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Austevoll Seafood (AUSS) investor relations material
Austevoll Seafood Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q2 2026 saw revenue decline 14% year-over-year to NOK 8.6 billion, with adjusted EBITDA down 12% to NOK 1.156 billion, mainly due to lower salmon slaughter volumes and pelagic raw material intake, but strong biological results and higher prices for key whitefish species.
The El Niño phenomenon disrupted fisheries in Peru and Chile, suspending Peru's first fishing season after only 25% of the quota was harvested, tightening global fishmeal and fish oil supply.
Whitefish segment delivered robust results, benefiting from high prices despite historically low quotas, while Chilean operations achieved higher prices despite lower volumes.
Despite challenges, the group paid a dividend of NOK 6.5 per share and maintained a strong financial position.
Financial highlights
Revenue down 14% year-over-year to NOK 8.6 billion; adjusted EBITDA at NOK 1.156 billion; adjusted EBIT at NOK 572 million; profit before tax was NOK -623 million, mainly due to non-cash fair value adjustments.
Including 50% share in Pelagia, EBITDA for the quarter was NOK 1.26 billion, down 8% year-over-year.
Earnings per share before fair value adjustment rose to NOK 1.6 from NOK 1.3 year-over-year.
Cash flow from operations increased 41% year-over-year to NOK 1.7 billion; cash position at quarter-end was NOK 4.6 billion.
Equity ratio at 52%; net interest-bearing debt at NOK 8.8 billion, down 4% year-over-year.
Outlook and guidance
Uncertainty remains for Peru's second fishing season due to El Niño; no quota guidance provided.
Global salmon supply growth expected to slow to 2.9% in 2026, supporting favorable price outlook, with demand growth strong in the EU and China.
Feed costs are expected to rise due to El Niño, impacting operational costs in late 2026 and 2027, but cost reduction programs are underway.
Whitefish quotas for cod and haddock are set to increase next year, supporting segment optimism, while saithe faces reductions.
The group maintains a positive outlook, focusing on disciplined execution, capital efficiency, and strong cash flow.
- FY adjusted EBITDA rose 39% as Peru recovered, offset by quota and Pelagia pressures.AUSS
Q4 2024 - Lower volumes and revenue in Q2 2026 were offset by higher prices and tight supply supporting margins.AUSS
Q2 2026 - Strong Q3 on pelagic gains and asset sales, but outlook pressured by quota cuts and risks.AUSS
Q3 2024 - Stable Q1 2026: higher harvests, improved profit, and unchanged NOK 6.50 dividend.AUSS
Q1 2026 - Stable revenue and EBITDA growth in Q1 2026, with higher harvest volumes and strong pricing.AUSS
Q1 2026 - 2025 revenue up 11%, but profit and margins fell; 2026 faces regulatory and quota risks.AUSS
Q4 2025 - Revenue up 11% in 2025, but margins and profit fell amid regulatory and quota headwinds.AUSS
Q4 2025 - Peru’s recovery lifted Q3 earnings, offsetting weaker salmon prices and quota pressure.AUSS
Q3 2024 - Peru’s recovery and a one-time share-sale gain drove a sharp Q2 earnings rebound.AUSS
Q2 2024
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