Austevoll Seafood (AUSS) Q3 2024 earnings summary

Executive summary

• Q3 2024 operating revenue rose 9% year-over-year to NOK 9,299 million, with adjusted EBITDA up 18% to NOK 1,192 million and adjusted EBIT up 34% to NOK 686 million, driven by normalized fishing in Peru and strong Austral Group performance.

• Net profit for Q3 2024 was NOK 168 million, reversing a loss of NOK 508 million in Q3 2023; adjusted EPS was NOK 2.7 versus NOK 0.4 last year.

• Year-to-date, revenue reached NOK 26,281 million (+5%), with adjusted EBITDA at NOK 5,910 million (+45%) and net profit at NOK 3,080 million.

• The group remains financially robust, with an equity ratio of 53% and net interest-bearing debt of NOK 6,486 million at quarter-end.

• Strong pelagic segment gains and a significant gain from the sale of shares (NOK 1,268 million YTD) boosted results.

Financial highlights

• Q3 2024 adjusted EBITDA margin was 13%, and adjusted EBIT margin was 7%.

• Cash flow from operations in Q3 was NOK 1,603 million; cash at period end was NOK 5,814 million.

• Br. Birkeland AS paid a dividend of NOK 1,757 million, with AUSS receiving NOK 754 million.

• Profit before tax: NOK 53 million (Q3 2023: NOK -399 million); profit after tax: NOK 168 million (Q3 2023: NOK -508 million).

• Operating revenue for Q3 2024: NOK 9,299 million (Q3 2023: NOK 8,566 million).

Outlook and guidance

• Salmon segment expects improved biological development in 2025, with harvest volumes around 190,000 GWT in 2024 and a 2025 target of 200,000 GWT for Norwegian operations.

• Whitefish faces challenging quotas: cod quota down 32% and haddock down 8% for 2025.

• South American pelagic quotas increased, with Peru's 2nd season quota up 57% and Chile's jack mackerel quota up 15%.

• North Atlantic pelagic quotas mixed: increases for blue whiting and North Sea herring, decreases for mackerel and NVG herring.

• Group strategy remains focused on organic growth, strategic acquisitions, and maintaining dividend policy.