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

研报英文原文证据摘录

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

For disclosures on relevant definitions, methods, risks, potential conflicts of interests etc. and disclaimers please see www.paretosec.com. Investment Recommendations should be reviewed in

conjunction with the information therein. When distributed in the US: This document is intended for institutional investors and is not subject to all of the independence and disclosure standards