Grieg Seafood Asa Ord (GRGSF) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to Gregg Seafood's third quarter presentation. My name is Nina Williamson Gregg and I am CEO of Gregg Seafood. Together with me for presenting today is also our CFO, Magnus Johannesson. Our agenda today is quite standard. I will start by presenting operations and some details and Magnus will follow an update on financial review and capital allocation. Summing up, I will restate a little bit what we said last time on our strategy going forward. So starting with the highlights of the quarter. I am pleased to report that we have received full regulatory clearance for both US and Norway. That was important for us. The process in Canada is progressing and we remain confident in closing the transaction during Q4. This will allow us, going into 2026, focusing on our core Norwegian operations and strengthening our financial position. Harvest volume for the quarter was almost 7,000 tonnes for continued operations. Due to lower market prices and higher costs, the operational EBIT for our farming activities was 3.2 NOK per kilo and close to zero for the group. Operationally, Q3 has seen strong freshwater results, but the environment at sea has been challenging, as for many others. However, by taking out our non-performing fish groups at higher cost this quarter, we were able to ensure a maximum MIB into Q4 and keep our guidance for the year at 30,000 tonnes. I will get back to the details on this. This quarter has also been a lot about setting up the structure for the new Grieg Seafood and getting started on cost reductions. As we emphasized last quarter, we are moving forward with a clear direction. We will go from global to regional and from growth to profitability. Our goal is simple, operational excellence. We have made significant progress this qua...