Austevoll Seafood (AUSS) Q4 2025 earnings summary

Executive summary

• Operating revenue for FY 2025 reached NOK 39,320 million, up 11% year-over-year, with adjusted EBITDA at NOK 5,288 million and adjusted EBIT at NOK 3,007 million, both down from 2024 due to lower margins and one-off gains in the prior year.

• Net profit for 2025 was NOK 688 million, with adjusted EPS of NOK 4.7, compared to NOK 2.2 in 2024, reflecting improved underlying profitability excluding fair value adjustments.

• Q4 2025 saw group revenue rise 3% year-over-year to NOK 9,410 million, driven by higher prices in Wild Catch and increased VAPS & D activity, offset by lower salmon volumes.

• Adjusted EBITDA for Q4 2025 was NOK 1,387 million, in line with Q4 2024, while adjusted EBIT declined to NOK 769 million.

• The Board recommends a dividend of NOK 6.50 per share for 2025, to be proposed at the 2026 AGM.

Financial highlights

• Full-year 2025 revenue reached NOK 39,320 million, up from NOK 35,366 in 2024.

• Adjusted EBITDA for 2025 was NOK 5,288 million (2024: NOK 7,311), with 2024 figures boosted by a NOK 1,280 million gain from share sales.

• Equity ratio at year-end was 52%, with net interest-bearing debt at NOK 8,712 million.

• Cash flow from operations for 2025 was NOK 4,870 million, with capex of NOK 2,284 million.

• Total assets at year-end were NOK 53,090 million.

Outlook and guidance

• Expect lower salmon farming costs in 2026 and harvest volume of 195,000 GWT in Norway, 216,500 GWT including Scottish Sea Farms.

• Global salmon supply is expected to grow 1.3% in 2026, with Norwegian supply down 1.4%.

• Challenging quota situation for whitefish in 2026, with cod quota down 16% and saithe down 19–27%, but haddock quota to increase.

• Higher prices anticipated for fishmeal, fish oil, and frozen pelagic products in Q1 2026.

• Pelagia's FOOD division faces continued challenges in 2026 due to quota reductions.