EarningsQ2 2026 Earnings Report

Grieg Seafood ASA (GR8) Q2 2026 Earnings Report

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Previous Report: Q1 2026

DE:GR8 Q2 2026 EPS Results

Actual EPS<€0.01

Consensus EPS>-€0.01

Beat/MissBeat by +<€0.01

One Year Ago EPS-€0.02

DE:GR8 Q2 2026 Revenue Results

Actual Revenue€171.23M

Expected Revenue€58.30M

Beat/MissBeat by +€112.93M

YoY Revenue Growth+82.20%

Earnings Announcement Details

QuarterQ2 2026

Date08/27/2026

TimeBefore Open

Conference CallThursday, August 27, 2026

DE:GR8 Upcoming Earnings

Grieg Seafood ASA's next earnings date is estimated for November 18, 2026, based on past reporting schedules.

Q2 2026 Earnings Call Audio

DE:GR8 Q2 2026 Earnings Call

0:00 / 0:00

Q2 2026 Earnings Slide Deck

Q2 2026 Earnings Call Summary

Q2 2026

Earnings Call Date:Aug 27, 2026|

% Change Since:

Earnings Call Sentiment|Neutral

The call presented a mixed picture: meaningful strategic and structural progress (refinancing, strong freshwater/post-smolt results, successful Ardal pilot, VAP reaching breakeven, reduced CapEx and cost initiatives) were offset by material near-term operational and financial challenges (negative operational EBIT, sales down 6% YoY, farming cost up sharply, biological setbacks, negative operational cash flow). Management emphasized remediation actions and long-term opportunities while acknowledging the unsatisfactory H1 performance.

Company Guidance

The company guided to a full‑year harvest of about 31,000 tonnes (after harvesting nearly 14,000 t in H1) and maintained full‑year farming cost guidance of NOK 67.5/kg despite H1 farming costs running NOK 70.9/kg (almost NOK 71/kg) and an H1 superior share of 63%; operational EBIT for H1 was -NOK 30m (‑NOK 2.1/kg), sales revenues were down 6% y/y, and the VAP/Sales segment (reported from 1 April) delivered an EBIT contribution of NOK 15m with a 30% contract share YTD and breakeven volumes at Gardermoen reached in July. Operational highlights and capacity metrics include release of 2.9 million smolt (average 1.3 kg), harvest of 600 t fully land‑grown, 95% superior share on the Ardal land pilot and successful production of 5‑kg fish on land, data from 75 post‑smolt groups, and absorption of roughly 50% of recent raw‑material feed price increases (with full feed inflation impact not expected until Apr–May 2027). Financial and cash guidance/actions included a reduced 2026 CapEx guidance from NOK 150m to NOK 105m (H1 CapEx NOK 35m in Rogaland; NOK 44.5m participation in Ardal Aqua), H1 net cash flow from operations of -NOK 108m (EBITDA NOK 48m; working capital movement -NOK 257m), net cash flow from investments -NOK 80m, payment of NOK 4bn dividend, refinancing including a new NOK 750m hybrid in June and net financing changes of NOK 339m, exit H1 net interest‑bearing debt (ex‑IFRS) of NOK 1.25bn with cash/liquidity above NOK 1.1bn, and a focus on creating balance‑sheet headroom (noting licenses are book‑valued at NOK 250m) while targeting HQ cost reductions to around NOK 3/kg and expecting materially lower costs in 2027.

Harvest Volume and Full-Year Guidance

Harvested nearly 14,000 tonnes in H1 2026 and increased full-year harvest guidance to 31,000 tonnes, with Q3 starting close to maximum MAB and fish performing well.

Strong Freshwater / Post-smolt Performance

Released 2.9 million smolt with average weight 1.3 kg; post-smolt strategy validated with data from 75 groups and seen as the company's main competitive advantage.

Successful Ardal Land-Grown Pilot

Harvested 600 tonnes of fully land-grown fish at Ardal with strong biology: high survival, 95% superior share, no significant growth slowdown for large fish and demonstration that 5-kg land-grown fish can be produced with low mortality.

VAP & Sales Segment Positive Contribution and Ramp-up

New Gardermoen VAP facility reached breakeven volumes in July; Sales & VAP segment reported a positive EBIT contribution of NOK 15 million (segment figures included from 1 April 2026).

Contract Sales and Commercial Partnerships

YTD contract share of 30%; entered an annual agreement to sell 50% of Lingalaks volume through Grieg Seafood Sales to support contract fulfillment and processing volumes.

Capital Structure / Liquidity Strengthened

Refinancing actions completed (including issuance of NOK 750 million hybrid), dividend and divestments cleared prior debt; exited H1 with net interest-bearing debt (ex IFRS) of NOK 1.25 billion and available liquidity/cash above NOK 1.1 billion.

Cost Initiatives and CapEx Reduction

Headquarter cost reductions tracking ahead of the NOK 50 million target; reduced 2026 CapEx guidance from NOK 150 million to NOK 105 million (≈30% reduction), and ongoing initiatives to drive costs toward NOK 3 per kilo HQ cost or below.

Feed Cost Mitigation Actions

Implemented targeted measures (feed recipe revision, introduction of land-based proteins/poultry meal) and absorbed ~50% of the raw-material driven feed price increase to contain rising feed costs.

DE:GR8 Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Nov 18, 2026	2026 (Q3)	>-0.01 / -	-0.171	―
Aug 27, 2026	2026 (Q2)	>-0.01 / <0.01	-0.019	124.63% (+0.02)
May 21, 2026	2026 (Q1)	0.01 / >-0.01	0.02	-113.76% (-0.02)
Feb 25, 2026	2025 (Q4)	<0.01 / 0.03	-0.191	116.50% (+0.22)
Nov 13, 2025	2025 (Q3)	-0.02 / -0.17	-0.118	-44.39% (-0.05)
Aug 26, 2025	2025 (Q2)	-0.01 / -0.02	-0.083	77.04% (+0.06)
May 27, 2025	2025 (Q1)	0.04 / 0.02	0.056	-63.67% (-0.04)
Feb 20, 2025	2024 (Q4)	-0.04 / -0.19	-0.08	-139.11% (-0.11)
Nov 27, 2024	2024 (Q3)	-0.09 / -0.12	-0.007	-1708.57% (-0.11)
Aug 21, 2024	2024 (Q2)	0.02 / -0.08	0.144	-157.25% (-0.23)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed