Grieg Seafood Asa Ord (GRGSF) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to Grieg Seafood's first half 2026 presentation. My name is Nina Willumsen Grieg and I'm the CEO of Grieg 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 GIG 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 sales. The freshwater production have been strong across all sites. While at sea, we have had a rough start to the year. However, I'm pleased that we have entered Q3 with close to maximum MIB and the fish is performing well. During the period, we ramped up Gardermoen vakfacility and implemented actions to mitigate rising feed prices. Refinancing of the hybrid marked the important last step in ensuring a long-term financing structure for our company. I will get back to details on these highlights. One slide on context on the new Gregg Seafood before we turn to the numbers. Eighteen months ago, we were a company managing a balance sheet problem. Today, we are a focused Rogaland operator with a clean capital structure. The transition is done, and it proves that this organization can move decisively when we need to. The years 2020 to 2024 broug...