Oceana Group (OCE) H2 2025 earnings summary

Executive summary

• Operating profit in Africa businesses surged 58%, offsetting declines elsewhere, with Lucky Star and Wild Caught Seafood segments showing volume and profit growth despite tough trading conditions.

• Group revenue was ZAR 10 billion, marginally down year-over-year, with operating profit down 23.2% to ZAR 1.3 billion.

• Headline earnings per share fell 38.4% to ZAR 5.648, and total dividend per share dropped 42.8%.

• US fishmeal and fish oil segment earnings declined sharply due to a halving of USD fish oil prices.

• Diversified operations and investments in asset upgrades have positioned the group for future growth.

Financial highlights

• Revenue: ZAR 10 billion, down 0.7% year-over-year.

• Operating profit: ZAR 1.3 billion, down 23.2% year-over-year.

• Gross profit margin: 27.8%, down from 31.8% in 2024.

• Headline EPS: ZAR 5.648, down 38.4%.

• Total dividend: ZAR 2.85 per share, down 42.8%.

Outlook and guidance

• Focus on cost efficiencies, margin improvement, and expanding into adjacent food categories, especially for Lucky Star.

• Continued investment in asset base and vessel upgrades to drive future growth.

• Optimism for resource recovery in pilchard, hake, lobster, and squid, with positive signs for future catch rates.

• Expectation of upward pricing trends in fishmeal and fish oil, especially oil.