Q2 2023 results

Highlights 

• Harvest volume of 22,645 tonnes (23,672 tonnes)
• Operational EBIT in the quarter of NOK 547 million (NOK 986 million), with operational EBIT/kg of NOK 24.2 (41.6)
• Salmon market remains strong, supporting earnings
• Biological control improved as a result of mitigating actions taken, supporting good growth going forward
• Newfoundland developing according to plan
• 85% of the harvested volume in the quarter ASC certified
• Expect harvest of 10,500 tonnes in Q3 2023, prioritizing biomass growth
• Target harvest volume of 78,000 tonnes for the full year 2023

Financial results

Operational EBIT for Grieg Seafood was NOK 547 million in the second quarter of 2023, compared to NOK 986 million in the corresponding period last year. Harvest volume was 22,645 tonnes in the period (23,672), which gives an operational EBIT per kg of NOK 24.2 (41.6).

Commenting on the quarter, Andreas Kvame, CEO of Grieg Seafood ASA said:

“Second quarter 2023 was yet another good quarter for the salmon farming industry, with continued strong demand in all main markets and segments. With only marginal increases to global supply, market prices were high, contributing to high revenues for Grieg Seafood.

Challenging biological conditions seen in previous quarters were still present in the second quarter, particularly in the Finnmark region. However, a broad range of mitigating actions to thoroughly address the issues, particularly ISA and Spiro in our Norwegian operations, were completed in Q2 and we have started to see positive results. Improved biological control, combined with the transfer of increasingly larger smolt and reduced production time in the ocean, provide the basis for improved fish welfare and performance as well as stronger growth in the coming quarters. 

While we are still working to understand the implications of the resource tax in Norway, we see opportunities in Canada. Our Newfoundland greenfield project is developing according to plan, with the first harvest expected in Q4 2023. In British Columbia, we support the Government’s efforts to transition the industry into better practices, and we continue a constructive dialogue, focusing on sustainable solutions.

I want to sincerely thank all of my dedicated and hardworking colleagues in both farming and sales for their efforts and achievements throughout the quarter. Together, we continue our journey of improvements and sustainable growth.”