Austevoll Seafood ASA · OSL:AUSS
Austevoll Seafood ASA — Austevoll Seafood Asa Ord — Q3 2026 Earnings Presentation
45 slides from Austevoll Seafood ASA's earnings presentation, Nov 10, 2026
Slide 1: Financial Presentation Q3 2026
FINANCIAL PRESENTATION Q3 2026 Arne Møgster (CEO) and Britt Kathrine Drivenes (CFO) 10 November 2026 1 AUSTEVOLL SEAFOOD ASA
Slide 2: Highlights Q3 2026
HIGHLIGHTS Q3 2026 RAW MATERIAL1 REVENUE (000 MT) (MNOK) Substantially higher earnings compared to Q3 2025, as improved margins more than offset lower sales volumes 331 9,228 Farming ▼ Total: -24% vs. Q3 2025 ▼ -8% vs. Q3 2025 ▼ Salmon / whitefish: -5% ─ Slaughtered volume down 8% y-o-y ▼ Pelagic: -
Slide 3: Highlights YTD 2026
HIGHLIGHTS YTD 2026 RAW MATERIAL1 REVENUE (000 MT) (MNOK) Farming ─ Slaughtered volume down 5% y-o-y 1,189 27,716 ─ Strong biology and progress on the cost reduction programme ▼ Total: -30% vs. YTD 2025 ▼ -7% vs. YTD 2025 ▼ Salmon / whitefish: -6% ─ Adjusted EBIT in Farming is up 18% y-o-y (MNOK 875
Slide 4: Group overview: volume-driven across pelagic and salmonid value chain
GROUP OVERVIEW We are volume-driven and operate across the full pelagic and salmonid value chain PERU CHILE NORTH ATLANTIC GROUP TOTAL 19 400,000 – 500,000 PELAGIC FISHING 7% 8.9 % 4 MT of pelagic catch annually of anchovy quota in Fishing vessels of the horse Fishing vessels the north-centre macker
Slide 5: Pelagic
Pelagic 5 AUSTEVOLL SEAFOOD ASA
Slide 6: Peruvian anchoveta biomass fisheries by season
PELAGIC – PERU Peruvian anchoveta biomass fisheries by season ANNUAL BIOMASS, QUOTA AND CATCH OF PERUVIAN ANCHOVETA Biomass Catch Quota (MMT) 10,9 10,9 10,1 9,9 9,8 9,8 9,0 8,3 8,4 7,8 7,2 7,0 7,0 7,2 7,1 6,8 6,5 6,1 5,4 5,1 3,3 2,8 2,8 2,8 2,8 3,0 2,4 2,5 2,5 2,5 2,1 2,1 2,1 2,3 1,6 1,9 1,5 1,7 0.0
Slide 7: ENFEN report No. 19-2026 (El Niño forecast)
PELAGIC – PERU ENFEN report No. 19-2026 (El Niño/ Niño forecast) ─ ENFEN released its last report (No. 19-2026) on October 30th. The last report shows slight decrease in probability for a very strong El Niño in 2027 in zone 3+4 (Pacific Ocean) versus previous reports. ─ In zone 1+2 (The Peruvian coa
Slide 8: Q3 2026 – Austral Group S.A.A.
PELAGIC – PERU Q3 2026 – Austral Group S.A.A. Fishmeal and fish oil in North / Centre RAW MATERIAL INTAKE (000 MT) ─ The first season was interrupted by a fishing ban from the start of May due to Q3 2026 Q3 2025 YTD 2026 YTD 2025 2026E 2025 the high share of juveniles and rising seawater temperature
Slide 9: Chilean horse mackerel quota reflects a healthy underlying biomass
PELAGIC – CHILE Chilean horse mackerel quota reflects a healthy underlying biomass ANNUAL HORSE MACKEREL1 QUOTA IN CHILE (MMT) -86% 1.6 1.5 1.4 1.5 1.4 1.4 1.3 +7.9% 1.2 1.1 1.0 0.9 12% p.a. 0.8 0.8 0.7 0.6 0.5 0.5 0.4 0.4 0.4 0.3 0.3 0.3 0.2 0.3 0.3 0.2 2000 2001 2002 2003 2004 2005 2006 2007 2008
Slide 10: Q3 2026 – FoodCorp Chile S.A.
PELAGIC – CHILE Q3 2026 – FoodCorp Chile S.A. Own catch RAW MATERIAL INTAKE (000 MT) ─ The recovery of the fishery continued through the quarter, leading to more than Q3 2026 Q3 2025 YTD 2026 YTD 2025 2026E 2025 double catch in the quarter compared to Q3 2025 and a YTD catch in line with Own catch H
Slide 11: North Atlantic pelagic quotas
PELAGIC – NORTH ATLANTIC North Atlantic pelagic quotas ANNUAL NORTH ATLANTIC PELAGIC QUOTAS NVG-Herring NS-Herring Mackerel Blue Whiting Capelin Other Pelagic* (MMT) Change 2026-27E 4.9 4.8 4.5 4.5 +10% 4.3 4.2 4.0 3.9 3.9 3.7 3.7 3.8 3.7 3.6 +21% 3.5 3.1 2.7 +18% 2.5 +25% -46% -42% 2010 2011 2012 2
Slide 12: Q3 2026 – Pelagia Holding AS
PELAGIC – NORTH ATLANTIC Q3 2026 – Pelagia Holding AS Marine protein and oil KEY FINANCIALS (100% basis, MNOK) ─ Market conditions generally favourable with high prices Q3 2026 Q3 2025 YTD 2026 YTD 20251 2026E 2025 ─ EBIT margin for FEED increased from close to 0% in Q3/25 to 16% in Revenue and othe
Slide 13: Pelagic summary: total raw material intake
PELAGIC – SUMMARY Total pelagic raw material intake is down year over year TOTAL RAW MATERIAL INTAKE PELAGIC Pelagia FoodCorp Austral (000 MT) Q3 (000 MT) 606 258 505 527 462 -28% 469 ▼ -28% vs. Q3 2025 408 255 356 350 290 268 337 259 258 39 297 24 304 YTD 84 48 194 201 (000 MT) 191 233 59 113 146 2
Slide 14: Salmon & Whitefish
Salmon & Whitefish 14 AUSTEVOLL SEAFOOD ASA
Slide 15: Q3 2026 – Salmon highlights
SALMON & WHITEFISH Q3 2026 – Salmon highlights Operational highlights SOURCED FROM ARCTIC WATERS AND THE WORLD’S BEST SALMON AND TROUT AREAS ─ Adjusted EBIT MNOK 459 in the quarter (Q3/25: MNOK 15) ─ of which MNOK 113 in Farming (Q3/25: MNOK -306) Lerøy Aurora ─ of which MNOK -20 in Wild Catch (Q3/2
Slide 16: Q3 2026 – Whitefish highlights
SALMON & WHITEFISH Q3 2026 – Whitefish highlights Operational highlights WILD CATCH VOLUMES AND QUOTA Remaining quota Catch (000 MT) ─ Total catch volume was down 24% in the quarter compared to Q3 2025, reaching 10,216 MT 9,2 ─ Price development for key species in the quarter versus Q3 2025 9,0 ─ Co
Slide 17: Financials
Financials 17 AUSTEVOLL SEAFOOD ASA
Slide 18: Total raw material
FINANCIALS Total raw material (000 MT) TOTAL RAW MATERIAL1,2 (000 MT) Group companies: Q3 2026 Q3 2025 YTD 2026 YTD 2025 2026E 2025 331 Norway (whitefish) 10 13 43 50 52 58 ▼ -24% vs. Q3 2025 Chile own catch 48 21 100 105 132 146 Chile purchase 5 0 43 39 52 47 Peru own catch 3 14 51 222 51 315 Peru
Slide 19: Key financial figures Q3 2026
GROUP OVERVIEW Key financial figures Q3 2026 REVENUE AND OTHER INCOME, GAINS AND LOSSES Adjusted EBITDA1 (MNOK) (MNOK) 11 714 -271 -640 71 3 -145 10 908 177 1 346 17 118 13 -215 216 450 747 Q3 2025 LSG Austral FoodCorp KFO Pelagia Others/elim. Q3 2026 Q3 2025 LSG Austral FoodCorp KFO Pelagia Others/
Slide 20: Income statement
FINANCIALS Income statement Note1 Q3 2026 Q3 2025 Change OPERATING REVENUE INCL. 50% OF PELAGIA (MNOK) Operating revenue and other income 9 228 10 037 -8% 11 714 EBITDA (adj.) 7 1 131 651 74% 10 908 1 677 EBITDA (adj.) margin 12% 6% 1 680 Depreciation 585 573 Income from associates before fair value
Slide 21: Q3 2026 – Lerøy Seafood Group ASA
FINANCIALS Q3 2026 – Lerøy Seafood Group ASA Farming highlights KEY FINANCIALS (100% basis, MNOK) ─ Good biological performance, lower costs, partly offset by seasonally lower price Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 realisation q-o-q ─ The weighted average SSI price was NOK 67.1/kg in Q3/26 com
Slide 22: Q3 2026 – Austral Group S.A.A.
FINANCIALS Q3 2026 – Austral Group S.A.A. Raw material intake KEY FINANCIALS (100% basis, MNOK) ─ Limited activity in the quarter, except minor volumes horse mackerel/mackerel Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 and anchoveta (South) Revenue and other gains/losses 185 825 1 438 2 640 2 825 EBITDA
Slide 23: Q3 2026 – FoodCorp Chile S.A.
FINANCIALS Q3 2026 – FoodCorp Chile S.A. Raw material intake KEY FINANCIALS (100% basis, MNOK) ─ Recovery of catch rates in July and August Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 ─ 47,600 tonnes horse mackerel in Q3/26 compared to 21,500 tonnes in Q3/25 Revenue and other gains/losses 545 368 1 579 1
Slide 24: Q3 2026 – Kobbevik og Furuholmen Oppdrett AS
FINANCIALS Q3 2026 – Kobbevik og Furuholmen Oppdrett AS Sales KEY FINANCIALS (100% basis, MNOK) ─ Substantially higher slaughtered volume of salmon Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 ─ Higher realised prices y-o-y ─ Lower release from stock costs y-o-y Revenue and other gains/losses 158 87 519 4
Slide 25: Statement of financial position
FINANCIALS Statement of financial position MNOK 30.09.2026 30.09.2025 31.12.2025 (audited) TOTAL ASSETS (MNOK) Intangible assets 11 381 11 538 11 559 Tangible fixed assets Right-of-use assets 11 842 2 999 12 562 3 335 12 524 3 256 51,859 Financial non-current assets 3 772 3 849 3 800 ▼ -0% vs. Q3 20
Slide 26: Cash flow statement
FINANCIALS Cash flow statement MNOK Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 CASH FLOW FROM OPERATIONS (audited) (MNOK) Pre-tax profit Biomass adjustment Taxes paid 677 -155 -1 776 -947 -37 868 1 037 -234 180 1 404 -371 851 1 207 -442 1,283 Depreciation and impairments 586 627 1 730 1 716 2 309 ▼ -17%
Slide 27: Outlook
Outlook 27 AUSTEVOLL SEAFOOD ASA
Slide 28: Fishmeal
OUTLOOK Fishmeal Production FISHMEAL PRODUCTION (Week 43 cumulative, 000 MT) ─ IFFO fishmeal production was 51% lower as of week 43 in 2026 compared to the -51% Change same period in 2025. Peruvian production is down 72% 1 496 (2025-26) ─ The second season in the north-central zone was not authorise
Slide 29: Fishmeal, cont.
OUTLOOK Fishmeal, cont. Port stocks FISHMEAL PORT STOCKS IN CHINA Avg. 2021-2025 2025-2026 (Weekly, 000 MT) 2024-2025 ─ Stocks at Chinese ports are 48% lower as of week 43 in 2026 compared to the 400 same time last year ─ Weekly offtakes averaged 19,105 MT over the past month, which implies a 300 re
Slide 30: Fish oil
OUTLOOK Fish oil Production FISH OIL PRODUCTION (Week 43 cumulative, 000 MT) ─ IFFO fish oil production was 26% lower as of week 43 in 2026 compared to the -26% Change same period in 2025; Peru is down 68% 310 (2025-26) 228 Chile1 1% 131 Prices (FOB Peru): Peru -68% 132 ─ Feed grade: USD/MT 8,500 91
Slide 31: Atlantic salmon supply stabilises from strong growth in 2025
OUTLOOK – SALMONID Atlantic salmon supply stabilises from the strong growth in 2025 ATLANTIC SALMON SUPPLY (MT WFE) 2021 2022 2023 2024 2025 2026 2027 Volume ∆ Volume ∆ Volume ∆ Volume ∆ Volume ∆ Volume ∆ Volume ∆ Europe 1 918 000 14% 1 858 900 -3% 1 798 034 -3% 1 882 500 5% 2 104 100 12% 2 219 900
Slide 32: Salmon price development since 2023
OUTLOOK – SALMONID Salmon price development since 2023 SALMON PRICE Weekly Quarterly (Sitagri Salmon Index, weighted average price NOK/kg) 2023 2024 2025 2026 ∆ 2025-26 160 Q1 104 109 90 86 -4.4% Q2 105 102 72 72 -0.2% Q3 77 71 63 67 6.7% 140 Q4 81 76 80 120 100 80 60 40 Jan-23 Apr-23 Jul-23 Oct-23
Slide 33: Atlantic salmon consumption shows significant growth in key markets
OUTLOOK – SALMONID Atlantic salmon consumption shows significant growth in key markets ATLANTIC SALMON CONSUMPTION YTD 2024 2025 2026 (000 MT) 2024 2025 2026 ∆ 2025-26 ∆% EU 781 849 931 81 10 % +10% Others 609 658 728 69 11 % USA 473 526 535 9 2% 931 China and Hong Kong 102 145 182 37 26 % Japan 36
Slide 34: Conclusion – Salmon and whitefish
CONCLUSION Conclusion – Salmon and whitefish FARMING ─ Strong biological performance continues ─ High standing biomass into Q4 2026 ─ Expected harvest volume of 195,000 tonnes in 2026, and the same for 2027 ─ Cost reduction program is progressing as planned ─ This is expected to ease the impact of h
Slide 35: Conclusion – South America
CONCLUSION Conclusion – South America PERU ─ Suspended first fishing season by end April impacted activity level in Q3 ─ No 2026 second fishing season in North/Center region ─ The suspension of first season and no second season has significantly tightened global fishmeal and fish oil supply ─ Greate
Slide 36: Conclusion – North Atlantic
CONCLUSION Conclusion – North Atlantic NORTH ATLANTIC ─ As normal, seasonally low activity in the quarter ─ Raw material intake down 34% y-o-y, impacted by lower quotas on key species ─ Substantially higher earnings y-o-y, as improved FEED margins more than offset lower volumes ─ Reduced raw materia
Slide 37: Appendix
Appendix 37 AUSTEVOLL SEAFOOD ASA
Slide 38: Key financial figures YTD 2026
GROUP OVERVIEW Key financial figures YTD 2026 REVENUE AND OTHER INCOME, GAINS AND LOSSES Adjusted EBITDA1 (MNOK) (MNOK) 34 724 -1 087 -1 202 79 -98 386 -369 32 432 4 749 164 -61 41 4 212 228 -266 430 YTD 2025 LSG Austral FoodCorp KFO Pelagia Others/elim. YTD 2026 YTD 2025 LSG Austral FoodCorp KFO Pe
Slide 39: Income statement YTD 2026
FINANCIALS Income statement Note1 YTD 2026 YTD 2025 Change OPERATING REVENUE INCL. 50% OF PELAGIA (MNOK) Operating revenue and other income 27 716 29 910 -7% 0 34 724 EBITDA (adj.) 7 4 273 3 900 10% 32 432 4 814 EBITDA (adj.) margin 15% 13% 4 716 Depreciation 1 753 1 662 Income from associates befor
Slide 40: Q3 2026 – Scottish Sea Farms
APPENDIX Q3 2026 – Scottish Sea Farms (50% ownership through LSG) Highlights KEY FINANCIALS (100% basis, MNOK) ─ Significant increase in harvest volume Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 ─ Results negatively impacted by incident-based mortality ─ Sites with biological challenges in Q3 harvested
Slide 41: Income from joint ventures and associates
APPENDIX NOTE 5 Associates (MNOK) INCOME FROM JOINT Share of net profit Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 VENTURES AND ASSOCIATES (Before fair value adjustments, MNOK) Norskott Havbruk AS a) 50% 135 -21 -47 -30 -116 Pelagia Holding AS b) Others 50% 78 17 0 16 107 48 -4 51 -2 68 83 Income from J
Slide 42: Note 7: Alternative performance measures (APMs)
APPENDIX NOTE 7 Alternative performance measures (APMs) (audited) Austevoll Seafood Group’s financial statements are prepared in accordance with international standards MNOK Note Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 for financial reporting (IFRS) and interpretations established by the Internationa
Slide 43: Note 9: Tax expense
APPENDIX NOTE 9 Tax expense Norwegian aquaculture is subject to a 25% resource rent tax on profits from commercial sea-based salmon and trout MNOK Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 farming, in addition to ordinary corporation tax of 22%, giving a total tax rate of 47%. The regime has applied si
Slide 44: Disclaimer
Disclaimer This Presentation has been produced by Austevoll Seafood ASA (the “Company” or “Austevoll”) solely for use at the presentation to the market held in connection with the announcement of Q3 2026 results. This document contains certain forward-looking statements relating to the business, fin
Slide 45: www.auss.no
www.auss.no 45 AUSTEVOLL SEAFOOD ASA
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