Austevoll Seafood Asa · OSL:AUSS
Austevoll Seafood Asa — Austevoll Seafood Asa Ord — Q1 2026 Earnings Presentation
41 slides from Austevoll Seafood Asa's earnings presentation, May 12, 2026
Slide 1: Financial Presentation Q1 2026
FINANCIAL PRESENTATION Q1 2026 Arne Møgster (CEO) and Britt Kathrine Drivenes (CFO) 12 May 2026 0 AUSTEVOLL SEAFOOD ASA
Slide 2: Highlights Q1 2026
HIGHLIGHTS Q1 2026 RAW MATERIAL1 REVENUE Farming (000 MT) (MNOK) ─ Increased harvest volume salmon and trout y-o-y ─ Strong biological performance in the quarter 528 9,801 ▼ -21% vs. Q1 2025 ▲ 0% vs. Q1 2025 ─ Y-o-y decline in prices EBITDA (adj.) EBITDA (adj.) INCL. 50% OF PELAGIA (MNOK) (MNOK) Whi
Slide 3: Group Overview
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 pelagic Fishing vessels the north-centre fish
Slide 4: Pelagic
Pelagic 3 AUSTEVOLL SEAFOOD ASA
Slide 5: 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 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 1.7 1.6 1.9 1.5 0.0 TBD
Slide 6: Q1 2026 – Austral Group S.A.A.
PELAGIC – PERU Q1 2026 – Austral Group S.A.A. Fishmeal and fish oil in North / Centre RAW MATERIAL INTAKE (000 MT) ─ First season started on 9 April Q1 2026 Q1 2025 2026E 2025 ─ Lower fish oil and fishmeal yields so far in the season compared to the same Own catch Anchoveta 21 35 274 300 season last
Slide 7: Chilean jack mackerel quota reflects a healthy underlying biomass
PELAGIC – CHILE Chilean jack mackerel quota reflects a healthy underlying biomass ANNUAL JACK 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 20
Slide 8: Q1 2026 – FoodCorp Chile S.A.
PELAGIC – CHILE Q1 2026 – FoodCorp Chile S.A. Own catch of jack mackerel and mackerel RAW MATERIAL INTAKE (000 MT) ─ Own-catch levels decreased by 30% compared to Q1 2025, with a notably lower Q1 2026 Q1 2025 2026E 2025 activity in March, which has continued in April Own catch ─ Higher use of jack m
Slide 9: North Atlantic pelagic quotas
PELAGIC – NORTH ATLANTIC North Atlantic pelagic quotas NVG-Herring NS-Herring Mackerel Blue Whiting Capelin Other Pelagic* ANNUAL NORTH ATLANTIC PELAGIC QUOTAS (MMT) Change 2025-26 4.9 4.8 4.5 4.5 +33% 4.3 4.2 4.0 3.9 3.9 3.7 3.7 3.8 3.7 3.6 -20% 3.5 3.1 -48% 2.5 -41% + 197k MT +17% 2010 2011 2012 2
Slide 10: Q1 2026 – Pelagia Holding AS
PELAGIC – NORTH ATLANTIC Q1 2026 – Pelagia Holding AS Marine protein and oil KEY FINANCIALS (100% basis, MNOK) ─ Good production during the quarter, with blue whiting and trimmings from Q1 2026 Q1 20251 2026E 2025 pelagic and red fish as raw material Revenue and other gain/loss 3 108 3 793 13 444 EB
Slide 11: Pelagic – Summary
PELAGIC – SUMMARY Total pelagic raw material intake is down year over year TOTAL RAW MATERIAL INTAKE PELAGIC Pelagia FoodCorp Austral (000 MMT) Q1 (000 MT) -23% 606 469 563 519 505 523 462 469 ▼ -23% vs. Q1 2025 248 408 252 356 350 290 489 268 337 34 39 297 24 304 YTD 84 48 (000 MT) 237 191 233 59 1
Slide 12: Salmon & Whitefish
Salmon & Whitefish 11 AUSTEVOLL SEAFOOD ASA
Slide 13: Q1 2026 – Salmon highlights
SALMON & WHITEFISH Q1 2026 – Salmon highlights Operational highlights SOURCED FROM ARCITC WATERS AND THE WORLD’S BEST SALMON AND TROUT AREAS ─ Adjusted EBIT MNOK 858 in the quarter (Q1/25: 1,049) ─ of which MNOK 555 in Farming (Q1/25: 789) Lerøy Aurora ─ of which MNOK 228 in Wild Catch (Q1/25: 148)
Slide 14: Q1 2026 – Whitefish highlights
SALMON & WHITEFISH Q1 2026 – whitefish highlights Operational highlights WILD CATCH VOLUMES AND QUOTA Remaining quota Catch (000 MT) ─ Total catch volume was down 25% in the quarter compared to Q1 2025 18.4 ─ Prices are considerably up in the quarter versus Q1 2025 13.8 ─ Cod: +24% 8.9 13.0 7.6 6.8
Slide 15: Financials
Financials 14 AUSTEVOLL SEAFOOD ASA
Slide 16: Total raw material
FINANCIALS Total raw material (000 MT) TOTAL RAW MATERIAL1,2 (000 MT) Group companies: Q1 2026 Q1 2025 2026E 2025 528 Norway (whitefish) 14 19 53 58 ▼ -21% vs. Q1 2025 Chile own catch 38 55 135 146 Chile purchase 21 29 48 47 Peru own catch 21 47 289 315 Peru purchase 53 66 183 207 WILD CATCH1 Total
Slide 17: Key financial figures Q1 2026
GROUP OVERVIEW Key financial figures Q1 2026 REVENUE AND OTHER INCOME Adjusted EBITDA1 (MNOK) (MNOK) 18 11 704 117 -163 203 -342 -178 11 360 3 -4 -75 2 145 2 102 174 -151 96 Q1 2025 LSG Austral FoodCorp KFO Pelagia Others/elim. Q1 2026 Q1 2025 LSG Austral FoodCorp KFO Pelagia Others/elim. Q1 2026 No
Slide 18: Income statement
FINANCIALS Income statement MNOK Note1 Q1 2026 Q1 2025 Change OPERATING REVENUE INCL. 50% OF PELAGIA (MNOK) Operating revenue and other income 9 801 9 793 0% Total gain and loss (sale of shares/assets) 5 15 11 355 11 704 EBITDA (adj.) 7 1 985 1 938 2% EBITDA (adj.) margin 20 % 20 % 1 554 1 911 Depre
Slide 19: Q1 2026 – Lerøy Seafood Group ASA
FINANCIALS Q1 2026 – Lerøy Seafood Group ASA Farming highlights KEY FINANCIALS (100% basis, MNOK) ─ Y-o-y decline in prices Q1 2026 Q1 2025 2025 ─ Weighted SSI price Q1/26 NOK 4/kg lower vs. Q1/25 ─ High harvest volumes and strengthening NOK Revenue and other gain/loss 8 085 7 967 34 379 ─ As expect
Slide 20: Q1 2026 – Austral Group S.A.A.
FINANCIALS Q1 2026 – Austral Group S.A.A. Raw material intake KEY FINANCIALS (100% basis, MNOK) ─ Seasonal low activity in Q1 Q1 2026 Q1 2025 2025 ─ 2nd season 2025 in North/Centre finished in January 2026 ─ 1st season 2026 in the South zone started in January Revenue and other gain/loss 962 1 125 2
Slide 21: Q1 2026 – FoodCorp Chile S.A.
FINANCIALS Q1 2026 – FoodCorp Chile S.A. Raw material intake KEY FINANCIALS (100% basis, MNOK) ─ High activity in January and February, reduced catch rate in March Q1 2026 Q1 2025 2025 ─ Own catch horse mackerel/mackerel 38,500 tonnes vs. 54,700 tonnes in Q1/25 Revenue and other gain/loss 628 425 1
Slide 22: Q1 2026 – Kobbevik og Furuholmen Oppdrett AS
FINANCIALS Q1 2026 – Kobbevik og Furuholmen Oppdrett AS Sales KEY FINANCIALS (100% basis, MNOK) ─ Sold volume salmon up 24% vs. Q1/25 Q1 2026 Q1 2025 2025 ─ Reduction in realised prices y-o-y ─ Cost significantly lower y-o-y Revenue and other gain/loss 212 193 634 EBITDA (adj) 67 63 105 Biomass at s
Slide 23: Statement of financial position
FINANCIALS Statement of financial position MNOK 31.03.2026 31.03.2025 31.12.2025 (audited) TOTAL ASSETS (MNOK) Intangible assets 11 421 11 597 11 559 Tangible fixed assets Right-of-use assets 12 211 3 081 12 173 3 367 12 524 3 256 52,365 Financial non-current assets 3 698 4 034 3 800 ▼ -1% vs. Q1 20
Slide 24: Cash flow statement
FINANCIALS Cash flow statement MNOK Q1 2026 Q1 2025 2025 (audited) CASH FLOW FROM OPERATIONS (MNOK) Pre-tax profit 814 -610 851 Biomass adjustment Taxes paid Depreciation and impairments 302 -146 583 1 838 -99 545 1 207 -442 2 309 1,453 Associated companies -9 -35 50 ▼ -6% vs. Q1 2025 Interest (net)
Slide 25: Outlook
Outlook 24 24 AUSTEVOLL SEAFOOD ASA
Slide 26: Fishmeal
OUTLOOK Fishmeal Production FISHMEAL PRODUCTION (Week 17 cumulative, 000 MT) ─ IFFO fishmeal production was 24% lower as of week 17 in 2026 compared to the -24% Change same period in 2025 629 (2025-26) ─ The first season quota in Peru is down 36% compared to the same season in 189 475 Chile1 -31% 20
Slide 27: Fishmeal, cont.
OUTLOOK Fishmeal, cont. Port stocks FISHMEAL PORT STOCKS IN CHINA Avg. 2021-2025 2025-2026 (Weekly, 000 MT) 2024-2025 ─ Stocks at China ports are 44% lower as of week 17 in 2026 compared to the same 400 time last year ─ Weekly offtakes averaged 24,160 MT over the past month, which implies a 300 redu
Slide 28: Fish oil
OUTLOOK Fish oil Production FISH OIL PRODUCTION (Week 17 cumulative, 000 MT) ─ IFFO fish oil production was 7% lower as of week 17 in 2026 compared to the -7% Change same period in 2025 133 (2025-26) 124 ─ The start of the first season in Peru has shown lower than expected yields Chile1 0% 66 (~1.9%
Slide 29: Atlantic salmon supply stabilises from the 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 1 896 600 13 % 1 837 500 -3 % 1 777 000 -3 % 1 866 700 5% 2 092 600 12 % 2 151
Slide 30: 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 Q3 77 71 63 140 Q4 81 76 80 120 100 80 60 40 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Ja
Slide 31: Atlantic salmon consumption shows significant growth in Other markets and Japan
OUTLOOK – SALMONID Atlantic salmon consumption shows significant growth in “Other” markets and Japan ATLANTIC SALMON CONSUMPTION Q1 2023 2024 2025 2026 (000 MT) 400 +12% 300 +28% +6% 200 100 +30% -19% 0 EU Others USA Japan Russia Source: Kontali, Lerøy 30 AUSTEVOLL SEAFOOD ASA
Slide 32: Conclusion – Salmon and whitefish
CONCLUSION Conclusion – Salmon and whitefish FARMING ─ Strong biological performance continues ─ Expect harvest volume of 195,000 GWT for Norway in 2026 ─ Cost reduction program to gradually impact the cost of harvested fish from H2/26 WHITEFISH ─ Price development outweighs lower catch volume ─ Sig
Slide 33: Conclusion – South America
CONCLUSION Conclusion – South America PERU ─ As normal low activity in Q1/26 ─ 1st fishing season started 9 April 2026 ─ Total quota of 1.9 million vs. 3.0 million same season 2025 ─ High inclusion of juveniles at the start of the season ─ Prices are significantly up for fishmeal and fish oil CHILE
Slide 34: Conclusion – North Atlantic
CONCLUSION Conclusion – North Atlantic NORTH ATLANTIC ─ High activity in Q1/26 ─ Reductions in quotas impact raw material intake ─ Increasing prices for marine protein and oils ─ As normal low activity is expected in Q2/26 33 AUSTEVOLL SEAFOOD ASA
Slide 35: Appendix
Appendix 34 AUSTEVOLL SEAFOOD ASA
Slide 36: 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 Q1 2026 results. This document contains certain forward-looking statements relating to the business, fin
Slide 37: Q1 2026 – Scottish Sea Farms (50% ownership through LSG)
APPENDIX Q1 2026 – Scottish Sea Farms (50% ownership through LSG) Highlights KEY FINANCIALS (100% basis, MNOK) ─ Weak quarter on low volumes and high-cost stock Q1 2026 Q1 2025 2025 ─ Volumes are down 36% y-o-y ─ Low volume impacts unit costs, particularly wellboat and processing costs Revenue and o
Slide 38: Note 5 Income from joint ventures and associates
APPENDIX NOTE 5 Income from joint ventures and associates (MNOK) INCOME FROM JOINT Share of Q1 2026 Q1 2025 2025 VENTURES AND ASSOCIATES net profit (Before fair value adjustments, MNOK) Norskott Havbruk AS a) 50 % -48 -19 -116 Pelagia Holding AS b) Others 50 % 40 17 43 12 -2 68 18 Income from JV and
Slide 39: 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 for financial (Amounts in NOK million) Note Q1 2026 Q1 2025 2025 reporting (IFRS) and interpretations established by the Internatio
Slide 40: Note 9 Tax expense
APPENDIX NOTE 9 Tax expense On 31 May 2023, the Norwegian parliament approved an additional resource rent tax on aquaculture with a tax rate of 25%. (Amounts in NOK million) Q1 2026 Q1 2025 2025 The tax scheme applies to net profits from commercial sea-phase salmon and trout aquaculture activity and
Slide 41: www.auss.no
www.auss.no 40 AUSTEVOLL SEAFOOD ASA
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