The company is shifting its focus to Rogaland, having announced the sale of its subsidiaries in Finnmark, Newfoundland and British Columbia to Mitsubishi-owned salmon farming giant Cermaq.
Photo: Grieg Seafood.
Newly-confirmed Grieg Seafood CEO Nina Willumsen Grieg has presented the company's results for the second quarter of 2025 in Oslo this morning, and made it clear that the Norwegian seafood firm is taking a new strategic direction following the sale of its subsidiaries in Canada and Finnmark to Mitsubshi-owned salmon giant Cermaq, as reported by WeAreAqauculture in July.
The company reported on its results only for Rogaland and its central business, separating out the divested operations. Willumsen Grieg said that while she would not comment on the specifics regarding the discontinued regions, "all were on or exceeding budget expectations for both production and mortality."
Harvest volumes from Grieg's continuing operations in southwestern Norway reached 8,850 tonnes, compared with 2,771 tonnes last year. Including discontinued operations, the group harvested a total of 21,798 tonnes in the quarter.
Grieg reports it achieved an operational EBIT of NOK 91 million from its continuing operations in the second quarter of 2025, up from NOK 18 million in the same period last year. The company said this equates to NOK 10.3 per kilo, compared with NOK 6.4 per kilo in Q2 2024.
"We have not expereinced such a strong production environment for many years", Willumsen Grieg said, adding that she was nevertheless "very happy" with the results.
"Strong production has put the pressure on prices far more than we expected for the quarter," she said, noting Grieg expects prices to remain low until next year when it predicts production will "normalise".
Willumsen Grieg argued that the company's decision to focus only on Rogaland, the company's top-performing region in recent years, means it can now "build on a strong foundation."
"We manage the entire value chain from roe to harvest, both internally and with partners. Our long-term investments have fully equipped the value chain, and we do not have immediate needs for substantial upgrades. Our harvest plant is old but efficient, and we have access to additional regional harvest capacity when required. A key strength is our early investment in post-smolt, both internally and with partners. These investments have significantly increased our harvest volume over the past 5 years," she stated.
The Q2 results come shortly after Grieg signed an agreement to sell its Finnmark and Canadian operations to Cermaq Group for NOK 10.2 billion on a cash- and debt-free basis. The deal, announced in July, followed a strategic review during the quarter.
Once completed, Grieg Seafood will be more geographically concentrated in southwestern Norway, with production centred in Rogaland. The company said its future business model will focus on Rogaland farming operations, its sales function, and a leaner headquarters support structure.
"Following this transaction, we will take Grieg Seafood in a new direction," Willumsen Grieg said. "Our main goal is to position the company as a highly-profitable and stable salmon farmer, prepared for the future."
The CEO said the company would achieve this through four key changes to its strategy: moving from global to regional, from several capex-heavy projects to priotising local initiatives, from growth to profitability, and through streamlining its operations.
"The biggest change you will notice is the shift from growth to profitability," Willumsen Grieg said.
"While industry trends point towards consolidation, we still believe there are advantages in being small and focused. We will centre our efforts on being close to our fish and excelling at core operations. Investment opportunities will be considered if they support regional synergies rather than volume expansion itself," she said.
The company is targeting harvest volumes of 30,000 tonnes for the full year from continuing operations, with about 8,000 tonnes expected in the third quarter.
Willumsen Grieg said that the company's immediate priorities now are "to conclude the transaction, follow through on capital allocation, and finalise future objectives."
