Q3 2023 results - Seite 2

While it has been a tough quarter, a lot of good work has been done to get back in shape. I want to thank all of my hard-working colleagues for their efforts.”

Harvest volume in Rogaland was 4,783 tonnes in the quarter (6,841). Farming cost increased compared to Q2 2023 mainly due to the low harvest volume and ISA-related harvesting. At quarter end, there were no sites with ISA. Grieg Seafood has initiated a vaccination program against ISA for all smolt release to sea, and completed additional measures at its smolt facilities, which is expected to reduce risk related to ISA significantly going forward. Operational EBIT/kg ended at NOK 0.7 for the quarter (13.4), impacted by the low harvest volume in addition to reduced average harvest weight compared to Q3 2022 due to early harvest. Due to the early harvest of ISA-infected fish in the quarter, the full year 2023 harvest target for Rogaland is reduced from 27,000 to 26,000 tonnes.

In Finnmark, harvest volume was 1,354 tonnes in the quarter (8,174). We did not plan to harvest during Q3, however we prioritized earlier harvest to maintain fish welfare related to Spiro. Water treatment equipment have been installed and disinfection measures have been implemented to significantly reduce future risks of Spiro entering the freshwater facility. We have not had any new detections of Spiro at the freshwater facility in 2023. The new generation of smolt transferred to sea in 2023 is in good health and is performing well. Farming cost increased from last quarter mainly due to low harvest volume at lower weights. Operational EBIT/kg for the quarter ended at NOK -27.1 (14.0), impacted by the low harvest volume, low superior share and low average harvest weight. Unfortunately, earlier harvest to maintain fish welfare has also occurred in Q4. Therefore, the full year 2023 harvest estimate is lifted from 26,000 to 27,000 tonnes.

In BC, harvest volume was 6,108 tonnes in the quarter (7,908). The seawater performance was impacted by seasonal challenges including high sea lice pressure necessitating treatments and events of low dissolved oxygen, however the situation improved towards the end of the quarter. The survival rate remained stable from last quarter, however these events impacted farming costs, resulting in negative results for the BC operations during the quarter.