Oceana Group (OCE) H2 2025 earnings summary

Executive summary

• Operating profit in Africa businesses surged 58%, offsetting declines elsewhere, with Lucky Star and Wild Caught Seafood segments showing strong volume and profit growth despite tough trading conditions.

• Group operating profit fell 23.2% year-over-year to ZAR 1.253 billion, with headline earnings per share down 38.4%.

• US fishmeal and fish oil segment earnings declined sharply due to a halving of USD fish oil prices.

• Management remains optimistic, citing strong asset base, operational efficiency, and strategic investments.

• Delivered operational resilience in a volatile environment, leveraging diversification across species, products, and geographies.

Financial highlights

• Revenue: ZAR 10 billion, down 0.7% year-over-year.

• Operating profit: ZAR 1.253 billion, down 23.2% year-over-year.

• Gross profit margin: 27.8% vs. 31.8% prior year, mainly due to low margins in fishmeal and fish oil.

• Headline EPS: ZAR 5.648, down 38.4%.

• Dividend per share: ZAR 2.85, down 42.8%.

• Net debt to EBITDA: 1.7x, up from 1.3x.

• Profit after tax: ZAR 724 million, down 35%.

Outlook and guidance

• Focus on cost control, operational efficiency, and expanding Lucky Star into adjacent food categories.

• Wild Caught Seafood expected to benefit from rising prices, improved vessel efficiency, and rationalised fleet.

• Fishmeal and oil segment positioned for future price recovery; investments in technology and resource management ongoing.

• Management optimistic about long-term growth, despite short-term volatility.