Grieg Seafood Asa Ord (GRGSF) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to Greg Sifud's first quarter presentation. We appreciate that so many have taken the time to join us. My name is Nina Willumsen-Greg and I'm joined here today by our CFO, Magnus Johannesson. I've been CEO in Grieg Seafood for eight weeks. However, I've been in the company for 10 years across regions and working in different roles in the full value chain. The last four years I've been heading Rogaland and I bring with me first-hand operational experience and a deep understanding of the building blocks of a successful salmon production. I'm entering this role at a challenging time for the company. Grieg Seafood have a long and proud history and a strong asset portfolio, but we're not happy with the results that the previous years. The combination of an ambitious CapEx program, biological challenges, and a turbulent geopolitical situation has led us with a financial situation that isn't sustainable. Ensuring financial robustness is at the top of our agenda to create value for all shareholders. I believe both Magnus and myself can bring new perspectives to the company while building on the foundation that is. And with that, let's take a look at Q1 and our key priorities for 2025. For Q1, we deliver an EBIT of 220 million, or 10.6 per kilo, with Rogaland the main margin contributor. As we have seen lower spot prices than anticipated throughout Q1, this reflects early operational improvements. Farming costs for the full group improved 3.4 kilo versus Q4 due to better biology. We are happy to report that underlying production and growth has been good in all regions. Especially in Norway, growth and biology has been strong, and we went into Q2 with maximum MIB in both regions. We are on track to harvest just below 21,000 tonnes in Q2. A main priorit...