Financial report Q4 2025 and preliminary financial statements for 2025

24 Feb 2026 07:00 CET

The Group reported revenue of MNOK 9,410 in Q4 2025, compared with MNOK 9,096 in
Q4 2024. Group revenue increased by 3% mainly driven by LSG subject to higher
prices in Wild Catch and increased activity in VAP S&D, partly offset by lower
slaughtered salmon volumes.

Adjusted EBITDA in Q4 2025 was MNOK 1,387, and in line with MNOK 1,401 in Q4
2024.

Depreciation was MNOK 619 in Q4 2025 an increase from MNOK 556 in same quarter
2024., Adjusted EBIT in Q4 2025 was MNOK 769, compared to MNOK 845 in Q4 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 negative MNOK 55 in Q4 2025 (Q4 2024:
positive MNOK 51). The equivalent figure, including fair value adjustment of
biological assets, was negative MNOK 66 (Q4 2024: positive MNOK 54). Scottish
Sea Farms harvested 5,489 tonnes during the quarter, a reduction of 39% compared
to the same period last year. Results weakened in the quarter following
biological challenges at multiple sites, leading to incident-related mortality
largely attributable to Amoebic Gill Disease (AGD). A lower average harvest
weight adversely affected both production costs and price realisation. As
reported in previous quarters Pelagia’s earnings are weaker in 2025 compared to
2024 due to a significant drop in fish oil prices and decrease in raw material
volume in the FOOD division due to the overall reduction in quota for main
species used in production for consumer products.

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 702 in Q4 2025,
compared with MNOK 899 in the same period last year.

Operating profit (EBIT) after fair value adjustment of biological assets and
other income and expenses in Q4 2025 was MNOK 871 (Q4 2024: MNOK 1,439). Fair
value adjustment related to biological assets in the quarter was positive at
MNOK 197, compared with a positive figure of MNOK 725 in Q4 2024.

The Group’s net interest expense in Q4 2025 was negative at MNOK 188 (Q4 2024:
negative at MNOK 190). Net other financial expenses in the quarter were negative
MNOK 11. The equivalent figure in Q4 2024 was negative MNOK 11.

The profit before tax for Q4 2025 was MNOK 672 (Q4 2024: MNOK 1,238).

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 Q4 2025 was MNOK 248, compared with MNOK 1,810 in Q4
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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666520_AUSS_Q4_2025.pdf
666520_Financial report Q4 2025 AUSS.pdf