Grieg Seafood posts NOK 91 million loss in Q3 as toxic algae costs about 1,000 tonnes of salmon; in talks with bank group to amend loan terms

Grieg Seafood posted an operating loss in the third quarter and has therefore opened discussions with its bank group on amending loan terms. According to Norwegian aquaculture news outlet iLaks on 12 November 2026, the company's operating result before biomass adjustment and tax for the quarter was negative NOK 91 million, with operating revenue of NOK 1.144 billion.

The direct cause of the loss was high mortality triggered by toxic algae at one of its farming sites. The company estimates the loss at about 1,000 tonnes of salmon, which pushed up production costs and led to an impairment of the lost biomass. Production cost for the quarter was NOK 71.7 per kg, while salmon prices were relatively low during the quarter, ultimately resulting in the loss.

Slaughter volume for the quarter was 10,498 tonnes of salmon. The company expects to slaughter 29,000 tonnes of salmon for the full year, rising to 30,000 tonnes next year, below its previous estimate of 31,000 tonnes. The 2027 production cost guidance is NOK 67 per kg.

To reduce costs, the company is actively taking measures, including introducing chicken mince into salmon feed, reviewing land-based farming facility contracts, and optimising smolt size. The company said it is "turning over every stone" to achieve its goal of producing salmon at below NOK 70 per kg.

The fish processing plant near Gardermoen has seen improved operations but also recorded a loss. The company is looking for a strategic partner for the newly built plant, with several discussions already under way.