Austevoll Seafood ASA

Investor Presentation • Aug 24, 2022

Q2 2022

financial presentation

Arne Møgster CEO

Britt Kathrine Drivenes CFO

Highlights

All figures in MNOK	Q2 2022	Q2 2021	H1 2022	H1 2021	2021
Revenue	7,852	6,263	14,417	12,216	26,633
EBITDA*	1,764	1,262	3,208	2,357	4,810
EBIT*	1,350	867	2,352	1,574	3,218
Pre-tax profit**	1,327	829	2,371	1,511	3,255
EPS (NOK)*	2.91	1.66	4.77	3.10	7.53
Total assets			47,748	41,323	43,781
Net interesting bearing debt ***			5,902	4,938	3,969
Equity ratio			56%	57%	58%
Group EBITDA incl. 50% of Pelagia *	1,894	1,302	3,431	2,464	5,319
EBITDA Salmon/whitefish*	1,244	899	2,417	1,658	3,778
EBITDA Pelagic incl. proportional Pelagia	650	403	1,013	805	1,541

Austevoll Seafood ASA paid NOK 4.50 per share in dividend in Q2/2022

(NOK 3.50 per share in Q2/2021)

* Before fair value adjustments related to biological assets and settlement costs

** In pre-tax profit the effect from fair value adjustments related to biological assets is excluded (both for subsidiaries and associated companies) and settlement costs

*** Ex. right-of-use assets liabilities

Operation overview

	PERU	CHILE	NORTH ATLANTIC	AUSTEVOLL SEAFOOD GROUP
PELAGIC FISHING	7% 20 of Anchovy quota Fishing vessels Centre-north	3 8.6%of Fishing vessels Pelagic fishing quota	4 Fishing vessels	400,000 - 500,000 MT of pelagic fish caught annually (27 vessels)
PELAGIC PROCESSING	7 Processing plants	4 Processing plants	25 Processing plants*	1.6 – 2.0 Million MT of raw material annually 36 Processing plants
WHITEFISH			11%Whitefish quota (NO) 10Fishing vessels 8 Processing plants	100,000 - 120,000 MT of whitefish (10 vessels) 8 Processing plants
SALMON			Norway: Salmon licenses • Incl. salmon operation UK*	210,000 - 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)

Biomass and quota evolution

Peruvian anchoveta

• 1 st season quota 2.79 million MT vs. 2.5 million MT in 2021 WC = Winter cruise | SC = Summer cruise

Operation in Peru

Austral Group S.A.A.

Centre/North 1st season 2022

• Quota 2.79 MMT (84% caught) vs. 2.5 MMT 2021 (98% caught)
• Austral:
  • ➢ Catch: 165 KMT vs. 175 KMT 2021
  • ➢ Purchases: 59 KMT vs. 41 KMT 2021
• Austral sales fish 16 KMT vs. 22 KMT 2021
• Super/prime 86% 1st season 2022 vs. 83% 1st season 2021
• Combined FMO yield 26.5% vs. 27.4% in 2021
• Distribution of fishing grounds beneficial to Austral vs. previous year facilitating increase in net purchases and quality

South 2022

• Unload 84 KMT vs. 79 KMT(2021)
• Combined FMO yield 26.1% vs. 25.4% 2021

Volume '000 MT	Q2 2022	Q2 2021	H1 2022	H1 2021	2022E	2 021
Own catch
Anchoveta	138	149	139	195	286	365
Mackerel	-	-	9	1 3	9	1 3
Purchase
Anchoveta	9 6	7 9	121	109	204	191
Mackerel	-	-	4	1	1	1
Total ('000 MT)	234	228	273	318	500	570

Operation in Chile

FoodCorp Chile S.A.

Own catch: Jack mackerel

• Healthy biomass
  • o 15% quota increase vs. 2021
    • ✓ Own quota: 46 KMT vs. 40 KMT (2021)
    • ✓ Quota purchases: 28.5 KMT vs. 31.8 KMT (H1 2021)
  • o Record high frozen fish yield: 80% vs. 66% (H1 2021)
  • o Near to fishing grounds all season round
• Logistic challenge continues
  • o Lack of containers affect imports and exports
  • o 98% of frozen fish exports in reefer vessel ➔ high inventory levels and some delays in catches

Purchases:

• Sardine/anchovy:
  • o Slow season. Ca. 20% of quota uncaught, for 2nd 2022 season in Q4.

Volume '000 MT	Q2 2022	Q2 2021	H1 2022	H1 2021		2022E 2 021
Own catch:
Mackerel and other species	27	27	61	59	79	72
Purchase:
Sardine/anchovy	8	10	24	31	28	31
G. squid/mackerel/ot	-	0	1	1	1	2
Total ('000 MT)	35	38	86	91	108	105

Focus in securing raw material from third parties and providing a coronavirus-safe environment for workers and suppliers

North Atlantic pelagic quotas

(2011-2022E)

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

recommendation.

Pelagia Holding AS

Fishmeal and fish oil (FMO)

Volume ('000 MT)	Q2 2022	Q2 2021	H1 2022	H1 2021	2022E	2021
FM/FPC/Oil	223	240	479	467	840	807

• Good raw material intake in Q2 2022
  • o Blue whiting, sand-eel, North Sea herring and trimmings
  • o Salmon based raw material stable (protein concentrate/oil)
• Seasonal low production in Q3 for FM/FO, but salmon based raw material expected to remain stabile
• Strong prices on both meal, oil and protein concentrate and balanced stock position.

Austevoll Seafood ASA

www.auss.no

Pelagia Holding AS

Direct Human Consumption

Volume ('000 MT)	Q2 2022	Q2 2021	H1 2022	H1 2021	2022E	2021
Raw material intake	27	31	150	160	380	430

• Seasonal low raw material intake for Q2
  • o North Sea herring for European markets
  • o Summer mackerel in north of Norway for various markets
• Expecting high activity from August onwards
  • o Biggest activity will be mackerel in Q3
  • o Followed by North Sea herring (till Jan. 2023)
• Market
  • o Stabile sales to all markets and stock position acceptable
  • o Some uncertainties in Eastern European and African markets

Pelagia Holding AS

(100% figures)

(MNOK)	Q2 2022	Q2 2021	H1 2022	H1 2021	2021
Revenue	2 270	1 751	4 489	4 082	10 002
EBITDA	262	80	446	213	1 018
EBIT	176	19	275	91	727
Sales volumes (tonnes):
Frozen	39 800	48 800	124 200	143 700	333 600
FM/FPC/Oil	91 400	52 100	150 400	97 700	263 100

FY 2021 figures includes a gain from one-off effect of MNOK 139

*

*

Associated company, AUSS share = 50%

Salmon / Whitefish

Lerøy Seafood Group ASA

Lerøy Seafood Group ASA

Q2 2022

• EBIT before FV adj. and expenses related to settlement costs* NOK 923 million (Q2/21: NOK 583 million)
  • o Lerøy Havfisk & LNWS EBIT NOK 93 million (Q2/21: NOK 65 million)
• Harvest volume salmon and trout 33,083 GWT (Q2/21: 36,756 GWT)
• Spot prices up 69% y-o-y
• EBIT/kg all incl. (excl. EBIT Lerøy Havfisk & LNWS) of NOK 24.90 (incl. NOK 0.40/kg production tax) vs. Q2/21: NOK 13.80
• Contract share of 46% (Q2/21: 30%)
• NIBD NOK 4,917 million at end of Q2/22 (Q2/21: NOK 4,181 million)

* Settlement costs of NOK 211 million

Lerøy Seafood Group ASA

Salmon / trout farming volumes

	2016 GWT	2017 GWT	2018 GWT	2019 GWT	2020 GWT	2021 GWT	2022E GWT
Lerøy Aurora AS	30 000	39 200	36 800	32 800	35 000	44 000	~40 000
Lerøy Midt AS	52 200	64 500	66 500	64 800	67 900	72 600	~68 000
Lerøy Sjøtroll	68 000	54 000	58 800	60 600	68 000	70 000	~72 000
Total Norway	150 200	157 800	162 000	158 200	170 900	~186 600	~180 000
Norskott Havbruk (UK)*	14 000	15 500	13 700	12 900	12 000	~16 200	~23 000
Total	164 200	173 300	175 800	171 100	182 900	~202 800	~203 000

*) LSG's share, not consolidated. Volume for 2022E includes acquisition of Grieg Seafood Hjaltland UK

Lerøy Seafood Group ASA – Wildcatch

Q2 2022: Wildcatch

• Record profitability for first half year
• Strong price development, positive for profitability on catching, while a challenge for the processing activity
• Efficient operation in the trawling fleet, and gradually more signs of operation improvements for the land-based industry
• Significant increase in fuel costs, up NOK 60m compared to Q2/21
• EBIT Q2/22 of NOK 93m compared to NOK 65m in Q2/21

	Catch volume Q2/22	Catch volume Q2/21	YTD 2022	YTD 2021	Remaining quota 2022	Remaining quota 2021
Cod	3 833	3 241	13 855	14 354	10 122	13 884
Saithe	3 896	3 347	7 406	7 377	8 827	8 478
Haddock	1 330	2 435	8 771	8 432	1 051	7 048
Shrimps	6 197	5 174	6 197	5 174
Other	3 394	2 149	7 535	6 729
Total	18 649	16 345	43 765	42 066

Financials

Q2 2022

Catch, purchase and farming

(100% volumes)

Figures in 1,000 tonnes	Q2 2022	Q2 2021	H1 2022	H1 2021	2022E	2021
Group companies:
Norway (whitefish)	19	16	44	42	69	72
Norway (pelagic)	5	2	20	15	31	30
Chile own catch	27	28	61	59	79	72
Chile purchase	9	11	25	32	29	33
Peru own catch	138	149	148	208	295	377
Peru purchase	97	79	124	110	205	192
Total Group companies	294	285	422	466	708	775
Joint ventures:
Europe purchase (HC)	27	31	150	160	380	430
Europe purchase (FM/FPC/Oil)	223	240	479	467	840	807
Totalt Joint venture:	251	271	629	627	1,220	1,237
Total wildcatch	544	556	1,051	1,093	1,928	2,012
Salmon/trout (GWT)*	41	45	78	92	211	211
Total Group	585	601	1,129	1,185	2,139	2,223

* Incl. 50% of the Scottish Sea Farms volumes

Key financial figures Q2 2022

Key financial figures Q2 2022
(MNOK)	Q2 2022	Q2 2021	Δ%	Q2 2022	Q2 2021 a )	Δ% a )
Revenue	7,852	6,263	25.4 %	8,987	7,138	25.9 %
EBITDA*	1,764	1,262	39.7 %	1,894	1,302	45.5 %
Depreciation/impairment	414	395		457	425
EBIT*	1,350	867	55.7 %	1,438	876	64.1 %
Income from associates*	110	54
Net finance	-133	-92
Pre-tax*	1,327	829	60.1 %
Net profit	1,752	1,159
EPS (NOK)	4.77	3.00
EPS (NOK)*	2.91	1.66

* Before fair value adjustments related to biological assets and settlement costs

a) AUSS incl. proportional 50% of Pelagia AS

	Q2 2022	Q2 2021
Biomass adj group company	1,053	653
Biomass adj group associated companies	54	8
Settlement costs	-211

Key financial figures H1 2022

Key financial figures H1 2022
(MNOK)	H1 2022	H1 2021	Δ%		H1 2022 a	H1 2021 a ) )	Δ%
Revenue	14,417	12,216	18.0 %		16,661	14,257	16.9 %
EBITDA*	3,208	2,357	36.1 %		3,431	2,464	39.3 %
Depreciation/impairment	855	784			941	844
EBIT*	2,352	1,574	49.5 %		2,490	1,619	53.8 %
Income from associates*	169	110
Net finance	-150	-173
Pre-tax*	2,371	1,511	56.9 %
Net profit	2,805	2,010
EPS (NOK)	7.32	5.31
EPS (NOK)*	4.77	3.10

* Before fair value adjustments related to biological assets and settlement costs

a) AUSS incl. proportional 50% of Pelagia AS

	H1 2022	H1 2021
Biomass adj group company	1,305	1,053
Biomass adj group associated companies	125	26
Settlement costs	-211

Lerøy Seafood Group ASA

(MNOK)	Q2 2022	Q2 2021	H1 2022	H1 2021	2021
Revenue	6,566	5,349	12,091	10,276	23,136
EBITDA*	1,244	899	2,417	1,658	3,778
EBIT*	923	583	1,775	1,038	2,519
Harvested volume (GWT)	33,083	36,756	65,140	78,906	186,635
EBIT/kg* ex. wildcatch (NOK)	24.9	13.8	22.5	10.4	11.7
Havfisk catch volume (MT)	18,649	16,345	43,765	42,066	71,521
EBIT wildcatch (MNOK)	93	65	330	250	340

* Before fair value adjustments related to biological assets and settlement costs of MNOK 211

• Price achievement

• o Spot prices up 69% y-o-y
• o NSI Q2/22 NOK 105.4 (Q2/21: NOK 62.5)
  • ✓ Up NOK 26/kg q-o-q and up NOK 43/kg y-o-y
• o Price realisation significantly impacted by contract positions entered into in 2021
  • ✓ Contract share of 46%
• Cost (RFS)
  • o Cost increase y-o-y due to inflationary trends, but excluding inflation, clear operational improvements across farming units
• Wildcatch
  • o Increased prices for cod, haddock and saithe vs. Q2/21
    • ✓ Cod +64%, haddock +31% and saithe +57%
  • o Increased fuel cost vs. Q2/21
  • o Strong price development positive for profitability on catching, while a challenge for the processing activity

• NIBD Q2/22 MNOK 4,917 (Q2/21 MNOK 4,181)

Austral Group S.A.A.

(MNOK)	Q2 2022	Q2 2021	H1 2022	H1 2021	2021
Revenue	531	389	1 184	1 089	2 017
EBITDA	169	162	299	387	673
EBIT	121	120	205	302	506
Raw material (MT):	234 657	284 793	271 231	317 641	569 340
Sales volumes:
Fishmeal (MT)	27 269	21 797	60 031	58 703	109 456
Fish oil (MT)	1 488	1 538	4 568	10 286	18 973
Frozen/fresh JM/M(MT)	1 963	4 406	12 277	13 639	13 639

• Raw material intake

• o Seasonal high activity
  • ✓ Finalized 85% of the 1st season quota 2022 by July 27th
    • ✓ 138,000 MT caught in May and June
    • ✓ 27,000 MT caught in July
    • ✓ 96,500 MT purchased from 3rd party (C/N and South)
• Sales
  • o Higher sales volumes of fishmeal y-o-y
    • ✓ Fishmeal prices up 4% vs. Q2/21
    • ✓ Fish oil prices up 92% vs. Q2/21
• Inventory by end Q2/22:
  • o Fishmeal 40,900 MT (Q2/21: 38,300 MT)
  • o Fish oil 7,100 MT (Q2/21: 7,800 MT)

NIBD Q2/22 MNOK 973 (Q2/21 MNOK 604)

FoodCorp Chile S.A.

(MNOK)	Q2 2022	Q2 2021	H1 2022	H1 2021	2021
Revenue	327	322	515	479	716
EBITDA	125	127	209	193	192
EBIT	116	119	158	176	150
Raw material intake:	35 234	38 790	86 360	91 756	104 856
Sales volumes:
Fishmeal (MT)	3 591	5 988	5 307	8 529	12 117
Fish oil (MT)	2 097	2 289	2 761	3 121	3 967
Frozen (MT)	21 755	19 472	36 801	30 062	45 597

• Raw material intake

• o Seasonal high activity
  • o Increased frozen yield

• Sales

• o Higher sales volume frozen products vs. Q2/21
  • o Price achievement down by 9% vs. Q2/21

• Inventory by end Q2/22

o Frozen 14,800 MT (Q2/21: 8,900 MT)

NIBD Q2/22 MNOK -201, cash positive (Q2/21 MNOK -178, cash positive)

Br. Birkeland Farming AS

(AUSS owns 55.2%)

(MNOK)	Q2 2022	Q2 2021	H1 2022	H1 2021	2021
Revenue EBITDA EBIT	303 194 177	139 41 27	425 246 213	226 57 26	432 52 -12
Harvested volume (GWT)	2 776	2 217	4 324	4 048	8 151
EBIT/kg* all incl. (NOK)	63,9	12,4	49,1	6,3	-1,5

• Harvested volume (GWT)
  • o Harvested volume up 25% y-o-y
  • o Spot prices up 69% y-o-y
  • o Cost inflation on all important input factors
• Biomass at sea
  • o End Q2/22 at 3,892 LWT (Q2/21: 4,735 LWT)

NIBD Q2/22 MNOK -36 (cash positive) vs. Q2/21 MNOK 180

Br. Birkeland AS

(AUSS owns 42.9%)

50

(MNOK)	Q2 2022	Q2 2021	H1 2022	H1 2021	2021
Revenue	117	56	185	126	306
EBITDA	37	33	48	61	111
EBIT	23	22	23	40	70

Pelagic

• Catch of herring and blue whiting
  • o Increased fuel cost vs. Q2/21

Snow crab

• Total catch of 678 MT in H1/22
  • o 436 MT caught in Q2/22
  • o Lower prices achieved vs. last year
  • o Total allowable catches for the Norwegian fleet were finalised by 7th June 2022 vs. 1st July in 2021

NIBD Q2/22 MNOK -13, cash positive (Q2/21 MNOK -230, cash positive)

Statement of financial position

(MNOK)	30.06.2022	30.06.2021	31.12.2021
Intangible assets	12 078	11 759	11 748
Tangible fixed assets	9 736	8 676	9 281
Right-of-use assets	3 229	3 365	3 064
Financial non-current assets	3 508	2 627	3 217
Total non-current assets	28 550	26 427	27 310
Biological assets at cost	5 235	4 642	4 705
Fair value adjustment of biomass	3 270	1 368	1 467
Other inventory	2 452	1 987	1 932
Receivables	3 892	3 206	3 038
Cash and cash equivalents	4 349	3 694	5 329
Total current assets	19 198	14 896	16 471
Total assets	47 748	41 323	43 781
NIBD ex. right-of-use assets liabilities	5 902	4 938	3 969
NIBD incl. right-of-use assets liabilities	7 809	6 576	5 629
Equity	26 798	23 728	25 187
Equity ratio	56 %	57 %	58 %

USD/NOK:

• 30.06.2022: 9.96 • 30.06.2021: 8.56 • 31.12.2021: 8.82

Pelagia Holding AS is an associated company which is included in the line Financial non-current assets of the Group balance sheet

o As such the Group balance sheet does not include proportional consolidation of Pelagia Holding AS (50%)

Cash flow

(MNOK)	Q2 2022	Q2 2021	H1 2022	H1 2021	2021 (audited)
Pre tax profit	2 223	1 489	3 589	2 590	4 376
Biomass adjustment	-1 053	-653	-1 305	-1 053	-1 114
Taxes paid	-291	-139	-450	-265	-447
Depreciaton and impairments	414	395	855	784	1 592
Associated companies	-164	-62	-294	-136	-393
Interest (net)	108	72	178	146	284
Working capital	-558	-76	-1 600	95	338
Cash from operating activities	678	1 027	974	2 160	4 635
Net investment in capex	-550	-345	-890	-565	-1 338
Acquisitions and divestments	29	-131	-16	-171	-461
Dividend received	128	114	131	114	114
Others	-17	8	-26	9	35
Cash from investing activities	-410	-355	-801	-613	-1 650
Change in long term loans	-36	-544	-442	-554	-73
Change in short term loans	1 003	173	1 100	-303	-410
Dividends	-1 742	-1 309	-1 750	-1 309	-1 335
Others	-9	-71	-99	-152	-310
Cash from financing activities	-784	-1 751	-1 192	-2 317	-2 128
Cash at the beginning of the period	4 822	4 773	5 329	4 463	4 463
Net change in cash (incl.exchange gain/losses)	-473	-1 079	-980	-769	866
Cash at the end of the period	4 349	3 694	4 349	3 694	5 329

Outlook

Fishmeal

Fish meal production - week 30 (cumulative)¹

Regions	2022	2021	Change %
Chile#	255,432	277,290	-7.9 %
Peru	632,464	739,755	-14.5 %
Danmark/Norway	130,057	147,121	-11.6 %
Iceland/North Atlantic*	183,388	92,442	98.4 %
Total	1,201,341	1,256,608	-4.4 %

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 4.4% Y-o-Y, Peru 14.5% down vs. 2021
  • Peru reached 84.1% (2.35mm tonnes) of the anchovy quota completing a difficult but successful season
  • USD 1,620/MT for Standard (65%) 1

Prices (FOB Peru)

• USD 1,810/MT for Super Prime (68%) 1
• Demand Feed producers working to cover their demand till end of the year
• Supply Limited Peruvian 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 30¹ , 2022

Fishmeal

Main market – China

• Stock in China at ports according JCI:
  • o 189,360 MT¹ , -16% vs. same period 2021
  • o Off takes: 4,875 MT/day, +22% vs. same period 2021
• Chinese stock prices currently slightly higher than Peruvian FOB prices:
  • o Quoted at RMB 13,200/MT equivalent super prime 68% USD 1,820/MT FOB Peru¹
• China's currency weakening against USD in H1 which has led to an increase in China´s import cost¹
  • o Yuan exchange rate: 6.75 RMB/USD (+6% vs. Jan. 2022)
• Chinese aquaculture production in full speed. Cumulative aquafeed output has increased by more than 20% year on year (Y-o-Y)
• Soybean ratio (Shanghai): 2.96, still favorable for FM consumption

All prices and figures shown are only for statistical purposes and should not be taken as a reference Source: IFFO, week 30, 2022, JCI report ¹ dated 10.08.2022

Fish oil

Fish oil production - week 30 (cumulative)¹

Regions	2022	2021	Change %
Chile#	97,235	103,461	-6.0 %
Peru	82,570	126,749	-34.9 %
Danmark/Norway	49,336	37,561	31.3 %
Iceland/North Atlantic*	57,454	17,874	221.4 %
Total	286,595	285,645	0.3 %

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 increased 0.3% Y-o-Y,
	Peru 34.9% down vs. 2021.

Prices • Feed grade: USD 3,900/MT²

(FOB Peru)

• Omega-3 grade: USD 4,525/MT²

Supply • Limited Peruvian stock available for new offers

Atlantic salmon supply

(in tonnes WFE )

Year	2017		2018		2019		2020		2021		2022		2023
Region	Volume	Change Volume		Change Volume		Change Volume		Change Volume		Change Volume		Change Volume		Change
Europe	1 493 900	4.5 %	1 505 100	0.7 %	1 650 500	9.7 %	1 675 000	1.5 %	894 200	13.1 %	1 860 600	-1.8 %	1 962 900	5.5 %
Norway	207 800	3.1 %	253 400	3.8 %	1 333 400	6.4 %	369 100	2.7 %	532 100	11.9 %	1 511 600	-1.3 %	1 603 600	6.1 %
United Kingdom	177 200	12.6 %	152 100	-14.2 %	190 500	25.2 %	178 300	-6.4 %	199 200	11.7 %	190 600	-4.3 %	200 700	5.3 %
Faroe Islands	80 300	3.9 %	71 700	-10.7 %	86 600	20.8 %	600 80	-6.9 %	105 500	30.9 %	100 900	-4.4 %	102 800	1.9 %
Iceland	11 600	43.2 %	13 600	17.2 %	24 500	80.1 %	31 200	27.3 %	41 500	33.0 %	41 000	-1.2 %	39 500	-3.7 %
Ireland	17 000	7.6 %	14 300	-15.9 %	15 500	8.4 %	15 800	1.9 %	15 900	0.6 %	16 500	3.8 %	16 300	-1.2 %
Americas	799 000	9.2 %	897 700	12.4 %	927 600	3.3 %	1 036 590	11.7 %	000 400	-3.5 %	994 300	-0.6 %	1 018 600	2.4 %
Chile	564 200	11.9 %	660 100	17.0 %	690 300	4.6 %	778 500	12.8 %	718 300	-7.7 %	715 700	-0.4 %	725 500	1.4 %
Canada	137 000	-6.2 %	146 000	6.6 %	137 500	-5.8 %	136 800	-0.5 %	142 000	3.8 %	137 000	-3.5 %	137 000	0.0 %
Australia	63 100	27.2 %	62 300	-1.3 %	60 900	-2.2 %	82 800	36.0 %	87 800	6.0 %	90 500	3.1 %	91 700	1.3 %
Others	13 000	44.4 %	10 300	-20.8 %	18 100	75.7 %	18 490	2.2 %	33 300	80.1 %	33 200	-0.3 %	45 900	38.3 %
USA	21 700	-3.6 %	19 000	-12.4 %	20 800	9.5 %	20 000	-3.8 %	19 000	-5.0 %	17 900	-5.8 %	18 500	3.4 %
Total	2 292 900	6.1 %	2 402 800	4.8 %	2 578 100	7.3 %	2 711 590		5.2 % 2 894 600		6.7 % 2 854 900		-1.4 % 2 981 500	4.4 %

Figures as per 19.08.2022 - Source: Kontali

SPOT prices, fresh Atlantic salmon

▪ cross-section, FCA Oslo (Superior quality) as of week 32-2022

Q1	26							29 34 40 27 36 47 41 58 65 60 61 61 68 52 80
Q2	26	36 41 38						28 42 40 38 64 64 67 68 62 58 63 105
Q3	28							32 39 39 27 226 38 38 35 41 660 556 4155 49 49 47		55 81
Q4	26	28 38 23		27 42 39 44 666 49			55	56 43	60
Total 27 31 338 32 27 41 40 40 41 62 559 59 59 57 53 57 88

Atlantic salmon consumption

Q2 2022

Market	2019	2020	2021 -			2022 Growth Growth %
EU			266 100			-3.2 %
Others			172 505			-7.8 %
USA			127 813		-4.534	-2.7 %
Japan	13 675	16 458	16 600 -----------------------------------------------------------------------------------------------------------------------------------------------------------------------	12 492	-4.108	-24.7 %
Russia	16 906		13 504		7 425 -12.784	-63.3 %
Total			597 000

Conclusion

Salmon / Whitefish

• Extreme price development, positive for farming and catching activity while a temporary challenge for downstream activity
• Length of current inflationary trends will impact cost development

Salmon

• Expected harvest volume 2022 incl. associates around 203,000 GWT in line with 203,000 GWT in 2021
  • o Contract share for salmon in Q3/2022 around 35%

Whitefish

• Strong price development positive for profitability on catching, while a challenge for the processing industry

Conclusion

Pelagic

• Shipping constraints putting pressure on overall logistical chain; availability, punctuality, and increasing cost
  • o General inflation will impact cost also for the pelagic operation

South America

• Seasonal high activity in Peru
  • o First season 2022 set at 2.79 million tonnes and started on 4 May with an exploratory fishing for a period of 15 days, with final opening at 19 May
• Seasonal high activity in Chile
  • o 15% increase in horse mackerel quota for 2022 vs. 2021
    • ✓ The biomass in a healthy status

Conclusion

Pelagic

North Atlantic (Pelagia Holding AS, an associated company)

• Seasonal lower activity for the direct human consumption activity and high activity for the fishmeal and fish oil activity
  • o As per normal a large part of the raw material intake for FM/oil production were trimmings from direct human consumption processing plants
• Main season for direct human consumption from August onwards

• ICES recommendation for 2023 to be set 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 2022.
• 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 24.08.2022. 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 2022	Q2 2021	H1 2022	H1 2021	2021
Revenue	2 270	1 751	4 489	4 082	10 002
EBITDA	262	80	446	213	1 018
EBIT	176	19	275	91	727
Net interest bearing debt			3 755	3 045	3 303

FY 2021 figures includes a gain from one-off effect of MNOK 139

Associated companies

Norskott Havbruk AS (100% figures)

LSG's share = 50%

(MNOK)	Q2 2022	Q2 2021	H1 2022	H1 2021	2021
Revenue	884	793	1 523	1 190	2 307
EBITDA	235	157	383	269	386
EBIT*	190	119	295	193	244
Volumes (gwt)	9 489	11 378	17 329	17 321	32 350
EBIT/kg* (NOK)	20,0	10,5	17,0	11,1	7,6
Net interest bearing debt			2 067	941	2 234
* Before biomass adj.

Starting to realise synergies from acquisition

• High cost base harvesting from sites with biological challenges in Q3 and Q4 2021
• Contract share of 48%, with contract price realisation well below spot price realisation
• Integration of Grieg Seafood Hjaltland UK continues.
• Harvest guidance for 2022 at 46,000 GWT