Austevoll Seafood ASA

Investor Presentation • May 15, 2025

Q1 2025 Financial presentation

Arne Møgster - CEO Britt Kathrine Drivenes - CFO

Highlights

(Amounts million) in NOK	Note	Q1 2025	Q1 2024	2024
and other Operating income revenue		9 793	8 374	35 366
Other and losses (incl . sale of shares) gains		15	(2)	280 1
(adj ) EBITDA	, a) 7	1 938	1 660	311 7
(adj ) EBIT	, a) 7	1 394	1 160	5 246
(adj ) incl income from associates EBIT	5	1 429	1 221	5 619
(adj ) share Earnings in NOK per	*	2 7	1 8	12 9
Total assets		53 023	53 645	635 55
Equity ratio		55%	52%	53%
interest bearing debt Net	7	7 333	6 993	8 016
(adj ) incl of Pelagia 50% EBITDA Group	) a	2 085	1 796	8 012
salmon/whitefish (adj ) from EBITDA		1 497	1 234	4 612
(adj ) from pelagic EBITDA segments	) a	588	562	3 400

Dividend: The Board has recommended to the annual shareholders meeting in 2025 a dividend of NOK 6.50 per share

(NOK 4.50 per share in 2024)

* Before fair value adj. related to biological assets

a) including gain from sale of shares of MNOK 1,268 in the FY 2024 figures

Operational overview

	PERU	CHILE	NORTH ATLANTIC	AUSTEVOLL SEAFOOD GROUP
PELAGIC FISHING	7% 18 of Anchovy quota Fishing vessels Centre-north	3 8.6%of Fishing vessels Pelagic fishing quota	2 Fishing vessels	400,000 - 500,000 MT of pelagic fish caught annually (23 vessels)
PELAGIC PROCESSING	5 Processing plants	2 Processing plants	28 Processing plants*	1.6 – 2.0 Million MT of raw material annually 35 Processing plants
WHITEFISH			10 Fishing vessels 10 Processing plants and purchasing stations	80,000 - 90,000 MT of whitefish (10 vessels) 10 Processing plants and purchasing stations
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)

Biomass and quota evolution first and second season

Peruvian anchoveta

Annual quota and biomass

Million tonnes

Operation in Peru

Austral Group S.A.A.

Fishmeal/fish oil - 1st season 2025

• Centre/North
  • o 3.0 million MT quota vs. 2.47 million in 2024
    • ✓ highest quota since 2018 & highest registered biomass since 2013
  • o The season started 22April (1 st season 2024 started 16 April)
• South
  • o Unload to date 67,000 MT (2024 to date zero)
  • o Plant under maintenance for 2 nd season starting 1 July
• Direct Human Consumption
  • o Austral catch to date 11,400 MT (3,300 in Q1/24)

Volume '000 MT	Q1 2025	Q1 2024	2025E	2024
catch Own
Anchoveta	36	9	365	304
Jackmackerel	11	1	14	8
Mackerel	1	3	1	3
Purchase
Anchoveta	66	7	177	146
Mackerel		0	-	2
('000 MT) Total	113	20	557	463

Map of Austral's factories

Operation in Chile

FoodCorp Chile S.A.

Own catch: Jack mackerel

• Record catches in Q1 2025, increase by 20% compared to Q1 2024
  • High production of frozen fish put pressure on margins

Purchases:

• Sardine and anchovy
  • o Recovery in artisanal fishing compared to last year

Jack mackerel quota in Chile:

• The SPRFMO's global quota for 2025 increased by 25%, reaching 1.6 million tonnes representing 1.0 million tonnes for Chile (66%).
  • o Due to the legislative process to amending the fishing law, this increase has yet to be materialised
  • o 2025 quota for FoodCorp is temporarily maintained at 64,700 tonnes (2024: 64,700 tonnes)

Volume ('000 MT)	Q1 2025	Q1 2024	2025E	2024
Own catch: Jack Mackerel and other species	5 5	4 7	127	133
Purchase: Sardine/anchovy Jack Mackerel	2 7 2	8 0	3 8 4	1 7 0
Total	8 4	5 5	169	150

Jack mackerel quota in Chile¹

Million tonnes

Notes: ¹ The species is formally: Trachurus murphyi

North Atlantic pelagic quotas

North Atlantic pelagic quota 2014 - 2025E, million tonnes

ICES recommendation for 2025

•	Increased quota for:
	o	NVG herring	+3%
	o	Horse mackerel	75 KMT
•		Decrease in quota for:
	o	Barents Sea capelin	-100%
	o	Sandeel	-100%
	o	Mackerel	-22%
	o	NS herring	-21%
	o	Blue whiting	-5%

Source: Norges Sildesalgslag, Havforskningsinstituttet, Estimates are based on data from the above sources, ICES recommendation.

Pelagia Holding AS (1 of 3)

Marine protein and oil (MPO) MPO factories

('000 MT) Volume	Q1 2025	Q1 2024	2025E	2024
Raw material intake for FM/FPC/Oil	332	380	900	953

• Good production in Q1 2025
  • o Raw material from blue whiting is giving good volumes in Q1
  • o Trimmings from herring and salmon is giving stable supply
• Q2 2025 will continue with activity on blue whiting in first half of the quarter added with trimmings through the quarter
• Market for marine protein remains good and stock of unsold quantities are limited
• Market for marine oil seems more difficult due to improved supply during autumn and winter, as well as a 3 million MT quota for 1st fishing season in Peru

Austevoll Seafood ASA

www.auss.no

Pelagia Holding AS (2 of 3)

Direct Human Consumption Pelagic HC factories

Volume ('000 MT)	Q1 2025	Q1 2024	2025E	2024
Raw material intake	76	109	312	370

• Seasonal high activity in Q1 25 however decrease in quotas gives lower raw material intake y-o-y
  • o NVG herring with focus on VAP
  • o Atlantic mackerel with strong demand in all markets due to lower quota for 2025
  • o No capelin this year
• Q2 2025 seasonal low activity
  • o North Sea herring production from June
• Market
  • o Good sales and strong price development on Atlantic mackerel
  • o Limited unsold stock for most products

Pelagia Holding AS (3 of 3)

(100% figures)

(Amounts million) in NOK		* Q1 2025	Q1 2024	2024
gain/loss and other Revenue		3 759	2 960	15 038
(adj) EBITDA		292	272	1 402
(adj ) EBIT		175	168	972
(adj ) margin EBIT		5%	6%	6%
Total assets		11 306	11 066	11 706
bearing debt Net interest		5 535	4 980	5 917
material Raw
FOOD	1 000 MT ,	76	109	370
FEED	000 1 MT ,	332	380	953
Sales volumes
FOOD	1 000 MT ,	67	63	278
FEED	1 000 MT ,	74	68	343

*

Associated company, AUSS share = 50%

Salmon / Whitefish

Lerøy Seafood Group ASA

Lerøy Seafood Group ASA

Q1 2025

• Operational EBIT MNOK 1,049 (Q1/24: MNOK 843)
  • o Lerøy Havfisk & LNWS EBIT (adj.) MNOK 148 (Q1/24: MNOK 187)
  • o VAPS&D EBIT (adj.) MNOK 212 (Q1/24 MNOK 176)
• Slaughtered volume salmon and trout 38,243 GWT (Q1/24: 26,376 GWT)
• Spot prices down NOK 19/kg y-o-y
• EBIT/kg all incl. (excl. EBIT Lerøy Havfisk & LNWS) of NOK 23.5 (Q1/24: NOK 24.9)
• Contract share of 31% (Q1/24: 50%)
• NIBD MNOK 7,038 at end of Q1/25 (Q1/24: MNOK 5,538)

Lerøy Seafood Group ASA – Farming

Salmon / trout farming volumes (1,000 GWT)

	2019	2020	2021	2022	2023	2024	2025E
Lerøy Aurora AS	32.8	35.0	44.0	40.1	43.1	44.1	50.0
Lerøy Midt AS	64.8	67.9	72.6	68.8	61.3	68.9	75.0
Lerøy Sjøtroll	60.6	68.0	70.0	65.7	55.2	58.2	70.0
Total Norway	158.2	170.9	186.6	174.6	159.6	171.2	195.0
Scottish Seafarms (LSG 50% share)	12.9	12.0	16.2	18.0	12.4	20.2	16.0
Total Group	171.1	182.9	202.8	192.6	172.0	191.4	211.0

Lerøy Seafood Group ASA – Wild catch

Q1 2025

Catch volumes wild catch	Q1-25	Q1-24		Remaining quota 2025 Remaining quota 2024
Cod	3,6	6.7	5,3	6,3
Saithe	5,4	7,1	13,0	9,8
Haddock	3,4	5.0	2,7	1,1
Shrimps	0,6	1,4
Other	6,0	4.0
Total	19,0	24.1	21,0	17,2

• Significant quota reduction impacts:
  • o Catch volumes for the trawling fleet
  • o Raw material price and volume in the land industry
• Challenging outlook for 2025
  • o Higher prices has partly offset the impact of lower quotas for the trawling fleet
• Cod quota in 2025 is down 32% y-o-y
  • o 25% stems from overall industry quota reduction
  • o 7% is due to re-allocation from the trawler fleet to the coastal fleet under new regulation ("Kvotemelding")
  • o Haddock quota is down 2% in 2025

Financials

Catch, purchase and farming

(100% volumes)

Figures in 1 000 tonnes ,	Q1 2025	Q1 2024	2025E	2024
Group companies:
Norway (whitefish)	19	24	61	65
Norway (pelagic)	0	21	0	23
Chile catch own	55	47	127	133
Chile purchase	29	8	42	17
Peru catch own	47	12	380	328
Peru purchase	66	7	177	135
Total Group companies	216	120	787	702
Joint ventures:
Europe purchase (FOOD)	76	109	312	370
Europe purchase (FEEDl)	332	380	900	953
Totalt Joint venture:	408	489	1 212	1 324
Total wild catch	625	608	1 999	2 025
Salmon/trout (GWT)*	44	33	219	200
Total Group	669	642	2 218	2 226

* Incl. 50% of the Scottish Sea Farms volumes Key financial figures Q1 2025

EBITDA adj.¹ Million NOK

Revenue and other income¹

Million NOK

Key financial figures Q1 2025 cont.

(Amounts NOK million) in	Note	Q1 2025	Q1 2024	Δ%	Q1 2025	Q1 2024	Δ%
and other Operating income revenue		9 793	8 374	17%	11 672	9 853	18%
Total and loss gain (sale of shares/assets)		15	- 2		15	-
(adj ) EBITDA	7	1 938	1 660	17%	2 085	1 796	16%
EBITDA(adj ) margin		20%	20%		18%	18%
					Incl. AUSS 50% proportional share of Pelagia	Group
Depreciation		545	500
from associates Income		35	62
(adj ) incl income from associates EBIT		1 429	1 221	17%
Other and income expenses	7	-54	-39
Fair value adj . related biological to	assets	838 -1	62
profit (EBIT) Operating		-464	1 245
Profit before and fair value adj tax		1 258	1 019	23%
Profit before tax		-610	1 085
Income tax expenses		415	-346
profit Net		-195	739
(adj )* EPS	NOK	2 7	1 8
share (EPS) Earnings per	NOK	0 1	2 0

Q1 2025	Q1 2024	4%
11 672	ਰੇ 853	18%
15
2 085	1 796	16%
18%	18%

* Before fair value adj. Related to biological assets

a) incl. AUSS 50% proportional share of Pelagia Group

Lerøy Seafood Group ASA

(Amounts million) in NOK		Q1 2025	Q1 2024	2024	Farming highlights
gain/loss and other Revenue		7 967	7 108	31 121	• Quarterly slaughter volume up 45 % y-o-y
(adj) EBITDA		1 497	1 234	4 612	• Clear improvement in biology starting to show in results
(adj ) EBIT		1 049	843	2 960	• Spot benchmark prices NOK 19/kg lower in Q1/25 vs. Q1/24
(adj ) EBIT margin		13%	12%	10%	Contract share of 31% (Q1/24: 50%) o
Total assets		39 851	41 019	42 831	• Declining cost
bearing debt Net interest		7 038	5 538	7 705	• Shielding technology remain promising
Slaugthered volume	GWT	38 243	26 376	171 228	VAPS&D
)/kg (adj wild catch EBIT ex	NOK	23 5	24 9	16 5	• Continued positive development in VAP, S&D
Havfisk catch volume	MT	18 957	24 093	64 991
(adj ) wild catch EBIT	MNOK	148	187	130	High demand in downstream units o
(adj ) EBIT VAPS&D	MNOK	212	176	888	Good capacity utilisation o

Wild catch highlights

• Significant quota reduction impacts
  • o Catch volumes for the trawling fleet
  • o Raw material price and volumes in the land industry
• Challenging outlook for 2025 due to further reduction in quotas
  • o Higher prices has partly offset the impact of lower quotas for the trawling fleet

Austral Group S.A.A.

(Amounts million) in NOK		Q1 2025	Q1 2024	2024
gain/loss and other Revenue		1 125	570	2 238
(adj) EBITDA		187	115	797
(adj ) EBIT		126	57	562
(adj ) EBIT margin		11%	10%	25%
Total assets		3 907	3 500	3 609
bearing debt (cash -) interest Net +		1 111	191 1	094 1
material Raw	1,000 MT	113	20	463
Sales volumes:
Fishmeal	1,000 MT	46 4	20 2	70 6	Sales
Fish oil	1,000 MT	7 8	0 6	8 2
Frozen/fresh	1,000 MT	8 4	4 2	13 6

Raw material intake
• Seasonal lower activity in Q1 (2nd fishing season N/C ended 23 January)
Good catch volume in the 1st season in the south zone of o Peru with high activity at the Ilo plant. Zero activity at the Ilo plant same period last year.
The fleet has caught horse mackerel/mackerel in Q1 (11,400 o tonnes vs. 3,300 tonnes Q1/24)
Normal maintenance carried out for the fleet and plants o ahead of the first fishing season
Sales • Sales volumes substantial up y-o-y

• o Fishmeal prices down 23.6 % y-o-y
• o Fish oil prices down 69% y-o-y

Inventory by end Q1/25:

• Fishmeal 19,663 MT (Q1/24: 33 MT)
• Fish oil 539 MT (Q1/24: 0 MT)

FoodCorp Chile S.A.

(Amounts in NOK million)		Q1 2025	Q1 2024	2024
Revenue and other gain/loss		425	325	1 261
EBITDA (adj)		130	122	310
EBIT (adj.)		115	108	253
EBIT (adj.) margin		27%	33%	20%
Total assets		1 843	1 720	1 793
Net interest bearing debt + (cash -)		- 7	-40	- 7
Raw material	1,000 MT	84	55	150
Sales volumes:
Fishmeal	1,000 MT	5.0	2.7	17.5
Fish oil	1,000 MT	2.7	-	3.3
Frozen/fresh	1,000 MT	27.1	24.7	66.7

Raw material intake
• As normal high activity in the quarter and a good start of the year
• Own catch of 54,700 tonnes (Q1/24: 46,500 tonnes)
• Higher purchased volume raw material of sardine/anchovy (3rd
party) y-o-y
27,200 MT vs. 8,100 MT in Q1/24 o
Sales
• Higher sales volumes in Q1/25 vs. Q1/24 for all products
Price achievement down y-o-y o
Fishmeal down 21% o
Frozen down 9% o

Inventory by end Q1/25:

• Frozen 25,200 MT (Q1/24: 4,400 MT)
• Fishmeal/oil 10,700 MT (Q1/24: 11,200 MT)

Kobbevik og Furuholmen Oppdrett AS

(Amounts in NOK million)		Q1 2025	Q1 2024	2024
Revenue and other gain/loss		193	314	876
EBITDA (adj)		63	123	305
EBIT (adj.)		51	106	238
EBIT (adj.) margin		27%	34%	27%
Total assets		1 402	1 452	1 453
Net interest bearing debt + (cash -)		-101	-113	-71
Slaugthered volume	GWT	1 901	3 213	8 855
EBIT (adj.)/kg	NOK	27.0	33.1	26.9

Slaughter volume

• Volume down 41% vs. Q1/24
  • o Spot prices down NOK 19/kg y-o-y
  • o Cost increase y-o-y

Biomass at sea

• End Q1/25 at 4,401 LWT (Q1/24: 4,956 LWT)

Br. Birkeland AS

(Amounts in million) NOK		Q1 2025	Q1 2024	2024
and other income Revenue		159	155	229
from sale of shares Gain		0	0	1 855
(adj) EBITDA		66	70	1 894
(adj ) EBIT		62	54	1 848
(adj ) margin EBIT
Total assets		657	709	568
bearing debt (cash -) Net interest +		-242	46	-209
Wild catch (pelagic) 1,000	MT	-	21 2	23 5
(snowcrab) Wild catch 1,000	MT	0 6	0 8	0 8

Snow crab
-----------	--

• A good Q1 for the vessels

• o Finalised their quotas in April (Mid March in 2024)
• o Price achievement substantial higher y-o-y

o No activity for the remaining 2025

Statement of financial position

			(audited)
(MNOK)	31-03-2025	31-03-2024	31-12-2024
Intangible assets	11 597	12 558	11 704
Tangible fixed assets	12 173	11 359	12 043
Right-of-use assets	3 367	3 037	3 500
Financial non-current assets	4 034	4 042	4 087
Total non-current assets	31 171	30 996	31 334
Biological assets at cost	7 326	6 504	6 911
value adjustment of biomass Fair	190 1	2 789	3 138
Other inventory	3 314	2 827	3 652
Receivables	823 4	717 4	880 4
Cash and cash equivalents	200 5	812 5	719 5
Total current assets	21 853	22 649	24 301
Total assets	53 023	53 645	55 635
right-of-use liabilities NIBD assets ex.	7 333	6 993	8 016
incl . right-of-use liabilities NIBD assets	9 460	8 774	10 202
Equity	29 109	28 056	29 667
Equity ratio	55%	52%	53%

Currency rate:
----------------	--

31.03.2025 USD/NOK	10.55
31.03.2024 USD/NOK	10.80
31.12.2024 USD/NOK	11.35

Comments:

• Higher standing biomass increasing the biological assets at cost
• Sharp reduction in fair value adjustment of biomass

Cash flow

(MNOK)	Q1 2025	Q1 2024	2024
profit Pre tax	-610	1 085	5 022
Biomass adjustment	1 838	-62	-337
Taxes paid	-99	-443	-1 336
Depreciation and impairments	545	501	2 120
Associated companies	-35	-62	-374
Interest (net)	156	152	622
Working capital	-243	-575	-2 814
Cash from operating activities	1 550	595	2 903
Net investment in capex	-621	-470	-2 280
Acquisitions and divestments	19	7	1 999
Dividends received	0	0	221
Others	69	-21	241
Cash from investing activities	-533	-484	181
Change in long loans term	-502	170	-214
Change in short loans term	-715	252	871
Dividends	0	-28	-2 696
Others	-308	-180	-817
Cash from financing activities	-1 524	214	-2 857
Cash of the beginning the period at	5 719	5 475	5 475
Net change in cash (incl .exchange gain/losses)	-519	337	244
Cash the end of the period at	5 200	5 812	5 719

• The Board has recommended to the annual shareholders meeting in 2025 a dividend of NOK 6.50 per share (NOK 4.50 per share in 2024)

Comments to Q1/25:

• Good cash performance from operations
• Substantial downpayment on short-term working capital in Q1/25

Outlook

Fishmeal

(cumulative)1 Fishmeal production - week 17
Regions	2025	2024	Change %
Chile#	189 237 ,	170 189 ,	11 2 %
Peru	227 478 ,	189 019 ,	20 3 %
Danmark/Norway	101 760 ,	104 571 ,	-2 7 %
Iceland/North Atlantic*	108 472 ,	131 000 ,	-17 2 %
Total	626 947 ,	594 779 ,	4 % 5

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 increased 5.4% y-o-y, driven
	by Peru (+20.3%) and Chile (+11.2%)

• Positive outlook for Peruvian supply, supported by a strong quota (3 million tonnes) and solid season start
• USD 1,635/MT for Super Prime (68%) 1

Prices

(FOB Peru)

• USD 1,400/MT for Standard (65%) 1
• Demand Q3 demand: Feed producers positioning to cover needs from Q3 onwards

Fishmeal cont.

Notes: All prices and figures shown are only for statistical purposes and should not be taken as a reference. Sources: IFFO, week 17¹ , 2025, JCI report ² dated 02.05.2025

Main market – China

• Stock in China at ports:
  • o 303,180 MT¹ +13% vs. same period 2024
  • o Offtakes up 16% YoY, reaching ~26,692 MT/week
• Current Chinese stock prices:
  • o Quoted at RMB 12,900/MT² equivalent SP 68% USD 1,720/MT FOB Peru¹
  • o Yuan at 7.27 RMB/USD, stable vs. 3 months ago
• Steady arrivals into China expected through Q2; Season-I Peruvian meal to start landing from July

Fish oil

(cumulative)1 Fish oil production - week 17
Regions	2025	2024
Chile#	66 612 ,	54 870 ,	21 4 %
Peru	32 628 ,	21 092 ,	54 % 7
Danmark/Norway	18 572 ,	20 293 ,	-8 5 %
Iceland/North Atlantic*	15 957 ,	18 323 ,	-12 9 %
Total	133 769 ,	114 578 ,	16 7 %

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

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

Notes: All prices and figures shown are only for statistical purposes and should not be taken as a reference. Sources: IFFO, week 17¹ , 2025 Production • IFFO Fish oil production increased 16.7% y-o-y, driven by Peru (+54.7%) and Chile (+21.4%)

• Initial yields in Peru range 2.5 3%
• Feed grade: USD 2,550/MT¹

Prices

(FOB Peru)

• Omega-3 grade: USD 3,375/MT¹

Atlantic salmon supply

(in tonnes WFE )

Year	2020		2021		2022		2023		2024		2025		2026
Region	Volume	Change Volume		Change Volume		Change Volume		Change Volume		Change Volume		Change Volume		Change
Europe	1 676 300	1.6 %	1 896 600	13.1 %	1 837 500	-3.1 %	777 000	-3.3 %	1 866 800	5.1 %	1 993 000	6.8 %	2 021 300	1.4 %
Norway	1 370 400	2.8 %	534 500	12.0 %	517 800	-1.1 %	482 300	-2.3 %	1 516 400	2.3 %	1 618 700	6.7 %	1 620 800	0.1 %
United Kingdom	178 300	-6.4 %	199 200	11.7 %	160 800	-19.3 %	152 100	-5.4 %	189 400	24.5 %	186 600	-1.5 %	191 100	2.4 %
Faroe Islands	80 600	-6.9 %	105 500	30.9 %	99 600	-5.6 %	89 400	-10.2 %	99 600	11.4 %	119 500	20.0 %	134 700	12.7 %
Iceland	31 200	27.3 %	41 500	33.0 %	42 900	3.4 %	38 700	-9.8 %	42 900	10.9 %	50 200	17.0 %	58 200	15.9 %
Ireland	15 800	1.9 %	15 900	0.6 %	16 400	3.1 %	14 500	-11.6 %	18 500	27.6 %	18 000	-2.7 %	16 500	-8.3 %
Americas	1 035 990	11.8 %	993 600	-4.1 %	1 020 500	2.7 %	011 100	-0.9 %	958 800	-5.2 %	1 014 100	5.8 %	1 055 800	4.1 %
Chile	778 500	12.8 %	718 300	-7.7 %	753 300	4.9 %	766 000	1.7 %	700 000	-8.6 %	746 000	6.6 %	774 000	3.8 %
Canada	137 200	0.4 %	139 500	1.7 %	133 200	-4.5 %	110 100	-17.3 %	118 700	7.8 %	120 500	1.5 %	119 000	-1.2 %
Australia	82 800	36.0 %	85 400	3.1 %	83 800	-1.9 %	83 700	-0.1 %	85 000	1.6 %	83 500	-1.8 %	87 000	4.2 %
Others	17 490	-1.7 %	31 400	79.5 %	30 700	-2.2 %	32 800	6.8 %	35 600	8.5 %	44 100	23.9 %	56 800	28.8 %
USA	20 000	-3.8 %	19 000	-5.0 %	19 500	2.6 %	18 500	-5.1 %	19 500	5.4 %	20 000	2.6 %	19 000	-5.0 %
Total	2 712 290		5.2 % 2 890 200	6.6 %	2 858 000		-1.1 % 2 788 100		-2.4 % 2 825 600	1.3 %	3 007 100	6.4 %	3 077 100	2.3 %

Sources: Kontali (as per 09.05.2025)

Spot prices, fresh Atlantic salmon

Atlantic salmon consumption

Conclusion

Salmon / Whitefish

Salmon

• Positive biological development QTD in Q2/25
• Clear improvement in biology starting to show in harvest results
  • o The highest net production in sea in a first quarter
  • o Reduced mortality
  • o Declining cost
  • o Higher superior share
• Contract shares for salmon in 2025 currently around 17% (incl. downgrades)

Whitefish

• Challenging quota situation
  • Higher prices has partly offset the impact of lower quotas for the trawling fleet
• Quotas for 2025
  • Cod down 32%
  • Haddock down 2%
  • Saithe North unchanged
  • Saithe South up 40%

Conclusion cont.

Pelagic

South America

• 1 st fishing season started 22 April with a total quota of 3 million tonnes (2024 1st season 2.5 million tonnes)
• Good catches of anchoveta in the South zone of Peru in Q1/25 against very limited fishing in same period in 2024
• Increase in jack mackerel quota of 25% for 2025 in Chile
  • Due to the legislative process to amending the fishing law, this increase has yet to be materialised
  • 2025 quota for FoodCorp is temporarily maintained at 64,700 tonnes (2024: 64,700 tonnes)

Conclusion cont.

Pelagic

North Atlantic (Pelagia Holding AS, an associated company)

• The important season for production of marine protein in oil (FEED) started in Q1
  • Main season for blue whiting
• Decreased quotas gives lower production in Q1 for the FOOD segment compared to same period last year
• ICES recommendation for 2025:
  • Blue whiting -5%
  • Barents Sea capelin no quota
  • Sandeel no quota
  • North Sea herring -21%
  • Mackerel -22%
  • NVG herring +3%

Disclaimer

• This Presentation has been produced by Austevoll Seafood ASA (the "Company" or "Austevoll") solely for use at the presentation to the market held in connection with the announcement of first quarter results for 2025.
• This document contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. Neither The Company or any of their respective group of companies or any such person's officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. The Company assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to our actual results.
• An investment in the company involves risk, and several factors could cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements that may be expressed or implied by statements and information in this presentation, including, among others, risks or uncertainties associated with the company's business, segments, development, growth management, financing, market acceptance and relations with customers, and, more generally, general economic and business conditions, changes in domestic and foreign laws and regulations, taxes, changes in competition and pricing environments, fluctuations in currency exchange rates and interest rates and other factors.
• Should one or more of these risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this presentation. The company does not intend, and does not assume any obligation, to update or correct the information included in this presentation.
• No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, none of the Company or any of their group companies or any such person's officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document.
• By attending the quarterly presentation or upon reading the Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company's business.
• This Presentation is dated 15 May 2025. 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

Note 5 Income from joint ventures and associates

	Share of net
All figures in MNOK	profit	Q1 2025	Q1 2024	2024
Norskott Havbruk AS a)	50%	-19	33	90
Pelagia Holding AS ) b	50%	43	13	212
Others		12	15	71
from and associates Income JV		35	62	373
value adj . related biological Fair to assets		31	-4	10
from and before fair value adj associates Income JV		66	58	383
and in associates: Investment JV Norskott Havbruk AS		1 224	1 186	1 296
Pelagia Holding AS		2 062	2 029	2 044
Others		475	500	463
Total investment		3 760	3 715	3 803
Dividend received from and associates JV
Norskott Havbruk AS
Pelagia Holding AS				200
Others				21
Total dividend received		0	0	221

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

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

Associated companies

Norskott Havbruk AS (100% figures), LSG's share = 50%

(Amounts in million) NOK	Q1 2025	Q1 2024	2024
gain/loss and other Revenue	900	848	4 403
(adj ) EBIT		77 138	555
(adj ) EBIT margin		9% 16%	13%
Total assets	6 511	6 464	6 569
bearing debt Net interest	2 632	3 015	2 562
Slaugthered volume GWT	8 414	7 297	40 439
(adj )/kg wild catch EBIT ex NOK	9	2 18 9	13 7

• Y-o-y increase in harvest volume with good harvest weights in the quarter
• Strong biological development with next generation of fish performing well
• Significant y-o-y decrease in price realisation
• Volumes in 2025 impacted by re-organising site structure. Long term potential significantly higher
• Estimated harvest volume:
  • 32,000 GWT in 2025

Note 7 Alternative Performance Measures (APMs)

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

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

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

Certain items have been excluded from EBITDA (adj.) and EBIT (adj.). The most significant of these items is fair value adjustment related to biological assets. This is excluded because it has nothing to do with the Group's operating performance. The change in fair value derives from changes in futures prices for salmon, published by Euronext. Another item excluded is provision for onerous contracts. This item is indirectly related to biological assets, as the loss is calculated based on the increased value of fish in the sea as a result of fair value adjustment. Production fees on the harvest volume of salmon and trout, which were introduced in 2021, are also excluded. This is because production fees are tax-related. Production fees were introduced as an alternative to resource rent tax. Also excluded are one-off events not expected to happen again, such as settlement costs. These types of costs are not considered relevant to the current operating activity and hence not relevant to persons wanting to analyse operating profit in the period. Finally, unrealised internal gains associated with inventories are also excluded. Feedback from investors and analysts suggests that this accrual item has interfered with evaluation of operating profit for the period. Since this item is insignificant to profit for the period, it has been excluded from the two alternative performance measures.

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

				(audited)
(Amounts in NOK million)	Note	Q1 2025	Q1 2024	2024
Operating revenue and other income	4	9 793	8 374	35 366
Other gains and losses (incl. sale of shares)		15	- 2	1 280
Raw material and consumable used		4 878	4 149	18 354
Salaries and personnel expenses		1 544	1 360	5 296
Operating expenses		1 448	1 204	5 685
EBITDA (adj.)	7	1 938	1 660	7 311
Depreciation		545	500	2 065
EBIT (adj.)	7	1 394	1 160	5 246
EBIT (adj.) margin		14%	14%	15%
Income from associates	5	35	62	374
EBIT (adj.) before fair value adj. biomass	7	1 429	1 221	5 619
Other income and expenses	7	-54	-39	-292
Fair value adj. related to biological assets	3	-1 838	62	337
Operating profit (EBIT)		-464	1 245	5 665
Net interest expenses		-156	-152	-622
Net other financial items		9	- 7	-21
Profit before tax		-610	1 085	5 022
Income tax expenses	9	415	-346	-132
Net profit		-195	739	4 890
Profit to non-controlling interest		-207	338	2 144
Profit to controlling interest		12	401	2 745
EPS (adj.)*	NOK	2.7	1.8	12.9
Earnings per share (EPS)	NOK	0.1	2.0	13.6
Diluted EPS	NOK	0.1	2.0	13.6

Other income and expenses

(Amounts in NOK million)	Q1 2025	Q1 2024	2024
Impairment	0	0	-54
Production tax (aquaculture)	-39	-28	-168
Change in unrealised internal margin	- 4	-11	5
Other non-operational items	-12	0	-74
Total other income and expenses	-54	-39	-292

Note 9 New resource rent tax on aquaculture from 1 January 2023

On 31 May 2023, the Norwegian parliament approved an additional resource rent tax on aquaculture with a tax rate of 25%. The tax scheme applies to net profits from commercial sea-phase salmon and trout aquaculture activity and is an additional layer for taxation on aquaculture. The resource rent tax is in addition to the regular corporate income tax of 22% and gives a total tax rate on aquaculture of 47%. This new tax scheme was implemented retrospectively with effect from 1 January 2023. The implementation effect recognized with MNOK 1,809 billion in 2023, has been reversed with MNOK 1,000 in 2024. In 2024, the group has changed the tax declaration of 2022 for two of the five companies with ground rent tax eligible activity. More information can be found under the annual report for 2024.

TOTAL TAX EXPENSES IN COMPREHENSIVE INCOME	Q1 2025	Q1 2024	2024
Regular corporate tax	115	-289	-843
Resource rent tax incl. implementation effect (payable and deferred tax)	301	-58	711
Income tax expenses in comprehensive income	415	-346	-132

Tax expense (-)/tax income (+)