Grieg Seafood — Earnings Release 2026

Apr 8, 2026

Grieg Seafood ASA: Q1 2026 trading update

Grieg Seafood ASA: Q1 2026 trading update

Grieg Seafood's harvest volume for the first quarter of 2026 was approximately

8 200 tonnes GWT.

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%. Furthermore,

this resulted in lower price realization 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.

This outcome is not satisfactory, and decisive actions have been implemented

to avoid similar situations in the future, among other, the respective

mechanical treatment has been discontinued. Importantly, the majority of the

fish currently in sea and planned for harvest in 2026 have not been subjected

to this treatment.

The incident is not reflective of the strong historical performance in

Rogaland and is to a large extent considered a one-off event. The average

number of treatments per post-smolt group remains below one (including the

increased treatment activity).

An extended trading update for Q1 2026 will be published on approx. 21 May

2026, please be referred to our website for updates on the exact publishing

date.

For enquiries, please contact:

Nina Grieg, CEO

Cell phone: +47 953 39 161

Magnus Johannesen, CFO

Cell phone +47 959 13 243

The information included in this announcement may be qualified as inside

information pursuant to article 7 of the Market Abuse Regulation and is

publicly disclosed in accordance with article 17 of the Market Abuse

Regulation and section 5-12 of the Norwegian Securities Trading Act.

About Grieg Seafood

Grieg Seafood ASA is one of the world's leading salmon farmers. Our farms are

located in Rogaland in Norway with our headquarters in Bergen. Grieg Seafood

ASA was listed at the Oslo Stock Exchange in June 2007.

Sustainable farming practices are the foundation of Grieg Seafood's

operations. The lowest possible environmental impact and the best possible

fish welfare are both ethical responsibilities and drivers of economic

profitability.

To learn more, please visit www.griegseafood.com.