Austevoll Seafood (AUSS) Q2 2024 earnings summary

Executive summary

• Q2 operating revenue and other income was NOK 8,612 million, up 2% YoY; a NOK 1,265 million share-sale gain contributed to the earnings rebound.

• Adjusted EBITDA rose to NOK 3,057 million from NOK 1,441 million, and adjusted EBIT to NOK 2,555 million from NOK 968 million.

• Q2 net profit was NOK 2,172 million versus a loss of NOK 1,139 million; adjusted EPS was NOK 5.1 versus NOK -3.2.

Financial highlights

• Q2 reported income, including the share-sale gain, was MNOK 9,878 versus MNOK 8,452 a year earlier.

• H1 operating revenue and other income was NOK 16,985 million, up 3%; adjusted EBITDA was NOK 4,717 million, up 54%, with a 28% margin.

• H1 adjusted EBIT was MNOK 3,715; adjusted EBIT including income from associates was NOK 3,918 million, up 76% YoY.

• H1 net profit was MNOK 2,911 and adjusted EPS was NOK 6.9, versus NOK -0.8 in H1 2023.

Outlook and guidance

• Expected 2024 salmon harvest is 193,500 tonnes including joint ventures; biological performance was good in H1, with lower cost per harvested kilo expected in H2.

• Lerøy Aurora, Lerøy Midt and Lerøy Sjøtroll harvest estimates are 47,000, 70,000 and 58,000 GWT, respectively; Q3 volumes are expected to rise versus Q2 in each region.

• Further improvement in VAPS & D earnings is expected in 2024; wild-catch earnings face pressure from lower quotas and 2025 quota uncertainty.

• Austral expects low Q3 activity after catching its full first-season quota; the timing and scale of Peru’s second-season quota depend on the IMARPE survey.