Austevoll Seafood (AUSS) Q1 2025 earnings summary

Executive summary

• Q1 2025 operating revenue rose 17% year-over-year to NOK 9.8 billion, with adjusted EBITDA at NOK 1,938 million and adjusted EBIT at NOK 1,394 million.

• Net profit was negative NOK 195 million, mainly due to a NOK 1,838 million negative fair value adjustment on biological assets.

• The Board recommended a dividend of NOK 6.50 per share for 2025, up from NOK 4.50 in 2024.

• Strong activity in pelagic and salmon segments, with Lerøy delivering higher EBITDA and improved biological performance.

• The group remains financially sound with an equity ratio of 55% and net interest-bearing debt of NOK 7,333 million at quarter-end.

Financial highlights

• Revenue increased to NOK 9.8 billion from NOK 8.4 billion year-over-year, with adjusted EBITDA at NOK 1,938 million and adjusted EBIT at NOK 1,394 million.

• Net profit was negative NOK 195 million, impacted by a NOK 1,838 million negative fair value adjustment on biological assets.

• Adjusted EPS was NOK 2.7, up from NOK 1.8 in Q1 2024.

• Cash flow from operating activities was NOK 1,550 million, up from NOK 595 million in Q1 2024.

• End-of-quarter cash position at NOK 5.2 billion.

Outlook and guidance

• Salmon and trout harvest volume guidance for 2025 is unchanged at 195,000 tons in Norway, 211,000 tons including 50% share of Scottish operations.

• Positive biological development in salmon farming continues, with improved harvest results and reduced mortality.

• Challenging quota situation for whitefish and North Atlantic pelagic species in 2025, with cod quota down 32% and mackerel down 22%.

• Pelagic segment in South America benefits from a strong anchoveta quota and good catches in Peru.

• The group faces increased political and regulatory uncertainty, especially regarding Norwegian aquaculture taxation and licensing.