Austevoll Seafood (AUSS) Q3 2025 earnings summary

Executive summary

• Q3 2025 operating revenue was NOK 10,037 million, up 8% year-over-year, with YTD revenue at NOK 29,910 million.

• Adjusted EBITDA for Q3 2025 fell 45% to NOK 652 million, and adjusted EBIT dropped to NOK 79 million from NOK 686 million in Q3 2024.

• Net profit after tax was NOK 529 million, up from NOK 168 million in Q3 2024, mainly due to a positive fair value adjustment of biological assets.

• The group maintains a strong balance sheet with total assets of NOK 51,969 million, equity ratio of 53%, and net interest-bearing debt of NOK 8,432 million.

• VAPS & D segment achieved record sales and EBIT, nearly doubling year-over-year.

Financial highlights

• Q3 2025 adjusted EBITDA margin was 6%, down from 13% in Q3 2024.

• YTD 2025 adjusted EBIT including income from associates was NOK 2,255 million, down from NOK 4,720 million YTD 2024.

• Cash flow from operating activities in Q3 2025 was NOK 1,554 million, with cash and cash equivalents at NOK 4,690 million at quarter-end.

• Net interest-bearing debt increased to NOK 8,432 million at quarter-end.

• Net profit for the quarter was NOK 529 million, up from NOK 168 million year-over-year, mainly due to fair value adjustment of biological assets.

Outlook and guidance

• Guidance for salmon volumes maintained at 195,000 tons for 2025, up from 170,000 tons in 2024; 2026 guidance remains stable in Norway, with a slight increase in Scottish Seafarms.

• Expecting lower costs in 2026 compared to 2025 for salmon operations, with potential for better price development.

• Anticipating challenging raw material availability in the North Atlantic for 2026 due to quota reductions on key species, including blue whiting (-41%) and mackerel (-70%).

• South American quotas for fish meal and oil remain uncertain, with final decisions pending; SPRFMO recommends a 5.7–15% increase in horse mackerel quota for Chile in 2026.

• The board anticipates higher profitability in 2026 as market balance improves.