Grieg Seafood — Earnings Release 2025

May 8, 2025

Grieg Seafood ASA Q1 2025 Operational Update

Grieg Seafood ASA Q1 2025 Operational Update

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