Earnings call transcript: Grieg Seafood posts weak H1 2026 results, shares rise

Grieg Seafood announced weaker results for the first half of 2026, citing farming challenges, lower sales revenue, and increased costs. Despite this, analysts had been expecting an EPS of 0.0251 and revenue of 668.11 million. The stock price rose 1.65% to $30.21 in early trading, but remained close to the stock's 52-week low range of $26.9 to $78.25.

The company's farming costs increased to NOK 70.9 per kilo, up more than NOK 14 per kilo from the previous year, while sales revenues fell by 6% year-over-year due to a higher share of downgraded fish. Operational EBIT was negative NOK 30 million, or negative NOK 2.1 per kilo. Despite the weak first half, Grieg Seafood remains optimistic about the second half, with improved conditions and progress in its land-based and processing operations.

The company also highlighted a cleaner balance sheet, with NOK 4 billion in dividends paid over the past 12 months and refinancing of its capital structure. Management expects costs to fall significantly in 2027 and believes the company will be profitable in 2026.