Grieg Seafood

Investor Presentation • Jul 17, 2025

Conference call presentation – Divestment of Finnmark and Canada operations

17 JULY 2025

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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.

Grieg Seafood will maintain its strong position in Rogaland

• GSF's Rogaland operations will remain unaffected from the Transaction, maintaining its strong position
• The Transaction will have no impact on our ownership in Tytlandsvik Aqua and Årdal Aqua, and the Norwegian sales organization (with subsidiaries) will also remain as part of a new operating model, to include VAP at Gardermoen (which will be finalized according to plan)
• The stake in Nordnorsk Smolt AS will be divested as part of Finnmark and the Sales organization in Canada will also be divested as part of the Transaction

Note: (1) 100% ownership in subsidiaries unless otherwise specified; (2) Established as part of the sale-leaseback process, to be repurposed for the Gardermoen VAP SPV (currently owned by GSF Sales AS); (3) 99.03% ownership, will be increased to 100% prior to closing by exercising call option on remaining shares

Overview of Transaction effects on GSF Group structure

Transaction highlights

Grieg Seafood divest its operations in Finnmark and Canada

• Grieg Seafood has entered into an agreement with Cermaq Group AS for the sale of its operations in Finnmark and Canada (BC and NFL)
• The agreed Enterprise Value is NOK 10.2 billion on a cashand debt-free basis

The Transaction secures strategic valuation and puts GSF in a strong financial position

• Following completion of the Transaction, GSF will be in a significant net cash position
• Further details on target capital structure and use of proceeds will be given in connection with the Q2 presentation on 26 August 2025

Completion of the Transaction expected during Q4 2025

• Completion of the Transaction is subject to certain customary conditions, including approval from relevant competition authorities

Illustrative effect from the Transaction on GSF Group capital structure (NOKbn) – based on Q1'25 figures

Grieg Seafood going forward

Grieg Seafood will focus on further developing the strong farming operations in Rogaland

• Strong operational and financial performance over several years based on a successful post-smolt strategy
  • Target harvest volume of 30k GWT in 2025, with further organic growth potential
  • Farming cost target of NOK 60/kg for FY'25 maintained
• Maintain established sales company, finalize the VAP facility at Gardermoen, and develop a more focused HQ in Bergen adapted to the new operational structure
• Positioned for further expansion based on strong cost position, building on industry-leading experience within the post-smolt development

Note: (1) 12-months rolling basis; (2) Based on MAB of 17.8kt in Rogaland

GSF Rogaland key figures (NOKm)	FY'22	FY'23	FY'24	Q1'25	Target of
Harvest volume (tonnes GWT)			28,387 25,980 28,813 7,419		30kt in FY'25
Revenues		2,124 2,305	2,432	666
Operational EBIT	755	736	616	260
Sales revenue/kg	74.8	88.7	84.4	89.8	Target of NOK 60/kg in FY'25
Farming cost/kg	48.2	60.4	63.0	54.7
Operational EBIT/kg	26.6	28.3	21.4	35.1
Survival rate (%)	92%	94%	92%	91%(1)
MAB utilisation (x)(2)	1.6x	1.5x	1.6x	n.a.	Target of
Released smolt avg. input weight (g)	550	460	670	960	1,100g in FY'26
Superior share (%)	84%	79%	77%	83%

Grieg Seafood is well-equipped for delivering strong performance in the years to come

FINANCIAL STABILITY

• GSF will be in a significant net cash position post Transaction
• Allows for optimizing capital allocation strategies, enabling dividends and value creation
• New financial discipline to be rigorously maintained

OPERATIONAL ENHANCEMENTS 1 2 3

• Set to continue the postsmolt strategy
• Adapt organization to the new operational structure
• Focus will be on maintaining strong profitability and on evaluating growth opportunities within the region

FURTHER DEVELOPMENT

• Looking at additional strategic levers for Grieg Seafood
• Objective to further develop and expand our Rogaland operations, both organically and using technology