Austevoll Seafood ASA

Investor Presentation • Aug 23, 2023

Arne Møgster CEO

Britt Kathrine Drivenes CFO

Q2 2023 financial presentation

Highlights

All figures in MNOK	Note	Q2 2023	Q2 2022	YTD 2023	YTD 2022	2022
Operating and other income revenue		8 452	852 7	16 454	14 417	31 150
Operational EBITDA	7	1 441	1 769	3 068	3 251	6 062
Operational EBIT	7	982	1 465	2 231	2 563	4 845
Profit before and biomass adjustments tax		774	1 116	1 890	2 160	4 226
Income tax expenses Implementation effects of (aquculture) tax resource	9	-193 -1 803	-471 -	-537 -1 803	-784 -	-1 142 -
Net profit		-1 139	1 752	85	2 805	4 285
EPS adj (NOK)	*	-3 2 ,	2 5 ,	-0 8 ,	4 3 ,	9 9 ,
Total assets				51 933	47 748	48 062
Net interest bearing debt				6 930	902 5	140 5
Equity ratio				52 %	56 %	59 %
Group operational EBITDA incl 50% of Pelagia		1 606	1 900	3 426	3 474	6 906
Operational Salmon/whitefish EBITDA Operational EBITDA Pelagic incl proportional Pelagia		1 307 299	1 249 651	2 644 782	2 459 1 015	4 797 2 109

* Before fair value adjustments related to biological assets

The Resource rent tax was adopted 31 May 2023. Effect of implementation of NOK 1.8 billion on tax expenses in Q2/23 and YTD 2023 figures. See note 9 in this presentation, and the Financial report for Q2 and H1/23, for more information.

Operation overview

	PERU	CHILE	NORTH ATLANTIC	AUSTEVOLL SEAFOOD GROUP
PELAGIC FISHING	7% 19 of Anchovy quota Fishing vessels Centre-north	3 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*	200,000 - 220,000 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)

Niño development Pacific Ocean

Sea Surface Temperature Anomaly

Magnitude of the event December 2023-March 2024		Probability of occurrence (%)
La Niña	Strong	0
Niña La	Moderate	0
Weak Niña La		1
Neutral		7
El Niño	Weak	38
El Niño	Moderate	40
El Niño	Strong	13
El Niño	Extraordinary	1

Source: ENFEN

• The coastal El Niño (Niño 1+2 region) will continue until the summer of 2024; a consequence of the high probability of El Niño development in the central Pacific
• Strong warm conditions should remain until November 2023
• Projected probability of weak Niño 38% and moderate Niño 40% for December 2023 to March 2024
  • 2 nd season quotas estimate between 0-1.5 million tonnes, subject to Imarpe's recommendation

Operation in Peru

Austral Group S.A.A.

Fishmeal/fish oil

1 st season 2023

• Centre/North

• o 1.09 million MT quota 20% caught vs. 2.79 million MT 84% caught same season in 2022
• o 2 exploratory periods authorised 5 days in June and 10 days in August
• o High levels of juveniles due to Coastal Niño from March, limited catch periods

• South

• o 3 rd party unload 12,601 MT (2022: 83,377 MT) to date
• o Coastal Niño has seriously affected fishing with high levels of juveniles

Direct Human Consumption

• o Austral catch to date 17,653 MT vs. 9,026 MT same period 2022
• o Includes catch in international waters 5,153 MT (2022: 0)
• o Raw material purchases 3,236 MT (2022: 3,510 MT)

Volume '000 MT	Q2 2023	Q2 2022	YTD Q2 2023	YTD Q2 2022	2023E	2022
catch Own
Anchoveta	1	138	36	139	44-146	238
Jackmackerel	2	-	11	8	11	8
Mackerel	1	- -	3 -	1	3	1
Purchase		-
Anchoveta	7	97	17	121	22-44	173
Mackerel	-	-	3	4	3	4
Total ('000 MT)	11	235	70	273	83-208	424

Operation in Chile

FoodCorp Chile S.A.

Own catch: Jack mackerel

• Healthy biomass
  • o Global quota increased by 20% to 1,080 KMT
  • o Chile's share increased to 66.4% from 64.6%
  • o FoodCorp's quota increased to 56 KMT (+23.5%)
• Q1 catch increased according to new quota
• Q2 catch decreased due to limited access to third party quota purchase
  • o Own quota fully caught
  • o Expecting lower volumes of 3rd party quota purchase in H2 2023

Purchases:

• Sardine/anchovy
  • o Good start to season
  • o Very good quality: high fat content
• Giant squid
  • o Started up 3rd party purchase of giant squid produced in our factory

Q2	Q2	H1
2023	2022	2023			2022
17	27	61	61	66	80
16	8	35	24	40	26
1	1	2	1	3	1
33	35	98	86	109	107
					H1 2023E 2022

North Atlantic pelagic quotas

(2012-2023E)

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

Pelagia Holding AS

Marine protein and oil (MPO)

Volume ('000 MT)	Q2 2023	Q2 2022	H1 2023	H1 2022	2023E	2022
Raw material intake for FM/FPC/Oil	275	231	628	487	966	880

• Good production in Q2 2023
  • o Mainly from blue whiting and various trimmings
  • o Lower sand eel landings. Only 25% of the quota caught
  • o Salmon based raw material stable (protein concentrate/oil)
• Seasonal low production expected in Q3 for the segment
• Strong market for both marine protein and oil and good stock position

Austevoll Seafood ASA

www.auss.no

Pelagia Holding AS

Direct Human Consumption

Volume ('000 MT)	Q2 2023	Q2 2022	H1 2023	H1 2022	2023E	2022
Raw material intake	18	27	143	150	362	404

• Seasonal low production in Q2
  • o Mainly North Sea herring at the end of the quarter
• Preparing for a busy Q3 and Q4
  • o North Sea herring through Q3
  • o Mackerel to start last part of Q3
  • o Spring spawning herring from late Q3 or early Q4
• Market
  • o Stable sales to most markets
  • o Stock position seasonal low

Pelagia Holding AS

(100% figures)

(MNOK)	Q2 2023	Q2 2022	YTD 2023	YTD 2022	2022
Revenue and other income	2 514	2 270	5 557	4 489	11 282
Operational EBITDA	331	262	717	446	1 691
Operational EBIT	232	176	522	275	1 336
Operational EBIT margin	9 %	8 %	9 %	6 %	12 %
Total assets			9 303	8 301	9 137
Net interest bearing debt (NIBD)			4 160	3 756	4 036
Sales volumes (MT)
Frozen (MT)	37 200	39 800	121 000	124 200	304 000
FPC Fishmeal Fish oil (MT) ,	92 800	91 400	165 200	150 400	336 000

*

*

Associated company, AUSS share = 50%

Salmon / Whitefish

Lerøy Seafood Group ASA

Q2 2023

• Operational EBIT NOK 950 million (Q2/22: NOK 927 million)
  • o Lerøy Havfisk & LNWS operational EBIT NOK 99 million (Q2/22: NOK 93 million)
• Slaughtered volume salmon and trout 29,659 GWT (Q2/22: 33,083 GWT)
• Spot prices up NOK 1/kg q-o-q and down NOK 1/kg y-o-y
• EBIT*/kg all incl. (excl. EBIT Lerøy Havfisk & LNWS) of NOK 28.7 vs. Q2/22: NOK 25.2
• Contract share of 17% (Q2/22: 46%)
• NIBD NOK 5,992 million at end of Q2/23 (Q2/22: NOK 4,917 million)

Lerøy Seafood Group ASA

Salmon / trout farming volumes

	2017 GWT	2018 GWT	2019 GWT	2020 GWT	2021 GWT	2022 GWT	2023E GWT
Lerøy Aurora AS	39 200	36 800	32 800	35 000	44 000	~40 100	~47 000
Lerøy Midt AS	64 500	66 500	64 800	67 900	72 600	~68 800	~64 000
Lerøy Sjøtroll	54 000	58 800	60 600	68 000	70 000	~65 700	~57 000
Total Norway	157 800	162 000	158 200	170 900	~186 600	~174 600	~168 000
Norskott Havbruk (UK)	15 500	13 700	12 900	12 000	~16 200	~18 000	~13 500
Total	173 300	175 800	171 100	182 900	~202 800	~192 600	~181 500

Lerøy Seafood Group ASA – Wildcatch

Q2 2023

Catch volumes wild catch	Q2-23	Q2-22	2023	2022	Remaining quota 2023	Remaining quota 2022
Cod	3,1	3,8	11,1	13,9	8,7	10,1
Saithe	2,1	3,9	7,8	7,4	11,4	8,8
Haddock	2,3	1,3	9,6	8,8	1,1	1,1
Shrimps	4.6	6,2	4.6	6,2
Other	11,6	3,4	16,0	7,5
Total	23,7	18,6	49,0	43,8	21,1	20,0

• On basis of lower cod quota, a strong development in the quarter with catches of alternative species. High volume, on lower prices
• Seeing impact from implementing Lerøy Way in landbased industry. Y-o-y improvement in overall profitability is from improvement in landbased industry
• Lower fuel consumption from using fleeting trawl for more species

Financials

Q2 2023

Catch, purchase and farming

(100% volumes)

Figures in 1 000 tonnes ,	Q2 2023	Q2 2022	YTD 2023	YTD 2022	2023E*	2022
Group companies:
Norway (whitefish)	24	19	49	44	72	72
Norway (pelagic)	8	5	22	20	34	32
Chile catch own	17	27	61	61	66	80
Chile purchase	16	9	38	25	43	27
Peru catch own	4	138	50	148	58-160	247
Peru purchase	7	97	20	124	25-48	177
Total Group companies	75	294	240	422	298-423	634
Joint ventures:
Europe purchase (HC)	18	27	143	150	362	404
Europe purchase (FM/FPC/Oil)	275	223	628	479	966	880
Totalt Joint venture:	293	251	771	629	1 328	1 284
Total wildcatch	368	544	1 011	1 051	1626-1751	1 919
Salmon/trout (GWT)*	34	41	68	78	190	201
Total Group	402	585	1 079	1 129	1816-1941	2 120

* Incl. 50% of the Scottish Sea Farms volumes

2023E*: Peru 2nd season quotas estimate between 0-1.5 million tonnes, subject to Imarpe's recommendation

Implementation of new Resource rent tax from 1 January 2023

On 31 May 2023 the Norwegian Government decided to adopt a resource rent tax of 25% on earnings from the production of salmon and trout in sea. The law was given retroactively with effect from 1 January 2023.

• o The resource rent tax cost in 2023 will consist of two elements, first an implementation effect (one-off effect) and secondly a resource rent tax for the period.
• o The implementation effect is estimated at NOK 1.8 billion for the Group
• o The entire amount (NOK 1.8 billion) comes from increased deferred tax on the stock of fish in the sea at the beginning of the year.
• o The resource rent tax calculation for the period shall be based on the earnings from the production of salmon and trout in the sea.
• o Although the main principles have been defined through the Prop. 78 LS (2022-2023) from 28 March 2023, a lot of important details are still missing in order to carry out a reliable calculation.
• o The main challenge is to segregate the aquaculture activity in sea, which are subjected to resource rent tax, from other activities not subject to basic rent tax.
• o These are complex and comprehensive exercises in a fully integrated value chain
• o Taking these elements into account, the group has therefore decided not to include any estimate of the resource rent tax for the period in the figures for the second quarter of 2023.
• o Thus, the resource rent tax cost does only consist of the implementation effect

Key financial figures Q2 2023

(MNOK)	Note	Q2 2023	Q2 2022	Δ%
Revenue		8 452	7 852	8 %
Operational EBITDA**	7	1 441	1 769	-19 %
Depreciation		473	414
Income from joint ventures and associates		14	110
Operational EBIT**	7	982	1 465	-33 %
Net finance		-135	-133
Profit before tax and fair value adj.	*	774	1 116
Income tax expenses		-193	-471
Implementation effects of resource tax (aquculture)		-1 803	-
Net profit		-1 139	1 752
Adjusted EPS (NOK)	*	-3,2	2,5
EPS (NOK)		-3,0	4,8
* Before fair value adjustment related to biological assets

** Information related to APM, see note 7 under appendix

	Q2 2023	Q2 2022
Biomass adj group company	76	1 053
Biomass adj group associated companies	6	54	for more information.

The Resource rent tax was adopted 31 May 2023. Effect of implementation of NOK 1.8 billion on tax expenses in Q2 2023 figures. See note 9 in this presentation, and the Financial report for Q2 and H1/23,

Key financial figures YTD 2023

(MNOK)	Note	YTD 2023	YTD 2022	Δ%
Revenue		16 454	14 417	% 14
Operational EBITDA**	7	3 068	3 251	6 % -
Depreciation		926	856
from Income joint and associates ventures		88	169
Operational EBIT**	7	2 231	563 2	13 % -
Net finance		246 -	150 -
Profit before fair adj and value tax	*	1 890	2 160
Income tax expenses		537 -	784 -
(aquculture) Implementation effects of tax resource		1 803 -	-
profit Net		85	2 805
Adjusted EPS (NOK)	*	0 8 - ,	4 3 ,
EPS (NOK)		0 3 ,	3 7 ,

* Before fair value adjustment related to biological assets

** Information related to APM, see note 7 under appendix

Biomass adj group company	537	1 305
Biomass adj group associated companies	-2	125

The Resource rent tax was adopted 31 May 2023. Effect of implementation of NOK 1.8 billion on tax expenses in YTD 2023 figures. See note 9 in this presentation, and the Financial report for Q2 and H1/23, for more information.YTD 2023 YTD 2022

Income from joint ventures and associates

	Share of net
figures All in MNOK	profit	Q2 2023	Q2 2022	YTD 2023	2022 YTD	2022
Norskott Havbruk AS a)	% 50	-78	122	-95	219	41
Pelagia Holding AS b)	% 50	64	38	140	67	418
Others		34	3	41	8	35
from and associates Income JV		20	164	86	294	494
value adj . related biological Fair to assets		-6	54 -	2 -	125 -	12
from and before fair value adj Income JV associates		14	110	88	169	483
and in associates: Investment JV
Norskott Havbruk AS				1 232	1 372	1 184
Pelagia Holding AS				1 770	1 476	1 765
Others				472	407	434
Total investment				3 474	3 254	3 382

a) Lerøy Seafood Group ASA owns 50% of Norskott Havbruk AS b) Austevoll Seafood ASA owns 50% of Pelagia Holding AS

Lerøy Seafood Group ASA

(MNOK)	Q2 2023	Q2 2022
Revenue and other income	671 7	6 566
Operational EBITDA	1 307	1 249
Operational EBIT	950	927
Operational EBIT margin	12 %	14 %
Total assets
Slaugthered volume (GWT)	29 659	33 083
EBIT*/kg (NOK) ex. wildcatch	28,7	25,2
Havfisk catch volume (MT)	23 709	18 649
EBIT wildcatch (MNOK)	99	93

* Operational EBIT

(MNOK)	YTD 2023	YTD 2022	2022
Revenue and other income	14 645	12 091	26 652
Operational EBITDA	2 644	2 459	4 797
Operational EBIT	1 939	1 816	3 471
Operational EBIT margin	13 %	15 %	13 %
Total assets	40 124	36 679	37 062
Slaugthered (GWT) volume	58 261	65 140	174 629
EBIT*/kg ex. wildcatch (NOK)	27,6	22,8	17,9
Havfisk catch volume (MT)	48 978	43 765	71 726
EBIT wildcatch (MNOK)	328	330	348

* Operational EBIT

Price achievement

• o Spot prices in line with same quarter last year
• o NSI Q2/23 NOK 104.8 (Q2/22: NOK 105.4)
  • o Up NOK 1/kg q-o-q and down NOK 1/kg y-o-y
• o Price realisation on contracts are up y-o-y, but below spot prices in the quarter

Contract share of 17%

Cost (RFS)

• o RFS cost up from Q2/22 and Q1/23
  • o Inflationary trends brings y-o-y cost increase

Wildcatch

• o Catch volume up vs. same quarter last year
• o Increased prices for cod vs. Q2/22, reduction in prices for haddock and shrimps vs. Q2/22
  • o Cod +2%, haddock -25% and shrimps -14%
• o Reduced fuel prices vs. Q2/22
  • o -16% y-o-y
• o Higher prices on raw material is a challenge for the processing-activity

NIBD Q2/23 MNOK 5,992 (Q2/22 MNOK 4,917)

Austral Group S.A.A.

Q2 2023	Q2 2022
238	531
-157	169
-222	120
-93 %	23 %
375 10	657 234
7 345	27 269
317	1 488
9 682	1 963

(MNOK)	YTD 2023	YTD 2022	2022
Revenue and other income	703	1 184	2 563
Operational EBITDA	-106	299	663
Operational EBIT	-231	205	466
Operational EBIT margin	-33 %	17 %	18 %
Total assets	3 217	3 445	2 845
Raw material (MT)	70 562	271 231	423 824
Sales volumes:
Fishmeal (MT)	27 670	60 031	114 369
Fish oil (MT)	887	4 568	12 950
Frozen/fresh JM/M (MT)	16 323	12 277	12 277

Raw material intake

• Low activity in Center/North
  • o Only exploratory fisheries for 5 days in June

Sales

• Low sales volume FM and oil y-o-y
  • o Fishmeal prices up 2% y-o-y
  • o Fish oil prices up 83% y-o-y

Inventory by end Q2/23:

• Fishmeal 2,900 MT (Q2/22: 40,900 MT)
• Fish oil 150 MT (Q2/22: 7,100 MT)

NIBD Q2/23 MNOK 764 (Q2/22 MNOK 973)

FoodCorp Chile S.A.

(MNOK)	Q2 2023	Q2 2022
Revenue and other income	337	327
Operational EBITDA	138	125
Operational EBIT	126	116
Operational EBIT margin	37 %	35 %
Total assets
Raw material (MT)	33 564	35 234
Sales volumes:
Fishmeal (MT)	2 724	3 591
Fish oil (MT)	2 358	2 097
Frozen/fresh JM/M (MT)	15 693	21 755

(MNOK)	YTD 2023	YTD 2022	2022
Revenue and other income	620	515	821
Operational EBITDA	259	209	200
Operational EBIT	236	158	162
Operational EBIT margin	38 %	31 %	20 %
Total assets	1 602	1 397	1 311
Raw material (MT)	98 474	86 360	106 600
Sales volumes:
Fishmeal (MT)	4 321	307 5	9 603
Fish oil (MT)	3 200	2 761	3 408
Frozen/fresh JM/M (MT)	37 075	36 801	57 682

Raw material intake

• As normal seasonal high activity
  • Finished the horse mackerel quota in the quarter
  • Good raw material availability from 3rd party (anchoveta/sardine)

Sales

• Lower sales volume frozen y-o-y
  • o Price achievement down by 8% y-o-y
• Higher margins from FM and fish oil sales vs. same period last year

Inventory by end Q2/23:

o Frozen 10,400 MT (Q2/22: 14,800 MT)

NIBD Q2/23 MNOK -45, cash positive (Q2/22 MNOK - 201, cash positive)

Br. Birkeland Farming AS

(MNOK)	Q2 2023	Q2 2022
Revenue and other income	233	303
Operational EBITDA	147	195
Operational EBIT	127	179
Operational EBIT margin	54 %	59 %
Total assets
Slaugthered volume (GWT)	1 988	2 776
EBIT*/kg ex. wildcatch (NOK)	63,7	64,3

* Operational EBIT

(MNOK)	YTD 2023	YTD 2022	2022
Revenue and other income	477	425	743
Operational EBITDA	270	244	370
Operational EBIT	234	211	304
Operational EBIT margin	49 %	50 %	41 %
Total assets	1 470	1 182	1 296
Slaugthered volume (GWT)	4 412	4 324	8 631
EBIT*/kg ex. wildcatch (NOK)	53,0	48,8	35,2

* Operational EBIT

• Harvested volume (GWT)

• o Harvested volume down 28% y-o-y
  • ➢ Spot prices in line with same period last year
• o Cost inflation on all important input factors

• Biomass at sea

o End Q2/23 at 4,179 LWT (Q2/22: 3,892 LWT)

NIBD Q2/23 MNOK -149 (cash positive) vs.(Q2/22 MNOK -36)

Br. Birkeland AS

(MNOK)	Q2 2023	Q2 2022
Revenue and other income	59	117
Operational EBITDA	-0	37
Operational EBIT	-17	23
Operational EBIT margin		20 %
Total assets
Catch volume pelagic fish (MT)	7 724	5 048
Catch snowcrab (MT)	-	436

(MNOK)	YTD 2023	YTD 2022	2022
Revenue and other income	149	185	333
Operational EBITDA	17	48	37
Operational EBIT	-15	23	-18
Operational EBIT margin		12 %
Total assets	634	730	701
Catch volume pelagic fish (MT)	22 215	20 288	32 008
Catch snowcrab (MT)	665	678	678

Pelagic

• Both vessels in operation
  • o Catch of blue-whiting and North Sea herring

Snow crab

• The season finished early April
• No activity for the vessels in Q2/23 and H2/23
• Substantial lower prices achieved for snow crab y-o-y

NIBD Q2/23 MNOK 106 (Q2/22 MNOK 13)

Statement of financial position

(MNOK)	30 06 2023	30 06 2022	31 12 2022	USD/NOK:
Intangible assets	12 301	12 078	12 007	• 30.06.2023: • 30.06.2022:	10.77 9.96
Tangible fixed assets	10 851	9 736	10 257	• 31.12.2022:	9.86
Right -of assets -use	3 282	3 229	3 222
Financial non-current assets	3 757	3 508	3 648
Total non-current assets	30 191	550 28	29 134
Biological assets at cost	991 5	235 5	328 5
Fair value adjustment of biomass	3 154	3 270	2 644
Other inventory	2 897	2 452	2 956
Receivables	4 348	3 892	3 660
Cash and cash equivalents	352 5	4 349	4 340
Total current assets	21 742	19 198	18 928
Total assets	51 933	47 748	48 062
NIBD right-of-use liabilities assets ex	6 930	5 902	5 140
NIBD incl right-of-use liabilities assets	8 870	7 809	6 991
Equity	27 061	26 798	28 162
Equity ratio	% 52	% 56	% 59

Cash flow

(MNOK)	Q2 2023	Q2 2022	YTD 2023	YTD 2022	(audited) 2022
Pre profit tax	857	2 223	2 425	3 589	428 5
Biomass adjustment	76 -	1 053 -	537 -	1 305 -	1 189 -
Taxes paid	148 -	291 -	251 -	450 -	775 -
Depreciation and impairments	511	414	964	855	1 731
Associated companies	20 -	164 -	86 -	294 -	494 -
Interest (net)	142	108	258	178	353
Working capital	340 -	558 -	1 396 -	1 600 -	1 857 -
Cash from operating activities	926	678	1 376	974	3 195
Net investment in capex	440 -	550 -	911 -	890 -	1 834 -
Acquisitions and divestments	52	29	22 -	16 -	3 -
Dividends received	228	128	228	131	131
Others	17	17 -	42	26 -	32
Cash from investing activities	143 -	410 -	663 -	801 -	675 1 -
Change in long loans term	2 537	36 -	2 365	442 -	996 -
Change in short loans term	399 -	1 003	82	1 100	570
Dividends	1 881 -	1 742 -	1 903 -	1 750 -	1 752 -
Others	172 -	9 -	265 -	99 -	369 -
Cash from financing activities	85	784 -	278	1 192 -	547 2 -
Cash the beginning of the period at	4 484	4 822	4 340	5 329	5 329
Net change in cash (incl.exchange gain/losses)	868	473 -	1 012	980 -	989 -
Cash the end of the period at	5 352	4 349	5 352	4 349	4 340

AUSS has issued two senior unsecured bonds, total MNOK 800, in Q2/23.

LSG has issued three green senior unsecured bonds, total MNOK 1,500, in Q2/23.

Outlook

Fishmeal

Regions	2023	2022	Change %
Chile#	254 160	261 614	-2 8 % ,
Peru	163 404	636 430	-74 3 % ,
Danmark/Norway	179 326	131 003	36 9 % ,
Iceland/North Atlantic*	216 335	192 876	12 2 % ,
Total	813 225	1 221 923	-33 4 % ,

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 33.4% y-o-y, Peru 74.3% down vs. 2022
  • Significant reduction in Peruvian catches due to El Niño phenomenon
  • USD 1,800/MT for Standard (65%) 1

Prices (FOB Peru)

• USD 2,000/MT for Super Prime (68%) 1
• Demand Feed producers working to cover their demand till end of the year
• 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

Fishmeal

Main market – China

• Stock in China at ports according JCI:
  • o 141,980 MT² , -26% vs. same period 2022
  • o Stocks dropped 47% vs. two months ago due to:
    • o Limited arrivals from Peru
    • o Aquaculture higher offtakes
  • o Off takes: 4,400 MT/day
• Current Chinese stock prices:
  • o Quoted at RMB 19,000/MT equivalent super prime 68% USD 2,570/MT FOB Peru²
  • o Price has increased by 36% since April
  • o Yuan exchange rate: 7.24 RMB/USD (+5% vs. Jan 2023)
• Peru´s fishmeal supply will decline significantly in H2, leading to a supply gap in Chinese fishmeal market2

All prices and figures shown are only for statistical purposes and should not be taken as a reference Source: IFFO, week 31¹ , 2023, JCI report ² dated 11.08.2023

Fish oil

Fish oil production - week 31 (cumulative)

Regions	2023	2022	Change %
Chile#	120 831 ,	99 093 ,	21 9 %
Peru	834 7 ,	82 933 ,	-90 6 %
Danmark/Norway	46 391 ,	49 644 ,	-6 6 %
Iceland/North Atlantic*	48 901 ,	64 408 ,	-24 1 %
Total	223 957 ,	296 078 ,	-24 4 %

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 24.4% y-o-y,
	Peru 90.6% down vs. 2022

• Feed grade: USD 5,250/MT¹

Prices (FOB Peru)

• Omega-3 grade: USD 8,150/MT¹

Supply • Limited stock available for new offers

Atlantic salmon supply

(in tonnes WFE )

Year	2018		2019		2020		2021		2022		2023		2024
Region	Volume	Change Volume		Change Volume		Change Volume		Change Volume		Change Volume		Change Volume		Change
Europe	1 505 100	0,7 %	1 650 500	9,7 %	1 675 900	1,5 %	895 500		13,1 % 1 839 100	-3,0 %	1 865 800	1,5 %	1 969 700	5,6 %
Norway	1 253 400	3,8 %	333 400	6,4 %	1 370 000	2,7 %	533 400	11,9 %	517 100		-1,1 % 1 536 200	1,3 %	606 300	4,6 %
United Kingdom	152 100	-14,2 %	190 500	25,2 %	178 300	-6,4 %	199 200	% 11,7	160 800	-19,3 %	172 900	7,5 %	183 700	6,2 %
Faroe Islands	71 700	-10,7 %	86 600	20,8 %	80 600	-6,9 %	105 500	30,9 %	99 600	-5,6 %	99 800	0,2 %	111 500	11,7 %
Iceland	13 600	17,2 %	24 500	80,1 %	31 200	27,3 %	41 500	33,0 %	42 900	3,4 %	40 400	-5,8 %	51 700	28,0 %
Ireland	14 300	-15,9 %	15 500	8,4 %	15 800	1,9 %	15 900	0,6 %	18 700	17,6 %	16 500	-11,8 %	16 500	0,0 %
Americas	897 700	12,4 %	927 600	3,3 %	1 036 430	11,7 % 1	000 700	-3,4 % 1	022 800	2,2 %	1 013 100	-0,9 %	1 031 100	1,8 %
Chile	660 100	17,0 %	690 300	4,6 %	778 500	12,8 %	718 300	-7,7 %	753 300	4,9 %	750 100	-0,4 %	746 900	-0,4 %
Canada	146 000	6,6 %	137 500	-5,8 %	136 800	-0,5 %	142 000	3,8 %	131 500	-7,4 %	119 100	-9,4 %	125 000	5,0 %
Australia	62 300	-1,3 %	60 900	-2,2 %	82 800	36,0 %	87 800	6,0 %	88 500	0,8 %	90 000	1,7 %	91 200	1,3 %
Others	10 300	-20,8 %	18 100	75,7 %	18 330	1,3 %	33 600	83,3 %	30 000	-10,7 %	35 000	16,7 %	51 000	45,7 %
USA	19 000	-12,4 %	20 800	9,5 %	20 000	-3,8 %	19 000	-5,0 %	19 500	2,6 %	18 900	-3,1 %	17 000	-10,1 %
Totalt	2 402 800	% 4,8	2 578 100	7,3 %	2 712 330		5,2 % 2 896 200		6,8 % 2 861 900	-1,2	% 2 878 900	0,6 %	3 000 800	4,2 %

SPOT prices, fresh Atlantic salmon

▪ cross-section, FCA Oslo (Superior quality) as of week 32-2023

Totalt 31 38 32 27 41 40 40 41 62 59 59 57 53 53 57 79 99
Q4	28	38	23	27 42	39	44 66 49	55	56	43	60	72
03	32	39	27	26 38	35	41 60 56			55 49 47		55 69 83
Q2	36	41	38	28 42 40		38 64 67			68 62 58 58		63 105 105
Q1	29	34	40						27 36 36 47 41 58 665 60 661 661 68	52		80 104

Atlantic salmon consumption

Market	2020			2023 Growth Growth %
EU	515 883			-6.7 %
Others	347 482			2.8 %
JSA	268 879		-1.870	-0.6 %
Russia	32 070			22.8 %
apan	31 558	28 507		-16.7 %
otal	1 195 871 1 367 524 1 279 921 1 251 752 -28,169 -2.2 %

Figures as per 16.08.2023 - Source: Kontali

H1 2023

Conclusion

Salmon / Whitefish

Salmon

• Resource tax adopted by the Norwgian Storting in May 2023
• Strong biological development in Lerøy Aurora and Lerøy Midt, while challenging in Lerøy Sjøtroll
  • Two sites confirmed with ISA at Lerøy Sjøtroll. Will have significant impact on cost and price realisation in Q3/23 and harvest volume FY 2023
• Expect harvest volumes incl. share of associate of around 181,500 GWT in 2023

Whitefish

• On basis of lower cod quota, a strong development in the quarter with catches of alternative species.
  • High volume on lower prices
• Likely development in 2024 quotas based on ICES recommendation from June:
  • Cod down 20%
  • Haddock down 25%
  • Saithe north of 62 degrees: no recommendation at date
  • Saithe south of 62 degrees: +25%

Conclusion

Pelagic

• General inflation impact cost also for the pelagic operation

South America

• Limited 1st season in Peru
  • o Only 15 days exploratory fisheries (5 days in Q2)
  • o High levels of juveniles due to Coastal Niño
  • o Acoustic research expected to start 2nd half of September
• As normal seasonal high activity in Chile 2nd quarter
  • o 23% increase in horse mackerel quota for 2023 vs. 2022
    • ✓ The biomass in a healthy status
    • ✓ Low activity expected H2 2023

Conclusion

Pelagic

North Atlantic (Pelagia Holding AS, an associated company)

• Seasonal high activity in the quarter for the Feed segment
  • o High sales volumes and increased prices for marine protein and oils in Q2/23 vs. Q2/22
  • o Active H2 in food segment due to mackerel and herring season
• ICES recommendation for 2024 expected to be published in October

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 second 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 23.08.2023. 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)	Q2 2023	Q2 2022	YTD 2023	YTD 2022	2022
Revenue and other income	2 514	2 270	5 557	4 489	11 282
Operational EBITDA	331	262	717	446	1 691
Operational EBIT	232	176	522	275	1 336
Operational EBIT margin	9 %	8 %	9 %	6 %	12 %
Total assets			9 303	8 301	9 137
(NIBD) Net interest bearing debt			4 160	3 756	4 036
Sales volumes (MT)
(MT) Frozen	37 200	39 800	121 000	124 200	304 000
FPC Fishmeal Fish oil (MT) ,	92 800	91 400	165 200	150 400	336 000

Associated companies

Norskott Havbruk AS (100% figures)

LSG's share = 50%

(MNOK)	Q2 2023	Q2 2022	YTD 2023	YTD 2022	2022
Revenue and other income	692	884	1 197	1 523	3 188
Operational EBITDA	-94	235	-38	383	454
Operational EBIT	-144	190	-135	295	214
Operational EBIT margin		21 %		19 %	7 %
Net interest bearing debt			2 647	2 067	2 037
Slaugthered volume (GWT)	325 6	9 489	495 11	17 329	35 936
EBIT*/kg (NOK) ex. wildcatch	-22 8 ,	20 0 ,	-11 8 ,	17 0 ,	6 0 ,

* Operational EBIT

• Low harvest volumes, harvesting from biologically challenged sites affecting average harvest size, cost and price achievement
• High cost base affected by sites with challenges in H2/22 and continued in 2023
• Incident based mortality in the quarter of £ 13.2m or £ 2.09/kg
• Q3 still biological challenges but improvements in fish size and cost base
• Guidance for 2023 revised to 27,000 GWT

Note 7 Alternative Performance Measures (APMs)

All figure in MNOK		Q2 2023	Q2 2022	YTD 2023	YTD 2022	2022
Operating revenue and other income		8 452	7 852	16 454	14 417	31 150
Raw material and consumable used	-	4 720	3 959	8 692	6 997	16 294
Salaries and personnel expenses	-	1 112	1 038	2 406	2 216	4 519
Operating expenses	-	1 214	1 302	2 345	2 207	4 556
Production fee	+	18	14	35	28	74
Change in unrealised internal margin	+	2 -	9	6	15 -	3
Other non-operational items	+	15	211	15	211	209
Operational EBITDA		1 441	1 769	3 067	3 251	6 061
Depreciation and amortisation	-	473	414	926	856	1 699
Income from joint ventures and associates	+	20	164	86	294	494
Fair value adj. biomasss in joint ventures and associates	-	6	54	-2	125	12
Operational EBIT		981	1 465	2 230	2 563	4 845
Change in unrealised internal margin	-	2 -	9	6	15 -	3
Production fee	-	18	14	35	28	74
Fair value adjustment related to biological assets	+	76	1 053	537	1 305	1 189
Fair value adjustment related to biological assets in associates	+	6	54	-2	125	12
Impairment	-	38 -	0	38 -	1	32
items (incl. fee in 2022) Other non-operational litigation	-	15	211	15	211	209
profit and from JV and (EBIT) Operating income associates		992	2 356	2 670	3 740	5 734
Net interest expenses	+	-142 -	108	-258 -	178 -	353
Net other financial items	+	7 -	25	12	28	45
Profit before tax		857	2 223	2 424	3 589	5 427
Income tax expenses	+	-193 -	471	-537 -	784 -	1 142
effects resource tax (aquaculture) Implementation	+	-1 803	-	-1 803	-	-
Net profit		-1 139	1 752	84	2 805	4 285

Reconciliation between the new APM, operating EBITDA, and the previous APM, EBITDA before

fair value adjustments related to biological assets

Operational EBITDA	1 441	1 769	3 067	3 251	6 061
EBITDA before fair value adjustment related to biological assets	1 406	1 553	3 011	2 997	5 782
Difference	34	216	56	254	280
Difference
Change in unralised internal margin	2	-9	6	15	-3
Production fee	18	14	35	28	74
Other non-operational items	15	211	15	211	209
Total	34	216	56	254	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 ground rent tax. Further on, isolated events not expected to reoccur, such as litigation costs, are excluded. This type of cost is not considered relevant for the current operation, and thus not relevant when analysing the current operation. Finally, change in unrealized 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.

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

On 31 May 2023 the Norwegian Government decided to adopt a resource rent tax of 25% on earnings from the production of salmon and trout in sea. The law was given retroactively with effect from 1 January 2023. The resource rent tax comes on top of standard corporate tax of 22%, so that the total tax rate for the affected activity is 47%.

The resource rent tax cost in 2023 will consist of two elements, first an implementation effect (one-off effect) and secondly resource rent tax for the period.

The implementation effect is estimated at NOK 1.8 billion, and recognized in the second quarter of 2023, the same quarter as the law was adopted. The entire amount comes from increased deferred tax on the stock of fish in the sea at the beginning of the year. The resource rent tax is calculated as 25% of the difference between the accounting value and the tax value. One reason why the implementation effect is significant, is because the majority of the Norwegian Storting members seem to agree on the fact that no deduction should be given in resource rent tax for costs on stock incurred on the fish up to the time of entry into force. This creates an asymmetry, where the income from the fish that was in stock at the beginning of 2023 receives a total taxation of 47%, standard corporate tax plus resource tax rent tax, while only a 22% tax deduction is given. Therefore, this is a controversial and disputed point, which also deviates from historical political practice. However, this asymmetry only applies to the stock of fish in the sea that the affected companies had at the time of entry into force. New costs incurred from 1 of January 2023 will obtain a full tax deduction of 47%.

Deferred tax on stocks will become payable tax as the stock of fish in the sea is harvested and sold. The income from this fish will be included in the basis of calculation of payable resource rent tax. At the same time, cost on stock on new fish added to the stock, will be deducted in the basis of calculation of payable resource rent tax. This means that if cost on stock of fish in the sea is higher on the balance sheet date than it was at the start of the period, the change in stock will represent a net reduction in the basis for calculation of payable ground rent tax. In the opposite case, if the cost on stock of fish in the sea is lower on the balance sheet date than it was at the beginning of the period, the change in stock will represent an increase in the basis for calculation of payable ground rent tax. The inventory changes have no impact on the tax cost overall. But the change affects the time when the tax is due for payment.

The resource rent tax calculation for the period shall be based on the earnings from the production of salmon and trout in the sea. Although the main principles have been defined through the Prop. 78 LS (2022-2023) from 28th of March 2023, a lot of important details are still missing in order to carry out a reliable calculation. There remain several regulatory clarifications from the Ministry of Finance. Among other things, the Ministry of Finance has through a public hearing proposed to establish a price council for aquaculture and rules for the determination of gross income in resource rent tax, with a deadline of 4 th of September 2023 for responses. In addition, the calculation of resource rent tax in accordance with chapter 19 of the Tax Act, requires a number of analyzes and clarifications relating to tax-related transfer pricing in accordance with Section 13-1 of the Tax Act and the OECD guidelines for transfer pricing. The main challenge is to segregate the aquaculture activity in sea, which are subjected to resource rent tax, from other activities not subject to basic rent tax. These are complex and comprehensive exercises in a fully integrated value chain, where both land and sea activities have traditionally been carried out by one and the same company and accounting measurement has been arranged accordingly. In addition, the differences in profitability between the regions is a complicating element. The group's transfer pricing work is ongoing.

Taking these elements into account, the group has therefore decided not to include any estimate of the resource rent tax for the period in the figures for the second quarter of 2023. Thus, the resource rent tax cost does only consist of the implementation effect. Consequently, the resource rent tax cost is not reduced either with the standardized deduction amount nor the production fee paid. The group considers it very likely that the deductions can be utilized in 2023. If these deductions cannot be utilized in the income year, the right to deduct will lapse. They cannot be carried forward. As of 30 June 2023, an effective standardized deduction amount for the first half of the year, as well as a deduction for paid production fee, would represent a deduction in payable resource rent tax cost of NOK 42 million.