Masoval AS

Earnings Release • Aug 19, 2025

Måsøval - Q2 25 report

Måsøval - Q2 25 report

Sistranda 19.08.2025

Operational control facing second half of 2025

The Måsøval Group harvested 8.538 GWT in the second quarter, yielding revenues

of MNOK 869.

EBIT per kilo of NOK 4.0 in farming segment contrasts with stellar margins of

NOK 41.3 in the same quarter last year.

Anders Hagestande, CFO of Måsøval, comments the results; "Lower margins are a

consequence of significantly lower salmon prices in the second quarter this

year compared to last year. Global salmon supply grew high this quarter,

resulting in weak market fundamentals as the value chain adapts to the

increasing supply of salmon."

Growth initiatives

During second quarter, the Måsøval Group took important growth initiatives.

Following a successful tender process in Q1, Møre og Romsdal County selected

Måsøval to operate the educational licence at Hustadvika High School. During

Q2, the Group obtained all necessary approvals and was set to operate the

license from August 1st.

The Group has also secured a strategic smolt collaboration with Nekton,

ensuring 2.4 million smolts annually from 2027 to 2032. Through our long-term

collaboration with Nekton, dating back to 2006, we have developed an

operational integration that can now be further enhanced under this agreement.

Well positioned for a challenging season

"Looking ahead from Q2, we are entering a rough period. Sea temperatures are

high this summer, sea lice pressure in our regions (5 and 6) is higher than in

the same period last year, and spot prices remain low. Despite these

headwinds, we are well positioned to perform at our best. So far, we have

better control of sea lice than last year, despite a more difficult

environment. During Q2, we optimized the new well boat, which is now

performing well and has increased treatment capacity compared to last year.

Due to MAB flexibility with lower biomass in sea and a new license, together

with improved fish health, we can postpone some harvesting and use our well

boats for treatments instead of transport. Our focus remains on fish health

and welfare", says Anders Hagestad, CFO of Måsøval.

The Group guides an annual harvest of 28.100 GWT in 2025, which is up from the

25.000 GWT harvested in 2024.

Måsøval's CFO, Anders Hagestande, will present the results in Norwegian on

August 19 at 08:00 at Britannia Hotel in Trondheim, in the "Margrete" meeting

room. The presentation can also be followed via this link:

https://channel.royalcast.com/landingpage/hegnarmedia/20250819_7/

The presentation and report are attached in this notification.

Forward looking statements:

This release may be deemed to include forward-looking statements, including

statements relating to Måsøval's goals and strategies, salmon prices, the

ability to increase or vary harvest volume, production capacity, trends in the

seafood industry, restructuring initiatives, business prospects and

positioning with respect to market, demographic and pricing trends, strategic

initiatives, and the effects of any extraordinary events and other matters

(including developments in laws, regulations and governmental policies

regulating the industry, as well as changes in accounting policies, standards

and interpretations) on Måsøval's business and results. Forward-looking

statements are Måsøval's current estimates or expectations of future events or

future results. Actual results could differ materially from those indicated by

these statements because their realization is subject to many risks and

uncertainties. All forward-looking statements included in this release are

based on information available at the time of the release, and Måsøval assumes

no obligation to update any forward-looking statement.

Contacts

Anders Hagestande, CFO, Måsøval AS, +47 415 82 138,

anders.hagestande@masoval.no

Helge Kvalvik, CEO, Måsøval AS, +47 97 97 97 72, helge.kvalvik@masoval.no

About Måsøval

Måsøval is a fully integrated producer of Atlantic salmon with more than 50

years of operational experience. Based on the island of Frøya in Central

Norway, the company controls the entire value chain -from smolt production to

sea-based farming, harvesting, processing, and global sales.

This integrated model ensures full control, operational efficiency, and

consistent delivery of premium Atlantic salmon to the global market. Måsøval

is committed to sustainable growth, fish welfare, and long-term value

creation.

This information is subject to disclosure under the Norwegian Securities

Trading Act, §5-12. The information was submitted for publication at

2025-08-19 06:00 CEST.