Austevoll Seafood (AUSS) investor relations material

Executive summary

• Q1 2026 delivered stable revenue at MNOK 9,801, with adjusted EBITDA up 2% year-over-year to MNOK 1,985 and strong biological performance in farming; harvest volumes for salmon and trout increased, but prices declined year-over-year.

• Net profit after tax was MNOK 644, reversing a loss from the same quarter last year.

• Whitefish catch volumes dropped due to quota reductions, but prices for cod, haddock, and saithe rose 24%, 32%, and 54% respectively.

• Pelagic segment saw raw material intake down 23% year-over-year, but strong price achievement and high activity in Chile and the North Atlantic.

• Proposed dividend per share is NOK 6.50.

Financial highlights

• Operating revenue and other income totaled MNOK 9,801, flat year-over-year.

• Adjusted EBITDA rose 2% to MNOK 1,985; adjusted EBIT was MNOK 1,402, up slightly from MNOK 1,394.

• Net interest-bearing debt increased to MNOK 7,873, up from MNOK 7,333 year-over-year.

• Equity ratio at 54%, down 1 percentage point year-over-year.

• Cash position at quarter-end was MNOK 5,363.

Outlook and guidance

• Global fishmeal and fish oil supply remains tight due to lower quotas and weak catches, supporting higher prices.

• Harvest volume guidance for Norway is 195,000 tons in 2026; cost reduction program underway, expected to impact costs through H2 2026 and into 2027.

• Farming costs are expected to decline in 2026, driven by lower feed costs and efficiency measures.

• Wild catch segment profits are projected to grow, with operational EBIT for 2026 estimated at MNOK 350-400.

• The Board maintains a positive outlook, expecting continued demand growth and operational improvements.