Royal Greenland employees pictured at the Seafood Expo Global 2026 in Barcelona.
Photo: Royal Greenland
Royal Greenland reported a pre-tax profit of DKK 217 million (EUR 29.0m/USD 33.8m) for the first half of 2026, reversing a DKK 11 million (EUR 1.5m/USD 1.7m) loss in the same period last year.
Revenue increased by 16.5% year-on-year while sales volumes remained broadly unchanged, with the Greenland government-owned seafood company attributing the improvement to higher market prices for several of its main species and changes made across its operations.
"We are pleased with the significant improvement in our first-half results. Favourable market conditions have contributed positively, but the results also reflect the improvements we have implemented across our operations over the past years. A stronger financial performance enables us to continue investing in the long-term development of our business while strengthening our competitiveness," said CEO Toke Binzer.
Royal Greenland is continuing to invest in processing capacity across its North Atlantic operations under its INUA 2027 strategy, as the company adjusts to changes in fisheries and seeks to extract more value from available raw materials.
In Greenland, the company is modernising its shrimp factory in Sisimiut to improve processing efficiency and yield. Meanwhile, investments in Sarfannguit, Attu and Paamiut are intended to increase capacity to receive and process cod, and the company has also begun using cod heads commercially at its operations in Nuuk.
Royal Greenland said it is also investing in its Canadian operations, with a focus on production efficiency and local processing capabilities.
"Fisheries are changing, and our business must evolve accordingly. We continue to invest where we see the greatest long-term potential—whether through modernising our production footprint, improving raw material utilisation or adapting our operations to changing resource availability. These investments strengthen our competitiveness while reinforcing our long-term commitment to the communities where we operate across the North Atlantic," Binzer said.
The investment programme forms part of Royal Greenland's INUA 2027 strategy, through which the company is targeting a 5% EBIT margin by 2027. Its stated priorities include increasing the value generated from its core species, securing future raw material volumes and reducing costs.
Despite the improved first-half result, Royal Greenland said its cost base remains high, while declining shrimp quotas are putting pressure on raw material availability in parts of the North Atlantic.
The Greenland state-owned seafood company expects earnings to continue improving during the second half of 2026, supported by what it described as favourable market conditions, although it cautioned that geopolitical uncertainty continues to affect global markets.
Royal Greenland said it will maintain its focus on reducing costs, securing access to raw materials and increasing sales of value-added seafood products as it continues to implement its INUA 2027 strategy.