Austevoll Seafood (AUSS) Q2 2024 earnings summary

Executive summary

• Q2 2024 saw strong recovery in Peru, robust pelagic performance, and significant gains from vessel and share sales, with proceeds of NOK 1,265–1,962 million and improved biological results in salmon, especially in Scotland.

• Operating revenue for Q2 2024 reached NOK 8,612–9,900 million, with adjusted EBITDA more than doubling year-over-year to NOK 3,057 million and EBIT at NOK 2,555–2,700 million.

• Net profit rebounded to NOK 2,172 billion, with adjusted EPS at NOK 5.1–5.5, compared to a loss in Q2 2023.

• Dividends totaling NOK 1.6 billion or NOK 4.50 per share were paid out in Q2 2024.

• Sale of Br. Birkeland Fiskebåtrederi AS and Talbor AS generated NOK 1,962 million in proceeds and a NOK 1,265 million gain.

Financial highlights

• Adjusted EBITDA for Q2 2024 was NOK 3,057 million (up 112% year-over-year), with adjusted EBIT at NOK 2,555 million and net profit at NOK 2,172 billion.

• Earnings per share improved to NOK 5.1–5.5 from negative NOK 3.2 year-over-year.

• Net interest-bearing debt reduced to NOK 6,071 billion, with an equity ratio of 53%.

• Cash and cash equivalents at quarter-end were NOK 6,968–7,000 million, boosted by asset sales.

• H1 2024 operating revenue and other income reached NOK 16,985 million, with adjusted EBITDA at NOK 4,717 million.

Outlook and guidance

• Salmon volume guidance for 2024 is 193,500–200,000 tons, with improvements expected from biological and technological advances.

• Whitefish quotas are down significantly for 2024 and expected to decrease further in 2025, impacting profitability.

• Pelagic segment in South America benefited from a strong first season in Peru and increased quotas in Chile.

• Continued focus on operational efficiency, new technology, and sustainable growth.

• Wild Catch operations to be negatively affected by lower quotas, with further cuts expected in 2025.