Austevoll Seafood-Q1 rst take: Beat on LSG and “stub”-05/12/2026

Research evidence excerpt

Austevoll Seafood-Q1 rst take: Beat on LSG and “stub”-05/12/2026

Austevoll Seafood

NEWSFLASH | 12 MAY 2026

Q1 rst take: Beat on LSG and “stub”

AUSS reported adj. EBITDA of NOK 1,985m vs PAS/cons 1,902/1,823, with LSG Op. EBITDA at NOK 1,346m (cons 1340). The

majority of the beat was driven by stronger contributions from Pelagia and Foodcorp. Foodcorp bene ted from substantially

higher prices, with quarterly prices for FMFO +57%/33% Y/Y. AUSS’ ownership-adjusted EBITDA came in at NOK 1,464m vs

PAS 1,305 and Bloomberg 1,268. AUSS notes a challenging start to the rst shing season in peru, with a high juvenile share

reducing yields and a voluntary shing ban. With LSG's Q1 a +3% EBIT beat and the AUSS stub segments overshooting

expectations, AUSS delivers a set of solid numbers, but worries in Peru might dampen the party. Still, we expect a positive

share price reaction, in line with LSG. BUY, TP NOK 104.

Deviation table

ActualActual Q1'26eQ1'26e DevDev (%)(%)

AUSSAUSS deviationdeviation tabletable NOKmNOKm Q1'25Q1'25 Q2'25Q2'25 Q3'25Q3'25 Q4'25Q4'25 Q1'26aQ1'26a Cons.Cons. ParetoPareto Cons.Cons. ParetoPareto

Revenues " 9 808 10 065 10 037 9 410 9 801 10 105 9 472 (3)% 3%

Operating costs " 7 870 8 754 9 385 8 023 7 816 8 282 7 570

EBITDAEBITDA adj.adj. " 11 938938 11 311311 652652 11 387387 11 985985 11 823823 11 902902 9%9% 4%4%

EBITEBIT adj.adj. " 11 394394 767767 7373 769769 11 402402 11 216216 11 291291 15%15% 9%9%

Pre-tax profit " (610) 15 776 672 814 1 103 (26)%

Net profit (reported) " 12 68 288 83 644 568 13%

EPSEPS (adjusted)(adjusted) NOKNOK 3.403.40 0.930.93 (0.50)(0.50) 0.570.57 3.103.10 2.732.73 2.802.80 14%14% 11%11%

Segments/OtherSegments/Other keykey itemsitems

EBITDA LSG NOKm 1 497 1 137 498 1 277 1 346 1 340 1 377 0% (2)%