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, mainly due to normalized fishing in Peru and strong pelagic activity in Chile and Peru.

• Adjusted EBITDA increased to NOK 1,192 million (Q3 2023: NOK 1,011 million), with strong pelagic segment performance offsetting weaker salmon prices in Norway.

• 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 and NOK 1.2 billion, respectively, to year-to-date results.

• Year-to-date revenue at NOK 26 billion, EBT at NOK 5.9 billion, and EBIT at NOK 4.7 billion.

Financial highlights

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

• Net interest-bearing debt at NOK 6,486 million; equity ratio at 53%; total assets at NOK 52.6 billion.

• Earnings per share (adjusted) were NOK 2.7, compared to NOK 0.4 in Q3 2023.

• Cash flow from operating activities in Q3 2024 was NOK 1,603 million; cash position at quarter-end NOK 5,814 million.

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

Outlook and guidance

• 2024 salmon harvest expectation in Norway revised down to 170,000 tonnes; 2025 guidance at 195,000 tonnes (211,000 tonnes including 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 tonnes and Chile expecting a 15% quota increase.

• 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 operational efficiency, focusing on sustainability and cost reduction.