Grieg Seafood reports Q1 2025 operational EBIT of NOK 221 million ($21.2 million/€19.0 million) amid restructuring costs.
Grieg Seafood ASA reported an operational EBIT of NOK 221 million ($21.2 million/€19.0 million) in the first quarter of 2025, down from NOK 292 million ($28.0 million/€25.1 million) in the same period last year.
The result includes a one-off cost of NOK 68 million ($6.5 million/€5.8 million) related to organisational changes and the demobilisation of its post-smolt Atlantic (PSA) operations.
Harvest volume for the quarter totalled 20,770 tonnes, slightly below the 21,075 tonnes harvested in Q1 2024. Operational EBIT per kilo was NOK 10.6 ($1.02/€0.91), compared to NOK 13.8 ($1.32/€1.19) a year earlier.
Production in Rogaland was described as excellent, with costs down 13 percent from Q4 2024. Finnmark showed good underlying biology and a positive outlook, although some pens were harvested early following a late-quarter outbreak of cardiomyopathy syndrome (CMS).
Grieg maintains its full-year 2025 harvest volume target of 84,000 tonnes and expects to harvest 21,000 tonnes in Q2.
The company also confirmed the completion of the first phase of its financial transformation strategy, including the placement of a NOK 2,000 million ($192 million/€172 million) hybrid bond. A sale-leaseback process is currently underway.
Interim CEO Nina Willumsen Grieg and CFO Magnus Johannesen presented the results at Hotel Continental in Oslo. A live webcast and transcript are available via the Grieg Seafood investor website.