Financial report Q3 2025

12 Nov 2025 07:00 CET

The Group reported revenue of MNOK 10,037 in Q3 2025, compared with MNOK 9,299
in Q3 2024.

Adjusted EBITDA in Q3 2025 was MNOK 652, down from MNOK 1,192 in Q3 2024.
Decreased earnings in Q3 2025 compared to Q3 2024 originates from the salmon
operations and the pelagic operation in Peru. Despite higher slaughter volumes
of salmon and trout in the quarter, the substantially lower prices gave a
significant reduction in earnings from this operation compared to the same
quarter in 2024. Furthermore, elevated lice pressure in the quarter led to
increased release from stock (RFS) costs. In Peru, the substantial decrease in
earnings in Q3 2025 compared with Q3 2024 can be attributed to higher catch cost
and lower utilisation of plants combined with declining prices for fishmeal and
fish oil during H1 2025.

Adjusted EBIT in Q3 2025 was MNOK 79, compared to MNOK 686 in Q3 2024.

Norskott Havbruk AS (Scottish Sea Farms Ltd) and Pelagia are the Group’s two
largest joint ventures. Income from associates before fair value adjustment
related to biological assets totalled positive MNOK 4 in Q3 2025 (Q3 2024:
positive MNOK 143). The equivalent figure, including fair value adjustment of
biological assets, was negative MNOK 6 (Q3 2024: positive MNOK 117). Norskott
Havbruk AS had a significant year-over-year decrease in price realisation,
impacting profitability in Q3 2025 compared to Q3 2024. Decreases in prices,
especially for marine oils, put pressure on margins, impacting Pelagia's
profitability in Q3 2025 compared to Q3 2024. In addition, a reduction in quotas
for key species used in consumer products creates challenges and results in
lower factory capacity utilisation throughout the year. The Group’s joint
ventures and associates have generated good results over time, are prominent
enterprises in their respective segments, and represent considerable value for
AUSS. Please refer to note 5 for further information on associates.

Adjusted EBIT, including revenue from associates, was MNOK 73 in Q3 2025,
compared with MNOK 802 in the same period last year.

Operating profit (EBIT) after fair value adjustment of biological assets and
other income and expenses in Q3 2025 was MNOK 954 (Q3 2024: MNOK 127). Fair
value adjustment related to biological assets in the quarter was positive at
MNOK 947, compared with a negative figure of MNOK 629 in Q3 2024.

The Group’s net interest expense in Q3 2025 was negative at MNOK 180 (Q3 2024:
negative at MNOK 105). Net other financial expenses in the quarter totalled MNOK
2. The equivalent figure in Q3 2024 was positive at MNOK 31.

The profit before tax for Q3 2025 was MNOK 776 (Q3 2024: MNOK 53).

The uncertainty surrounding tax estimates is considerably greater than usual due
to the authorities imposing a resource rent tax on Norwegian aquaculture in May
2023, followed by the creation of a norm-price council. This has resulted in a
significant time lag before companies have clarity on the authorities' specified
realised prices for the reporting period.

The result after tax in Q3 2025 was MNOK 529, compared with MNOK 168 in Q3 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).

More information:
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659371_AUSS_Q3_2025 .pdf
659371_?Financial report Q3 2025.pdf