The Group reported revenue of NOK 9,808 million in Q1 2025, compared with NOK 8,373 million in Q1 2024. The increase in revenue essentially originates from LSG and Austral.
Adjusted EBITDA in Q1 2025 was NOK 1,938 million, up from NOK 1,660 million in Q1 2024. The growth in earnings follows the same pattern, originating from LSG and Austral.
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Adjusted EBIT in Q1 2025 was NOK 1,394 million, compared with NOK 1,160 million in Q1 2024.
Norskott Havbruk AS (Scottish Sea Farms Ltd) and Pelagia Holding AS are the Group’s two largest joint ventures. Income from associates before fair value adjustment related to biological assets totalled NOK 66 million in Q1 2025 (Q1 2024: NOK 58 million). The equivalent figure including fair value adjustment of biological assets was NOK 35 million (Q1 2024: NOK 62 million). The Group’s joint ventures and associates have generated good results over time, are significant enterprises in their segments and represent substantial values for Austevoll Seafood ASA. Please refer to note 5 for further information on associates.
Adjusted EBIT including revenue from associates was NOK 1,429 million in Q1 2025, against NOK 1,221 million in the same period of last year.
Operational EBIT after fair value adjustment of biological assets and other income and expenses in Q1 2025 was negative at NOK 464 million (Q1 2024: positive at NOK 1,245 million). Fair value adjustment related to biological assets in the quarter was negative at NOK 1,838 million, compared with a positive figure of NOK 62 million in Q1 2024.
The Group’s net interest expense in Q1 2025 was negative at NOK 156 million (Q1 2024: negative at NOK 152 million). Net other financial expenses in the quarter totalled NOK 9 million. The equivalent figure in Q1 2024 was negative at NOK 7 million.
The result before tax for Q1 2025 was a loss of NOK 610 million, impacted by a significant negative biomass adjustment (Q1 2024: profit of NOK 1,085 million).
The uncertainty linked to tax estimates is considerably higher than normal as a result of the authorities imposing a surtax on Norwegian aquaculture in May 2023, followed by the introduction of a norm price council, which has resulted in a significant time lag before the companies have oversight of what the authorities have stipulated as the company’s prices realised for the period.
The result after tax in Q1 2025 was a loss of NOK 195 million, compared with a profit of NOK 739 million in Q1 2024.
For further information please see attached report and presentation.
Questions and comments may be addressed to the company’s CEO, Arne Møgster, or to CFO, Britt Kathrine Drivenes.
This information is subject of the disclosure requirements acc. to Section 5-12 vphl (Norwegian Securities Trading Act).
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