Stolt Sea Farm's site in Cervo, Galicia, Spain.
Photo: Stolt Sea Farm.
Sole and turbot farming company Stolt Sea Farm (SSF), part of Stolt Nielsen Group, has reported higher revenue and earnings in the first quarter of 2026.
According to Stolt-Nielsen’s published results, Stolt Sea Farm generated revenue of $41.8 million during Q1 2026, up from $31.7 million in the same period last year, and from $38 million in the previous quarter.
Meanwhile, the aquaculture business's operating profit rose to $12.4 million, up from $11.6m a year earlier, while EBITDA increased to $14.9 million, an increase of $1.3m compared with the previous year. Gross profit excluding fair value adjustment also climbed to $16.7 million, an increase of $5.3m year-on-year.
Speaking during the group’s Q1 earnings call, CFO Jens Grüner-Hegge said the first quarter is typically the strongest period for the business because it includes Christmas sales, but added that pricing was the main factor behind the year-on-year improvement.
“This quarter we saw good movement in prices, favorable movements in prices, and that is reflected in the improvement in the results. That’s really the main driver,” he said.
Costs were also higher in the quarter, however, with operating expenses excluding fair value adjustment rising to $22.7 million and administrative and general expenses increasing to $4.4 million. Depreciation and amortisation also increased to $2.3 million, while fair value adjustment fell to $0.4 million from $4.2 million a year earlier.
Although Stolt-Nielsen devoted limited time to Stolt Sea Farm in the presentation, management said the aquaculture unit remains an important part of the group.
“It remains strategic. It is important to us, and we will continue to invest in it,” Grüner-Hegge said.
He added that the unit had provided steady support to the wider business during a quarter marked by challenges in some of Stolt-Nielsen’s logistics operations.
“That said, under such circumstances, it’s nice to have a business like Stolt Sea Farm contributing steadily to the performance overall of the group,” he said.
The Stolt-Nielsen group as a whole has withdrawn its EBITDA guidance for 2026, citing uncertainty related to the conflict in the Middle East and disruption around the Strait of Hormuz.
Stolt Sea Farm CEO Jordi Trias (second from right) at the ground-breaking ceremony of the firm's new facility in Rianxo, A Coruña, Spain.
Stolt Sea Farm currently operates 14 land-based farms in Spain and Portugal, with a combined annual production capacity of 9,000 tonnes.
In the Stolt-Nielsen annual report for 2025, the aquaculture business reported a marked increase in its operating profit, reaching $48.1 million, compared with $29.2 million in 2024 - an increase of almost 65%.
During the same period, Stolt Sea Farm's operating revenue reached $139.0 million, increasing 9.6% compared with the previous year, which the company attributed to higher prices which were nevertheless "partially offset" by lower volumes.
Last October, the company broke ground on its new €45 million food processing and research and development centre in Rianxo, A Coruña, Spain. The Galician-headquartered firm had previously announced in 2024 it was constructing a new RAS facility in Tocha, Portugal, in support of its goal to reach a combined 23,000 tonnes of annual production by 2035.