Grieg Seafood ASA – Q1 2025 Operational Update

Based on preliminary results for the first quarter of 2025, ending 31 March, Grieg Seafood expects operational and financial performance for the period to be above previous guidance in Rogaland, and slightly below consensus in Finnmark, British Columbia, and Newfoundland.

The deviation in Rogaland is primarily related to lower farming costs and higher harvest volumes. The site harvested in Q1 showed better-than-expected biological performance throughout the cycle. Operational performance in Finnmark was slightly better than the guidance provided in Q4, but below market consensus.

As current estimates no longer align with previous guidance, we provide the following updates:
· Rogaland: Q1 farming costs 12.5% below previous guidance
· Finnmark: Q1 farming costs 4.5% below previous guidance, but above market consensus
· British Columbia: Q1 harvest volume was limited and came from broodfish, resulting in significantly higher farming cost/kg due to low volumes
· Newfoundland: Operational performance was in line with expectations, but results were negatively impacted by one-off costs of approximately NOK 48 million, related to demobilizing the PSA construction site

In the second quarter, Finnmark is experiencing challenges related to cardiomyopathy syndrome (CMS). Harvesting of the affected site began in late Q1 and continued throughout April and into May in Q2 2025. The impacted fish had an average harvest weight of 1.1 kg, resulting in elevated farming costs. The issue will have a limited impact on Q1 results. Updated guidance and a full assessment of future financial impact will be provided in the Q1 presentation.

The company has also completed staff reductions at its head office to improve the company’s profitability. As a result, additional one-off costs related to management changes and personnel restructuring of NOK 20 million has been recognized in Q1 2025.

Grieg Seafood has revised the timing for release of the Q1 2025 report. Full financial results, will be published on 27 May 2025, from previously announced 22 May.

For inquiries, please contact:

Nina W. Grieg, CEO
+47 95 33 91 61

Magnus Johannesen, CFO
+47 95 91 32 43
 
The information included in this announcement is qualified as inside information pursuant to article 7 of the Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (Market Abuse Regulation) and is publicly disclosed in accordance with article 17 of the Market Abuse Regulation and section 5-12 of the Norwegian Securities Trading Act. The stock exchange announcement was published by May Hansen, Executive Assistant, Grieg Seafood ASA, on 8 May at 17:00 CEST.

About Grieg Seafood
Grieg Seafood ASA is one of the world's leading salmon farmers. Our farms are in Finnmark and Rogaland in Norway, and British Columbia as well as Newfoundland in Canada. Our headquarter is located in Bergen, Norway. Grieg Seafood ASA was listed at the Oslo Stock Exchange in June 2007.

Sustainable farming practices are the foundation of Grieg Seafood's operations. The lowest possible environmental impact and the best possible fish welfare is both an ethical responsibility and drive economic profitability.
To learn more, please visit www.griegseafood.com