Masoval AS

Interim / Quarterly Report • Aug 19, 2025

Index

INTRODUCTION 1

PERFORMANCE TRENDS	2
HIGHLIGHTS	3
FINANCIAL PERFORMANCE	4
OPERATIONAL PERFORMANCE	5
FARMING	5
SALES & PROCESSING	7
OUTLOOK	8
FARMING	8
FORWARD PRICES	9
OTHER MATTERS	1 0
EVENTS AFTER THE REPORTING PERIOD	1 1
CONSOLIDATED FINANCIAL STATEMENTS	1 2
CONSOLIDATED STATEMENT OF PROFIT OR LOSS	1 3
CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME	1 4
STATEMENT OF FINANCIAL POSITION: ASSETS	1 5
STATEMENT OF FINANCIAL POSITION: EQUITY AND LIABILITIES	1 6
STATEMENT OF CASH FLOWS	1 7
STATEMENT OF CHANGES IN EQUITY	1 8

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS	1 9
1: BASIS FOR PREPARATION	2 0
2: BUSINESS SEGMENTS	2 1
3: OPERATING REVENUE	2 5
4: SHARE CAPITAL AND SHAREHOLDERS	2 6
5: BIOLOGICAL ASSETS AND OTHER INVENTORIES	2 7
6: TRANSACTIONS WITH RELATED PARTIES	3 0
7: INTANGIBLE ASSETS AND PROPERTY, PLANT, AND EQUIPMENT	3 1
8: TAX	3 2
9: CHANGES IN COMPARATIVE FIGURES	3 3
ALTERNATIVE PERFORMANCE MEASURES	3 6

– pioneered by Måsøval Made by nature

Måsøval is a pioneer in Norwegian aquaculture – working with nature since 1973. Along the coast of Central Norway, we raise Atlantic salmon in cold, clear waters, combining biological expertise, a long-term perspective, and a handson approach to every part of our operations.

As a fully integrated salmon producer – from smolt to sales – we maintain the insight and flexibility needed to make informed decisions. Our model enables precision, strong biological control, and continuous improvement at every stage of production.

Grounded in biological understanding and a culture of learning, we adapt in step with our environment – always guided by the principles that matter most: fish welfare, environmental responsibility, and long-term value creation.

More than 50 years since our journey began, we remain driven by the same pioneering spirit that set us on our path –convinced that the future belongs to those who dare to think differently and have the courage to act when others hesitate.

Performance Trends

Overview of key performance indicators (KPIs) that provide insight into Måsøval's financial and operational development over time. The metrics are selected to reflect our core activities and profitability drivers.

GROUP OPERATIONAL EBIT

This figure represents Måsøval's total operating profit, calculated as operating revenues minus operating expenses. The measure is expressed as operational earnings before interest and tax (EBIT), in million NOK (MNOK), and serves as an indicator for our overall profitability before financial and tax effects and excluding fair value adjustment.

OPERATIONAL EBIT PER KILOGRAM OF SALMON

This KPI measures segment-specific profitability per kilogram of harvested salmon. It reflects the biological performance and operational efficiency of each Farming division. The measure is expressed as operational EBIT per kilogram of harvested salmon (EBIT/kg), in gutted weight.

HARVEST VOLUME

This metric measures the total quantity of salmon harvested during the period, measured in gutted weight tonnes (GWT). It reflects the biological output of our farming operations, including volumes from co-location agreements where applicable.

These KPIs, among others, are used by the executive management and the Board of Directors to monitor performance, allocate resources, and assess strategic progress. They are presented consistently across reporting periods to ensure comparability and transparency. See Alternative Performance Measures for details.

HARVEST VOLUME (GWT)

GROUP OPERATIONAL EBIT (MNOK)

EBIT/KG – FARMING MID

EBIT/KG – FARMING WEST

EBIT/KG – FARMING CO-LOCATION

Highlights

Overview of key developments in the quarter, including operational KPIs and strategic milestones.

8 538 GWT HARVESTED

Compared to 8 469 GWT in Q2 2024.

Includes 3 577 GWT harvested under co-location agreements (1 972 GWT in Q2 2024).

FARMING: NOK 4.0 PER KG The Farming segment reported an operational EBIT of NOK 4.0 per kilogram (NOK 41.3 in Q2 2024).

FARMING MID: NOK 14.7 PER KG Farming Mid reported an operational EBIT of NOK 14.7 per kilogram (NOK 51.5 in Q2 2024).

FARMING WEST: NOK 7.0 PER KG Farming West reported an operational EBIT of NOK 7.0 per kilogram (NOK 44.6 in Q2 2024).

NOK 28 MILLION Group operational EBIT totalled NOK 28 million (NOK 315 million in Q2 2024).

NOK 71.8 PER KG Average sales price of NOK 71.8 per kilogram (NOK 100.4 in Q2 2024).

Financial Performance

This section presents Måsøval Group's financial performance for the quarter. Figures in brackets refer to the corresponding quarter of the previous year, unless specified otherwise.

Effective from 1 January 2025, the Group has implemented a change in the accounting treatment of co-location agreements operated at the Group's own sites. Income and expenses from these agreements are now recognised on a gross basis and presented under Other operating income and Other operating expenses.

The change also introduces a new division within the Farming segment – Farming Co-location.

Comparative figures for 2024 have been restated to ensure consistency and comparability with the new reporting structure. See Note 2 and Note 9 for further details.

KEY FIGURES – GROUP

Consolidated numbers in 1 000 NOK	Q2 2025	Q2 2024	YTD 2025	YTD 2024	2024
Sales revenues salmon	689 199	904 391	1 245 526	1 287 448	2 233 784
Other operating revenues	179 867	123 284	304 721	172 049	400 423
Operating revenue	869 067	1 027 675	1 550 247	1 458 497	2 634 207
Harvested volume (GWT)	8 538	8 469	13 764	12 076	25 015
Operational EBIT	28 072	315 407	49 850	424 199	341 726
EBIT (1)	203 068	209 985	3 248	308 661	196 001
Profit before tax	148 469	175 397	-98 498	229 827	31 066
Net profit or loss for the period	104 030	99 271	-26 174	129 248	138 424
Operational EBIT per kg	3.3	37.2	3.6	35.1	13.7
Operational EBIT (%)	3.2%	30.7%	3.2%	29.1%	13.0%
Equity ratio	35.7%	34.4%	35.7%	34.4%	35.7%
Adjusted earnings per share (NOK) (2)	0.01	1.46	-0.06	1.78	0.7

(1) Operational EBIT adjusted for production tax and fair value adjustment biomass.

(2) EPS excl. net fair value adjustment biomass and one-off implementation effects of resource rent tax.

PROFIT AND LOSS

Operating revenues for the second quarter of 2025 totalled NOK 869 million, down from NOK 1 028 million in the same quarter last year. The decline is primarily attributable to lower sales prices, which averaged NOK 71.8 per kilogram, compared to NOK 100.4 per kilogram in Q2 2024. Harvest volumes remained stable at 8 538 tonnes (8 469 tonnes).

The Group reported an operational EBIT of NOK 28 million, a reduction from NOK 315 million in the corresponding quarter last year. Net financial expenses amounted to NOK 55 million, while fair value adjustment of biomass contributed positively with NOK 181 million. Profit before tax was NOK 148 million, and total tax expense for the quarter was NOK 44 million.

FINANCIAL POSITION

At the end of the second quarter of 2025, total assets amounted to NOK 5 164 million, an increase of NOK 234 million from the previous quarter. Property, plant, and equipment increased by NOK 116 million, primarily due to the activation of the well boat chart Njord Kya as a right-to-use asset.

Biological assets held at sea increased by NOK 95 million, reflecting a higher number of individuals (6.2 million vs 5.9 million in Q1), and harvesting in periods of higher expected prices. Biomass at sea decreased by 1 222 tonnes, from 12 003 tonnes to 10 781 tonnes. The value of smolt and post-smolt decreased by NOK 26 million, reflecting seasonal smolt releases.

Net interest-bearing debt totalled NOK 2 096 million at end of the quarter, down NOK 12 million from Q1. Total equity increased by NOK 104 million, reaching NOK 1 845 million.

CASH FLOW

Cash flow from operating activities was positive at NOK 116 million in the second quarter of 2025. The improvement was driven by a net decrease in working capital, where lower inventories and higher accounts payables outweighed the increase in account receivables and other current receivables. Inventories decreased by NOK 92 million, accounts receivables increased by NOK 64 million, and accounts payables increased by NOK 71 million.

Investing activities resulted in a negative cash flow of NOK 43 million.

Cash flow from financial activities was negative at NOK 110 million, reflecting debt instalments, lease liabilities, interest expenses, and net changes in the overdraft. No dividend was paid during the quarter, compared to NOK 61 million in Q2 2024.

CHANGES IN EQUITY

In the second quarter of 2025, total assets increased by NOK 234 million, while equity rose by NOK 104 million. The equity ratio ended the quarter at 35.7%, slightly up from 35.3% in the previous quarter.

The Group's bank overdraft, term loan, and revolving credit facility are governed by covenants set by the bank. These include a 12-month rolling interest coverage ratio of 3x EBITDA, and a minimum equity ratio of 30%. The bank issued temporary waivers for the interest cover ratio, reducing the requirement to 1.25x for Q2, and 2.00x for Q3. At the end of the quarter, the Group was compliant with both covenant requirements.

The Group obtained additional short-term bank financing, increasing the overdraft facility from NOK 300 million to NOK 600 million until the end of Q4.

Operational Performance

This section presents Måsøval Group's operational performance for the quarter. Figures in brackets refer to the corresponding quarter of the previous year, unless otherwise stated.

The Group's activities are monitored and managed across two operating segments: Farming, and Sales & Processing. Within the Farming segment, performance is further assessed across three divisions: Farming Mid, Farming West, and, from 2025, Farming Co-location. The introduction of Farming Co-location as a separate division aims to improve comparability between farming regions and provide greater transparency on value creation from farming activities related to co-location agreements.

Activities related to Group administration, shared HQ costs, depreciation of surplus values from acquisitions, and intrasegment transactions are reported under Other/Eliminations.

No operating segments have been aggregated, and transfer pricing between segments is conducted on an arm's length basis. See Note 5 for further details.

KEY FIGURES – FARMING

Consolidated numbers in 1 000 NOK	Q2 2025	Q2 2024	YTD 2025	YTD 2024	2024
Total operating revenues	574 416	791 746	1 075 471	1 187 477	2 273 494
Operational EBIT	34 463	350 102	92 296	502 513	509 385
Operational EBIT (%)	6.0%	44.2%	8.6%	42.3%	22.4%
Harvested volume (GWT)	8 538	8 469	13 764	12 076	25 015
Operational EBIT per kg	4.0	41.3	6.7	41.6	20.4

Farming is the Group's largest segment and generated total sales revenues of NOK 574 million in the second quarter of 2025, of which NOK 418 million stemmed from the sale of salmon. Harvested volume was 69 tonnes higher than in Q2 2024. However, lower price levels resulted in reduced sales revenue.

Operational EBIT amounted to NOK 34 million (NOK 350 million), corresponding to NOK 4.0 per kilogram harvested salmon (NOK 41.3).

The share of superior quality increased from 62% in Q1 2025 to 78%, which is broadly in line with the level reported in the same quarter last year (79.3%).

FARMING MID

Consolidated numbers in 1 000 NOK	Q2 2025	Q2 2024	YTD 2025	YTD 2024	2024
Total operating revenues	145 637	532 292	346 608	756 874	1 319 261
Operational EBIT	20 585	269 054	38 244	362 292	339 420
Operational EBIT (%)	14.1%	50.5%	11.0%	47.9%	25.7%
Harvested volume (GWT)	1 403	5 225	3 720	7 369	13 481
Operational EBIT per kg	14.7	51.5	10.3	49.2	25.2

Farming Mid generated sales revenues of NOK 146 million in the second quarter of 2025, of which NOK 88 million stemmed from the sale of salmon. The average sales price was NOK 62.6 per kilogram, which is NOK 34.1 lower than in Q2 2024.

Operational EBIT amounted to NOK 21 million (NOK 269 million), corresponding to NOK 14.7 per kilogram harvested salmon (NOK 51.5).

Due to relatively low harvesting volumes in the quarter, the contribution from external sales of services and smolt had a proportionally higher impact on reported EBIT.

Harvested volume decreased by 3 822 tonnes to 1 403 tonnes. Of this, 792 tonnes GWT was harvested from the spring 2024 generation, and 611 tonnes from the autumn 24 generation. The cost of the spring 24 generation reflects challenging biological performance at the sites harvested.

Two sites experienced pancreas disease (PD), but the impact on appetite and mortality was limited due to high vaccine protection. Harvesting of these sites was completed by the end of the quarter.

The addition of a second well boat during the quarter has increased our capacity and flexibility for both harvest transport and delousing operations. Underlying cost in region Mid is expected to decline in the coming quarters.

Consolidated numbers in 1 000 NOK	Q2 2025	Q2 2024	YTD 2025	YTD 2024	2024
Total operating revenues	250 305	148 877	437 021	160 298	477 766
Operational EBIT	24 777	56 718	46 751	58 429	116 360
Operational EBIT (%)	9.9%	38.1%	10.7%	36.4%	24.4%
Harvested volume (GWT)	3 558	1 273	5 846	1 411	5 518
Operational EBIT per kg	7.0	44.6	8.0	41.4	21.1

Farming West harvested 3 558 GWT in the second quarter of 2025, generating sales revenues of NOK 250 million. The average sales price was NOK 70.3 compared to NOK 116.8 same quarter last year.

Operational EBIT amounted to NOK 25 million (NOK 57 million), corresponding to NOK 7.0 per kilogram harvested salmon (NOK 44.6). The cost position in the region improved significantly, with a cost of NOK 63.3 per kilogram, compared to NOK 72.2 in the same quarter last year.

Of the total volume harvested in the Farming West region, 8.5% originated from the Kvangardsnes site. This site was harvested at a high cost due to pasteurellosis, which resulted in low harvest weights. Kvangardsnes was fully harvested by the end of the quarter.

Orholmen demonstrated strong biological performance and contributed to lower costs. The site accounted for 88% of the total volume harvested in the region during the quarter. A harvest volume of 218 GWT is expected from Orholmen in Q3.

Slettvika accounted for 3.5% of the total volume harvested. The site was infected with pasteurellosis during the quarter, but fish were harvested at higher average weights and lower mortality and appetite reduction than at Kvangardsnes. Slettvika will be fully harvested by the end of Q3.

The majority of the harvest volume in Q3 is expected from Slettvika, and costs in the region are expected to increase in the coming months.

FARMING WEST FARMING CO-LOCATION

Consolidated numbers in 1 000 NOK	Q2 2025	Q2 2024	YTD 2025	YTD 2024	2024
Total operating revenues	178 474	110 577	291 841	270 303	476 468
Operational EBIT	-10 899	24 330	7 301	81 792	53 605
Operational EBIT (%)	-6.1%	22.0%	2.5%	30.3%	11.3%
Harvested volume (GWT)	3 577	1 972	4 198	3 295	6 016
Operational EBIT per kg	-3.0	12.3	1.7	24.8	8.9

Farming Co-location harvested 3 577 GWT in the second quarter of 2025, up from 1 972 GWT in the same quarter last year. This generated sales revenues of NOK 178 million, of which NOK 80 million related to the sale of salmon. Other revenue amounted to NOK 98 million and reflects farming services performed on behalf of co-location partners.

Operational EBIT amounted to NOK -11 million (NOK 24 million), corresponding to NOK -3.0 per kilogram harvested salmon (NOK 12.3).

KEY FIGURES – SALES & PROCESSING

Consolidated numbers in 1 000 NOK	Q2 2025	Q2 2024	YTD 2025	YTD 2024	2024
Total operating revenues	742 354	925 601	1 337 856	1 326 824	2 324 264
Operational EBIT*	-2 144	-8 111	-18 119	-32 089	-77 141
Operational EBIT (%)	-0.3%	-0.9%	-1.4%	-2.4%	-3.3%

*Including a one-off effect in Q1 2024 due to a loss of NOK 7 million regarding a sale of the harvesting facility Western Seaproducts.

Sales & Processing generated sales revenues of NOK 742.3 million in the second quarter of 2025, compared to NOK 926 million in Q2 2024. The decline is attributable to lower sales prices, which fell by 28.6 per kilogram compared to the same quarter last year. Sales volume, however, increased by 591 tonnes.

The segment reported a negative operational EBIT of NOK 2.1 million in the quarter, an improvement from a negative NOK 8.1 million in Q2 2024. The result includes a loss of NOK 5.4 million related to the sales of frozen inventory.

From 1 April, the agreement with Nordic Halibut will secure positive operational results at Pure Norwegian Seafood (PNS, harvesting plant M168) going forward.

In May, harvesting plant TL52 obtained the necessary approvals for export to China. This approval is important both for the Group's sales company (Måsøval Sales), enabling access to the fast-growing Chinese market, and for TL52, which can now attract third party harvesting volumes.

Also in May, TL52 initiated value-added production (VAP) as a service for a third-party salmon farmer.

SALES VOLUME (GWT)

Outlook

This section outlines the Group's expectations for the coming quarters. Figures are based on current forecasts and may be subject to change due to biological, market, or regulatory developments. Please note that from 6 August 2024, the NASDAQ index was replaced by the SISALMONI index for settlement prices. The change involves minor adjustments in methodology and sample companies used to calculate settlement prices.

FARMING

The Group expects to harvest a total of approximately 28 100 GWT in 2025. This includes an estimated 30% of total volume from commercial co-location agreements.

For the third quarter of 2025, the Group expect to harvest 5 900 GWT. This includes approximately 200 tonnes from co-location agreements where the biomass is recognised in the Group's financial statements, and around 1 600 tonnes from co-location agreements where the biomass is not recognised.

HARVEST VOLUME (GWT)

Costs are expected to decline moderately in Q3.

	Region Mid	Region West	Co-location	Total
Q1	2.3	2.3	0.6	5.2
Q2	1.4	3.6	3.6	8.5
Q3	1.5	2.6	1.8	5.9
Q4	3.3	2.3	2.9	8.4
H2	4.8	4.9	4.7	14.3
Total 2025	8.5	10.7	8.9	28.1

When fully utilised, Måsøval's current licence portfolio has a production potential of approximately 25 400 GWT. In addition, the Group holds a exhibition licence with a potential of 600–1 200 GWT, and long-term co-location agreements operated by Måsøval may contribute up to 8 600 GWT annually, including the educational licence held by Møre and Romsdal County Council, which entered into effect in August 2025.

ANNUAL HARVEST VOLUMES (1 000 GWT) Historical and projected

HARVEST VOLUME – OWN HARVEST VOLUME – CO-LOCATION

FORWARD PRICES

The average price for superior grade salmon is expected to decrease in Q3 2025 compared to the same quarter last year. As of 18 August, salmon futures for Q3 2025 traded on Euronext MATIF at NOK 60.23 per kilogram, down from NOK 73.66 in Q3 2024.

For 2025, the Group refers to European salmon futures listed on Euronext, calculated in NOK per kilogram. The average forward price for 2025 currently stands at NOK 74.72 per kilogram.

Other Matters

This section highlights additional items of relevance to investors, including disclosures and developments that fall outside the core operational and financial reporting areas, but which may influence the Group's risk profile, strategic direction or regulatory context.

WHITE PAPER ON AQUACULTURE – HAVBRUKSMELDINGEN AMENDMENTS TO BANK FINANCING

On 10 April, the Norwegian government presented its White Paper on Aquaculture (Havbruksmeldingen), outlining a significant shift towards regulating aquaculture based on actual environmental impact, particularly the effect of sea lice on wild salmon populations.

On 5 June, the parliamentary Standing Committee on Business and Industry concluded its review and delivered its recommendation to parliament. On 12 June, the Norwegian parliament adopted the main principles of Havbruksmeldingen, while requesting further studies on actual environmental impact before any new regulations are implemented. Three alternative regulatory models – the government's proposal, the Aquaculture Commission's proposal, and the current system – will be assessed, sent for public consultation, and returned to parliament for final decision in 2026.

Until then, the current system will remain in place, supported by targeted incentive schemes.

Key elements of the parliamentary decision include:

• Any potential future sea lice quota system must include an allocation key based on companies' current maximum allowed biomass (MAB).
• The new regulatory framework must ensure fair and predictable conditions for small and medium-sized operators and be structurally neutral.
• A technology-neutral environmental incentive scheme from autumn 2025 allowing sites with zero lice emissions to use capacity otherwise subject to reduction in the region, expanding to lowemission solutions in 2026.
• Development of a national circular economy strategy for aquaculture by 2026, covering sludge management and utilisation of co-products and other resource streams.
• Strengthening the knowledge base for environmental impact assessments, with greater transparency in methods and data.
• National target to reduce mortality in aquaculture to 5% as outlined in the White Paper on Animal Welfare (Dyrevelferdsmeldingen).

The outcome and timeline for any new regulatory framework remain uncertain, and the agreed elements should be seen as a framework for further work rather than finalised rules. Måsøval is actively engaged in the process through direct input and collaboration with industry organisations, while preparing for a range of possible regulatory outcomes.

In May 2025, the Group's bank temporarily increased the overdraft facility from NOK 300 million to NOK 600 million. The increase remains in effect until 15 December 2025.

In connection with this adjustment, the bank has issued a waiver on the interest cover ratio covenant. For Q2 2025, the requirement has been reduced from 3.00x EBITDA to 1.25x EBITDA, and for Q3 2025, to 2.00x EBITDA.

LONG-TERM SMOLT CONTRACT WITH NEKTON SETTEFISK AS

Nekton Settefisk and Måsøval have collaborated since 2006, developing a well-functioning operational integration with Måsøval's farming operations. Nekton is expanding its recirculating aquaculture system (RAS) facility on the island of Smøla, increasing annual capacity from 4.0 million to 6.5 million smolt. Completion is scheduled for 2026.

In Q2, the Group signed a long-term smolt supply agreement Nekton Settefisk, securing the delivery of 2.4 million smolt annually, with an option to increase volumes to 3.0 million smolt per year. The first delivery under the new agreement is planned for August 2027, and the contract has a duration of five years. The target smolt weight is set to 250 grams.

Events After the Reporting Period

This section outlines events occurring after the reporting period that may have a material impact on the Group's financial position or future outlook. These disclosures are provided in accordance with IAS 10 and IAS 34.

LEASE AND OPERATION OF EDUCATIONAL LICENCE

Møre and Romsdal County Council (MRFK) has been granted an extension of the educational licence for Hustadvika Upper Secondary School. MRFK has selected Måsøval as its preferred partner for leasing and operating the licence, as well as facilitating educational activities. The educational licence is utilised from August 2025.

Måsøval Quarterly Report 2 2025 CONSOLIDATED FINANCIAL STATEMENTS

Consolidated Financial Statements

Presenting Måsøval Group's financial results and position for the period.

12

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

(All amounts in NOK 1000)	Note	Q2 2025	Q2 2024	YTD 2025	YTD 2024	2024
Operating revenues - sale of salmon	3,6	689 199	904 391	1 245 526	1 287 448	2 233 784
Other operating income	3,6	179 867	123 284	304 721	172 049	400 423
Total operating revenues		869 067	1 027 675	1 550 247	1 459 497	2 634 207
Cost of goods sold		576 570	494 879	981 983	597 183	1 341 312
Salaries and other personell costs		62 924	62 950	157 943	131 917	289 356
Depreciation and amortisation expense	7	62 351	47 529	113 135	96 990	194 804
Other operating expenses	6	139 150	106 911	247 335	209 208	467 009
Total operating expenses		840 995	712 269	1 500 397	1 035 298	2 292 481
Operational EBIT		28 072	315 407	49 850	424 199	341 726
Production tax	8	-5 911	-6 239	-10 734	-9 611	-20 663
Net fair value adjustment - Biological asset	5	180 907	-99 182	-35 868	-105 927	-125 061
EBIT		203 068	209 985	3 248	308 661	196 001
Financial income		13 006	3 796	18 935	7 647	3 562
Financial expenses		67 605	38 384	120 681	86 481	168 497
Net finance income and expense		-54 599	-34 588	-101 746	-78 834	-164 935
Profit before income tax		148 469	175 397	-98 498	229 827	31 066
Tax expense	8	44 439	76 125	-72 323	100 579	-107 358
Net profit for the period		104 030	99 271	-26 174	129 248	138 424
Attributable to:
Equity holders of the parent company		104 897	101 640	-23 452	135 634	147 354
Non-controlling interests		-866	-2 368	-2 722	-6 386	-8 930
Total allocations		104 030	99 271	-26 174	129 248	138 424
Earnings per share (basic and diluted)		0.86	0.83	-0.19	1.11	1.20

CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME

(All amounts in NOK 1000) Note	Q2 2025	Q2 2024	YTD 2025	YTD 2024	2024
Net profit	104 030	99 271	-26 174	129 248	138 424
Items which will not be reclassified to profit and loss:
Net gain/(loss) on equity instruments designated at fair value through other comprehensive income	-	-	-	-	-
Other comprehensive income	-	-	-	-	-
Total comprehensive income for the year	104 030	99 271	-26 174	129 248	138 424
Total comprehensive income attributable to:
Owners of the parent	104 897	101 640	-23 452	135 634	147 354
Non-controlling interests	-866	-2 368	-2 722	-6 386	-8 930
Total comprehensive income for the year	104 030	99 271	-26 174	129 248	138 424
Earnings per share (basic and diluted)	0.86	1.46	-0.19	1.11	1.20

STATEMENT OF FINANCIAL POSITION: ASSETS

(All amounts in NOK 1000) Note	30.06.2025	31.03.2025	30.06.2024	31.12.2024
Intangible assets
Licenses 7	2 068 767	2 068 767	2 068 767	2 068 767
Goodwill 7	427 262	427 262	428 390	427 262
Total intangible assets	2 496 029	2 496 029	2 497 156	2 496 029
Property, plant and equipment
Property, plant and equipment 7	530 145	511 443	504 207	523 815
Right-to-use assets 7	571 675	473 938	528 422	501 545
Total property, plant and equipment	1 101 820	985 382	1 032 628	1 025 360
Non-current financial assets
Investments in other equity instruments	5	5	5	5
Other non-current receivables	30 655	30 297	30 727	31 323
Total non-current financial assets	30 660	30 302	30 732	31 328
Total non-current assets	3 628 509	3 511 712	3 560 515	3 552 717
Inventories
Feed inventory 5	25 669	31 110	37 598	31 634
Finished goods 5	4 556	15 835	11 157	21 724
Biological assets 5	950 351	855 321	1 079 087	1 093 203
Other inventories	34 967	13 891	-	11 954
Total inventories	1 015 543	916 156	1 127 842	1 158 515
Receivables
Accounts receivables	439 227	375 066	628 178	436 653
Other current receivables	48 831	58 161	82 359	73 538
Total receivables	488 058	433 226	710 537	510 192
Cash and cash equivalents	32 021	68 616	18 137	20 669
Total current assets	1 535 621	1 417 998	1 856 516	1 689 376
Total assets	5 164 130	4 929 710	5 417 032	5 242 093

STATEMENT OF FINANCIAL POSITION: EQUITY AND LIABILITIES

(All amounts in NOK 1000) Note	30.06.2025	31.03.2025	30.06.2024	31.12.2024
EQUITY
Share capital 4	30 627	30 627	30 627	30 627
Other equity	1 787 794	1 682 898	1 798 863	1 811 247
Total equity attributable to owners of the parent company	1 818 421	1 713 525	1 829 490	1 841 874
Non-controlling interests	26 850	27 716	32 116	29 572
Total equity	1 845 271	1 741 241	1 861 606	1 871 446
LIABILITIES
Non-current liabilities
Deferred tax 8	527 304	505 781	963 994	624 443
Liabilities to financial institutions 9	1 534 972	1 565 450	1 181 164	1 423 198
Long-term leasing liabilities	358 710	297 361	332 197	323 439
Total non-current liabilities	2 420 986	2 368 592	2 477 355	2 371 080
Current liabilities
Liabilities to financial institutions 9	303 151	315 645	343 142	457 069
Short-term leasing liabilities	150 005	107 111	117 686	107 108
Account payables	378 606	307 334	506 653	330 848
Income tax payable	6 490	-	-	10 572
Other current liabilities	59 621	89 788	110 590	93 971
Total current liabilities	897 874	819 877	1 078 072	999 567
Total liabilities	3 318 860	3 188 469	3 555 427	3 370 647
Total equity and liabilities	5 164 130	4 929 710	5 417 033	5 242 093

TRONDHEIM 18 AUGUST 2025

LARS MÅSØVAL CHAIR OF THE BOARD

OLA LOE

DIRECTOR

KARI SKEIDSVOLL MOE DIRECTOR

ROGER GRANHEIM DIRECTOR

NINA SANTI DIRECTOR

HELGE KVALVIK CEO

STATEMENT OF CASH FLOWS

(All amounts in NOK 1000)	Note	Q2 2025	Q2 2024	YTD 2025	YTD 2024	2024
Profit before income tax		148 470	175 396		229 827	31 067
Tax paid		-441	-1 419	-26 841	-46 112	-168 059
Gain on disposal of propert, plant, and equipment		-1 138	-	-1 138	-	-
Ordinary depreciation	7	62 350	47 529	113 135	96 990	194 804
Interest paid on borrowings		24 652	19 112	47 844	35 849	71 685
Calculated interest costs, leasing		7 878	5 770	14 249	11 253	23 922
Fair value adjustments - biological assets	5	-180 907	99 182	35 868	105 927	125 061
Net change in inventories	5	96 092	15 518	109 973	-108 976	-141 624
Net change in account receivables		-64 161	-358 270	-2 574	-200 418	-8 893
Net change in account payables		71 273	229 995	47 759	151 409	-24 396
Net change in other current receivables/liabilities		-43 769	-33 849	-8 012	368	-26 381
Net cash from operating activites		116 422	198 966	227 889	276 118	77 185
Proceeds from disposal of property, plant and equipment		-	-	-	-	1 627
Payments for property, plant and equipment	7	-42 180	-88 073	-53 143	-114 472	-165 858
Proceeds from other loan receivables		-358	-	667	-
Net cash from investing activities		-42 537	-88 073	-52 476	-114 472	-164 231
Proceeds from non-current and current borrowings		-	200 000	150 000	200 000	528 947
Repayment of non-current and current borrowings		-30 478	-30 397	-59 856	-61 621	-324 667
Payment of interest expenses on borrowings		-31 919	-24 906	-61 353	-47 655	-94 972
Repayment of principal portion of lease liabilities		-35 589	-24 374	-61 663	-65 030	-123 276
Net change in overdraft facility		-12 494	-162 622	-131 188	-117 516	173 369
Payments of dividends		-	-61 254	-	-61 254	-61 254
Net cash from financing activities		-110 480	-103 553	-164 060	-153 076	98 147
Net change in cash and cash equivalents		-36 595	7 339	11 352	8 570	11 101
Cash and cash equivalents at the beginning of the period		68 615	10 799	20 669	9 568	9 568
Cash and cash equivalents at the end of the period		32 020	18 137	32 020	18 137	20 669

STATEMENT OF CHANGES IN EQUITY

2025	Share capital	Other equity	Equity - Owners of parent company	Non-controlling interests	Total Equity
(All amounts in NOK 1000)
31 December 2024	30 627	1 811 247	1 841 874	29 572	1 871 446
Profit/Loss from continuing operations YTD	-	-23 452	-23 452	-2 722	-26 174
30 June 2025	30 627	1 787 794	1 818 421	26 850	1 845 271

	Equity -
2024	Share capital	Other equity	Owners of parent company	Non-controlling interests	Total Equity
(All amounts in NOK 1000)
31 December 2023	30 627	1 725 147	1 755 774	38 502	1 794 276
Profit/Loss from continuing operations Q1 2024	-	135 634	135 634	-6 386	129 248
Dividend	-	-61 254	-61 254	-	-61 254
Other	-	-664	-664	-	-664
30 June 2024	30 627	1 798 863	1 829 490	32 116	1 861 606
Profit/Loss from continuing operations Q2-Q4 2024	-	11 720	11 720	-2 544	9 176
Other	-	664	664	-	664
31 December 2024	30 627	1 811 247	1 841 874	29 572	1 871 446

Notes to the Consolidated Financial Statements

Providing detailed insight into Måsøval Group's financial position and performance

Note 1: Basis for Preparation

These consolidated financial statements have been prepared in accordance with the International Accounting Standard 34 – Interim Financial Reporting (IAS 34). The Group's 2024 Annual Report was prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.

The accounting policies applied in this interim report are consistent with those used in the Group's 2024 Annual Report, with one exception related to the recognition of income and expenses from colocation agreements. See Note 2 for further details.

A comprehensive overview of all material accounting policies is provided in the Group's 2024 Annual report, available at the Group's website www.masoval.no.

The tax expense for the reporting periods are based on a simplified calculation using expected effective tax rates.

These condensed interim consolidated financial statements do not include all disclosures required by IFRS for annual financial statements and should be read in conjunction with the Group's Annual Financial Statements for 2024.

Amounts are presented in Norwegian kroner (NOK). The abbreviation MNOK denotes amounts in millions of NOK.

New standards effective from 1 January 2025 have had no material impact on this interim report.

Note 2: Business Segments

Executive management monitors and allocates resources based on two operating segments: Farming and Sales & Processing. Within the Farming segment, performance is also assessed by division: Farming Mid, Farming West, and Farming Co-location .

The Farming segment includes the purchase of salmon eggs, land- and sea-based farming, related service activities, and the sale of salmon. Sea-based operations are located in Trøndelag and Møre and Romsdal.

The Farming Co-location division includes a mix of production on commercial licences, educational

Q2 2025

licences and broodstock licences. Further details are provided in the section Long-term Farming Colocation Agreements.

The Sales & Processing segment comprises harvesting activities and the sale of salmon and other fish species, both domestically and for export.

The remaining activities of the Group are presented under Other/eliminations, which also includes Group administration and other shared costs not allocated to segments. Information about unallocated items is provided in a footnote to the accompanying tables.

Transfer pricing between operating segments is conducted on an arm's length basis, consistent with transactions between unrelated parties. Segments are assessed using various financial and operational metrics, as presented in the accompanying tables.

	Farming	Farming	Farming		Sales &	Other /
(1000 NOK)	Mid	West	Co-location	Farming	Processing	eliminations*	Måsøval Group
Operating revenue	87 769	250 296	80 081	418 146	689 199	-418 146	689 199
Other operating revenues	57 868	9	98 393	156 270	53 154	-29 557	179 867
Total operating revenues	145 637	250 305	178 474	574 416	742 354	-447 704	869 066
Operating expenses	81 026	220 731	187 640	489 397	738 316	-449 069	778 644
Depreciation and amortisation	44 026	4 797	1 733	50 556	6 182	5 612	62 350
Operational EBIT	20 585	24 777	-10 899	34 463	-2 144	-4 247	28 072
Operational EBIT (%)	14.1 %	9.9 %	-6.1 %	6.0 %	-0.3 %		3.2 %
Volume harvested/sold	1 403	3 558	3 577	8 538	9 596
Sales price per kg salmon	62.6	70.3			71.8
Operational EBIT per kg salmon	14.7	7.0	-3.0	4.0	-0.2

* In total, MNOK -1.4 in administration costs with a cash effect are charged under Other/eliminations in Q2 2025. Impairments, depreciation and amortisation in Other/eliminations is almost exclusively related to administrative systems and surplus values from acquisitions.

Q2 2024

	Farming	Farming	Farming		Sales &	Other /
(1000 NOK)	Mid	West	Co-location	Farming	Processing	eliminations*	Måsøval Group
Operating revenue	505 123	148 671	16 854	670 648	904 391	-670 648	904 391
Other operating revenues	27 169	206	93 722	121 098	21 210	-19 024	123 284
Total operating revenues	532 292	148 877	110 577	791 746	925 601	-689 672	1 027 675
Operating expenses	227 220	87 143	87 674	402 037	931 021	-668 319	664 739
Depreciation and amortisation	36 019	5 016	-1 428	39 607	2 690	5 232	47 530
Operational EBIT	269 054	56 718	24 330	350 102	-8 111	-26 585	315 406
Operational EBIT (%)	50.5 %	38.1 %	22.0 %	44.2 %	-0.9 %		30.7 %
Volume harvested/sold	5 225	1 273	1 972	8 469	9 005
Sales price per kg salmon	96.7	116.8			100.4
Operational EBIT per kg salmon	51.5	44.6	12.3	41.3	-0.9

* In total, MNOK 21.4 in administration costs with a cash effect are charged under Other/eliminations in Q2 2024. Impairments, depreciation and amortisation in Other/eliminations is almost exclusively related to administrative systems and surplus values from acquisitions.

YTD 2025

	Farming	Farming	Farming		Sales &	Other /
(1000 NOK)	Mid	West	Co-location	Farming	Processing	eliminations*	Måsøval Group
Operating revenue	263 251	437 002	108 817	809 070	1 245 347	-808 891	1 245 526
Other operating revenues	83 357	19	183 024	266 401	92 509	-54 190	304 720
Total operating revenues	346 608	437 021	291 841	1 075 471	1 337 856	-863 081	1 550 247
Operating expenses	231 090	380 677	282 051	893 818	1 343 778	-850 334	1 387 262
Depreciation and amortisation	77 274	9 593	2 490	89 356	12 197	11 581	113 135
Operational EBIT	38 244	46 751	7 301	92 296	-18 119	-24 328	49 849
EBIT (%)	11.0 %	10.7 %	2.5 %	8.6 %	-1.4 %		3.2 %
Volume harvested/sold	3 720	5 846	4 198	13 764	16 647
Sales price per kg salmon	70.8	74.8			74.8
Operational EBIT per kg salmon	10.3	8.0	1.7	6.7	-1.1

* In total, MNOK 12.7 in administration costs with a cash effect are charged under Other/eliminations YTD 2025. Impairments, depreciation and amortisation in Other/eliminations is almost exclusively related to administrative systems and surplus values from acquisitions.

YTD 2024

	Farming	Farming	Farming		Sales &	Other /
(1000 NOK)	Mid	West	Co-location	Farming	Processing	eliminations*	Måsøval Group
Operating revenue	708 632	159 855	147 014	1 015 501	1 287 448	-1 015 501	1 287 448
Other operating revenues	48 244	444	123 288	171 976	39 377	-39 303	172 049
Total operating revenues	756 876	160 298	270 303	1 187 477	1 326 824	-1 054 804	1 459 497
Operating expenses	327 583	91 628	184 503	603 715	1 353 170	-1 018 577	938 307
Depreciation and amortisation	67 000	10 242	4 008	81 250	5 744	9 997	96 990
Operational EBIT	362 292	58 429	81 792	502 513	-32 089	-46 224	424 199
EBIT (%)	47.9 %	36.4 %	30.3 %	42.3 %	-2.4 %		29.1 %
Volume harvested/sold	7 369	1 411	3 295	12 076	12 616
Sales price per kg salmon	96.2	113.3			102.1
Operational EBIT per kg salmon	49.2	41.4	24.8	41.6	-2.5

* In total, MNOK 36.2 in administration costs with a cash effect are charged under Other/eliminations YTD 2024. Impairments, depreciation and amortisation in Other/eliminations is almost exclusively related to administrative systems and surplus values from acquisitions.

2024

	Farming	Farming	Farming		Sales &	Other /
(1000 NOK)	Mid	West	Co-location	Farming	Processing	eliminations*	Måsøval Group
Operating revenue	1 108 698	476 229	250 585	1 835 512	2 200 943	-1 802 672	2 233 784
Other operating revenues	210 562	1 536	225 883	437 982	123 321	-96 705	464 598
Total operating revenues	1 319 261	477 766	476 468	2 273 494	2 324 264	-1 899 377	2 698 382
Operating expenses	844 105	341 141	416 124	1 601 371	2 386 768	-1 826 286	2 161 853
Depreciation and amortisation	135 735	20 265	6 738	162 738	14 637	17 430	194 805
Operational EBIT	339 420	116 360	53 605	509 385	-77 141	-90 520	341 725
EBIT (%)	25.7 %	24.4 %	11.3 %	22.4 %	-3.3 %		12.7 %
Volume harvested/sold	13 481	5 518	6 016	25 015	25 224
Sales price per kg salmon	82.2	86.3			87.3
Operational EBIT per kg salmon	25.2	21.1	8.9	20.4	-3.1

* In total, MNOK 73.1 in administration costs with a cash effect are charged under Other/eliminations 2024. Impairments, depreciation and amortisation in Other/eliminations is almost exclusively related to administrative systems and surplus values from acquisitions.

LONG-TERM FARMING CO-LOCATION PARTNERS

The Group has several long-term co-location agreements under which it performs farming services on licences owned by partners. These include commercial licences, broodstock licences, and one educational licence. All income and expenses related to these agreements are classified under the division Farming Co-location.

In addition, the Group has a co-location agreement where the Group stocks salmon on a partner's site, and the partner performs farming services on behalf of the Group. All income and expenses related to this agreement are classified under the division Farming Mid, as the activity relates to the Group's own licence volume.

The accounting treatment for these agreements is based on the specific terms of each arrangement and is described below.

For commercial licences, the Group performs farming services and invoices accrued costs to the counterparties on an ongoing basis. These are recorded as receivables in the balance sheet. Settlement occurs only once the site has been fully harvested. As compensation for the farming services, the Group receives a share of the co-location partner's profits from the sale of fish, reflecting the quality of the services provided.

From 1 January 2025, the Group has changed its accounting treatment so that income is recognised as Other operating income, while costs are included under Operating expenses. Comparative figures have also been restated accordingly. In 2024, costs were reported net against the invoiced amount, and the Group's share of the profit was presented under Net profit sharing with co-location partners in the Statement of Profit or Loss. Harvest volumes from these agreements are not included in the Group's reported harvest volume.

For broodstock and educational licences, the biomass is recognised in the Group's Statement of Financial Position. Harvest volumes from these agreements are included in the Group's reported harvest volume, and gross income and expenses are recognised in the Statement of Profit or Loss. From 1 January 2025, the licence holders' share of profits is expensed as Other operating expenses. Comparative figures have been restated. In 2024, these were expensed as Net profit sharing with colocation partners. Lease costs related to the educational licence are recognised as incurred throughout the year and are not accrued based on timing of harvest.

Where the Group stocks salmon on a co-location partner's site and the partner performs farming services, the biomass is recognised in the Group's Statement of Financial Position and classified under division Farming Mid. Harvest volumes from these agreements are included in the Group's reported harvest volume, and gross income and expenses are recognised in the Statement of Profit or Loss. From 1 January 2025, the licence holders' share of profits is expensed as Other operating expenses. Comparative figures have been restated. In 2024, these were expensed as Net profit sharing with colocation partners.

SPECIFICATION OF LICENCES AND BIOMASS CO-LOCATION PARTNERS

			Total
Co-location partners (tonnes)	Biomass in our books	Biomass on other licences	co-location partners
Licence volume at 30.06.2025	2340**	3396*	5 736
Produced volume YTD 2025, including smolt	1 240	2 579	3 819
Harvested volume YTD 2025	1 558	2 640	4 198
Biomass in sea at 30.06.2025	1 244	2 943	4 187

* 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.

Note 3: Operating Revenue

OPERATING REVENUES OTHER REVENUE

Operating revenues consist of income from the sale of salmon, either at spot market prices or under fixed-price contracts. Revenue is recognised in the Statement of Profit and Loss when the fish has been harvested, packed in boxes, and collected by the carrier (ex works).

Other revenue includes income from harvesting activities and co-location partners, the sale of smolt, and the sale of services related to farming activities.

GROUP REVENUES BY GEOGRAPHIC MARKET

	Q2 2025	%	Q2 2024	%
Norway	519 787	60 %	632 058	62 %
Europe, without Norway	341 607	39 %	353 452	34 %
Asia	7 673	1 %	29 333	3 %
Other countries	-	0 %	12 833	1 %
Total revenues	869 067		1 027 675

	YTD 2025	%	YTD 2024	%	2024	%
Norway	953 229	61 %	795 177	54 %	1 306 595	50 %
Europe, without Norway	588 541	38 %	587 443	40 %	1 192 485	45 %
Asia	8 477	1 %	57 427	4 %	112 993	4 %
Other countries	-	0 %	19 449	1 %	22 134	1 %
Total revenues	1 550 247		1 459 497		2 634 207

GROUP REVENUES BY PRODUCT AND SERVICES

			Q2 2025	%	Q2 2024	%
Sales revenue salmon			689 199	79 %	904 391	88 %
Other revenue			179 867	21 %	123 284	12 %
Total revenues			869 067		1 027 675
	YTD 2025	%	YTD 2024	%	2024	%
Sales revenue salmon	1 245 526	80 %	1 287 448	88 %	2 233 784	85 %

Other revenue 304 721 20 % 172 049 12 % 400 423 15 %

Total revenues 1 550 247 1 459 497 2 634 207

25

Note 4: Share Capital and Shareholders

AS AT 30 JUNE 2025, THE PARENT COMPANY'S SHARE CAPITAL COMPRISED:

	No.	Face value	Share capital
Ordinary shares	122 508 455	0.25	30 627
Total	122 508 455	0.25	30 627

THE COMPANY'S 20 LARGEST SHAREHOLDERS AS AT 30 JUNE 2025, WERE:

Shareholder	No. of shares	Shareholding (%)
Heimstø AS	85 727 553	69.98 %
Verdipapirfond Odin Norge	10 424 659	8.51 %
Frøy Kapital AS	9 294 269	7.59 %
J.P. Morgan SE	2 561 415	2.09 %
Kontrari AS	1 907 834	1.56 %
J.P. Morgan SE	1 473 132	1.20 %
Vicama AS	1 215 794	0.99 %
R. Munkhaugen AS	800 000	0.65 %
J.P. Morgan SE	798 789	0.65 %
Verdipapirfondet Holberg Triton	735 092	0.60 %
Patric Invest AS	611 252	0.50 %
Yttervåg AS	380 036	0.31 %
Amarillo AS	302 025	0.25 %
Jaras Invest AS	290 000	0.24 %
Nordnet Livsforsikring AS	287 353	0.23 %
Småge Eiendom AS	241 387	0.20 %
Notbasen AS	218 963	0.18 %
Lindvard Invest AS	200 000	0.16 %
Storø Invest AS	192 945	0.16 %
Sonstad AS	173 000	0.14 %
Others	4 672 957	3.81 %
Total	122 508 455	100.00 %

Note 5: Biological Assets and Other Inventories

Book value of biological assets and inventory	30.06.2025	31.03.2025	30.06.2024	31.12.2024
Feed inventory	25 669	31 110	37 598	31 634
Finished goods	4 556	15 835	11 157	21 724
Other inventory	34 967	13 891	0	11 954
Total other inventory	65 192	60 835	48 755	65 312
Biological assets	950 351	855 321	1 079 087	1 093 203
Total biological assets and other inventory	1 015 543	916 156	1 127 842	1 158 515

FAIR VALUE

Fair value adjustments are included in the Group's EBIT, but are presented on a separate line to enhance transparency regarding the Group's profit or loss on cost of goods sold. This item comprises the following:

Book value of biological assets recognised at fair value	30.06.2025	31.03.2025	30.06.2024	31.12.2024
Biological assets held at sea farms at cost	644 389	704 255	717 454	720 667
Fair value adjustment of biological assets	203 871	22 964	258 872	239 738
Total biological assets held at sea by fair value	848 259	727 219	976 326	960 405
Eggs and smolt at cost	102 092	128 102	102 762	132 798
Total biological assets	950 351	855 321	1 079 087	1 093 203

Co-location partners' share of biological assets recognised at fair value	30.06.2025	31.03.2025	30.06.2024	31.12.2024
Biological assets held at sea farms at cost	69 246	106 084	77 658	109 222
Fair value adjustment of biological assets	13 782	1 899	13 760	23 396
Total biological assets held at sea by fair value	83 027	107 984	91 418	132 618

Change in the book value of biological assets held at sea farm carried at fair value	Q2 2025	Q1 2025	Q2 2024	2024
Opening balance biological assets at sea	727 219	960 405	1 073 999	1 001 074
Increase resulting from production/purchase	410 203	410 946	437 883	1 684 267
Reduction resulting from sale/harvesting	-470 069	-427 358	-436 374	-1 599 874
Net fair value adjustment total biomass*	180 907	-216 774	-99 182	-125 062
Closing balance biological assets at sea	848 259	727 219	976 326	960 405

* Gross fair value is shown in the balance sheet. Co-location partners' share of fair value is recorded as accrued liability under other current liabilities.

Biological assets held at sea farms 30.06.2025	Biomass (tonnes)	Count	Cost	Fair value adjustment	Carrying amount
< 1 kg	1 841	2 580 539	188 923	142 236	331 159
1 - 4 kg	7 735	3 356 802	436 184	38 267	474 451
> 4 kg	1 204	259 433	19 281	23 368	42 649
Biological assets held at sea farms	10 781	6 196 774	644 389	203 871	848 259
Smolt and post-smolt at cost			102 092	-	102 092
Biological assets total	10 781	6 196 774	746 481	203 871	950 351
Of which co-location partners	1 244	651 063	69 246	13 782	83 027

Biological assets held at sea farms 31.03.2025	Biomass (tonnes)	Count	Cost	Fair value adjustment	Carrying amount
< 1 kg	1 422	2 100 423	171 007	81 336	252 343
1 - 4 kg	7 476	3 068 864	426 012	-51 234	374 778
> 4 kg	3 105	719 101	107 235	-7 138	100 099
Biological assets held at sea farms	12 003	5 888 388	704 254	22 964	727 221
Smolt and post-smolt at cost			128 102	-	128 102
Biological assets total	12 003	5 888 388	832 356	22 964	855 322
Of which co-location partners	1 826	813 745	106 084	1 899	107 984

Biological assets held at sea farms 30.06.2024	Biomass (tonnes)	Count	Cost	Fair value adjustment	Carrying amount
< 1 kg	2 314	4 204 146	250 726	194 904	445 630
1 - 4 kg	8 913	3 258 707	453 369	34 126	487 495
> 4 kg	1 205	249 988	13 358	29 842	43 200
Biological assets held at sea farms	12 432	7 712 841	717 453	258 872	976 326
Smolt and post-smolt at cost	-		102 762	-	102 762
Biological assets total	12 432	7 712 841	820 214	258 872	1 079 086
Of which co-location partners	1 707	929 605	77 658	13 760	91 418

Biological assets held at sea farms 31.12.2024	Biomass (tonnes)	Count	Cost	Fair value adjustment	Carrying amount
< 1 kg	721	1 307 106	75 500	34 677	110 177
1 - 4 kg	10 829	4 550 018	628 386	177 213	805 599
> 4 kg	614	132 244	16 780	27 848	44 629
Biological assets held at sea farms	12 165	5 989 368	720 666	239 738	960 406
Smolt and post-smolt at cost			132 798	-	132 798
Biological assets total	12 165	5 989 368	853 464	239 738	1 093 203
Of which co-location partners	1 765	1 063 985	109 222	23 396	132 618

THE FAIR VALUE CALCULATION IS BASED ON THE FOLLOWING FORWARD PRICES:

Expected harvesting period:	Forward price 30.06.2025	Expected harvesting period:	Forward price 31.03.2025	Expected harvesting period:	Forward price 30.06.2024	Expected harvesting period:	Forward price 31.12.2024
Q3-2025	68.08	Q2-2025	87.82	Q3-2024	81.50	Q1-2025	111.09
Q4-2025	77.19	Q3-2025	75.53	Q4-2024	85.00	Q2-2025	114.07
Q1-2026	102.01	Q4-2025	78.39	Q1-2025	105.56	Q3-2025	75.98
Q2-2026	98.43	Q1-2026	102.82	Q2-2025	105.84	Q4-2025	82.19
Q3-2026	78.19	Q2-2026	99.23	Q3-2025	76.65	Q1-2026	114.97

Expected harvesting period:	Forward price 30.06.2024	Expected harvesting period:	Forward price 31.12.2024

DISCOUNT RATE

The discount rate applied in both 2024 and 2025 was 5.0% per month, reflecting the capital cost of biomass, associated risk, and synthetic licence fees, and site rental charges.

Note 6: Transactions with Related Parties

The Group had the following transactions with related parties. All transactions were conducted on market terms and at arm's length.

GOODS AND SERVICES SOLD

(1000 NOK)	Q2 2025	Q2 2024	YTD 2025	YTD 2024	2024
Kaldvik hf.	7 616	6 646	16 635	14 240	30 721
Heimstø AS	201	476	585	1 040	2 208
Flamek Eiendom AS	48	16	66	34	72
Sørskaget Holding AS	196	57	215	75	549
Sørskaget Bolig AS	11	16	29	34	72

GOODS AND SERVICES PURCHASED

(1000 NOK)	Q2 2025	Q2 2024	YTD 2025	YTD 2024	2024
Heimstø AS	339	193	660	514	2 292
Flamek Eiendom AS	902	512	1 764	1 386	2 768
Sørskaget Holding AS	1 331	525	2 904	1 398	2 813

RECEIVABLES

(1000 NOK)	30.06.2025	31.03.2025	30.06.2024	31.12.2024
Kaldvik hf.	5 136	7 663	5 136	5 339
Heimstø AS	8 030	7 847	6 967	7 395
Flamek Eiendom AS	447	367	8	344
Sørskaget Holding AS	745	433	45	526
Sørskaget Bolig AS	75	53	184	30

LIABILITIES

(1000 NOK)	30.06.2025	31.03.2025	30.06.2024	31.12.2024
Kaldvik hf.	273	273	273	273
Heimstø AS	-	-	107	107
Flamek Eiendom AS	294	-	287	287
Sørskaget Holding AS	470	669	296	303

Note 7: Intangible Assets and Property, Plant, and Equipment

		Property, plant,
(1000 NOK)	Right-to-use assets	and equipment	Goodwill	Licences	Total
Net book value at 31.12.2024	501 545	523 815	427 262	2 068 767	3 521 389
Additions	140 522	58 672	-	-	199 193
Disposals*	-6 536	-3 062	-	-	-9 598
Depreciation and amortization	-63 856	-49 279	-	-	-113 135
Net book value at 30.06.2025	571 675	530 145	427 262	2 068 767	3 597 849

* Disposals related to Right-to-use assets apply to buyouts upon expiry of leasing agreements. A lease buyout entails an addition of Property, plant and, equipment.

Note 8: Tax

The Norwegian government has implemented a resource rent tax on sea-based salmon farming, with a tax rate of 25%. The tax applies only to farming activities on commercial licences at sea and does not cover the entire production cycle.

An implementation effect of the resource rent tax was recognised as a tax charge in 2023. Based on the final tax report for 2023 and the amended tax report for 2022, the Group has reversed an implementation effect amounting to MNOK 135 in 2024. In the amended 2022 tax report, the Group has taken a position to claim a deduction in the resource rent tax for the value of biomass as at 31 December 2022.

The production fee for the period is directly deductible from the payable resource rent tax for the same period. The total tax expense, including the production fee, is presented in the accompanying table, followed by a reconciliation to the Statement of Profit and Loss. The production fee is presented on a separate line in the Statement of Profit and Loss.

The estimated tax cost for the period is classified as Deferred tax in the Statement of Financial Position.

TAX EXPENSES

	Q2 2025	Q2 2024	YTD 2025	YTD 2024	2024
Estimated Corporate tax for the period	54 599	37 672	216	49 592	30 371
Estimated resource tax for the period (payable and deferred)*	-4 249	44 694	-61 806	60 599	18 129
Adjusted related to 2023	-	-	-	-	-135 195
Total tax expenses including production fee	50 350	82 365	-61 590	110 191	-86 695
Production fee	-5 911	-6 239	-10 734	-9 611	-20 663
Income tax cost	44 439	76 126	-72 324	100 579	-107 358

* Including production fee

Note 9: Changes in Comparative Figures

The final tax calculation for the 2024 financial year resulted in an adjustment to the tax expense following the publication of the Q4 2024 report. These adjustments have been incorporated into the 2024 Annual Report and are reflected in the comparative figures presented in this report. For details, refer to the Q1 2025 report.

Effective from 2025, all activities related to colocation partners at the Group's sea-based farming sites are reported under a newly established division with the Farming segment: Farming Colocation. As a result, the net results from colocation partners have been reclassified from below Operational EBIT and are now included within Other operating income and Other operating expenses.

Furthermore, beginning in 2025, revenues from farming services provided to co-location partners are presented on a gross basis. Previously, these were netted against associated costs, and only the Group's share of the profit was recognised as income at the time of harvesting. Comparative figures for the full year 2024, year-to-date 2024, and Q2 2024 have been restated accordingly to ensure consistency and comparability with the 2025 reporting structure. See the accompanying tables for a detailed specification.

CONSOLIDATED STATEMENT OF PROFIT AND LOSS – 2024

	2024 –	Changes –
(All amounts in NOK 1000)	Q4-report	Co-location	Adjusted 2024
Operating revenues - sale of salmon	2 233 784		2 233 784
Other operating income	204 817	195 606	400 423
Total operating revenues	2 438 601	195 606	2 634 207
Cost of goods sold	1 176 821	164 492	1 341 313
Salaries and other personnel costs	289 356		289 356
Depreciation and amortisation expense	194 804		194 804
Other operating expenses	416 794	50 214	467 008
Total operating expenses	2 077 775	214 706	2 292 481
Operational EBIT	360 826	-19 100	341 726
Production tax	-20 663		-20 663
Profit sharing with co-location partners - income	31 114	-31 114	0
Profit sharing with co-location partners - expenses	-50 214	50 214	-0
Net fair value adjustment - Biological asset	-125 061		-125 061
EBIT	196 002	-	196 002

CONSOLIDATED STATEMENT OF PROFIT AND LOSS – Q2 2024

		Changes –
(All amounts in NOK 1000)	Q2 2024	Co-location	Adjusted Q2 2024
Operating revenues - sale of salmon	904 391	-	904 391
Other operating income	29 562	93 722	123 284
Total operating revenues	933 953	93 722	1 027 675
Cost of goods sold	427 446	67 433	494 879
Salaries and other personnel costs	62 950	-	62 950
Depreciation and amortisation expense	47 529	-	47 529
Other operating expenses	98 298	8 613	106 911
Total operating expenses	636 223	76 046	712 269
Operational EBITDA	345 259	17 676	362 935
Operational EBIT	297 730	17 676	315 406
Production tax	-6 239	-	-6 239
Profit sharing with co-location partners - expenses	17 676	-17 676	0
Net fair value adjustment - Biological asset	-99 182	-	-99 182
EBIT	209 985	-	209 985

CONSOLIDATED STATEMENT OF PROFIT AND LOSS – YTD 2024

		Changes –
(All amounts in NOK 1000)	Q2 2024	Co-location	Adjusted Q2 2024
Operating revenues - sale of salmon	1 287 448	-	1 287 448
Other operating income	48 761	123 288	172 049
Total operating revenues	1 336 209	123 288	1 459 497
Cost of goods sold	500 184	96 999	597 182
Salaries and other personnel costs	131 917	-	131 917
Depreciation and amortisation expense	96 990	-	96 990
Other operating expenses	188 830	20 378	209 208
Total operating expenses	917 921	117 376	1 035 297
Operational EBITDA	515 277	5 912	521 189
Operational EBIT	418 287	5 912	424 199
Production tax	-9 611	-	-9 611
Profit sharing with co-location partners - expenses	5 912	-5 912	-
Net fair value adjustment - Biological asset	-105 927	-	-105 927
EBIT	308 661	-	308 660

Alternative Performance Measures (APMs)

In addition to the financial statements prepared in accordance with IFRS, the Group presents a set of alternative performance measures (APMs). These measures are intended to enhance transparency and provide users of the financial statements with relevant insight into the Group's underlying operational and financial performance. APMs do not replace IFRS-based measures, but serve as supplementary indicators.

All performance parameters have been reviewed and approved by the Group's executive management and Board of Directors. It should be noted that APMs may be defined and applied differently by other entities.

Descriptions of the Group's APMs are provided throughout this section.

NET INTEREST-BEARING DEBT

Net interest-bearing debt is defined as the sum of long- and short-term interest-bearing liabilities, less bank deposits and interest-bearing receivables. This measure provides insight into the net external interest-bearing capital employed to finance the Group and is used in calculating return on capital employed. It also illustrates the Group's capacity to increase its debt. The capitalised value of operational lease agreements under IFRS 16 is excluded from interest-bearing debt.

OPERATIONAL EBITDA

For the purpose of financial covenants, operational EBITDA is calculated excluding Pure Norwegian Seafood (PNS) and the interest effect of operational leases. It is derived by deducting depreciation and calculated interest expenses from operational EBIT.

NET INTEREST EXPENSES EXCLUDING PURE NORWEGIAN SEAFOOD (PNS)

The Group's external financing is divided into two parts. PNS maintains separate financing arrangements and is not included in the Group's main financing structure. Accordingly, loan covenant requirements are based on figures excluding PNS.

EQUITY RATIO

Equity ratio is calculated as total equity, including non-controlling interests, divided by total assets, and expressed as a percentage. This provides insight into the proportion of the Group's assets financed by equity versus borrowings.

(1000 NOK)	30.06.2025		31.03.2025	30.06.2024		31.12.2024
Non-current liabilities to financial institutions	1 893 682		1 862 811	1 513 362		1 746 637
Current liabilities to financial institutions	453 156		422 756	460 828		564 177
Liabilities related to operational lease agreements	-196 576		-82 347	-120 622		-91 015
Cash and cash equivalents		-32 021	-68 616	-18 137		-20 669
Net interest-bearing debt - Group	2 118 241		2 134 604	1 835 431		2 199 129
Net interest- bearing debt - Pure Norwegian Seafood (PNS)		-22 208	-25 735	-25 434		-42 784
Net interest bearing debt - Group excluding PNS	2 096 033		2 108 869	1 809 996		2 156 345
(1000 NOK)	Q2 2025	Q2 2024		YTD 2025	YTD 2024	2024
Operational EBIT - Group	28 072	315 407		49 850	424 199	341 726
Operational EBIT - PNS	2 594	7 385		6 226	12 193	21 558
Operational EBIT - Group, excluding PNS	30 666	322 792		56 076	436 392	363 284
Depreciation and amortisation expense, excluded PNS	57 455	43 456		105 186	88 872	179 318
Net non-recurring costs according to loan agreement	2 791	2 800		4 723	21 609	20 527
Interest expenses on operating leases	-2 925	-964		-4 089	-1 672	-4 429
Adjusted EBITDA - Group excluding PNS	87 987	368 083		161 896	545 201	558 700

(1000 NOK)	Q2 2025	Q2 2024	YTD 2025	YTD 2024	2024
Financial expenses - Group	67 605	38 384	120 681	86 481	168 497
Interest expenses on operating leases	-2 925	-964	-4 089	-1 672	-4 429
Interest income and other financial expenses	-17 952	-421	-27 186	-697	-9 905
Financial expenses - PNS	-417	562	-1 378	-6 597	-9 560
Net interest expenses - Group, excluding PNS	46 312	37 561	88 029	77 515	144 603

(1000 NOK)	30.06.2025	31.03.2025	30.06.2024	31.12.2024
Equity	1 845 271	1 741 241	1 861 606	1 871 446
Total assets	5 164 130	4 929 710	5 417 032	5 242 093
Equity ratio	35.7 %	35.3 %	34.4 %	35.7 %

ADJUSTED EARNINGS PER SHARE (EPS)

To reflect actual operational performance, the Group reports EPS adjusted for non-recurring items and net fair value adjustments in biomass.

(1000 NOK)	Q2 2025	Q2 2024	YTD 2025	YTD 2024	2024
Profit attributable to equity holders of the parent company	104 030	101 640	-23 452	135 634	147 354
Net fair value adjustment after tax	103 168	-77 362	-16 240	-82 623	-73 572
One-off effects tax	-	-	-	-	135 195
Adjusted profit attributable to equity holders of the parent company	862	179 002	-7 212	218 257	85 731
Number of shares	122 508 455	122 508 455	122 508 455	122 508 455	122 508 455
Adjusted EPS	0.01	1.46	-0.06	1.78	0.70