Grieg Seafood ASA

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    Q2 2024 results

    Highlights

    - Harvest volume of 15,272 tonnes (22,645 tonnes).
    - Operational EBIT in the quarter of NOK -35 million (NOK 547 million), with operational EBIT/kg of NOK -2.3 (24.2).
    - BC results significantly impacted by biological event, also adversely affecting Q3 with an expected negative Operational EBIT in BC in the range of NOK 230 and 250 million.
    - Spiro impacted generation in Finnmark has been fully harvested in July 2024, after the balance sheet date.
    - Underlying production in Norway has been good towards the end of the quarter and into Q3.
    - Construction of post-smolt facilities in Rogaland, Finnmark and Newfoundland, and VAP facility at Gardermoen, are ongoing. Biomass investments on plan.
    - Uncertainty remains awaiting government decision on transition plan for Atlantic salmon aquaculture in BC.
    - Process to identify long-term partners to take part in the development of Canadian operations is ongoing – expected conclusion during autumn 2024.
    - 97% of the harvested volume in the quarter ASC certified.
    - Expect to harvest 16,700 tonnes in Q3 2024, targeting harvest volume of 78,500 tonnes for the full year 2024.


    Financial results

    Operational EBIT for Grieg Seafood was negative NOK 35 million in the second quarter of 2024, compared to NOK 547 million in the corresponding period in 2023. Harvest volume was 15,272 tonnes during the period (22,645), which gives an operational EBIT per kg of NOK -2.3 (24.2).

    In Rogaland, harvest volume for the quarter was 2,771 tonnes. This is significantly below the 11,536 tonnes harvested in the second quarter 2023, but according to plan as building of biomass has been a priority for the Rogaland operation during the quarter. Underlying operational performance has been good with the post-smolt strategy contributing to good biology and fish welfare. Operating EBIT/kg ended at NOK 19.9 (36.7).

    In Finnmark, harvest volume for the quarter ended at 3,886 tonnes (5,573). Results were impacted by low average harvest weight which carried high costs from prior period’s challenges caused by Spiro and string jellyfish. Operational EBIT/kg ended at NOK -3.3 (25.4). Seawater production improved during the quarter and costs are expected to decrease.

    Operations in British Columbia were severely impacted by events of low dissolved oxygen (DO) during the quarter, causing increased mortality rates, loss of feeding days and reduced growth. Operational EBIT/kg ended at NOK -4.9 (-2.5) on a harvest volume of 8,615 tonnes (5,537).

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    Grieg Seafood ASA Q2 2024 results Highlights - Harvest volume of 15,272 tonnes (22,645 tonnes).- Operational EBIT in the quarter of NOK -35 million (NOK 547 million), with operational EBIT/kg of NOK -2.3 (24.2).- BC results significantly impacted by biological event, also …