Financial report Q1 2026
The Group reported operating revenue, other income and income from sale of shares, of MNOK 9,806 in Q1 2026 and in line with Q1 2025 of MNOK 9,808. Adjusted EBITDA was MNOK 1,985 in the quarter, against MNOK 1,938 in the same period last year. Adjusted EBIT was MNOK 1,402 in the quarter (Q1 2025: MNOK 1,394).
Scottish Sea Farms Ltd (Norskott Havbruk AS) and Pelagia are the Group’s two largest joint ventures. Income from associates before fair value adjustment related to biological assets in the quarter totalled MNOK 18 (Q1 2025: MNOK 66). The equivalent figure including fair value adjustment of biological assets was MNOK 9 (Q1 2025: MNOK 35). Scottish Sea Farms harvested 5,391 GWT during the quarter, a reduction of 36% compared to the same period last year. Lower volumes adversely impacted unit costs, particularly within wellboat operations and processing. Results were also affected by high release from stock costs following biological challenges in 2025.
Q1 is a seasonally important quarter for Pelagia. The income from Pelagia was in line with same quarter 2025, and further information are is available under the operational review of segments section in this report.
Adjusted EBIT including revenue from associates was MNOK 1,412 in the quarter, against MNOK 1,429 in the same period last year.
Operating profit after fair value adjustment of biological assets and other income and expenses totalled MNOK 1,045 in the quarter (Q1 2025: MNOK -464). Fair value adjustment related to biological assets was MNOK -302, compared with MNOK -1,838 in Q1 2025.
The Group’s net interest expense was MNOK -163 (Q1 2025: MNOK -156). Net other financial expenses totalled MNOK -68. The equivalent figure in 2025 was MNOK 9.
Profit before tax was MNOK 814 in the quarter (Q1 2025: MNOK -610), and profit after tax in Q1 2026 was MNOK 644, against MNOK -195 in Q1 2025.
For further information please see attached report and presentation.
Questions and comments may be addressed to the company's CEO, Arne Møgster, or to CFO, Britt Kathrine Drivenes.
This information is subject of the disclosure requirements acc. to Section 5-12 vphl (Norwegian Securities Trading Act).