This article first appeared on GuruFocus .
Release Date: November 12, 2025
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 ( FRA:Z85 ) reported a strong balance sheet with an equity ratio of 53% and a net interest-bearing debt of NOK8.5 billion.
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The company experienced a record high quarter in VAP sales and distribution, with EBIT almost doubling from the same quarter last year.
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Despite challenges, the wild catch segment delivered better financial results due to increased prices for cod, haddock, and saithe.
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The company maintained its guidance on salmon volumes, with an increase from 170,000 tonnes in 2024 to 195,000 tonnes in 2025.
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Austevoll Seafood ASA ( FRA:Z85 ) ended the quarter with a positive cash position of close to NOK4.7 billion.
Negative Points
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The company faced a weaker quarter in all segments due to biological challenges, high sea temperatures, and higher sea lice pressure.
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There was a significant reduction in margins for fishmeal and fish oil segments, particularly due to lower fish oil prices.
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The pelagic segment experienced pressure on margins, impacting results in both South America and the North Atlantic.
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Salmon spot prices were much lower in the quarter, negatively affecting the Farming segment's EBIT.
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The North Atlantic faced a reduction in raw material availability, with significant cuts in mackerel, blue whiting, and North Sea herring quotas.
Q & A Highlights
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Q: Can you elaborate on the main challenges faced in the third quarter and their impact on financial performance? A: Arne Mogster, CEO: The third quarter was weaker across all segments, primarily due to biological challenges in Leroy caused by high sea temperatures and increased sea lice pressure, coupled with lower salmon spot prices. Additionally, the pelagic segment faced margin pressures, particularly in fish and marine oil products, affecting results in both South America and the North Atlantic.
Q: How did the pelagic segment perform, and what are the expectations for the upcoming quarters? A: Arne Mogster, CEO: The pelagic segment experienced reduced margins due to lower fish oil prices. We are awaiting the final quota for Peru, which will impact fishmeal and fish oil prices. In Chile, despite lower prices, we expect a good year if we can catch the remaining quota. The North Atlantic faces challenges with reduced raw material availability, affecting future capacity utilization.
Q: What are the key financial figures for the third quarter, and how do they compare to the previous year? A: Britt Drivenes, CFO: Revenue for the third quarter was just over NOK10 billion, with an EBITDA of NOK652 million and an EBIT of NOK73 million. Including 50% of Pelagia's EBITDA, the total is just under NOK800 million. Year-to-date revenue is NOK29.9 billion, with an EBITDA of NOK3.9 billion and an EBIT of approximately NOK2,250 million.
Q: How did the salmon and whitefish segments perform, and what are the future projections? A: Arne Mogster, CEO: Leroy faced challenges with high sea temperatures and sea lice, resulting in a negative EBIT of NOK300 million for the farming segment. However, the whitefish segment performed well, and VAP sales and distribution saw record high results. We maintain our guidance of 195,000 tonnes for 2025 and expect similar volumes in 2026.
Q: What is the outlook for fishmeal and fish oil markets, and how might they affect future performance? A: Arne Mogster, CEO: Fishmeal production is up 15% year-to-date, with prices starting to increase. China remains the main market, with growing demand from Europe and Ecuador. Fish oil prices are down, but we expect a wait-and-see approach until the final quota and fishery developments in Peru are clear. We anticipate higher fishmeal prices entering 2026 compared to early 2025.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
