Austevoll Seafood Q1 2025 slides: Revenue jumps 17%, salmon volumes surge

Austevoll Seafood ASA (OB:AUSS) presented its first quarter 2025 results on May 15, showing strong financial performance with revenue increasing 17% year-over-year, while facing a mixed outlook for fishing quotas across its operational regions.

Quarterly Performance Highlights

Austevoll Seafood reported operating revenue of NOK 9,793 million for Q1 2025, up 17% from NOK 8,374 million in the same period last year. The company’s adjusted EBITDA reached NOK 1,938 million, compared to NOK 1,660 million in Q1 2024, while adjusted EBIT rose to NOK 1,394 million from NOK 1,160 million.

The company maintained a solid financial position with total assets of NOK 53,023 million and an equity ratio of 55%. Adjusted earnings per share stood at NOK 2.7, and the company has recommended a dividend of NOK 6.50 per share for the annual shareholders meeting in 2025.

As shown in the following financial highlights:

Operational Performance by Region

Austevoll Seafood operates across multiple regions with 23 fishing vessels that catch 400,000-500,000 MT of pelagic fish annually and 35 processing plants that handle 1.6-2.0 million MT of raw material each year.

In Peru, the company reported a strong start to the fishing season with the quota for the Centre/North region set at 3.0 million MT, up from 2.47 million MT in 2024. The season began on April 22, with own catch volumes including 36,000 MT of Anchoveta, 11,000 MT of Jackmackerel, and 1,000 MT of Mackerel. Future projections for 2025 estimate a total catch of 557,000 MT.

The following map shows Austral’s factory locations in Peru:

FoodCorp Chile S.A. achieved record Jack mackerel catches in Q1 2025, increasing by 20% compared to Q1 2024. The company benefited from the SPRFMO’s global quota increase of 25% for 2025. Own catch volume in Q1 2025 reached 55,000 MT for Jack Mackerel and other species, with projections for the full year 2025 at 127,000 MT.

The following chart illustrates the consistent growth in Jack mackerel quotas in Chile:

In the North Atlantic, the outlook is mixed with ICES recommendations for 2025 indicating increased quotas for NVG herring (+3%) and horse mackerel, but significant decreases for Barents Sea capelin (-100%), Sandeel (-100%), Mackerel (-22%), NS herring (-21%), and Blue whiting (-5%).

Salmon and Whitefish Division Performance

Lerøy Seafood Group ASA, Austevoll’s salmon and whitefish division, reported an operational EBIT of MNOK 1,049 in Q1 2025, up from MNOK 843 in Q1 2024. The slaughtered volume of salmon and trout increased significantly to 38,243 GWT from 26,376 GWT in the same period last year, despite spot prices being down NOK 19/kg year-over-year.

The following slide shows Lerøy’s key highlights and geographical divisions:

Lerøy’s farming volumes are projected to grow steadily, with total Norway volumes expected to increase from 158.2 thousand tonnes in 2019 to 195.0 thousand tonnes in 2025. The company’s total group volume is projected to reach 211.0 thousand tonnes in 2025, up from 171.1 thousand tonnes in 2019.

This growth trajectory is illustrated in the following table:

However, the wild catch segment faces challenges, with total catch volume in Q1 2025 at 19.0 thousand tonnes, down from 24.1 thousand tonnes in Q1 2024. The company noted that expected significant quota reductions will impact operations, with a challenging outlook for 2025.

Financial Position and Cash Flow

Austevoll Seafood’s statement of financial position as of March 31, 2025, shows total assets of NOK 53,023 million and equity of NOK 29,109 million. The company’s strong balance sheet is reflected in the following detailed breakdown:

The company’s cash flow statement reveals a pre-tax profit of NOK -610 million, with cash at the end of the period standing at NOK 5,200 million.

Market Outlook

For the fishmeal segment, weekly average prices for 2025 show fishmeal (68%) at USD 1,635/MT and fishmeal (65%) at USD 1,400/MT. China remains the main market for this product.

In the fish oil segment, prices for feed-grade oil stand at USD 2,550/MT, while Omega3 oil is priced at USD 3,375/MT.

The company expects its salmon/trout volume to increase significantly from the current 44,000 GWT to 219,000 GWT, reflecting its continued focus on growth in this segment despite the challenges in wild catch quotas.

Overall, Austevoll Seafood’s Q1 2025 results demonstrate strong financial performance and operational efficiency in its salmon farming and Chilean operations, while navigating the challenges of fluctuating fishing quotas in various regions.

Full presentation:

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