Austevoll Seafood (AUSS) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was MNOK 9,801, stable year-over-year, with adjusted EBITDA up to MNOK 1,985.

• Harvest volumes for salmon and trout increased, but prices declined in some segments while others saw higher prices and strong biological performance.

• Whitefish catch volumes dropped due to quota reductions, but prices rose significantly.

• Profit after tax was MNOK 644, a turnaround from a loss of MNOK 195 in Q1 2025.

• Proposed dividend per share remains unchanged at NOK 6.50.

Financial highlights

• Adjusted EBITDA: MNOK 1,985 (+2% y-o-y); including 50% of Pelagia: MNOK 2,145 (+2% y-o-y).

• Adjusted EBIT for Q1 2026 was MNOK 1,402, up from MNOK 1,394 in Q1 2025.

• Net interest-bearing debt increased to MNOK 7,873 (+7% y-o-y).

• Adjusted EPS: NOK 3.1 (down from NOK 3.9 in Q1 2025).

• Equity ratio: 54% (down 1 p.p. y-o-y).

Outlook and guidance

• Global fishmeal and fish oil production and supply remain tight due to lower quotas and weak catches.

• Cost reduction initiatives are progressing, with MNOK 173 realised and further measures planned.

• Atlantic salmon supply growth stabilizes after strong 2025; prices have declined 4.4% from 2025 to 2026.

• Salmon consumption is growing strongly in "Other" markets and Japan.

• Continued growth is expected for 2026 at slightly lower margins, with cost reduction programs impacting H2/26.