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OCEANA GROUP LIMITED
Incorporated in the Republic of South Africa
Registration number : 1939/001730/06
JSE/A2X share code : OCE
NSX share code : OCG
OTCQX share code : OCGPF
ISIN : ZAE000025284
("Oceana" or "the Company" or "the Group")
TRADING STATEMENT AND VOLUNTARY TRADING UPDATE
TRADING STATEMENT FOR YEAR ENDING 30 SEPTEMBER 2025
In accordance with section 3.4(b) of the Listings Requirements of the JSE Limited ("JSE"), a
company must publish a trading statement once it is satisfied that a reasonable degree of
certainty exists that the financial results for the period to be reported on next will differ by at least
20% from the financial results reported in the prior comparative period.
The Group is satisfied that a reasonable degree of certainty exists that, for the year ending 30
September 2025:
' basic earnings per share ("EPS") will decrease by at least 40%, which is a decrease of at
least 368 cents per share, when compared to the reported EPS of 920.9 cents for the prior
comparative period; and
' basic headline earnings per share ("HEPS") will decrease by at least 40%, which is a
decrease of at least 367 cents per share, when compared to the reported HEPS of 917.6
cents for the prior comparative period.
The earnings decrease is primarily attributed to a halving of average US dollar fish oil sales prices
compared to the record prices achieved in the prior year. The recovery in the Peruvian anchovy
biomass led to the fish oil price correction, and Daybrook's performance declining substantially
compared to the exceptional prior year earnings.
Further earnings guidance will be provided to shareholders when the Group has reasonable
certainty of the anticipated EPS and HEPS range, in accordance with paragraph 3.4(b)(iii) of the
Listings Requirements of the JSE.
VOLUNTARY TRADING UPDATE FOR THE 11 MONTHS ENDED 24 AUGUST 2025
The Group's financial results for the 11 months ended 24 August 2025 ("the period"), reflect lower
revenue and profitability. This was driven by the impact of an average 50% decline in fish oil sales
prices achieved compared to the record prices realised in the prior period. Steady consumer
demand and increased local production volumes drove a pleasing performance for Lucky Star
foods. Hake results improved significantly with better catch rates and sales prices. Strong
demand and sales prices for horse mackerel were unable to offset the impact of continued lower
catch rates experienced in South Africa ("SA") and Namibia.
Lucky Star Foods
Lucky Star foods delivered an improved performance with volumes growing by 1% in the period,
driven largely by export demand. Local canned fish volumes remained stable, in an environment
of subdued consumer spending due to economic pressures.
Operating margins benefited from an increase in local cannery production volumes, combined
with better production yields resulting from good sized and high-quality frozen fish and efficiency
gains arising from the recent factory upgrades. Pilchard landings were 4% higher than the prior
period, with strong first-half catches offset by weaker second-half landings.
Inventory levels closed in line with the prior period, following planned lower frozen fish purchases
in the second-half, which contributed to an improved working capital position.
Fishmeal and Fish oil (Africa)
The Africa fishmeal and fish oil business processed 18% more volume, driven by higher industrial
fish landings and an increased supply of pilchard trimmings from the Lucky Star food canneries.
The increased industrial fish landings were driven by strong red eye herring catches but tempered
by a weak anchovy catch season. Processing costs per ton reduced due to higher throughput,
increased fish oil yields and efficiency gains from the recent plant upgrades.
Sales volumes increased by 48%, but weaker US dollar sales prices for fishmeal and fish oil
resulted in operating profit declining. Inventory ended the period at lower levels due to higher
sales.
Fishmeal and Fish oil (USA)
The new Gulf Menhaden fishing season commenced on 15 April 2025 and landings to the end of
week 20 were 16% higher than the same week in 2024, and in line with the 5-year average historic
catch. Fish oil yields were slightly lower at 11.2%. The 28-week fishing season closes at the end
of October 2025.
An 11% increase in sales volumes from improved landings and higher opening inventory levels
was insufficient to offset the impact of lower US dollar fishmeal sales prices and a halving of US
dollar fish oil sales prices. Consequently, Daybrook's results were considerably lower than the
prior period's record performance.
Wild Caught Seafood
The performance of the Wild caught seafood segment improved significantly, driven by the strong
hake performance and a reduction in horse mackerel losses compared to the prior period, during
which the Desert Diamond suffered mechanical failure.
Hake catch volumes improved due to increased days at sea and higher catch rates. As a result,
sales volumes rose 30%, which, combined with firm European sales prices, drove the strong
performance for the period.
In the SA horse mackerel business, improved reliability of the Desert Diamond resulted in
increased seadays which was partially offset by poor catch rates.
Catch rates for Namibian horse mackerel continued to disappoint, resulting in the business
delivering a similar performance to the prior period. Horse mackerel sales prices remained firm
due to sustained market demand.
The squid business was impacted by poor industry-wide catch rates.
The Group's results for the year ending 30 September 2025 are expected to be released on the
Stock Exchange News Service on or about 24 November 2025.
The financial information and any forward-looking statements in this announcement have not
been reviewed or reported on by the Group's auditors.
15 September 2025
Cape Town
JSE Sponsor ' Primary Listing
The Standard Bank of South Africa Limited
NSX Sponsor ' Secondary Listing
Old Mutual Investment Services (Namibia) Proprietary Limited
Date: 15-09-2025 07:05:00
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