Austevoll Seafood (AUSS) investor relations material

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.