Slides
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Q3 2025 Financial presentation Arne Møgster - CEO Britt Kathrine Drivenes - CFO
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2 Highlights (Amounts in NOK million) Note Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 Operating revenue and other income 10 037 9 296 29 910 26 281 35 366 Gain from sale of shares 0 3 0 1 268 1 280 EBITDA (adj.) 7, a) 652 1 192 3 900 5 910 7 311 EBIT (adj.) 7, a) 79 686 2 238 4 400 5 246 EBIT (adj.) incl. income from associates 5 73 802 2 255 4 720 5 619 Earnings per share in NOK (adj.) * -0.5 2.7 4.7 9.6 12.9 Total assets 51 969 52 591 55 635 Equity ratio 53 % 53 % 53 % Net interest bearing debt 7 8 432 6 486 8 016 EBITDA (adj.) incl. 50% of Pelagia Group excl. gains from sale of shares a) 791 1 448 4 212 5 185 6 685 EBITDA (adj.) from salmon/whitefish 498 818 3 132 3 352 4 612 EBITDA (adj.) from pelagic segments excl. gains from sale of shares a) 293 630 1 079 1 833 2 073 * 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 1,268 in the YTD 2024 and FY 2024 figures
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PELAGIC FISHING 7% of 19 Anchovy quota Fishing vessels Centre-north WHITEFISH PELAGIC PROCESSING 5 Processing plants PERU SALMON SALES Integrated sales organisation Integrated sales organisation Integrated sales organisation 2 Snow Crab fishing vessels 8.6% of 4 Pelagic fishing Fishing vessels quota 28 Processing plants* NORTH ATLANTIC 2 Processing plants CHILE 10 Fishing vessels 10 Norway: Salmon licenses • Incl. salmon operation UK* Wholesale with global sales & distribution 200,000 - 220,000 MT of salmon 80,000 - 90,000 MT of whitefish (10 vessels) 10 Processing plants and purchasing stations 1.6 – 2.0 Million MT of raw material annually 35 Processing plants AUSTEVOLL SEAFOOD GROUP 400,000 - 500,000 MT of pelagic fish caught annually (25 vessels) *Associated companies 3 Operational overview Processing plants and purchasing stations
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Austral Group S.A.A. FoodCorp Chile S.A. Pelagia Holding AS (associated) Pelagic
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Operation in Peru www.auss.no 6 Austral Group S.A.A. Fishmeal/fish oil 2nd season 2025 Centre/North o A Eureka (scientific survey) has been announced from 4 to 6 November to better assess the fishing grounds o A provisional quota has been established of 0.5m MT (2024 quota 2.5m MT) o The quota will be revised following the results from the Eureka. Direct Human Consumption o Austral catch up to Q3/25 15,014 MT vs. 10,958 MT same period 2024 o 5,169 MT frozen up to Q3/25 (7,868 MT in same period 2024) Volume '000 MT Q3 2025 Q3 2024 YTD Q3 2025 YTD Q3 2024 2025E 2024 Own catch Anchoveta 11 1 207 183 292 317 Jackmackerel 4 8 14 8 14 8 Mackerel - 0 1 3 1 3 - - Purchase Anchoveta 16 5 155 76 192 133 Mackerel - 2 - 2 - 2 - Total ('000 MT) 30 15 376 272 499 463 Map of Austral’s factories
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www.auss.no 7 Notes: 1 The species is formally: Trachurus murphyi Operation in Chile Volume '000 MT Q3 2025 Q3 2024 YTD SEP 2025 YTD SEP 2024 2025E 2024 Own catch: J. Mackerel and Mackerel 21 37 105 112 140 133 Purchase: Sardine/anchovy - 1 36 12 41 13 J. Mackerel - - 3 2 4 4 Total ('000 MT) 21 38 144 126 185 150 Own catch: Jack mackerel • Own quota of 81 KMT in 2025 compared to 65 KMT in 2024 • 50 KMT purchased so far from 3rd party in 2025 compared to 64 KMT in 2024 • Remaining quota of 33 KMT to be caught in Q4/25 (21 KMT caught in Q4/24) Changes in the Chilean Fishery Act as of 1 January 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 • SPRFMO recommend an increase in quota for 2026 in the range between 5.7-15% • This will give a range of own quota for FC between 68-74 KMT in 2026 compared to 81 KMT in 2025 • Final quota to be agreed in Q1/26 FoodCorp Chile S.A.
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www.auss.no 8 Source: Norges Sildesalgslag, Havforskningsinstituttet, Estimates are based on data from the above sources, ICES recommendation. * incl. horse-mackerel, Sandeel, Norway pout, sprat, and boar fish ICES recommendation for 2026 • Increased quota for: o NVG herring +33% o Sprat +214% (236 KMT) o Icelandic capelin +46 KMT • Decrease in quota for: o Blue whiting -41% o Mackerel -70% o NS herring -30% o Boar -22% North Atlantic pelagic quotas (2014-2026E, million tonnes) - 1 2 3 4 5 6 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E Million tonnes NVG-Herring NS-Herring Mackerel Blue Whiting Capelin** Other Pelagic*
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www.auss.no Austevoll Seafood ASA 9 Marine protein and oil (MPO) MPO factories • Good production through Q3 2025 o Mainly trimming as contribution this quarter as normal • Q4 2025 will give stabile production activity where trimmings is the main raw material • Market for Atlantic marine protein remains good with continuing good demand and limited unsold stocks • Market for marine oils have stabilized after drop through the year • ICES advice for 2026 show a 41% reduction in blue whiting that will, if final quota to be agreed accordingly, have a negative impact on raw material for the coming year Pelagia Holding AS Volume ('000 MT) Q3 2025 Q3 2024 YTD 2025 YTD 2024 2025E 2024 Raw material intake for FM/FPC/Oil 218 177 778 792 924 953
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www.auss.no 10 Direct Human Consumption Pelagic HC factories • Seasonal good activity in Q3 • North Sea herring through the quarter • Mackerel from August, with good activity and quality • Q4 2025 expected to be a busy quarter for most of the factories o Mackerel to continue from a good Q3 until end of November o Spring spawning herring during most of the quarter • Market o Good demand on most species o Limited unsold stock o ICES advice for 2026 is negative for both NS herring and mackerel, while positive for spring spawning herring Pelagia Holding AS Volume ('000 MT) Q3 2025 Q3 2024 YTD 2025 YTD 2024 2025E 2024 Raw material intake 86 120 192 242 296 370
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(Amounts in NOK million) Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 Revenue and other gain/loss 3 439 4 201 9 628 10 050 14 943 EBITDA (adj) 278 517 623 1 087 1 308 EBIT (adj.) 141 412 254 772 877 EBIT (adj.) margin 4 % 10 % 3 % 8 % 6 % Total assets 11 822 12 464 11 706 Net interest bearing debt 5 603 5 549 5 917 Raw material FOOD 1,000 MT 86 120 192 242 370 FEED 1,000 MT 218 177 778 792 953 Sales volumes FOOD 1,000 MT 46 58 146 162 278 FEED 1,000 MT 94 106 246 259 343 www.auss.no 11 (100% figures) Associated company, AUSS share = 50% * * Pelagia Holding AS
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Salmon / Whitefish Lerøy Seafood Group ASA
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Lerøy Aurora Lerøy Midt Lerøy Sjøtroll Q3 2025 13 • Operational EBIT MNOK 15 (Q3/24: MNOK 412) o Farming EBIT (adj.) MNOK -306 (Q3/24: MNOK 310) o Lerøy Havfisk & LNWS EBIT (adj.) MNOK 3 (Q3/24: MNOK -58) o VAPS&D EBIT (adj.) MNOK 410 (Q3/24 MNOK 220) • Slaughtered volume salmon and trout 59,168 GWT (Q3/24: 51,367 GWT) • Spot prices down NOK 8/kg y-o-y • EBIT/kg value chain* of NOK 1.7 (Q3/24: NOK 10.3) • Contract share of 24% (Q3/24: 20%) • NIBD MNOK 8,089 at end of Q3/25 (Q3/24: MNOK 6,791) Lerøy Seafood Group ASA * Farming and VAP, S&D
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14 Salmon / trout farming volumes (1,000 GWT) 2019 2020 2021 2022 2023 2024 2025E 2026E Lerøy Aurora AS 32.8 35.0 44.0 40.1 43.1 44.1 54.0 49.0 Lerøy Midt AS 64.8 67.9 72.6 68.8 61.3 68.9 71.0 73.0 Lerøy Sjøtroll 60.6 68.0 70.0 65.7 55.2 58.2 70.0 73.0 Total Norway 158.2 170.9 186.6 174.6 159.6 171.2 195.0 195.0 Scottish Seafarms (LSG 50% share) 12.9 12.0 16.2 18.0 12.4 20.2 16.8 22.5 Total Group 171.1 182.9 202.8 192.6 172.0 191.4 211.8 217.5 Lerøy Seafood Group ASA – Farming
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15 Q3 2025 • 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 • Quota advise for 2026 o Cod down 21% vs. 2025 o Haddock up 18% vs. 2025 o Saithe (North) down 15% vs. 2025 o Saithe (South) down 24% vs. 2025 Price, key species (NOK pr kg) Lerøy Seafood Group ASA – Wild catch
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Financials Q3 2025
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17 (100% volumes) Catch, purchase and farming Figures in 1,000 tonnes Q3 2025 Q3 2024 YTD 2025 YTD 2024 2025E 2024 Group companies: Norway (whitefish) 13 13 50 55 59 65 Norway (pelagic) 0 0 0 23 0 23 Chile own catch 21 37 105 112 140 133 Chile purchase 0 1 39 14 45 17 Peru own catch 14 8 222 194 307 328 Peru purchase 16 7 155 78 192 135 Total Group companies 65 66 571 477 743 702 Joint ventures: Europe purchase (FOOD) 86 120 192 242 296 370 Europe purchase (FEEDl) 218 177 778 792 924 953 Totalt Joint venture: 304 297 970 1 034 1 220 1 324 Total wild catch 370 363 1 541 1 511 1 963 2 025 Salmon/trout (GWT)* 64 59 165 138 219 200 Total Group 434 422 1 706 1 648 2 182 2 226 * Incl. 50% of the Scottish Sea Farms volumes
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18 • Information related to APM, see note 7 under appendix 216 93 29 381 28 866 LSG Austral FC KFO 4 BRBI Pelagia Other/el Q3 2025 11 400 11 756 Q3 2024 Revenue and other income1 Million NOK 320 168 39 120 Q3 2024 LSG Austral FC 2 KFO 4 BRBI Pelagia 9 Other/el Q3 2025 1 451 791 EBITDA adj.1 Million NOK Notes: 1 See note 7 in the appendix for information related to APM. Key financial figures Q3 2025
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19 Incl. AUSS 50% proportional share of Pelagia Group Key financial figures Q3 2025 cont. (Amounts in NOK million) Note Q3 2025 Q3 2024 Δ% Q3 2025 Q3 2024 Δ% Operating revenue and other income 10 037 9 296 8 % 11 756 11 396 3 % Gain/loss from sale of shares 0 3 0 3 EBITDA (adj.) 7 652 1 192 -45 % 791 1 451 -46 % EBITDA(adj.) margin 6 % 13 % 7 % 13 % Depreciation 573 507 Income from associates -6 117 EBIT (adj.) incl.income from associates 73 802 -91 % Other income and expenses 7 -66 -47 Fair value adj. related to biological assets 947 -629 Operating profit (EBIT) 954 127 Profit before tax and fair value adj. -161 708 -123 % Profit before tax 776 53 Income tax expenses -247 115 Net profit 529 168 EPS (adj.)* NOK -0.5 2.7 Earnings per share (EPS) NOK 1.4 1.3 * 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
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20 Farming • Quarterly slaughter volume up 15 % y-o-y, driven by strong biological performance leading up to Q3 • A more challenging biological development in Q3 with high seawater temperatures and sea lice pressure • Spot benchmark prices NOK 8/kg lower in Q3/25 vs. Q3/24 o Contract share of 24% (Q3/24: 20%) • Following for consecutive quarters with cost reduction, costs q-o-q are up in Q3/25 as guided in Q2/25 VAPS&D • Continued positive development o Record quarter o Structural improvements continue to yield results o Strong demand in end markets Wild catch • Cod quota for 2025 was down 32% y-o-y impacting o Catch volumes for the trawling fleet o Raw material prices and volumes in the land industry • Price increase more than offset impact from lower quota for the trawling fleet Lerøy Seafood Group ASA (Amounts in NOK million) Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 Revenue and other gain/loss 8 757 7 891 25 551 22 659 31 121 EBITDA (adj.) 498 818 3 132 3 352 4 612 EBIT (adj.) 15 412 1 744 2 161 2 960 EBIT (adj.) margin 0 % 5 % 7 % 10 % 10 % Total assets 40 263 40 152 42 831 Net interest bearing debt 8 089 6 791 7 705 Slaugthered volume GWT 59 168 51 367 146 308 114 452 171 228 Havfisk catch volume MT 13 454 13 266 50 099 55 188 64 991 EBIT (adj.) Farming MNOK -306 310 739 1 664 2 258 EBIT (adj.) Wild Catch MNOK 3 -58 299 124 130 EBIT (adj.) VAPS&D MNOK 410 220 973 613 888 EBIT (adj.)/kg ex Wild Catch NOK 0.2 9.2 9.9 17.8 16.5 EBIT (adj.)/kg value chain* NOK 1.7 10.3 11.7 19.9 18.4 *Farming and VAPS&D segments combined
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21 Raw material intake • First fishing season ended 23 July o Due to sea conditions and weather, the daily catch rates slowed significantly in June and July o Austral caught 10,600 tonnes in Q3 Sales • Sales volumes for fishmeal up y-o-y o Fishmeal prices down 6 % y-o-y o Fish oil prices down 56% y-o-y Inventory by end Q3/25: • Fishmeal 2,130 tonnes (Q3/24: 2,600) • Fish oil 139 tonnes (Q3/24: 467) Austral Group S.A.A. (Amounts in NOK million) Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 Revenue and other gain/loss 825 1 041 2 640 2 096 2 238 EBITDA (adj) 144 312 416 719 797 EBIT (adj.) 85 254 237 544 562 EBIT (adj.) margin 10 % 24 % 9 % 26 % 25 % Total assets 3 222 3 140 3 609 Net interest bearing debt + (cash -) 792 523 1 094 Raw material 1,000 MT 30 15 376 272 463 Sales volumes: Fishmeal 1,000 MT 35.6 30.9 120.7 65.5 70.6 Fish oil 1,000 MT 6.3 6.0 14.8 7.7 8.2 Frozen/fresh 1,000 MT 3.2 8.8 14.5 13.1 13.6
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22 Raw material intake • Lower activity in the quarter, and main season ended mid-August o Own catch of 21,500 tonnes (Q3/24: 37,000) • Significantly lower purchased volume of raw material of sardine/anchovy (3rd party) y-o-y o 10 tonnes vs. 1,000 in Q3/24 Sales • Higher sales volumes in Q3/25 vs. Q3/24 for frozen and fishmeal, and fish oil • Price achievement down y-o-y o Fishmeal down 20% o Fish oil down 49% o Frozen down 8% Inventory by end Q3/25: • Frozen 500 tonnes (Q3/24: 11,400) • Fishmeal/oil 3,200 tonnes (Q3/24: 14,300) FoodCorp Chile S.A. (Amounts in NOK million) Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 Revenue and other gain/loss 368 275 1 194 866 1 261 EBITDA (adj) 35 73 259 270 310 EBIT (adj.) 22 59 217 228 253 EBIT (adj.) margin 6 % 22 % 18 % 26 % 20 % Total assets 1 670 1 743 1 793 Net interest bearing debt + (cash -) 54 19 -7 Raw material 1,000 MT 21 38 144 126 150 Sales volumes: Fishmeal 1,000 MT 8.3 3.0 18.9 8.1 17.5 Fish oil 1,000 MT 1.9 0.1 5.5 1.1 3.3 Frozen/fresh 1,000 MT 19.1 16.4 79.3 56.0 66.7
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23 Slaughter volume • Volume down 37% vs. Q3/24 o Highly affected by low spot prices o Spot benchmark prices NOK 10/kg lower in Q3/25 vs. Q3/24 o Cost increase y-o-y due to slaughtering from high-cost site Biomass at sea • End Q3/25 at 4,227 LWT (Q3/24: 3,328 LWT) Kobbevik og Furuholmen Oppdrett AS (Amounts in NOK million) Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 Revenue and other gain/loss 87 116 440 756 876 EBITDA (adj) 1 2 67 260 305 EBIT (adj.) -12 -16 30 209 238 EBIT (adj.) margin -13 % -14 % 7 % 28 % 27 % Total assets 1 294 1 408 1 453 Net interest bearing debt + (cash -) -41 -236 -71 Slaugthered volume GWT 1 089 1 721 4 954 7 566 8 855 EBIT (adj.)/kg NOK -10.8 -9.3 6.1 27.7 26.9
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24 Snow crab • Finalised their quotas in April (Mid March in 2024), no fishing activity in H2 2025 • Necessary maintenance 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 1,855 reflected in YTD 2024 figures Br. Birkeland AS (Amounts in NOK million) Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 Revenue and other income 1 2 215 225 229 Gain from sale of shares 0 3 0 1 855 1 855 EBITDA (adj) -12 -9 65 1 907 1 894 EBIT (adj.) -17 -15 50 1 870 1 848 EBIT (adj.) margin 30 % 848 % 829 % Total assets 554 571 568 Net interest bearing debt + (cash -) -209 -195 -209 Wild catch (pelagic) 1,000 MT - - - 23.5 23.5 Wild catch (snowcrab) 1,000 MT - - 0.9 0.8 0.8
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25 Currency rate: 30.09.2025 USD/NOK 9.99 31.12.2024 USD/NOK 11.35 30.09.2024 USD/NOK 10.51 Comments: • Tangible fixed assets increased on investment in among other shielding technology in farming and two second- hand fishing vessels (Peru and Chile) • Sharp reduction in fair value adjustment of biomass • Positive q-o-q development in working capital Statement of financial position (audited) (MNOK) 30.09.2025 30.09.2024 31.12.2024 Intangible assets 11 538 11 667 11 704 Tangible fixed assets 12 562 11 536 12 043 Right-of-use assets 3 335 2 935 3 500 Financial non-current assets 3 849 4 071 4 087 Total non-current assets 31 284 30 209 31 334 Biological assets at cost 7 051 7 001 6 911 Fair value adjustment of biomass 1 623 2 301 3 138 Other inventory 2 654 2 938 3 652 Receivables 4 667 4 327 4 880 Cash and cash equivalents 4 690 5 814 5 719 Total current assets 20 686 22 382 24 301 Total assets 51 969 52 591 55 635 NIBD ex. right-of-use assets liabilities 8 432 6 486 8 016 NIBD incl. right-of-use assets liabilities 10 458 8 086 10 202 Equity 27 594 27 695 29 667 Equity ratio 53 % 53 % 53 %
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26 Comments to Q3/25: • Positive development in working capital Cash flow (MNOK) Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 Pre tax profit 776 53 180 3 784 5 022 Biomass adjustment -947 629 1 404 388 -337 Taxes paid -37 -103 -371 -758 -1 336 Depreciation and impairments 627 504 1 716 1 506 2 120 Associated companies 6 -117 -17 -320 -374 Interest (net) 180 105 492 432 622 Working capital 948 532 912 -1 735 -2 814 Cash from operating activities 1 554 1 603 4 315 3 297 2 903 Net investment in capex -492 -675 -1 730 -1 621 -2 280 Acquisitions and divestments -12 1 9 1 998 1 999 Dividends received 5 4 120 204 221 Others 54 111 192 162 241 Cash from investing activities -445 -558 -1 409 743 181 Change in long term loans -253 -363 -482 -71 -214 Change in short term loans -381 -645 -561 -392 871 Dividends 0 -1 008 -2 088 -2 651 -2 696 Others -244 -174 -784 -592 -817 Cash from financing activities -878 -2 190 -3 915 -3 706 -2 857 Cash at the beginning of the period 4 460 6 968 5 719 5 475 5 475 Net change in cash (incl.exchange gain/losses) 231 -1 153 -1 029 339 244 Cash at the end of the period 4 690 5 814 4 690 5 814 5 719
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Outlook
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28 Production • IFFO Fishmeal production increased 15.3% y-o-y, driven by Peru (+21.5%) and Chile (+17.6%) Prices (FOB Peru) • USD 1,895/MT for Super Prime (68%)1 • USD 1,545/MT for Standard (65%)1 Demand • China remains the main destination. • European demand up, driven by higher salmon feed consumption and reduced domestic fishmeal output; Ecuador’s shrimp sector also recovering Supply • Forward sales in front of the Peruvian season. Notes: All prices and figures shown are only for statistical purposes and should not be taken as a reference. Sources: IFFO, week 421, 2025 2025 2024 Change % Chile# 315,703 268,425 17.6 % Peru 780,030 641,764 21.5 % Danmark/Norway 197,523 182,671 8.1 % Iceland/North Atlantic* 190,829 194,005 -1.6 % Total 1,484,085 1,286,865 15.3 % Fishmeal production - week 42 (cumulative)1 Regions 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$/MT) 1 Fishmeal
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29 Notes: All prices and figures shown are only for statistical purposes and should not be taken as a reference. Sources: IFFO, week 42 1, 2025 Fishmeal cont. Main market China Stock in China at ports: • 229,970 MT1 – down 37% vs. same period in 2024 • Offtakes down 6% y-o-y, averaging ~27,200 MT/week over the past month Current Chinese stock prices: • Quoted at RMB 14,900/MT1 eq. SP 68% USD 2,040/MT FOB Peru – up 16% y-o-y • Yuan at 7.1 RMB/USD, down 1% vs. 3 months ago • Fishmeal prices rebounded sharply in Peru and China in September , driven by low domestic fishmeal production in China
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30 Weekly average Peruvian fish oil FOB prices (US$/MT) 1 Production • IFFO Fish oil production increased 9.3% y-o-y, driven by Chile (+22.3%), while Peru is down 5.9% Prices (FOB Peru) • Feed grade: USD 2,400/MT1 • Omega-3 grade: USD 3,475/MT1 Supply Limited Peruvian stocks available 2025 2024 Change % Chile# 130,570 106,741 22.3 % Peru 90,793 96,515 -5.9 % Danmark/Norway 43,177 39,855 8.3 % Iceland/North Atlantic* 43,120 38,426 12.2 % Total 307,660 281,537 9.3 % Fish oil production - week 42 (cumulative)1 Regions Source: IFFO All numbers are preliminary and subject to revision # Includes salmon-derived meal *Includes U.K., Ireland and Faroe Islands Notes: All prices and figures shown are only for statistical purposes and should not be taken as a reference. Sources: IFFO, week 42 1, 2025 Fish oil
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31 (in tonnes WFE ) Sources: Kontali (as per 7 November 2025) Atlantic salmon supply
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32 In tonnes WFE Atlantic salmon – Harvest volumes Europe This slide contains the following visuals: textbox ,card ,card ,card ,card ,textbox ,Figures as per: ,textbox ,textbox ,card ,card ,Change from Last Year ,lineClusteredColumnComboChart. Please refer to the notes on this slide for details Sources: Kontali (as per 7 November 2025)
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33 Cross-section, FCA Oslo (superior quality) as of week 44 2025 Spot prices, fresh Atlantic salmon
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34 YTD September 2025 Atlantic salmon consumption Sources: Kontali (as per 7 November 2025)
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35 Salmon / Whitefish Conclusion Salmon • While Q3 was more challenging the trends YTD are positive • Contract shares for value chain in Q3 of 24%, with positive impact in both Farming and VAP , S&D • Expect lower cost in 2026 compared to 2025 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%
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36 Pelagic Conclusion cont. South America • 1st fishing season in Peru 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 and July due to weather and sea conditions • A provisional quota has been established of 0.5m MT. The final quota will be revised following the results from the Eureka (scientific survey. (2024 second season quota 2.5m MT) • 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 • SPRFMO recommend an increase in the horse mackerel quota for 2026 in the range between 5.7-15% • Final quota to be set during Q1 2026
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37 Pelagic North Atlantic (Pelagia Holding AS, an associated company) • Mackerel season started in August (FOOD) • Decrease in prices, especially for marine oils, put pressure on margins and total earnings YTD 2025 (FEED) • Reduction in quotas for key species used in the FOOD segment creates challenges and result in lower capacity utilisation for the factories throughout the year • ICES recommendation for 2026: ▪ Blue whiting -41% ▪ North Sea herring -30% ▪ Mackerel -70% ▪ NVG herring +33% Conclusion cont.
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3 8
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Disclaimer 39 • 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 third 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 12 November 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.
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Appendix
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41 • Information related to APM, see note 7 under appendix 544 328 316 211 YTD 2024 2 893 LSG Austral FC 34 724 32 574 BRBI 10 Other/el 1 855 777 YTD 2025KFO Pelagia Revenue and other income1 Million NOK 220 304 193 232 560 LSG Austral 11 FC KFO 14 1 855 BRBI Pelagia YTD 2025Other/el 6 453 4 212 YTD 2024 EBITDA adj.1 Million NOK Notes: 1 See note 7 in the appendix for information related to APM. Key financial figures YTD 2025 Gain from sales of shares Gain from sales of shares
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(Amounts in NOK million) Note YTD 2025 YTD 2024 Δ% YTD 2025 YTD 2024 Δ% Operating revenue and other income 29 910 26 281 14 % 34 724 31 306 11 % Gain/loss from sale of shares 0 1 268 - 1 268 EBITDA (adj.) 7 3 900 5 910 -34 % 4 212 6 453 -35 % EBITDA(adj.) margin 13 % 22 % 12 % 21 % Depreciation 1 662 1 509 Income from associates 17 320 EBIT (adj.) incl.income from associates 2 255 4 720 -52 % Other income and expenses 7 -233 -106 Fair value adj. related to biological assets -1 404 -388 Operating profit (EBIT) 618 4 226 Profit before tax and fair value adj. 1 591 4 184 Profit before tax 180 3 784 Income tax expenses 261 -704 Net profit 440 3 080 EPS (adj.)* NOK 4.7 9.6 Earnings per share (EPS) NOK 1.8 8.8 * 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 42 Incl. AUSS 50% proportional share of Pelagia Group Key financial figures YTD 2025
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Associated companies 43 Norskott Havbruk AS (100% figures), LSG’s share = 50% • 40% Y-o-y decrease in slaughter volume • The biological development in the quarter was good, with the next generation of fish performing well • Significant fall in market price impact result in the quarter • Volumes in 2025 impacted by reorganising site structure. Long-term potential remains significantly higher • Estimated harvest volume: • 33,500 GWT in 2025 (Amounts in NOK million) Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 Revenue and other gain/loss 679 1 176 2 616 3 438 4 403 EBIT (adj.) 8 90 58 462 555 EBIT (adj.) margin 1 % 8 % 2 % 13 % 13 % Total assets 6 475 6 682 6 569 Net interest bearing debt 2 652 2 665 2 562 Slaugthered volume GWT 7 246 11 881 27 302 31 413 40 439 EBIT (adj.)/kg ex wild catch NOK 1.2 7.6 2.1 14.7 13.7
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Note 5 Income from joint ventures and associates 44 All figures in MNOK Share of net profit Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 Norskott Havbruk AS a) 50 % -21 -16 -30 78 90 Pelagia Holding AS b) 50 % 0 117 -4 189 212 Others 16 17 51 53 71 Income from JV and associates -6 117 17 320 373 Fair value adj. related to biological assets 10 26 7 12 10 Income from JV and associates before fair value adj. 4 143 24 332 383 Investment in JV and associates: Norskott Havbruk AS 1 198 1 266 1 296 Pelagia Holding AS 1 897 2 019 2 044 Others 493 505 463 Total investment - - 3 589 3 790 3 803 Dividend received from JV and associates Norskott Havbruk AS 0 4 0 4 0 Pelagia Holding AS 0 100 200 200 Others 5 20 21 Total dividend received 5 4 120 204 221 a) Lerøy Seafood Group ASA owns 50% of Norskott Havbruk AS b) Austevoll Seafood ASA owns 50% of Pelagia Holding AS
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Note 7 Alternative Performance Measures (APMs) 45 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. * 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. (audited) (Amounts in NOK million) Note Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 Operating revenue and other income 4 10 037 9 296 29 910 26 281 35 366 Gain/losses from sale of shares 0 3 0 1 268 1 280 Raw material and consumable used 6 401 5 282 17 198 13 708 18 354 Salaries and personnel expenses 1 460 1 356 4 331 3 862 5 296 Operating expenses 1 524 1 470 4 481 4 070 5 685 EBITDA (adj.) 7 652 1 192 3 900 5 910 7 311 Depreciation 573 507 1 662 1 509 2 065 EBIT (adj.) 7 79 686 2 238 4 400 5 246 EBIT (adj.) margin 1 % 7 % 7 % 17 % 15 % Income from associates 5 -6 117 17 320 374 EBIT (adj.) before fair value adj. biomass 7 73 802 2 255 4 720 5 619 Other income and expenses 7 -66 -47 -233 -106 -292 Fair value adj. related to biological assets 3 947 -629 -1 404 -388 337 Operating profit (EBIT) 954 127 618 4 226 5 665 Net interest expenses -180 -105 -492 -432 -622 Net other financial items 2 31 53 -10 -21 Profit before tax 776 53 180 3 784 5 022 Income tax expenses 9 -247 115 261 -704 -132 Net profit 529 168 440 3 080 4 890 Profit to non-controlling interest 241 -97 74 1 308 2 144 Profit to controlling interest 288 265 366 1 772 2 745 EPS (adj.)* NOK -0.5 2.7 4.7 9.6 12.9 Earnings per share (EPS) NOK 1.4 1.3 1.8 8.8 13.6 Diluted EPS NOK 1.4 1.3 1.8 8.8 13.6 Other income and expenses (Amounts in NOK million) Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 Impairment -55 3 -54 4 -54 Production tax (aquaculture) -59 -50 -146 -114 -168 Change in unrealised internal margin 24 0 -5 4 5 Other non-operational items 24 0 -28 0 -74 Total other income and expenses -66 -47 -233 -106 -292
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Note 9 Tax incl. resource rent tax on aquaculture 46 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 Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 Regular corporate tax -187 -16 -136 -612 -843 Resource rent tax incl. implementation effect (payable and deferred tax) -59 131 396 -92 711 Income tax expenses in comprehensive income -247 115 261 -704 -132 Tax expense (-)/tax income (+)