Q2 2026 Austevoll Seafood ASA Earnings Call - Pre-Recorded

August 19, 2026

Arne Møgster: I will first start by taking you through the highlights of our operations in the quarter. I will go more into the details segment by segment. Then I will give the floor to our CFO, Britt Kathrine Drivenes. Then I will end this session by giving our view on the different segments we are operating in terms of the market. Starting up, I would say it's been a special quarter for us. In terms of salmon, we have performed well in, I would say, 2 out of the 3 regions we are operating in. I would say all in all, we have had a good biological performance across all the 3 regions, quite good slaughtering rate, good qualities, and also very low mortality during the year. Price achievements. Spot prices has been more or less on the same level as last year.

Speaker #1: But first, let me start by taking you through the highlights of our operations in the quarter. I will then go into more detail, segment by segment, before giving the floor to our CFO, Brit Katrine Driveness. Finally, I will end this session by sharing our view on the different markets in which our segments operate.

Speaker #1: So, starting up, I would say it's been a special quarter for us. In terms of salmon, we have performed well in, I would say, two out of the three regions we are operating in.

Speaker #1: I would say, all in all, we have had good biological performance across all three regions. Quite good slaughtering rates, good quality, and also a very low mortality during the year.

Speaker #1: Price achievements and spot prices have been more or less at the same level as last year. That said, on the west coast of Norway, we have had some trout downgrades, which have also impacted our price achievements.

Arne Møgster: Saying that, in the west coast of Norway, we have had some trout downgrades, which has also impacted our price achievements during this quarter. In terms of white fish, I would say another good quarter. In addition, I would say also that the performance is a bit better than the financial figures are showing because we are also entering into the Q3 with a higher inventory than we did the same period last year. So the underlying figures is a bit better in Q2 on what they're showing. Then we have the pelagic segments, where we also announced in the Q1 presentation that there was both a stop in the fishery in Chile and also in Peru as a consequence of higher temperature and too high percentage of juveniles in the catch. So in both regions, the seasons were stopped.

Speaker #1: During this quarter, in terms of white fish, I would say another good quarter. In addition, I would say also that the performance is a bit better than the financial figures are showing, because we are also entering into the third quarter with a higher inventory than we did the same period last year.

Speaker #1: So, the underlying figures are a bit better in the second quarter than what they are showing. And then we have the pelagic segments. We also announced in the first quarter presentation that there was both a stop in the fishery in Chile and also in Peru as a consequence of higher temperatures and a high percentage of juveniles in the catch.

Speaker #1: So, in both regions, the seasons were stopped. So, in summary, I can say that in Peru, El Niño has caused the fishery to remain closed.

Arne Møgster: In summary, I can say that in Peru, the El Niño has caused that the fishery is still closed. In Chile, the water temperatures came down in the beginning of June, and the fishing started up again end June. I will come back to the consequences later on when I'm going through segments by segments. In Chile in particular, Q3 has been a good volumes for us, also where we achieved very good prices both for fish meal, fish oil, and frozen products. In the North Atlantic, we are also having benefits of the failure in Peru, with much better prices for our fish meal and fish oil, which is also represented in the numbers. All in all, volume-wise, we are approximately half of the volume in pelagic volumes in Q2 compared with the same quarter last year.

Speaker #1: And in Chile, the water temperatures came down at the beginning of June, and the fishing started up again in June. I will come back to the consequences later on when I'm going through segments by segments.

Speaker #1: And in Chile in particular, the third quarter has been good for us in terms of volumes. We also achieved very good prices, both for fishmeal, fish oil, and frozen products.

Speaker #1: In the North Atlantic, we are also having benefits from the failure in Peru. It's much better prices for our fishmeal and fish oil.

Speaker #1: Which is also represented in the numbers. So, all in all, volume-wise, we are approximately half of the volume in pelagic volumes in the second quarter compared with the same quarter last year.

Speaker #1: That said, both our Peruvian and our North Atlantic activity are performing better financially compared with the second quarter last year. And of course, we have, in the quarter, an effect of the low fishery also financially in Peru.

Arne Møgster: Saying that, both our Peruvian and our North Atlantic activity are performing better than we did financially compared with Q2 last year. Of course, we have in the quarter an effect of the low fishery also financially in Peru. We'll come back to that also later on in the presentation. Revenue down by 14%, NOK 8.6 billion, and EBITDA of NOK 1.1 billion. If you take into account the 50% we have in Pelagia, the EBITDA for the quarter is NOK 1,258 million, down by 8% versus the same quarter last year, whereas the salmon operation is contributing with NOK 1,066 million, and the pelagic activity is down by approximately 15%, driven by NOK 150 million worse performance in Peru. Which if we are going to H1, you also see that volume is down by approximately 32%.

Speaker #1: We'll come back to that later on in the presentation as well. Revenue was down by 14%, to NOK 8.6 billion, and EBITDA was NOK 1.1 billion.

Speaker #1: If you take into account the 50% we have in Pelagia, the EBITDA for the quarter is NOK 1,258 million, down by 8% versus the same quarter last year.

Speaker #1: Whereas the salmon operation is contributing with NOK 1,066 million, the pelagic activity is down by approximately 15%, driven by NOK 150 million worse performance in Peru.

Speaker #1: If we look at the first half of the year, you can also see that volume is down by approximately 32%. And here you can see, if you also take into account the 50% of the Pelagia figures, that the EBITDA is only down by 2%.

Arne Møgster: Here you can see if you also take into account the 50% of the Pelagia figures, you see that the EBITDA is only down by 2%, approximately NOK 3.4 billion. Whereof salmon is contributing with NOK 2.4 billion, and we have a 19% increase for the pelagic activity, up with 991. The main contributor for the increase is our performance in Chile H1. We are having a strong balance sheet. We have an equity ratio of 52%, net interest-bearing debt of just short of NOK 8.8 billion. We have also paid approximately NOK 6.5 in dividends during the quarter. I would say Austevoll Seafood is all about volumes. So on annual basis, we are catching between 400,000 to 500,000 tons on our own vessels. We are producing in our own factories between 1.6 to 2 million tons.

Speaker #1: Approximately NOK 3.4 billion, whereof salmon is contributing NOK 2.4 billion. And we have a 19% increase for the pelagic activity, up with NOK 991 million.

Speaker #1: And the main contributor for the increase is our performance in Chile in the first half of the year. And then, we have a strong balance sheet. We have an equity ratio of 52%, and net interest-bearing debt of just short of NOK 8.8 billion.

Speaker #1: And we are also paid approximately NOK 6.5 in dividends during the quarter. I would say Austevoll Seafood is all about volumes. So, on an annual basis, we are catching between 400,000 to 500,000 tons on our own vessels.

Speaker #1: We are producing in our own factories between 1.6 to 2 million tons. We are handling between 80,000 to 90,000 tons of whitefish through our factories and through our fishing vessels.

Arne Møgster: We are having between 80,000 to 90,000 tons of whitefish through our factories and through our fishing vessels. We are aiming this year to slaughter 225,000 tons of salmon and trout during 2026. Taking you through the pelagic segment as a start, I will start up in Peru, just to give an explanation on the situation, in particular, which El Niño cause. When we did the research in front of the first season, they identify a biomass of 7.1 million tons. They put a quota of 1.9 million tons, which were approximately 36%, 37% lower than the quota they put same period last year. The season started up 9 April, and it continued to the end of April before the season were stopped due to too high incidence of juveniles in the catches.

Speaker #1: And we are aiming this year to slaughter 225,000 tons of salmon and trout during 2026. So, then taking you through the pelagic segment as a start, I will start up in Peru, just to give an explanation on the situation in particular, which El Niño caused.

Speaker #1: So when we did the research in front of the first season, they identified a biomass of 7.1 million tons, and they put a quota of 1.9 million tons.

Speaker #1: Which were approximately 36–37% lower than the quota they put for the same period last year. The season started up on the 9th of April and continued until the end of April, before the season was stopped due to too high an incidence of juveniles in the catches.

Speaker #1: And it's been stopped since. And it's the total volume which has been caught in Peru. It's approximately 25% of the total quota. So from an already lower quota compared with the same period in 2025, we also have a very low fishery, which has been the driver where we have seen prices have been coming up.

Arne Møgster: It has been stopped since, and the total volume which has been caught in Peru, it is approximately 25% of the total quota. So from already lower quota compared with the same period in 2025, we have an addition, also have a very low fishery, which has been the driver where we have seen prices has been coming up. We had originally 133,000 tons of quota and have caught 26,000 tons in the period. If you also compare with what we were purchasing in the same quarter last year, you can see that we have approximately 200,000 tons less catch than we had in the same quarter last year, which, of course, impacted our financial performance in the quarter. Another consequence that when you have too high incidence of small fish is also that the yield is coming down.

Speaker #1: We originally had a quota of 133,000 tons and have caught 26,000 tons in the period. If you also compare with what we were purchasing in the same quarter last year, you can see that we have approximately 200,000 tons less catch than we had in the same quarter last year.

Speaker #1: Which of course impacted our financial performance in the quarter. Another consequence is that when you have too high an incidence of small fish, the yield also comes down.

Speaker #1: So the combined fish meal and fish oil yield was 24.8%, down from 26.2% in the same quarter last year. So, all in all, we have seen prices increasing, I would say, during the quarter and also into the next quarter.

Arne Møgster: The combined fishmeal and fish oil yield was 24.8%, down from 26.2% in the same quarter last year. So all in all, we have seen prices has been increasing, I would say, during the quarter and also into the next quarter, and as a consequence of the lack of fish, in particular in Peru. But of course, we are not benefiting a lot of that when we have these low volumes in Peru. When it comes to the second season, we have choose this time to leave out the guidance because I think it is anybody guess what the quota could be, and if there is going to be a quota in the second season. We are expecting that there will be a period with lower temperatures, but also there is a higher El Niño out in the Pacific.

Speaker #1: And as a consequence of the lack of fish, in particular in Peru, we are not benefiting much from that when we have these low volumes in Peru.

Speaker #1: When it comes to the second season, we have chosen this time to leave out the guidance, because I think it is anybody's guess what the quota could be.

Speaker #1: And if there is going to be a quota in the second season, we are expecting that there will be a period with lower temperatures. But also, there is a high El Niño out in the Pacific.

Speaker #1: And the magnitude and how it will hit the Peruvian coast will decide, I would say, the size of the quota and also if there will be fishing at all.

Arne Møgster: The magnitude and how it will hit the Peruvian coast will decide, I would say, the size of the quota and also if there will be a fishing at all. As a consequence of that, we expect that the prices will remain strong also going forward. Chile had a quite good development since, I would say, the stock collapsed in 2010, 2011. We are now back to a volume of 1.1 million tons. It has had a healthy biomass. But as announced when we had our Q1 presentation in May, fishing were also stopped in Chile due to too high incidence of juveniles in the horse mackerel catch. As you can see from our presentation, you see that their own catch is down 52% compared with the same period last year.

Speaker #1: So, as a consequence of that, we expect that prices will remain strong also going forward. Chile has had quite a good development since, I would say, the stock collapsed in 2010, 2011.

Speaker #1: We are now back to a volume of 1.1 million tons, and it has had a healthy biomass. But, as announced when we had our first quarter presentation in May, fishing was also stopped in Chile.

Speaker #1: Due to too high incidence of juveniles in the horse mackerel catch. And as you can see from our presentation, you see that the own catch is down 52% compared with the same period last year.

Speaker #1: And then we have also purchased anchovy from coastal fishermen. And we have seen that the yields, and particularly the oil yields, have been very good.

Arne Møgster: We have also purchased anchovy from coastal fishermen. We have seen that the yields, and particularly the oil yields, has been very good. So although the volume is considerably down in the quarter, the financial result show a better result in Q2 this year versus Q2 last year. Britt will take you more in detail through that. In addition to that, to talk a bit about the coming quarter, which we are in now. Fishing recovered in late June, and up to now we have been catching 91,000 tons. We have to see how the fishing develops going forward. But already now we are not that far away from where we were the first nine months last year, but has been affected a lot of the El Niño.

Speaker #1: So, although the volume is considerably down in the quarter, the financial results show a better result in the second quarter this year versus the same quarter last year.

Speaker #1: And Britt will take you more in detail through that. In addition to that, to talk a bit about the coming quarter, which we are in now, fishing recovered in late June.

Speaker #1: And up to now, we have been catching 91,000 tons. We have to see how the fishing develops going forward, but already now we are not that far away from where we were in the first nine months last year.

Speaker #1: But it has been affected a lot by El Niño. And then, we don't know if El Niño will affect the Chilean fisheries also going into the fourth quarter.

Arne Møgster: Now we don't know if the El Niño will affect the Chilean fisheries also going into Q4. But we are guiding on a volume of 135,000 tons in total, meaning that we have to catch approximately 45,000 tons more for the remaining of the year. That's also going to be a nice development in Chile. So what we can say in Chile is that Q3 will be by far better than Q3 last year. We can say that already. Looking forward to the end result in Chile this year, which we think is going to have a nice year with the prices we are seeing now, both for fish meal, fish oil, and also for frozen products, which Britt will take you through later on. Then talking about the North Atlantic pelagic quota development.

Speaker #1: But we are guiding on a volume of 135,000 tons in total. That means we have to catch approximately 45,000 tons more for the remainder of the year.

Speaker #1: And that's also going to be a nice development in Chile. So, what we can say in Chile is that the third quarter will be by far better than the third quarter last year.

Speaker #1: We can say that already. And looking forward to the end result in Chile this year, which we think is going to have a nice year with the prices we are seeing now, both for fishmeal, fish oil, and also for frozen products, which Britt will take you through later on.

Speaker #1: Then, talking about the North Atlantic pelagic quota development, as you can see, before 2024 the average size of the North Atlantic quota was around 4 million tons.

Arne Møgster: As you can see from before 2024, the average size of the North Atlantic quota was around 4 million tons. But in 2025, the volumes in the North Atlantic came down with 800,000 tons, and also the volumes got further down with 600,000 tons in 2026. In 2025, in addition to the drop in quotas and less raw material for Pelagia's factories, we also had a drop in fish meal and fish oil prices H2, taking the performance from Pelagia further down compare with what it's been previously. This year, the price development will be the opposite. So we are expecting better prices in Q3 and Q4. So opposite development than what it was in 2025.

Speaker #1: But in 2025, the volumes in the North Atlantic came down by 800,000 tons. And also, the volumes went further down by 600,000 tons in 2026.

Speaker #1: In 2025, in addition to the drop in quotas and less raw material for Pelagia's factories, we also had a drop in fish meal and fish oil prices in the second half, taking the performance from Pelagia further down compared with what it's been previously.

Speaker #1: This year, the price development will be the opposite, so we are expecting better prices in the third and fourth quarter—so an opposite development from what it was in 2025.

Speaker #1: And as a consequence of the El Niño, we are expecting Pelagia to deliver much better, in particular in the marine protein and oil segments, in the third and fourth quarters versus the same period last year.

Arne Møgster: As a consequence of the El Niño, we are expecting Pelagia to deliver much better, in particular the marine protein and oil segments in Q4 versus the same period last year. We have been producing blue whiting and North Sea herring this season. It is a seasonably low production quarter, but you can see our EBITDA in Q2 is approximately double of the same period last year. It is mainly driven by a better performance from marine protein and oil due to higher prices. All in all, summing up the pelagic segment, you see that the volume in this quarter was down with 51%. It is down, I would say, across the three segments. I would say, as a consequence of Peru's failure of fishing the quota, both Chile and Pelagia are contributing with better margin as a consequence of higher prices.

Speaker #1: We have been producing blue whiting and North Sea herring this season. It's a seasonably low production quarter, but you can see our EBITDA in the second quarter is approximately double that of the same period last year.

Speaker #1: And it's mainly driven by a better performance from marine protein and oil due to higher prices. So, all in all, summarizing the pelagic segment, you see that the volume in this quarter was down by 51%.

Speaker #1: It's down, I would say, across the three segments. But I would say, as a consequence of Peru's failure to fish the quota, both Chile and Pelagia are contributing with better margins as a consequence of higher prices.

Speaker #1: Then, coming to the second quarter, salmon highlights. And if you want a more detailed presentation, I suggest that you go in and look at the webcast of Lerøy Seafood.

Arne Møgster: Coming to Q2 salmon highlights. If you want to have a more detailed presentation, I suggest that you go in and look at the webcast of Lerøy Seafood. All in all, EBIT of NOK 574 million, down from NOK 680 million. Farming NOK 236 million, down NOK 20 million versus same quarter last year, mainly related to a lower slaughtering volumes. Wild catch, NOK 140 million, more or less on line with the same EBIT number last quarter. We are also entering Q3 with a higher stock and inventory than we did last period, so the underlying performance is better. Then a lower performance in the market operation, a bit more challenging conditions.

Speaker #1: All in all, EBIT of NOK 574 million, down from NOK 680 million. Farming: NOK 236 million, down NOK 20 million versus the same quarter last year, mainly related to lower slaughtering volumes.

Speaker #1: Wildcatch was 140 million more or less in line with the same EBIT number last quarter. But we are also entering the third quarter with higher stock and inventory than we did last period.

Speaker #1: So the underlying performance is better. And then a lower performance in the market operation. A bit more challenging conditions stronger NOK higher logistical cost in the period has taken down I would say the result from second quarter 25 to this quarter.

Arne Møgster: Stronger NOK, higher logistical cost in the period has taken down, I would say, the result from Q2 2025 to this quarter, but going forward, we are expecting to deliver more or less the same figures as we did in H2 2025. Volumes 44,000 tonnes. It is divided by 7,000 tonnes in Lerøy Aurora, 20,000 tonnes in Lerøy Midt AS, and 19,000 tonnes in Lerøy Sjøtroll. EBIT per kilo, more or less on the same line as it was last year, NOK 1 less. Lerøy Aurora, another good quarter, NOK 19.1 per kilo. Lerøy Midt AS, NOK 13.5 per kilo. Lerøy Sjøtroll, NOK 4.5 per kilo. It is mainly due to high or downgrades of the trout in the period, which I would say ended in June this year.

Speaker #1: But going forward, we are expecting to deliver more or less the same figures as we did in the second half of 2025. Volumes: 44,000 tons, divided by 7,000 tons in Lerøy Aurora.

Speaker #1: 20,000 tons in Lerøy Midt and 19,000 tons in Lerøy Sjøtroll. EBIT per kilo is more or less on the same line as it was last year.

Speaker #1: One NOK less. Lerøy Aurora, another good quarter: 19.1 NOK per kilo. Lerøy Midt, 13.5 NOK per kilo. And Lerøy Sjøtroll, 4.5 NOK per kilo.

Speaker #1: And it's mainly due to higher downgrades of the trouts in the period, which I would say ended in June this year. Going on volumes, you see that we slaughtered 212,000 tons in '25 and are aiming to increase to 217,000 tons in '26, driven by the 50% share we have in Scottish Sea Farms.

Arne Møgster: Going on volumes, you see that we slaughtered 212,000 tonnes in 2025 and are aiming to increase to 217,000 tonnes in 2026, driven by the 50% share we have in Scottish Sea Farms. Down to the whitefish highlights. A very good performance in the quarter. Now we have had a drop in the cod quota for the last five years. It is also pleasant to announce that it seems like we have reached the bottom and the recommendations for next year is 10% up again. Also the recommendation for haddock is 18% up. Then it is a reduction in saithe. This is also a quota we have so far, maybe not an expectation that we are going to catch all that fish during next year, so it is not that crucial.

Speaker #1: Then to the whitefish highlights: a very good performance in the quarter. Now, we have had a drop in the cod quota for the last five years.

Speaker #1: And it's also pleasant to announce that it seems like we have reached the bottom, and the recommendation for next year is 10% up again.

Speaker #1: And also, the recommendation for haddock is up 18%. And then, it's a reduction in sight. But this is also a quota we have so far, maybe not an expectation that we're going to catch all that fish during next year.

Speaker #1: So it's not that crucial. This is the year, I would say, that the raw material volumes have been at their lowest since we came in.

Arne Møgster: This is the year I would say that the raw material volumes has been on the lowest since we came in. But has been compensated with very high prices both for cod, haddock, and saithe. We are expecting that we will have an EBIT in this segment between 400 to 450 million NOK this year, which is the best year so far. Then I will give the floor to Britt-Katrine to take you more into details the number.

Speaker #1: But it has been compensated with very high prices for cod, haddock, and saithe. We are expecting that we will have EBIT in this segment between NOK 400 to 450 million this year, which will be the best year so far.

Speaker #1: Then I will give the floor to Brit Katrina to take you more into details on the numbers. I will start with the presentation of the financials.

Britt Kathrine Drivenes: I will start with the presentation of the financials. To start, Arne has talked you through the operation in the quarter. This table sums up the raw material intake in the quarter and H1. When we look into the estimate for 2026, given the high El Niño-driven uncertainty, the 2026 total volume for Peru is set equal to the total catch as of today, and for illustration purposes. This figure includes our 50% share of Pelagia. Arne has taken you through the key figures in the start of the presentation. I will try not to repeat too much, but in short, the revenue is down by 10% and the adjusted EBITDA is down by 8%. The reduction in earnings comes from Lerøy Seafood Group and Ørsted Group. We have seen an increase in earnings in Foodcorp Chile S.A. and in Pelagia.

Speaker #1: And to start, Oana has talked you through the operation in the quarter. So, this table sums up the raw material intake in the quarter and first half year.

Speaker #1: And when we look into the estimate for 2026, given the high El Niño-driven uncertainty, the 2026 total volume for Peru is set equal to the total catch as of today.

Speaker #1: And for illustration purposes, this figure includes our 50% share of Pelagia. Oana has taken you through the key figures at the start of the presentation.

Speaker #1: So I will try not to repeat too much. But in short, revenue is down by 10%, and adjusted EBITDA is down by 8%.

Speaker #1: And the reduction in earnings comes from Lerøy Seafood Group and A. Solheim Group. And we have seen an increase in earnings in Foodcorp and in Pelagia.

Speaker #1: And we will look closer into this when we are going through the segments. Since the key figures have already been presented, I will start on the line profit before tax and fair value adjustment which is down 22% from 493 million in second quarter last year to 385 million second quarter this year.

Britt Kathrine Drivenes: We will look closer into this when we are going through the segments. Since the key figures have already been presented, I will start on the line profit before tax and fair value adjustment, which is down 22% from 493 million NOK in Q2 last year to 385 million NOK Q2 this year. The lower profit comes as a consequence of a lower slaughtered volume of salmon and also from the suspended first fishing season in Peru. As you can see, we also have some higher depreciation, 585 million NOK up from 544 million NOK. We have had quite high CapEx in new technology within farming the latest years. As a consequence of that, also the depreciation increased somehow. When we look at the result or the profit before tax, that is negative. It is -623 million NOK. It was +14 million NOK in Q2 last year.

Speaker #1: The lower profits come as a consequence of a lower slaughtered volume of salmon, and also from the suspended first fishing season in Peru. As you can see, we also have some higher depreciation—585 million, up from 544 million.

Speaker #1: And we have had quite high capex in new technology within farming in the latest years, and as a consequence of that, also the depreciation increased somewhat.

Speaker #1: When we look at the result, or the profit before tax, that is negative. It's minus NOK 623 million. It was NOK 14 million positive in the second quarter last year.

Speaker #1: And this profit is substantially impacted by the very high fair value adjustment of biological assets in the quarter. You can see that the portfolio has a negative biological fair value adjustment of NOK 8,809 million.

Britt Kathrine Drivenes: This profit is substantially impacted by the very high fair value adjustment of biological assets in the quarter. You can see that the portfolio has a negative biological fair value adjustment of 889 million NOK. The fair value adjustment in the associates are 119 million NOK, which impact, of course, profit before tax. But also net profit for the year, which is -254 million NOK versus 106 million NOK in Q2 last year. Looking at earnings per share, we look at earnings per share before the fair value adjustment related to biological assets. That is NOK 1.6 in the quarter, up from NOK 1.3 in same quarter last year. The main value driver for Lerøy Seafood Group is, of course, harvested volume of salmon, which was close to 44,800 tons in Q2 this year, down 4,000 tons from 48,900 tons in the same quarter last year.

Speaker #1: And the fair value adjustment in the associate is NOK 119 million, which impacts, of course, profit before tax, but also the net profit for the year, which is minus NOK 254 million.

Speaker #1: Versus 106 million in the second quarter last year. Looking at earnings per share, and we look at earnings per share before the fair value adjustment related to biological assets.

Speaker #1: That is NOK 1.6 in the quarter, up from NOK 1.3 in the same quarter last year. The main value driver for Lerøy Seafood Group is, of course, harvested volume of salmon.

Speaker #1: Which was close to 44,800 tons in the second quarter this year, down 4,000 tons from 48,900 tons in the same quarter last year. Spot prices were in line with the same period last year.

Britt Kathrine Drivenes: Spot prices were in line with the same period last year, but operational costs are materially down quarter on quarter from a very strong biology. Price realization, however, were impacted by a lower price per trout, and that was NOK 5 lower per kilogram than for salmon in the quarter. The harvested volume of trout was approximately 10,000 tonnes. For wild catch, we had a 6% higher catch volume compared to same quarter last year. We had higher realized prices for key species. You can see that the result is more or less in line with same quarter last year. However, we had a significant inventory build in the quarter, so catch values were substantially higher than what is recorded in the profit in the quarter. This inventory will be sold during Q3 and Q4. Market operation.

Speaker #1: But operational costs are materially down quarter-on-quarter from a very strong biology. Price realization, however, was impacted by a lower price for trout.

Speaker #1: That was NOK 5 lower per kilogram than for salmon in the quarter. The harvested volume of trout was approximately 10,000 tons. For wild catch, we had a 6% higher catch volume compared to the same quarter last year.

Speaker #1: We had higher realized prices for key species, so you can see that the result is more or less in line with the same quarter last year.

Speaker #1: However, we had a significant inventory build in the quarter, so catch values were substantially higher than what is recorded in the profit for the quarter.

Speaker #1: This inventory will be sold during the third and fourth quarters. Market operation. Revenue here is also impacted by lower volumes of salmon and a strengthening of the NOK.

Britt Kathrine Drivenes: Revenue here also impacted by lower volumes of salmon and a strengthening of the NOK. We have a higher margin in the quarter compared to Q1 this year. It was 3.5% in Q2, and it was 2.4% in Q1 this year. To sum up, a revenue of almost NOK 7.9 billion, EBITDA adjusted of NOK 1.1 billion, and the EBIT adjusted of NOK 574 million, down from NOK 680 million in the same quarter last year. In Austevoll, we have had very low activity, as Arne has already mentioned. The first fishing season was suspended, and the total raw material intake for Austevoll was 34,000 tonnes, down 200,000 tonnes from same quarter last year. Fish meal and fish oil prices are up, but of course, do not compensate for the shortage of raw material. Also sales volumes are down, of course.

Speaker #1: We have a higher margin in the quarter compared to the first quarter this year. It was 3.5% in the second quarter, and it was 2.4% in the first quarter this year.

Speaker #1: So, to sum up: revenue of almost NOK 7.9 billion, adjusted EBITDA of NOK 1.1 billion, and adjusted EBIT of NOK 574 million, down from NOK 680 million in the same quarter last year.

Speaker #1: In Astar, we have had very low activity, as Oana has already mentioned. The first fishing season was suspended, and the total raw material intake for Astar was 34,000 tons.

Speaker #1: Down 200,000 tons from the same quarter last year. Fish meal and fish oil prices are up, but of course do not compensate for the shortage of raw material.

Speaker #1: Sales volumes are also down, of course. Fish meal and fish oil sales volume was 12,000 tons, down from 39,000 tons in the same quarter last year.

Britt Kathrine Drivenes: Fish meal and fish oil sales volume of 12,000 tonnes, down from 39,000 tonnes in the same quarter last year. Revenue in the quarter of NOK 291 million and negative EBITDA of NOK 61 million and a negative EBIT of -NOK 124 million versus NOK 26 million in same quarter last year. Foodcorp has had a very strong performance in the quarter. Also, Foodcorp were impacted by the ongoing El Niño and warmer sea temperatures. The fishery started to slow down in March, and that has continued in Q2. The fishery started to pick up again towards the end of the quarter and has been good now in Q3. The raw material intake in total was 31,000 tonnes, down from 39,000 tonnes.

Speaker #1: Revenue in the quarter of 291 million. And negative EBITDA of 61 million. And a negative EBIT of minus 124 million. Versus 26 million in same quarter last year.

Speaker #1: Foodcorp has had a very strong performance in the quarter. Also, Foodcorp was impacted by the ongoing El Niño and warmer sea temperatures.

Speaker #1: The fisheries started to slow down in March, and that has continued into the second quarter. The fisheries started to pick up again towards the end of the quarter.

Speaker #1: And it has been good now in Q3. The raw material intake in total was 31,000 tons, down from 39,000 tons. And also, you can see there is substantially lower sales of finished products.

Britt Kathrine Drivenes: As you can see, there is a substantially lower sales of finished products, only 9,000 tonnes of frozen products, down from 33,000 tonnes in the same quarter last year. However, the tightening of the market for both fish meal fish oil, but also frozen products has given us higher prices. Frozen prices are up 84%. Fish meal prices up 54%, and fish oil prices up 167% compared to same period last year. Revenue in the quarter was NOK 406 million. EBITDA was NOK 134 million, and the EBIT was NOK 119 million, up from NOK 80 million in the same quarter 2025. Kobbevik og Furuholmen Oppdrett, they have harvested 2,100 tonnes of salmon. That is up 7% compared to same quarter last year. Spot prices in line with same period last year, but costs are significantly lower year on year.

Speaker #1: Only 9,000 tons of frozen products, down from 33,000 tons in the same quarter last year. However, the tightening of the market for both fishmeal, fish oil, and also frozen products has given us higher prices.

Speaker #1: So, frozen prices are up 84%. Fishmeal prices are up 54%, and fish oil prices are up 167%, compared to the same period last year. Revenue in the quarter was NOK 406 million.

Speaker #1: EBITDA was NOK 134 million, and EBIT was NOK 119 million, up from NOK 80 million in the same quarter of 2025. Kobbevika Furuholmen Oppdrett has harvested 2,100 tons of salmon.

Speaker #1: That is up 7% compared to the same quarter last year. Spot prices are in line with the same period last year, but costs are significantly lower year on year.

Speaker #1: So that gives an EBIT per kilo in the quarter of NOK 7.8, up from a negative EBIT per kilo of NOK -4.3 in the same quarter last year.

Britt Kathrine Drivenes: So that gives an EBIT per kilo in the quarter of NOK 7.8, up from a negative EBIT per kilo of -4.3 in the same quarter last year. In total, revenue of NOK 149 million, EBITDA adjusted of NOK 29 million and EBIT adjusted of NOK 16 million, up from a negative EBIT of NOK 8 million in the same quarter 2025. The group has a very strong balance sheet and the equity ratio is 52%. The total assets are NOK 50.3 billion. That is down 3% compared to end of Q2 last year. Some of the group companies have other functional currency than NOK, and of course, weakness or strengthening of the NOK will impact the conversion of the functional currency into NOK. By the end of June, the group had a net interest-bearing debt of NOK 8.8 billion.

Speaker #1: Total revenue was €149 million. Adjusted EBITDA was €29 million, and adjusted EBIT was €16 million, up from a negative EBIT of €8 million in the same quarter of 2025.

Speaker #1: The group has a very strong balance sheet, and the equity ratio is 52%. Total assets are NOK 50.3 billion, which is down 3% compared to the end of the second quarter last year.

Speaker #1: Some of the group companies have a functional currency other than NOK. Of course, weakness or strengthening of the NOK will impact the conversion of the functional currency into NOK.

Speaker #1: By the end of June, the group had a net interest-bearing debt of NOK 8.8 billion. That's in line with the end of 2025, but it's down from NOK 9.1 billion.

Britt Kathrine Drivenes: That is in line with the end of 2025, but it is down from NOK 9.1 billion by the end of June 2025. We have had a very strong cash performance from operating activities, and that was NOK 1.7 billion. And that is supported by a significant release of working capital in the quarter, both from farming but also from the pelagic activity. Cash from investing activity is -NOK 219 million, and that is lower compared to same quarter last year, but this is more or less timing. We expect that our CapEx in 2026 will be in line or a little bit lower than 2025. Cash from financing activity is -NOK 2.2 billion, and you can see that the dividend paid out is the largest amount there. It is over NOK 2 billion. And of this, NOK 1.3 billion was paid to the shareholders of Austevoll Seafood ASA.

Speaker #1: By the end of June 2025, we have had a very strong cash performance from operating activities, and that was NOK 1.7 billion. And that is supported by a significant quarter.

Speaker #1: Both from farming, but also from the pelagic activity. Cash from investing activity is minus NOK 219 million, and that is lower compared to the same quarter last year.

Speaker #1: But this is more or less timing. We expect that our capex in 2026 will be in line with, or a little bit lower than, 2025.

Speaker #1: Cash from financing activity is minus $2.2 billion. And you can see that dividend paid out is the largest amount there; it's over $2 billion. Of this, $1.3 billion was paid to the shareholders of Austevoll Seafood ASA.

Speaker #1: And we ended the quarter with a cash position of NOK 4.6 billion, which is up from NOK 4.5 billion in the same quarter last year. Thank you very much.

Britt Kathrine Drivenes: And we ended the quarter with a cash position of NOK 4.6 billion, which is up from NOK 4.5 billion in same quarter last year. Thank you very much.

Speaker #2: Dana will give you the view on the different markets for the different segments we are operating within, and start to give a reflection on the fish meal market.

Arne Møgster: Then I will give you the view on the different market for the different segments we are operating within and start to give a reflection on the fishmeal market. And among the largest fishmeal producers, you can also see here that it is not only in Peru where production is much lower than it was compared with last year. You also see same development in Chile, Denmark, and Norway, and also the rest of the North Atlantic. So volume is down, I would say, up to August, among the biggest producer with 54%, and that has been one of the reason why we are seeing increasing prices. And the prices we are announcing here is not updated because it is related to the latest trade which has been done in Peru, which was done in the beginning of the season before fishing were failing.

Speaker #2: And among the largest fishmeal producers, you can also see here that it is not only in Peru, where production is much lower than it was compared with last year.

Speaker #2: You also see the same development in Chile, Denmark, and Norway, and also the rest of the North Atlantic. So volume is down. I would say, up to August, among the biggest producers with 54%.

Speaker #2: And that has been one of the reasons why we have seen increasing prices. Another price we are announcing here is not updated because it is related to the latest trade, which has been done in Peru.

Speaker #2: Which was done at the beginning of the season before fishing was failing. So again, the supply remains tight, and that's the reason why we have seen fish meal prices increasing to all-time highs.

Arne Møgster: The supply remains tight, and that is the reason why we have seen fishmeal prices increasing to all-time high at present day. Also on fishmeal consumption, we also look into China, which normally consumes 25% of the total volumes being produced. I can see here that the stock in China is 54% down. The weekly offtake is, of course, less as a consequence of the stock situation. Price is higher than what it was traded in Peru. We are also seeing that as a consequence of the volume Peru has, the imports to China has also gone down, mainly driven by lower volume from Peru. If you look at Chilean fish oil production, it is not that much down compared with the fishmeal production, and that is mainly due to quite good high oil yields, in particular in the fisheries in the south.

Speaker #2: At the current present day, also on fish meal consumption, we also look into China, which normally consumes 25% of the total volumes being produced. And you can see here that the stock in China is 54% down.

Speaker #2: The weekly offtake is, of course, less as a consequence of the stock situation. Prices are higher than what was traded in Peru. And we are also seeing that, as a consequence of the volume, Peru has—the imports from to China are also going down.

Speaker #2: Mainly driven by lower volume from Peru. If you look at Chilean fishery production, it's not that much down compared with the fishmeal production.

Speaker #2: And that's mainly due to quite good, high oil yields, in particular in the fisheries in the south. So the production there is only down by 3%.

Arne Møgster: The production there is only down by 3%. Peru is down by 68%. If you look at the total production of 400,000 to 500,000 tons and oil yield of less than 2%, the total production season has been approximately 8,000 tons, which is very low compared with a normal season in Peru. That is the reason why you in particular see that the omega-3 grades is showing a $12,250 per ton. I would say the feed grade is not representative because I think it is less volumes sold in that period, and prices for feed is higher than what you see here in the picture. Then to talk about salmon supply. If you look from 2024 to 2025, the global supply of salmon had a growth of 12%, which were tremendously high. In 2026, the supply is expected to be around 3%, and in 2027, 3%.

Speaker #2: Peru is down by 68%. If you look at total production of 40,000 to 500,000 tons and oil yields of less than 2%, the total production this season has been approximately 8,000 tons.

Speaker #2: Which is very low compared with a normal season in Peru. And that's the reason why, in particular, you see that the omega-3 grades are showing at $12,250 per ton.

Speaker #2: And I would say the feed grade is not representative, because I think there are less volumes sold in that period, and prices for feed are higher than what you see here in the picture.

Speaker #2: Then to talk about salmon supply. If you look from '24 to '25, the global supply of salmon had a growth of 12%, which was tremendously high.

Speaker #2: And in 2026, the supply is expected to be around 3%. And in ’27, 3%. If you look at the volumes from Norway, I would say that this growth is already taken out.

Arne Møgster: If you look at the volumes from Norway, I would say that this growth is already taken out, and we are expecting, I would say, negative growth on the volumes in the continuous of 2026. I would also say that the market sentiments, in particular on the supply side, is favorable for stronger prices going into the end of the year, also compare with the same period last year. We see Q2 prices is more or less in line with 2025. That is in NOK. If you consider that the NOK has been strengthening through euro, I would say the underlying prices in euro is 6% higher in the quarter than how it was in Q2 2025. Then we have had a good increase in the EU market, which is important for the Norwegian salmon production.

Speaker #2: And we are expecting, I would say, negative growth on the volumes in the continuation of 2026. And I would also say that market sentiments, in particular on the supply side, are favorable for stronger prices going into the end of the year.

Speaker #2: Also, compared with the same period last year, we see second quarter prices are more or less in line with 2025. That's a NOK. And if you consider that the NOK has been strengthening through euro.

Speaker #2: I would say the underlying prices in euro are 6% higher in the quarter than they were in the second quarter of 2025. And then we have had a good increase in the EU market.

Speaker #2: Which is important for the Norwegian salmon production. And we also see that China and Hong Kong is up with 22% in the period which is going to be an important market for the Norwegian salmon production going forward.

Arne Møgster: We also see that China and Hong Kong is up with 22% in the period, which is going to be an important market for the Norwegian salmon production going forward. Summing up, I would say we have had a good biological performance. We have had a summer with lower temperatures than normal, I would say bringing our biomass in a better state into the autumn, which we are heading. We are a bit optimistic in terms of improving our performance this autumn compared with the last autumn in 2025. Cost per kilo is down from Q1 to Q2, and we are also expecting also to continue this development with a bit lower cost. Also, when you take into account that fish feed seems to be more expensive, at least to the end of the year. White fish, good performance.

Speaker #2: So, summing up, I would say we have had good biological performance. We have had a summer with lower temperatures than normal. I would say this is bringing our biomass into a better state as we head into the autumn.

Speaker #2: We are a bit optimistic in terms of improving our performance this autumn compared with last autumn. In 2025, cost per kilo is down from the first quarter to the second quarter.

Speaker #2: And we are also expecting to be able to continue this development with a bit lower cost. Also, when you take into account that fish feed seems to be more expensive, at least until the end of the year.

Speaker #2: White fish performance is good. I would also say it's very positive that the land-based industry is showing improvements, which makes the total picture better.

Arne Møgster: I would say also it is very positive that the land-based industry are also showing improvements, which does the total pictures better. You see the recommendation both for cod and haddock for next year will probably continue a new path with a bit better development on the cod quota, which is important in particular for this segment. Then in Peru, we are expecting that 2026 is going to be a challenging year. I would say the most exciting this year, if it is going to be a second season or not. If it is going to be a second season, I think it is going to be less than it will be on a normal year but at very high prices.

Speaker #2: And you see the recommendation both for cod and haddock for next year. We'll probably continue on a new path, with somewhat better development on the cod quota.

Speaker #2: Which is important, in particular for this segment. Then, in Peru, we are expecting that 2026 is going to be a challenging year. And I would say the most exciting thing this year is going to be if it's going to be a second season or not.

Speaker #2: If it's going to be a second season, I think it's going to be less than it would be in a normal year, but at very high prices.

Speaker #2: And both Chile and our activity in the North Atlantic are contributing, due to the fact that there is less volume and we are achieving fantastic prices.

Arne Møgster: Both Chile and our activity in the North Atlantic is contributing by the fact that there is less volume, and we are achieving fantastic prices both for fish meal, fish oil, and also for frozen at the time. So all in all, it is fair to say that although that Peru is down, we expect a better quarter in Q3 than we did Q3 last year. Also, I would say on the pelagic side that although the reduction is down in Peru, will be offset by the price achievements we have both in Chile and in the North Atlantic compared with H2 last year. Thank you, and have a good day.

Speaker #2: Both for fishmeal, fish oil, and also for frozen at the time. So, all in all, it's fair to say that although Peru is down, we expect a better quarter in the third quarter than we did in the third quarter last year.

Speaker #2: And also, I would say on the pelagic side that although the reduction of is down in Peru, it will be offset by the price achievements we have both in Chile and in the North Atlantic.

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Q2 2026 Austevoll Seafood ASA Earnings Call - Pre-Recorded

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