Austevoll Seafood Asa · OSL:AUSS
Austevoll Seafood Asa — Austevoll Seafood Asa Ord — Q2 2026 Earnings Presentation
44 slides from Austevoll Seafood Asa's earnings presentation, Aug 19, 2026
Slide 1: Financial Presentation Q2 2026
FINANCIAL PRESENTATION Q2 2026 Arne Møgster (CEO) and Britt Kathrine Drivenes (CFO) 19 August 2026 1 AUSTEVOLL SEAFOOD ASA
Slide 2: Highlights Q2 2026
HIGHLIGHTS Q2 2026 RAW MATERIAL1 REVENUE (000 MT) (MNOK) Farming ─ Lower salmon slaughter volume compared to last year 329 8,685 ─ Continued good development in biological performance ▼ Total: -45% vs. Q2 2025 ▼ -14% vs. Q2 2025 ▼ Salmon / whitefish: -6% ─ Spot prices on level with the same quarter
Slide 3: Highlights H1 2026
HIGHLIGHTS H1 2026 RAW MATERIAL1 REVENUE (000 MT) (MNOK) Farming ─ Lower slaughter volume compared to last year 858 18,487 ─ Continued good development in biological performance ▼ Total: -32% vs. H1 2025 ▼ -7% vs. H1 2025 ▼ Salmon / whitefish: -6% ─ Lower price realisation ▼ Pelagic: -36% ─ Elevated
Slide 4: We are volume-driven and operate across the full 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 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 TBD
Slide 7: Q2 2026 – Austral Group S.A.A.
PELAGIC – PERU Q2 2026 – Austral Group S.A.A. Fishmeal and fish oil in North / Centre RAW MATERIAL INTAKE (000 MT) ─ First season started on 9 April with Austral’s quota at 133 kMT (1st season 2025: Q2 2026 Q2 2025 H1 2026 H1 2025 2026E 2025 209 kMT) Own catch Anchoveta 26 161 47 196 - 300 ─ The gov
Slide 8: 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 9: Q2 2026 – FoodCorp Chile S.A.
PELAGIC – CHILE Q2 2026 – FoodCorp Chile S.A. Own catch RAW MATERIAL INTAKE (000 MT) ─ Own catch is down 52% in the quarter and 37% for the first half of the year Q2 2026 Q2 2025 H1 2026 H1 2025 2026E 2025 compared to 2025 Own catch Horse mackerel and ─ Catch activity recovered by the end of the qua
Slide 10: 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 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 11: Q2 2026 – Pelagia Holding AS
PELAGIC – NORTH ATLANTIC Q2 2026 – Pelagia Holding AS Marine protein and oil KEY FINANCIALS (100% basis, MNOK) ─ Good production in the quarter Q2 2026 Q2 20251 H1 2026 H1 20251 2026E 2025 ─ Blue whiting and North Sea herring as the main direct raw material, Revenue and other gain/loss 2 963 2 482 6
Slide 12: Pelagic – Summary
PELAGIC – SUMMARY Total pelagic raw material intake is down year over year TOTAL RAW MATERIAL INTAKE PELAGIC Pelagia FoodCorp Austral (000 MT) Q2 (000 MT) 606 259 -51% 519 527 505 462 469 ▼ -51% vs. Q2 2025 248 408 255 356 350 290 268 337 259 34 39 297 24 304 YTD 84 48 194 (000 MT) 237 191 233 59 11
Slide 13: Salmon & Whitefish
Salmon & Whitefish 13 AUSTEVOLL SEAFOOD ASA
Slide 14: Q2 2026 – Salmon highlights
SALMON & WHITEFISH Q2 2026 – Salmon highlights Operational highlights SOURCED FROM ARCTIC WATERS AND THE WORLD’S BEST SALMON AND TROUT AREAS ─ Adjusted EBIT MNOK 574 in the quarter (Q2/25: MNOK 680) ─ of which MNOK 236 in Farming (Q2/25: MNOK 256) Lerøy Aurora ─ of which MNOK 140 in Wild Catch (Q2/2
Slide 15: Q2 2026 – Whitefish highlights
SALMON & WHITEFISH Q2 2026 – Whitefish highlights Operational highlights WILD CATCH VOLUMES AND QUOTA Remaining quota Catch (000 MT) ─ Strong performance in the quarter considering the quota situation 12.9 13.0 10,9 ─ Total catch volume was up 6% in the quarter compared to Q2 2025, 9,1 reaching 18,7
Slide 16: Financials
Financials 16 AUSTEVOLL SEAFOOD ASA
Slide 17: Total raw material
FINANCIALS Total raw material (000 MT) TOTAL RAW MATERIAL1,2 (000 MT) Group companies: Q2 2026 Q2 2025 H1 2026 H1 2025 2026E* 2025 329 Norway (whitefish) 19 18 33 37 52 58 ▼ -45% vs. Q2 2025 Chile own catch 14 29 52 84 135 146 Chile purchase 17 10 38 39 49 47 Peru own catch 27 161 48 207 48 315 Peru
Slide 18: Key financial figures Q2 2026
GROUP OVERVIEW Key financial figures Q2 2026 REVENUE AND OTHER INCOME Adjusted EBITDA1 (MNOK) (MNOK) 11 307 -933 10 167 -399 -44 241 6 -10 1 363 -71 1 258 -146 50 -3 40 25 Q2 2025 LSG Austral FoodCorp KFO Pelagia Others/elim. Q2 2026 Q2 2025 LSG Austral FoodCorp KFO Pelagia Others/elim. Q2 2026 Note
Slide 19: Income statement
FINANCIALS Income statement Note1 Q2 2026 Q2 2025 Change OPERATING REVENUE INCL. 50% OF PELAGIA (MNOK) Operating revenue and other income 8 685 10 066 -14% Total gains and losses (sale of shares/assets) -3 -1 11 307 EBITDA (adj.) 7 1 156 1 311 -12% 10 167 1 241 EBITDA (adj.) margin 13% 13% 1 482 Dep
Slide 20: Q2 2026 – Lerøy Seafood Group ASA
FINANCIALS Q2 2026 – Lerøy Seafood Group ASA Farming highlights KEY FINANCIALS (100% basis, MNOK) ─ Lower salmon slaughter volume in the quarter compared to the same period last Q2 2026 Q2 2025 H1 2026 H1 2025 2025 year ─ Spot prices in line with the same period last year Revenue and other gains/los
Slide 21: Q2 2026 – Austral Group S.A.A.
FINANCIALS Q2 2026 – Austral Group S.A.A. Raw material intake KEY FINANCIALS (100% basis, MNOK) ─ Very low activity in Q2 Q2 2026 Q2 2025 H1 2026 H1 2025 2025 ─ 1st season 2026 in the N/C zone started 9 April with a quota of 1.9 MMT ─ Austral caught 20% of its quota in the quarter, compared to 77% i
Slide 22: Q2 2026 – FoodCorp Chile S.A.
FINANCIALS Q2 2026 – FoodCorp Chile S.A. Raw material intake KEY FINANCIALS (100% basis, MNOK) ─ The catch rate slowed substantially in March and has remained low in Q2 Q2 2026 Q2 2025 H1 2026 H1 2025 2025 ─ FC caught 13,800 MT of horse mackerel/mackerel in the quarter compared to 28,900 MT in Q2 20
Slide 23: Q2 2026 – Kobbevik og Furuholmen Oppdrett AS
FINANCIALS Q2 2026 – Kobbevik og Furuholmen Oppdrett AS Sales KEY FINANCIALS (100% basis, MNOK) ─ Sold volume of salmon up 7% vs. Q2/25 Q2 2026 Q2 2025 H1 2026 H1 2025 2025 ─ Spot prices in line with the same period last year ─ Cost significantly lower y-o-y Revenue and other gains/losses 149 160 36
Slide 24: Statement of financial position
FINANCIALS Statement of financial position MNOK 30.06.2026 30.06.2025 31.12.2025 (audited) TOTAL ASSETS (MNOK) Intangible assets 11 452 11 547 11 559 Tangible fixed assets Right-of-use assets 12 200 3 066 12 430 3 401 12 524 3 256 50,272 Financial non-current assets 3 636 3 900 3 800 ▼ -3% vs. Q2 20
Slide 25: Cash flow statement
FINANCIALS Cash flow statement MNOK Q2 2026 Q2 2025 H1 2026 H1 2025 2025 CASH FLOW FROM OPERATIONS (audited) (MNOK) Pre-tax profit Biomass adjustment Taxes paid -623 889 -87 14 513 -235 191 1 192 -233 -596 2 351 -334 851 1 207 -442 1,708 Depreciation and impairments 562 544 1 145 1 089 2 309 ▲ 41% v
Slide 26: Outlook
Outlook 26 AUSTEVOLL SEAFOOD ASA
Slide 27: Outlook – Fishmeal
OUTLOOK Fishmeal Production FISHMEAL PRODUCTION (Week 31 cumulative, 000 MT) ─ IFFO fishmeal production was 54% lower as of week 31 in 2026 compared to the -54% Change same period in 2025. Peruvian production is down 72% 1 380 (2025-26) ─ The first season quota in Peru is down 36% compared to the sa
Slide 28: Fishmeal, cont. Port stocks
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 54% lower as of week 31 in 2026 compared to the same 400 time last year ─ Weekly offtakes averaged 18,685 MT over the past month, which implies a 300 redu
Slide 29: Outlook – Fish oil
OUTLOOK Fish oil Production FISH OIL PRODUCTION (Week 31 cumulative, 000 MT) ─ IFFO fish oil production was 29% lower as of week 31 in 2026 compared to the -29% Change same period in 2025; Peru is down 68% 252 (2025-26) ─ The first season in Peru has shown yields lower than 2%, which is well below C
Slide 30: 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 1 918 000 14% 1 858 900 -3% 1 798 034 -3% 1 882 500 5% 2 104 100 12% 2 185 100
Slide 31: 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 63 140 Q4 81 76 80 120 100 80 60 40 Jan-23 Mar-23 May-23 Jul-23 Sep-23
Slide 32: Atlantic salmon consumption shows significant growth in key markets
OUTLOOK – SALMONID Atlantic salmon consumption shows significant growth in key markets ATLANTIC SALMON CONSUMPTION Q2 2024 2025 2026 (000 MT) 2024 2025 2026 ∆ 2025-26 ∆% EU 234.6 268.0 293.6 25.6 9.6 % +10% Others 191.7 218.8 227.3 8.5 3.9 % USA 148.9 172.5 173.1 0.6 0.3 % 300 China and Hong Kong 30
Slide 33: Conclusion – Salmon and whitefish
CONCLUSION Conclusion – Salmon and whitefish FARMING ─ Slaughtered volume of 44,700 GWT, down 8% y-o-y, with continued strong biological development ─ Stable spot price development ─ Cost per kg expected to decline in 2026 WHITEFISH ─ Catch volume up 6% to 18,800 MT, with significantly stronger pric
Slide 34: Conclusion – South America
CONCLUSION Conclusion – South America PERU ─ First fishing season opened on 9 April with a quota of 1.9 MMT (2025: 3.0 MMT) ─ Season severely disrupted by a high share of juveniles and rising seawater temperatures (El Niño), with repeated fishing bans ─ Austral caught 20% of its quota in the quarter
Slide 35: Conclusion – North Atlantic
CONCLUSION Conclusion – North Atlantic NORTH ATLANTIC ─ Lower raw-material intake for consumer products (FOOD) following reduced quotas for key species ─ Blue whiting quotas 41% lower in 2026 than in 2025, reducing capacity utilisation across the factories ─ Higher prices more than offset the reduce
Slide 36: Appendix
Appendix 36 AUSTEVOLL SEAFOOD ASA
Slide 37: Key financial figures H1 2026
GROUP OVERVIEW Key financial figures H1 2026 REVENUE AND OTHER INCOME Adjusted EBITDA1 (MNOK) (MNOK) 22 996 -816 -562 8 209 -101 -212 21 522 3 465 3 403 28 47 -78 -223 214 -50 H1 2025 LSG Austral FoodCorp KFO Pelagia Others/elim. H1 2026 H1 2025 LSG Austral FoodCorp KFO Pelagia Others/elim. H1 2026
Slide 38: Income statement
FINANCIALS Income statement Note1 H1 2026 H1 2025 Change OPERATING REVENUE INCL. 50% OF PELAGIA (MNOK) Operating revenue and other income 18 487 19 859 -7% Total gains and losses (sale of shares/assets) 1 14 22 996 EBITDA (adj.) 7 3 141 3 249 -3% 21 522 3 137 EBITDA (adj.) margin 17% 16% 3 036 Depre
Slide 39: Q2 2026 – Scottish Sea Farms (50% ownership through LSG)
APPENDIX Q2 2026 – Scottish Sea Farms (50% ownership through LSG) Highlights KEY FINANCIALS (100% basis, MNOK) ─ Low volumes and high-cost stock Q2 2026 Q2 2025 H1 2026 H1 2025 2025 ─ Volumes are down 30% year over year ─ Low volumes affect unit costs, especially for wellboats and processing Revenue
Slide 40: Note – Associates
APPENDIX NOTE 5 Associates (MNOK) INCOME FROM JOINT Share of Q2 2026 Q2 2025 H1 2026 H1 2025 2025 VENTURES AND ASSOCIATES net profit (Before fair value adjustments, MNOK) Norskott Havbruk AS a) 50 % -134 11 -182 -9 -116 Pelagia Holding AS b) Others 50 % -11 14 -47 23 29 31 -4 35 -2 68 -12 Income fro
Slide 41: 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 MNOK Note Q2 2026 Q2 2025 H1 2026 H1 2025 2025 reporting (IFRS) and interpretations established by the International
Slide 42: 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 Q2 2026 Q2 2025 H1 2026 H1 2025 2025 farming, in addition to ordinary corporation tax of 22%, giving a total tax rate of 47%. The regime has applied sinc
Slide 43: 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 Q2 2026 results. This document contains certain forward-looking statements relating to the business, fin
Slide 44: www.auss.no
www.auss.no 44 AUSTEVOLL SEAFOOD ASA
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