Grieg Seafood reshapes business after Cermaq sale, with focus on Rogaland and post-smolt

Grieg Seafood has presented its Q4 2025 results, highlighting positive farming performance in Rogaland and a strengthened balance sheet after completing the sale of its Canada and Finnmark businesses to Cermaq.

CEO Nina Willumsen Grieg noted that this was the final presentation of results covering Grieg's now-discontinued operations following the sale. "I'm pleased that the closing occurred as scheduled in Q4. It has required quite some resources and focus from our organisation, and we look forward to focusing solely on Rogaland going forward," she said, opening the results presentation yesterday morning.

The company harvested a total of 7,372 tonnes in the quarter, compared with 8,074 tonnes in the same period last year, with EBIT reaching NOK 20.7 per kg.

Grieg Seafood also reported it entered the fourth quarter close to its maximum allowed biomass (MAB) capacity following what Willumsen Grieg described as a "challenging" third quarter, and exited the period with MAB utilisation of 98%. The company also reported continued strong freshwater production in Rogaland, with average smolt size exceeding 1 kg during 2025.

During the quarter, the group completed the divestment of its operations in Canada and Finnmark. Willumsen Grieg said the proceeds have been used to repay a substantial portion of its outstanding debt.

In her report to shareholders, the CEO described the deal as “an important milestone in reshaping Grieg Seafood into a more focused and financially robust Norwegian aquaculture company,” and added that the company is supporting Cermaq through a limited transition period to ensure a smooth handover.

According to Willumsen Grieg, the company has continued to adapt its organisation and cost base following the divestments. “We will go from global growth to regional profitability. This shift requires disciplined execution,” she said, explaining that the group has adapted its cost base, governance model and internal processes with its revised strategy.

"Having completed downsizing, we have turned our focus to absolute cost and reducing complexity. As part of that, we have identified additional cost reduction of a conservative estimate of 50 million NOK in 2026," she said.

Operationally, Rogaland showed steadily improving biological performance, which the CEO claimed confirms that the region “provides a strong foundation for the company”. The company aims to strengthen Rogaland as a “best-in-class operation within Norwegian aquaculture”.

A central element of that ambition is the post-smolt strategy, which the CEO described as “increasingly fundamental to how we operate”, providing greater flexibility, improved biological control and more efficient use of licences.

As part of this increasingly important strategic focus on post-smolt, Willumsen Grieg pointed to Grieg Seafood's recent investments in land-based production, including the news in January, as reported by WeAreAquaculture, that Tytlandsvik Aqua, the post-smolt RAS facility Grieg owns in partnership with Bremnes Seashore and Vest Havbruk, has acquired long-established smolt supplier Fister Smolt.

This week, another Grieg Seafood joint venture, Årdal Aqua, located in Årdal, municipality of Hjelmeland, formalized a contract worth NOK 200 million with aquaculture technology firm AKVA group for the design and delivery of a RAS smolt facility.

Willumsen Grieg said that in 2026, the company plans to conduct a pilot at Årdal, aiming for a harvest of 500 toones of fully grown fish, which she said would "provide insights into the potential of full cycle landbased production."

Following completion of the Cermaq transaction, the Grieg Seafood board has made a decision in principle to distribute NOK 4 billion to shareholders. Willumsen Grieg said the proposal reflects confidence in the company’s financial position and its commitment to shareholder value, while maintaining what she described as a solid and resilient balance sheet.

Looking ahead, she said the company is building “a more focused, efficient, and robust Grieg Seafood - firmly rooted in Western Norway.”