Grieg Seafood-Q2 TU: A tad higher vs guidance-07/06/2026

Research evidence excerpt

Grieg Seafood-Q2 TU: A tad higher vs guidance-07/06/2026

Grieg Seafood

NEWSFLASH | 6 JUL 2026

Q2 TU: A tad higher vs guidance

GSF reported Q2’26 harvest volume of 5.6kt (+8% vs guidance/PAS at 5.2kt). Q1 proved biologically challenging, while the

Q2 print now suggest biology has normalized. The beat can stem from timing effects, as harvesting was skewed towards the

end of the quarter (at lower prices..). We see scope for marginally negative / neutral FY26e revisions from this print, all else

equal. In sum a neutral report. HOLD, TP NOK 30/sh.

Deviation table

Actual PAS Dev.

GSF Q2 26 trading update Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26a Q2'26e (%)

Harvest volumes, kt HOG 20.8 8.9 6.8 7.4 8.2 5.6 5.2 8%

- of which Rogaland 7.4 8.9 6.8 7.4 8.2 5.6 5.2 8%

Source: Pareto Securities

Henrik Longva Knutsen

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

Eirik Stray Spetalen

+47 24 02 81 13, eirik.stray.spetalen@paretosec.com

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