Oceana Group Limited · JSE:OCE
Oceana — H1 2025 Earnings Presentation
45 slides from Oceana's earnings presentation, Jun 9, 2025
Slide 1: Interim Results Investor Presentation
INTERIM RESULTS INVESTOR PRESENTATION For the 6 months ended 31 March 2025
Slide 2: Agenda
AGENDA 1 CEO OVERVIEW 5 QUESTIONS 2 OPERATIONAL PERFORMANCE 3 GROUP FINANCIAL RESULTS 4 OUTLOOK 2
Slide 3: CEO Overview
3 CEO OVERVIEW NEVILLE BRINK 01
Slide 4: Oceana Business Pillars
OCEANA BUSINESS PILLARS LUCKY STAR FOODS WILD CAUGHT SEAFOOD FISHMEAL & OIL (FMO) Affordable branded food for Wild caught fish for Omega-3 rich fish protein for human consumption human consumption animal/aquaculture consumption HORSE MACKEREL SQUID FISH FOODS HAKE LOBSTER Grow consumption through Ma
Slide 5: CEO Overview: Key Performance Overview
CEO OVERVIEW KEY PERFORMANCE OVERVIEW LUCKY STAR WILD CAUGHT FMO (AFRICA) FMO (USA) NET DEBT Strong performance Improving catch rates, Stronger result Return to a more Higher short-term debt • Steady demand although still below • Good red-eye normalised result • Increased working historical levels l
Slide 6: Fishmeal & Fish Oil (USA) Operational Performance
6 FISHMEAL & FISH OIL (USA) OPERATIONAL PERFORMANCE 02
Slide 7: Fishmeal & Fish Oil (USA) Performance
FISHMEAL & FISH OIL (USA) PERFORMANCE R’ million Mar 2025 Mar 2024 VAR Revenue 1 464 1 734 (15.6%) Operating profit 377 848 (55.6%) OP margin 25.7% 48.9% (23.2%) USD’ million Mar 2025 Mar 2024 VAR FISH OIL FISHMEAL Revenue $ 81 $ 91 (11.0%) Operating profit $ 21 $ 44 (52.3%) Av. USD: Rand 1
Slide 8: Fishmeal & Fish Oil (USA) Landings
FISHMEAL & FISH OIL (USA) LANDINGS DAYBROOK HISTORICAL LANDINGS GULF MENHADEN LANDINGS 900 000 25.0% 160 000 WEEK 6 803 196 800 000 140 000 685 812 703 780 665 141 20.0% 700 000 120 000 629,061 600 000 567 020 527 800 100 000 15.0% 000 Fish 500 000 450 683 000 fish 80 000 400 000 12.1% 10.0% 60 000
Slide 9: FMO (USA) - Performance Drivers
FISHMEAL & FISH OIL (USA) PERFORMANCE OPENING STOCK SALES VOLUME / PRICE FMO (USA)- PERFORMANCE DRIVERS 35 000 25 000 72% 6,000 30 186 30 000 28 873 26 540 21 895 5,000 20 000 21 589 25 000 19 178 4,000 (45%) 15 000 US$ / ton 20 000 Tons Tons 14 586 3,000 15 000 13 091 1% 10 000 (10%) 9 671 2,000 10
Slide 10: Fishmeal & Fish Oil (Africa) Operational Performance
10 FISHMEAL & FISH OIL (AFRICA) OPERATIONAL PERFORMANCE 02
Slide 11: Fishmeal & Fish Oil (Africa) Performance
FISHMEAL & FISH OIL (AFRICA) PERFORMANCE R’ million Mar 2025 Mar 2024 VAR Revenue 281 205 37.0% Operating loss (5) (18) 72.0% OP margin (1.8%) (8.9%) 7.1% 11
Slide 12: Industrial Resource Overview
INDUSTRIAL RESOURCE OVERVIEW INDUSTRY RED EYE LANDINGS OCEANA INDUSTRIAL FISH LANDINGS 65802 250,000 120% 70 000 59,435 96% 100% 60 000 51499 200,000 82% 80% 48,542 46,601 73% 80% 50 000 150,000 54% 56% 40 000 Tons Tons 48% 47% 60% 30,159 100,000 30 000 20,364 40% 20 000 11,338 50,000 20% 10 000 - 0
Slide 13: FMO (Africa) - Performance Drivers
FISHMEAL & FISH OIL (AFRICA) PERFORMANCE FMO PRODUCTION INPUT FMO (AFRICA) - PERFORMANCE DRIVERS 70 000 62 312 12.0% 60 000 10.0% 22% • Improved performance despite lower fishmeal and fish oil 50 000 37 885 37 649 8.0% 40 000 5.9% prices. Tons 4.2% 20% 4.3% 6.0% 30 000 35% 78% 4.0% • Sales volumes u
Slide 14: Supply Outlook
SUPPLY OUTLOOK PERU - 1st SEASON – HISTORICAL QUOTA & CATCH TOTAL PERU FISH OIL PRODUCTION 3 500 000 120.0 % 200 187 98.0 % 97.8 % 97.4 % 98.2 % 180 170 169 3 000 000 94.5 % 100.0 % 163* 84.7 % 84.0 % 160 2 500 000 80.0 % 140 ‘000 mt 2 000 000 120 Tons 51.1 % 54.0 % 60.0 % 100 1 500 000 100 40.0 % 8
Slide 15: Global Supply / Demand Outlook
GLOBAL SUPPLY / DEMAND OUTLOOK GLOBAL FISHMEAL PRODUCTION 2024 SUPPLY GLOBAL MARKET CONDITIONS 5% 4% Supply: 7% Africa • 2025 expected to deliver a slight improvement in global fishmeal production to Asia 5.6 million tons - encouraging outlook from Peru offset by poorer seasons in 5.5 million 35% Eu
Slide 16: Wild Caught Seafood Operational Performance
16 WILD CAUGHT SEAFOOD OPERATIONAL PERFORMANCE 02
Slide 17: Wild Caught Seafood Performance
WILD CAUGHT SEAFOOD PERFORMANCE R’ million Mar 2025 Mar 2024 VAR Revenue 854 760 12.4% Operating profit 74 17 >100% OP margin 8.7% 2.2% 6.5% HORSE MACKEREL HAKE SQUID & LOBSTER 17
Slide 18: Hake Performance
HAKE PERFORMANCE CATCH RATES, SEA DAYS & COST HAKE - PERFORMANCE DRIVERS 550 60 450 44 515 50 485 • Solid hake performance. Catch Rates / Cost 350 37 32 40 372 Sea Days 250 30 • Catch volumes up 14.6 % due to increased sea days and 150 20 improved catch rates following recent investment in the 9.7 1
Slide 19: Horse Mackerel Performance
HORSE MACKEREL PERFORMANCE NAMIBIAN HORSE MACKEREL CAGR = HORSE MACKEREL - PERFORMANCE DRIVERS 543 600 18% 15 000 473 468 450 447 500 South Africa: Vessel Costs (R/ton) 407 387 400 10 000 • Fishing in SA was limited, Desert Diamond operated in Namibia Sea Days 282 300 for most of the period as low c
Slide 20: Squid & Lobster Performance
SQUID & LOBSTER PERFORMANCE SQUID CATCH RATES & SEA DAYS SQUID & LOBSTER - PERFORMANCE DRIVERS 900 807 30 800 Squid: 25 700 600 20 • Sales volumes up due to higher opening stock and higher Catch Rate 492 477 500 12.9 13.7 catch volumes. Sea Days 15 400 300 5.1 10 • Demand from European markets remai
Slide 21: Lucky Star Foods Operational Performance
21 LUCKY STAR FOODS OPERATIONAL PERFORMANCE 02
Slide 22: Lucky Star Foods Performance
LUCKY STAR FOODS PERFORMANCE R’ million Mar 2025 Mar 2024 VAR Revenue 2 587 2 342 10.4% Operating profit 230 170 35.9% OP margin 8.9% 7.3% 1.6% 22
Slide 23: Lucky Star Foods Performance Drivers
LUCKY STAR FOODS PERFORMANCE LUCK STAR SALES VOLUMES & PRICE LUCKY STAR FOODS - PERFORMANCE DRIVERS 6 18.0% 5.0m 5.1m 16.0% 4.8m 5 11.9% 14.0% • Strong performance – record 5.1 million cartons sold Cartons (Millions) 4 12.0% 10.0% • Volume growth of 5.0% due to: 3 8.0% 5.6% 2 3.7% 6.0% o consistent
Slide 24: SA Pilchard Resource
SA PILCHARD RESOURCE SA PILCHARD TAC OCEANA PILCHARD LANDINGS YTD 70 000 65 000 65 000 12 000 11 197 60 000 50 000 10 000 8 881 40 000 8 000 Tons Tons 39 000 35 000 5 707 5 681 30 000 6 000 32 000 30 015 26 800 20 000 4 000 2 962 10 000 12 250 2 000 635 - 2018 2019 2020 2021 2022 2023 2024 2025 Oct
Slide 25: Lucky Star Brand & Product Extension
LUCKY STAR BRAND & PRODUCT EXTENSION NEW PERI-PERI FLAVOUR CANNED MEAT • Strong growth in export markets WEST AFRICA EXPANSION • Positive consumer acceptance • Cross-border focus 25
Slide 26: Lucky Star Market Conditions
LUCKY STAR MARKET CONDITIONS SA FOOD GROWTH VS LUCKY STAR 6MM MARKET CONDITIONS 9% 7.7% 8% Total volume growth of 5% (+10% value) 7% 6% South African market (86%): Growth 5% 4.4% • Resilient canned fish performance in constrained consumer 4% environment. 3% 2% 1.6% • Increasing consumer shift toward
Slide 27: Group Financial Results
27 GROUP FINANCIAL RESULTS ZAF MAHOMED 03
Slide 28: March 2025 Financial Overview
MARCH 2025 FINANCIAL OVERVIEW OPERATING INTERIM NET DEBT : REVENUE HEPS PROFIT DIVIDEND EBITDA ▲ 2.9% ▼ 33.5% ▼43.9% 110cps 2.2x Mar 2025: R5.2bn Mar 2025: R676m Mar 2025: 324.9c (Mar 2024: 195 cps) (Mar 2024: 1.2x) (Mar 2024: R5.0bn) (Mar 2024: R1.0bn) (Mar 2024: 578.8c) 28
Slide 29: H1 Operating Profit Review
H1 OPERATING PROFIT REVIEW H1 : H2 OPERATING PROFIT OPERATING PROFIT BY SEGMENT 1 632 30.0% 2% 1,600 1 490 11% (2%) 17% 1,400 25.0% 1 244 615 Mar 2025 Mar 2024 R 676m R 1.0 bn 83% 1,200 34% 56% 1 117 20.2% 20.0% 842 1,000 (1%) R’ million 16.4% 533 14.4% 15.0% 800 899 13.0% FMO (USA) FMO (Africa) Luc
Slide 30: Income Statement Review
INCOME STATEMENT REVIEW R’ million Mar 2025 Mar 2024 VAR • Revenue growth (+2.9%) : driven by increased sales volumes of canned foods, fishmeal and fish oil, hake and Revenue 5 186 5 041 2.9% Namibian horse mackerel and firm pricing for Wild caught Gross profit 1 442 1 721 (16.2%) seafood. Offset by
Slide 31: Net Working Capital / Net Debt
NET WORKING CAPITAL / NET DEBT NET WORKING CAPITAL 4 000 NET DEBT ANALYSIS 3 500 3 264 3 498 3,490 3 500 3 000 188 2,990 3 000 2 520 2 500 2 298 2 462 2,490 1 089 2 500 2 091 134 2 000 R’ million R million 1,990 2 000 2 900 712 913 360 1 602 1 500 1,490 1 500 1 905 NET DEBT:EBITDA NET DEBT:EBITDA 36
Slide 32: Capital Allocation
CAPITAL ALLOCATION CAPITAL EXPENDITURE* 600 DIVIDEND PER SHARE 495 2.500 700 645 500 435 600 2.000 193 400 358 346 1.85 500 458 1.80 300 1.75 1.500 300 R’ million 400 342 1.54 305 148 248 300 75 200 291 1.000 208 11 452 200 310 100 195 0.500 267 100 110 130 110 197 55 0 - 0 2021 2022 2023 2024 2025
Slide 33: Net Cash & Cash Equivalents
NET CASH & CASH EQUIVALENTS R millions SA: R442m SA: (R1 003m) US: R460m US: R111m The anticipated unwind of Lucky Star 1 800 inventory levels in the second half will 902 support cash generation. 1 600 1 400 1 200 SA: R344m SA: R126m 1 000 US: R416m SA: R930m US: R701m SA: (R126m) US: (R128m) US: (R
Slide 34: Outlook
34 OUTLOOK NEVILLE BRINK 04
Slide 35: Outlook for Remainder of FY25
OUTLOOK FOR REMAINDER OF FY 25 LUCKY STAR FOODS WILD CAUGHT SEAFOOD FISHMEAL & OIL (FMO) GROW CONSUMPTION / EXPAND THE BRAND DELIVER ON FLEET INVESTMENT OPTIMISE CAPACITY & EFFICIENCY • Optimise vessel utilisation. • Normalised global fish oil pricing and • Sustain volume growth by leveraging supply
Slide 36: Legal Disclaimer and Basis of Preparation
LEGAL DISCLAIMER AND BASIS OF PREPARATION • For the purposes of this notice, the presentation (the “Presentation”) shall mean and include the slides that follow, the oral presentation of the slides by Oceana Group Limited (the “Company”) and/or its advisers, any question-and-answer session that foll
Slide 37: Questions
37 QUESTIONS NEVILLE BRINK & ZAF MAHOMED 05
Slide 38: Appendices
38 APPENDICES 06
Slide 39: Statement of Comprehensive Income
STATEMENT OF COMPREHENSIVE INCOME R’ million Mar 2025 Mar 2024 VAR 1. Increase driven by higher sales volumes of canned foods, Revenue 1 5,186 5,041 2.9% fishmeal and fish oil, hake and Namibian horse mackerel, and firm pricing for Wild caught seafood. Offset by lower sales Gross profit 2 1,442 1,72
Slide 40: Statement of Financial Position
STATEMENT OF FINANCIAL POSITION 1. Capital expenditure decreased to R183 million (March R’ million Mar 2025 Mar 2024 VAR 2024: R297 million) primarily related to further upgrades to Property, plant and equipment and the hake and horse mackerel fleet, including the Desert 1 2,628 2,410 9.0% right-of-
Slide 41: March 2025 Debt Analysis
MARCH 2025 DEBT ANALYSIS 1. In SA, R700 million short term debt (supporting the capital R’ million Mar 2025 Mar 2024 VAR investment programme) was converted to long term debt in Africa (R million) H2 24. SA short term facilities increased in H1 25 to fund working capital investment. Gross debt (*) 3
Slide 42: 2025 Key Performance Indicators
2025 KEY PERFORMANCE INDICATORS Segment KPI Unit Mar 2025 Mar 2024 VAR Revenue R million 2 574 2 329 10.5% Sales volumes 000 cartons 5 057 4 817 5.0% Pilchard quota (own & contracted) tons 9 357 20 136 (53.5%) Pilchard landings tons 8 881 2 962 199.9% Own cartons produced 000 cartons 2 945 1 454 102
Slide 43: 2025 Key Performance Indicators
2025 KEY PERFORMANCE INDICATORS Segment KPI Unit Mar 2025 Mar 2024 VAR Revenue USD million 81 91 (11.1%) Menhaden landings (fiscal year) 000 fish 39 401 38 577 2.1% Fishmeal sales volumes tons 21 589 19 178 12.6% Fish oil sales volumes tons 14 586 9 671 50.9% FMO (US) Operating profit % 25.7% 48.9%
Slide 44: 2025 Key Performance Indicators
2025 KEY PERFORMANCE INDICATORS Segment KPI Unit Mar 2025 Mar 2024 VAR Revenue R million 301 284 6.2% Sales volumes tons 5 576 4 925 13.2% Quota (own & contracted) tons 14 031 13 471 4.1% Av. Price movement Euro/ton 1% ● (4%) ● HAKE Fleet utilisation % 1% ● 1% ● Catch rates tons/day 7% ● 7% ● Vessel
Slide 45: Thank You
OCEANA OCEANA LUCKY STAR FISHMEAL FOODS & FISH OIL