Worker at a Grieg Seafood salmon farm in Norway.
Grieg Seafood has today released its full first-quarter 2025 results, painting a picture of operational strength in Norway tempered by a complex mix of financial difficulties, biological challenges, uncertainty in Canada, and ongoing corporate restructuring.
The company continues to press forward with its "financial transformation" strategy following a tumultuous 2024, in which EBIT fell by nearly 99%.
Grieg Seafood's results were presented in Oslo this morning by interim CEO Nina Willumsen Grieg, formerly Regional Director of Grieg Rogaland and a member of the Norwegian seafood group's founding family, who took over the position after former CEO Andreas Kvame resigned in March.
Introducing the results, Willumsen Grieg noted that although she has been interim CEO for just eight weeks, she has been working for the company for ten years, and was "entering this role at a challenging time for the company."
"We are not happy with the results of the previous years," she stated. "The combination of an ambitious capex program, biological challenges and a turbulent geopolitical situation has left us with a financial situation that isn't sustainable."
"Ensuring financial robustness is at the top of our agenda to create value for all shareholders. I believe both Magnus and myself can bring new perspectives to the company while building on the foundation," Willumsen Grieg added, referring to the CFO Magnus Johannesen, who was promoted to firm's top finance role in February.
Grieg continues to execute its financial transformation strategy, first introduced in early 2025 in response to the previous year’s poor results. This quarter saw the successful placement of a NOK 2,000 million (EUR 172.65 / USD 186.59 million) hybrid bond, which has strengthened the company’s balance sheet. A sale-leaseback initiative is also underway to further support financial flexibility.
"The transformation programme launched at the beginning of the year has been essential for the company. Reallocating resources to our strong Norwegian asset base is the main strategic change. This is not only a shift towards Norway but a shift from growth to profitability. We will proritise initiatives that strengthen equity, reduce debt and protect cash flow," Willumsen Grieg stated.
Grieg harvested a total of 20,770 tonnes of salmon during the quarter, a slight decrease from 21,075 tonnes in Q1 2024. The group's overall operational EBIT totalled NOK 221 million (EUR 19.1 / USD 20.6 m), down from NOK 292 million (EUR 25.2 / USD 27.3 m) in the same quarter last year, with an EBIT per kilogram of NOK 10.6 (EUR 0.91 / USD 0.99), compared to NOK 13.8 previously.
Rogaland, in western Norway, achieved the strongest performance. Biological conditions were better than expected, and farming costs were 12.5% below previous guidance, Willumsen Grieg reported. This contributed to a 13% reduction in production costs compared to the same period last year, and reinforced the region’s role as a key driver of profitability for the group. Grieg expects to harvest 9,200 tonnes in the second quarter, and maintains its full-year estimate for Rogaland at 30,000 tonnes.
"In Rogaland, superior quality fish improved from 57% last year to 83%," Willumsen Grieg commented. "As a fish farmer, it's especially rewarding when strong biological performance and resulting low farming costs are the main driver behind our results." The interim CEO also highlighted that Grieg's Årdal Aqua post-smolt facility in Rogaland remains on track.
Meanwhile, the Finnmark region reported more mixed results. While farming costs were 4.5% below earlier projections and underlying biology remained stable for most of the quarter, an outbreak of cardiomyopathy syndrome (CMS) occured late in the period. As a result, the company began early harvesting in several pens, a move expected to raise farming costs in Q2, estimated at NOK 25–30 million. Looking ahead, Willumsen Grieg said the company expected Finnmark to produce a Q2 harvest of 7,800 tonnes, and 32,000 tonnes for the full year 2025.
Operations in Canada remained stable in terms of fish health, Grieg Seafood reported. In British Columbia, there was no commercial harvest due to a "strategic focus on biomass growth". Grieg estimates the harvest for Q2 to stand at 4,000 tonnes, with overall guidance for the year totalling 12,000 tonnes.
Meanwhile, the Newfoundland region showed good biological performance and high survival rates despite low seawater temperatures, with a superior share of 95%. Grieg does not expect to harvest any fish in the second quarter, but gave an estimated harvest volume of 10,000 tonnes for the full year.
However, Grieg's near-term plans in Canada remain in question, with the company cutting back on its capex in Newfoundland by "demobilizing" its planned post-smolt facility in Marystown - with resources earmarked for Canada now reallocated to Norway.
"Newfoundland is undoubtedly a challenge for Grieg Seafood, given our financial situation," Willumsen Grieg said, noting that despite its long-term potential, Grieg's development of the region would be "constrained near-term". Currently, "production remains subscale", she stated, adding that farming costs were high due to "underutilization", and noting that Grieg was working with employees in Canada "to find a way forward that is not loss-making".
Meanwhile, in British Columbia, Willumsen Grieg indicated the Norwegian seafood company was still awaiting clarity on farming regulations before taking any major investment decisions.
"Because of the political situation, both for tariffs and the announced open net ban, we have a cautious investment approach in BC," Willumsen Grieg said.
"However, we observe a shift in tone from the new goverment, with an increased focus on economic growth and local employment. We view this as a potentially positive change, and look forward to a constructive dialogue supporting long-term viability for salmon farming in BC," she added.
A series of management changes have also shaped the company’s recent trajectory. As noted above, in March, CEO Andreas Kvame announced he was leaving the company, to be replaced by interim CEO Nina Willumsen Grieg, while new CFO Magnus Johannesen, joined in February. In May, Grieg Seafood announced that its Chairman of the Board and company founder Per Grieg Jr. would be stepping down, after 33 years with the company.
Further down the Grieg Seafood ranks, both the Chief Strategy Director, Nina Stangeland, and Global Quality Assurance Director, Martin Mjos-Haugland departed the company in April. Meanwhile, as part of a broader cost-efficiency effort, Grieg laid off staff at its Bergen head office during the quarter.
