Austevoll Seafood (AUSS) Q4 2024 earnings summary

Executive summary

• Q4 2024 saw record-high salmon harvests, strong recovery in Peru, and record catches in Chile, supporting robust organic growth expectations.

• Group Q4 revenue reached NOK 9,096 million, with full-year revenue up to NOK 36,645 million; adjusted EBITDA for Q4 was NOK 1,401 million, and full-year adjusted EBITDA NOK 7,311 million.

• Net profit for Q4 2024 was NOK 1,810 million, with adjusted EPS at NOK 3.3; full-year net profit reached NOK 4,890 million.

• Board recommends a dividend of NOK 6.50 per share for 2024, up from NOK 4.50.

• Significant one-time gain from sale of pelagic assets, including NOK 1,965 million from two companies and NOK 1,268 million from share sales.

Financial highlights

• Equity ratio improved to 53% at year-end 2024; net interest-bearing debt increased to NOK 8,016 million.

• Cash and cash equivalents at year-end were NOK 5,719 million, up from NOK 5,475 million.

• Cash flow from operations for FY 2024 was NOK 2,903 million, with significant capex in farming and technology.

• Adjusted EBITDA margin for Q4 2024 was 15%; full-year 2024 at 21%.

• Adjusted EPS for FY 2024 at NOK 12.9 (2023: NOK 1.3).

Outlook and guidance

• Lerøy targets a 2025 harvest volume of 195,000 tonnes in Norway, with expectations for higher slaughter volumes and lower costs per kilo.

• Pelagia guiding 900,000 tonnes in 2025, down from 950,000 tonnes in 2024.

• Whitefish quotas expected to remain challenging, with cod quota down 32% and haddock down 2% for 2025.

• Jack mackerel quota in Chile up 25% for 2025; ongoing discussions on fleet allocation.

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