Grieg Seafood delivered a neutral Q2 report and guidance does not move estimates for the remaining part of the company which is Rogaland. Biology is developing favourably and supports a strong 2026 should prices rebound. The company also addressed the capital allocation strategy for the remainco, highlighting maximizing dividends as the key focus area. With limited changes to estimates and the valuation, we reiterate Hold with a TP of NOK 72/sh.