Austevoll Seafood ASA

Investor Presentation • Feb 28, 2024

Arne Møgster CEO

Britt Kathrine Drivenes CFO

Highlights

All figures in MNOK	Note	Q4 2023	Q4 2022	2023	2022
Operating revenue and other income		8 754	7 639	33 774	31 150
Operational EBITDA	7	1 190	1 092	5 269	6 061
Operational EBIT	7	804	794	3 626	4 845
EPS adj. (NOK)	*	1,6	1,8	1,3	9,9
Total assets				52 825	48 062
Net interest bearing debt				6 715	5 140
Equity ratio				51 %	59 %
Group operational EBITDA incl. 50% of Pelagia		1 410	1 416	6 129	6 907
Operational EBITDA Salmon/whitefish		1 180	1 163	4 831	4 797
Operational EBITDA Pelagic incl. proportional Pelagia		230	253	1 298	2 109

The Board will recommend 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 SEAFOODGROUP
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 operationUK*	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

• Quota established at 1.68 mill. (76% caught) MT vs. 2.28 mill. MT same season 2022 (84% caught)

• Biomass estimated at 7.1 mill. MT in line with historic average

Operation in Peru

Austral Group S.A.A

Fishmeal/fish oil

• Centre/North

• o 2nd season ended with 76% of the quota caught (84% 2022)
  • Significantpresence of juveniles
  • Extensive closure of fishing zones
  • Austral quota caught 86,293 MT 2023 vs.109,167 MT 2022
  • Austral purchases 36,925 MT 2023 vs. 35,537 MT 2022
  • Super/prime 64% 2nd season 2023 vs. 61% 2nd season 2022
  • Combined Fishmeal/Oil yield 24.1% 2nd season 2023 vs. 24.0% in 2nd season 2022 – both seasons very low oil yields

• 1stseason Centre/North 2024

• Expected to be announced April 2024
• South
  • o Full year purchases 12,370 MT 2023 vs. 82,997 MT 2022
  • o Start of 1st season 2024 pending

Volume '000 MT	Q4 2023	Q4 2022	2023	2022	2024E
Own catch
Anchoveta	65	72	108	238	271
Mackerel	1	-	20	9	15
Purchase
Anchoveta	30	31	52	173	63
Mackerel	-	-	3	4	3
Total ('000 MT)	96	103	184	424	352

• Coastal niño forecast to continue to end March

El Niño forecast

• Neutral conditions projected for April, May and June
• Potential weak niña in July and August

Operation in Chile

FoodCorp Chile S.A.

Own catch: Jack mackerel

• Healthy biomass (2023)
  • o Global quota increased by 20% to 1,080 KMT
  • o FoodCorp's quota increased to 56 KMT (+23.5%)
  • o Purchase of 3rd party quota 21 KMT (-38%)
• Global quota for 2024 increasing 15% to 1,242 KMT in 2024 and 824.27 KMT for Chile
  • o FoodCorp`s quota in 2024 increase to 64 KMT

Purchases:

• Sardine/anchovy
  • o Good season, catches and sizes
  • o Very good quality: high fat content

Volume '000 MT		Q4 2023 Q4 2022	2023	2022	2024E
Own catch: Mackerel and other species	18	5	79	80	112
Purchase: Sardine/anchovy G. squid/mackerel/others	3 -	2 -	38 3	25 2	34
Total ('000 MT)	21	7	120	107	146

North Atlantic pelagic quotas

(2013-2024E)

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

Pelagia Holding AS

Marine protein and oil (MPO)

Volume ('000 MT)	Q4 2023	Q4 2022	2023	2022	2024E
Raw material intake for FM/FPC/Oil	172	240	991	880	955

• Low seasonal production in Q4 2023 as expected
  • o Trimmings a main part of raw material in this period
  • o Salmon based raw material stable (protein concentrate/oil)
• Expecting strong activity in Q1 for the Pelagic segment, driven by increased quota on blue whiting and capelin

Austevoll Seafood ASA

www.auss.no

Pelagia Holding AS

Direct Human Consumption

Volume ('000 MT)	Q4 2023	Q4 2022	2023	2022	2024E
Raw material intake	163	138	390	404	394

• Good intake of raw material for Q4
  • o NVG herring with high level of value adding to the European market
  • o Atlantic mackerel with strong focus on the Asian market
• Q1 2024 will also be busy
  • o Mackerel will continue from Q4 until early Feb
  • o Spring spawning herring the first two months
  • o Capelin with quota increase

Pelagia Holding AS

(100% figures)

(MNOK)	Q4 2023	Q4 2022	2023	2022
Revenue and other income	4 207	3 798	13 001	11 282
Operational EBITDA	439	648	1 721	1 691
Operational EBIT	313	554	1 303	1 336
Operational EBIT margin	7 %	15 %	10 %	12 %
Total assets			10 042	9 137
Net interest bearing debt (NIBD)			4 483	4 036
Sales volumes (MT)
Frozen (MT)	98 400	114 000	264 800	304 000
Fishmeal, FPC. Fish oil (MT)	75 500	89 300	336 200	336 000

*

*

Associated company, AUSS share = 50%

Salmon / Whitefish

Lerøy Seafood Group ASA

Lerøy Seafood Group ASA

Q4 2023

• Operational EBIT NOK 765 million (Q4/22: NOK 822 million)
  • o Lerøy Havfisk & LNWS operational EBIT NOK -13 million (Q4/22: NOK -9 million)
• Slaughtered volume salmon and trout 47,483 GWT (Q4/22: 53,310 GWT)
• Spot prices up NOK 4/kg q-o-q and up NOK 9/kg y-o-y
• EBIT*/kg all incl. (excl. EBIT Lerøy Havfisk & LNWS) of NOK 16.4 vs. Q4/22: NOK 15.6
• Contract share of 22% (Q4/22: 36%)
• NIBD NOK 5,209 million at end of Q4/23 (Q4/22: NOK 4,343 million)

Lerøy Seafood Group ASA

Salmon / trout farming volumes

	2017 GWT	2018 GWT	2019 GWT	2020 GWT	2021 GWT	2022 GWT	2023 GWT	2024E GWT
Lerøy Aurora AS	39 200	36 800	32 800	35 000	44 000	~40 100	~43 100	~47 000
Lerøy Midt AS	64 500	66 500	64 800	67 900	72 600	~68 800	~61 300	~70 000
Lerøy Sjøtroll	54 000	58 800	60 600	68 000	70 000	~65 700	~55 200	~58 000
Total Norway	157 800	162 000	158 200	170 900	~186 600	~174 600	~159 600	~175 000
Norskott Havbruk (UK)	15 500	13 700	12 900	12 000	~16 200	~18 000	~12 400	~18 500
Total	173 300	175 800	171 100	182 900	~202 800	~192 600	~172 000	~193 500

Lerøy Seafood Group ASA – Wildcatch

Q4 2023

Catch volumes wild catch	Q4-23	Q4-22	2023	2022
Cod	5,0	5,7	19,5	23,7
Saithe	3,3	2,7	15,5	12,9
Haddock	1,6	1,4	11,3	10,4
Shrimps	-0,0	0,0	9,0	9,3
Other	2,7	3,3	20,6	15,4
Tota	12,5	13,1	75,9	71,7

• Q4/23 operational EBIT on par with Q4/22
  • High catch volumes but on lower value species than same period last year
    • More saithe and red-fish and less cod
  • Prices continues to soften, driven by reduced demand in Europe
• The reduced cod quotas will impact 2024 earnings
• The new regulations on quotas ("Kvotemeldingen") were proposed in January 2024.
• High prices of raw material is challenging for the on-shore industry

Financials

Q4 2023

Catch, purchase and farming

(100% volumes)

Figures in 1,000 tonnes	Q4 2023	Q4 2022	2023	2022	2024E*
Group companies:
Norway (whitefish)	12	13	76	72	69
Norway (pelagic)	9	5	37	32	38
Chile own catch	18	5	79	80	112
Chile purchase	3	2	41	27	34
Peru own catch	66	72	129	247	286
Peru purchase	30	31	56	177	66
Total Group companies	138	128	417	634	605
Joint ventures:
Europe purchase (HC)	163	138	390	404	394
Europe purchase (FM/FPC/Oil)	172	240	991	880	955
Totalt Joint venture:	334	377	1 380	1 284	1 348
Total wildcatch	472	505	1 797	1 919	1 953
Salmon/trout (GWT)*	52	60	179	201	202
Total Group	524	565	1 976	2 120	2 155

* Incl. 50% of the Scottish Sea Farms volumes

Key financial figures Q4 2023

(MNOK)	Note	Q4 2023	Q4 2022	Δ%	Q4 2023	Q4 2022 a)	Δ% a)
Revenue		8 754	7 639	15 %	10 857	9 538	14 %
Operational EBITDA**	7	1 190	1 092	9 %	1 410	1 416	0 %
Depreciation***		497	439
Income from joint ventures and associates		111	140
Operational EBIT**	7	804	794	1 %
Net finance		-117	-44
Profit before tax and fair value adj.	*	572	727
Estimated corporate tax		-165	-66
Estimated resource rent tax (aquaculture)		112	-
Net profit		767	405
Adjusted EPS (NOK)	*	1,6	1,8

	Q4 2023	Q4 2022
Biomass adj group company	250	-210
Biomass adj group associated companies	-2	-46

EPS (NOK) 2,1 1,3

* Before fair value adjustment related to biological assets ** Information related to APM, see note 7 under appendix *** Incl. impairment The Resource rent tax was adopted 31 May 2023. See note 9 in this presentation, and the Financial report for Q4/23, for more information.

Income from joint ventures and associates

	Share of net				(audited)
All figures in MNOK	profit	Q4 2023	Q4 2022	2023	2022
Norskott Havbruk AS a)	50 %	-16	-76	-174	30
Pelagia Holding AS b)	50 %	114	200	388	418
Others		14	17	65	35
Income from JV and associates*		111	140	279	483
Dividend received from JV and associates
Norskott Havbruk AS					-
Pelagia Holding AS Others				225 3	125 6
Total dividend received				228	131

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

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

* ex.fair value adjustment related to biological assets

Key financial figures 2023 (incl. 50% of Pelagia group)

* Information related to APM, see note 7 under appendix

Key financial figures 2023

(MNOK)	Note	2023	(audited) 2022	Δ%	2023	(audited) 2022 a)	Δ% a)
Revenue		33 774	31 150	8 %	40 275	36 790	9 %
Operational EBITDA**	7	5 269	6 061	-13 %	6 129	6 907	-11 %
Depreciation***		1 921	1 698
Income from joint ventures and associates		279	483
Operational EBIT**	7	3 626	4 845	-25 %
Net finance		-592	-307
Profit before tax and fair value adj.	*	2 762	4 226
Estimated corporate tax		-590	-1 142
Estimated resource rent tax (aquaculture)		-1 912	-
Net profit		344	4 285
Adjusted EPS (NOK)	*	1,3	9,9
EPS (NOK)		1,4	12,3

	2023	(audited) 2022
Biomass adj group company	77	1 189
Biomass adj group associated companies	6	12

* Before fair value adjustment related to biological assets ** Information related to APM, see note 7 under appendix *** Incl. impairment The Resource rent tax was adopted 31 May 2023. See note 9 in this presentation, and the Financial report for Q4/23, for more information.

Lerøy Seafood Group ASA

(MNOK)	Q4 2023	Q4 2022
Revenue and other income	8 246	7 112
Operational EBITDA	1 180	1 163
Operational EBIT	765	822
Operational EBIT margin	9 %	12 %
Total assets
Slaugthered volume (GWT)	47 483	53 310
EBIT*/kg ex. wildcatch (NOK)	16,4	15,6
Havfisk catch volume (MT)	12 481	13 099
EBIT* wildcatch (MNOK)	-13	-9

* Operational EBIT

(MNOK)	2023	2022
Revenue and other income	30 906	26 652
Operational EBITDA	4 831	4 797
Operational EBIT	3 335	3 471
Operational EBIT margin	11 %	13 %
Total assets	41 300	37 062
Slaugthered volume (GWT)	159 620	174 629
EBIT*/kg ex. wildcatch (NOK)	19,2	17,9
Havfisk catch volume (MT)	75 893	71 726
EBIT* wildcatch (MNOK)	278	348

* Operational EBIT

Price achievement

• o NSI Q4/23 NOK 80.9 (Q4/22: NOK 72.1)
  • o Up NOK 4/kg q-o-q
  • o Spot price in NOK up NOK 9/y-o-y

Contract share of 22%

Cost (RFS)

• o Cost level in H2/23 significantly below H1/23
  • o Inflationary trends brings y-o-y cost increase
  • o Main driver is feed, up NOK 6/kg y-o-y

Wildcatch

• o Catch volume slightly down vs. same quarter last year
  • o Lower volumes cod y-o-y due to reduced quotas
• o Reduction in prices for all species, in total -11% vs. Q4/22
• o Higher prices on raw material is a challenge for the processing-activity

NIBD Q4/23 MNOK 5,209 (Q4/22 MNOK 4,343)

Austral Group S.A.A.

(MNOK)	Q4 2023	Q4 2022
Revenue and other income	161	150
Operational EBITDA	0	-83
Operational EBIT	-44	-134
Operational EBIT margin
Total assets
Raw material (MT)	95 400	103 155
Sales volumes:
Fishmeal (MT)	6 000	6 686
Fish oil (MT)	-	-
Frozen/fresh JM/M (MT)	1 000	-

(MNOK)	2023	2022
Revenue and other income	1 000	2 563
Operational EBITDA	-183 663
Operational EBIT	-418
Operational EBIT margin		18 %
Total assets	3 109	2 845
Raw material (MT)	184 100	423 800
Sales volumes:
Fishmeal (MT)	36 800	114 400
Fish oil (MT)	1 200	12 950
Frozen/fresh JM/M (MT)	22 500	12 300

Raw material intake

• 2nd season started 26 October after 5 days of exploratory fishing (23 November same season 2022)
• October 26th
  • o Total quota of 1,682,000 tonnes vs. 2,283,000 tonnes same season in 2022

Sales

• Low sales volumes due to lack of 1stseason 2023
  • o Fishmeal prices up 18% y-o-y
  • o Sales volume in line with same quarter in 2022

Inventory by end Q4/23:

• Fishmeal 16,000 MT (Q4/22: 20,200 MT)
• Fish oil 400 MT (Q4/22: 600 MT)

NIBD Q4/23 MNOK 1,229 (Q4/22 MNOK 553)

FoodCorp Chile S.A.

(MNOK)	Q4 2023	Q4 2022
Revenue and other income	88	75
Operational EBITDA	-69	-46
Operational EBIT	-82	-57
Operational EBIT margin
Total assets
Raw material (MT)	21 000	6 800
Sales volumes:
Fishmeal (MT)	1 700	2 100
Fish oil (MT)	-	100
Frozen/fresh JM/M (MT)	1 400	2 500

(MNOK)	2023	2022
Revenue and other income	966	821
Operational EBITDA	225	200
Operational EBIT	176	162
Operational EBIT margin	18 %	20 %
Total assets	1 435	1 311
Raw material (MT)	119 600	106 600
Sales volumes:
Fishmeal (MT)	9 950	9 600
Fish oil (MT)	4 850	3 400
Frozen/fresh JM/M (MT)	47 700	57 700

Raw material intake

• Purchased 19,500 MT horse mackerel from third party quota in December
  • 18,000 MT caught in December
  • Mostly in for production of fishmeal and oil

Sales

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

Inventory by end Q4/23:

o Frozen 1,400 MT (Q4/22: 4,300 MT)

NIBD Q4/23 MNOK -51 cash positive (Q4/22 MNOK -213, cash positive)

Br. Birkeland Farming AS

Q4 2023	Q4 2022
196	241
51	97
45	81
23 %	34 %
2 210	3 136
20,3	25,8

* Operational EBIT

(MNOK)	2023	2022
Revenue and other income	789	743
Operational EBITDA	331	370
Operational EBIT	268	304
Operational EBIT margin	34 %	41 %
Total assets	1 413	1 296
Slaugthered volume (GWT)	7 416	8 631
EBIT*/kg ex. wildcatch (NOK)	36,1	35,2

* Operational EBIT

•	Harvested volume (GWT)
	o	Harvested volume down 30% y-o-y
		Spot prices up NOK 9/kg y-o-y o

• o Revenue impacted by sale of live weight biomass in the quarter
• o Cost inflation on all important input factors
  • o Cost in the quarter impacted by mortality related to jellyfish attack

• Biomass at sea

o End Q4/23 at 4,465 LWT (Q4/22: 4,784 LWT)

NIBD Q4/23 MNOK -67 (cash positive) vs. Q4/22 MNOK 13

Br. Birkeland AS

(MNOK)	Q4 2023	Q4 2022
Revenue and other income	113	48
Operational EBITDA	39	-42
Operational EBIT	24	-58
Operational EBIT margin
Total assets
Catch volume pelagic fish (MT)	9 200	4 700
Catch snowcrab (MT)	-	-

(MNOK)	2023	2022
Revenue and other income	357	333
Operational EBITDA	91	37
Operational EBIT	28	-18
Operational EBIT margin
Total assets	680	701
Catch volume pelagic fish (MT)	37 200	32 000
Catch snowcrab (MT)	665	678

Pelagic

• Both vessels in operation
  • o Catch of mackerel and herring
    • o Prices up y-o-y

Snow crab

• The season finished early April
• No activity for the vessels in H2/23
• Substantial lower prices achieved for snow crab y-o-y

NIBD Q4/23 MNOK 24 (Q4/22 MNOK 41)

Statement of financial position

		(audited)
(MNOK)	31.12.2023	31.12.2022
Intangible assets	12 265	12 007
Tangible fixed assets	11 097	10 257
Right-of-use assets	3 043	3 222
Financial non-current assets	3 803	3 648
Total non-current assets	30 209	29 134
Biological assets at cost	6 030	5 328
Fair value adjustment of biomass	2 745	2 644
Other inventory	3 089	2 956
Receivables	5 276	3 660
Cash and cash equivalents	5 475	4 340
Total current assets	22 616	18 928
Total assets	52 825	48 062
NIBD ex. right-of-use assets liabilities	6 715	5 140
NIBD incl. right-of-use assets liabilities	8 434	6 991
Equity	27 042	28 162
Equity ratio	51 %	59 %

USD/NOK:

• 31.12.2023: 10.17

• 31.12.2022: 9.86

Cash flow

(MNOK)	Q4 2023	Q4 2022	2023	(audited) 2022
Pre tax profit	820	471	2 845	5 428
Biomass adjustment	- 250	210	- 77	- 1 189
Taxes paid	- 349	- 282	- 739	- 775
Depreciation and impairments	566	439	2 051	1 731
Associated companies	- 109	- 94	- 285	- 494
Interest (net)	91	81	527	353
Working capital	- 28	- 264	- 1 121	- 1 857
Cash from operating activities	740	561	3 202	3 195
Net investment in capex	- 578	- 464	- 1 968	- 1 834
Acquisitions and divestments	-	- 4	- 3	- 3
Dividends received	-	-	228	131
Others	137	44	222	32
Cash from investing activities	- 441	- 424	- 1 521	- 1 675
Change in long term loans	- 230	- 262	1 802	- 996
Change in short term loans	- 996	459	314	570
Dividends	-	-	- 1 905	- 1 752
Others	- 231	- 234	- 761	- 369
Cash from financing activities	- 1 457	- 37	- 551	- 2 547
Cash at the beginning of the period	6 654	4 282	4 340	5 329
Net change in cash (incl.exchange gain/losses)	- 1 179	57	1 135	- 989
Cash at the end of the period	5 475	4 340	5 475	4 340

The Board will recommend 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 52 (cumulative)1

Regions	2023	2022	Change %
Chile#	340,806	353,034	-3.5 %
Peru	472,656	973,359	-51.4 %
Danmark/Norway	229,818	173,088	32.8 %
Iceland/North Atlantic*	295,456	258,334	14.4 %
Total	1,338,736	1,757,815	-23.8 %

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) ²

• Production IFFO Fishmeal production decreased 23.8% y-o-y, Peru 51.4% down vs. 2022
  • Peru successfully achieved 76% of the anchovy quota last season, managing through challenging conditions linked to the El Niño phenomenon
  • USD 1,640/MT for Standard (65%) ²

Prices (FOB Peru)

• USD 2,040/MT for Super Prime (68%)2
• Demand Feed producers building stocks for the start of the aqua peak season (Q2 & Q3, 2024)
• Supply Limited stock available for new offers

All prices and figures shown are only for statistical purposes and should not be taken as a reference Source: IFFO, week 52 ¹, 2023 and week 52, 2024

Fishmeal

Main market – China

• Stock in China at ports according JCI:
  • o 176,300 MT2, +1% vs. same period 2022
  • o Off takes: 1,373 MT/day, -102% vs. same period 2022
    • Off takes affected by the start of the Chinese New Year
• Current Chinese stock prices:
  • o Quoted at RMB 17,400/MT equivalent super prime 68% USD 2,350/MT FOB Peru2
  • o Yuan exchange rate: 7.21 RMB/USD increased 6% Y-o-Y
• Total Chinese imports in 2023 amounted 1,625,539 MT, marking a 10% decrease compared to the same period last year:
  • o Peru isstill the largest supplier, 430,202 MT, down 51% y-o-y, with a share of 26%
  • o Imports from countries (excluding Peru) reached 1,195,338 MT, a y-o-y increase of 29%

All prices and figures shown are only for statistical purposes and should not be taken as a reference Source: IFFO, week 5 1, 2024, JCI report 2 dated 09.02.2024

Fish oil

Fish oil production - week 52 (cumulative)1

Regions	2023	2022	Change %
Chile#	169,228	146,835	15.3 %
Peru	14,603	97,825	-85.1 %
Danmark/Norway	47,103	68,324	-31.1 %
Iceland/North Atlantic*	98,556	102,668	-4.0 %
Total	329,490	415,652	-20.7 %

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

Weekly average Peruvian fish oil FOB prices (US\$/MT) ²

Production • IFFO Fish oil production decreased 20.7% y-o-y, Peru 85.1% down vs. 2022

• Fish oil yields in Peru have been very poor throughout the year and add to the significant reduction in catches
• Last season's yields were below 0.5%

• Feed grade: USD 7,000/MT²

• Omega-3 grade: USD 11,500/MT²

Prices (FOB Peru)

Supply • Limited stock available for new offers

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 % 1 775 600	-3,3 %	1 860 500		4,8 % 952 700	5,0 %
Norway	1 333 400	6,4 %	370 000	2,7 %	533 400		11,9 % 1 517 100	% 1 -1,1	479 300	-2,5 %	525 100		3,1 % 1 601 700	5,0 %
United Kingdom	190 500	25,2 %	178 300	-6,4 %	199 200	11,7 %	160 800	-19,3 %	153 700	-4,4 %	167 600	9,0 %	174 100	3,9 %
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 %	104 400	0,7 %
Iceland	24 500	80,1 %	31 200	27,3 %	41 500	33,0 %	42 900	3,4 %	38 700	-9,8 %	47 600	23,0 %	55 500	16,6 %
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 %	1 036 860	11,9 %	997 900	-3,8 %	027 100	2,9 %	021 200	-0,6 %	1 000 400		-2,0 % 1 031 000	3,1 %
Chile	690 300	4,6 %	778 500	12,8 %	718 300	-7,7 %	753 300	4,9 %	766 000	1,7 %	731 200	-4,5 %	731 600	0,1 %
Canada	136 700	-1,4 %	137 200	0,4 %	139 500	1,7 %	133 200	-4,5 %	110 100	-17,3 %	116 500	5,8 %	125 000	7,3 %
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 %	18 360	% 1,4	33 300	81,4 %	32 600	-2,1 %	36 600	12,3 %	44 500	21,6 %	64 000	43,8 %
USA	20 800	9,5 %	20 000	-3,8 %	19 000	-5,0 %	19 500	2,6 %	18 500	-5,1 %	17 000	-8,1 %	18 000	5,9 %
Totalt	2 577 300	7,6 %	2 712 760		5,3 % 2 893 400		6,7 % 2 863 900		-1,0 % 2 796 800		-2,3 % 2 860 900		2,3 % 2 983 700	4,3 %

SPOT prices, fresh Atlantic salmon

cross-section, FCA Oslo (Superior quality) as of week 7-2024

01 31 25 18 21 23 24 29 28 26 29 34 40 27 36 47 41 58 65 60 61 68 52 80 104 106
Q2 35 25 22 20 24 26 40 26 26 36 41 38 28 42 40 38 64 67 68 62 58													63 105 105 105 105
03 32 22 20 19 22 28 35 25 28 32 39 27 26 38 35 41 60 56 55 49 47 55												69 77
Q4 25 17 21 21 21 27 27 24 26 28 38 23 27 42 39 44 666 49 55 56 43 60												72 81
Totalt 31 23 21 20 22 26 33 26 27 31 38 32 22 27 41 40 41 62 59 59 57 53 57 79 88 106

Atlantic salmon consumption

FY - 2023

Market	2020 -		2021
EU			1 191 903 1 286 820 1 263 709 1 204 053 -59 656 -4.7 %
Others			739 637	-8 271	-1.0 %
USA			561 922 634 816 650 886
Russia			88 021		18,2 %
Japan		71 678	61 351	49 800 -11 551	-18.8 %
Totalt			2 653 162 2 886 100 2 827 361 2 761 251 -66 110 -2.3 %

Figures as per 22.02.2024 - Source: Kontali

Conclusion

Salmon / Whitefish

Salmon

• Positive start of 2024 after a challenging 2023
• Expect to see significant improvements from:
  • Roe and smolt quality
    • Improved genetic selection, improving procedures at hatchery, lower temperatures in early stages
  • New farming technology
• Expect harvest volumes incl. share of associate of around 193,500 GWT in 2024

Whitefish

• Challenging quota situation into 2024
• Quotas for 2024:
  • Cod down 30%
  • Haddock down 20%

Conclusion

Pelagic

• General inflation impact cost also for the pelagic operation

South America

• 2nd season started 26 October (after 5 days of exploratory fisheries)
  • o Quota set at 1,682,000 tonnes (2,283,000 tonnes same season in 2022)
  • o 76% caught of the total quota by the end of the season 12 January (84% caught of total quota for same season in 2022)
  • o Neutral Niño conditions expected for first season 2024
• Purchase of additional 3rd party quota in Chile
  • o 18 KMT caught in December
    • o Mainly for production of fishmeal and fish oil
• 15% increase in the quota for horse mackerel in 2024

Conclusion

Pelagic

North Atlantic (Pelagia Holding AS, an associated company)

• Active Q4 in food segment due to mackerel and herring season
  • 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 fourth quarter results for 2023.
• 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 28.02.2024. 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

Associated companies

Pelagia Holding AS (100% figures) AUSS`s share = 50%

(MNOK)	Q4 2023	Q4 2022	2023	2022
Revenue and other income	4 207	3 798	13 001	11 282
Operational EBITDA	439	648	1 721	1 691
Operational EBIT	313	554	1 303	1 336
Operational EBIT margin	7 %	15 %	10 %	12 %
Total assets			10 042	9 137
Net interest bearing debt (NIBD)			4 483	4 036
Sales volumes (MT)
Frozen (MT)	98 400	114 000	264 800	304 000
Fishmeal, FPC. Fish oil (MT)	75 500	89 300	336 200	336 000

Associated companies

Norskott Havbruk AS (100% figures)

LSG's share = 50%

(MNOK)	Q4 2023	Q4 2022	2023	2022
Revenue and other income	497	693	2 561	3 188
Operational EBITDA	167	-82	53	454
Operational EBIT	-47	-128	-304	214
Operational EBIT margin				7 %
Net interest bearing debt			2 803	2 037
Slaugthered volume (GWT)	4 571	7 317	24 884	35 936
EBIT*/kg ex. wildcatch (NOK)	-10,3	-17,5	-12,2	6,0

* Operational EBIT

• Low harvest volumes
• Previously mentioned biological challenges affecting average harvest size, cost and price achievement
• 87% of volume sold on contracts
• Improved biological situation for generations to be harvested in 2024
• Guidance for 2024: 37,000 GWT

Note 7 Alternative Performance Measures (APMs)

All figure in MNOK		Q4 2023	Q4 2022	2 023	2022
Operating revenue and other income		8 754	7 639	33 774	31 150
Raw material and consumable used	-	4 883	4 174	18 739	16 294
Salaries and personnel expenses	-	1 276	1 153	4 857	4 519
Operating expenses	-	1 451	1 242	5 051	4 556
Production fee	+	45	23	129	74
Change in unrealised internal margin	+	2	2	-2	-3
Other non-operational items	+	-	- 2	15	209
Operational EBITDA		1 190	1 092	5 269	6 061
Depreciation and amortisation	-	485	439	1 909	1 698
Impairment	-	13	-	13	-
Income from joint ventures and associates	+	109	94	285	494
Fair value adj. biomasss in joint ventures and associates	-	-2 -	46	6	12
Operational EBIT		804	794	3 626	4 845
Change in unrealised internal margin	-	2	2	-2	-3
Production fee	-	45	23	129	74
Fair value adjustment related to biological assets	+	250	-210	77	1 189
Fair value adjustment related to biological assets in associates	+	-2	-46	6	12
Impairment	-	68	-1	130	32
Other non-operational items (incl. litigation fee in 2022)	-	-	-2	15	209
Operating profit and income from JV and associates (EBIT)		937	515	3 438	5 735
Net interest expenses	+	-91	-81	-527	-353
Net other financial items	+	-26	37	-65	45
Profit before tax		820	471	2 845	5 428
Estimated corporate tax	+	-165	-66	-590	-1 142
Estimated resource rent tax (aquaculture)		112	-	-1 912
Net profit		767	405	344,074	4 285

Reconciliation between the new APM, operating EBITDA, and the previous APM, EBITDA before fair value adjustments related to biological assets

Operational EBITDA	1 190	1 092	5 269	6 061
EBITDA before fair value adjustment related to biological assets	1 143	1 069	5 127	5 782
Difference	47	23	142	280
Difference
Change in unrealised internal margin	2	2	-2	-3
Production fee	45	23	129	74
Other non-operational items	-	-2	15	209
Total	47	23	142	280

Operational EBIT and operational EBITDA are 2 APMs utilised by the Group, which are commonly used in the farming industry. In order to meet managements, investors and analysts need of information in terms of performance and comparability between peers, these APMs have now been adopted by the group. They replace the previously used APMs EBIT before fair value adjustments related to biological assets and EBITDA before fair value adjustments related to biological assets.

In operational EBIT and operational EBITDA some items are excluded. The main item excluded is fair value adjustment on biological assets. The reason for exclusion is because this adjustment has nothing to do with the Group`s operational performance. The change in fair value arises from changes in forward prices on salmon at Fishpool. Another item to be excluded is onerous contract provision. This item is indirectly related to biological assets, since loss on onerous contracts is calculated based on the increased value on fish in sea from the fair value adjustment. In addition, the production fee, implemented from 2021, on slaughtered volume of salmon and trout, has also been excluded. This is explained with the fact that the production fee is tax related. It was adopted as an alternative to resource rent tax. Further on, isolated events not expected to reoccur, such as litigation costs, are excluded. For practical reasons, a materiality threshold of MNOK 15 is applied.in LSG Group. This type of cost is not considered relevant for the current operation, and thus not relevant when analysing the current operation. Finally, change in unrealised internal margin on stock, has been excluded. Feedback from investors and analysts have been that this item is perceived as confusing when evaluating the operational performance of the period. Since it is a non-significant part of the result of the period, it has been excluded from the APMs.

The Group`s joint ventures and associated companies are significant enterprises in their segments and represents substantial values for the Group. Income from joint ventures and associates are therefore part of the operational EBIT.