This article first appeared on GuruFocus .
Release Date: February 24, 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 a strong performance in the fourth quarter, with revenue of 9.4 billion NOK, aligning with the same quarter last year.
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The company achieved higher fish oil yields, with a combined fish meal and fish oil yield of 29%, up from 27.4% in the previous year.
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The Chilean operations had a record year, with 146,000 tons of jack mackerel and mackerel processed, marking the highest volume ever.
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The company maintained a strong balance sheet with an equity ratio of 52% and a cash position increase from 4.7 billion NOK to 5.1 billion NOK by the end of the quarter.
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Sales and distribution surpassed ambitious targets set in 2021-2022, achieving the best year ever with an EBIT of 317 million NOK, up from 275 million NOK in the same quarter of 2024.
Negative Points
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The company faced a reduction in quotas, particularly in the North Atlantic pelagic segment, which negatively impacted raw material intake.
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Income from associates was negative, with a loss of 66 million NOK compared to a positive 54 million NOK in the fourth quarter of 2024, primarily due to challenges faced by Scottish Sea Farm.
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Falling fish oil prices throughout 2025 led to lower contributions from the feed segment of Pelagia.
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The wild catch segment faced challenges with lower raw material availability and high raw material prices, impacting the onshore business.
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The net profit for the quarter was significantly down to 248 million NOK from 1.8 billion NOK in the fourth quarter of 2024, partly due to a high fair value adjustment in the previous year.
Q & A Highlights
Q: Can you provide an overview of Austevoll Seafood's financial performance in Q4 2025? A: The company reported a revenue of 9.4 billion NOK, with an EBT of 1.4 billion NOK and an EBIT of 700 million NOK. The associated company contributed negatively to the EBIT. For the full year, revenue was 39 billion NOK, EBT was 5.2 billion NOK, and EBIT was just under 3 billion NOK. The equity ratio stands at 52%, and net interest-bearing debt is 8.7 billion NOK. (CFO, Brett Katrina Drennes)
Q: How did the fishing season in Peru and Chile perform in Q4 2025? A: In Peru, the second season saw a lower volume but was compensated by higher yields and prices for fishmeal and fish oil. In Chile, the company caught 40,000 tons, doubling the volume from the same quarter in 2024, marking a record year with 146,000 tons of jack mackerel and mackerel processed. (Unidentified Speaker)
Q: What are the expectations for the seafood volumes in 2026? A: Austevoll Seafood aims to catch approximately 450,000 tons with its own vessels, process 1,750,000 tons in pelagic factories, and handle around 80,000 tons of whitefish. The company is guiding for approximately 224,000 tons of salmon. (Unidentified Speaker)
Q: How did the Pelagia segment perform, and what are the expectations for 2026? A: The Pelagia segment faced challenges due to falling fish oil prices, contributing negatively to EBIT in 2025. However, the company expects better contributions in 2026 due to improved balance between raw material purchases and fishmeal prices. (Unidentified Speaker)
Q: What changes in legislation are affecting the Chilean operations? A: New legislation in Chile has redistributed quotas from the industry to coastal fishing vessels, reducing Austevoll's quota from 90% to 70%. Additionally, a new tax of approximately $90 per ton has been implemented on volumes purchased from fishing vessels outside the 200-mile limit. (Unidentified Speaker)
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
