Grieg Seafood says biological performance has improved but reorganisation costs hit Q1 profits
Grieg Seafood delivered improved performances on a number of fronts during the start of this year. Even so, taking account of reorganisation costs and a halt to harvesting in Canada, profits took a hit in Q1.
Presenting its first quarter results today, the company reported an operational EBIT of NOK 221 million (£16m) against NOK 292 million (£21m) a year earlier.
The EBIT includes one-time costs of NOK 68 million (almost £5m) related to changes in the organisation.
The Q1 harvest was fractionally lower at 20,770 tonnes with 84,000 tonnes expected for the full year.
The operational EBIT per kilo was also lower, down from NOK 13.8 to NOK 10.6.
Farming in Norway continues to shine for Grieg with an excellent performance in Rogaland, leading to a 13% decrease in costs.
Finnmark shows a good underlying biology and promising outlook for the year. However, Finnmark experienced the salmon disease CMS (cardiomyopathy syndrome), late in the quarter requiring the early harvest of some pens.
Grieg said production in Newfoundland and British Columbia, which pulled down results last year, was both good and stable.
Grieg had its share of problems in 2024. Nina Williamsen Grieg, who took over as interim CEO during the first quarter of this year, said: “Grieg Seafood entered 2025 with a clear and disciplined agenda: to improve operational efficiency, restore profitability, and strengthen our financial foundation.
“I am pleased to report that in the first quarter, we made progress with several key initiatives that support these objectives. The transformation programme launched at the beginning of the year is starting to yield results. It enables a shift in focus from growth to profitability and helps to strengthen our capital structure.”
She added: “These efforts are crucial for delivering sustainable value to our shareholders. We are encouraged by the positive biological developments across our Norwegian regions in the first quarter. “
She said Rogaland and Finnmark (Norway) reported solid biology, with stable growth, high survival rates, and higher superior share – an essential foundation for operational improvement and cost efficiency.
On Canada she said all possibilities remain on the table while the company evaluates how best to secure the future of that business.
“Our approach remains measured in Canada as we navigate a politically complex and evolving regulatory landscape.,” she told shareholders.
“Although there were no harvests in British Columbia this quarter, except for a small volume of broodstock, operations are stable and the biology is good.”
She also suggested that the new Canadian government may be about to change its approach to salmon farming, saying: “We observe a shift in tone from the new government, with an increased focus on economic growth, value creation, and local employment.
“We view this as a potentially constructive change and remain open to dialogue supporting long-term viability for salmon farming in the region.”
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