Q2 2026 Grieg Seafood ASA Earnings Call Transcript
Key Points
- Strong freshwater performance with 2.9 million smolt released at an average weight of 1.3 kg, and a milestone harvest of 600 tons of fully land-grown fish.
- Entered Q3 with close to maximum MAB and fish performing well, leading to an increased full-year harvest guidance back to 31,000 tons.
- Successfully refinanced the hybrid bond, establishing a long-term financing structure and a clean capital structure without diluting shareholders.
- Cost-cutting initiatives are tracking ahead of the original $50 million target, with additional measures being implemented to reduce costs further.
- The new sales and value-added processing segment delivered a positive EBIT contribution of 15 million NOK, with the Gannemoan facility reaching breakeven volumes in July.
- Weak financial performance in H1 2026 due to challenging biological conditions, including winter wounds and sea lice issues, leading to a low superior share of 63% and lower harvest weights.
- Farming costs increased significantly to 70.9 NOK per kilo, up over 40 NOK year-over-year, due to biological challenges and higher capitalized costs.
- Sales revenues declined 6% year-over-year, impacted by a high share of downgraded fish in a soft price environment and lower harvest volumes.
- Feed prices have increased due to challenging fisheries and tighter raw material supply, with only 50% of the increase absorbed through cost actions, and the full impact expected in 2027.
- The value-added processing facility at Gannemoan incurred one-off ramp-up costs and negative earnings from low-capacity utilization, affecting results in the period.
Good morning and welcome to Gregg Seafood's first half 2026 presentation. My name is Nina Willemsen-Gregg and I'm the CEO of Gregg Seafood. I'm joined today by our CFO, Magnus Johannesen.
This is the first time we're holding the presentation in Bergen and I appreciate everyone who has joined us early this morning.
Today's agenda includes updates on our operation and market activities. For the first time, we are presenting farming and sales as separate segments. And as usual, Magnus will take us through the financial results at the end of the presentation.
This first half year have been challenging for Rig Seafood. Weaker market conditions than we anticipated.
Combined with biological challenges and a company in transition resulted in weak financial performance. The results are certainly not to the standard that we like to set for ourselves.
We harvested nearly 14,000 tons and delivered marginally positive results in both farming and sites.
The freshwater production have been
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