Austevoll Seafood ASA

Investor Presentation • May 15, 2024

Britt Kathrine Drivenes - CFO

Highlights

(Amounts in NOK million)	Note	Q1 2024	Q1 2023	2023
Operating revenue and other income		8 373	8 002	33 774
EBITDA (adj.)	7	1 660	1 627	5 269
EBIT (adj.)	7	1 160	1 174	3 360
EBIT (adj.) incl. income from associates	5	1 221	1 240	3 645
Earnings per share (adj.)	*	1,8	2,4	1,3
Total assets		53 645	50 267	52 990
Equity ratio		52 %	59 %	51 %
Net interest bearing debt		6 993	5 511	6 715
EBITDA (adj.) incl. 50% of Pelagia Group		1 796	1 820	6 129
EBITDA (adj.) from salmon/whitefish		1 234	1 337	4 831
EBITDA (adj.) from pelagic segments		562	483	1 298

The Board has recommended to the annual shareholders meeting in 2024 a dividend of NOK 4.50 per share.

(NOK 5.50 per share in 2023)

* Before fair value adjustments related to biological assets

Operation overview

	PERU	CHILE	NORTH ATLANTIC	AUSTEVOLL SEAFOOD GROUP
PELAGIC FISHING	7% 18 of Anchovy quota Fishing vessels Centre-north	4 8.6%of Fishing vessels Pelagic fishing quota	4 Fishing vessels	350,000 - 450,000 MT of pelagic fish caught annually (26 vessels)
PELAGIC PROCESSING	5 Processing plants	3 Processing plants	25 Processing plants*	1.6 – 2.0 Million MT of raw material annually 33 Processing plants
WHITEFISH			11%Whitefish quota (NO) 10Fishing vessels 8 Processing plants	90,000 - 110,000 MT of whitefish (10 vessels) 8 Processing plants
SALMON			Norway: Salmon licenses • Incl. salmon operation UK*	190,000 - 210,000 MT of salmon
SALES	Integrated sales organisation	Integrated sales organisation	Integrated sales organisation	Wholesale with global sales & distribution

*Associated companies

Pelagic

Austral Group S.A.A. FoodCorp Chile S.A. Pelagia Holding AS (associated)

Biomass and quota evolution

Peruvian anchoveta

Summer cruise biomass and 1st season quota

Operation in Peru

Austral Group S.A.A

Fishmeal/fish oil

1st season 2024

• Centre/North

• o 2.47 million MT quota established vs. no quota same season in 2023
• o Season started 16 April
• o Early days evidence partial recovery of fish oil yields (3.1% vs. 3.9% historic average 1st season 2018 to 2022)
• o Daily catch levels in initial 3 weeks highest in last 8 years 1st season

• South

o Niño continued to affect fishing in Q1

Direct Human Consumption

o Austral catch to date 3,280 MT (11,712 1st trimester 2023)

Seafood ASA

www.auss.no

Operation in Chile

FoodCorp Chile S.A.

Own catch:

Jack mackerel

• Global quota for 2024 increasing 15% to 1,242 KMT and 819.72 KMT for Chile
  • o FoodCorp's quota in 2024 increases to 65.1 KMT
  • o Record catches in Q1 2024

Purchases:

• Sardine/anchovy
  • o Low availability of fish due to seawater conditions (El Niño)
  • o Lower fat content, compared to exceptional Q1 2023

Harbor strike could influence shipping volumes in Q2 2024

Volume '000 MT		Q1 2024 Q1 2023	2024E	2023
Own catch: Mackerel and other species	46	44	110	79
Purchase: Sardine/anchovy G. squid/mackerel/others	8 -	20 2	20 -	40 1
Total ('000 MT)	54	65	130	120

North Atlantic pelagic quotas

(2013-2024E)

* incl. horse-mackerel, sand eel, Norway pout, and boar fish

Pelagia Holding AS

Marine protein and oil (MPO)

• Good production in Q1 2024
  • o Main season for blue whiting; giving good volume
  • o Trimmings from herring and capelin
  • o Salmon based raw material stable (protein concentrate/oil)
• Seasonal lower activity expected in next quarter
  • o Still some volume of blue whiting, herring trimmings and sand eel are expected
• Stable market for both marine protein and oil

Austevoll Seafood ASA

www.auss.no

Pelagia Holding AS

Direct Human Consumption

Volume ('000 MT)	Q1 2024	Q1 2023	2024E	2023
Raw material intake	109	125	380	390

• Production in Q1 below expectations
  • o NVG herring quota reduction(2024) resulting in lower Q1 production
  • o Lower volume of Atlantic mackerel due to landing obligation in the UK
  • o Good activity on capelin
• Seasonal low activity in Q2
  • o North Sea herring production from May
• Market
  • o Stable sales to most markets
  • o Stronger competition due to lower quota on main species i.e., NVG and mackerel
  • o Stock position: ok

Pelagia Holding AS

(100% figures)

(Amounts in NOK million)		Q1 2024	* Q1 2023	2023
Revenue and other income		2 960	3 043	13 001
EBITDA (adj)		272	386	1 721
EBIT (adj.)		168	289	1 303
EBIT (adj.) margin		6 %	10 %	10 %
Total assets		11 066	9 804	10 042
Net interest bearing debt		4 980	4 145	4 483
Raw material
FOOD	1,000 MT	109	125	390
FEED	1,000 MT	380	353	991
Sales volumes
Frozen/fresh	1,000 MT	63	84	265
FM/FPC/Oil	1,000 MT	68	72	336

*

Associated company, AUSS share = 50%

Salmon / Whitefish

Lerøy Seafood Group ASA

Lerøy Seafood Group ASA

Q1 2024

• Operational EBIT MNOK 842 (Q1/23: MNOK 989)
  • o Lerøy Havfisk & LNWS operational EBIT MNOK 187(Q1/23: MNOK 229)
• Slaughtered volume salmon and trout 26,376 GWT (Q1/23: 28,602 GWT)
• Spot prices up NOK 5/kg y-o-y
• EBIT/kg all incl. (excl. EBIT Lerøy Havfisk & LNWS) of NOK 24.9 vs. Q1/23: NOK 26.6
• Contract share of 50% (Q1/23: 18%)
• NIBD MNOK 5,538 at end of Q1/24 (Q1/23: MNOK 4,302)

Lerøy Seafood Group ASA

Salmon / trout farming volumes

	2019 GWT	2020 GWT	2021 GWT	2022 GWT	2023 GWT	2024E GWT	2025 Target GWT
Lerøy Aurora AS	32 800	35 000	44 000	~40 100	~43 100	~47 000	~50 000
Lerøy Midt AS	64 800	67 900	72 600	~68 800	~61 300	~70 000	~80 000
Lerøy Sjøtroll	60 600	68 000	70 000	~65 700	~55 200	~58 000	~70 000
Total Norway	158 200	170 900	~186 600	~174 600	~159 600	~175 000	~200 000
Scottish Seafarms (LSG 50% share )	12 900	12 000	~16 200	~18 000	~12 400	~18 500
Total Group	171 100	182 900	~202 800	~192 600	~172 000	~193 500

Lerøy Seafood Group ASA – Wild catch

Q1 2024

Q1-24	Q1-23	Remaining quota 2024	Remaining quota 2023
6,7	8,0	6,3	11,7
7,1	5,7	9,8	11,4
5,0	7,3	1,1	3,3
1,4	-
4,0	4,3
24,1	25,3	17,2	26,4

Catch volumes in 1,000 MT

• Good catch volumes but impacted by lower quotas
• Historical high cod prices in Q1 2024
• Cod quota down 34% and haddock down 43% in 2024 compared to 2023. Will impact profitability in 2024
• New regulations on quotas ("Kvotemelding") approved by the Norwegian Storting which will allocate quota from the trawling fleet to the coastal fleet

Financials

Q1 2024

Catch, purchase and farming

(100% volumes)

Figures in 1,000 tonnes	Q1 2024	Q1 2023	2024E*	2023
Group companies:
Norway (whitefish)	24	25	65	76
Norway (pelagic)	21	14	38	37
Chile own catch	47	43	110	79
Chile purchase	8	22	20	41
Peru own catch	12	47	319	129
Peru purchase	7	14	95	56
Total Group companies	120	164	647	417
Joint ventures:
Europe purchase (FOOD)	109	125	380	390
Europe purchase (FEEDl)	380	353	935	991
Totalt Joint venture:	489	478	1 315	1 380
Total wild catch	608	642	1 962	1 797
Salmon/trout (GWT)*	33	34	202	179
Total Group	642	676	2 164	1 976

* Incl. 50% of the Scottish Sea Farms volumes

Key financial figures Q1 2024 (incl. 50% of Pelagia group)

* Information related to APM, see note 7 under appendix

Key financial figures Q1 2024

(Amounts in NOK million)	Note	Q1 2024	Q1 2023	Δ%	Q1 2024	Q1 2023	Δ%
Operating revenue and other income		8 373	8 002	5 %	9 853	9 523	3 %
EBITDA (adj.)	7	1 660	1 627	2 %	1 796	1 820	-1 %
EBITDA(adj.) margin		20 %	20 %		18 %	19 %
Depreciation		500	453
Income from associates		62	66			Incl. AUSS 50% proportional share of Pelagia	Group
EBIT (adj.) incl.income from associates		1 221	1 240	-1 %
Other income and expenses	7	39	21
Fair value adj. related to biological assets		62	460
Operating profit (EBIT)		1 245	1 679	-26 %
Profit before tax and fair value adj.		1 019	1 116	-9 %
Profit before tax		1 085	1 568	-31 %
Income tax expenses		-346	-344
Net profit		739	1 223	-40 %
EPS (adj.)*	NOK	1,8	2,4
Earnings per share (EPS)	NOK	2,0	3,3

Q1 2024	Q1 2023	മം
9 853	9 523	3 %
1 796	1 820	-1 %
18 %	19 %

Incl. AUSS 50% proportional share of Pelagia Group

* Before fair value adj. related to biological assets

Fair value adjustment biological assets:

(Amounts in NOK million)	Q1 2024	Q1 2023
Portfolio companies	62	460
Associates	4 -	8

Lerøy Seafood Group ASA

(Amounts in NOK million)		Q1 2024	Q1 2023	2023
Revenue and other income		7 108	6 975	30 906
EBITDA (adj)		1 234	1 337	4 831
EBIT (adj.)		842	989	3 335
EBIT (adj.) margin		12 %	14 %	11 %
Total assets		41 019	38 644	41 419
Net interest bearing debt		5 538	4 302	5 209
Slaugthered volume	GWT	26 376	28 602	159 620
EBIT (adj.)/kg ex wild catch	NOK	25	26,6	19,2
Havfisk catch volume	MT	24 093	25 269	75 893
EBIT (adj.)/kg wild catch	NOK	187	229	284

Farming highlights

• o Seasonally low harvest volume in Q1 2024
  • o Impact cost per kg harvested
  • o High spot prices, but price achievement impacted by contracts and quality downgrade
  • o Contract share of 50% (Q1 2023: 18%)

Wild catch highlights

• o Good catch volumes but impacted by lower quotas
  • o Historical high cod prices in Q1 2024
• o Cod quota down 34% and haddock down 43% in 2024 compared to 2023
  • o Will impact profitability in 2024
• o High prices on raw material is a challenge for the processing-activity

Austral Group S.A.A.

(Amounts in NOK million)		Q1 2024	Q1 2023	2023
Revenue and other income		570	465	1 000
EBITDA (adj)		115	50	-183
EBIT (adj.)		57	-9	-418
EBIT (adj.) margin		10 %		-42 %
Total assets		3 500	3 111	3 109
Net interest bearing debt		1 191	778	1 229
Raw material	1,000 MT	19,8	60,2	184,1
Sales volumes:
Fishmeal	1,000 MT	20,2	20,3	36,8
Fish oil	1,000 MT	0,6	0,6	1,2
Frozen/fresh	1,000 MT	4,2	6,6	22,5

Raw material intake

• 2nd season 2023 stopped mid-January 2024
• Seasonal low activity

Sales

• Sales volumes in line with same quarter 2023
  • o Fishmeal prices up 13% y-o-y
  • o Fish oil prices up 172% y-o-y

Inventory by end Q1/2024:

• Fishmeal 30 MT (Q1/2023: 3,400 MT)
• Fish oil 0 MT (Q1/2023: 300 MT)

FoodCorp Chile S.A.

(Amounts in NOK million)		Q1 2024	Q1 2023	2023
Revenue and other income		325	282	966
EBITDA (adj)		122	121	225
EBIT (adj.)		108	110	176
EBIT (adj.) margin		33 %	39 %	18 %
Total assets		1 720	1 554	1 435
Net interest bearing debt (cash)		-40	-171	-51
Raw material	1,000 MT	54,6	65,1	119,5
Sales volumes:
Fishmeal	1,000 MT	2,7	1,6	9,9
Fish oil	1,000 MT	-	0,8	4,9
Frozen/fresh	1,000 MT	24,7	21,4	47,7

Raw material intake

• Good start of the horse mackerel season
• Reduction of catches of sardine/anchovy compared to Q1 2023
  • Fish oil yield lower y-o-y

Sales

• Higher sales volume frozen y-o-y
  • o Price achievement up y-o-y

Inventory by end Q1/2024:

o Frozen 4,400 MT (Q1/2023: 13,000 MT)

NIBD (+)/cash positive (-)

Br. Birkeland Farming AS

(Amounts in NOK million)	Q1 2024	Q1 2023	2023
Revenue and other income	314	243	789
EBITDA (adj)	123	124	331
EBIT (adj.)	106	107	268
EBIT (adj.) margin	34 %	44 %	34 %
Total assets	1 452	1 361	1 413
Net interest bearing debt (cash)	-113	-23	-67
Slaugthered volume GWT	3 213	2 425	7 416
EBIT (adj.)/kg NOK	33,1	44,3	36,2

• Harvested volume (GWT)
  • o Harvested volume up 32% y-o-y
    • o Spot prices up NOK 5/kg y-o-y
  • o High harvest weights, but price achievement impacted by quality downgrades
    • o Affected by string jellyfish in Q4 2023

• Biomass at sea

o End Q1/2024 at 4,956 LWT (Q1/2023: 4,146 LWT)

NIBD (+)/cash positive (-)

Br. Birkeland AS

(Amounts in NOK million)	Q1 2024	Q1 2023	2023
Revenue and other income	155	90	357
EBITDA (adj)	70	17	91
EBIT (adj.)	54	2	28
EBIT (adj.) margin
Total assets	709	679	680
Net interest bearing debt	46	63	24
Wild catch (pelagic) 1,000 MT	21,2	14,0	36,8
Wild catch (snowcrab) 1,000 MT	0,8	0,7	0,7

Pelagic

• o Good start of the year
• o The vessels have caught blue whiting and capelin
  • o Earlier start of the blue whiting season y-o-y
  • o 100% of the quota blue whiting caught in Q1 2024
• o Br. Birkeland AS has entered into an agreement to sell the Pelagic activity
  • o Subject to completion of the shares sales this will give a cash effect of MNOK 1,960
  • o AUSS owns 42.9% of the shares in Br. Birkeland AS

Snow crab

• o The season finished mid-March (2023: early April)
  • o Prices up y-o-y
• o No activity for the snow crab vessels for the remaining part of the year

Statement of financial position

			(audited)
(MNOK)	31.03.2024	31.03.2023	31.12.2023
Intangible assets	12 558	12 177	12 265
Tangible fixed assets	11 359	10 621	11 097
Right-of-use assets	3 037	3 205	3 043
Financial non-current assets	4 042	3 876	3 803
Total non-current assets	30 996	29 880	30 209
Biological assets at cost	6 504	5 578	6 030
Fair value adjustment of biomass	2 789	3 177	2 745
Other inventory	2 827	3 122	3 090
Receivables	4 717	4 027	5 441
Cash and cash equivalents	5 812	4 484	5 475
Total current assets	22 649	20 387	22 781
Total assets	53 645	50 267	52 990
NIBD ex. right-of-use assets liabilities	6 993	5 511	6 715
NIBD incl. right-of-use assets liabilities	8 774	7 341	8 434
Equity	28 056	29 807	27 042
Equity ratio	52 %	59 %	51 %

Cash flow

(MNOK)	Q1 2024	Q1 2023	2023
Pre tax profit	1 085	1 568	2 845
Biomass adjustment	-62	-460	-77
Taxes paid	-443	-103	-739
Depreciation and impairments	501	452	2 051
Associated companies	-62	-66	-285
Interest (net)	152	116	527
Working capital	-575	-1 057	-1 121
Cash from operating activities	595	450	3 202
Net investment in capex	-470	-471	-1 968
Acquisitions and divestments	7	-74	-2
Dividends received	0	0	228
Others	-21	25	220
Cash from investing activities	-484	-520	-1 521
Change in long term loans	170	-172	1 802
Change in short term loans	252	481	314
Dividends	-28	-22	-1 905
Others	-180	-94	-761
Cash from financing activities	214	193	-551
Cash at the beginning of the period	5 475	4 340	4 340
Net change in cash (incl.exchange gain/losses)	337	144	1 135
Cash at the end of the period	5 812	4 484	5 475

The Board has recommended to the annual shareholders meeting in 2024 a dividend of NOK 4.50 per share.

(NOK 5.50 per share in 2023)

Outlook

Fishmeal

Fishmeal production - week 16 (cumulative)1

Regions	2024	2023	Change %
Chile#	162,240	168,265	-3.6 %
Peru	103,179	138,016	-25.2 %
Danmark/Norway	96,092	120,088	-20.0 %
Iceland/North Atlantic*	117,737	149,223	-21.1 %
Total	479,248	575,592	-16.7 %

Source: IFFO All numbers are preliminary and subject to revision # Includes salmon-derived meal *Includes U.K., Ireland and Faroe Islands

Weekly average Peruvian fishmeal FOB prices (US\$/MT) ¹

• Production IFFO Fishmeal production decreased 16.7% y-o-y, Peru 25.2% down vs. 2023
  • High expectation for future Peruvian production linked to good quota (2.47 million tonnes) and a good fishing start
  • USD 1,595/MT for Standard (65%) ¹

Prices (FOB Peru)

• USD 1,845/MT for Super Prime (68%)1
• Demand Feed producers looking to cover their demand from Q3 onwards
  • Hand-to-mouth purchases, following closely fishing landings and quality outputs

All prices and figures shown are only for statistical purposes and should not be taken as a reference Source: IFFO, week 16¹ , 2024

Fishmeal

Main market – China

• Stock in China at ports according JCI:
  • o 268,550 MT2, +9% vs.same period 2023
  • o Off takes: 24,200 MT/week, +10% vs.same period 2023
• Current Chinese stock prices:
  • o Quoted at RMB 16,300/MT equivalent super prime 68% USD 2,190/MT FOB Peru2
  • o Yuan exchange rate: 7.24 RMB/USD increased 5% Y-o-Y

All prices and figures shown are only for statistical purposes and should not be taken as a reference Source: IFFO, week 161, 2024, JCI report 2 dated 30.04.2024

Fish oil

Fish oil production - week 16 (cumulative)1

Regions	2024	2023	Change %
Chile#	52,277	80,463	-35.0 %
Peru	9,784	6,431	52.1 %
Danmark/Norway	18,908	19,345	-2.3 %
Iceland/North Atlantic*	18,791	29,212	-35.7 %
Total	99,760	135,451	-26.3 %

Source: IFFO All numbers are preliminary and subject to revision # Includes salmon-derived meal *Includes U.K., Ireland and Faroe Islands

Weekly average Peruvian fish oil FOB prices (US\$/MT) ¹

• Production IFFO Fish oil production decreased 26.3% y-o-y, Peru 52.1% up vs. 2023
  • The onset of the new NC I-2024 season in Peru has indicated a rebound in yields.

Prices (FOB Peru)

• Feed grade: USD 7,000/MT¹
• Omega-3 grade: USD 10,000/MT¹

Atlantic salmon supply

(in tonnes WFE )

Year	2019		2020		2021		2022		2023		2024		2025
Region	Volume		Change Volume		Change Volume	Change Volume		Change Volume		Change Volume		Change Volume		Change
Europe	1 650 500	9.7 %	675 900	1.5 %	1 895 500	13.1 %	1 836 800		-3.1 % 1 774 000	-3.4 %	1 827 500	3.0 %	1 928 500	5.5 %
Norway	333 400	6.4 %	370 000	2.7 %	533 400	11.9 %	517 100		-1.1 % 1 479 300	-2.5 %	491 700	0.8 %	577 900	5.8 %
United Kingdom	190 500	25.2 %	178 300	-6.4 %	199 200	11.7 %	160 800	-19.3 %	152 100	-5.4 %	168 300	10.7 %	174 100	3.4 %
Faroe Islands	86 600	20.8 %	80 600	-6.9 %	105 500	30.9 %	99 600	-5.6 %	89 400	-10.2 %	103 700	16.0 %	104 000	0.3 %
lceland	24 500	80.1 %	31 200	27.3 %	500 41	33.0 %	42 900	3.4 %	38 700	-9.8 %	47 300	22.2 %	55 500	17.3 %
Ireland	15 500	% 8.4	15 800	1.9 %	15 900	0.6 %	16 400	% 3.1	14 500	-11.6 %	16 500	13.8 %	17 000	3.0 %
Americas	926 800	4.1 %	1 036 800	11.9 %	997 900	-3.8 %	1 026 900	2.9 %	021 600	-0.5 %	992 100	-2.9 %	1 010 500	1.9 %
Chile	690 300	4.6 %	778 500	12.8 %	718 300	-7.7 %	753 300	4.9 %	766 000	1.7 %	719 400	-6.1 %	711 600	-1.1 %
Canada	136 700	-1.4 %	137 200	0.4 %	139 500	1.7 %	133 200	-4.5 %	110 100	-17.3 %	117 500	6.7 %	124 000	5.5 %
Australia	60 900	-2.2 %	82 800	36.0 %	87 800	6.0 %	88 500	0.8 %	90 000	1.7 %	91 200	1.3 %	92 400	1.3 %
Others	18 100	70.8 %	18 300	% 1.1	33 300	82.0 %	32 400	-2.7 %	37 000	14.2 %	46 000	24.3 %	63 500	38.0 %
USA	20 800	9.5 %	20 000	-3.8 %	19 000	-5.0 %	19 500	2.6 %	18 500	-5.1 %	18 000	-2.7 %	19 000	5.6 %
Total	2 577 300	7.6 %	2 712 700	5.3 %	2 893 400	6.7 %	2 863 700		-1.0 % 2 795 600	-2.4 %	2 819 600		0.9 % 2 939 000	4.2 %

SPOT prices, fresh Atlantic salmon

cross-section, FCA Oslo (Superior quality) as of week 18-2024

Q1 31 25 18 21 23 24 229 28 26 29 34 40 27 36 47 41 58 65 60 61 109
Q2 35 25 22 20 24 26 40 26 26 36 41 38 28 42 40 38 64 67 68 62 58 63 105													105 129
Q3 32 22 20 19 22 28 35 25 28 32 39 27 26 38 35 41 60 56 55 49 47 55 669 77
Q4 25 17 21 21 21 22 27 22 26 26 38 23 42 66 49 55 56 43 60 72 81
Total 31 23 21 20 22 26 33 26 22 31 31 38 32 22 27 41 40 44 62 59 59 57 53 57 79 88 112

Atlantic salmon consumption

Q1 - 2024

Market	2021 - -	2022	2023 - - -			2024 Growth Growth %
EU			301 984
Others			198 097		-1.290	-0.7 %
USA			155 577			-2.1 %
Russia			26 692			-1.829 - -12.2 %
Japan	18 577		15 822	11 583		-1.144
Total			700 927

Figures as per 10.05.2024 - Source: Kontali

Conclusion

Salmon / Whitefish

Salmon

• Positive start of 2024 after a challenging 2023
• Expect to see significant improvements from:
  • Roe and smolt quality
  • New farming technology
  • Process improvement/implementing Lerøy Way
• Contracts share 2024 as of today around 25%
• Increased demand for integrated sustainable value chain
• Expect harvest volumes of around 193,500 GWT in 2024, including joint ventures

Whitefish

• Challenging quota situation into 2024
  • Cod down 34% compared to 2023
  • Haddock down 43% compared to 2023
  • Outlook for quota for 2025 as of today is further reduction

Conclusion

Pelagic

South America

• 2nd season 2023 in Peru stopped mid-January 2024
  • o As normal seasonal low activity in Q1 2024
• 1st season 2024 in Peru started up 16 April
  • o Quota set at 2,475,000 tonnes
  • o Good start of the season
• Good start of the horse mackerel season in Chile
  • o 15% increase in the quota for horse mackerel y-o-y
  • o Expect a record high quota of 110,000 MT (own and purchased from 3rd party)
• Slow start of the sardine/anchovy season compared to same season 2023

Conclusion

Pelagic

North Atlantic (Pelagia Holding AS, an associated company)

• Good production in Q1 2024 for the FEED segment
  • o Main season for blue whiting; giving good volume
• Production in Q1 2024 below expectations for the FOOD segment
  • o NVG herring quota reduction (2024) resulting in lower Q1 production
  • o Lower volume of Atlantic mackerel due to landing obligation in the UK
• Lower sales volume y-o-y
  • o Higher reserves in inventory compared to same period 2023
• ICES recommendation for 2024:
  • Increased quota for:

o	Blue whiting	+13%
---	--------------	------

• o North Sea herring +29%
• o Barents Sea capelin +216%
• Decrease in quota for

o	Mackerel	-5%

• o NVG herring -24%
• o Icelandic capelin -100%

Disclaimer

• This Presentation has been produced by Austevoll Seafood ASA (the "Company" or "Austevoll") solely for use at the presentation to the market held in connection with the announcement of first quarter results for 2024.
• This document contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. Neither The Company or any of their respective group of companies or any such person's officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. The Company assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to our actual results.
• An investment in the company involves risk, and several factors could cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements that may be expressed or implied by statements and information in this presentation, including, among others, risks or uncertainties associated with the company's business, segments, development, growth management, financing, market acceptance and relations with customers, and, more generally, general economic and business conditions, changes in domestic and foreign laws and regulations, taxes, changes in competition and pricing environments, fluctuations in currency exchange rates and interest rates and other factors.
• Should one or more of these risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this presentation. The company does not intend, and does not assume any obligation, to update or correct the information included in this presentation.
• No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, none of the Company or any of their group companies or any such person's officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document.
• By attending the quarterly presentation or upon reading the Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company's business.
• This Presentation is dated 15.05.2024. Neither the delivery of this Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date.

Appendix

Income from joint ventures and associates

	Share of net
All figures in MNOK	profit	Q1 2024	Q1 2023	2023
Norskott Havbruk AS a)	50 %	33	-17	-168
Pelagia Holding AS b)	50 %	13	75	388
Others		15	7	65
Income from JV and associates		62	66	285
Fair value adj. related to biological assets		-4	8	-6
Income from JV and associates before fair value adj.		58	75	279
Investment in JV and associates:
Norskott Havbruk AS		1 186	1 250	1 107
Pelagia Holding AS		2 029	1 918	1 980
Others		500	442	485
Total investment		3 715	3 610	3 572
Dividend received from JV and associates
Norskott Havbruk AS		-	-
Pelagia Holding AS		-	-	225
Others		-	-	3
Total dividend received		-	-	228

a) Lerøy Seafood Group ASA owns 50% of Norskott Havbruk AS

b) Austevoll Seafood ASA owns 50% of Pelagia Holding AS

Associated companies

Pelagia Holding AS (100% figures)

AUSS`s share = 50%

(Amounts in NOK million)		Q1 2024	Q1 2023	2023
Revenue and other income		2 960	3 043	13 001
EBITDA (adj)		272	386	1 721
EBIT (adj.)		168	289	1 303
EBIT (adj.) margin		6 %	10 %	10 %
Total assets		11 066	9 804	10 042
Net interest bearing debt		4 980	4 145	4 483
Raw material
FOOD	1,000 MT	109	125	390
FEED	1,000 MT	380	353	991
Sales volumes
Frozen/fresh	1,000 MT	63	84	265
FM/FPC/Oil	1,000 MT	68	72	336

Associated companies

Norskott Havbruk AS (100% figures)

LSG's share = 50%

(Amounts in NOK million)		Q1 2024	Q1 2023	2023
Revenue and other income		848	506	2 561
EBITDA (adj)		187	57	53
EBIT (adj.)		138	9	-304
EBIT (adj.) margin		16 %	2 %
Total assets		6 464	5 815	6 132
Net interest bearing debt		3 015	2 391	2 803
Slaugthered volume	GWT	7 297	5 170	24 884
EBIT (adj.)/kg ex wild catch	NOK	18,9	1,7	-12,2

• Improved biological status in all regions
• Harvest volumes up 41% y-o-y with significant improvement in profitability
• 45% of volumes sold on contracts with negative impact on price realisation
• Lower cost level expected in Q2 2024
• Guidance for 2024 remains at 37,000 GWT

Note 7 Alternative Performance Measures (APMs)

Austevoll Seafood Group's financial statements are prepared in accordance with international standards for financial reporting (IFRS) and interpretations established by the International Accounting Standards Board (IASB) and adopted by the EU. In addition, the Board and management have chosen to present certain alternative performance measures to aid understanding of the Group's development. The Board and management are of the opinion that these performance measures are sought and utilised by investors, analysts, credit institutions and other stakeholders. The alternative performance measures are derived from the performance measures defined in IFRS. The figures are defined below. They are calculated consistently and presented in addition to other performance measures, in line with the Guidelines for Alternative Performance Measures from the European Securities and Markets Authority (ESMA).

EBITDA (adj.) and EBIT (adj.) former Operating EBITDA and operating EBIT

EBITDA (adj.) and EBIT (adj.) are two alternative performance measures used by the Group that are commonly used within aquaculture. In order to provide the information required by management, investors and analysts regarding performance and industry comparability, the Group has now implemented the two specified alternative performance measures. These replace the previous alternative performance measures operating profit/loss before fair value adjustments related to biological assets and operating profit/loss before depreciation and fair value adjustments related to biological assets.

Certain items have been excluded from EBITDA (adj.) and EBIT (adj.). The most significant of these items is fair value adjustment related to biological assets. This is excluded because it has nothing to do with the Group's operating performance. The change in fair value derives from changes in forward prices for salmon, published by Fish Pool. Another item excluded is provision for onerous contracts. This item is indirectly related to biological assets, as the loss is calculated based on the increased value of fish in the sea as a result of fair value adjustment. Production fees on the harvest volume of salmon and trout, which were introduced in 2021, are also excluded.

This is because production fees are tax-related. Production fees were introduced as an alternative to resource rent tax. Also excluded are one-off events not expected to happen again, such as settlement costs. A materiality limit of NOK 15 million is applied for the LSG group. These types of costs are not considered relevant to the current operating activity and hence not relevant to persons wanting to analyse operating profit in the period. Finally, unrealised internal gains associated with inventories are also excluded. Feedback from investors and analysts suggests that this accrual item has interfered with evaluation of operating profit for the period. Since this item is insignificant to profit for the period, it has been excluded from the two alternative performance measures.

The Group has investments in joint ventures and associates that are significant enterprises in their segments and represent substantial values for Austevoll Seafood ASA. Revenue from joint ventures and associates is therefore shown in a separate line and included in EBIT (adj.) incl. income from associates.

				(audited)
(Amounts in NOK million)	Note	Q1 2024	Q1 2023	2023
Operating revenue and other income	4	8 373	8 002	33 774
Raw material and consumable used		4 149	3 954	18 610
Salaries and personnel expenses		1 360	1 294	4 857
Operating expenses		1 204	1 127	5 038
EBITDA (adj.)	7	1 660	1 627	5 269
Depreciation		500	453	1 909
EBIT (adj.)	7	1 160	1 174	3 360
EBIT (adj.) margin		14 %	15 %	10 %
Income from associates		62	66	285
EBIT (adj.) incl. income from associates		1 221	1 240	3 645
Other income and expenses		39	21	284
Fair value adj. related to biological assets	3	62	460	77
Operating profit (EBIT)		1 245	1 679	3 438
Net interest expenses		-152	-116	-527
Net other financial items		-7	4	-65
Profit before tax		1 085	1 568	2 845
Income tax expenses		-346	-344	-2 501
Net profit		739	1 223	344
Profit to non-controlling interest		338	554	52
Profit to controlling interest		401	669	292
EPS (adj.)*	NOK	1,8	2,4	1,3
Earnings per share (EPS)	NOK	2,0	3,3	1,4
Diluted EPS	NOK	2,0	3,3	1,4
Other income and expenses
(Amounts in NOK million)		Q1 2024	Q1 2023	2023
Impairment		0	0	142
Production tax (aquaculture)		28	17	129

Change in unrealised internal margin 11 4 -2 Other non-operational items 0 0 15 Total other income and expenses 39 21 284

Note 9 New Resource rent tax on Aquaculture from 1 January 2023

On 31 May 2023, the Norwegian parliament approved an additional resource rent tax on aquaculture with a tax rate of 25%. The tax scheme applies to net profits from commercial sea-phase salmon aquaculture activity and is an additional layer for taxation on aquaculture. The resource rent tax is in addition to the regular corporate tax of 22%, and gives a total tax rate on aquaculture of 47%. This new tax scheme was implemented retrospectively with effect from 1 January 2023.

TOTAL TAX EXPENSES IN COMPREHENSIVE INCOME	Q1 2024	Q1 2023
Regular corporate tax	-289	-344
Resource rent tax incl. implementation effect (payable and deferred tax)	-58	0
Income tax expenses in comprehensive income	-346	-344

Tax expense (-)/tax income (+)

From 1 January 2024 , the production fee per kg of farmed Atlantic salmon in Norway is NOK 0.935/kg.

Furthermore, as of 1 January 2023, the production fee is no longer deductible for the purpose of calculating ordinary corporate income tax in Norwa The fee is, however, deductible for the purpose of calculating the Norwegian resource rent tax payable.

SPECIFICATION OF RESOURCE RENT TAX AND PRODUCTION FEE	Q1 2024	Q1 2023
Resource rent tax (payable and deferred tax)	-58	-
Resource rent tax - implementation effect (deferred tax)	0	-
Total resource rent tax incl. implementation effect	-58	0
Production tax recognised in the period	-28	-17
Total resource rent tax and production tax for the period	-85	-17

Tax expense (-)/tax income (+)