Austevoll Seafood Asa · OSL:AUSS
Austevoll Seafood Asa — Austevoll Seafood Asa Ord — Q1 2025 Earnings Presentation
43 slides from Austevoll Seafood Asa's earnings presentation, May 15, 2025
Slide 1: Q1 2025 Financial presentation
Q1 2025 Financial presentation Arne Møgster - CEO Britt Kathrine Drivenes - CFO
Slide 2: Highlights
Highlights (Amounts in NOK million) Note Q1 2025 Q1 2024 2024 Dividend: The Board has recommended to the annual shareholders meeting in 2025 a Operating revenue and other income 9 793 8 374 35 366 dividend of NOK 6.50 per share Other gains and losses (incl. sale of shares) 15 (2) 1 280 (NOK 4.50 per
Slide 3: Operational overview
Operational overview PERU CHILE NORTH ATLANTIC AUSTEVOLL SEAFOOD GROUP PELAGIC FISHING 7% of 18 8.6% of 3 2 400,000 - 500,000 Anchovy quota Fishing vessels Pelagic fishing Fishing vessels Fishing vessels MT of pelagic fish caught annually (23 vessels) Centre-north quota 5 2 28 1.6 – 2.0 Million MT o
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 tonnes 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 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 TBD 0.0 1st 2nd 1st 2nd
Slide 6: Operation in Peru
Operation in Peru Volume '000 MT Q1 2025 Q1 2024 2025E 2024 Austral Group S.A.A. Own catch Anchoveta 36 9 365 304 Fishmeal/fish oil - 1st season 2025 Jackmackerel 11 1 14 8 Mackerel 1 3 1 3 • Centre/North o 3.0 million MT quota vs. 2.47 million in 2024 Purchase ✓ highest quota since 2018 & highest r
Slide 7: Operation in Chile
Operation in Chile Volume ('000 MT) Q1 2025 Q1 2024 2025E 2024 FoodCorp Chile S.A. Own catch: Jack Mackerel and other species 55 47 127 133 Own catch: Jack mackerel Purchase: Sardine/anchovy 27 8 38 17 • Record catches in Q1 2025, increase by 20% compared to Q1 Jack Mackerel 2 0 4 0 2024 Total 84 55
Slide 8: North Atlantic pelagic quotas
North Atlantic pelagic quotas North Atlantic pelagic quota 2014 - 2025E, million tonnes ICES recommendation for 2025 NVG-Herring NS-Herring Mackerel Blue Whiting Capelin** Other Pelagic* 5.0 • Increased quota for: o NVG herring +3% 4.5 o Horse mackerel 75 KMT 4.0 3.5 • Decrease in quota for: 3.0 o B
Slide 9: Pelagia Holding AS (1 of 3)
Pelagia Holding AS (1 of 3) Marine protein and oil (MPO) MPO factories Volume ('000 MT) Q1 2025 Q1 2024 2025E 2024 Raw material intake for FM/FPC/Oil 332 380 900 953 • Good production in Q1 2025 o Raw material from blue whiting is giving good volumes in Q1 o Trimmings from herring and salmon is givi
Slide 10: Pelagia Holding AS (2 of 3)
Pelagia Holding AS (2 of 3) Direct Human Consumption Pelagic HC factories Volume ('000 MT) Q1 2025 Q1 2024 2025E 2024 Raw material intake 76 109 312 370 • Seasonal high activity in Q1 25 however decrease in quotas gives lower raw material intake y-o-y o NVG herring with focus on VAP o Atlantic macke
Slide 11: Pelagia Holding AS (3 of 3)
Pelagia Holding AS (3 of 3) (100% figures) * * (Amounts in NOK million) Q1 2025 Q1 2024 2024 Revenue and other gain/loss 3 759 2 960 15 038 EBITDA (adj) 292 272 1 402 EBIT (adj.) 175 168 972 EBIT (adj.) margin 5% 6% 6% Total assets 11 306 11 066 11 706 Net interest bearing debt 5 535 4 980 5 917 Raw
Slide 12: Salmon / Whitefish
Salmon / Whitefish Lerøy Seafood Group ASA
Slide 13: Lerøy Seafood Group ASA
Lerøy Seafood Group ASA Q1 2025 • Operational EBIT MNOK 1,049 (Q1/24: MNOK 843) o Lerøy Havfisk & LNWS EBIT (adj.) MNOK 148 (Q1/24: MNOK 187) Lerøy Aurora o VAPS&D EBIT (adj.) MNOK 212 (Q1/24 MNOK 176) • Slaughtered volume salmon and trout 38,243 GWT (Q1/24: 26,376 GWT) • Spot prices down NOK 19/kg
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 2025E Lerøy Aurora AS 32.8 35.0 44.0 40.1 43.1 44.1 50.0 Lerøy Midt AS 64.8 67.9 72.6 68.8 61.3 68.9 75.0 Lerøy Sjøtroll 60.6 68.0 70.0 65.7 55.2 58.2 70.0 Total Norway 158.2 170.9 186.6 174.6
Slide 15: Lerøy Seafood Group ASA – Wild catch
Lerøy Seafood Group ASA – Wild catch Q1 2025 • Significant quota reduction impacts: o Catch volumes for the trawling fleet o Raw material price and volume in the land industry • Challenging outlook for 2025 o Higher prices has partly offset the impact of lower quotas for the trawling fleet • Cod quo
Slide 16: Financials
) Austevoll Seafood ASA Financials
Slide 17: Catch, purchase and farming
Catch, purchase and farming (100% volumes) Figures in 1,000 tonnes Q1 2025 Q1 2024 2025E 2024 Group companies: Norway (whitefish) 19 24 61 65 Norway (pelagic) 0 21 0 23 Chile own catch 55 47 127 133 Chile purchase 29 8 42 17 Peru own catch 47 12 380 328 Peru purchase 66 7 177 135 Total Group compani
Slide 18: Key financial figures Q1 2025
Key financial figures Q1 2025 Revenue and other income1 EBITDA adj.1 Million NOK Million NOK 11 687 38 8 60 399 72 2 085 10 1 3 101 121 4 554 262 859 9 853 1 796 Q1 24 LSG Austral FC KFO BRBI Pelagia Other/el Q1 25 Q1 2024 LSG Austral FC KFO BRBI Pelagia Other/el Q1 2025 Notes: 1 See note 7 in the a
Slide 19: Key financial figures Q1 2025 cont.
Key financial figures Q1 2025 cont. (Amounts in NOK million) Note Q1 2025 Q1 2024 Δ% Q1 2025 Q1 2024 Δ% Operating revenue and other income 9 793 8 374 17% 11 672 9 853 18% Total gain and loss (sale of shares/assets) 15 -2 15 - EBITDA (adj.) 7 1 938 1 660 17% 2 085 1 796 16% EBITDA(adj.) margin 20% 2
Slide 20: Lerøy Seafood Group ASA
Lerøy Seafood Group ASA (Amounts in NOK million) Q1 2025 Q1 2024 2024 Farming highlights Revenue and other gain/loss 7 967 7 108 31 121 • Quarterly slaughter volume up 45 % y-o-y EBITDA (adj) 1 497 1 234 4 612 • Clear improvement in biology starting to show in results EBIT (adj.) 1 049 843 2 960 • S
Slide 21: Austral Group S.A.A.
Austral Group S.A.A. (Amounts in NOK million) Q1 2025 Q1 2024 2024 Raw material intake Revenue and other gain/loss 1 125 570 2 238 • Seasonal lower activity in Q1 (2nd fishing season N/C ended 23 January) EBITDA (adj) 187 115 797 o Good catch volume in the 1st season in the south zone of EBIT (adj.)
Slide 22: FoodCorp Chile S.A.
FoodCorp Chile S.A. (Amounts in NOK million) Q1 2025 Q1 2024 2024 Raw material intake Revenue and other gain/loss 425 325 1 261 • As normal high activity in the quarter and a good start of the year EBITDA (adj) 130 122 310 • Own catch of 54,700 tonnes (Q1/24: 46,500 tonnes) EBIT (adj.) 115 108 253 E
Slide 23: Kobbevik og Furuholmen Oppdrett AS
Kobbevik og Furuholmen Oppdrett AS Slaughter volume (Amounts in NOK million) Q1 2025 Q1 2024 2024 • Volume down 41% vs. Q1/24 Revenue and other gain/loss 193 314 876 o Spot prices down NOK 19/kg y-o-y EBITDA (adj) 63 123 305 o Cost increase y-o-y EBIT (adj.) 51 106 238 EBIT (adj.) margin 27% 34% 27%
Slide 24: Br. Birkeland AS
Br. Birkeland AS (Amounts in NOK million) Q1 2025 Q1 2024 2024 Revenue and other income 159 155 229 Snow crab Gain from sale of shares 0 0 1 855 • A good Q1 for the vessels EBITDA (adj) 66 70 1 894 o Finalised their quotas in April (Mid March in 2024) EBIT (adj.) 62 54 1 848 o Price achievement subs
Slide 25: Statement of financial position
Statement of financial position (audited) Currency rate: (MNOK) 31-03-2025 31-03-2024 31-12-2024 31.03.2025 USD/NOK 10.55 31.03.2024 USD/NOK 10.80 Intangible assets 11 597 12 558 11 704 31.12.2024 USD/NOK 11.35 Tangible fixed assets 12 173 11 359 12 043 Right-of-use assets 3 367 3 037 3 500 Comments
Slide 26: Cash flow
Cash flow (MNOK) Q1 2025 Q1 2024 2024 • The Board has recommended to the annual shareholders meeting in 2025 a dividend of NOK 6.50 per share (NOK 4.50 Pre tax profit -610 1 085 5 022 per share in 2024) Biomass adjustment 1 838 -62 -337 Taxes paid -99 -443 -1 336 Depreciation and impairments 545 501
Slide 27: Outlook
Outlook
Slide 28: Fishmeal
Fishmeal Fishmeal production - week 17 (cumulative) 1 Production • IFFO Fishmeal production increased 5.4% y-o-y, driven by Peru (+20.3%) and Chile (+11.2%) Regions 2025 2024 Change % • Positive outlook for Peruvian supply, supported by a strong quota (3 million tonnes) and solid season start Chile#
Slide 29: Fishmeal cont.
Fishmeal cont. Main market – China • Stock in China at ports: o 303,180 MT1 +13% vs. same period 2024 o Offtakes up 16% YoY, reaching ~26,692 MT/week • Current Chinese stock prices: o Quoted at RMB 12,900/MT2 equivalent SP 68% USD 1,720/MT FOB Peru1 o Yuan at 7.27 RMB/USD, stable vs. 3 months ago •
Slide 30: Fish oil
Fish oil Fish oil production - week 17 (cumulative) 1 Production • IFFO Fish oil production increased 16.7% y-o-y, driven by Peru (+54.7%) and Chile (+21.4%) Regions 2025 2024 Change % • Initial yields in Peru range 2.5 – 3% Chile# 66,612 54,870 21.4 % Peru 32,628 21,092 54.7 % Prices • Feed grade:
Slide 31: Atlantic salmon supply
Atlantic salmon supply (in tonnes WFE ) Sources: Kontali (as per 09.05.2025) 31
Slide 32: Spot prices, fresh Atlantic salmon
Spot prices, fresh Atlantic salmon Cross-section, FCA Oslo (superior quality) as of week 18 2025 This slide contains the following visuals: pivotTable ,textbox ,card ,lineChart. Please refer to the notes on this slide for details 32
Slide 33: Atlantic salmon consumption
Atlantic salmon consumption Q1 2025 YTD March This slide contains the following visuals: textbox ,Figures as per: ,textbox ,textbox ,card ,card ,card ,card ,card ,card ,card ,card ,card ,textbox ,textbox ,card ,card ,lineClusteredColumnComboChart ,pivotTable. Please refer to the notes on this slide
Slide 34: Conclusion
Conclusion Salmon / Whitefish Salmon • Positive biological development QTD in Q2/25 • Clear improvement in biology starting to show in harvest results o The highest net production in sea in a first quarter o Reduced mortality o Declining cost o Higher superior share • Contract shares for salmon in 2
Slide 35: Conclusion cont.
Conclusion cont. Pelagic South America • 1st fishing season started 22 April with a total quota of 3 million tonnes (2024 1st season 2.5 million tonnes) • Good catches of anchoveta in the South zone of Peru in Q1/25 against very limited fishing in same period in 2024 • Increase in jack mackerel quot
Slide 36: Conclusion cont.
Conclusion cont. Pelagic North Atlantic (Pelagia Holding AS, an associated company) • The important season for production of marine protein in oil (FEED) started in Q1 • Main season for blue whiting • Decreased quotas gives lower production in Q1 for the FOOD segment compared to same period last yea
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: Note 5 Income from joint ventures and associates
Note 5 Income from joint ventures and associates Share of net All figures in MNOK profit Q1 2025 Q1 2024 2024 Norskott Havbruk AS a) 50% -19 33 90 Pelagia Holding AS b) 50% 43 13 212 Others 12 15 71 Income from JV and associates 35 62 373 Fair value adj. related to biological assets 31 -4 10 Income
Slide 41: Associated companies
Associated companies Norskott Havbruk AS (100% figures), LSG’s share = 50% (Amounts in NOK million) Q1 2025 Q1 2024 2024 • Y-o-y increase in harvest volume with good harvest weights in the quarter Revenue and other gain/loss 900 848 4 403 EBIT (adj.) 77 138 555 • Strong biological development with n
Slide 42: Note 7 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 (audited) (Amounts in NOK million) Note Q1 2025 Q1 2024 2024 interpretations established by the International Accou
Slide 43: Note 9 New resource rent tax on aquaculture from 1 January 2023
Note 9 New resource rent tax on aquaculture from 1 January 2023 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 add
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