Austevoll Seafood (AUSS) Q4 2025 earnings summary

Executive summary

• Full-year 2025 revenue reached NOK 39,320 million, up 11%, with adjusted EBITDA at NOK 5,288 million, down 28% year-over-year.

• Adjusted EBIT including associates was NOK 2,957 million, a 47% decrease from the previous year.

• Q4 2025 saw strong activity in Peru and Chile, with Peru catching 98% of its quota and Chile doubling its Q4 catch volume year-over-year.

• VAPS & D segment achieved record earnings, while whitefish catch volumes declined but were offset by significant price increases.

• The Board recommends a dividend of NOK 6.50 per share for 2025, unchanged from the prior year.

Financial highlights

• Q4 2025 operating revenue was NOK 9,410 million, up 3% year-over-year; adjusted EBITDA was NOK 1,387 million, stable versus Q4 2024.

• Net profit for FY 2025 was NOK 688 million, down from NOK 4,890 million in FY 2024.

• Adjusted EPS for FY 2025 was NOK 4.7, compared to NOK 12.9 in FY 2024.

• Equity ratio at year-end was 52%, with net interest-bearing debt at NOK 8,712 million.

• Cash and cash equivalents at year-end were NOK 5,101 million.

Outlook and guidance

• Global salmon supply is expected to grow 1.3% in 2026, with Norwegian supply down 1.4%.

• LSG expects unchanged harvest volumes for 2026, with cost per harvested kilo expected to decline due to lower feed costs.

• Challenging quota situation for whitefish in 2026, with cod quota down 16% and saithe quotas reduced.

• Higher prices anticipated for fishmeal, fish oil, and frozen products in Q1 2026.

• VAPS & D segment aims for continued profit growth after surpassing NOK 1.25 billion EBIT in 2025.