Austevoll Seafood (AUSS) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue declined 14% year-over-year to MNOK 8,685, with adjusted EBITDA down 12% to MNOK 1,156, mainly due to lower salmon slaughter volumes, but strong financial performance was maintained through higher prices for key species and improved margins in fishmeal and fish oil segments.

• Salmon slaughter volume fell 8% year-over-year, but biological performance remained strong and spot prices were stable.

• The El Niño phenomenon disrupted fisheries in Peru, suspending the first fishing season after only 25% of the quota was harvested, tightening global fishmeal and fish oil supply.

• Despite challenges, a dividend of NOK 6.5 per share was paid in Q2 2026, unchanged from last year, and the group maintained a robust financial position.

• Whitefish catch volume increased 6% year-over-year, with significant price gains for cod (+24%), haddock (+35%), and saithe (+42%).

Financial highlights

• Q2 2026 operating revenue was MNOK 8,685 (Q2 2025: MNOK 10,065); adjusted EBITDA was MNOK 1,156 (Q2 2025: MNOK 1,311); adjusted EBIT was MNOK 572 (Q2 2025: MNOK 767).

• Profit before tax was MNOK -623 (Q2 2025: MNOK 14), mainly due to non-cash fair value adjustments of biological assets.

• H1 2026 revenue was MNOK 18,488, down 7% year-over-year; adjusted EBITDA for H1 was MNOK 3,141, down 3%.

• Cash flow from operations was MNOK 1,708 in Q2 2026, up 41% year-over-year; cash and cash equivalents at period end were MNOK 4,630.

• Dividend of NOK 6.5 per share paid in Q2 2026, unchanged from prior year.

Outlook and guidance

• Fishmeal and fish oil markets are tight, with global supply down sharply and prices up significantly due to El Niño; uncertainty remains for the second fishing season in Peru.

• Atlantic salmon supply is stabilizing after strong growth in 2025; cost per kg expected to decline in 2026, with demand growth strong in the EU and China.

• 2026 expected to be the low point for cod and haddock quotas, with increases recommended for 2027; wild catch segment profitability is expected to improve.

• Pelagia is positioned for significantly better earnings in H2 2026 due to strong marine protein and oil markets.

• Cost reduction programs are underway to offset higher feed prices, with lower farming costs expected in H2 2026.