Austevoll Seafood Asa · OSL:AUSS
Austevoll Seafood Asa — Austevoll Seafood Asa Ord — Q3 2025 Earnings Presentation
45 slides from Austevoll Seafood Asa's earnings presentation, Nov 12, 2025
Slide 1: Q3 2025 Financial presentation
Q3 2025 Financial presentation Arne Møgster - CEO Britt Kathrine Drivenes - CFO
Slide 2: Highlights
Highlights (Amounts in NOK million) Note Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 Operating revenue and other income 10 037 9 296 29 910 26 281 35 366 Gain from sale of shares 0 3 0 1 268 1 280 EBITDA (adj.) 7, a ) 652 1 192 3 900 5 910 7 311 EBIT (adj.) 7, a ) 79 686 2 238 4 400 5 246 EBIT (adj.) inc
Slide 3: Operational overview
Operational overview PERU CHILE NORTH ATLANTIC AUSTEVOLL SEAFOOD GROUP PELAGIC FISHING 7% of 19 8.6% of 4 2 400,000 - 500,000 Anchovy quota Fishing vessels Pelagic fishing Fishing vessels Snow Crab MT of pelagic fish caught annually (25 vessels) Centre-north quota fishing vessels 5 2 28 1.6 – 2.0 Mi
Slide 4: Pelagic
Pelagic Austral Group S.A.A. FoodCorp Chile S.A. Pelagia Holding AS (associated)
Slide 5: Operation in Peru
Operation in Peru Austral Group S.A.A. Volume '000 MT Q3 2025 Q3 2024 YTD Q3 2025 YTD Q3 2024 2025E 2024 Own catch Anchoveta 11 1 207 183 292 317 Jackmackerel 4 8 14 8 14 8 Fishmeal/fish oil Mackerel - - 0 - 1 3 1 3 Purchase 2nd season 2025 Centre/North Anchoveta 16 5 155 76 192 133 o A Eureka (scie
Slide 6: Operation in Chile
Operation in Chile FoodCorp Chile S.A. Volume '000 MT Q3 Q3 YTD SEP YTD SEP 2025E 2024 2025 2024 2025 2024 Own catch: Jack mackerel Own catch: J. Ma ckerel a nd Ma ckerel 21 37 105 112 140 133 • Own quota of 81 KMT in 2025 compared to 65 KMT in 2024 Purchase: • 50 KMT purchased so far from 3rd party
Slide 7: North Atlantic pelagic quotas (2014-2026E, million tonnes)
North Atlantic pelagic quotas (2014-2026E, million tonnes) 6 Million tonnes ICES recommendation for 2026 NVG-Herring NS-Herring Mackerel Blue Whiting Capelin** Other Pelagic* 5 • Increased quota for: o NVG herring +33% o Sprat +214% (236 KMT) 4 o Icelandic capelin +46 KMT 3 • Decrease in quota for:
Slide 8: Pelagia Holding AS
Pelagia Holding AS Marine protein and oil (MPO) MPO factories Volume ('000 MT) Q3 2025 Q3 2024 YTD 2025 YTD 2024 2025E 2024 Raw material intake for 218 177 778 792 924 953 FM/FPC/Oil • Good production through Q3 2025 o Mainly trimming as contribution this quarter as normal • Q4 2025 will give stabil
Slide 9: Pelagia Holding AS
Pelagia Holding AS Direct Human Consumption Pelagic HC factories Volume ('000 MT) Q3 2025 Q3 2024 YTD 2025 YTD 2024 2025E 2024 Raw material intake 86 120 192 242 296 370 • Seasonal good activity in Q3 • North Sea herring through the quarter • Mackerel from August, with good activity and quality • Q4
Slide 10: Pelagia Holding AS
Pelagia Holding AS (100% figures) * * (Amounts in NOK million) Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 Revenue and other gain/loss 3 439 4 201 9 628 10 050 14 943 EBITDA (adj) 278 517 623 1 087 1 308 EBIT (adj.) 141 412 254 772 877 EBIT (adj.) margin 4% 10 % 3% 8% 6% Total assets 11 822 12 464 11 706
Slide 11: Salmon / Whitefish
Salmon / Whitefish Lerøy Seafood Group ASA
Slide 12: Lerøy Seafood Group ASA
Lerøy Seafood Group ASA Q3 2025 • Operational EBIT MNOK 15 (Q3/24: MNOK 412) o Farming EBIT (adj.) MNOK -306 (Q3/24: MNOK 310) Lerøy Aurora o Lerøy Havfisk & LNWS EBIT (adj.) MNOK 3 (Q3/24: MNOK -58) o VAPS&D EBIT (adj.) MNOK 410 (Q3/24 MNOK 220) • Slaughtered volume salmon and trout 59,168 GWT (Q3/
Slide 13: Lerøy Seafood Group ASA – Farming
Lerøy Seafood Group ASA – Farming Salmon / trout farming volumes (1,000 GWT) 2019 2020 2021 2022 2023 2024 2025E 2026E Lerøy Aurora AS 32.8 35.0 44.0 40.1 43.1 44.1 54.0 49.0 Lerøy Midt AS 64.8 67.9 72.6 68.8 61.3 68.9 71.0 73.0 Lerøy Sjøtroll 60.6 68.0 70.0 65.7 55.2 58.2 70.0 73.0 Total Norway 158
Slide 14: Lerøy Seafood Group ASA – Wild catch
Lerøy Seafood Group ASA – Wild catch Q3 2025 • Cod quota in 2025 is down 32% y-o-y impacting: o Catch volumes for the trawling fleet o Raw material price and volume in the land industry • Challenging operating conditions for 2025 o Positive to see that price increase more than offset impact from low
Slide 15: Financials
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Slide 16: Catch, purchase and farming
Catch, purchase and farming (100% volumes) Figures in 1,000 tonnes Q3 2025 Q3 2024 YTD 2025 YTD 2024 2025E 2024 Group companies: Norway (whitefish) 13 13 50 55 59 65 Norway (pelagic) 0 0 0 23 0 23 Chile own catch 21 37 105 112 140 133 Chile purchase 0 1 39 14 45 17 Peru own catch 14 8 222 194 307 32
Slide 17: Key financial figures Q3 2025
Key financial figures Q3 2025 Revenue and other income1 EBITDA adj.1 Million NOK Million NOK 1 451 216 29 320 4 93 866 381 168 39 2 4 11 756 28 120 11 400 791 9 Q3 2024 LSG Austral FC KFO BRBI Pelagia Other/el Q3 2025 Q3 2024 LSG Austral FC KFO BRBI Pelagia Other/el Q3 2025 Notes: 1 See note 7 in th
Slide 18: Key financial figures Q3 2025 cont.
Key financial figures Q3 2025 cont. (Amounts in NOK million) Note Q3 2025 Q3 2024 Δ% Q3 2025 Q3 2024 Δ% Operating revenue and other income 10 037 9 296 8% 11 756 11 396 3% Gain/loss from sale of shares 0 3 0 3 EBITDA (adj.) 7 652 1 192 -45 % 791 1 451 -46 % EBITDA(adj.) margin 6% 13 % 7% 13 % Incl.
Slide 19: Lerøy Seafood Group ASA
Lerøy Seafood Group ASA (Amounts in NOK million) Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 Farming Revenue and other gain/loss 8 757 7 891 25 551 22 659 31 121 • Quarterly slaughter volume up 15 % y-o-y, driven by EBITDA (adj.) 498 818 3 132 3 352 4 612 strong biological performance leading up to Q3 EB
Slide 20: Austral Group S.A.A.
Austral Group S.A.A. (Amounts in NOK million) Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 Raw material intake Revenue and other gain/loss 825 1 041 2 640 2 096 2 238 • First fishing season ended 23 July EBITDA (adj) 144 312 416 719 797 o Due to sea conditions and weather, the daily catch EBIT (adj.) 85 2
Slide 21: FoodCorp Chile S.A.
FoodCorp Chile S.A. (Amounts in NOK million) Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 Raw material intake Revenue and other gain/loss 368 275 1 194 866 1 261 • Lower activity in the quarter, and main season ended EBITDA (adj) 35 73 259 270 310 mid-August EBIT (adj.) 22 59 217 228 253 EBIT (adj.) margi
Slide 22: Kobbevik og Furuholmen Oppdrett AS
Kobbevik og Furuholmen Oppdrett AS (Amounts in NOK million) Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 Slaughter volume Revenue and other gain/loss 87 116 440 756 876 • Volume down 37% vs. Q3/24 EBITDA (adj) 1 2 67 260 305 o Highly affected by low spot prices EBIT (adj.) -12 -16 30 209 238 EBIT (adj.) m
Slide 23: Br. Birkeland AS
Br. Birkeland AS (Amounts in NOK million) Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 Snow crab Revenue and other income 1 2 215 225 229 • Finalised their quotas in April (Mid March in 2024), no Gain from sale of shares 0 3 0 1 855 1 855 fishing activity in H2 2025 EBITDA (adj) -12 -9 65 1 907 1 894 EBIT
Slide 24: Statement of financial position
Statement of financial position (audited) Currency rate: (MNOK) 30.09.2025 30.09.2024 31.12.2024 30.09.2025 USD/NOK 9.99 Intangible assets 11 538 11 667 11 704 31.12.2024 USD/NOK 11.35 Tangible fixed assets 12 562 11 536 12 043 30.09.2024 USD/NOK 10.51 Right-of-use assets 3 335 2 935 3 500 Financial
Slide 25: Cash flow
Cash flow (MNOK) Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 Comments to Q3/25: Pre tax profit 776 53 180 3 784 5 022 Biomass adjustment -947 629 1 404 388 -337 • Positive development in working capital Taxes paid -37 -103 -371 -758 -1 336 Depreciation and impairments 627 504 1 716 1 506 2 120 Associated
Slide 26: Outlook
Outlook
Slide 27: Fishmeal
Fishmeal 1 Fishmeal production - week 42 (cumulative) Production • IFFO Fishmeal production increased 15.3% y-o-y, driven Regions 2025 2024 Change % by Peru (+21.5%) and Chile (+17.6%) Chile# 315,703 268,425 17.6 % Prices • USD 1,895/MT for Super Prime (68%)1 Peru 780,030 641,764 21.5 % (FOB Peru) •
Slide 28: Fishmeal cont.
Fishmeal cont. Main market China Stock in China • 229,970 MT1 – down 37% vs. same period in 2024 at ports: • Offtakes down 6% y-o-y, averaging ~27,200 MT/week over the past month Current • Quoted at RMB 14,900/MT1 eq. SP 68% USD 2,040/MT Chinese stock FOB Peru – up 16% y-o-y prices: • Yuan at 7.1 RM
Slide 29: Fish oil
Fish oil Fish oil production - week 42 (cumulative) 1 Production • IFFO Fish oil production increased 9.3% y-o-y, driven by Chile (+22.3%), while Peru is down 5.9% Regions 2025 2024 Change % Chile# 130,570 106,741 22.3 % Prices • Feed grade: USD 2,400/MT1 (FOB Peru) • Omega-3 grade: USD 3,475/MT1 Pe
Slide 30: Atlantic salmon supply
Atlantic salmon supply (in tonnes WFE ) Sources: Kontali (as per 7 November 2025) 31
Slide 31: Atlantic salmon – Harvest volumes Europe
Atlantic salmon – Harvest volumes Europe In tonnes WFE This slide contains the following visuals: textbox ,card ,card ,card ,card ,textbox ,Figures as per: ,textbox ,textbox ,card ,card ,Change from Last Year ,lineClusteredColumnComboChart. Please refer to the notes on this slide for details Sources
Slide 32: Spot prices, fresh Atlantic salmon
Spot prices, fresh Atlantic salmon Cross-section, FCA Oslo (superior quality) as of week 44 2025 33
Slide 33: Atlantic salmon consumption
Atlantic salmon consumption YTD September 2025 Sources: Kontali (as per 7 November 2025) 34
Slide 34: Conclusion
Conclusion Salmon / Whitefish Salmon • While Q3 was more challenging the trends YTD are positive • Contract shares for value chain in Q3 of 24%, with positive impact in both Farming and VAP, S&D • Expect lower cost in 2026 compared to 2025 Whitefish • Challenging quota situation, but price developme
Slide 35: Conclusion cont.
Conclusion cont. Pelagic South America • 1st fishing season in Peru concluded on 23 July with 83% caught compared to 98% for the same season in 2024 • The fishery faced challenges with a significantly slower daily catch rate in June and July due to weather and sea conditions • A provisional quota ha
Slide 36: Conclusion cont.
Conclusion cont. Pelagic North Atlantic (Pelagia Holding AS, an associated company) • Mackerel season started in August (FOOD) • Decrease in prices, especially for marine oils, put pressure on margins and total earnings YTD 2025 (FEED) • Reduction in quotas for key species used in the FOOD segment c
Slide 37: Slide 37
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 YTD 2025
Key financial figures YTD 2025 Revenue and other income1 EBITDA adj.1 Million NOK Million NOK 6 453 328 316 220 10 544 304 11 Gain from 193 sales of shares 1 855 14 4 212 Gain from 1 855 2 893 sales of shares 34 724 560 777 211 232 32 574 YTD 2024 LSG Austral FC KFO BRBI Pelagia Other/el YTD 2025 YT
Slide 41: Key financial figures YTD 2025
Key financial figures YTD 2025 (Amounts in NOK million) Note YTD 2025 YTD 2024 Δ% YTD 2025 YTD 2024 Δ% Operating revenue and other income 29 910 26 281 14 % 34 724 31 306 11 % Gain/loss from sale of shares 0 1 268 - 1 268 EBITDA (adj.) 7 3 900 5 910 -34 % 4 212 6 453 -35 % EBITDA(adj.) margin 13 % 2
Slide 42: Associated companies
Associated companies Norskott Havbruk AS (100% figures), LSG’s share = 50% (Amounts in NOK million) Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 • 40% Y-o-y decrease in slaughter volume Revenue and other gain/loss 679 1 176 2 616 3 438 4 403 EBIT (adj.) 8 90 58 462 555 • The biological development in the
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 Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 Norskott Havbruk AS a) 50 % -21 -16 -30 78 90 Pelagia Holding AS b) 50 % 0 117 -4 189 212 Others 16 17 51 53 71 Income from JV and associates -6 117 17 320 373 Fair value a
Slide 44: Note 7 Alternative Performance Measures (APMs)
Note 7 Alternative Performance Measures (APMs) (audited) Austevoll Seafood Group’s financial statements are prepared in accordance with international standards for (Amounts in NOK million) Note Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 financial reporting (IFRS) and interpretations established by the I
Slide 45: Note 9 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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