Austevoll Seafood (AUSS) Q3 2025 earnings summary

Executive summary

• Q3 2025 operating revenue rose 8% year-over-year to NOK 10,037 million, with YTD revenue up 14% to NOK 29,910 million.

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

• Net profit for Q3 2025 was NOK 529 million, up from NOK 168 million in Q3 2024, aided by a positive fair value adjustment of biological assets.

• Salmon and trout slaughter volumes increased, but low spot prices led to reduced profitability despite record earnings in the VAPS & D segment.

• Pelagic operations in Peru and Chile experienced seasonally lower activity and margin pressure due to lower fishmeal and oil prices.

Financial highlights

• YTD 2025 adjusted EBITDA was NOK 3,900 million, down 34% year-over-year.

• YTD adjusted EBIT was NOK 2,238 million, a 49% decrease from the prior year.

• Equity ratio remained stable at 53%, and net interest-bearing debt increased to NOK 8,432 million.

• Cash flow from operations YTD was NOK 4,315 million, with net investments in capex at NOK -1,730 million.

• Cash and cash equivalents at period end: NOK 4,690 million.

Outlook and guidance

• Expectation of lower costs in 2026 for salmon operations.

• Challenging quota outlook for whitefish in 2026, with cod quota down 21% and saithe down 15–24%.

• Pelagic segment faces reduced quotas in the North Atlantic for 2026, notably blue whiting (-41%) and mackerel (-70%).

• Global salmon supply growth for 2025 estimated at 10%, with Q4 growth expected to slow; Norwegian salmon supply projected to decrease by 1.9% in 2026.

• VAPS & D segment expected to maintain strong performance; profitability in farming anticipated to improve in 2026.