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Q4 2025 25.02.2026 1 Q4 PRESENTATION2025
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25.02.2026 Grieg Seafood ASA - Q4 2025 2 Disclaimer This presentation (the “Presentation”) has been produced by Grieg Seafood ASA (“GSF”) exclusively for information purposes and may not be copied, distributed, further disseminated or relied upon for any purpose by any person without our prior written consent. This Presentation contains forward-looking statements regarding growth initiatives, outlook, strategy, objectives, beliefs and expectations of GSF and its subsidiaries (the “GSF Group”) and the markets in which the GSF Group operates. Forward-looking statements include all statements that are not historical facts, and may be identified by words such as “anticipates”, “believes”, “expects”, “intends”, “plans”, “projects”, “seeks”, “should”, “will” or “may”, or the negatives of these terms or similar expressions. These forward-looking statements are based on GSF’s present plans, estimates, projections and expectations. They are based on certain expectations, which, even though they seem to be adequate at present, may turn out to be incorrect. Actual results and developments could differ materially from the forward-looking statements set out in the Presentation. None of GSF, any of its subsidiaries or any such person’s officers, employees or advisers provides any assurance that the assumptions underlying such forward-looking statements are free from errors, or accepts any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. This Presentation speaks as of the date noted below (except as stated otherwise), and none of GSF, any of its subsidiaries or any such person’s officers, employees or advisers assumes any obligation to update any of the information contained herein or to correct any inaccuracies which may become apparent. No representation, warranty or guarantee (express or implied) is made as to the accuracy, completeness, or reasonableness, and no reliance should be placed on, the information including, without limitation, projections, estimates, targets and opinions, contained herein or any other written or oral communication transmitted or made to any person in connection with the information, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, none of GSF, any of its subsidiaries or any such person’s officers, employees or advisers accepts any liability whatsoever arising directly or indirectly from the use of this Presentation. By attending or receiving this Presentation, the recipient acknowledges that it will be solely responsible for its own assessment of the market and the market position of the GSF Group, and that it will conduct its own investigations and analysis and be solely responsible for forming its own view of the potential future performance of the businesses of the GSF Group. This Presentation must be read in conjunction with the recent financial information and the disclosures therein and does not purport to contain all of the information that may be required or relevant to a recipient’s valuation of GSF. Nothing in this Presentation, nor any other information provided to the recipient by GSF, any of its subsidiaries or any such person’s officers, employees or advisers constitutes, or may be relied upon as constituting, investment advice or any financial, tax or legal advice by such persons or anybody else. By attending or receiving this Presentation, recipients hereof agree to be bound by the foregoing limitations. Any matter, claim or dispute arising out of in connection with this Presentation (whether contractual or non-contractual) shall be governed by Norwegian law and the recipients agree that these shall be finally settled by arbitration in Oslo in accordance with the Norwegian Arbitration Act of 14 May 2004 no. 25.
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Grieg Seafood ASA - Q4 202525.02.2026 3 Agenda • HIGHLIGHTS • STRATEGIC CHANGE • OPERATIONAL REVIEW • FINANCIAL REVIEW • FUTURE BUILDING BLOCKS • APPENDIX
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Grieg Seafood ASA - Q4 2025 425.02.2026 14.1 35.1 16.5 3.2 20.7 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 HARVEST VOLUME ROGALAND (TONNES GWT) SALES REVENUES ROGALAND (NOK MILLION) OPERATIONAL EBIT/KG ROGALAND (NOK) Highlights 8,074 7,419 8,850 6,820 7,372 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 619 666 662 502 621 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 • Harvest volume of 7,372 tonnes (8,074 tonnes) • Rogaland achieved an Operational EBIT/kg of NOK 20.7 for the quarter • Continued strong freshwater production in Rogaland, with average smolt size exceeding 1 kg in 2025 • Entered Q4 2025 close to maximum MAB capacity following recovery from a challenging Q3 and exited the quarter with MAB utilization of 98% • Completed the divestment of our Canada and Finnmark operations and applied the proceeds to repay a substantial portion of Grieg Seafood’s outstanding debt • The Hybrid Bond has been temporarily reclassified as debt due to the bondholder put-option period and will revert to equity once this period ends • Board of Directors have made a decision of principle to distribute NOK 4 billion. Formal decision to be made once interim balance sheet per 31 January 2026 is finalized and audited. Expect call for extraordinary General Assembly to be sent end of March • Grieg Seafood has entered into a NOK 2,000,000,000 sustainability-linked multicurrency revolving credit facility agreement with Nordea and SEB in Q1 2026
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Grieg Seafood ASA - Q4 202525.02.2026 5 FROM… Achieved in Q4 (selected examples) TO… Focus on global growth and greenfield projects in Canada, aiming for >130 Kt Continued to strengthen new operating model and ensure focused effort on cost reduction. Assessed potential growth avenues in addition to ongoing expansion in Årdal Aqua and Tytlandsvik, which will be further defined in Q1 2026 Regional focus and profitable growth, aiming at maximizing financial results Four regions with large CAPEX projects, and underutilized potential One region in one production area (P02), with focused efforts in western Norway Growth triumphing profitability in short-medium term, potential long- term upside Sustainable and profitable operations in core of all strategic decision making Large HQ scaled for future global growth, with centralized support in core operational areas Regional located operational excellence, with HQ support in non-operational areas CAPEX spend kept at a minimum level until new strategic plans are reviewed and implemented, which is expected to be communicated in Q1 2026 Increased MAB utilization, with continued improvement trajectory through larger post-smolt Reviewed cost base in HQ and defined additional targeted cost reduction (excl. FTEs) of NOK 50 million FY 2026 Grieg Seafood is moving in a new direction
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Grieg Seafood ASA - Q4 202525.02.2026 6 OPERATIONAL REVIEW
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25.02.2026 Grieg Seafood ASA - Q4 2025 7 Strong freshwater performance during the quarter • 1.4 million smolt released with an average input weight of 1,200 grams • All freshwater facilities, incl. jointly-owned, have had good production during the quarter Strong operational execution and post-smolt strategy enabling for high MAB utilization • Overall good seawater production in Q4, despite challenging conditions the first weeks • Biomass recovery from Q3 with high average weight of fish in sea at year-end • MAB utilization of 98% at year-end • Superior share decreased from 95% in Q4 2024 to 92% in Q4 2025 Farming cost at NOK 63.6/kg, long-term target of NOK 60/kg remains • Up from Q4 2024 due to higher capitalized cost of the generation harvested through Q3 and first weeks of Q4 GSF Rogaland Quarterly performance Regional outlook NOK million Q4 2025 Q3 2025 Q4 2024 YTD 2025 YTD 2024 Harvest volume (tonnes GWT) 7,372 6,820 8,074 30,462 28,813 Average harvest weight (kg) 4.8 3.6 3.7 4.6 4.5 Revenues 621.3 501.7 619.2 2,451.0 2,431.7 Operational EBIT 152.8 21.7 114.2 580.8 615.5 Revenue/kg (NOK) 84.3 73.6 76.7 80.5 84.4 Farming cost/kg (NOK) 63.6 70.4 62.6 61.4 63.0 Operational EBIT/kg (NOK) 20.7 3.2 14.1 19.1 21.4 Operational EBIT-bridge, year-over-year (NOK/kg) 14.1 7.6 -1.0 20.7 Operational EBIT/kg Q4 2024 Sales revenue/kg Farming cost/kg Operational EBIT/kg Q4 2025 Farming cost is expected to increase in Q1 2026, driven by biological challenges in Q3 and shortfall in growth in January due to low seawater temperatures Estimated Q1 2026 harvest: 6,600 tonnes Estimated FY 2026 harvest: 31,000 tonnes
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Grieg Seafood ASA - Q3 202513.11.2025 8 Freshwater production continues to be a priority going forward, focusing on maintaining steadily improving post-smolt performance Benefits assumed from post-smolt remains robust... Post-smolt are now mostly larger, with very few small smolt; >50% is above 1.0 kg…with solid performance in both land-based facilities % of smolt released to sea across different size ranges in grams average weights, shows significant shift in distribution towards larger fish Fixed cost scaling Lower variable costs Achieved pricesOperational and economic benefits More robust fish and improved survival rate Less time in the sea per fish generation Increased utilization of MAB and of the best farming sites Less sea lice and other treatments Improved fish quality and superior rate Larger harvest volume Increased weight at harvest Grieg Seafood is now experiencing significant benefits from post-smolt, and it is changing how we plan, harvest and optimize as size of smolt increases 58% 61% 50% 63% 36% 7% 33% 9% 11% 10% 23% 22% 7% 21% 27% 13% 13% 18% 2% 9% 7% 13% 22% 28% 5% 5% 11% 14% 0-499 500-749 750-999 1 000-1 249 1 250-1 499 1 500+ 2020 2021 2022 2023 2024 2025
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Grieg Seafood ASA - Q3 202513.11.2025 9 Grieg Seafood will retain an internal sales team to enhance our downstream operations and keep improving pricing strategies Grieg Seafood outperforms SISALMON index Quarter-over-Quarter last six quarters… Strong collaboration between farming and sales have improved harvest timing and size profiling… Optimizing value from raw material through expanded options for processing… Price achieved is for all volume and all qualities- outperforms price benchmark last six quarters Harvest timing strategy successfully deployed through strategic price optimization with main volumes focused on higher priced weeks of the period Weighted SISALMON Index FCA South, NOK/KG GSFR Achieved Price, NOK/KG Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 60 70 80 90 100 GSFR harvest volume (kg) SISALMON (NOK/kg) W40 W43 W46 W49 W52 • 10 000 tonnes capacity with expansion opportunities Initial ramp-up shows high demand for filets at high prices, and access to external raw material (PROD) is sufficient to maintain high production utilization in 2026. We reiterate our guidance of 8 500 tonnes in 2026 • Testing period completed according to plan in Q4 No material issues identified during testing. Production successfully initiated early 2026 • To initiate strategic process to find partner for JV of VAP facility Enable for larger production volume and improve cost efficiency
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Grieg Seafood ASA - Q4 202525.02.2026 10 FINANCIAL REVIEW
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25.02.2026 Grieg Seafood ASA - Q4 2025 11 Sales revenues up from Q4 2024, attributable to improved price achievement and higher average harvest weights • NOK 84.3 per kg, up 10% year-over-year • Offset by lower harvest volume and lower share of superior-quality fish Farming cost in the quarter of NOK 63.6 per kg, down NOK -6.8 per kg from Q3 2025 • Biological challenges in Q3 led to higher capitalized cost on generation which has also been harvested in Q4 Operational EBIT of NOK 143 million (NOK 19.4 per kg) Gain of NOK 911 million on the sale of Canada and Finnmark operations included in net profit for the period from discontinued operations Profit & loss (NOK million) Q4 2025 Q4 2024 YTD 2025 YTD 2024 Harvest volume tonnes GWT 7,372 8,074 30,462 28,813 Sales revenues 971.1 852.6 3,667.4 3,317.6 Operational EBIT* 142.9 66.7 432.8 474.1 Production fee -11.5 -7.9 -34.7 -28.9 Fair value adjustments of biological assets 38.3 100.5 -149.5 -150.8 Reversal of write-down of intangible non- current asset 47.2 — 47.2 — EBIT 216.9 159.3 295.8 294.3 Net financial items 53.9 -12.2 -219.6 -269.4 Profit before tax 270.8 147.1 76.2 24.9 Estimated taxation 215.8 -103.4 -27.4 -238.3 Net profit for the period from continued operations 486.6 43.7 48.8 -213.4 Net profit for the period from discontinued operations 1,434.8 -1,431.8 947.8 -2,237.2 Net profit for the period 1,921.3 -1,388.1 996.6 -2,450.5 Profit & loss Operational EBIT-bridge, year-over-year (NOK/kg) 8.3 7.6 -1.0 4.6 19.4 Operational EBIT/kg Q4 2024 Sales revenue/kg Farming cost/kg Other costs incl. ownership and headquarter costs/kg Operational EBIT/kg Q4 2025 *See Alternative Performance Measures for definition.
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25.02.2026 Grieg Seafood ASA - Q4 2025 12 Cash flow Changes in cash and cash equivalents (NOK million) 118 408 -414 8,944 -4,226 183 5,012 Cash 30.09.2025 Operational EBITDA* Inventory, AR, AP InvestmentFinancing Other Cash 31.12.2025 *See definition in Alternative Performance Measures in the Q4 2025 Quarterly report △ 4,894 Net cash flow from operations NOK 173 million • Operational EBITDA* from all operations (incl. discontinued) of NOK 408 million (NOK 96 million in Q4 2024) • Changes in working capital of NOK -414 million, incl. change in biomass of NOK 220 million Net cash flow from investment activities NOK 8,944 million • Capex investments of NOK 170 million, out of which NOK 140 million related to discontinued operations. Capex going forward for Rogaland expected to be NOK 150 million FY 2026 and NOK 100 million FY 2027 • Net proceeds related to the sale of Canada and Finnmark operations, NOK 9,112 million Net cash flow from financing NOK -4,226 million • Net changes in interest-bearing debt ex. leasing amounts to NOK 3,999 million ◦ All loans and credit facilities under the previous syndicate agreement repaid ◦ NOK 250 million bridge loan drawn early Q4 • Residual items include repayment of lease liabilities of NOK 85 million net interests of NOK 92 million, and hybrid dividend of NOK 51 million
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25.02.2026 Grieg Seafood ASA - Q4 2025 13 Net interest-bearing debt Movements in net interest-bearing debt ex. IFRS 16 (NOK million) 4,399 -408 220 182 51 2,109 -3,978 -5,050 -2,476 NIBD Q3 2025 Operational EBITDA* Biomass ex fair value Gross investments* Hybrid dividend Hybrid bond reclass. Down payments syndicate loans Other changes incl. timing differences NIBD Q4 2025* *See Alternative Performance Measures for definition. Capital structure (NOK million) 31.12.2025 Hybrid bond 2,109 Bridge loan 250 Lease liabilities (incl IFRS 16) 486 Gross interest bearing liabilities 2,845 Cash and loans to associates -5,019 NIBD incl IFRS 16 -2,174 Lease liabilities (IFRS 16) -302 NIBD excl IFRS 16 -2,476 Free liquidity- Cash and cash equivalents 5,012 NOK 2,000 million revolving credit facility and NOK 200 million overdraft facility settled post completion of the divestment of Canada and Finnmark operations. Reduction in NIBD of NOK 6,875 million compared to end of Q3 2025 • Bridge financing of NOK 250 million established in Q4 to ensure sufficient liquidity position to cover additional financing needs in divested regions up until closing • Hybrid bond temporarily reclassified from equity to short-term interest-bearing debt - asset sale event triggered under the bond terms led to temporary reclassification Free liquidity consists of cash holdings at a total of NOK 5,012 million at 31 December 2025 • All ordinary debt including credit and overdraft facilities were settled after the sales transaction was completed at 29 December 2025
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Grieg Seafood ASA - Q4 202525.02.2026 14 The Board will propose to the Ex. General Assembly to distribute NOK 4 billion in dividends to the shareholders NOK 4 billion shareholder distribution to be formalized... With the following items outstanding... • Further optimization of capital structure to be made following dividend payment, adapted to new scale and complexity of the company • Following the dividend payment, Grieg Seafood plans to adhere to existing dividend policy for the coming years as described in the annual accounts 2024 - up to 40% of EBIT before fair value adj. of biomass • Interim balance sheet currently being finalized and subject to audit • Following the finalized and audited interim balance sheet, the Board will call for an extraordinary General Assembly • The call for the General Assembly is expected to be sent end of March, with three weeks' notice period • Dividend to be paid as soon as possible following the General Assembly, assuming the General Assembly approves the dividend End of March Anticipated call for extraordinary General Assembly Details to be shared Immediately after the final interim balance sheet and formal board approval, all details surrounding the dividend (exact amounts, key dates etc.) will be shared NOK 4 bn Decision in principle has been made by the Board of Directors
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25.02.2026 Grieg Seafood ASA - Q4 2025 15 FUTURE BUILDING BLOCKS
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Grieg Seafood ASA - Q4 202525.02.2026 16 10.4 39.4 19.9 8.8 14.1 35.1 16.5 3.2 20.7 Q4 23 Q2 24 Q4 24 Q2 25 Q4 25 2,159 9,426 2,771 8,5438,074 7,419 8,850 6,8207,372 Q4 23 Q2 24 Q4 24 Q2 25 Q4 25 365 797 462 769 963 1,285 887 1,241 Q4 23 Q2 24 Q4 24 Q2 25 Q4 25 Prioritize Future-proofStrengthen Strengthen Rogaland & enhance profitability Focus and prioritize initiatives in Western Norway (with Rogaland as the foundation) Position GSF for the future in Aquaculture Enhance capacity and efficiency in Rogaland through post-smolt acceleration, MAB optimization, and through adjusting GSF cost base to new scale Set a clear direction for Grieg Seafood Rogaland, focused on shareholder value creation, profitability and robust operations Build position which is future proof and robust against changing political and regulatory landscapes, levering leading technological position in Post- Smolt and maintain cost focus 1 Key strategic building blocks 2 3 Average weight of smolt put to sea (grams) Harvest volume (1,000 tonnes)Operational EBIT/kg (NOK) No input in Q1 2024
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25.02.2026 Grieg Seafood ASA - Q4 2025 17 UPCOMING FINANCIAL RESULTS 27 March 2026 Annual Report 2025 6 May 2026 Annual General Meeting 21 May 2026 Q1 Quarterly Report 2026 The Company reserves the right to make amendments to the financial calendar
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Grieg Seafood ASA - Q4 202525.02.2026 18 APPENDIX Q4 2025
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25.02.2026 Grieg Seafood ASA - Q4 2025 19 Our approach to sustainable business Our pillars HEALTHY OCEAN SUSTAINABLE FOOD PROFIT & INNOVATION PEOPLE LOCAL COMMUNITIES Topics • Fish health and welfare • Protecting wild salmon • Protecting biodiversity & marine ecosystems • Safe and healthy food • Sustainable feed ingredients • Climate action • Recycling and waste management • Plastic pollution • Profitable operations • Our market • Research, development and innovation • Responsible business conduct • Corporate governance • Human rights • Embracing diversity • Creating attractive jobs • Keeping our employees safe • Local value creation • Indigenous relationships • Dialogue and engagement SDG Alignment
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Grieg Seafood ASA - Q4 2025 2025.02.2026 Spot market price development NQSALMON/SISALMONI WEEKLY AVERAGE (NOK/KG) 2022 2023 2024 2025 2026 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 30 40 50 60 70 80 90 100 110 120 130 140 The chart graphs weekly average prices for NQSALMON up until week 31/2024, and SISALMONI from week 32/2024.
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25.02.2026 Grieg Seafood ASA - Q4 2025 21 Profit & loss GRIEG SEAFOOD GROUP NOK 1 000 Q4 2025 Q4 2024 YTD 2025 YTD 2024 Continued operations Sales revenues 971,084 852,589 3,667,428 3,317,645 Other income 28,697 17,890 30,117 23,375 Share of profit from associates 3,243 -4,106 14,866 5,710 Raw materials and consumables used -517,755 -479,786 -1,954,434 -1,736,878 Salaries and personnel expenses -88,077 -93,783 -315,805 -254,878 Other operating expenses -223,870 -195,838 -892,091 -764,576 Depreciation property, plant and equipment -29,899 -29,387 -115,347 -114,847 Amortization licenses and other intangible assets -504 -925 -1,945 -1,496 Reversal of write-down intangible non-current assets 47,242 — 47,242 — Production fee -11,490 -7,852 -34,720 -28,940 Fair value adjustment of biological assets 38,267 100,479 -149,505 -150,840 EBIT (Earnings before interest and taxes) 216,938 159,283 295,805 294,275 Net financial items 53,854 -12,150 -219,594 -269,370 Profit before tax 270,793 147,133 76,211 24,905 Estimated taxation 215,789 -103,437 -27,440 -238,259 Net profit for the period from continued operations 486,582 43,696 48,771 -213,354 Discontinued operations Net profit for the period from discontinued operations 1,434,762 -1,431,800 947,837 -2,237,153 Net profit for the period 1,921,344 -1,388,104 996,608 -2,450,507 Profit or loss for the period attributable to Owners of Grieg Seafood ASA 1,921,344 -1,388,104 996,608 -2,450,507
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25.02.2026 Grieg Seafood ASA - Q4 2025 22 GRIEG SEAFOOD GROUP NOK 1 000 Q4 2025 Q4 2024 YTD 2025 YTD 2024 Net profit for the period 1,921,344 -1,388,104 996,608 -2,450,507 Net other comprehensive income to be reclassified to profit/loss in subsequent periods Currency effect on investment in subsidiaries -41,779 -4,173 163,611 10,841 Currency effect on loans to subsidiaries *) 119,457 8,477 -324,356 15,544 Tax effect -26,280 -1,865 71,358 -3,420 Recycle of accumulated OCI (sale of Finnmark, BC and Newfoundland) -184,473 — -184,473 — Other comprehensive income for the period, net of tax -133,075 2,439 -273,860 22,965 Total comprehensive income for the period 1,788,269 -1,385,665 722,748 -2,427,541 Allocated to Owners of Grieg Seafood ASA 1,788,269 -1,385,665 722,748 -2,427,542 Comprehensive income *) From 1 of January 2025 the internal loan to Newfoundland Ltd Group is defined as net investment. The currency effect is recognized in other comprehensive income.
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25.02.2026 Grieg Seafood ASA - Q4 2025 23 GRIEG SEAFOOD GROUP NOK 1 000 31.12.2025 31.12.2024 Continued operations Goodwill 20,463 20,463 Licenses 253,635 1,152,173 Other intangible assets 1,889 10,119 Property, plant and equipment incl. right-of-use assets 1,189,108 5,399,240 Indemnification assets — 40,000 Investments in associates 223,517 244,429 Other non-current receivables 7,684 37,439 Total non-current assets continued operations 1,696,296 6,903,862 Inventories 140,613 219,348 Biological assets excl. the fair value adjustment 1,260,266 4,202,008 Fair value adjustment of biological assets 259,406 800,981 Trade receivables 196,963 285,603 Other current receivables, derivatives and financial instruments 136,938 339,959 Cash and cash equivalents 5,011,759 202,979 Total current assets continued operations 7,005,945 6,050,878 Assets held for sale — — Total assets 8,702,241 12,954,740 Financial position - assets
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25.02.2026 Grieg Seafood ASA - Q4 2025 24 GRIEG SEAFOOD GROUP NOK 1 000 31.12.2025 31.12.2024 Continued operations EQUITY AND LIABILITIES Share capital 453,788 453,788 Treasury shares -4,818 -4,812 Contingent consideration — 701,535 Hybrid Bond — — Retained earnings and other equity 4,007,757 2,901,442 Total equity 4,456,726 4,051,953 Deferred tax liabilities 506,326 604,078 Share based payments 3,673 12,997 Borrowings and lease liabilities 408,882 4,940,123 Total non-current liabilities continued operations 918,881 5,557,199 Current portion of borrowings and lease liabilities 2,449,868 1,903,678 Trade payables 458,512 1,054,706 Tax payable — 5,364 Other current liabilities, derivatives and financial instruments 418,254 381,840 Total current liabilities continued operations 3,326,634 3,345,588 Liabilities directly associated with the assets held for sale — — Total liabilities 4,245,515 8,902,788 Total equity and liabilities 8,702,241 12,954,740 Financial position - equity and liabilities
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25.02.2026 Grieg Seafood ASA - Q4 2025 25 GRIEG SEAFOOD GROUP NOK 1 000 Q4 2025 Q4 2024 YTD 2025 YTD 2024 EBIT (Earnings before interest and taxes) 866,847 -1,631,325 468,845 -2,379,964 Depreciation, amortization and write-down 30,403 1,973,262 380,797 2,454,285 Gain/loss on sale of property, plant and equipment 4,420 581 4,153 117 Share of profit from associates -814 5,145 4,930 -857 Fair value adjustment of biological assets -464,369 -260,651 221,153 534,383 Change inventory excl. fair value, trade payables and rec. -414,051 -198,807 -711,571 -126,134 Other adjustments 153,924 -91,725 20,521 — Taxes paid -3,620 -9,018 -8,513 -31,210 Net cash flow from operating activities 172,740 -212,538 380,315 450,620 Proceeds from sale of non-cur. tangible and intangible assets 130 40 938 718 Payments on purchase of non-cur. tangible and intangible assets -169,889 -345,729 -724,311 -1,208,180 Payments on purchase of intangible assets incl. licenses — -1,669 — -1,669 Sale of subsidiary, net proceeds 9,112,199 — 9,112,199 — Government grant — — — 10,042 Investment in associates and other invest. 1,357 -42,173 6,731 -30,106 Net cash flow from investing activities 8,943,797 -389,531 8,395,557 -1,229,195 Net changes in interest-bearing debt ex. lease liabilities -3,998,871 807,477 -5,042,400 1,608,442 Proceeds from issue of hybrid bond — — 1,970,638 — Repayment lease liabilities -85,359 -82,961 -331,922 -332,841 Net interest and other financial items -91,606 -76,698 -391,822 -318,346 Paid dividends -50,505 — -157,106 -196,233 Net cash flow from financing activities -4,226,341 647,818 -3,952,613 761,022 Net change in cash and cash equivalents 4,890,196 45,750 4,823,260 -17,553 Cash and cash equivalents - opening balance 117,508 155,107 202,979 216,318 Currency translation of cash and cash equivalents 4,055 2,122 -14,480 4,214 Cash and cash equivalents - closing balance 5,011,759 202,979 5,011,759 202,979 Cash flow The cash flow statement is presented for the combined continued and discontinued operations. See note 4 for the cash flow associated with discontinued operations
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25.02.2026 Grieg Seafood ASA - Q4 2025 26 THE 20 LARGEST SHAREHOLDERS IN GRIEG SEAFOOD ASA AT 31.12.2025 NO. OF SHARES SHARE- HOLDING Grieg Aqua AS 56,914,355 50.17% OM Holding AS 6,447,076 5.68% Folketrygdfondet 1,924,324 1.70% Ystholmen Felles AS 1,923,197 1.70% DNB BANK AS (Meglerkonto innland) 1,837,892 1.62% Grieg Seafood ASA 1,204,603 1.06% Clearstream Banking S.A. (Nominee) 1,182,587 1.04% Riiber Holding AS 1,007,286 0.89% Kvasshøgdi AS (Per Grieg) 996,772 0.88% Verdipapirfondet DNB SMB 888,739 0.78% Jakob Hatteland Holding AS 850,000 0.75% HMH Invest AS 846,107 0.75% J.P. Morgan SE (Nominee) 775,605 0.68% State Street Bank and Trust Comp (Nominee) 765,321 0.67% Bank Pictet & Cie (Europe) AG (Nominee) 674,034 0.59% Haugland Gruppen AS 600,000 0.53% Intertrade Shipping AS 600,000 0.53% The Bank of New York Mellon SA/NV (Nominee) 577,896 0.51% Skandinaviska Enskilda Banken AB (Nominee) 547,000 0.48% JPMorgan Chase Bank. N.A., London (Nominee) 500,108 0.44% Total 20 largest shareholders 81,062,902 71.45% Total others 32,384,140 28.55% Total number of shares 113,447,042 100.00% Number of shares • 113,447,042 shares incl. treasury shares Last issues • Q2 2020 - NOK 7 million in new shares issued (contribution in kind, related to the Grieg Newfoundland-transaction) • Q2 2009 - NOK 139 million in new shares issued Subordinated convertible bond issued in Q1 2009 • 100 million converted at NOK 4.0 per share within 31 December 2010 • 85% converted in Q2 2009, 15% in Q3 2009 Share savings program for the employees • To strengthen culture and encourage loyalty by offering employees to become shareholders in Grieg Seafood ◦ Transferred 21,576 treasury shares to employees in Q4 2018 ◦ Transferred 14,737 treasury shares to employees in Q4 2019 ◦ Transferred 42,193 treasury shares to employees in Q4 2020 ◦ Transferred 38,513 treasury shares to employees in Q4 2021 ◦ Transferred 96,150 treasury shares to employees in Q4 2022 ◦ Transferred 704 treasury shares to employees in Q1 2023 ◦ Transferred 107,473 treasury shares to employees in Q4 2023 ◦ Transferred 110,565 treasury shares to employees in Q4 2024 EPS • EPS from continued operations (basic and diluted) NOK *): 3.8 NOK/share in Q4 2025 (0.4 Q4 2024) • EPS ordinary share incl. discontinued operations (basic and diluted) NOK *): 16.6 NOK/share in Q4 2025 (-14.2 Q4 2024) Share price • NOK 77.9 at quarter-end Q4 2025 • NOK 62.1 at quarter-end Q4 2024 Share information