Austevoll Seafood (AUSS) Q2 2025 earnings summary

Executive summary

• Operating revenue and other income rose 17% year-over-year to NOK 10,066 million in Q2 2025, but adjusted EBITDA fell 57% to NOK 1,311 million and adjusted EBIT dropped 70% to NOK 767 million.

• Net profit and EPS (adj.) declined sharply, with Q2 2025 EPS (adj.) at NOK 1.3 versus NOK 5.1 in Q2 2024, and net profit at NOK 106 million, down from NOK 2,172 million.

• Salmon and trout slaughter volumes increased, but prices dropped by NOK 30/kg year-over-year, reducing profitability despite improved biological performance.

• Whitefish catch volumes declined due to lower quotas, but prices for key species increased significantly.

• Pelagic activity in Peru was high, but adverse weather led to only 83% of the quota being caught, and lower fishmeal and oil prices pressured margins.

Financial highlights

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

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

• EPS (adj.) Q2 2025: NOK 1.3 (Q2 2024: NOK 5.1).

• Net interest-bearing debt increased to NOK 9,132 million (Q2 2024: NOK 6,071 million); equity ratio at 52% (Q2 2024: 53%).

• Cash and cash equivalents at period end: NOK 4,462 million.

Outlook and guidance

• Global salmon supply is expected to grow 8% in 2025, with slower growth in H2.

• Spot prices for salmon and trout in Q3 are below production cost, expected to impact profitability.

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

• Whitefish quotas for 2026 indicate further reductions for cod and saithe, but haddock quotas will rise.

• Pelagic segment faces lower quotas and price pressure, especially for marine oils.