Grieg Seafood ASA reported a first-half 2026 operational EBIT loss of NOK 30 million, down sharply from a NOK 291 million profit in the same period last year, as the company absorbed the costs of a sweeping transformation that included asset divestments and operational restructuring.
The Norwegian salmon producer, listed on the Oslo Stock Exchange, attributed the decline to a 15% drop in harvest volumes to 13,788 tonnes and a 26% fall in Rogaland sales revenue to NOK 986 million. Farming costs rose to NOK 70.9 per kilogram, up NOK 14.2 from H1 2025, while the company’s superior share of salmon fell to 63% from 85% a year earlier due to biological challenges including winter wounds and sea lice treatments.
Chief Executive Nina Willumsen Grieg described the first half as "challenging," noting that results "were certainly not to the standard" the company targets. She added that the company had shifted from a balance sheet restructuring focus to becoming a more streamlined operator in Rogaland, with a cleaner capital structure following the divestment of three operating regions to Cermaq for NOK 10.2 billion.
The transformation included a 55% reduction in headquarters staff, targeting NOK 60 million in annual cost savings, and the establishment of a dedicated Sales and Value-Added Products (VAP) segment in April 2026. The VAP segment generated NOK 794.6 million in revenue with an operational EBIT of NOK 14.8 million, supported by fixed-price contracts covering 30% of volume.
Financial metrics reflected the strain of the transition. Net cash flow from operations turned negative at NOK 108 million, driven by working capital outflows, while net interest-bearing debt increased to NOK 1.245 billion from a net cash position of NOK 2.476 billion at year-end 2025. The company refinanced a NOK 2 billion hybrid bond with a new NOK 750 million issuance in June, yielding net proceeds of NOK 339 million.
Looking ahead, Grieg Seafood raised its full-year 2026 harvest guidance to 31,000 tonnes, up from prior estimates, and reduced Rogaland capex guidance to NOK 105 million from NOK 150 million. The company’s equity ratio stood at 30% at period-end, meeting bank syndicate covenants that require a 30% ratio by the end of H1 2027. A Capital Markets Day is scheduled for April 27, 2027.
