Grieg issues profit warning after lice and warm seas issues hit fish quality

In an Oslo Stock Exchange announcement the company said the quality of its fish has "been negatively affected".

 

The announcement said the situation will have a negative impact of between NOK 50 to 75 million (£4m to £5.8m).

 

It continued: “Following a second half of 2025 with high seawater temperatures, Grieg Seafood experienced elevated sea lice pressure and decreased survival rate.

 

“To address this, the company initiated mechanical delousing treatment during this period. This decision was made ahead of an unexpected period of prolonged cold seawater temperatures in Q1 2026.

 

“The combination of a warm summer, the mechanical sea lice treatment, and a subsequent prolonged cold period affected the quality of the fish harvested and, consequently the share of superior-quality dropping to 60%.”

 

Grieg said this this resulted in lower price realisation as well as higher harvest volumes with elevated farming costs.

 

“The total estimated EBIT impact for 2026 is in the range of NOK 50-75 million. The majority of the impact is expected to be recognized in Q1 2026, with only limited effects anticipated for the remainder of the year.,” the statement adds.

 

Grieg said the outcome was not satisfactory, adding that decisive actions has been implemented to avoid similar situations in the future. Mechanical treatments have now been discontinued and importantly, the majority of the fish currently in sea and planned for harvest in 2026 have not been subjected to this treatment.

 

The company assured investors that the incident was not reflective of the strong historical performance in Rogaland and is to a large extent considered as a one-off event. 

 

The average number of treatments per post-smolt group remains below one (including the increased treatment activity).

 

Grieg’s 2026 first quarter harvest was approximately 8,200 tonnes. An extended trading update for Q1 2026 will be published on or around 21 May.