Grieg Seafood-First take: HUGE miss-05/19/2026

Research evidence excerpt

Grieg Seafood-First take: HUGE miss-05/19/2026

Grieg Seafood

NEWSFLASH | 19 MAY 2026

First take: HUGE miss

GSF Op. EBIT of NOK 1m, NOK 59m below median company-compiled consensus and more so to PAS. Volume guidance cut

from 31kt to 30kt, with Q2'26 guided at 5.2kt vs. cons. 8.5kt – shifting volumes into H2'26 at lower prices. FY'26 cost guided

at NOK 67/kg with elevated Q2'26 cost likely pressuring consensus even further. Total biomass in sea is down 23% Y/Y per

end of Q1. GSF flags one-offs, including VAP-facility ramp-up in Gardermoen and IT carveout at HQ, however lower volumes

and higher cost is a clear negative. We could see consensus estimates coming down closer to 30% on FY26e Op. EBIT and

would be surprised if the stock did not decline at least 5% today. HOLD*.

Deviation table

Actual Q1'26e Deviation (%)

NOKm Q1'25 Q2'25 Q3'25 Q4'25 Q1'26a Cons. Pareto Cons. Pareto

Revenues " 2 184 1 007 754 971 1 014 885 760 15% 33%

EBIT adj. " 221 91 (1) 146 1 60 117 (98)% (99)%

Segments EBIT

EBIT/kg

Rogaland NOK/kg 35 16 3 20.7 4.7 9.9 16 (52)% (70)%

Harvest volume (HOG, kt)

Rogaland ktonnes 7.4 8.9 6.8 7.4 8.2 8.2 8

Farming Volumes " 20.8 8.9 6.8 7.4 8.2 8.2 8.2

Source: Company complied Consensus and Pareto Securities

* HOLD TP NOK 74 not adjusted for dividend

Henrik Longva Knutsen

+47 24 13 39 02, henrik.knutsen@paretosec.com

Øyvind Vangsnes

+47 24 02 81 09, oyvind.vangsnes@paretosec.com

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