Q2 2025 Austevoll Seafood ASA Earnings Call Transcript
Key Points
- Austevoll Seafood ASA (ASTVF) reported a substantial increase in slaughtered volume of salmon and trout, with 57,000 tonnes compared to 45,000 tonnes in the same quarter last year, due to improved biology in Leroy.
- The company achieved a 12% increase in revenue this quarter compared to the same quarter last year, excluding one-off sales.
- The VAP Sales & Distribution segment had a record quarter with structural improvements and strong demand in the end market, resulting in an EBIT of NOK351 million, up from NOK217 million in the same quarter last year.
- The Wild Catch segment saw a significant increase in prices for raw materials, which compensated for the reduction in quotas, resulting in an EBIT of NOK148 million, up from a negative EBIT of NOK4 million in the same quarter last year.
- Austevoll Seafood ASA (ASTVF) maintained a strong balance sheet with an equity ratio of 52% and a net interest-bearing debt of NOK9.1 billion.
- The company experienced falling prices for salmon, trout, fishmeal, and fish oil, which put pressure on margins and resulted in a weaker financial performance compared to the same quarter last year.
- The Pelagic segment's EBITDA decreased by NOK450 million to NOK200 million, mainly due to reduced fish meal and fish oil prices, particularly impacting the Peruvian and Norwegian activities.
- The EBIT per kilo for salmon was down by approximately NOK15 per kilo due to a drop in spot prices, which were NOK30 per kilo lower than the same quarter last year.
- The Austral Group in Peru faced higher costs in the second half of the fishing season due to changing oceanographic conditions, impacting margins and profitability.
- The company reported a negative fair value adjustment related to biological assets, with a non-cash effect of minus NOK513 million in the quarter.
Then it's a pleasure for me to welcome you to Austevoll's second quarter presentation. I would first start taking you through the highlights of the quarter. Thereafter, I would go through segment by segment and our performance in the quarter and try to give some insights in the quarter we are into now. Britt Kathrine Drivene, our CFO, will take you through more in detail the numbers for second quarter and this session by giving our view on the different segments we are operating within.
So starting up, I would say we are quite satisfied with the volumes we have pushed through, I would say, all our different subsidiaries in the quarter. But again, we have been harmed by falling prices both on salmon and trout and on fishmeal and fish oil this quarter versus same quarter last year, which has been putting pressure on margins. So we are delivering a weaker financial result in this quarter versus the same quarter last year, and I will take you more in detail when I'm going through the different segments.
So all in all,
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