Slides
Page 1
S L E T T V I K A , Ø R S T A 62.334 ° N , 6 . 1 5 7 6 6 7 ° E MÅSØVAL Q U A R T E R L Y P R E S E N T A T I O N H E L G E K V A L V I K , C E O A N D E R S H A G E S T A N D E , C F O O S L O , 2 6 F E B R U A R Y 2 0 2 6
Page 2
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. D I S C L A I M E R
Page 3
A G E N D A 1 H I G H L I G H T S 2 S E G M E N T I N F O R M A T I O N 3 G R O U P F I N A N C I A L S 4 O T H E R M A T T E R S 5 O U T L O O K & S U M M A R Y 6 Q & A
Page 4
Group financials • Group revenue MNOK 833 (626) • Total group operational EBIT MNOK 41 (-28) Segment farming • Harvested volume: 8 684 tonnes GW (5 802) • Op. EBIT/kg • Farming segment: NOK 7 (2) • Region Mid: NOK 6 (-4) • Region West: NOK 2 (18) • Co-location: NOK 10 (-28) Production • Sea production 16% higher than last year • Superior share of 89% (87%) • Higher sea temperature than last year Sales and processing • Sales of MNOK 762 (489) • Operational EBIT of 0.2% (-2.8%) Comparison figures: Q4 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. 5 802 5 226 8 538 6 020 8 684 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 HARVESTED VOLUME (GWT) -4 8 15 19 6 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 OPERATIONAL EBIT PR KG (NOK) FARMING MID 18 10 7 -11 2 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 OPERATIONAL EBIT PR KG (NOK) FARMING WEST -28 22 28 -42 41 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 GROUP OPERATIONAL EBIT (MNOK) H I G H L I G H T S Q 4 2 0 2 5
Page 5
Group financials • Group revenue MNOK 2.963 (2.698) • Total group operational EBIT MNOK 49 (342) Segment farming • Harvested volume: 28.467 tonnes GW (25.015) • Op. EBIT/kg • Farming segment: NOK 4.4 (20.4) • Region Mid: NOK 9.8 (25.2) • Region West: NOK 2.0 (21.1) • Co-location: NOK 1.3 (8.9) Production • Record high sea production • Improved superior share Sales and processing • Sales of MNOK 2.562 (2.324) • Operational EBIT of -1.1% (-3.3%) 16 900 21 900 24 500 25 058 28 467 2021 2022 2023 2024 2025 HARVESTED VOLUME (GWT) 19 39 26 25 10 2021 2022 2023 2024 2025 OPERATIONAL EBIT PR KG (NOK) FARMING MID 12 16 21 2 2022 2023 2024 2025 OPERATIONAL EBIT PR KG (NOK) FARMING WEST 292 693 471 361 49 2021 2022 2023 2024 2025 GROUP OPERATIONAL EBIT (MNOK) H I G H L I G H T S F Y 2 0 2 5
Page 6
S E G M E N T I N F O R M A T I O N
Page 7
Fourth quarter operational highlights • Harvested volume of 4 360 GWT (1 945) • 46/54 split Autumn-24 and Spring-25 • Operational EBIT per kg NOK 6.3 (-3.7) • Excessive sea lice pressure beginning of quarter • Maintained control with lower mortality per treatment • Record high production in sea Outlook • Expected volume in Q1: 320 tonnes • Cost on biomass harvesting in Q1 expected to decline 1 945 2 317 1 403 1 352 4 360 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 HARVEST VOLUME (GWT) K E Y F I G U R E S – F A R M I N G M I D Consolidated numbers in 1 000 NOK Q4 25 Q4 24 2025 2024 Total operating revenues 369 649 226 134 871 645 1 261 868 Operational EBIT 27 685 -7 284 92 022 339 420 Operational EBIT (%) 7.5% -3.2% 10.6% 26.9% Harvested volume (GWT) 4 360 1 945 9 431 13 481 Operational EBIT per kg 6.3 -3.7 9.8 25.2 -4 8 15 19 6 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 OPERATIONAL EBIT/KG (NOK) F A R M I N G M I D
Page 8
F A R M I N G W E S T Fourth quarter operational highlights • Harvested volume of 1 449 GWT (2 749) • 100 % of the volume 2025 generation • Higher cost y/y due to lower average weights • Accelerated harvesting at Bjørndal Outlook • Cost expected to decline in Q1 • Expected volume in Q1: 2 050 tonnes 18 10 7 -11 2 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 OPERATIONAL EBIT/KG (NOK) 2 749 2 288 3 558 2 592 1 449 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 HARVEST VOLUME (GWT) K E Y F I G U R E S – F A R M I N G W E S T Consolidated numbers in 1 000 NOK Q4 25 Q4 24 2025 2024 Total operating revenues 109 255 219 675 692 682 477 766 Operational EBIT 2 799 48 332 20 176 116 360 Operational EBIT (%) 2.6% 22.0% 2.9% 24.4% Harvested volume (GWT) 1 449 2 749 9 886 5 518 Operational EBIT per kg 1.9 17.6 2.0 21.1
Page 9
F A R M I N G C O- L O C A T I O N Fourth quarter operational highlights • Harvested volume of 2 875 GWT (1 107) • 64% of the volume Autumn-24 generation • 36% of the volume Spring-25 generation Outlook • Expected volume in Q1: 1 260 tonnes -28 29 -3 -11 10 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 OPERATIONAL EBIT/KG (NOK) 1 107 621 3 577 2 077 2 875 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 HARVEST VOLUME (GWT) K E Y F I G U R E S – F A R M I N G C O - L O C A T I O N Consolidated numbers in 1 000 NOK Q4 25 Q4 24 2025 2024 Total operating revenues 170 227 53 883 578 449 533 861 Operational EBIT 28 061 -30 563 11 728 53 606 Operational EBIT (%) 16.5% -56.7% 2.0% 10.0% Harvested volume (GWT) 2 875 1 107 9 150 6 016 Operational EBIT per kg 9.8 -27.6 1.3 8.9
Page 10
S A L E S & P R O C E S S I N G Fourth quarter operational highlights • Sales volume 8 708 GWT (5 873) • Operational EBIT of MNOK 1.2 (-13.8) Outlook • Lower harvesting volume at TL52 in Q1 • Lower sales volume in Q1 5 873 7 051 9 596 6 240 8 708 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 SALES VOLUME (GWT) K E Y F I G U R E S – S A L E S & P R O C E S S I N G Consolidated numbers in 1 000 NOK Q4 25 Q4 24 2025 2024 Total operating revenues 762 053 488 724 2 562 450 2 324 264 Operational EBIT 1 228 -13 784 -28 794 -77 141 Operational EBIT (%) 0.2% -2.8% -1.1% -3.3%
Page 11
G R O U P F I N A N C I A L S S L E T T V I K A , Ø R S T A 62.334 ° N , 6 . 1 5 7 6 6 7 ° E
Page 12
4.7 -4.9 1.7 13.7 41 -28 49 342 0.3 -0.56 -0.35 0.85 *Earnings per share restated to exclude fair value adjustment of biomass and one -off implementation effect of resource rent tax K E Y I N C O M E S T A T E M E N T I T E M S G R O U P O P E R A T I O N A L E B I T ( M N O K ) G R O U P O P E R A T I O N A L E B I T P E R K G E A R N I N G S P E R S H A R E ( E P S ) * Q4 25 Q4 24 2025 2024 Q4 25 Q4 24 2025 2024 Q4 25 Q4 24 2025 2024
Page 13
I N C O M E S T A T E M E N T • Revenue in quarter is up from Q4 2024 due to higher harvested volume • Negative fair value adjustment of MNOK 97 • Group operational EBIT Q4 25 of MNOK 41 (MNOK -28) • EPS of NOK -0.17 in Q4 Restated Q4 24, 2025 and 2024 due to an error of interest costs on credit facilities K E Y F I G U R E S – G R O U P Consolidated numbers in 1 000 NOK Q4 25 Q4 24 2025 2024 Sales revenue salmon 695 667 453 878 2 345 804 2 233 784 Other operating revenues 137 546 172 319 617 591 464 597 Sum operating revenues 833 214 626 197 2 963 394 2 698 381 Harvested volume (GWT) 8 684 5 802 28 467 25 015 Operational EBIT 40 762 -28 242 48 747 341 726 EBIT (1) -62 926 26 021 -54 537 196 001 Profit before tax -104 187 -10 253 -228 893 54 619 Net profit for the period -22 905 10 038 -83 184 156 795 Group operational EBIT (%) 4.9% -4.5% 1.6% 12.7% Group operational EBIT/kg 4.7 -4.9 1.7 13.7 Earnings per share (NOK) -0.17 0.08 -0.64 1.35 (1) Operational EBIT adjusted for write-down, production tax and fair value adjustment biomass
Page 14
G R O U P B A L A N C E S H E E T I T E M S • Assets decreased from MNOK 5.176 to MNOK 5.041 • Decreased biological assets of MNOK 122 • Decreased accounts receivables of MNOK 151 • Increased equity ratio • NIBD decreased MNOK 221 35.9 % 35.4 % 31.12.2025 30.09.2025 EQUITY RATIO 3 661 3 697 1 277 1 462 103 17 3 1 . 1 2 . 2 0 2 5 3 0 . 0 9 . 2 0 2 5 ASSETS Fixed assets Current assets (ex cash) Cash 1 446 1 492 552 639 -119 -32 3 1 . 1 2 . 2 0 2 5 3 0 . 0 9 . 2 0 2 5 NIBD Long-term debt Short-term debt Cash/bonds 1 812 1 835 2 152 2 274 1 077 1 067 3 1 . 1 2 . 2 0 2 5 3 0 . 0 9 . 2 0 2 5 EQUITY & LIABILITIES Equity Non-current liabilities Current liabilities
Page 15
BANK FINANCING • Issued waiver for 3.00x ICR covenant • 1.00x for Q4 25 • 1.50x for Q1 26 • Temporarily increased overdraft facility MNOK 300 to MNOK 600 • Extended until 30 June 26
Page 16
CHANGES IN NIBD • Decreased 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 2 099 -7 -31 -215 18 15 1 879 NIBD 30.09.25 PBT + depreciation Tax paid Working capital Net investments Change in fin.&other items NIBD 31.12.25 - 220
Page 17
O T H E R M A T T E R S M Å S Ø V A L H E A D Q U A R T E R S – S I S T R A N D A , F R Ø Y A 6 3 . 7 3 1 4 1 3 º N , 8 . 8 3 0 3 4 7 º E
Page 18
LEGAL PROCEEDINGS INVOLVING PURE NORWEGIAN SEAFOOD (PNS) AND ITS SHAREHOLDERS • Måsøval acquired 65% of Pure Norwegian Seafood AS (PNS) in 2021 • Irregular sales of frozen salmon identified in 2023. Immediate actions taken. • December 2025 court judgment in favour of Måsøval in damages case • Appeals filed. Case ongoing. • PNS has initiated proceedings. Hearing not scheduled.
Page 19
MATTILSYNET SYSTEM AUDIT • System audit by the Norwegian Food Safety Authority (Mattilsynet) • One non-conformity and two improvement points • Corrective actions underway • Audit confirms solid management systems
Page 20
O U T L O O K & S U M M A R Y
Page 21
OUTLOOK • Full year guiding 2026 of 27 200 tonnes ~73/27 split own and colocation • Harvest in Q1 26 3.630 tonnes • 320 tonnes Mid • 2.050 tonnes West • 1.260 tonnes Co-location • Aggregate cost farming expected somewhat higher in Q1 due to relative more harvesting from region west • Lower production cost in region Mid • Lower production cost in region West • CAPEX guidance 2026 of approx. MNOK 200 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 Co-location 1273 1324 1972 1613 1107 621 3577 2077 2875 1260 Måsøval 6654 2282 6498 5524 4695 4605 4961 3944 5809 2370 0 1000 2000 3000 4000 5000 6000 7000 8000 9000 10000 H A R V E S T V O L U M E ( G W T )
Page 22
MARKET OUTLOOK • Market fundamentals • Kontali expects 1.5% y/y global supply growth in 2026 • Compared to 11.3% y/y global supply growth in 2025 • Forward prices indicate price level of approximate NOK 82 for full year 2026, up from Sitagri average of 78.26 in 2025 • Måsøval market strategy to sell above 80% in spot market • Fixed contracts for strategic customers only • Current contract portfolio 2026 of 0% 50 60 70 80 90 100 110 120 Q1 Q2 Q3 Q4 Nasdaq price per kg (NOK) Quarter Euronext Forward Price 25.02.2026 2026 2023 2024 2025
Page 23
G R O W T H P O T E N T I A L
Page 24
Group financials • Operational EBIT: MNOK 41 • Growing assets and biomass value • Waiver ICR Q4 and Q1 Farming • High sea lice pressure – improved control • High biomass end of quarter Sales & processing • High sales and harvesting activity S U M M A R Y Outlook • Harvest guidance: 3 630 GWT (Q1 2026) • Harvest guidance: 27 200 GWT (FY26) • Improving market fundamentals