Austevoll Seafood ASA

Earnings Release • Nov 14, 2024

Financial report Q3 2024

Financial report Q3 2024

The Group reported revenue of NOK 9,299 million in Q3 2024, compared with NOK 8,566 million in Q3 2023. The increase in revenue stems from Austral Group. Good execution of a normalised first fishing season in Peru led to significantly higher sales volumes of end products in Q3 2024 compared with the same period of last year.

Adjusted EBITDA in Q3 2024 was NOK 1,192 million, up from NOK 1,011 million in Q3 2023. The growth in earnings is mainly explained by the factors mentioned above. It is pleasing to see that normalisation of fishery in Peru is generating strong earnings in Austral Group. There has been a decline in earnings from LSG, mainly driven by lower prices realised for salmon and trout.

Adjusted EBIT in Q3 2024 was NOK 686 million, compared with NOK 513 million in Q3 2023.

Norskott Havbruk AS (Scottish Sea Farms) and Pelagia Holding AS are the Group’s two largest joint ventures. Income from associates before fair value adjustment related to biological assets totalled NOK 143 million in Q3 2024 (Q3 2023: NOK 79 million). The equivalent figure including fair value adjustment of biological assets was NOK 117 million (Q3 2023: NOK 89 million). The Group’s joint ventures and associates have generated good results over time, are significant enterprises in their segments and represent substantial values for Austevoll Seafood ASA. Please refer to note 5 for more detailed information on associates.

Adjusted EBIT including revenue from associates was NOK 802 million in Q3 2024, against NOK 603 million in the same period of last year.

Operating profit after fair value adjustment of biological assets and other income and expenses totalled NOK 127 million (Q3 2023: NOK -171 million). Fair value adjustment related to biological assets was negative at NOK -629 million, compared with NOK -710 million in Q3 2023.

The Group’s net interest expense in Q3 2024 totalled NOK -105 million (Q3 2023: NOK -178 million). Net other financial expenses in the quarter totalled NOK 31 million. The equivalent figure in Q3 2023 was NOK -50 million.

The Group reported profit before tax in Q3 2024 of NOK 53 million (Q3 2023: NOK -399 million).

In May 2023, the Storting voted to introduce resource rent tax of 25% on earnings from sea-based production of salmon and trout. The legislation was implemented with retroactive effect from 1 January 2023. The resource rent tax comes on top of ordinary tax of 22%, giving a total tax rate of 47% for the activity concerned/scope of the tax wedge.

Profit after tax in Q3 2024 was NOK 168 million, against NOK -508 million in Q3 2023.

For further information please see attached report and presentation.

Questions and comments may be addressed to the company's CEO, Arne Møgster, or to CFO, Britt Kathrine Drivenes.

This information is subject of the disclosure requirements acc. to Section 5-12 vphl (Norwegian Securities Trading Act).