Grieg Seafood (GSF) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 marked a transition period with operational and financial challenges due to biological issues and the divestment of three regions, resulting in one-off costs and a weaker financial result.

• The quarter saw the first operations under a new, more focused model, with ramp-up costs at the new value-added processing (VAP) facility impacting EBIT.

• Operational performance improved toward the end of Q1, with positive trends in production and mortality heading into Q2.

Financial highlights

• Group sales revenue was NOK 1,014 million in Q1 2026, down from NOK 1,200 million in Q1 2025.

• Operational EBIT for the group was NOK 35.1 million, with EBIT per kg at NOK 4.7 for farming.

• Cash and cash equivalents stood at NOK 1,387 million; NIBD including IFRS 16 effects was NOK -4,162 million.

• Superior quality share dropped to 59% from 83% year-over-year, reflecting biological challenges.

Outlook and guidance

• Harvest volume guidance for 2026 revised down to 30,000 tonnes from 31,000 tonnes.

• Q2 2026 harvest volume expected at 5,200 tonnes, skewed toward the end of the quarter.

• Full-year farming cost guided at NOK 67.0 per kg, expected to normalize by 2027; long-term cost target remains NOK 60 per kg.