Worker at a Grieg Seafood salmon farm in Norway.
Grieg Seafood has today released its trading update for the first quarter of 2025, reporting it has achieved a total harvest volume of approximately 20,800 tonnes GWT, surpassing its own earlier Q1 forecast of 18,800 tonnes.
The Norwegian salmon company reported that its Rogaland operations harvested 7,400 tonnes, a drop of 2,000 tonnes compared with the same period last year.
Grieg's Finnmark operations fared best during the quarter, delivering 8,100 tonnes, surpassing the company's 7,600-tonne forecast with a significant jump from the 5,700 tonnes harvested in Q1 2024.
In Canada, Grieg reports mixed results during the quarter. The company's Newfoundland operations harvested 5,100 tonnes, slightly above its 4,700-tonne projection and nearly matching Q1 2024 levels. Meanwhile, in British Columbia, Grieg reported a token harvest of 100 tonnes of spare broodfish, in line with earlier guidance that ordinary harvesting would not begin until Q2.
The first-quarter figures are generally in line with the outlook announced by the company in its most recent financial report, where it predicted increased Norwegian output and a 5% decline in Canadian volumes for the full year, citing regulatory challenges and its intention to take a "cautious" approach in Canada.
Grieg Seafood is targeting a total 2025 harvest of 84,000 tonnes, including 62,000 tonnes from Norway and 22,000 tonnes from Canada. The company said it will publish the complete Q1 2025 report on 22 May 2025.
On 31 March, the company announced CEO Andreas Kvame is stepping down after ten years at the helm, with Nina Willumsen Grieg, Regional Director of Grieg Seafood Rogaland and a member of the Grieg founding family, appointed interim chief executive.
Grieg Seafood is currently in the midst of a "financial transformation" program, which Kvame launched in February following disastrous 2024 results where the Norwegian seafood firm's EBIT plunged by almost 99%.
The strategy aims to reshape the company into what it describes as "a focused Norwegian seafood producer", scaling back its ambitions in Canada, and concentrating on core operations in Rogaland and Finnmark.
"By streamlining the Company's portfolio and reinforcing its financial foundation, Grieg Seafood is positioning itself for a return to profitability and long-term sustainable growth in its home market. This program will be executed as planned," the company said, announcing the leadership change.
