Financial report Q1 2026

12 May 2026 07:00 CEST

The Group reported operating revenue, other income and income from sale of
shares, of MNOK 9,806 in Q1 2026 and in line with Q1 2025 of MNOK 9,808.
Adjusted EBITDA was MNOK 1,985 in the quarter, against MNOK 1,938 in the same
period last year. Adjusted EBIT was MNOK 1,402 in the quarter (Q1 2025: MNOK
1,394).

Scottish Sea Farms Ltd (Norskott Havbruk AS) and Pelagia are the Group’s two
largest joint ventures. Income from associates before fair value adjustment
related to biological assets in the quarter totalled MNOK 18 (Q1 2025: MNOK 66).
The equivalent figure including fair value adjustment of biological assets was
MNOK 9 (Q1 2025: MNOK 35). Scottish Sea Farms harvested 5,391 GWT during the
quarter, a reduction of 36% compared to the same period last year. Lower volumes
adversely impacted unit costs, particularly within wellboat operations and
processing. Results were also affected by high release from stock costs
following biological challenges in 2025.

Q1 is a seasonally important quarter for Pelagia. The income from Pelagia was in
line with same quarter 2025, and further information are is available under the
operational review of segments section in this report.

Adjusted EBIT including revenue from associates was MNOK 1,412 in the quarter,
against MNOK 1,429 in the same period last year.

Operating profit after fair value adjustment of biological assets and other
income and expenses totalled MNOK 1,045 in the quarter (Q1 2025: MNOK -464).
Fair value adjustment related to biological assets was MNOK -302, compared with
MNOK -1,838 in Q1 2025.

The Group’s net interest expense was MNOK -163 (Q1 2025: MNOK -156). Net other
financial expenses totalled MNOK -68. The equivalent figure in 2025 was MNOK 9.

Profit before tax was MNOK 814 in the quarter (Q1 2025: MNOK -610), and profit
after tax in Q1 2026 was MNOK 644, against MNOK -195 in Q1 2025.

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:
Access the news on Oslo Bors NewsWeb site

673071_AUSS Q1 2026.pdf
673071_Financial report Q1 2026 AUSS.pdf