Austevoll Seafood ASA posted a net loss of 254 million Norwegian kroner (NOK) in the second quarter of 2026, a sharp reversal from a profit of 106 million NOK in the same period a year earlier, as operational disruptions in Peru and Chile weighed on pelagic fishing results.
Revenue declined 14% year-over-year to 8.6 billion NOK, missing the 9.78 billion NOK estimate by 11.25%. Adjusted EBITDA fell 8% to 1.1 billion NOK, while adjusted EBIT dropped 15.6% to 574 million NOK. Earnings per share came in at 1.57 NOK, below the 1.63 NOK forecast. The company’s biological assets fair value adjustment deepened losses by 889 million NOK, pushing net profit into negative territory despite a 22% decline in profit before tax and fair value adjustments to 385 million NOK.
Pelagic operations in Peru were severely impacted by El Niño conditions, which elevated water temperatures and increased juvenile fish populations. The first fishing season in Peru was halted at the end of April after opening on April 9, with only about 25% of the 1.9 million-tonne quota harvested. Austevoll’s quota of 133,000 tonnes yielded just 26,000 tonnes, contributing an estimated 150 million NOK less than in Q2 2025. Combined fishmeal and fish oil yields dropped to 24.8% from 26.2% a year earlier.
Operations in Chile faced temporary shutdowns due to high juvenile fish incidences, though improved water temperatures in early June allowed a resumption. The company’s own catch in Chile fell 52% year-over-year, but strong oil yields helped financial results exceed Q2 2025 levels. Management projected Q3 2026 pelagic catches in Chile at 135,000 tonnes, with 91,000 tonnes already landed by the earnings call.
Salmon and trout farming EBIT declined 20 million NOK to 236 million NOK, driven by lower slaughter volumes. The company targets 225,000 tonnes of salmon and trout slaughter in 2026, up from 212,000 tonnes in 2025, supported by a 50% stake in Scottish Sea Farms. Regional Q2 volumes were targeted at 44,000 tonnes, with EBIT per kilogram ranging from 4.5 NOK to 19.1 NOK across facilities.
The whitefish segment emerged as a bright spot, with management calling 2026 potentially the best year on record. Cod quotas have declined over the past five years, but next year’s recommendations include a 10% increase, alongside an 18% rise in haddock quotas. The segment is expected to deliver between 400 million and 450 million NOK in EBIT for 2026.
Austevoll maintained a strong balance sheet with 4.6 billion NOK in cash, a current ratio of 1.95, and a 52% equity ratio. Net interest-bearing debt stood at 8.8 billion NOK, largely unchanged from year-end 2025. The company’s market capitalization was reported at $1.82 billion, with a dividend yield of 7.78% following 17 consecutive years of payouts.
