Norwegian salmon producer Grieg Seafood ASA reported a first-half 2026 operational EBIT loss of NOK 30 million, or negative NOK 2.1 per kilo, as biological setbacks and softer market conditions offset restructuring progress.
Revenue declined 6% year-over-year, while farming costs rose to NOK 70.9 per kilo, an increase of more than NOK 14 per kilo from the prior period. Harvest volume totaled 14,000 tons in the six months to June 30, 2026, with net cash flow from operations negative NOK 108 million despite positive EBITDA of NOK 48 million.
The company’s net interest-bearing debt excluding IFRS adjustments stood at NOK 1.25 billion at the end of June, down from a net cash position of nearly NOK 2.5 billion at the start of the year. Liquidity remained above NOK 1.1 billion, while the equity ratio improved to 30%, meeting a bank syndicate covenant that rises to 30% by mid-2027.
Chief Executive Officer Nina Willumsen Grieg described the period as "challenging," citing weaker market conditions, biological issues, and transition hurdles. "We were a company managing a balance sheet problem 18 months ago. Today, we are a focused Rogaland operator with a clean capital structure," she said.
Chief Financial Officer Magnus Johannesen noted that the operational EBIT loss was "not satisfactory or representative of the new platform Grieg Seafood is building on." He highlighted sensitivity in the balance sheet, where licenses are valued at NOK 250 million despite being worth substantially more, increasing exposure to price and earnings volatility.
Grieg maintained its full-year farming cost guidance at NOK 67.5 per kilo and raised harvest guidance to 31,000 tons. Capital expenditure for 2026 was reduced to NOK 105 million, down from NOK 150 million, as the company prioritizes operational efficiency. The company’s Gardermoen facility reached break-even volumes in July 2026, while feed price adjustments for fish already at sea are expected to take effect in April or May 2027.
Shares rose 1.65% to $30.21 in early trading, with a market capitalization of $367 million. The company paid NOK 4 billion in dividends over the prior 12 months and issued a NOK 750 million hybrid bond in June as part of its restructuring strategy.
