Austevoll Seafood (AUSS) Q4 2024 earnings summary

Executive summary

• FY 2024 revenue and other income was NOK 35,377m versus NOK 33,774m; adjusted EBITDA rose to NOK 7,311m from NOK 5,269m.

• FY net profit was NOK 4,890m versus NOK 344m, supported by Peru’s fishery recovery, a NOK 1,268m share-sale gain and a NOK 1,000m tax-effect reversal.

• Improved salmon biology and higher pelagic catches supported performance, while lower whitefish quotas and weaker Pelagia earnings were headwinds.

Financial highlights

• Q4 revenue and other income was NOK 9,096m versus NOK 8,754m; adjusted EBITDA was NOK 1,401m versus NOK 1,190m, and adjusted EBIT was NOK 845m versus NOK 705m.

• Including the 50% proportional share of Pelagia, Q4 revenue was NOK 11,578m and adjusted EBITDA was NOK 1,547m.

• Q4 operating profit was NOK 1,439m versus NOK 937m; net profit was NOK 1,810m versus NOK 767m. Adjusted EPS before biological-asset fair-value adjustments was NOK 3.3 versus NOK 1.6.

• FY adjusted EBIT was NOK 5,246m versus NOK 3,360m; adjusted EBIT including associate income was NOK 5,619m versus NOK 3,645m. Adjusted EPS before biological-asset fair-value adjustments was NOK 12.9 versus NOK 1.3.

• FY revenue and other income including the share-sale gain was NOK 36,645m; profit before tax was NOK 5,022m versus NOK 2,845m, and reported EPS was NOK 13.6 versus NOK 1.4.

Outlook and guidance

• 2025 salmon and trout harvest estimate was 211,000 GWT, including associated operations; Norway estimate was 195,000 GWT, versus 171,200 GWT in 2024.

• Higher 2025 harvest volume is expected to lower cost per harvested kg; Q1 farming costs were expected to rise marginally from Q4 due to lower harvest and capacity utilization.

• VAP, Sales and Distribution targeted 2025 EBIT of NOK 1.25bn, with materially higher earnings than 2024 expected.

• 2025 cod and haddock quotas were down 32% and 2%; saithe quotas were unchanged in the North and up 40% in the South.

• Peru’s first 2025 North/Centre anchovy-season quota was expected in April; Austral had purchased 45,000 MT to date versus none at the same point in 2024.