Slimmed-down salmon farmer raised operating profit by 34% in Q4
Norwegian salmon farmer Grieg Seafood, which sold its farms in Canada and in Finnmark, Norway, to Cermaq for £738 million in December, made an operating profit of NOK 152.8m from its remaining farming operation in Rogaland in Q4 2025.
The result was a 34% increase compared to the NOK 114.2m made in Q4 2024, Grieg wrote in its Q4 2025 report.
Operational EBIT per kilo increased by 47% to NOK 20.7 (Q4 2024: NOK 14.1) for the farming operation, and by 135% to NOK 19.4 (NOK 8.3) for the Grieg Seafood Group. Average harvest weight increased to 4.8 kilos (3.7 kg).
Operating profit for 2025 in the farming operation was down 6% to NOK 580.8m (2024: NOK 615.5m).
98% full
Grieg harvested 30,462 gutted weight tonnes in Rogaland last year, which is around 500 gwt more than guided.
Estimated harvest volume for 2026 remains unchanged at 31,000 gwt, the company said in the report. Grieg harvested 7,372 gwt in Rogaland in Q4, down from 8,074 gwt in the same period in 2024.
The company delivered continued strong freshwater production in Rogaland, with average smolt size exceeding 1 kg in 2025, and 1.2 kg in Q4. It entered the current quarter with close to fully utilised biomass allowance (98%), with high average weight of the standing biomass.
Colder January
Production was affected by colder-than-average temperatures early in Q1 2026, leading to reduced production in January, but stabilised in February.
“Our yearly harvest guidance remains unchanged. However, the January shortfall and reported Q3 biological issue (resulting in elevated cost capitalisation) are expected to drive up farming cost for the first quarter,” reported Grieg.
It expects a harvest of 6,600 tonnes in Q1 2026, with harvest volumes tilted towards the second half of the quarter.
A land-based post-smolt and food fish facility part-owned by Grieg has progressed as planned. “During Q2 2026, we will harvest ~500 gwt of fish from the facility in Årdal Aqua, which will be our first fully land-based production of salmon from smolt to harvest,” said Grieg.
