Grieg Seafood — Investor Presentation 2024

Feb 20, 2025

Disclaimer This presentation (the "Presentation") has been produced by Grieg Seafood ASA ("GSF") exclusively for information purposes and may not be copied, distributed, further disseminated or relied upon for any purpose by any person without our prior written consent.

This Presentation contains forward-looking statements regarding growth initiatives, outlook, strategy, objectives, beliefs and expectations of GSF and its subsidiaries (the "GSF Group") and the markets in which the GSF Group operates. Forward-looking statements include all statements that are not historical facts, and may be identified by words such as "anticipates", "believes", "expects", "intends", "plans", "projects", "seeks", "should", "will" or "may", or the negatives of these terms or similar expressions. These forward-looking statements are based on GSF's present plans, estimates, projections and expectations. They are based on certain expectations, which, even though they seem to be adequate at present, may turn out to be incorrect. Actual results and developments could differ materially from the forward-looking statements set out in the Presentation.

None of GSF, any of its subsidiaries or any such person's officers, employees or advisers provides any assurance that the assumptions underlying such forward-looking statements are free from errors, or accepts any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. This Presentation speaks as of the date noted below (except as stated otherwise), and none of GSF, any of its subsidiaries or any such person's officers, employees or advisers assumes any obligation to update any of the information contained herein or to correct any inaccuracies which may become apparent. No representation, warranty or guarantee (express or implied) is made as to the accuracy, completeness, or reasonableness, and no reliance should be placed on, the information including, without limitation, projections, estimates, targets and opinions, contained herein or any other written or oral communication transmitted or made to any person in connection with the information, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, none of GSF, any of its subsidiaries or any such person's officers, employees or advisers accepts any liability whatsoever arising directly or indirectly from the use of this Presentation.

By attending or receiving this Presentation, the recipient acknowledges that it will be solely responsible for its own assessment of the market and the market position of the GSF Group, and that it will conduct its own investigations and analysis and be solely responsible for forming its own view of the potential future performance of the businesses of the GSF Group. This Presentation must be read in conjunction with the recent financial information and the disclosures therein and does not purport to contain all of the information that may be required or relevant to a recipient's valuation of GSF. Nothing in this Presentation, nor any other information provided to the recipient by GSF, any of its subsidiaries or any such person's officers, employees or advisers constitutes, or may be relied upon as constituting, investment advice or any financial, tax or legal advice by such persons or anybody else. By attending or receiving this Presentation, recipients hereof agree to be bound by the foregoing limitations. Any matter, claim or dispute arising out of in connection with this Presentation (whether contractual or non-contractual) shall be governed by Norwegian law and the recipients agree that these shall be finally settled by arbitration in Oslo in accordance with the Norwegian Arbitration Act of 14 May 2004 no. 25.

Agenda

• HIGHLIGHTS TRANSFORMATION PROGRAM
• OPERATIONAL REVIEW
• FINANCIAL REVIEW
• THE WAY FORWARD
• OUTLOOK AND SUMMARY
• APPENDIX

Highlights

• Operational EBIT in the quarter of NOK -74 million (NOK -67 million), equivalent of NOK -3.1 per kg (-3.1 per kg)
• Finnmark impacted by string jellyfish attack at Vinnalandet, triggering a cost increase of NOK 75 million. Good production at the other sea sites
• Stable and good growth in Rogaland and Newfoundland, improved biological production in British Columbia
• Target full-year harvest volume of 84,000 tonnes in 2025. Expect to harvest 18,800 tonnes in Q1 2025
• Political uncertainties and operating conditions have triggered impairment of Canadian assets, totaling NOK -1.7 bn. Revisiting investment timeline.
• Implementing measures to increase financial flexibility
  • Progressive dialogue regarding sale-leaseback of smolt/post-smolt facility in Finnmark
  • Contemplating NOK 1.5-2.0bn hybrid bond

Transformation program

• • Reallocating resources to develop our strong Norwegian asset base
  • Operational improvements and cost efficiency measures
  • Deploying best-practice to bring value creation in Finnmark up to par with Rogaland
• • Strengthening our financial flexibility and ensuring longterm liquidity buffer
  • NOK 1.5-2.0 bn Hybrid bond
  • Sale-leaseback smolt/post-smolt facility in Finnmark
• • Protecting the value of Canadian assets
• → Reducing NIBD by NOK 1.5-2.2 bn and securing equity and liquidity to drive our business plan

OPERATIONAL REVIEW

• Good seawater production and continued strong performance
  • Maintained efficient utilization of MAB*, exiting quarter with full utilization
  • Continued success with post-smolt. Average smolt input weight of 670 grams for the full year
  • Harvested 800 tonnes more than guided due to good production
  • Achieved 95% superior share
• Earnings affected by lower average harvest weights
  • Harvest profile slightly front-loaded during the quarter
  • Price increase at the end of the quarter is therefore not fully captured
• Årdal Aqua post-smolt facility is progressing as planned
  • Successful stocking of first smolt in October, with promising early indicators
• Farming cost for Q1 2025 are expected to remain stable compared to Q4 2024
• Harvest target for 2025 of 30,000 tonnes
  • Estimated guiding of 6,500 tonnes Q1 2025
  • Harvest profile is evenly distributed throughout the quarter

*MAB = Maximum allowable biomass

GSF Rogaland	NOK million	Q4 2024	Q3 2024	Q4 2023	YTD 2024	YTD 2023
	Harvest volume (tonnes GWT)	8,074	8,543	2,159	28,813	25,980
• Good seawater production and continued strong performance	Revenues	619.2	605.3	167.5	2,431.7	2,305.2
◦ Maintained efficient utilization of MAB*, exiting quarter with full utilization	Operational EBIT	114.2	75.2	22.4	615.5	736.4
Continued success with post-smolt. Average smolt input weight of 670 grams ◦
for the full year	Revenue/kg (NOK)	76.7	70.8	77.6	84.4	88.7
◦ Harvested 800 tonnes more than guided due to good production	Farming cost/kg (NOK)	62.6	62.0	67.2	63.0	60.4
Achieved 95% superior share ◦
	Operational EBIT/kg (NOK)	14.1	8.8	10.4	21.4	28.3

Operational EBIT-bridge, quarter-on-quarter (NOK/kg)

GSF Finnmark

• Good underlying seawater production, but impacted by jellyfish attack at Vinnalandet
  • Despite biological challenges, Finnmark maintained efficient utilization of MAB*, achieving close to full utilization at end of quarter
  • 1 300 tonnes below guiding due to biological challenges and lower harvest weights at Vinnalandet
  • Good production at the other sites in Finnmark, enabling biomass to recover by end of quarter
  • Decision to skew harvest volume into Q1 2025 expecting higher prices
  • Efficiently managed high sea lice pressure through proactive investments
  • Harvested 86% superior share
• Price achievement impacted by Vinnalandet with harvested average weights of 2-4 kg
  • Loss related to Vinnalandet was limited to NOK 75 mill, in the lower end of the estimate communicated in Q3
• Good underlying biological performance going into Q1 2025
  • Gradual decrease of farming cost
• Harvest target for 2025 of 32,000 tonnes
  • Expect to harvest 7,600 tonnes in Q1 2025, slightly skewed towards the beginning of the quarter

*MAB = Maximum allowable biomass

NOK million	Q4 2024	Q3 2024	Q4 2023	YTD 2024	YTD 2023
Harvest volume (tonnes GWT)	10,122	6,045	10,387	25,717	25,170
Revenues	702.7	398.7	736.1	1,844.3	1,946.6
Operational EBIT	-16.4	-6.2	64.0	-18.0	326.6
Revenue/kg (NOK)	69.4	65.9	70.9	71.7	77.3
Farming cost/kg (NOK)	71.0	67.0	64.7	72.4	64.4
Operational EBIT/kg (NOK)	-1.6	-1.0	6.2	-0.7	13.0

Operational EBIT-bridge, quarter-on-quarter (NOK/kg)

GSF BC

• Improved and stabilized seawater production
• Maintained a cautious approach towards investments. Awaiting clarified political framework
  • Long-term strategic perspectives prevail
• Concluded impairment of intangible assets due to longterm political uncertainty
• No harvest as planned in Q4 2024, with harvesting expected to commence in Q2 2025
• Harvest target for 2025 at 12,000 tonnes

NOK million	Q4 2024	Q3 2024	Q4 2023	YTD 2024	YTD 2023
Harvest volume (tonnes GWT)	—	3,217	6,038	12,499	17,682
Revenues	12.4	162.5	478.8	964.3	1,468.3
Operational EBIT	-16.9	-217.8	-47.6	-276.3	-93.9
Revenue/kg (NOK)	n/a	50.5	79.3	77.2	83.0
Farming cost/kg (NOK)	n/a	118.2	87.2	99.3	88.4
Farming cost/kg (CAD)	n/a	15.0	11.0	12.7	11.2
Operational EBIT/kg (NOK)	n/a	-67.7	-7.9	-22.1	-5.3

GSF Newfoundland

• Strong seawater production continues, despite declining sea temperature in Q4
• Harvest of the second generation commenced this quarter with a superior share of 96%
• Required adjustment to timeline for scaling volumes in NFL key driver of the impairment outcome
  • Impairment due to changing political conditions and required shift in capital allocation
  • Implemented measures in Q4, providing greater flexibility in capital allocation across the Group
• Expect a harvest volume of 4,700 tonnes in Q1 2025
  • Evenly distributed throughout the quarter
  • Farming cost remains high due to not fully utilized production capacity and underdeveloped benefits of scale
• Harvest target for 2025 of 10,000 tonnes

NOK million	Q4 2024	Q3 2024	Q4 2023	YTD 2024	YTD 2023
Harvest volume (tonnes GWT)	5,355	—	3,184	10,674	3,184
Revenues	465.6	-3.3	235.7	909.6	235.7
Operational EBIT	-80.5	-14.8	-88.9	-173.2	-146.1
Revenue/kg (NOK)	86.9	n/a	74.0	85.2	74.0
Farming cost/kg (NOK)	102.0	n/a	95.9	101.4	95.9
Farming cost/kg (CAD)	12.9	n/a	12.1	12.9	12.1
Other cost/kg (NOK)	—	n/a	6.0	—	24.0
Operational EBIT/kg (NOK)	-15.0	n/a	-27.9	-16.2	-45.9

FINANCIAL REVIEW

Profit & loss

• Market prices, higher harvest volume and superior share driving revenues up from Q3 2024
• Farming cost increased by NOK 1.9 per kg from Q3 2024
  • Farming cost increase in Finnmark of NOK 4.1 per kg, mainly driven by string jellyfish incident at Vinnalandet, impacting Group farming cost, in addition to a larger share of the total harvest volume coming from this region in Q4
  • Increased share of harvest volume from Canada (Newfoundland), with a generally higher cost level
• Operational EBIT of NOK -74 million (NOK -3.1 per kg)
• Impairment of assets in Canada totaling NOK -1.7 bn
• Preliminary estimate of tax included

Profit & loss (NOK million)	Q4 2024	Q3 2024	Q4 2023	YTD 2024	YTD 2023
Harvest volume tonnes GWT	23,551	17,806	21,767	77,704	72,015
Sales revenues	2,248.8	1,460.7	1,937.7	7,519.5	7,019.6
Operational EBIT*	-74.0	-175.0	-67.0	8.1	779.7
Fair value adjustment of biological assets and other items	-1,487.5	343.5	551.5	-2,318.2	201.0
EBIT	-1,561.5	168.6	484.5	-2,310.1	980.7
Net financial items	-28.9	-124.3	-181.9	-299.7	-136.6
Profit before tax	-1,590.3	44.3	302.6	-2,609.8	844.2
Estimated taxation	1.5	-75.2	244.4	-41.4	-284.4
Net profit for the period	-1,588.9	-30.9	547.0	-2,651.3	559.8

Operational EBIT-bridge, quarter-on-quarter (NOK/kg)

Cash flow

• Net cash flow from operations NOK -213 million
  • Operational EBITDA* impacted cash flow by NOK 96 million (NOK 85 million in Q4 2023)
  • Changes in working capital of NOK -359 million, incl. change in biomass of NOK 64 million
• Net cash flow from investment activities NOK -483 million
  • Capex investments of NOK 441 million
  • Share issue at Årdal Aqua NOK 42 million
• Net cash flow from financing NOK 741 million
  • Net changes in interest-bearing debt ex. leasing positively by NOK 807 million due to establishment of bridge loan NOK 750 million and draw-down on revolver credit facility
  • Repayment of lease liabilities of NOK 10 million
  • Net interests paid of NOK 77 million

Changes in cash and cash equivalents NOK million

*See definition in Alternative Performance Measures

Investments

• Gross investments* in Q4 2024 of NOK 441 million (YTD NOK 1,386 million)
  • Growth investments Q4 2024 of NOK 383 million (YTD 1 106 million)
  • Maintenance investments Q4 2024 of NOK 57 million (YTD 280 million)
• Planned 2025 CapEx of ~ NOK 950 million
  • Maintenance investments ~ NOK 300 million
  • Finnmark post-smolt expansion ~ NOK 450 million
  • Processing & VAP plant at Gardermoen ~ NOK 130 million
  • Newfoundland post-smolt and seawater equipment being revised and not yet accounted for in this estimate
  • Residual amount related to exhibition license and minor followup investments

Adamselv smolt facility in Finnmark

Net interest-bearing debt

• Investment in biomass and operational assets contributed to the increase in NIBD during the quarter
• Establishment of NOK 750 million bridge loan in Q4 2024
• Free liquidity per 31 December 2024 of NOK 1,023 million

*Net interest-bearing debt ex. the effect of IFRS 16 over guided full-year harvest volume for 2024

**See Alternative Performance Measures for definition.

Capital structure (NOK million)	31.12.2024
Green bond loan	1,393
Term loan	2,523
Revolving credit facility	1,380
Lease liabilities (incl IFRS 16)	1,423
Other interest-bearing liabilities	79
Gross interest bearing liabilities	6,798
Cash and loans to associates	-239
NIBD incl IFRS 16	6,559
Lease liabilities (IFRS 16)	-918
NIBD excl IFRS 16	5,641
NIBD incl IFRS 16 per kg (actual FY 2024 volume)	84.4
NIBD excl IFRS 16 per kg (actual FY 2024 volume)	72.6
Cash and cash equivalents	203
Undrawn credit facilities	820
Free liquidity	1,023

Green bond: balloon in June 2025, 3M NIBOR + 3.4%. Classified as current liabilities as at 30 June 2024.

Sustainability linked loans and credit facilities: NOK 4.2 billion senior secured sustainability-linked loans and credit facilities with maturity in 2027. NOK 1 250 million term loan (NOK 1,823 million outstanding), EUR 75 million term loan (EUR 59 million outstanding), NOK 2,000 million revolving credit facility, NOK 200 million overdraft facility (undrawn NOK 820 million). 3M NIBOR + margin depending on sustainability-related KPI's.

Three transforming actions to enhance financial robustness

HYBRID BOND ISSUE To give strategic flexibility and provide balance sheet robustness

• Contemplated issuance of Green subordinated perpetual callable Hybrid of NOK 1,500-2,000 million – to be applied to repay Green unsecured bond and add flexibility
• Provide balance sheet robustness supporting strengthened operations
• Treated and classified as Equity on the balance sheet, with no dilution

LEASE FINANCE OF SMOLT FACILITY Boost financial flexibility and provide long-dated commitments

• Proposed sale and leaseback of the Adamselv facilities – progressive dialogue
• Grieg Seafood maintains operational control and ability for further expansion at site
• No significant impact on ability to optimize throughout the value chain and provides for long-dated financial commitment through a 20-year lease

CAPEX OPTIONALITY IN CANADA Creating optionality on investment profile while protecting asset values

• Developed a plan for reduced capex commitments in Newfoundland, while maintaining optionality and value upside
• Cautious approach in BC given the persisting political uncertainty with focus on near term cash flow

Reallocating resources to focus on profitable growth in Norway while maintaining optionality in Canada

Three actions to enable a transformation of Grieg Seafood

	Q4 REPORT	HYBRID BOND	SALE LEASEBACK	CANADA REVIEW	PRO-FORMA
Equity ratio (excl. IFRS)	32%	~7%	~7% Est. effect based on ongoing dialogues	-	47%
Cash (excl. undrawn facilities)	NOK 203m	NOK 1,500m Before Green bond repayment & financing costs	NOK ~1,000m Est. net cash effect after term-loan downpayment	NOK ~ 500-600m Reduced capex in 2025/29	NOK ~3,200m Before Green bond repayment & financing costs
Strategic	-	For refinancing and buffer	Major liquidity boost, no operational impact	Create CAPEX optionality	Improved liquidity, solidity and flexibility

… Laying the groundwork for an enhanced improvement program to ensure future value realization

The way forward

Reallocating resources to profitable growth in Norway while maintaining optionality in Canada

20.02.2025 Grieg Seafood ASA - Q4 2024 18

Tracking towards record-high EBITDA on the back of post-smolt strategy

The Government of Canada

open net-pen salmon

The draft plan outlines a

expected in 2025

announced 19 June 2024 a policy statement concerning a ban on

aquaculture in British Columbia coastal waters by 30 June 2029.

framework for developing the final transition plan, which is

Focus on replicating Rogaland performance

In May 2024, we moved forward with the construction of the post-smolt facility and the construction activity is

developing according to plan.

Cautious approach, investments on hold, wait for regulatory certainty

Growth capex of NOK 500-600m paused, while protecting the value

Rogaland yielding strong results from post-smolt strategy – other regions to follow

Region Rogaland has been a pioneer in larger smolt… …resulting in significant biological improvements

Increased average smolt weight at transfer to sea, GSF Rogaland

Average harvested generational data from 2019-2024

1) Economic Feed conversion ratio

Significant potential for improvement in Finnmark

OPERATIONAL EBIT 12-months rolling 2019-2024 (NOK/kg)

• Invested in improvement measures
  • Treatment capacity, UV filters, shielding technologies, vaccines
• Underlying biological performance improving
• Executing on post-smolt strategy
  • Adamselv post-smolt facility under construction
• Rogaland setting a high standard
  • → outlining major upside potential

Protecting the value of our Canadian assets

• Scaling down growth ambitions and related CAPEX in Newfoundland by NOK 500-600 million in 2025-2029
• Strategic investments in BC on hold awaiting conclusions on the industry transition process
• Expect harvesting volumes in Canada to decline by around 5% to 22,000 tonnes in 2025

OUTLOOK AND SUMMARY

Outlook

Sales & Market	Guiding (tonnes GWT)	Rogaland	Finnmark	BC	NL	GSF Group
• Expect continued robust salmon market due to	Q1 2024 (actuals)	9,400	5,700	700	5,300	21,100
healthy demand and limited supply growth	Q2 2024 (actuals)	2,800	3,900	8,600	—	15,300
• Estimated contract share of 23% of Norwegian	Q3 2024 (actuals)	8,500	6,000	3,200	—	17,700
harvest volume for Q1 2025 and 22% for the full year 2025	Q4 2024 (actuals)	8,100	10,100	—	5,400	23,600
• Long-term ambition of 25% VAP share	Total 2024	28,800	25,700	12,500	10,700	77,700
	Q1 2025	6,500	7,600	—	4,700	18,800
	Q2 - Q4 2025	23,500	24,400	12,000	5,300	65,200
	Total 2025	30,000	32,000	12,000	10,000	84,000
Seawater production

• Good seawater production so far in Q1 in Rogaland
• Finnmark, good production in general so far in Q1. Farming cost gradually decreasing
• The production in BC has stabilized during Q4 and the production has been good so far in Q1. No harvest in Q1
• Continued good seawater production so far in Q1 in NL harvesting in Q1, evenly distributed over the quarter, completing the harvest of the second generation of fish

Summary

• String jellyfish attack at Vinnalandet, Finnmark, impacted Group's EBIT. Production is good going into Q1
• Good production in Norway and MAB* close to fully utilized at quarter-end
• Good and stable production in Newfoundland and improved production in British Columbia
• Launching transformation program to lay the foundation for sustainable and profitable growth

*MAB = Maximum allowable biomass

UPCOMING FINANCIAL RESULTS

Financial year 2024

1 April 2025 Annual Report 2024

Financial year 2025

22 May 2025 Quarterly Report - Q1 2025 26 August 2025 Half-year Report - Q2 2025 13 November 2025 Quarterly Report - Q3 2025

The Company reserves the right to make amendments to the financial calendar

APPENDIX Q4 2024

Our approach to sustainable business

Spot market price development

NQSALMON/SISALMONI WEEKLY AVERAGE (NOK/KG)

The chart graphs weekly average prices for NQSALMON up until week 31/2024, and SISALMONI from week 32/2024.

Profit & loss

GRIEG SEAFOOD GROUP NOK 1 000	Q4 2024	Q4 2023	YTD 2024	YTD 2023
Sales revenues	2,248,850	1,937,734	7,519,462	7,019,632
Other income	-106,968	-7,975	-85,384	31,538
Share of profit from associates	-5,145	-4,572	857	-6,957
Raw materials and consumables used	-1,111,497	-995,993	-3,525,403	-2,747,944
Salaries and personnel expenses	-229,851	-191,408	-792,455	-725,653
Other operating expenses	-699,365	-652,821	-2,457,967	-2,236,165
Depreciation property, plant and equipment	-164,258	-146,335	-628,974	-532,911
Amortization licenses and other intangible assets	-5,735	-5,584	-22,042	-21,792
Write-down of tangible and intangible non-current asset	-1,733,414	—	-1,733,414	136
Production fee	-14,736	-12,915	-50,405	-34,987
Fair value adjustment of biological assets	260,650	564,384	-534,383	217,922
Litigation and legal claims	—	—	—	20,427
Decommissioning costs	—	—	—	-2,515
EBIT (Earnings before interest and taxes)	-1,561,469	484,516	-2,310,109	980,730
Net financial items	-28,879	-181,929	-299,731	-136,573
Profit before tax	-1,590,348	302,587	-2,609,840	844,157
Estimated taxation	1,476	244,416	-41,435	-284,407
Net profit for the period	-1,588,872	547,003	-2,651,275	559,750
Profit or loss for the period attributable to
Owners of Grieg Seafood ASA	-1,588,872	547,003	-2,651,275	559,750

Comprehensive income

GRIEG SEAFOOD GROUP NOK 1 000	Q4 2024	Q4 2023	YTD 2024	YTD 2023
Net profit for the period	-1,588,872	547,003	-2,651,275	559,750
Currency effect on investment in subsidiaries	-4,173	-32,227	10,841	98,316
Currency effect on loans to subsidiaries	8,477	-16,948	15,544	28,784
Tax effect	-1,865	3,728	-3,420	-6,332
Other comprehensive income for the period, net of tax	2,439	-45,446	22,965	120,767
Total comprehensive income for the period	-1,586,433	501,557	-2,628,310	680,517
Allocated to
Owners of Grieg Seafood ASA	-1,586,433	501,557	-2,628,310	680,517

Financial position - assets

GRIEG SEAFOOD GROUP NOK 1 000	31.12.2024	31.12.2023
Deferred tax assets	24,942	—
Goodwill	20,463	727,111
Licenses incl. warranty licenses	1,171,480	1,489,798
Other intangible assets	7,264	13,275
Property, plant and equipment incl. right-of-use assets	5,452,803	5,095,401
Indemnification assets	40,000	40,000
Investments in associates	244,429	209,667
Other non-current receivables	37,439	42,337
Total non-current assets	6,998,818	7,617,589
Inventories	219,348	230,053
Biological assets excl. the fair value adjustment	4,202,008	3,735,957
Fair value adjustment of biological assets	800,981	1,329,761
Trade receivables	285,603	327,160
Other current receivables, derivatives and financial instruments	339,959	206,413
Cash and cash equivalents	202,979	216,318
Total current assets	6,050,878	6,045,663
Total assets	13,049,696	13,663,252

Financial position - equity and liabilities

Total equity and liabilities	13,049,696	13,663,252
Total liabilities	9,198,383	6,994,082
Total current liabilities	3,340,225	1,540,263
Other current liabilities, derivatives and financial instruments	381,840	265,392
Tax payable	—	6,156
Trade payables	1,054,707	760,753
Current portion of borrowings and lease liabilities	1,903,678	507,960
Total non-current liabilities	5,858,158	5,453,819
Borrowings and lease liabilities	4,940,123	4,603,028
Share based payments	12,997	8,178
Deferred tax liabilities	905,037	842,612
Total equity	3,851,313	6,669,170
Retained earnings and other equity	2,700,802	5,519,102
Contingent consideration	701,535	701,535
Treasury shares	-4,812	-5,255
Share capital	453,788	453,788
EQUITY AND LIABILITIES
GRIEG SEAFOOD GROUP NOK 1 000	31.12.2024	31.12.2023

Cash flow

GRIEG SEAFOOD GROUP NOK 1 000	Q4 2024	Q4 2023	YTD 2024	YTD 2023
EBIT (Earnings before interest and taxes)	-1,561,469	484,516	-2,310,109	980,730
Depreciation, amortization and write-down	1,903,407	151,919	2,384,430	554,568
Gain/loss on sale of property, plant and equipment	582	7,333	117	8,159
Share of profit from associates	5,145	4,572	-857	6,957
Fair value adjustment of biological assets	-260,650	-564,384	534,383	-217,922
Change inventory excl. fair value, trade payables and rec.	-359,459	-58,800	-286,785	-868,587
Other adjustments	68,925	16,872	160,649	94,779
Taxes paid	-9,019	-772,482	-31,210	-860,705
Net cash flow from operating activities	-212,538	-730,454	450,620	-302,021
Proceeds from sale of non-cur. tangible and intangible assets	40	581	718	2,408
Payments on purchase of non-cur. tangible and intangible assets	-440,813	-185,567	-1,303,264	-791,624
Government grant	—	1,476	10,042	25,847
Investment in money market funds	—	186,914	—	1,041,914
Investment in associates and other invest.	-42,172	—	-30,106	-22,821
Net cash flow from investing activities	-482,945	3,404	-1,322,610	255,724
Net changes in interest-bearing debt ex. lease liabilities	807,477	812,603	1,608,442	623,975
Repayment lease liabilities	10,454	-71,081	-239,426	-279,830
Net interest and other financial items	-76,698	-78,570	-318,346	-221,759
Purchase of treasury shares	—	—	—	-5,540
Paid dividends	—	—	-196,233	-504,120
Net cash flow from financing activities	741,233	662,952	854,437	-387,274
Net change in cash and cash equivalents	45,750	-64,099	-17,553	-433,571
Cash and cash equivalents - opening balance	155,107	286,004	216,318	642,719
Currency translation of cash and cash equivalents	2,122	-5,588	4,214	7,170
Cash and cash equivalents - closing balance	202,979	216,318	202,979	216,318

Share information

Number of shares

• 113,447,042 shares incl. treasury shares

Last issues

• Q2 2020 NOK 7 million in new shares issued (contribution in kind, related to the Grieg Newfoundland-transaction)
• Q2 2009 NOK 139 million in new shares issued

Subordinated convertible bond issued in Q1 2009

• 100 million converted at NOK 4.0 per share within 31 December 2010
• 85% converted in Q2 2009, 15% in Q3 2009

Share savings program for the employees

• To strengthen culture and encourage loyalty by offering employees to become shareholders in Grieg Seafood
  • Transferred 21,576 treasury shares to employees in Q4 2018
  • Transferred 14,737 treasury shares to employees in Q4 2019
  • Transferred 42,193 treasury shares to employees in Q4 2020
  • Transferred 38,513 treasury shares to employees in Q4 2021
  • Transferred 96,150 treasury shares to employees in Q4 2022
  • Transferred 704 treasury shares to employees in Q1 2023
  • Transferred 107,473 treasury shares to employees in Q4 2023
  • Transferred 110,565 treasury shares to employees in Q4 2024

EPS

• -14.2 NOK/share Q4 2024
• 4.9 NOK/share Q4 2023
• -23.6 NOK/share YTD 2024
• 5.0 NOK/share YTD 2023

Share price

• NOK 62.1 at quarter-end Q4 2024
• NOK 68.3 at quarter-end Q4 2023

Shareholder structure

• Largest 20 holds 69.80% of total number of shares

20.02.2025	Grieg Seafood ASA - Q4 2024	34

THE 20 LARGEST SHAREHOLDERS IN GRIEG SEAFOOD ASA AT 31.12.2024	NO. OF SHARES	SHARE HOLDING
Grieg Aqua AS	56,914,355	50.17%
OM Holding AS	6,139,076	5.41%
Ystholmen Felles AS	1,923,197	1.70%
Beck Asset Management AS	1,450,000	1.28%
Clearstream Banking S.A. (Nominee)	1,380,847	1.22%
Skandinaviska Enskilda Banken AB (Nominee)	1,309,080	1.15%
Grieg Seafood ASA	1,203,089	1.06%
Riiber Holding AS	1,050,000	0.93%
Kvasshøgdi AS (Per Grieg)	996,772	0.88%
Bank Pictet & Cie (Europe) AG (Nominee)	985,544	0.87%
HMH INVEST AS	781,455	0.69%
Frøy Kapital AS	737,996	0.65%
J.P. Morgan (Nominee)	702,153	0.62%
Intertrade Shipping AS	600,000	0.53%
Six Sis AG (Nominee)	577,749	0.51%
Folketrygdfondet	567,502	0.50%
State Street Bank and Trust Comp (Nominee)	500,472	0.44%
Nyhamn AS	500,000	0.44%
Furberg & Sønn A/S	450,000	0.40%
PRO AS	413,406	0.36%
Total 20 largest shareholders	79,182,693	69.80%
Total others	34,264,349	30.20%
Total number of shares	113,447,042	100.00%