Grieg Seafood ASA reported a first-half 2026 operating loss of NOK 30 million, reflecting the final stages of a strategic overhaul initiated after years of biological challenges and elevated costs. The Norwegian salmon producer, which divested three of its four regions to Cermaq for NOK 10.2 billion in mid-2025, said the transformation is now largely complete as it prepares for an operational recovery in the second half of the year.
Chief Executive Nina Willumsen Grieg described the first six months as "challenging" and "certainly not to the standard" the company aims for, though she emphasized that the restructuring phase is ending. Harvest volumes in Rogaland, the group’s largest region, fell 16% year-over-year to 13,788 tonnes, while farming costs per kilogram rose to NOK 70.9 from NOK 56.6 in H1 2025. Full-year 2026 guidance for farming costs remains unchanged at NOK 67.5 per kilogram.
The company reduced its full-year 2026 capital expenditure target to NOK 105 million from NOK 150 million, citing efficiency gains at its VAP processing facility in Gardermoen and the Årdal Aqua smolt operation. Årdal Aqua, in which Grieg increased its stake by NOK 44.5 million in June, delivered 610 tonnes of harvest with a 95% superior-grade share. Post-smolt releases weighing over 1,000 grams now account for 79% of total releases, up from 17% in 2020, supporting long-term biological performance.
Financial metrics showed a net cash outflow of NOK 4.57 billion in H1 2026, driven by the Cermaq divestment and refinancing of a NOK 2 billion hybrid bond into a NOK 750 million instrument. Hybrid dividend payments totaled NOK 101 million, while cash and equivalents declined to NOK 232 million from NOK 5.01 billion at year-end 2025. Net interest-bearing debt stood at NOK 1.25 billion, compared with a net cash position of NOK 2.48 billion at the start of the year.
Liquidity remained manageable with a NOK 2 billion revolving credit facility—NOK 1.2 billion utilized as of June 30—and free liquidity of NOK 1.13 billion. Chief Financial Officer Magnus Johannesen noted that operational EBIT was "not satisfactory or representative of the new platform" the company is building, but highlighted improving conditions entering the third quarter. The group maintained its full-year 2026 harvest guidance at 31,000 tonnes, with Q3 2026 volumes estimated at 9,800 tonnes.
Grieg Seafood will host a Capital Markets Day on April 27, 2027, to outline its post-restructuring strategy as it targets a return to profitability in the second half of 2026.
