial • Operational liquidity • In general, we aim to target equity ratio structure is no
Slide 15: Divestment of Finnmark and Canada
DIVESTMENT OF FINNMARK AND CANADA 26.08.2025 Grieg Seafood ASA - Q2 2025 15
Slide 16: Divestment of operations in Finnmark and Canada
Divestment of operations in Finnmark and Canada Enterprise Value (EV) The agreed Enterprise Value is NOK 10.2 billion on a cash- and debt-free basis Net debt in the Transaction perimeter per Locked Box Dates (per 31 May 2025 for the Finnmark operations Net debt and 30 April 2025 for the Canadian ope
Slide 17: Outlook for Grieg Seafood
OUTLOOK FOR GRIEG SEAFOOD 26.08.2025 Grieg Seafood ASA - Q2 2025 17
Slide 18: 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 19: Upcoming financial results
UPCOMING FINANCIAL RESULTS 13 November 2025 Quarterly Report - Q3 2025 The Company reserves the right to make amendments to the financial calendar 26.08.2025 Grieg Seafood ASA - Q2 2025 19
Slide 20: Appendix Q2 2025
APPENDIX Q2 2025 26.08.2025 Grieg Seafood ASA - Q2 2025 20
Slide 21: 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 22: 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. 26
Slide 23: Profit & loss
GRIEG SEAFOOD GROUP NOK 1 000 Q2 2025 Q2 2024 YTD 2025 YTD 2024 Continued operations Sales revenues 1,006,787 426,134 1,941,964 1,608,600 Other income -1,160 -713 -6,684 4,472 Share of profit from associates 3,022 9,203 6,859 8,686 Raw materials and consumables used -599,860 -168,082 -987,539 -770,1
Slide 24: Comprehensive income
GRIEG SEAFOOD GROUP NOK 1 000 Q2 2025 Q2 2024 YTD 2025 YTD 2024 Net profit for the period -328,073 -700,796 -640,542 -1,031,489 Net other comprehensive income to be reclassified to profit/loss in subsequent periods Currency effect on investment in subsidiaries -8,813 -19,316 149,871 12,902 Currency
Slide 25: Financial position - assets
GRIEG SEAFOOD GROUP NOK 1 000 30.06.2025 30.06.2024 31.12.2024 Continued operations Goodwill 20,463 735,454 20,463 Licenses 206,393 1,490,665 1,152,173 Other intangible assets 5,278 13,129 10,119 Property, plant and equipment incl. right-of-use assets 836,466 5,561,071 5,399,240 Indemnification asse
Slide 26: Financial position - equity and liabilities
GRIEG SEAFOOD GROUP NOK 1 000 30.06.2025 30.06.2024 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 2,010,360 — — Financial Hybrid Bond Retained earnings and other equit
Slide 27: Cash flow
GRIEG SEAFOOD GROUP NOK 1 000 Q2 2025 Q2 2024 YTD 2025 YTD 2024 EBIT (Earnings before interest and taxes) -311,356 -597,609 -781,058 -917,197 Depreciation, amortization and write-down 161,230 163,110 321,305 314,158 Gain/loss on sale of property, plant and equipment — -265 -27 -413 Share of profit f
Slide 28: Share information
Share information THE 20 LARGEST SHAREHOLDERS IN GRIEG SEAFOOD ASA AT 30.06.2025 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 6,154,076 5.42% Ystholmen Felles AS 1,923,197 1.70% Last issues • Q2 2020 - NOK 7 mi
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