Annual Report 2025

We announced the sale of Grieg Shipbrokers just before the new year; we also divested three of our regions in our seafood operation to create a more focused Grieg Seafood, concentrated in Rogaland, where our biological results are strongest and our cost position most competitive.

Saying farewell to our original company, founded in 1884, was not an easy decision. It was, however, the right one, for us, the company and our former colleagues there. From its beginning, the Grieg Group’s history has been one of evolution. In order to adapt to changing surroundings with ever larger global players, it is important for us to make sure our capabilities and resources are allocated in the right way.

There is no doubt that we now live in a new world. Trade wars and actual wars spurred on by increasingly authoritarian regimes, as well as a technological revolution in the development of artificial intelligence, are events and trends that global business must account for. And even though it is unfortunately less and less on the agenda, we still have a climate crisis that must be dealt with.

I believe our diverse portfolio, spanning maritime, seafood, investment, and venture capital, has navigated through this complex global landscape with agility and strategic foresight. Our business models have been and are being stress-tested. I am proud that we thus far can say that we have passed those tests. If we remain vigilant and wise in our decision-making, also in the future, I am certain there are many exciting possibilities for our group and companies on the horizon.

As we look back on 2025, there are a lot of important developments and innovations in our group companies. Grieg Kapital has a new investment mandate and implemented governance changes that have set the company and its investments up for future success. Last year, they made investments in three new companies – Aquabyte, Biosort and GT Wings – adding to previous investments within the aquaculture, ocean technology and B2B software businesses.

Grieg Maritime Group has made significant investments in fleet renewal by ordering a new generation of highly energy-efficient vessels. The four new N-class open hatch vessels, scheduled for delivery in 2026, will be the largest in the Group’s history and are expected to be up to 40 per cent more energy efficient than the existing fleet. In parallel, the Group has ordered a series of new short-sea vessels through Skarv Shipping, including one ammonia dual-fuel vessel and several highly efficient multipurpose ships. Together, these investments demonstrate a disciplined and forward-looking capital allocation strategy, strengthening Grieg Maritime Group’s competitiveness, resilience, and ability to meet both regulatory and market demands in the years ahead.

Grieg Group is owned by the fourth and fifth generations of Grieg family members, and many of them serve on the Board of Directors and are leaders in our companies. Cooperation between them and their involvement in our business ensures a seamless passing of the torch and secures the company’s continued success and sustainability.

During the year, the Board of Directors and our administration worked closely with our owners to revise our ownership strategy. “Together we develop lasting value” is our new vision. It reflects the family ownership of our business as well as our commitment to keep on developing, not just maintaining our companies. It also underscores that our business is not only about creating monetary value, but lasting value. In 2025, Grieg Foundation reached a significant milestone in passing 1 billion NOK in donations since its foundation in 2002. Both through our business and our foundation, we are committed to contributing to a more sustainable and passionate society.

Jon Haugervåg

Chair of the Board