Austevoll Seafood (AUSS) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue rose to NOK 10.1 billion, up 17% year-over-year, but adjusted EBITDA fell to NOK 1.3 billion and EBIT to NOK 754–767 million due to sharply lower prices and margin pressure.

• Slaughtered volume of salmon and trout increased 33%, but spot prices dropped by about NOK 30/kg, reducing profitability despite improved biological performance.

• Net profit and EPS (adj.) declined significantly, with Q2 2025 EPS (adj.) at NOK 1.3 versus NOK 5.1 in Q2 2024, mainly due to negative biomass adjustments and lower prices.

• Dividend payout increased to NOK 6.50 per share (NOK 2.1 billion total), up from NOK 4.50 (NOK 1.6 billion) last year.

• Financial results were weaker than last year due to falling prices for salmon, trout, fish meal, and fish oil, which pressured margins.

Financial highlights

• Q2 2025 operating revenue: NOK 10,066 million (Q2 2024: NOK 8,612 million); H1 2025: NOK 19,859 million (H1 2024: NOK 16,985 million).

• Adjusted EBITDA Q2 2025: NOK 1,311 million (Q2 2024: NOK 3,057 million); adjusted EBIT: NOK 754–767 million (Q2 2024: NOK 2,555 million).

• Net profit for Q2 2025 was NOK 106 million, with EPS (adj.) at NOK 1.3, down from NOK 5.10 last year.

• Net interest-bearing debt at 30 June 2025: NOK 9,132 million (30 June 2024: NOK 6,071 million).

• Cash and cash equivalents at quarter-end: NOK 4,462 million (Q2 2024: NOK 6,968 million); equity ratio at 52%.

Outlook and guidance

• Salmon and trout spot prices remain below production cost, impacting profitability; global salmon supply expected to grow 8–9% in 2025, with slower growth in H2 and flat in 2026.

• Norwegian exporters face a new 15% US tariff from August 2025, affecting competitiveness.

• Cod and saithe quotas in the Barents Sea are set to decrease in 2026, but haddock quotas will rise.

• Structural improvements and positive biological development are expected to gradually improve results.

• Pelagic segment faces lower quotas and margin pressure from declining marine oil prices.