Grieg Seafood ASA Q1 2025 Operational Update

08 May 2025 17:00 CEST

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

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