Masoval AS

Investor Presentation • May 22, 2025

Måsøval AS

Q1 2025 Presentation

Oslo, 22 May 2025 Helge Kvalvik, CEO | Anders Hagestande, CFO

Disclaimer

This presentation may contain forward-looking statements relating to the business, financial performance and results of Måsøval.

Forward looking statements are statements that are not historical facts and may be identified by words such as "predicts", "anticipates", "believes", "estimates", "expects", "projects", and other similar expressions. Such forwardlooking statements are based on current expectations, estimates and projections, reflect current views with respect to future events, and are subject to risks, uncertainties and assumptions.

Forward-looking statements are not guarantees of future performance, and risks, uncertainties and other important factors could cause the actual business, financial performance, results or the industry and markets in which Måsøval operates to differ substantially from the statements expressed or implied in this presentation by such forwardlooking statements.

Agenda

4

1

• Segment information
• Group financials 3
  • Strategic projects
• Outlook and summary 5

Highlights Q1 – 2025

Group financials

• Group revenue MNOK 681 (432)
• Total group operational EBIT MNOK 22 (109)

Segment farming

• Harvested volume 5 226 tonnes GW (3 606)
• Segment farming Op. EBIT/kg NOK 11 (42)
• Region Mid Op. EBIT/kg NOK 8 (44)
• Region West Op. EBIT/kg NOK 10 (12)
• Co-location Op. EBIT/kg NOK 29 (43)

Production

• Superior share of 62% (65%) hampering price achievement
• Site with Pasteurellosis impact farming results in region West

Sales and processing

• Sales of MNOK 596 (401)
• Operational EBIT of –2.7% ( -6.0%)

Comparison figures: Q1 2024

• The farming segment is split in Mid, West and Co -location from Q1 25
• Net result from Co -location reclassified to be included in operational EBIT
• Comparison figures have been revised

Farming Mid

First quarter operational highlights

• Harvest on expensive biomass in quarter
• 75/25 split Autumn-23 and Spring-24
• Good production on Autumn-24 and Spring-25 generation
• Harvested volume of 2 317 GWT (2 144)
• Operational EBIT NOK 7.6 pr kg (43.5)

Outlook

• Improving superior share going forward
• Cost expected stable in next quarter
• Cost expected to decrease at generation change Q3
• Expected volume in Q2: 2 100 tonnes
• Increased inhouse wellboat capacity and flexibility from Q2

Key figures Farming Mid Consolidated numbers
in 1 000 NOK	Q1 25	Q1 24	FY 24
Total operating revenues	200 971	224 583	1 319 261
Operational EBIT	17 660	93 238	339 420
Operational EBIT (%)	8.8%	41.5%	25.7%
Harvested volume (GWT)	2 317	2 144	13 481
Operational EBIT per kg	7.6	43.5	25.2

Farming West

First quarter operational highlights

• Harvested volume of 2 288 GWT (138)
• 53 % of the volume Spring 2024 generation
• 47 % of the volume 2024 generation
• Biological performance and financial results affected negatively by Pasteurellosis at Kvangardsnes
• Strong biological performance at Orholmen

Outlook

• Underlying improvements continue in region
• Cost expected to decrease in Q2
• Expected volume in Q2: 3 500 tonnes

Key figures Farming West

Consolidated numbers
in 1 000 NOK	Q1 25	Q1 24	FY 24
Total operating revenues	186 716	11 421	477 766
Operational EBIT	21 973	1 711	116 360
Operational EBIT (%)	11.8%	15.0%	24.4%
Harvested volume (GWT)	2 288	138	5 518
Operational EBIT per kg	9.6	12.4	21.1

Farming Co-location

First quarter operational highlights

• Harvested volume of 621 GWT (1 324)
• 77% of the volume Spring-24 generation
• 23% of the volume Autumn-24 generation

Outlook

• Expected volume in Q2: 4 000 tonnes
• Costs expected stable into Q2

Key figures Farming Co-location

Consolidated numbers in 1 000 NOK	Q1 25	Q1 24	FY 24
Total operating revenues	113 367	159 726	476 468
Operational EBIT	18 200	57 462	53 605
Operational EBIT (%)	16.1%	36.0%	11.3%
Harvested volume (GWT)	621	1 324	6 016
Operational EBIT per kg	29.3	43.4	8.9
Harvest Volume (GWT)		43	Operational EBIT/kg (NOK)
1 972 1 613 1 324 1 107	621		12 2	29
Q1 24 Q2 24 Q3 24 Q4 24	Q1 25	Q1 24	Q2 24 Q3 24 Q4 24	Q1 25

Sales & Processing

First quarter operational highlights

• Sales volume 7 051 GWT (3 611)
• Operational EBIT of MNOK -16.0 (-24.0)

Outlook

• New long-term contract will improve operational result in PNS
• Higher volume at TL52
• China export approval from May will improve price achievement on large salmon
• VAP production on TL52 in Q2 will improve segment
• Expect loss on frozen inventory in Q2 as a result of low market prices ^{3 611}

Key figures Sales & Processing Consolidated numbers in 1 000 NOK Q1 25 Q1 24 FY 24 Total operating revenues 595 503 401 223 2 324 264 Operational EBIT -15 975 -23 979 -77 141 Operational EBIT (%) -2.7% -6.0% -3.3%

Key Income Statement Items

*Earnings per share restated to exclude fair value adjustment of biomass and one-off implementation effect of resource rent tax

Income Statement

• Revenue in quarter is up from Q1 2024 due to higher harvest volumes
• High cost in quarter impact margins
• Negative fair value adjustment of MNOK 216
• Group operational EBIT Q1 25 of MNOK 22 (MNOK 109)
• Underlying EPS of NOK -0.07 in Q1

Key figures Group Consolidated numbers
in 1 000 NOK	Q1 25	Q1 24	FY 24
Sales revenue salmon	556 327	383 057	2 233 784
Other operating revenues	124 854	48 765	400 423
Sum operating revenues	681 180	431 822	2 634 207
Harvested volume (GWT)	5 226	3 606	25 015
Operational EBIT	21 778	108 793	341 726
EBIT (1)	-199 820	98 676	196 001
Profit before tax	-246 967	54 430	31 066
Net profit or loss for the period	-130 204	29 977	138 424
Group operational EBIT (%)	3.2%	25.2%	13.0%
Group operational EBIT/kg	4.2	30.2	13.7
Earnings per share (NOK)	-0.07	0.31	0.70

(1) Operational EBIT adjusted for write-down, production tax and fair value adjustment biomass

Group Balance Sheet Items

• Assets decreased from MNOK 5.242 to MNOK 4.930
• NIBD decreased MNOK 65
• Decrease in biological assets of MNOK 238
• Expect lower working capital going forward
• Decrease in equity ratio to 35.3%

Equity Non-current liabilities Current liabilities

Changes in NIBD

• Decreased NIBD
• Moderate investments in period

Reporting of Co-Location

• New division in farming segment
• Results from all co-location agreements now included in operational EBIT
• Biomass on broodstock and education licence included in fair value adjustments. Note 5 expanded to include details.
• Biomass on commercial co-location is not included in fair value adjustments
• Comparison figures have been revised

Specification of licences and biomass co-location partners

Co-location partners (tonnes)	Biomass in our books	Biomass on other licences	Total co location partners
Licence volume at 31.03.2025	2 340**	4 324*	6 664
Produced volume Q1 2025, including smolt	659	1 344	2 003
Harvested volume Q1 2025	393	228	621
Biomass in sea at 31.03.2025	1 826	4 119	5 945

*) Three licences from one partner and part of licence depending on volume in sea from the other partner

**) Licence volume is variable, minimum three licences, but can be increased to four

Reporting of Co-location

Q1 2025
(1000 NOK)	FARMING MID	FARMING WEST	FARMING CO-LOCATION	FARMING	SALES & PROCESSING	OTHER/ ELIMINATIONS	MÅSØVAL GROUP
Operating revenue - sale of goods and services	175 482	186 706	28 736	390 924	556 148	-390 745	556 327
Other operating revenues	25 489	11	84 632	110 131	39 355	-24 633	124 853
Total operating revenues	200 971	186 716	113 367	501 055	595 503	-415 378	681 180
Operating expenses	150 064	159 946	94 411	404 421	605 463	-401 268	608 616
Depreciation and amortisation	33 247	4 796	757	38 800	6 015	5 969	50 785
Operational EBIT	17 660	21 973	18 200	57 833	-15 975	-20 079	21 778
Operational EBIT (%)	8.80 %	11.80 %	16.10 %	11.50 %	-2.70 %		3.20 %
Volume harvested/sold	2 317	2 288	621	5 226	7 051
Sales price per kg salmon	75.7	81.6			78.9
Operational EBIT per kg salmon	7.6	9.6	29.3	11.1	-2.3

Extension and amendment to bank financing

• Group bank financing agreement extended 1 year to 28.02.2028
• Increased leasing facility from MNOK 400 to MNOK 600
• Reduced ICR requirements from Q1 2025 from 4.00 X EBITDA to 3.00X EBITDA
• Waiver issued for 2Q -1.25X EBITDA and 3Q 2.00X EBITDA
• Increased short term overdraft facility from MNOK 300 to MNOK 600 until 15 December 2025

Educational Licence

• Partnership with Møre and Romsdal County Council to operate an educational licence
• Pending licence issuance from the Directorate of Fisheries
• Fixed lease model
• Capacity of 780 tonnes MAB with 10 years duration
• Expected start of production in the second half of 2025

VAP production TL52

• Initiating VAP production from May 2025
• Fileting services for third party salmon farmer
• Contract duration until end of year
• Low capex and start up costs
• Utilizing existing fileting line at the processing plant

Outlook

• Full year guiding 2025 of 29 200 tonnes in total and 9 600 tonnes in Q2

	Mid	West	Co-loc	Total
Q1	2 300	2 300	600	5 200
Q2 E	2 100	3 500	4 000	9 600
H2 E	4 800	5 200	4 400	14 400
2025 E	9 200	11 000	9 000	29 200

• Cost Farming expected lower in Q2
  • Flat in region Mid and on Co-location
  • Lower in region West

• CAPEX guidance 2025 of approx. mNOK 230

23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 Co-location 471 541 724 1273 1324 1972 1613 1107 621 4000 Måsøval 1523 7032 6313 6654 2282 6498 5524 4695 4605 5600 0 2000 4000 6000 8000 10000 12000

Harvest Volume GWT

Market Outlook

• Market fundamentals
  • Kontali expects 5.8% supply growth in 2025
  • Demand uncertain due to tariff situation
  • Reduction of downgrades overall in market y/y
• Forward prices indicate price level of approximate NOK 85.2 for full year 2025
• Måsøval market strategy to sell above 80% in spot market
  • Fixed contracts for strategic customers only
  • Contract portfolio 2025 of 7.3% of own volume

Growth Potential

Summary

Group financials

• Operational EBIT MNOK 22
• Extended bank financing

Farming

• Harvesting of expensive biomass In quarter
• Low superior share in quarter, hampering price achievement
• Pasteurellosis negatively impacting region west in quarter

Sales and processing

• EBIT margin -2.7%

Outlook

• Expect reduced cost and improved superior share in Q2
• Guiding harvest volume of 9 600 GWT for Q2 25
• Guiding harvest volume of 29 200 GWT FY25

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