Grieg Seafood (GSF) Q2 2026 earnings summary

Executive summary

• H1 2026 was marked by challenging market conditions, biological issues, and transition costs, resulting in weak financial performance and a net loss.

• Strategic transformation completed with divestment of three out of four regions, NOK 10.2 billion sale to Cermaq, and a focus on Rogaland operations.

• Company now operates with a leaner model, clean capital structure, robust liquidity, and streamlined organization.

• VAP facility at Gardermoen ramped up, supporting value-added processing and future growth.

• Strategic priorities emphasize operational efficiency, cost control, and disciplined capital allocation.

Financial highlights

• Harvest volume for H1 2026 was 13,788 tonnes, down from 16,269 tonnes year-over-year; sales revenue NOK 1,834 million, down 6% year-over-year.

• Operational EBIT at NOK -30 million (NOK -2.1/kg); net cash flow from operations at NOK -108 million.

• Farming cost increased to NOK 70.9/kg from NOK 56.6/kg year-over-year, driven by biological challenges and lower volumes.

• EBITDA for the period was NOK 48 million.

• Dividend of NOK 4 billion paid; net interest-bearing debt at NOK 1,542 million; available liquidity above NOK 1.1 billion.

Outlook and guidance

• Full-year harvest guidance increased to 31,000 tonnes due to strong production entering H2 2026.

• Cost guidance for full year maintained at NOK 67.5/kg.

• CapEx guidance for 2026 reduced from NOK 150 million to NOK 105 million.

• Cost-saving initiatives targeting NOK 60 million for 2026, with further measures planned into 2027.

• Feed cost inflation expected to impact costs into 2027, but overall costs projected to decrease compared to 2026.