Group operating revenue in Q1 2023 totalled NOK 8,002 million, compared with NOK
6,565 million in Q1 2022, an increase of 22%. The growth in revenue comes from
the farming companies and is driven by strong prices as well as by the weak
Norwegian krone. 

Operating EBIT in Q1 2023 was NOK 1,249 million, against NOK 1,132 million in Q1
2022. Inflation over the past year means higher prices for the Group's products
but also for virtually all input factors, impacting costs. The operating EBIT
margin for Q1 2023 was 16%, compared with 17% in Q1 2022. The growth in earnings
comes from the farming companies as well as the joint ventures and associates. 

Norskott Havbruk AS and Pelagia Holding AS are joint ventures and the two
largest associates. Income from associates before fair value adjustment related
to biological assets in Q1 2023 totalled NOK 75 million (Q1 2022: NOK 59
million). The equivalent figure including fair value adjustment of biological
assets was NOK 66 million (Q1 2022: NOK 129 million). Pelagia has continued its
positive development and improved its Q1 results compared with Q1 2022. Cost
focus/rationalisation, growth and good sales volumes for finished products
combined with higher prices realised for fishmeal, protein concentrate and fish
oil all contributed to the earnings improvement. However, Norskott's earnings
continued to be affected by the challenging biological situation in the second
half of 2022. The Group's joint ventures and associates have generated good
results over time, are significant enterprises in their segments and represent
substantial values for Austevoll Seafood ASA. Please refer to note 5 for more
detailed information on associates. 

Operating profit after fair value adjustment of biological assets and income
from joint ventures and associates totalled NOK 1,679 million in Q1 2023 (Q1
2022: NOK 1,383 million). 

Fair value adjustment related to biological assets was NOK 460 million. The
biomass adjustment in Q1 2022 was NOK 252 million. 

The Group's net interest expense in Q1 2023 was NOK -116 million (Q1 2022: NOK
-70 million). The increase is a result of rising interest rate levels and higher
tied-up working capital. Net other financial items for the quarter were positive
at NOK 4 million. The equivalent figure in Q1 2022 was NOK 53 million.

The Group reported profit before tax in the quarter of NOK 1,568 million (Q1
2022: NOK 1,366 million). Profit after tax was NOK 1,223 million (Q1 2022: NOK
1,053 million). 

The government's Proposition to the Storting (78 LS) concerning resource rent
tax on aquaculture of 28 March 2023 has still not been adopted. The Group's tax
estimates 

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).