Austevoll Seafood (AUSS) Q3 2024 earnings summary

Executive summary

• Q3 2024 operating revenue rose to NOK 9,299 million, up from NOK 8,566 million in Q3 2023, driven by normalized fishing in Peru, strong pelagic activity in Chile, and improved results from Scottish Sea Farms.

• Adjusted EBITDA increased to NOK 1,192 million (Q3 2023: NOK 1,011 million), and adjusted EBIT rose to NOK 686 million (Q3 2023: NOK 513 million), reflecting strong pelagic performance and higher sales volumes.

• Net profit for Q3 2024 was NOK 168 million, a turnaround from a loss of NOK 508 million in Q3 2023, with adjusted EPS at NOK 2.7.

• Significant gain from sale of shares and vessels contributed NOK 1,268 million year-to-date.

Financial highlights

• Q3 2024 operating revenue: NOK 9,299 million; adjusted EBITDA: NOK 1,192 million; adjusted EBIT: NOK 686 million; adjusted EPS: NOK 2.7.

• Net interest-bearing debt at NOK 6,486 million; equity ratio 53%; total assets NOK 52,591 million.

• Cash and cash equivalents at end of Q3 2024 were NOK 5,814 million, down from NOK 7 billion at the start of the quarter.

• Cash flow from operating activities in Q3 2024 was NOK 1,603 million; net investment in capex YTD 2024: NOK 1,621 million.

• YTD 2024 net profit: NOK 3,080 million (YTD 2023: -NOK 423 million).

Outlook and guidance

• 2024 salmon harvest expectation in Norway reduced to 170,000 tonnes; 2025 guidance is 195,000 tonnes (211,000 tonnes including Scottish Sea Farms/joint ventures).

• Whitefish quotas expected to decline in 2025, with cod quota down 32% and haddock down 8%.

• Pelagic quotas in Peru and Chile increased, with Peru's quota at 2.5 million tons and Chile expecting a 15% increase next year.

• North Atlantic pelagic quotas mixed for 2025: increases for horse mackerel and NVG herring, decreases for mackerel and blue whiting.

• Continued investment in technology and sustainability, with focus on cost reduction.