This article first appeared on GuruFocus .
Release Date: May 12, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Austevoll Seafood ASA ( ASTVF ) reported strong earnings across different segments in the first quarter.
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The company achieved a 32% better contribution from the pelagic segments, driven by improved performance in Peru and Fucop.
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Whitefish segment saw higher earnings due to excellent price achievements, despite lower quotas.
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The company proposed a dividend per share of 6.50 NUC, indicating confidence in its financial health.
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There was a significant increase in fishmeal and fish oil prices, positively impacting earnings.
Negative Points
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The company experienced a 21% decrease in volumes, with 528,000 tonnes in the quarter.
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Salmon and whitefish segments saw a 10% decline in EBIT, mainly due to lower price achievements.
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The Peruvian anchovy fishery faced challenges with high inclusion of undersized fish, leading to a temporary stop.
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Higher fuel costs, attributed to geopolitical tensions, negatively impacted earnings.
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Logistics costs increased, particularly affecting high-margin markets in Asia, which pressured margins.
Q & A Highlights
Q: Can you provide an overview of Austevoll Seafood's performance in the first quarter of 2026? A: The first quarter of 2026 was strong across different segments. We saw a significant increase in harvest volume by approximately 2,000 tons, although prices were lower compared to the same quarter in 2025. The whitefish segment benefited from excellent price achievements despite lower quotas, and the pelagic segment saw increased prices for fish meal and fish oil, contributing positively to earnings. Overall, revenue was just below 10 billion NUC, with EBITDA up 2% from the previous year.
Q: How did the pelagic segment perform, and what challenges did it face? A: The pelagic segment experienced a 32% better contribution, driven by strong performance in Peru and Fucop. However, challenges included lower quotas and a high inclusion of undersized fish, leading to a temporary stop in fisheries. Despite these challenges, the segment saw a 30% increase in earnings due to better price achievements.
Q: What were the key drivers for the whitefish segment's performance? A: The whitefish segment saw higher earnings despite lower volumes, primarily due to a significant increase in price achievements: 24% for cod, 32% for haddock, and 54% for seit. However, increased fuel costs due to geopolitical factors impacted earnings.
Q: How did the salmon and trout segments perform, and what are the expectations for 2026? A: The salmon and trout segments had a slaughter volume of nearly 40,000 tons, up 4% from the previous year. However, price achievements declined, with spot prices down by 4 NOC per kilo. The company expects to harvest 195,000 tons in 2026 and has initiated a cost reduction program to improve profitability.
Q: What is the outlook for the fishmeal and fish oil markets? A: The fishmeal market is experiencing a 24% production decline, with Peru's quota down by 36%. This has led to increased prices, with Superprime fishmeal prices close to $2,600 per ton. The fish oil market is also seeing price increases, with current prices around $4,100 per ton. The demand is expected to remain strong, particularly from China.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
