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Austevoll Seafood ASA
Investor Presentation • Aug 20, 2025
3546_rns_2025-08-20_a71c9a98-04a3-43fc-bad3-84f42a57cd11.pdf
Investor Presentation
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Q2 2025 Financial presentation
Arne Møgster - CEO Britt Kathrine Drivenes - CFO
Highlights
| (Amounts in NOK million) | Note | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | 2024 |
|---|---|---|---|---|---|---|
| Operating revenue and other income | 10 066 | 8 612 | 19 859 | 16 985 | 35 366 | |
| Other gains and losses (incl. sale of shares) | -1 | 1 265 | 14 | 1 265 | 1 280 | |
| EBITDA (adj.) | 7, a) | 1 311 | 3 057 | 3 249 | 4 717 | 7 311 |
| EBIT (adj.) | 7, a) | 767 | 2 555 | 2 160 | 3 715 | 5 246 |
| EBIT (adj.) incl. income from associates | 5 | 754 | 2 697 | 2 183 | 3 918 | 5 619 |
| Earnings per share in NOK (adj.) | * | 1.3 | 5.1 | 5.2 | 6.9 | 12.9 |
| Total assets | 51 907 | 53 940 | 55 635 | |||
| Equity ratio | 52 % | 53 % | 53 % | |||
| Net interest bearing debt | 7 | 9 132 | 6 071 | 8 016 | ||
| EBITDA (adj.) incl. 50% of Pelagia Group excl. gains from sale of share | a) | 1 338 | 1 953 | 3 408 | 3 749 | 6 732 |
| EBITDA (adj.) from salmon/whitefish | 1 138 | 1 300 | 2 634 | 2 534 | 4 612 | |
| EBITDA (adj.) from pelagic segments excl. gains from sale of shares | a) | 200 | 653 | 774 | 1 215 | 2 120 |
Dividend: Paid a dividend of NOK 6.50 per share in Q2 2025
(NOK 4.50 per share in 2024)
* Before fair value adj. related to biological assets. The effect from reversed fair value adjustment has been calculated on an after tax basis with a 22% tax rate.
a) including gain from sale of shares of MNOK 1,265 in the Q2/24 and MNOK 1,268 in the FY 2024 figures
Operational overview
| PERU | CHILE | NORTH ATLANTIC |
AUSTEVOLL SEAFOOD GROUP |
|
|---|---|---|---|---|
| PELAGIC FISHING | 7% 19 of Anchovy quota Fishing vessels Centre-north |
4 8.6%of Fishing vessels Pelagic fishing quota |
2 Snow Crab fishing vessels |
400,000 - 500,000 MT of pelagic fish caught annually (25 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
- 3.0 million MT quota 83% caught vs. 2.47 million MT 98% caught 2024
- The season faced several challenges and in addition adverse weather conditions towards the end
- o Daily catch rates slowed significantly from early June and this continued in July , increasing operational costs
- Low Fishmeal and Fish Oil yields: 23.4% and 2.8% (2024: 23.7% and 4.1%)
- Decreased prices put pressure on margins and total earnings compared to same season 2024
South
• 3rd party unload 75,850 MT & 34% share (2024: 25,077 MT) to date
Direct Human Consumption
• Austral catch to date 11,382 MT vs. 6,748 MT same period 2024
| Volume '000 MT | Q2 2025 | Q2 2024 | YTD Q2 2025 | YTD Q2 2024 | 2025E | 2024 |
|---|---|---|---|---|---|---|
| Own catch | ||||||
| Anchoveta | 161 | 173 | 196 | 187 | 327 | 317 |
| Jackmackerel | - | - | 11 | 1 | 17 | 8 |
| Mackerel | - | - | 1 | 3 | 1 | 3 |
| Purchase | ||||||
| Anchoveta | 72 | 64 | 139 | 66 | 202 | 133 |
| Mackerel | - - |
- | - | 0 | - | 2 |
| Total ('000 MT) | 233 | 237 | 346 | 257 | 547 | 463 |
Map of Austral's factories
Operation in Chile
FoodCorp Chile S.A.
Own catch: Jack mackerel
- Record catches in H1 2025, increase by 13% compared to H1 2024
- Own quota of 81 KMT in 2025 compared to 65 KMT in 2024
- 50 KMT purchased from 3rd party in 2025 compared to 64 KMT in 2024
- Total 131 KMT to be caught in 2025 by our fleet vs. total of 128 KMT in 2024
Purchases:
- Sardine and anchovy
- o Recovery continues in artisanal fishing compared to last year
Changes in the Chilean Fishery Act as of 2026:
- Redistribution of quotas: Jack mackerel share of quota, changed from 90% to 70% for the industrial fleet
- Tax on internationally traded quotas for fishing in Chile's economic zone
| Volume '000 MT | Q2 2025 |
Q2 2024 |
YTD H1 2025 |
YTD H1 2024 |
2025E | 2024 |
|---|---|---|---|---|---|---|
| Own catch: | ||||||
| J. Mackerel and other species | 29 | 29 | 84 | 75 | 140 | 133 |
| Purchase: | ||||||
| Sardine/anchovy | 9 | 5 | 36 | 13 | 41 | 13 |
| J. Mackerel | 1 | 0 | 3 | 0 | 4 | 4 |
| Total ('000 MT) | 39 | 34 | 123 | 88 | 185 | 150 |
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
Marine protein and oil (MPO) MPO factories
| Volume ('000 MT) | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | 2025E | 2024 |
|---|---|---|---|---|---|---|
| Raw material intake for FM/FPC/Oil |
222 | 235 | 557 | 615 | 900 | 953 |
- Good production continued into Q2 2025
- o Blue whiting the main source of raw material
- o Trimming from herring and salmon is giving stable supply
- Q3 2025 will give slightly less production activity where trimmings will be the main raw material
- Decreasing prices, especially for marine oil, have put pressure on margins and total earnings
- Market for Atlantic marine protein remains good with continuing good demand and limited unsold stocks
Austevoll Seafood ASA
www.auss.no
Pelagia Holding AS
Direct Human Consumption Pelagic HC factories
| Volume ('000 MT) | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | 2025E | 2024 |
|---|---|---|---|---|---|---|
| Raw material intake | 29 | 13 | 106 | 122 | 321 | 370 |
- Seasonal low activity in first part of Q2, but good activity in last month of the quarter
- o North Sea herring the main activity in the quarter, where the production, quality and sales was good
- Q3 2025 expected to be relatively busy quarter for our factories in middle and south
- o North Sea herring to continue from Q2
- o Mackerel to start in August
- Market
- o Good demand on most species
- o Limited unsold stock
Pelagia Holding AS
(100% figures)
| * | ||||||
|---|---|---|---|---|---|---|
| (Amounts in NOK million) | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | 2024 | |
| Revenue and other gain/loss | 2 431 | 2 914 | 6 189 | 5 874 | 15 038 | |
| EBITDA (adj) | 53 | 322 | 345 | 594 | 1 402 | |
| EBIT (adj.) | -62 | 217 | 113 | 384 | 972 | |
| EBIT (adj.) margin | -3 % | 7 % | 2 % | 7 % | 6 % | |
| Total assets | 10 614 | 10 596 | 11 706 | |||
| Net interest bearing debt | 5 287 | 5 165 | 5 917 | |||
| Raw material | ||||||
| FOOD | 1,000 MT | 29 | 13 | 106 | 122 | 370 |
| FEED | 1,000 MT | 222 | 235 | 557 | 615 | 953 |
| Sales volumes | ||||||
| FOOD | 1,000 MT | 33 | 41 | 100 | 104 | 278 |
| FEED | 1,000 MT | 78 | 85 | 153 | 153 | 343 |
*
Associated company, AUSS share = 50%
Salmon / Whitefish
Lerøy Seafood Group ASA
Lerøy Seafood Group ASA
Q2 2025
- Operational EBIT MNOK 680 (Q2/24: MNOK 906)
- o Lerøy Havfisk & LNWS EBIT (adj.) MNOK 148 (Q2/24: MNOK -4)
- o VAPS&D EBIT (adj.) MNOK 351 (Q2/24 MNOK 217)
- Slaughtered volume salmon and trout 48,898 GWT (Q2/24: 36,709 GWT)
- Spot prices down NOK 30/kg y-o-y
- EBIT/kg value chain* of NOK 12.4 (Q2/24: NOK 27.1)
- Contract share of 30% (Q2/24: 44%)
- The share of downgrades was significantly lower than in Q2 2024
- NIBD MNOK 8,461 at end of Q2/25 (Q2/24: MNOK 6,761)
* Farming and VAP, S&D
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
Q2 2025
| Catch volumes wild catch | Q2-25 | Q2-24 | Remaining quota 2025 | Remaining quota 2024 |
|---|---|---|---|---|
| Cod | 1,2 | 1,5 | 4,1 | 4,8 |
| Saithe | 1,1 | 2,6 | 11,9 | 8,6 |
| Haddock | 1,6 | 0,5 | 1,1 | 0,6 |
| Shrimps | 4,7 | 4,7 | ||
| Other | 9,1 | 8,6 | ||
| Total | 17,7 | 17,8 | 17,1 | 14,1 |
Price, key species (NOK pr kg)
- Cod quota in 2025 is down 32% y-o-y impacting:
- o Catch volumes for the trawling fleet
- o Raw material price and volume in the land industry
• Challenging operating conditions for 2025
o Positive to see that price increase more than offset impact from lower quotas for the trawling fleet
• Periodisation effects
o Q1/25 and Q2/25 impacted by periodisation effects/timing of sales.
Financials
Catch, purchase and farming
(100% volumes)
| Figures in 1,000 tonnes | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | 2025E | 2024 |
|---|---|---|---|---|---|---|
| Group companies: | ||||||
| Norway (whitefish) | 18 | 18 | 37 | 42 | 58 | 65 |
| Norway (pelagic) | 0 | 2 | 0 | 23 | 0 | 23 |
| Chile own catch | 29 | 29 | 84 | 75 | 140 | 133 |
| Chile purchase | 10 | 5 | 39 | 13 | 45 | 17 |
| Peru own catch | 161 | 173 | 207 | 185 | 345 | 328 |
| Peru purchase | 72 | 64 | 139 | 72 | 202 | 135 |
| Total Group companies | 289 | 291 | 505 | 411 | 790 | 702 |
| Joint ventures: | ||||||
| Europe purchase (FOOD) | 29 | 13 | 106 | 122 | 312 | 370 |
| Europe purchase (FEEDl) | 222 | 235 | 557 | 615 | 900 | 953 |
| Totalt Joint venture: | 252 | 248 | 663 | 737 | 1 212 | 1 324 |
| Total wild catch | 541 | 539 | 1 168 | 1 148 | 2 002 | 2 025 |
| Salmon/trout (GWT)* | 57 | 45 | 101 | 79 | 219 | 200 |
| Total Group | 598 | 585 | 1 269 | 1 226 | 2 221 | 2 226 |
* Incl. 50% of the Scottish Sea Farms volumes
Key financial figures Q2 2025
Revenue and other income1 Million NOK
EBITDA adj.1 Million NOK
Notes: 1 See note 7 in the appendix for information related to APM.
Key financial figures Q2 2025 cont.
| (Amounts in NOK million) | Note | Q2 2025 | Q2 2024 | Δ% | Q2 2025 | Q2 2024 | Δ% |
|---|---|---|---|---|---|---|---|
| Operating revenue and other income | 10 066 | 8 612 | 17 % | 11 281 | 10 069 | 12 % | |
| Total gain and loss (sale of shares/assets) | -1 | 1 265 | -1 | 1 265 | |||
| EBITDA (adj.) | 7 | 1 311 | 3 057 | -57 % | 1 337 | 3 218 | -58 % |
| EBITDA(adj.) margin | 13 % | 35 % | 12 % | 32 % | |||
| Incl. AUSS 50% proportional share of Pelagia Group | |||||||
| Depreciation | 544 | 502 | |||||
| Income from associates | -13 | 142 | |||||
| EBIT (adj.) incl.income from associates | 754 | 2 697 | -72 % | ||||
| Other income and expenses | 7 | -113 | -21 | ||||
| Fair value adj. related to biological assets | -513 | 178 | |||||
| Operating profit (EBIT) | 128 | 2 854 | |||||
| Profit before tax and fair value adj. | 493 | 2 457 | -80 % | ||||
| Profit before tax | 14 | 2 645 | |||||
| Income tax expenses | 92 | -473 | |||||
| Net profit | 106 | 2 172 | |||||
| EPS (adj.)* | NOK | 1.3 | 5.1 | ||||
| Earnings per share (EPS) | NOK | 0.3 | 5.5 |
| Q2 2024 | 0% |
|---|---|
| 10 069 | 12 % |
| 1 265 | |
| 3 218 | -58 % |
| 32 % | |
* Before fair value adj. related to biological assets. The effect from reversed fair value adjustment has been calculated on an after tax basis with a 22% tax rate.
a) incl. AUSS 50% proportional share of Pelagia Group
Lerøy Seafood Group ASA
| (Amounts in NOK million) | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | 2024 | |
|---|---|---|---|---|---|---|
| Revenue and other gain/loss | 8 827 | 7 659 | 16 795 | 14 768 | 31 121 | |
| EBITDA (adj.) | 1 138 | 1 300 | 2 634 | 2 534 | 4 612 | |
| EBIT (adj.) | 680 | 906 | 1 729 | 1 749 | 2 960 | |
| EBIT (adj.) margin | 8 % | 12 % | 10 % | 12 % | 10 % | |
| Total assets | 39 377 | 39 910 | 42 831 | |||
| Net interest bearing debt | 8 461 | 6 761 | 7 705 | |||
| Slaugthered volume | GWT | 48 898 | 36 709 | 87 141 | 63 085 | 171 228 |
| Havfisk catch volume | MT | 17 687 | 17 829 | 36 645 | 41 922 | 64 991 |
| EBIT (adj.) Farming | MNOK | 256 | 777 | 1 045 | 1 353 | 2 258 |
| EBIT (adj.) Wild Catch | MNOK | 148 | -4 | 296 | 182 | 130 |
| EBIT (adj.) VAPS&D | MNOK | 351 | 217 | 563 | 393 | 888 |
| EBIT (adj.)/kg ex Wild Catch | NOK | 10.9 | 24.8 | 16.4 | 24.8 | 16.5 |
| EBIT (adj.)/kg value chain* | NOK | 12.4 | 27.1 | 18.5 | 27.7 | 18.4 |
*Farming and VAPS&D segments combined
Farming
- Quarterly slaughter volume up 33 % y-o-y
- Clear improvement in biology shows results
- Spot benchmark prices NOK 30/kg lower in Q2/25 vs. Q2/24
- o Contract share of 30% (Q2/24: 44%)
- Lower cost per kilogram y-o-y
- Shielding technology remains promising
VAPS&D
- Continued positive development
- o Record quarter
- o Structural improvements continue to yield results
- o Strong demand in end markets
Wild catch
- Significant quota reduction impacts
- o Catch volumes for the trawling fleet
- o Raw material prices and volumes in the land industry
- Challenging operating conditions for 2025
- Positive to see that price increase more than offset impact from lower quota for the trawling fleet
Austral Group S.A.A.
| (Amounts in NOK million) | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | 2024 | |
|---|---|---|---|---|---|---|
| Revenue and other gain/loss | 691 | 485 | 1 815 | 1 055 | 2 238 | |
| EBITDA (adj) | 85 | 292 | 272 | 407 | 797 | |
| EBIT (adj.) | 26 | 233 | 152 | 290 | 562 | |
| EBIT (adj.) margin | 4 % | 48 % | 8 % | 27 % | 25 % | |
| Total assets | 3 809 | 3 581 | 3 609 | |||
| Net interest bearing debt + (cash -) | 1 189 | 1 363 | 1 094 | |||
| Raw material | 1,000 MT | 233 | 237 | 346 | 257 | 463 |
| Sales volumes: | ||||||
| Fishmeal | 1,000 MT | 38.7 | 14.4 | 85.1 | 34.6 | 70.6 |
| Fish oil | 1,000 MT | 0.7 | 1.1 | 8.5 | 1.7 | 8.2 |
| Frozen/fresh | 1,000 MT | 2.9 | - | 11.3 | 4.2 | 13.6 |
Raw material intake
- First fishing season started 22 April
- o Austral caught 160,600 tonnes in Q2
- o High daily catch rates during April and May
- o Due to sea conditions and weather, the daily catch rates slowed significantly in June and July
Sales
- Sales volumes are substantially up y-o-y
- o Fishmeal prices down 11 % y-o-y
- o Fish oil prices down 58% y-o-y
- o A large portion of the products sold in Q2/25 were from production in Q4/24 and Q1/25
- o Higher cost and declining prices in H1/25 put pressure on margins and earnings in Q2/25 compared to Q2/24
Inventory by end Q2/25:
- Fishmeal 42,300 tonnes (Q2/24: 32,200)
- Fish oil 5,300 tonnes (Q2/24: 6,400)
FoodCorp Chile S.A.
| (Amounts in NOK million) | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | 2024 |
|---|---|---|---|---|---|
| Revenue and other gain/loss | 400 | 266 | 825 | 591 | 1 261 |
| EBITDA (adj) | 94 | 75 | 224 | 197 | 310 |
| EBIT (adj.) | 80 | 61 | 195 | 169 | 253 |
| EBIT (adj.) margin | 20 % | 23 % | 24 % | 29 % | 20 % |
| Total assets | 1 854 | 1 803 | 1 793 | ||
| Net interest bearing debt + (cash -) | 88 | 9 | -7 | ||
| Raw material 1,000 MT |
39 | 34 | 123 | 88 | 150 |
| Sales volumes: | |||||
| Fishmeal 1,000 MT |
5.5 | 2.4 | 10.6 | 5.1 | 17.5 |
| Fish oil 1,000 MT |
0.9 | 1.0 | 3.7 | 1.0 | 3.3 |
| Frozen/fresh 1,000 MT |
33.1 | 14.9 | 60.2 | 39.7 | 66.7 |
Raw material intake
- High activity in the quarter
- o Own catch of 28,900 tonnes (Q2/24: 28,600)
- Higher purchased volume of raw material of sardine/anchovy (3rd party) y-o-y
- o 9,100 tonnes vs. 5,100 in Q2/24
Sales
- Higher sales volumes in Q2/25 vs. Q2/24 for frozen and fishmeal, marginally lower for fish oil
- Price achievement down y-o-y
- o Fishmeal down 17%
- o Fish oil down 68%
- o Frozen down 16%
Inventory by end Q2/25:
- Frozen 6,800 tonnes (Q2/24: 3,900)
- Fishmeal/oil 11,100 tonnes (Q2/24: 13,200)
Kobbevik og Furuholmen Oppdrett AS
| (Amounts in NOK million) | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | 2024 | |
|---|---|---|---|---|---|---|
| Revenue and other gain/loss | 160 | 326 | 353 | 640 | 876 | |
| EBITDA (adj) | 4 | 135 | 67 | 258 | 305 | |
| EBIT (adj.) | -8 | 119 | 43 | 225 | 238 | |
| EBIT (adj.) margin | -5 % | 36 % | 12 % | 35 % | 27 % | |
| Total assets | 1 262 | 1 473 | 1 453 | |||
| Net interest bearing debt + (cash -) | -36 | -365 | -71 | |||
| Slaugthered volume GWT |
1 964 | 2 632 | 3 865 | 5 845 | 8 855 | |
| EBIT (adj.)/kg NOK |
-4.3 | 45.2 | 11.1 | 38.6 | 26.9 |
Slaughter volume • Volume down 25% vs. Q2/24 o Highly affected by low spot prices o Spot benchmark prices NOK 30/kg lower in Q2/25 vs. Q2/24 o Cost increase y-o-y due to slaughtering from a high-cost site
Biomass at sea
• End Q2/25 at 3,846 LWT (Q2/24: 3,770 LWT)
Br. Birkeland AS
| (Amounts in NOK million) | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | 2024 |
|---|---|---|---|---|---|
| Revenue and other income | 55 | 67 | 214 | 222 | 229 |
| Gain from sale of shares | 0 | 1 852 | 0 | 1 852 | 1 855 |
| EBITDA (adj) | 11 | 1 846 | 77 | 1 915 | 1 894 |
| EBIT (adj.) | 6 | 1 831 | 68 | 1 885 | 1 848 |
| EBIT (adj.) margin | 20 % | 2756 % | 36 % | 861 % | 829 % |
| Total assets | 615 | 2 367 | 568 | ||
| Net interest bearing debt + (cash -) | -267 | -1 994 | -209 | ||
| Wild catch (pelagic) 1,000 MT |
- | 2.3 | - | 23.5 | 23.5 |
| Wild catch (snowcrab) 1,000 MT |
0.2 | - | 0.9 | 0.8 | 0.8 |
Snow crab
- Finalised their quotas in April (Mid March in 2024)
- Price achievement substantial higher y-o-y
- No fishing activity for the remaining 2025
- Necessary maintenance to be carried out in the laid-up period
Br. Birkeland AS sold its pelagic activity in Q2/24 with a gain from sale of shares of MNOK 1,852
Statement of financial position
| (audited) | |||
|---|---|---|---|
| (MNOK) | 30.06.2025 | 30.06.2024 | 31.12.2024 |
| Intangible assets | 11 547 | 11 559 | 11 704 |
| Tangible fixed assets | 12 430 | 11 253 | 12 043 |
| Right-of-use assets | 3 401 | 2 927 | 3 500 |
| Financial non-current assets | 3 900 | 3 925 | 4 087 |
| Total non-current assets | 31 279 | 29 665 | 31 334 |
| Biological assets at cost | 7 316 | 6 575 | 6 911 |
| Fair value adjustment of biomass | 676 | 2 929 | 3 138 |
| Other inventory | 3 181 | 3 188 | 3 652 |
| Receivables | 4 994 | 4 616 | 4 880 |
| Cash and cash equivalents | 4 462 | 6 968 | 5 719 |
| Total current assets | 20 628 | 24 275 | 24 301 |
| Total assets | 51 907 | 53 940 | 55 635 |
| NIBD ex. right-of-use assets liabilities | 9 132 | 6 071 | 8 016 |
| NIBD incl. right-of-use assets liabilities | 11 168 | 7 755 | 10 202 |
| Equity | 27 105 | 28 463 | 29 667 |
| Equity ratio | 52 % | 53 % | 53 % |
| 10.10 |
|---|
| 11.35 |
| 10.65 |
Comments:
- Tangible fixed assets increased on investment in among other shielding technology in farming and two secondhand fishing vessels (Peru and Chile)
- Higher standing biomass increases the biological assets at cost
- Sharp reduction in fair value adjustment of biomass
Cash flow
| (MNOK) | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | 2024 |
|---|---|---|---|---|---|
| Pre tax profit | 14 | 2 645 | -596 | 3 731 | 5 022 |
| Biomass adjustment | 513 | -178 | 2 351 | -240 | -337 |
| Taxes paid | -235 | -212 | -334 | -655 | -1 336 |
| Depreciation and impairments | 544 | 502 | 1 089 | 1 002 | 2 120 |
| Associated companies | 13 | -142 | -22 | -203 | -374 |
| Interest (net) | 155 | 175 | 311 | 327 | 622 |
| Working capital | 207 | -1 692 | -36 | -2 267 | -2 814 |
| Cash from operating activities | 1 211 | 1 098 | 2 761 | 1 694 | 2 903 |
| Net investment in capex | -616 | -476 | -1 238 | -946 | -2 280 |
| Acquisitions and divestments | 3 | 1 989 | 22 | 1 997 | 1 999 |
| Dividends received | 115 | 200 | 115 | 200 | 221 |
| Others | 68 | 71 | 138 | 50 | 241 |
| Cash from investing activities | -430 | 1 785 | -963 | 1 301 | 181 |
| Change in long term loans | 273 | 121 | -229 | 292 | -214 |
| Change in short term loans | 536 | 1 | -179 | 253 | 871 |
| Dividends | -2 088 | -1 615 | -2 088 | -1 643 | -2 696 |
| Others | -232 | -238 | -540 | -418 | -817 |
| Cash from financing activities | -1 512 | -1 731 | -3 037 | -1 516 | -2 857 |
| Cash at the beginning of the period | 5 200 | 5 812 | 5 719 | 5 475 | 5 475 |
| Net change in cash (incl.exchange gain/losses) | -738 | 1 156 | -1 258 | 1 493 | 244 |
| Cash at the end of the period | 4 462 | 6 968 | 4 462 | 6 968 | 5 719 |
Comments to Q2/25:
- Invested in two new second-hand fishing vessels in
- Q2 2025, one for Chile and one for Peru
- Paid a dividend of NOK 6.50 per share (NOK 4.50 per share in Q2 2024)
Outlook
Fishmeal
| Fishmeal production - week 32 (cumulative)1 | |||||||
|---|---|---|---|---|---|---|---|
| Regions | 2025 | 2024 | Change % | ||||
| Chile# | 288,718 | 247,927 | 16.5 % | ||||
| Peru | 780,030 | 641,579 | 21.6 % | ||||
| Danmark/Norway | 163,243 | 163,295 | 0.0 % | ||||
| Iceland/North Atlantic* | 154,820 | 167,883 | -7.8 % | ||||
| Total | 1,386,811 | 1,220,684 | 13.6 % |
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
Notes: All prices and figures shown are only for statistical purposes and should not be taken as a reference. Sources: IFFO, week 321 , 2025
| Production | • IFFO Fishmeal production increased 13.6% y-o-y, driven |
|---|---|
| by Peru (+21.6%) and Chile (+16.5%) |
- Peru reached 83% of its NC 2025-1 quota: 2.48M MT of anchovy ≈ 580K MT of fishmeal
- USD 1,740/MT for Super Prime (68%) 1
- (FOB Peru) • USD 1,520/MT for Standard (65%) 1
Demand • Feed producers mostly covered
Prices
• China once again leads, with 82% of Peruvian exports YTD
Fishmeal cont.
Main market China
- Stock in China • 282,150 MT1 +27% vs.same period 2024
- at ports: • Offtakes up 12% y-o-y reaching ~35,710 MT/week
| Current | • | Quoted | at | RMB | 13,500/MT2 | equivalent | SP | 68% | USD |
|---|---|---|---|---|---|---|---|---|---|
| Chinese stock |
1,820/MT FOB Peru |
||||||||
| prices: | • | Yuan at |
7.2 | RMB/USD, | down 1% |
vs. 3 months |
ago |
• With limited spot supply in Peru, market attention is shifting to next-season presales and the upcoming local fishing season in China2
Notes: All prices and figures shown are only for statistical purposes and should not be taken as a reference. Sources: IFFO, week 30 1, 2025, JCI report 2 dated 04.08.2025
Fish oil
| Fish oil production - week 32 (cumulative)1 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Regions | 2025 | Change % | ||||||||
| Chile# | 104,707 | 87,527 | 19.6 % | |||||||
| Peru | 90,793 | 96,515 | -5.9 % | |||||||
| Danmark/Norway | 33,053 | 34,623 | -4.5 % | |||||||
| Iceland/North Atlantic* | 26,546 | 25,556 | 3.9 % | |||||||
| Total | 255,099 | 244,221 | 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 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 321, 2025
- Production IFFO Fish oil production increased 4.5% y-o-y, driven by Chile (+20%), while Peru is down 5.9%
- Peru NC 2025-1: Avg. yield ~2.7%, omega mostly >29% EPA + DHA
- Feed grade: USD 2,400/MT1
Prices
(FOB Peru)
• Omega-3 grade: USD 3,475/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 % | 837 500 | -3,1 % | 1 777 000 | -3,3 % 1 866 800 | 5,1 % 2 051 500 | 9,9 % 2 069 400 | 0,9 % | |||
| Norway | 1 370 400 | 2,8 % | 534 500 | 12,0 % | 517 800 | -1,1 % | 482 300 | -2,3 % 1 516 400 | 2,3 % | 674 300 | 10,4 % | 675 300 | 0,1 % | |
| United Kingdom | 178 300 | -6,4 % | 199 200 | 11,7 % | 160 800 | -19,3 % | 152 100 | -5,4 % | 189 400 | 24,5 % | 185 800 | -1,9 % | 196 500 | 5,8 % |
| Faroe Islands | 80 600 | -6,9 % | 105 500 | 30,9 % | 99 600 | -5,6 % | 89 400 | -10,2 % | 99 600 | 11,4 % | 121 200 | 21,7 % | 127 700 | 5,4 % |
| Iceland | 31 200 | 27,3 % | 41 500 | 33,0 % | 42 900 | 3,4 % |
38 700 | -9,8 % | 42 900 | 10,9 % | 50 500 | 17,7 % | 51 600 | 2,2 % |
| Ireland | 15 800 | 1,9 % | 15 900 | 0,6 % | 16 400 | % 3,1 |
14 500 | -11,6 % | 18 500 | 27,6 % | 19 700 | 6,5 % | 18 300 | -7,1 % |
| Americas | 1 035 990 | 11,8 % | 993 400 | -4,1 % | 020 500 | 2,7 % | 010 500 | -1,0 % | 958 600 | -5,1 % | 1 020 300 | 6,4 %) | 069 000 | 4,8 % |
| Chile | 778 500 | 12,8 % | 718 300 | -7,7 % | 753 300 | 4,9 % |
766 000 | % 1,7 |
700 000 | -8,6 % | 755 100 | 7,9 % | 784 100 | 3,8 % |
| Canada | 137 200 | 0,4 % | 139 500 | 1,7 % | 133 200 | -4,5 % | 110 000 | -17,4 % | 118 600 | 7,8 % | 117 400 | -1,0 % | 119 500 | 1,8 % |
| 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 % | 31 200 | 78,4 % | 30 700 | -1,6 % | 32 300 | 5,2 % | 35 500 | 9,9 % | 44 300 | 24,8 % | 59 400 | 34,1 % |
| 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 % |
| Totalt | 2 712 290 | 5,2 % 2 890 000 | 6,6 % 2 858 000 | -1,1 % 2 787 500 | -2,5 % 2 825 400 | 1,4 | % 3 071 800 | 8,7 % 3 138 400 | 2,2 % |
Sources: Kontali (as per 15 August 2025)
Atlantic Salmon – Harvest volumes Europe
Spot prices, fresh Atlantic salmon
Atlantic salmon consumption
Conclusion
Salmon / Whitefish
Salmon
- Positive biological development QTD in H2/25, while higher temperatures are challenging at start of Q3
- Structural improvements initiatives expected to continue to gradually show in results
- Contract shares for value chain in Q2 of 30%, and for 2025 around 25% with positive impact in both Farming and VAP, S&D
- Spot prices and price realisation QTD in Q3 below production cost and will impact profitability
- Lower salmon and trout prices are building markets
Whitefish
- Challenging quota situation, but price development is positive
- First indication quotas 2026 from the Norwegian Institute of Marine Research
- Cod down 21%
- Haddock up 18 %
- Saithe North down 15%
- Saithe South down 24%
Conclusion cont.
Pelagic
South America
- 1st fishing season started 22 April with a total quota of 3 million tonnes (2024 1st season 2.5 million tonnes). The season concluded on 23 July with 83% caught compared to 98% for the same season in 2024
- The fishery faced challenges with a significantly slower daily catch rate in June due to weather and sea conditions, which also persisted into July
- Increase in jack mackerel quota of 25% for 2025 in Chile
- 2025 quota for FoodCorp is 80,900 tonnes (2024: 64,700 tonnes)
- Changes in the Chilean Fishery Act as of 2026 with redistribution of quotas and tax on internationally traded quotas for fishing in Chile's economic zone
Conclusion cont.
Pelagic
North Atlantic (Pelagia Holding AS, an associated company)
- Blue whiting season continued in Q2 (FEED)
- Decrease in prices, especially for marine oils, put pressure on margins and total earnings
- Reduction in quotas for key species used in the FOOD segment creates challenges and result in lower capacity utilization for the factories throughout the 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 second 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 20 August 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
Key financial figures H1 2025
Revenue and other income1 Million NOK
EBITDA adj.1 Million NOK
Notes: 1 See note 7 in the appendix for information related to APM.
Key financial figures H1 2025
| (Amounts in NOK million) | Note | H1 2025 | H1 2024 | Δ% | H1 2025 | H1 2024 | Δ% |
|---|---|---|---|---|---|---|---|
| Operating revenue and other income | 19 859 | 16 985 | 17 % | 22 954 | 19 922 | 15 % | |
| Total gain and loss (sale of shares/assets) | 14 | 1 265 | 14 | 1 265 | |||
| EBITDA (adj.) | 7 | 3 249 | 4 717 | -31 % | 3 422 | 5 014 | -32 % |
| EBITDA(adj.) margin | 16 % | 28 % | 15 % | 25 % | |||
| Incl. AUSS 50% proportional share of Pelagia Group | |||||||
| Depreciation | 1 089 | 1 002 | |||||
| Income from associates | 22 | 203 | |||||
| EBIT (adj.) incl.income from associates | 2 183 | 3 918 | -44 % | ||||
| Other income and expenses | 7 | -168 | -60 | ||||
| Fair value adj. related to biological assets | -2 351 | 240 | |||||
| Operating profit (EBIT) | -336 | 4 099 | |||||
| Profit before tax and fair value adj. | 1 752 | 3 476 | |||||
| Profit before tax | -596 | 3 731 | |||||
| Income tax expenses | 507 | -819 | |||||
| Net profit | -89 | 2 911 | |||||
| EPS (adj.)* | NOK | 5.2 | 6.9 | ||||
| Earnings per share (EPS) | NOK | 0.4 | 7.5 |
| H1 2025 | H1 2024 | 0% |
|---|---|---|
| 22 954 | 19 922 | 15 % |
| 14 | 1 265 | |
| 3 422 | 5 014 | -32 % |
| 15 % | 25 % |
* Before fair value adj. related to biological assets. The effect from reversed fair value adjustment has been calculated on an after tax basis with a 22% tax rate.
a) incl. AUSS 50% proportional share of Pelagia Group
Associated companies
Norskott Havbruk AS (100% figures), LSG's share = 50%
| (Amounts in NOK million) | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | 2024 | |
|---|---|---|---|---|---|---|
| Revenue and other gain/loss | 1 036 | 1 414 | 1 937 | 2 262 | 4 403 | |
| EBIT (adj.) | -28 | 234 | 49 | 372 | 555 | |
| EBIT (adj.) margin | -3 % | 17 % | 3 % | |||
| Total assets | 6 665 | 6 648 | 6 569 | |||
| Net interest bearing debt | 2 589 | 2 614 | 2 562 | |||
| Slaugthered volume | GWT | 11 642 | 12 235 | 20 056 | 19 532 | 40 439 |
| EBIT (adj.)/kg ex wild catch | NOK | -2.4 | 19.1 | 2.5 | 19.0 | 13.7 |
• 5% Y-o-y decrease in slaughter volume
• Strong biological development, with the next generation of fish performing well
• Lower price return impact result in the quarter
• Volumes in 2025 impacted by reorganising site structure. Long-term potential is significantly higher
• Estimated harvest volume:
• 32,000 GWT in 2025
Note 5 Income from joint ventures and associates
| Share of net | ||||||
|---|---|---|---|---|---|---|
| All figures in MNOK | profit | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | 2024 |
| Norskott Havbruk AS a) | 50 % | 11 | 61 | -9 | 94 | 90 |
| Pelagia Holding AS b) | 50 % | -47 | 60 | -4 | 73 | 212 |
| Others | 23 | 21 | 35 | 36 | 71 | |
| Income from JV and associates | -13 | 142 | 22 | 203 | 373 | |
| Fair value adj. related to biological assets | -34 | -10 | -3 | -14 | 10 | |
| Income from JV and associates before fair value adj. | -46 | 131 | 20 | 189 | 383 | |
| Investment in JV and associates: | ||||||
| Norskott Havbruk AS | 1 252 | 1 241 | 1 296 | |||
| Pelagia Holding AS | 1 901 | 1 880 | 2 044 | |||
| Others | 483 | 463 | 463 | |||
| Total investment | - | - | 3 636 | 3 585 | 3 803 | |
| Dividend received from JV and associates | ||||||
| Norskott Havbruk AS | - | - | - | - | ||
| Pelagia Holding AS | 100 | 200 | 100 | 200 | 200 | |
| Others | 15 | - | 15 | - | 21 | |
| Total dividend received | 115 | 200 | 115 | 200 | 221 |
a) Lerøy Seafood Group ASA owns 50% of Norskott Havbruk AS
b) Austevoll Seafood ASA owns 50% of Pelagia Holding AS
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 | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | 2024 |
| Operating revenue and other income | 4 | 10 066 | 8 612 | 19 859 | 16 985 | 35 366 |
| Other gains and losses (incl. sale of shares) | -1 | 1 265 | 14 | 1 265 | 1 280 | |
| Raw material and consumable used | 5 919 | 4 278 | 10 796 | 8 426 | 18 354 | |
| Salaries and personnel expenses | 1 327 | 1 146 | 2 871 | 2 506 | 5 296 | |
| Operating expenses | 1 508 | 1 396 | 2 956 | 2 600 | 5 685 | |
| EBITDA (adj.) | 7 | 1 311 | 3 057 | 3 249 | 4 717 | 7 311 |
| Depreciation | 544 | 502 | 1 089 | 1 002 | 2 065 | |
| EBIT (adj.) | 7 | 767 | 2 555 | 2 160 | 3 715 | 5 246 |
| EBIT (adj.) margin | 8 % | 30 % | 11 % | 22 % | 15 % | |
| Income from associates | 5 | -13 | 142 | 22 | 203 | 374 |
| EBIT (adj.) before fair value adj. biomass | 7 | 754 | 2 697 | 2 183 | 3 918 | 5 619 |
| Other income and expenses | 7 | -113 | -21 | -168 | -60 | -292 |
| Fair value adj. related to biological assets | 3 | -513 | 178 | -2 351 | 240 | 337 |
| Operating profit (EBIT) | 128 | 2 854 | -336 | 4 099 | 5 665 | |
| Net interest expenses | -155 | -175 | -311 | -327 | -622 | |
| Net other financial items | 42 | -34 | 51 | -41 | -21 | |
| Profit before tax | 14 | 2 645 | -596 | 3 731 | 5 022 | |
| Income tax expenses | 9 | 92 | -473 | 507 | -819 | -132 |
| Net profit | 106 | 2 172 | -89 | 2 911 | 4 890 | |
| Profit to non-controlling interest | 39 | 1 067 | -167 | 1 405 | 2 144 | |
| Profit to controlling interest | 67 | 1 106 | 79 | 1 507 | 2 745 | |
| EPS (adj.)* | NOK | 1.3 | 5.1 | 5.2 | 6.9 | 12.9 |
| Earnings per share (EPS) | NOK | 0.3 | 5.5 | 0.4 | 7.5 | 13.6 |
| Diluted EPS | NOK | 0.3 | 5.5 | 0.4 | 7.5 | 13.6 |
| Other income and expenses | ||||||
| (Amounts in NOK million) | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | 2024 | |
| Impairment | 0 | 1 | 1 | 0 | -54 | |
| Production tax (aquaculture) | -49 | -37 | -88 | -64 | -168 | |
| Change in unrealised internal margin | -25 | 16 | -29 | 4 | 5 | |
| Other non-operational items | -39 | 0 | -52 | 0 | -74 | |
| Total other income and expenses | -113 | -21 | -168 | -60 | -292 |
* Before fair value adj. related to biological assets. The effect from reversed fair value adjustment has been calculated on an after tax basis with a 22% tax rate.
Note 9 Tax incl. resource rent tax on aquaculture
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 recognised with MNOK 1,809 billion in 2023 has been reversed with MNOK 1,000 in 2024. In 2024, the group changed the tax declaration of 2022 for two of the five companies with resource rent tax-eligible activity. More information can be found under the annual report for 2024.
| TOTAL TAX EXPENSES IN COMPREHENSIVE INCOME | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | 2024 |
|---|---|---|---|---|---|
| Regular corporate tax | -63 | -308 | 52 | -596 | -843 |
| Resource rent tax incl. implementation effect (payable and deferred tax) | 155 | -165 | 456 | -223 | 711 |
| Income tax expenses in comprehensive income | 92 | -473 | 507 | -819 | -132 |
Tax expense (-)/tax income (+)