Grieg Seafood reported that its first quarter of 2026 was a transitional period heavily impacted by biological challenges and high restructuring costs. Highlighting this shift, group sales revenues for the quarter rose to NOK1.014 billion ($109.4 million) from NOK935 million in the first quarter of 2025.
Operational profit decreased to NOK1 million during the period, down from NOK200 million in the first quarter of 2025.
This decline was driven by lower market prices, elevated farming costs, and increased salmon mortality, which reduced the share of superior-quality fish to 59 per cent from 83 per cent in the prior year.
The company attributed the high costs to one-off transition expenses and the ramp-up of its new value-added processing facility at Gardermoen, which commenced operations on January 5.
These expenses followed the divestment of the company's Finnmark and Canada regions to Cermaq Group in December 2025.
To support its land-based operations, Grieg Seafood completed an equity contribution of NOK45 million in Årdal Aqua for the construction of an on-site smolt facility. A new financing agreement signed with Nordea and SEB allowed the business to repay a NOK250 million bridge loan that secured liquidity during the fourth quarter of 2025.
In separate developments, the Stjernelaks processing plant experienced a temporary water supply disruption due to a pipeline rupture, but operations are scheduled to resume on May 21.
Looking forward, Grieg Seafood stated it has revised its full-year 2026 harvest volume guidance downward from 31,000 tonnes to 30,000 tonnes.
Farming costs are guided by the company at approximately NOK67 per kilogram for the full year, though its long-term cost target of NOK60 per kilogram remains unchanged.
