Grieg Seafood ASA

The company said Q4 sales revenue increased 10% year over year. Group EBIT was NOK 142.9 million, or NOK 19.4 per kilo, while operational EBIT was NOK 152.8 million and farming EBIT was NOK 20.7 per kilo. Harvest volume was just below 7,400 tonnes, and Rogaland harvest volume was almost 30.5 tonnes for the year. Achieved sales price was NOK 84.3, and farming cost was NOK 63.6 per kilo; management said 2025 did not reach the NOK 60 long-term target. Cash flow from operations was NOK 173 million, net cash flow from investment activities included sale proceeds of around NOK 9.1 billion, and net interest-bearing debt ended at negative NOK 2.4 billion/negative NOK 2.5 billion, indicating a net cash position. Looking ahead, Rogaland 2026 guidance is 31,000 tonnes for the full year and 6,600 tonnes for Q1, while value-added products are guided at 8,500 tonnes of raw material in 2026. The Board will propose NOK 4 billion in distribution to shareholders, with an extraordinary general assembly expected by end of March.

Nina Grieg framed the quarter as the end of a major restructuring phase and said the company is now moving from global growth toward regional profitability. She emphasized disciplined execution, capital restraint, and a simplified operating model focused on Rogaland, post-smolt, and land-based development. Her tone was constructive and forward-looking, highlighting Tytlandsvik, Ardal, and the Oslo Salmon processing facility as building blocks for future performance.

Magnus Johannesen focused on the financial effects of the transaction and the cleaner balance sheet that followed. He said sales revenue rose 10% year over year, group EBIT was NOK 142.9 million, and operating cash flow was NOK 173 million, while net cash flow from investment activities was dominated by the roughly NOK 9.1 billion sale proceeds. He also said the company repaid debt, ended with negative NOK 2.4 billion to negative NOK 2.5 billion net interest-bearing debt, and expects the hybrid bond to be reclassified back to equity after the put period ended; he noted 2026 share issue CapEx for Ardal Aqua of around NOK 45 million, NOK 15 million below prior guidance.

Analysts asked about the hybrid bond, and management said only one bondholder exercised the put, while the company intends to redeem the bond eventually through replacement capital or a tender offer. On CapEx and working capital tied to discontinued operations, management said those items were already netted out in the proceeds. Questions on higher capitalized-cost sites and Rogaland costs were answered with the expectation that the most challenging site will be harvested out in Q1, while the NOK 60/kg target is still a longer-term goal rather than a 2025 outcome. Management also said a minority shareholder claim in Newfoundland is not viewed as material and is not provisioned.