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ESPNESTAREN, FRØYA 63.677883° N, 8.667° E MÅSØVAL QUARTERLY PRESENTATION 2025 Q3 HELGE KVALVIK, CEO ANDERS HAGESTANDE, CFO OSLO, 18 NOVEMBER 2025
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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 forward-looking 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 forward-looking statements. DISCLAIMER
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AGENDA 1 HIGHLIGHTS 2 SEGMENT INFORMATION 3 GROUP FINANCIALS 4 OTHER MATTERS 5 OUTLOOK & SUMMARY 6 Q & A
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Group financials • Group revenue MNOK 580 (613) • Total group operational EBIT MNOK -42 (-54) Segment farming • Harvested volume: 6 020 tonnes GW (7 138) • Op. EBIT/kg • Farming segment: NOK -5 (-1) • Region Mid: NOK 19 (-4) • Region West: NOK -11 (7) • Co-location: NOK -11 (2) Production • Superior share of 87% (84%) • Initiated production of education licence • Ending quarter with high MAB utilisation Sales and processing • Sales of MNOK 459 (509) • Operational EBIT of –2.6% (-6.1%) Comparison figures: Q3 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. 7 138 5 802 5 226 8 538 6 020 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Harvested Volume (GWT) -4 -4 8 15 19 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Operational EBIT pr kg (NOK) Farming Mid 7 18 10 7 -11 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Operational EBIT pr kg (NOK) Farming West -54 -28 22 28 -42 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Group Operational EBIT (MNOK) HIGHLIGHTS
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SEGMENT INFORMATION MID WEST WEST MID SMOLT OFFICE PROCESSING SERVICE SEA SITE
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FARMING MID Third quarter operational highlights • 59/41 split Spring-24 and Autumn-24 • Harvested volume of 1 352 GWT (4 167) • Operational EBIT per kg NOK 19.3 (-3.7) • Higher sea temperatures than normal • High treatment frequency due to high sea lice pressure • Lower mortality per treatment • Increased sale of service to externals Outlook • Higher sea temperatures than normal • Higher sea lice pressure than last year in start of Q4, mid-quarter the sea lice pressure is at similar level as last year • Expected volume in Q4: 3 450 tonnes • Cost on biomass harvesting in Q4 higher, cost on spring 25 at lower level 4 167 1 945 2 317 1 403 1 352 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Harvest Volume (GWT) Key figures Consolidated numbers in 1 000 NOK Q3 25 Q3 24 YTD 25 YTD 24 Total operating revenues 155 388 278 859 501 997 1 035 734 Operational EBIT 26 093 -15 588 64 337 346 704 Operational EBIT (%) 16.8% -5.6% 12.8% 33.5% Harvested volume (GWT) 1 352 4 167 5 071 11 536 Operational EBIT per kg 19.3 -3.7 12.7 30.1 -4 -4 8 15 19 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Operational EBIT/kg (NOK)
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FARMING WEST Third quarter operational highlights • Harvested volume of 2 592 GWT (1 358) • 8 % of the volume Spring 2024 generation • 92 % of the volume 2024 generation • Biological performance and financial results affected negatively by pasteurellosis at Slettvika • Strong biological performance at Orholmen Outlook • Cost expected to increase in Q4 • Lower sea lice pressure this year • Expected volume in Q4: 1700 tonnes 7 18 10 7 -11 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Operational EBIT/kg (NOK) 1 358 2 749 2 288 3 558 2 592 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Harvest Volume (GWT) Key figures Consolidated numbers in 1 000 NOK Q3 25 Q3 24 YTD 25 YTD 24 Total operating revenues 146 406 97 792 583 427 258 091 Operational EBIT -29 374 9 600 17 377 68 028 Operational EBIT (%) -20.1% 9.8% 3.0% 26.4% Harvested volume (GWT) 2 592 1 358 8 437 2 769 Operational EBIT per kg -11.3 7.1 2.1 24.6
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FARMING CO-LOCATION Third quarter operational highlights • Harvested volume of 2 077 GWT (1 613) • 40% of the volume Spring-24 generation • 55% of the volume Autumn-24 generation • 5% of the volume Spring-25 generation • Initiated production on Educational licence • Finalised production on Hårkallbåen on Bjørøya licence • Accelerated harvesting in August at Langøya on low harvest weights Outlook • Expected volume in Q4: 2 650 tonnes • Costs expected stable into Q4 2 -28 29 -3 -11 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Operational EBIT/kg (NOK) 1 613 1 107 621 3 577 2 077 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Harvest Volume (GWT) Key figures Consolidated numbers in 1 000 NOK Q3 25 Q3 24 YTD 25 YTD 24 Total operating revenues 116 381 209 675 408 223 479 978 Operational EBIT -23 635 2 377 -16 334 84 168 Operational EBIT (%) -20.3% 1.1% -4.0% 17.5% Harvested volume (GWT) 2 077 1 613 6 275 4 909 Operational EBIT per kg -11.4 1.5 -2.6 17.1
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SALES & PROCESSING Third quarter operational highlights • Sales volume 6 240 GWT (6 735) • Operational EBIT of MNOK -11.9 (-31.3) • Sales activities positive MNOK 2.5 • Harvest activities negative MNOK 14.4 • Low harvest volume at TL52 Outlook • Higher harvesting at TL52 6 735 5 873 7 051 9 596 6 240 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Sales Volume (GWT) Key figures Consolidated numbers in 1 000 NOK Q3 25 Q3 24 YTD 25 YTD 24 Total operating revenues 452 316 508 716 1 790 172 1 835 541 Operational EBIT -11 903 -31 267 -30 022 -63 357 Operational EBIT (%) -2.6% -6.1% -1.7% -3.5%
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GROUP FINANCIALS TL52, HITRA 63.67257167º N, 9.03509º E
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-7 -7.6 0.4 19.3 -42 -54 8 370 -0.59 -0.43 -0.64 1.41 *Earnings per share restated to exclude fair value adjustment of biomass and one- off implementation effect of resource rent tax KEY INCOME STATEMENT ITEMS GROUP OPERATIONAL EBIT (MNOK) GROUP OPERATIONAL EBIT PER KG EARNINGS PER SHARE (EPS)* Q3 25 Q3 24 YTD 25 YTD 24 Q3 25 Q3 24 YTD 25 YTD 24 Q3 25 Q3 24 YTD 25 YTD 24
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INCOME STATEMENT • Revenue in quarter is down from Q3 2024 due to lower average sales price and lover volume • Positive fair value adjustment of MNOK 51 • Group operational EBIT Q3 25 of MNOK -42 (MNOK -54) • EPS of NOK -0.59 in Q3 Restated Q3 24, YTD 25 and YTD 24 due to an error of interest costs on credit facilities Key figures Group Consolidated numbers in 1 000 NOK Q3 25 Q3 24 YTD 25 YTD 24 Sales revenue salmon 404 610 492 459 1 650 136 1 779 906 Other operating revenues 175 324 120 228 480 045 292 278 Sum operating revenues 579 934 612 687 2 130 181 2 072 184 Harvested volume (GWT) 6 020 7 138 19 784 19 213 Operational EBIT -41 864 -54 231 7 985 369 968 EBIT (1) 5 140 -138 681 8 388 169 980 Profit before tax -26 209 -174 059 -124 706 64 872 Net profit for the period -34 105 10 408 -60 279 146 757 Group operational EBIT (%) -7.2% -8.9% 0.4% 17.9% Group operational EBIT/kg -7.0 -7.6 0.4 19.3 Earnings per share (NOK) -0.59 -0.43 -0.64 1.41 (1) Operational EBIT adjusted for write-down, production tax and fair value adjustment biomass
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GROUP BALANCE SHEET ITEMS • Assets slightly increased from MNOK 5.164 to MNOK 5.176 • Increased right-to-use assets of which MNOK 132 related to well boat chart (Havtrans and service vessel PA5) • Increased biological assets of MNOK 183 • Decreased accounts receivables of MNOK 204 • Decreased equity ratio • Expect lower working capital going forward • NIBD increased MNOK 11 35.4 % 36.2 % 30.09.2025 30.06.2025 Equity ratio 3 697 3 629 1 462 1 504 17 32 30.09.2025 30.06.2025 Assets Fixed assets Current assets (ex cash) Cash 1 492 1 697 639 423 -32 -32 30.09.2025 30.06.2025 NIBD Long-term debt Short-term debt Cash 1 835 1 869 2 274 2 428 1 067 868 30.09.2025 30.06.2025 Equity & liabilities Equity Non-current liabilities Current liabilities
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BANK FINANCING • Issued waiver for 3.00x ICR covenant • 1.00x for Q4 25 • 1.50x for Q1 26 • Temporarily increase of overdraft facility • Extended until 31 March 26
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CHANGES IN NIBD • Increased NIBD • Moderate investments in period • Board propose no dividend, but will re-evaluate through-out the year * PBT (profit before tax) excludes interest expenses included in financial items 2 088 -81 0 -50 40 102 2 099 NIBD 30.06.25 PBT + depreciation Tax paid Working capital Net investments Change in fin.&other items NIBD 30.09.25 + 11
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OTHER MATTERS
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COURT PROCEEDINGS: PNS • 65% stake in Pure Norwegian Salmon (PNS) acquired in 2021 • October 2023: Irregular sales detected, actions taken from Måsøval • Ongoing legal proceedings involving Måsøval and minority shareholders • Legal hearing completed in November 2025
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OUTLOOK & SUMMARY
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OUTLOOK • Full year guiding 2025 of 27 600 tonnes in total and 7 800 tonnes in Q4 • 3 450 tonnes Mid • 1 700 tonnes West • 2 650 tonnes Co-location • Full year guiding 2026 of 27 200 tonnes • 13 600 tonnes Mid • 6 200 tonnes West • 7 400 tonnes Co-location • Underlying cost farming expected somewhat higher in Q4 • Stable in region Mid • Higher in region West • CAPEX guidance 2025 of approx. MNOK 230 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 Co-location 724 1273 1324 1972 1613 1107 621 3577 2077 2650 Måsøval 6313 6654 2282 6498 5524 4695 4605 4961 3944 5150 0 1000 2000 3000 4000 5000 6000 7000 8000 9000 Harvest Volume GWT
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MARKET OUTLOOK • Market fundamentals • Kontali expects 9.9% y/y supply growth in 2025 • Strong market fundamentals expected in Q4 and 2026 • Kontali expects 1.0% global supply growth in 2026 • Forward prices indicate price level of approximate NOK 88 for full year 2026 • Måsøval market strategy to sell above 80% in spot market • Fixed contracts for strategic customers only • Contract portfolio 2025 of 7.5% of own volume • Måsøval positioned for a strong market recovery 50 60 70 80 90 100 110 120 Q1 Q2 Q3 Q4 Nasdaq price per kg (NOK) Quarter Euronext Forward Price 17.11.2025 2022 2023 2024 2025
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ANNUAL HARVEST VOLUMES (1 000 GWT) Actual and proje cted 0.2 7.7 7.9 201 7 2.4 10.8 13.2 201 8 2.4 13.0 15.4 201 9 2.6 13.6 16.2 202 0 2.0 14.9 16.9 202 1 2.6 19.3 21.9 202 2 3.0 21.5 24.5 202 3 6.1 18.9 25.0 202 4 7.4 19.8 27.2 202 6 8.9 18.7 27.6 202 5 8.6 25.4 34.0 FU LL CAP. Harvest vol um e – Own Harvest vol um e – Co-l ocati on GROWTH POTENTIAL
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Group financials • Operational EBIT: MNOK -42 • Growing assets and biomass value • Waiver ICR Q4 and Q1 Farming • High sea lice pressure – improved control • High biomass end of quarter Sales & processing • Higher harvesting at TL-52 • Improved results going forward SUMMARY Outlook • Harvest guidance: 7 800 GWT (Q4 2025) • Harvest guidance: 27 600 GWT (FY25) • Harvest guidance: 27 200 GWT (FY26) • Improving market fundamentals