Austevoll Seafood Asa · OSL:AUSS
Austevoll Seafood Asa — Austevoll Seafood Asa Ord — Q4 2025 Earnings Presentation
45 slides from Austevoll Seafood Asa's earnings presentation, Feb 24, 2026
Slide 1: Q4 2025 Financial presentation
Q4 2025 Financial presentation Arne Møgster - CEO Britt Kathrine Drivenes - CFO
Slide 2: Highlights
Highlights The Board will recommend to the annual shareholders meeting in 2026 a dividend of NOK 6.50 per share. (NOK 6.50 per share in 2025) 2
Slide 3: Operational overview
Operational overview PERU CHILE NORTH ATLANTIC AUSTEVOLL SEAFOOD GROUP PELAGIC FISHING 7% of 19 8.9% of 4 400,000 - 500,000 Anchovy quota Fishing vessels Pelagic fishing Fishing vessels MT of pelagic fish caught annually (23 vessels) Centre-north quota 5 2 28 1.6 – 2.0 Million MT of raw material ann
Slide 4: Pelagic
Pelagic Austral Group S.A.A. FoodCorp Chile S.A. Pelagia Holding AS (associated)
Slide 5: Biomass and quota evolution first and second season
Biomass and quota evolution first and second season Peruvian anchoveta Annual quota and biomass Million MT Biomass Quota 10.9 10.9 10.1 9.9 9.8 9.8 9.0 8.3 8.4 7.8 7.3 7.2 7.2 6.9 7.0 7.0 6.8 6.5 6.1 5.4 3.3 3.0 2.8 2.8 2.4 2.8 2.5 2.8 2.5 2.5 1.8 2.0 2.1 2.1 2.1 2.3 1.5 1.7 1.6 0.0 1st 2nd 1st 2nd
Slide 6: Operation in Peru
Operation in Peru Austral Group S.A.A. Volume ('000 MT) Q4 2025 Q4 2024 2025 2024 2026E Own Catch Anchoveta 93 129 300 317 319 Jack Mackerel - - 14 11 15 Fishmeal/fish oil Mackerel - - 1 Centre/North Purchase o 2nd season ended with 98% of the quota caught (96% 2024) Anchoveta 53 62 207 133 194
Slide 7: Operation in Chile
Operation in Chile FoodCorp Chile S.A. Volume ('000 MT) Q4 2025 Q4 2024 2025 2024 2026E Own Catch Own catch: Jack mackerel Jack mackerel and mackerel 41 21 146 133 135 • Record catches in 2025 of 146 KMT Purchase • of which own quota JM: 81 KMT Sardine / anchovy 5 1 42 13 40 • of which purchased JM:
Slide 8: North Atlantic pelagic quotas (2014-2026E, million MT)
North Atlantic pelagic quotas (2014-2026E, million MT) 6 NVG-Herring NS-Herring Mackerel Blue Whiting Capelin** Other Pelagic* • Increased quota for: 5 o NVG herring +33% o Sprat +214% (236 KMT) 4 o Icelandic capelin +197 KMT 3 • Decrease in quota for: o Blue whiting -41% o Mackerel* -48% 2 o NS her
Slide 9: Pelagia Holding AS
Pelagia Holding AS Marine protein and oil (MPO) MPO factories Volume ('000 MT) Q4 2025 Q4 2024 2025 2024 2026E Raw material intake for 164 162 940 953 802 FM/FPC/Oil • Stabile production in Q4 2025 o Mainly trimming as a contribution this quarter as normal, both from red fish and pelagic • Higher ac
Slide 10: Pelagia Holding AS
Pelagia Holding AS Direct Human Consumption Pelagic HC factories Volume ('000 MT) Q4 2025 Q4 2024 2025 2024 2026E Raw material intake 103 128 295 370 257 • Seasonal good activity in Q4 • Spring spawning herring through the quarter • Mackerel with good quality and historically high prices • Higher ac
Slide 11: Pelagia Holding AS
Pelagia Holding AS (100% figures) * * (Amounts in NOK million) Q4 2025 Q4 2024 2025 2024 Revenue and other gain/loss 3 815 4 894 13 444 14 943 EBITDA (adj) 223 221 847 1 308 EBIT (adj.) 96 106 349 877 EBIT (adj.) margin 3% 2% 3% 6% Total assets 11 815 11 706 Net interest bearing debt 6 845 5 917 Raw
Slide 12: Salmon / Whitefish
Salmon / Whitefish Lerøy Seafood Group ASA
Slide 13: Lerøy Seafood Group ASA
Lerøy Seafood Group ASA Q4 2025 • Operational EBIT MNOK 758 (Q4/24: MNOK 799) o Farming EBIT (adj.) MNOK 564 (Q4/24: MNOK 594) Lerøy Aurora o Lerøy Havfisk & LNWS EBIT (adj.) MNOK -29 (Q4/24: MNOK 6) o VAPS&D EBIT (adj.) MNOK 317 (Q4/24 MNOK 275) • Slaughtered volume salmon and trout 49,200 GWT (Q4/
Slide 14: Lerøy Seafood Group ASA – Farming
Lerøy Seafood Group ASA – Farming Salmon / trout farming volumes (1,000 GWT) 2019 2020 2021 2022 2023 2024 2025 2026E Lerøy Aurora AS 33 35 44 40 43 44 55 49 Lerøy Midt AS 65 68 73 69 61 69 71 73 Lerøy Sjøtroll 61 68 70 66 55 58 70 73 Total Norway 158 171 187 175 160 171 196 195 Scottish Seafarms (L
Slide 15: Lerøy Seafood Group ASA – Wild catch
Lerøy Seafood Group ASA – Wild catch Q4 2025 Catch volumes wild catch Q4-25 Q4-24 2025 2024 • Strong performance in 2025 Cod 2,7 3,1 8,8 12,7 o Quota significantly down o Prices significantly up Saithe 1,9 2,5 13,7 15,2 o Clear operational improvements in land- Haddock 0,7 0,5 6,1 6,0 based industry
Slide 16: Financials
) Austevoll Seafood ASA Financials eS a eee
Slide 17: Catch, purchase and farming
Catch, purchase and farming (100% volumes) 17
Slide 18: Key financial figures Q4 2025
Key financial figures Q4 2025 Revenue and other income1 EBITDA adj.1 Million NOK Million NOK 43 133 2 366 73 1,512 1,499 11 543 17 27 25 7 9 1 12 539 34 11 318 Q4 2024 LSG Austral FC KFO BE Pelagia Other/el Q4 2025 Q4 2024 LSG Austral FC KFO BE Pelagia Other/el Q4 2025 Notes: 1 See note 7 in the app
Slide 19: Key financial figures Q4 2025 cont.
Key financial figures Q4 2025 cont. (Amounts in NOK million) Note Q4 2025 Q4 2024 Δ% Q4 2025 Q4 2024 Δ% Operating revenue and other income 9 410 9 096 3% 11 318 11 543 -2 % Gain/loss from sale of shares 0 0 0 - EBITDA (adj.) 7 1 387 1 401 -1 % 1 499 1 512 -1 % EBITDA(adj.) margin 15 % 15 % 13 % 13 %
Slide 20: Lerøy Seafood Group ASA
Lerøy Seafood Group ASA (Amounts in NOK million) Q4 2025 Q4 2024 2025 2024 Farming Revenue and other gain/loss 8 828 8 462 34 379 31 121 • Quarterly slaughter volume in line with guiding EBITDA (adj.) 1 277 1 260 4 409 4 612 • Positive price development late in the quarter EBIT (adj.) 758 799 2 502
Slide 21: Austral Group S.A.A.
Austral Group S.A.A. Raw material intake • Second fishing season ended 31 January 2026 o Total quota of 114 KMT for the season o 81% were caught by the end of December 2025 o The remaining quota was caught in January 2026 Sales • Total sales volumes for fishmeal and fish oil are in line with the sam
Slide 22: FoodCorp Chile S.A.
FoodCorp Chile S.A. (Amounts in NOK million) Q4 2025 Q4 2024 2025 2024 Raw material intake Revenue and other gain/loss 262 395 1 456 1 261 • High activity in the end of the quarter EBITDA (adj) 64 39 323 310 • Own catch of 40,600 MT (Q4/24: 21,100) EBIT (adj.) 47 25 264 253 EBIT (adj.) margin 18 % 6
Slide 23: Kobbevik og Furuholmen Oppdrett AS
Kobbevik og Furuholmen Oppdrett AS Slaughter volume • Volume up 82% vs. Q4/24, and down 18% for the full year • Harvest profile: the majority of the volume was slaughtered in October and November • Increased cost y-o-y Biomass at sea • End Q4/25 at 4,510 LWT (Q4/24: 4,552 LWT) 23
Slide 24: Br. Birkeland AS
Br. Birkeland AS Demerger • A demerger of Br. Birkeland AS was decided 7 November 2025 with the transfer of the shares in Opilio AS to a company under incorporation • On 30 December 2025, the demerger was completed. Following the demerger, AUSS holds only shares in Br. Birkeland AS • Note that the f
Slide 25: Statement of financial position
Statement of financial position (audited) Currency rate: (MNOK) 31.12.2025 31.12.2024 31.12.2024 USD/NOK 11.35 Intangible assets 11 559 11 704 Tangible fixed assets 12 524 12 043 31.12.2025 USD/NOK 10.08 Right-of-use assets 3 256 3 500 Financial non-current assets 3 800 4 087 Comments: Total non-cur
Slide 26: Cash flow
Cash flow Comments to Q4/25: • Working capital build on high operational activity in Peru and Chile and high prices whitefish, salmon and trout late Q4/25 • LSG issued an additional green bond of NOK 500 million in October 2025 26
Slide 27: Outlook
Outlook
Slide 28: Fishmeal
Fishmeal Fishmeal production - week 52 (cumulative) 1 Production • IFFO Fishmeal production increased 4.6% y-o-y, driven mainly by Chile (+22%) Regions 2025 2024 Change % • Peru successfully captured 98% of its anchovy quota last season (2025-2), yielding approx. 380,000 MT of fishmeal Chile# 404,29
Slide 29: Fishmeal cont.
Fishmeal cont. Main market China Stock in China at • 173,650 MT1 – down 24% vs. same period in 2025 ports: • Offtakes averaged 20,643 MT/week over the past month, in line with last year’s levels Current Chinese • Quoted at RMB 16,800/MT1 eq. SP 68% USD 2,373/MT FOB Peru stock prices: – up 24% y-o-y
Slide 30: Fish oil
Fish oil Fish oil production - week 52 (cumulative) 1 Production • IFFO fish oil production increased 6.4% y-o-y, driven by Chile (+22%), while Peru is down 8.4% Regions 2025 2024 Change % • Last season (2025-2), Peru sustained fish oil production near 75,000 MT despite a lower quota, supported by s
Slide 31: Atlantic salmon supply
Atlantic salmon supply (in tonnes WFE) Sources: Kontali (as per 20 February 2026) 31
Slide 32: Spot prices, fresh Atlantic salmon
Spot prices, fresh Atlantic salmon Sitagri Salmon Index Weighted average price 160 Weekly Quarterly 140 120 100 80.2 80 60 75.6 40 20 0 Jan 2023 Apr 2023 Jul 2023 Oct 2023 Jan 2024 Apr 2024 Jul 2024 Oct 2024 Jan 2025 Apr 2025 Jul 2025 Oct 2025 Jan 2026 Apr 2026 Sources: Sitagri, Lerøy 32
Slide 33: Atlantic salmon consumption
Atlantic salmon consumption FY 2025 Sources: Kontali (as per 20 February 2026) 33
Slide 34: Conclusion
Conclusion Salmon / Whitefish Salmon • Strong biological improvements in 2025 • Expect lower cost in 2026 compared to 2025, with further long-term potential • Expect harvest volume of 195,000 GWT in 2026 for Norway, and 216,500 GWT including Lerøy’s share in Scottish Sea Farms Whitefish • In the lig
Slide 35: Conclusion cont.
Conclusion cont. Pelagic South America • Seasonally high activity for operations in Peru • Second fishing season started 7 November and ended January 2026 • Total quota of 1.6 million MT and 98% caught by end season vs. 2.5 million MT quota for same season 2024 and 96% caught by end season January 2
Slide 36: Conclusion cont.
Conclusion cont. Pelagic North Atlantic (Pelagia Holding AS, an associated company) • Earnings are weaker in 2025 compared to 2024 due to a significant drop in fish oil prices and decrease in raw material in the FOOD division due the overall reduction in quota for main species • Pelagia’s ability to
Slide 37: Austevoll Seafood ASA
Austevoll Seafood ASA
Slide 38: Disclaimer
Disclaimer • This Presentation has been produced by Austevoll Seafood ASA (the “Company” or • Should one or more of these risks or uncertainties materialise, or should underlying “Austevoll”) solely for use at the presentation to the market held in connection with the assumptions prove incorrect, ac
Slide 39: Appendix
Appendix
Slide 40: Key financial figures FY 2025
Key financial figures FY 2025 Revenue and other income1 EBITDA adj.1 Million NOK Million NOK 7 965 195 242 203 12 587 Gain from sales of shares 1 855 331 46 042 13 750 743 200 5 5 711 Gain from 3 259 1 855 sales of shares 548 231 44 117 FY 2024 LSG Austral FC KFO BE Pelagia Other/el FY 2025 FY 2024
Slide 41: Key financial figures FY 2025
Key financial figures FY 2025 Incl. AUSS 50% proportional share of Pelagia Group 41
Slide 42: Associated companies
Associated companies Norskott Havbruk AS (Scottish Sea Farms, 100% figures), LSG’s share = 50% (Amounts in NOK million) Q4 2025 Q4 2024 2025 2024 • Low harvest volume in the quarter Revenue and other gain/loss 575 965 3 191 4 403 EBIT (adj.) -186 93 -128 555 • Weak result driven by biological challe
Slide 43: Note 5 Income from joint ventures and associates
Note 5 Income from joint ventures and associates Share of net All figures in MNOK profit Q4 2025 Q4 2024 2025 2024 Norskott Havbruk AS a) 50 % -86 12 -116 90 Pelagia Holding AS b) 50 % 2 23 -2 212 Others 17 19 68 71 Income from JV and associates -66 54 -50 373 Fair value adj. related to biological a
Slide 44: Note Alternative Performance Measures (APMs)
Note 7 Alternative Performance Measures (APMs) Austevoll Seafood Group’s financial statements are prepared in accordance with international standards for financial reporting (IFRS) and interpretations established by the International Accounting Standards Board (IASB) and adopted by the EU. In additi
Slide 45: Note Tax incl. resource rent tax on aquaculture
Note 9 Tax incl. resource rent tax on aquaculture On 31 May 2023, the Norwegian parliament approved an additional resource rent tax on aquaculture with a tax rate of 25%. The tax scheme applies to net profits from commercial sea-phase salmon and trout aquaculture activity and is an additional layer
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