Bergen, Norway-headquartered salmon-farming firm Grieg Seafood underwent big changes in the second quarter of 2025, a period in which the firm made the decision to sell its operations in Canada and Finnmark, Norway, to the Cermaq Group for NOK 10.2 billion (USD 1 billion, EUR 862 million).
Though the deal was not announced until mid-July, Grieg said in its Q2 2025 financial report that the firm’s board made the decision to sell off those assets at the end of June.
Grieg Seafood will now focus all of its strategies on its remaining operations in the Rogaland region of Norway, according to Nina Willumsen Grieg, who has now had the interim tag taken off her position as CEO.
Delivering the salmon producer’s Q2 2025 results, she said the deal “not only reflects the quality of our assets but also provides us with substantial capital in line with our transformation program.”
The report said the company would not be elaborating on the “discontinued regions” of Finnmark, British Columbia, and Newfoundland, but all exceeded budgeted expectations in terms of both production and mortality in the three-month period.
Regarding the continued operations of Rogaland on Norway’s west coast, the firm harvested 8,850 gutted weight tons (GWT) of fish, compared to 2,771 GWT in Q2 2024. Driven by the higher volume, which was slightly offset by lower market prices, sales revenues increased 180 percent to NOK 662.1 million (USD 65 million, EUR 56 million) for the region.
The firm’s total operational EBIT increased from NOK 18 million (USD 1.8 million, EUR 1.5 million) a year previously to NOK 91 million (USD 8.9 million, EUR 7.7 million) in the period.
Grieg’s total Q2 harvest volume, including discontinued operations, amounted to just under 21,800 GWT.
“To maintain competitiveness, we have begun streamlining our business model to prioritize Rogaland and implement a more efficient headquarter and sales structure,” Willumsen Grieg said. “For Q2, we had not experienced such a strong production environment in many years. This has positively impacted both our freshwater and seawater results. By focusing on our top performing region in recent years, Grieg Seafood can build on a strong foundation. We manage the entire value chain from roe to harvest, both internally and with partners. Our long-term investments have fully equipped the value chain, and we do not have immediate needs for substantial upgrades. Our harvest plant is old but efficient, and we have access to additional regional harvest capacity when required.”
Another key strength the firm has, according to Willumsen Grieg, is the early investments it made in post-smolt infrastructure, which have translated into significantly increased harvest volumes over the past five years and have resulted in benefits such as improved survival rates and fewer treatments.
“With growing emphasis on fish welfare and survival, we are confident that this represents a competitive advantage for the future,” she said.
With the Cermaq deal fully in the rearview by the end of the year, Grieg Seafood aims to take a more focused direction forward in 2026 and beyond, Willumsen Grieg added.
“Our main goal is to position the company as a highly profitable and stable salmon farmer that’s prepared for the future. We will do this with four main changes to our strategy. We will go from global growth to regional focus. We will go from supporting several large capex projects to prioritizing local opportunities and initiatives. We will go from growth to profitability. From an operating perspective, we will streamline our organization,” she said. “While industry trends point toward consolidation, we still believe there are advantages to being small and focused. We will center our efforts on being close to our fish and excelling at core operations. Investment opportunities will be considered if they support regional synergies rather than volume expansion itself.”
Grieg’s expected harvest volume for Q3 is 8,000 GWT, with the full year of 2025 expected to be around 30,000 GWT.
