Austevoll Seafood ASA

Earnings Release • Aug 22, 2018

Interim report Q2 and first half 2018

Interim report Q2 and first half 2018

Group operating revenue in Q2 2018 totalled NOK 6,001 million, compared with NOK 5,019 million in Q2 2017. The increase in revenue was generated by an increase in sales volume for Atlantic salmon/trout, fishmeal and oil and pelagic frozen products when compared with the same quarter in 2017.

EBITDA in Q2 2018 was NOK 1,570 million, up from NOK 1,322 million in the same quarter of 2017. This is the highest quarterly EBITDA ever achieved by the Group.

EBIT before fair value adjustment related to biological assets in Q2 2018 was NOK 1,335 million (Q2 2017: NOK 1,090 million).

EBIT after fair value adjustment related to biological assets in Q2 2018 was NOK 1,816 million (Q2 2017: NOK 1,792 million). Fair value adjustment related to biological assets amounted to NOK 481 million in Q2 2018 compared with NOK 702 million in Q2 2017.

Income from associates in Q2 2018 totalled NOK 117 million (Q2 2017: NOK 116 million). The largest associates are Norskott Havbruk AS and Pelagia AS. The Group's associates are generating positive results and represent substantial value.

The Group's net interest expense in Q2 2018 totalled NOK 83 million (Q2 2017: NOK 68 million).

Profit before tax and fair value adjustment related to biological assets for Q2 2018 amounted to NOK 1,344 million, compared with NOK 1,104 million in Q2 2017.

Profit before tax for the quarter totalled NOK 1,831 million (Q2 2017: NOK 1,817 million). Profit after tax was NOK 1,395 million (Q2 2017: NOK 1,398 million).

For further information please see attached report and

presentation.

Questions and comments may be addressed to the company's

CEO, Arne Møgster, or to the CFO, Britt Kathrine Drivenes.

This information is subject of the disclosure requirements

acc. to §5-12 vphl (Norwegian Securities Trading Act).