Annual report
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Annual report Made by nature, pioneered by Måsøval 2025
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This report covers the financial year from 1 January to 31 December 2025, and is Måsøval’s first annual report in the 2025–2030 strategy period. Unless otherwise stated, all figures are presented in NOK and rounded in accordance with standard financial reporting practice. Company name: Måsøval AS • Organisation number: 933.792.854 MVA • Ticker: MAS • ISIN: NO0010974983 • Listed on Euronext Growth Oslo ANNUAL REPORT 2025 2
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ANNUAL REPORT 2025 3
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01. Introduction and summary 05 04. People and culture 33 2025 performance 10 Our people 34 Key figures 11 Learning and competence 38 CEO’s report 12 Local roots and community 39 02. Strategy and development 13 05. Sustainability 41 The 2025–2030 strategy 13 Double Materiality Assessment (DMA) 43 Strategic framework 2025–2030 14 Strategic focus area 1: Biology first 15 06. Corporate governance 45 Strategic focus area 2: Preferred salmon producer 17 Governance model 46 Strategic focus area 3: Attractive workplace 18 Quality assurance and food safety 46 Strategic focus area 4: Value creation 19 Board of Directors 48 Strategic enablers: Initiatives, partnerships and co-location 20 Executive management 50 Investor relations (IR) 52 03. The value chain 23 Board of Directors’ report 55 One value chain operating on nature’s terms 24 Our production model 25 07. Financial statements 61 Smolt 26 Consolidated financial statement of Måsøval Group 63 Sea farming 27 Notes to the financial statement of Måsøval Group 71 Service 28 Alternative performance measures of Måsøval Group 103 Harvesting and processing 29 Financial statement of Måsøval AS 105 Sales and market 30 Notes to the financial statement of Måsøval As 111 Independent Auditor’s report 126 GLOSSARY 128 Table of contents Photo credits We believe great photos tell stories just as well as words – and this report is full of both. Big thanks to VinnVinn Reklame, Krzystof Zboralski, Sondre Marøy, Øyvind Nordahl Næss, Daniel Skog, Jørn Engberg, Hjørdis Almelid Vikenes, Ramsailt dugnadsgruppe, Kystkulturdagen, and our very own Trym Hammer Rotnes – for capturing the people, places, and everyday moments that make Måsøval what it is. Can’t tell who’s behind the lens? Just ask at kommunikasjon@masoval.no – We know every photo like we know our local tide tables. ANNUAL REPORT 2025 4
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Måsøval is a fully integrated salmon producer, shaped by the coast we come from. Founded on Frøya in 1973, we have grown from a pioneering family business into a listed aquaculture company. What has remained constant since the beginning is our conviction that lasting value starts with biology. Healthy fish, knowledge-based operations and responsible decisions are not ambitions – they are prerequisites. We operate on nature’s terms, and our performance ultimately reflects how well we understand and respect them. Introduction and summary ANNUAL REPORT 2025 IntroductI on and summary 5 01
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Our development from a pioneering family business to a fully integrated producer reflects a consistent principle: biology first. Each stage of our growth has strengthened our ability to operate on nature’s terms — from smolt to sea, service, harvesting and sales. This foundation prepares us for the next phase, where the 2025–2030 strategy reinforces biological performance, responsible operations and long-term value creation. 2025 New partner educational licence, 10 years. Hustadvika vgs, Møre and Romsdal county. 2021 Listed Euronext Growth. Purchased Pure Farming, Stokkøyskjell, Gunnar Espnes, Måsøval Fishfarm, and Vartdalgruppen with four commercial licences, smolt facilitites and post-smolt capabilities. AquaGen partnership for broodstock production. 2016 Aquired TL52, harvesting facility on Hitra. New exhibition licence. 2024 Acquired R Lernes and its four commercial licences. 2011 Acquired Åsen Settefisk. 2019 2022 Entered co-location agreement Frøya Laks. 2020 New partner educational licence, 10 years. Guri Kunna vgs, Trøndelag county. Founded by Edvin Måsøval and sons, Bjørn and Karsten. 1973 Transition to Atlantic salmon after four years farming rainbow trout. 1977 Aquired Brattøyfisk at Frei. 2005 Aquired Laksåvika smolt facility. 2004 1982 Minority stake in Nordskag-Fisk, ensures joint operations and access to harvesting facilities. 1991 Co-founding SalMar with Witzøe-family, transforming Nordskag-Fisk into leading aquaculture company. 1998 Exit SalMar. Focusing on own operations. 1997 First smolt facility, and majority stake in Gunnar Espnes Fiskeoppdrett. 2009 New commercial licence acquired. 11.68.6 8.6 Average annual growth rate 18% 8.1 8.15.57.75.63.93.12.10.6 20092008 20102006 20072005200420032002199819971991198219771973 6.13.0 2.6 2.02.62.4 2.4 0.2 18.9 9.2 19.36.812.410.6 21.519.314.913.613.010.87.7 2021 2022 2023 2024 2025201320122011 2020201920182017201620152014 Harvest volumes are shown from 2002 onwards due to data availability and consistency Co-locationMåsøval ANNUAL REPORT 2025 IntroductI on and summary 6
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2025 New partner educational licence, 10 years. Hustadvika vgs, Møre and Romsdal county. 2021 Listed Euronext Growth. Purchased Pure Farming, Stokkøyskjell, Gunnar Espnes, Måsøval Fishfarm, and Vartdalgruppen with four commercial licences, smolt facilitites and post-smolt capabilities. AquaGen partnership for broodstock production. 2016 Aquired TL52, harvesting facility on Hitra. New exhibition licence. 2024 Acquired R Lernes and its four commercial licences. 2011 Acquired Åsen Settefisk. 2019 2022 Entered co-location agreement Frøya Laks. 2020 New partner educational licence, 10 years. Guri Kunna vgs, Trøndelag county. Founded by Edvin Måsøval and sons, Bjørn and Karsten. 1973 Transition to Atlantic salmon after four years farming rainbow trout. 1977 Aquired Brattøyfisk at Frei. 2005 Aquired Laksåvika smolt facility. 2004 1982 Minority stake in Nordskag-Fisk, ensures joint operations and access to harvesting facilities. 1991 Co-founding SalMar with Witzøe-family, transforming Nordskag-Fisk into leading aquaculture company. 1998 Exit SalMar. Focusing on own operations. 1997 First smolt facility, and majority stake in Gunnar Espnes Fiskeoppdrett. 2009 New commercial licence acquired. 11.68.6 8.6 Average annual growth rate 18% 8.1 8.15.57.75.63.93.12.10.6 20092008 20102006 20072005200420032002199819971991198219771973 6.13.0 2.6 2.02.62.4 2.4 0.2 18.9 9.2 19.36.812.410.6 21.519.314.913.613.010.87.7 2021 2022 2023 2024 2025201320122011 2020201920182017201620152014 ANNUAL REPORT 2025 IntroductI on and summary 7
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Growing in a changing industry As Måsøval prepares for continued growth, the industry around us is changing quickly — with tighter biological requirements, new regulations, higher cost levels, and growing expectations for transparency, animal welfare and sustainability. At the same time, technological development and data availability are reshaping how production is monitored and optimised. Måsøval’s response is clear: we strengthen what has always defined us. We double down on biology-first principles, operational discipline, and systematic competence development. The 2025–2030 strategy sharpens this direction with clearer KPIs and stronger follow-up structures. Our integrated value chain enables faster learning, improved risk management and greater control of biological and commercial performance. This is not a change of course – it is a refinement of it, ensuring responsible growth and long-term value creation for generations to come. Made by nature, pioneered by Måsøval. Steadfast in our long-term perspective and ability to operate through biological and market cycles. Generous in how we share knowledge and collaborate across teams and communities. Responsible in how we manage fish welfare, biosecurity and environmental impact. A bit bold in pursuing improvements, investing in competence and challenging established practices when needed. ANNUAL REPORT 2025IntroductI on and summary 8
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Måsøval’s operations are concentrated along the central and western Norwegian coast, with an integrated value chain spanning smolt facilities, sea- farming sites, service and technical infrastructure, harvesting and processing, and local offices. Operating across two main regions — Mid and West — enables biological risk diversification, coordinated planning and consistent standards. Our coastal footprint reflects our long history in the region and forms a key foundation for biology- first operations and long - term value creation. No. Sea farming sites Region MAB 1 Bukkholmen Mid 3,900 2 Espnestaren Mid 4,680 3 Fjølværet Mid 3,900 4 Flatøyan Mid 3,120 5 Gaustad Mid 3,120 6 Heggeset Mid 2,340 7 Hårkallbåen Mid 3,120 8 Ilsøya 2 Mid 3,120 9 Kattholmen Mid 3,120 10 Lamøya Mid 3,120 11 Langtaren Mid 4,680 12 Langøya Mid 2,340 13 Måøydraga Mid 2,340 14 Or Mid 2,340 15 Bjørndal West 3,120 16 Gjerde West 2,340 17 Kvangardsnes West 3,120 18 Orholmen West 3,120 19 Slettvika West 3,120 60,060 Other Municipality Description Office Averøy Logistics department Office Frøya Corporate headquarters Office Trondheim Satellite office Office Ørsta Satellite office Office Ålesund Sales department Service Frøya Technical facilities and offices Smolt facilities Region Production type Licensed capacity (no.) Laksåvika Mid Flow-through 2,700,000 Åsen Mid Flow-through 2,500,000 Urke West Flow-through, post-smolt 5,000,000 Vartdal West Flow-through, post-smolt 5,000,000 Harvest and processing facilities Region MAB (holding pen) TL52 Mid 800 M168 Mid 780 MID WEST REGION MID (PA6) REGION WEST (PA5) SMOLT OTHER PROCESSING SERVICE SEA SITE ANNUAL REPORT 2025 IntroductI on and summary 9
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2025 performance -290 MNOK1.4 Mortality R12 (VI method) 15.2% Average B-survey score Reduction in NIBD 353 Number of employees 166 Number of employees with vocational certificates 22 Number of apprentices 1.67% Short-term abscence rate 1.7 MAB yield (own commercial licenses) ANNUAL REPORT 2025 IntroductI on and summary 10
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Key figures 2025 2024 - Restated 2023 2022 2021 Harvest volume (GWT) 28,500 25,000 24,500 21,900 16,900 MAB – own (tonnes) 12,694 12,694 12,694 12,694 9,762 MAB – co-location (tonnes) 5,553 6,101 4,773 4,773 2,340 No. of smolt released 8,700,000 7,600,000 8,100,000 7,700,000 5,000,000 Mortality (%) 1 15.20% 15.10% 12.80% 16.30% 9.50% Sales (MNOK) 2,346 2,234 2,400 1,992 1,215 EBITDA (MNOK) 321 537 666 860 398 Operational EBIT (MNOK) 2 49 342 471 693 292 Profit after tax (MNOK) -78 157 -133 626 281 Adjusted earnings per share (EPS) 3 -0.35 0.85 1.45 3.5 2.66 Dividend per share (DPS) - - 0.5 0.5 1 Cash flows from operating activities (MNOK) 614 77 447 728 283 NIBD (MNOK) 1,879 2,169 1,805 1,798 1,922 ROE (%) -4% 9% -8% 32% 19% Equity/asset ratio (%) 35.80% 36.10% 34.80% 39.90% 32.80% NIBD/EBITDA 5.8 4 2.7 2.1 4.8 No. of full-time employees 353 339 315 300 220 No. of shares outstanding '000 122,508 122,508 122,508 122,508 104,176 1 12 month rolling average, calculated by the Norwegian Veterinary Institute method. 2 Excluding production tax, impairments, and net fair value adjustment on biological assets. 3 EPS excl. net fair value adjustment biomass and one-off implementation effects of resource rent tax. ANNUAL REPORT 2025 IntroductIon and summary 11
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CEO’s report: Strengthened for the future 2025 was a challenging year for the aquaculture industry, yet Måsøval strengthened its operational foundation and sharpened its strategic direction. Despite biological volatility, regulatory uncertainty, and shifting market conditions, we delivered strong biological performance throughout the year. The organisation successfully managed an exceptionally demanding and historically high sea-lice pressure, demonstrating both operational resilience and improved biological control. Biology first Our new five-y ear strategy reflects a disciplined and sustainable approach to long-term value creation. Working with biology demands precision, adaptability, and a deep understanding of natural variation. We have therefore intensified our focus on biological performance, cost control, and operational preparedness. Every investment and operational decision is now more tightly aligned with what supports fish health, environmental stewardship, and sustainable growth. This is the core of our competitiveness and the basis for predictable value creation for our shareholders. Preferred salmon producer Måsøval’s identity is rooted in more than 50 years of family ownership, operational excellence, and strong ties to the coastal communities we are part of. Since our listing in 2021, we have grown into a fully integrated value chain from Sunnmøre to Trøndelag, while preserving what has always set us apart: short decision lines, a culture of accountability, and a relentless focus on quality. This combination makes us a trusted partner for employees, owners, suppliers, and customers — commercially minded, reliable, and ambitious. Long-term value creation Market dynamics reinforce our strategic direction. Atlantic salmon remains one of the world’s most attractive protein sources, and global supply is tightening while demand — particularly across Asia — continues to accelerate. Asian markets increasingly value the high quality and consistency of Måsøval’s products, strengthening our long-term commercial potential. With a sharper commercial focus and disciplined resource use, we are well positioned to capture the opportunities ahead. In 2025 we also implemented OptiMa, our new company wide management system, which enhances governance, transparency, and continuous improvement across all operations. This strengthens our ability to scale efficiently and deliver predictable results for both customers and shareholders. Attractive workplace Our people remain Måsøval’s greatest strength. Across hatcheries, sea sites, service vessels, sales offices, and processing facilities, more than 350 dedicated colleagues have delivered with professionalism and resilience through a demanding year. Their commitment to fish welfare, operational excellence, and continuous improvement reflects the values that have shaped Måsøval for more than five decades. Ethical conduct is a fundamental part of how we operate, and our Code of Conduct sets clear expectations for all employees and partners in our value chain. I am proud of the strong and inclusive culture we continue to build and pleased that our efforts on diversity and equality were recognised in 2025 when Måsøval received an award from the Havfrue Network for our work to promote women in the seafood industry. We also strengthened our commitment to developing future talent, with 22 apprentices engaged across three vocational disciplines throughout the year. Market outlook A challenging year has strengthened our foundation. With a clear strategy, a solid operational platform, and a growing presence in key markets, Måsøval enters 2026 with confidence and ambition. Global supply continues to tighten, supporting strong price levels, while demand in Asia is accelerating as consumers increasingly value high quality, consistent salmon products. This shift reinforces our long- term commercial potential and underlines the importance of disciplined resource use and a sharper market focus. Going forward Most importantly, Måsøval moves forward with a team that has proven its ability to deliver in both calm seas and headwinds. The strength, commitment, and professionalism shown across the organisation in 2025 make me both proud and grateful. To all our employees — thank you for your hard work, your adaptability, and your dedication to doing things the right way. I would also like to thank our owners, customers, and partners for their continued trust and collaboration. Their support and expectations push us to improve, to think long-term, and to stay true to the values that have guided Måsøval for decades. Måsøval enters 2026 with a stronger foundation, a clear direction, and a team I am confident will continue to deliver. With resilience, responsibility, and as one Måsøval, we are well prepared for the opportunities ahead. Helge Kvalvik CEO, Måsøval AS ANNUAL REPORT 2025 IntroductI on and summary 12
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Strategy and development The 2025–2030 strategy During 2025, the Board of Directors approved a new strategy for the period 2025–2030. The strategy sets the long-term direction for the company and marks a clear shift from the previous period. While earlier years focused on building scale and completing the value chain through acquisitions, the new strategy emphasises organic growth, stronger integration and a biology- first operating model. The strategy translates our purpose and vision into a focused set of priorities and measurable ambitions – built around the four strategic focus areas: Biology first, Preferred salmon producer, Attractive workplace and Value creation. The overall aim is to produce sustainable food in harmony with nature, driven by biological robustness, operational discipline and consistent production – supported by a skilled and aligned workforce. Each focus area is supported by clearly defined goals and KPIs that will be reported consistently throughout the 2025–2030 strategy period. ANNUAL REPORT 2025 13 02
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Strategic framework 2025–2030 Sustainable food production in harmony with nature The responsible salmon supplier Purpose and vision Strategic focus areas Shared foundation Main goals and KPIs 2025 - 2030 Corporate governance «One Måsøval» Our values: responsible, generous, steadfast and a bit bold Biology first Improve survival rates Recognised for our fish welfare standards Utilise the potential of salmon and be an industry leader in growth performance A reliable supplier trusted by our customers Recognised for our ability to safeguard the environment and society through a clear focus on ESG Increase visibility and presence in society Develop and retain high-performing employees Ensure good HSE for all Attract and recruit the right talent Ensure robust growth over time Increase profitability through a stronger commercial focus Optimise the use of our resources Preferred salmon producer Attractive workplace Value creation The 2025–2030 strategic framework brings together our purpose, vision, focus areas and shared foundation. It provides a clear structure for how Måsøval creates sustainable value on nature’s terms — and serves as the basis for goals and KPIs throughout the strategy period. The model summarises the core elements of our strategy. ANNUAL REPORT 2025 stra tegy and d evelopment 14
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Strategic focus area 1: Biology first Why we put biology first Our job is to work with natural conditions, not against them. Biology is therefore the starting point for everything we do. Temperature, water quality, gill health, and lice pressure vary throughout the year and between sites. By understanding these conditions better – and planning around them – we can reduce interventions, protect fish health and build more resilient operations. When biological conditions are strong, production becomes more predictable, fish welfare improves, and operational risk decreases. Putting biology first is therefore the most important driver for long-term value creation. Key priorities: • Robust smolt and stocking strategies – ensuring the right size, quality and timing at each site. • Preventive lice management – choosing the least stressful and most effective methods for local conditions. • Better gill-health management – clearer thresholds, earlier detection and faster action. • Gentle, standardised handling – fewer interventions and consistent routines that reduce stress. • Stronger biosecurity – clear infection barriers, disciplined vessel operations, and updated competence across teams. Survival and long-term performance Higher survival strengthens both fish welfare and biological performance. It reduces cost per kilogram, improves utilisation of existing licences and supports more predictable production. The ambition for the strategy period is to improve survival significantly towards 2030. Eggs & smolt: Genetics, water quality, stable conditions, vaccination. Sea transfer: Optimal timing and size, low‑stress logistics. Growth phase at sea: Biosecurity, optimal feeding, water quality, lice management, gill health, minimised handling. Harvesting & processing: Low-stress logistics and handling, welfare at harvest, product quality. ANNUAL REPORT 2025stra tegy and d evelopment 15
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Using data to take earlier and more informed decisions Måsøval collects a large amount of data across smolt facilities, sea sites, vessels and harvesting operations. The next step is to use our data more consistently and proactively, leveraging an even broader and more intelligent analytical foundation to fully realise its strategic potential. Standardised reporting, shared definitions, and better use of data will make it easier to act early when conditions shift. This strengthens biological performance, supports better risk management, and underpins our ongoing work to meet ESG and CSRD requirements, including future ESRS-aligned sustainability reporting. Looking ahead Operating on a biology-first model strengthens stability, fish welfare and overall performance. It also reinforces trust – internally across the value chain and with regulators and local communities. Future regulation of the aquaculture industry emphasises animal welfare and environmental responsibility — a development that is fully aligned with Måsøval’s strategic direction: to operate responsibly, create lasting value and be recognised as a preferred and responsible salmon producer. ANNUAL REPORT 2025stra tegy and d evelopment 16
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Strategic focus area 2: Preferred salmon producer Why market position matters High biological performance has limited value without strong market access and solid relationships with customers, partners and local communities. Being a preferred salmon producer means delivering stable quality and reliable volumes. As a fully integrated producer, we control the entire value chain, enabling consistency, traceability and flexibility – qualities that are increasingly valued in volatile markets. Co- location agreements also contribute to biological risk mitigation and more predictable throughput, strengthening our ability to meet customer expectations. Key priorities: • Strengthen strategic partnerships – expand and deepen co- location and collaboration models that support biological stability and secure predictable throughput. • Increase sustainability transparency – advance ESG disclosure by publishing a dedicated sustainability report for 2025, with clear data and measurable impact. • Public visibility and engagement – strengthen our presence in communities and public discourse through clearer, more consistent communication. Strengthening trust through openness and clear communication With biology at the core of our operations, sustainability is embedded throughout our value-cr eating activities. We are committed to increasing transparency around the initiatives we pursue and the impact they generate across environmental, social and governance dimensions. For 2025, we will publish a dedicated sustainability report summarising the year’s most important activities, supported by relevant data. In parallel, we aim to strengthen our visibility and presence in the communities we operate in, enabling clearer and more consistent communication both externally and internally. Looking ahead A stronger market position reduces volatility in earnings and supports stable cash flow generation. By combining biological control with commercial discipline, we aim to strengthen our role as a reliable supplier in demanding markets. ANNUAL REPORT 2025stra tegy and d evelopment 17
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Strategic focus area 3: Attractive workplace Why people matter Our operations are biologically, functionally and regulatory complex. Performance depends on skilled employees who manage risk, apply standards consistently and adapt to changing biological and operational conditions. As we grow in scale and geography, maintaining alignment across the value chain becomes increasingly critical. To support this, the Group is implementing a unified governance model through OptiMa (Landax QMS), ensuring standardised procedures, consistent execution and a common approach to deviation management across all entities. Through One Måsøval, we strengthen coordination, clarify responsibilities and ensure consistent execution, while preserving efficient decision-making. Key priorities: • Competence and development – structured training and clear career paths aligned with long-term operational needs. • Retention and performance – competitive terms and targeted incentive structures linked to operational performance. • Strong HSE culture – systematic routines, consistent deviation management and continuous improvement across sites and facilities. • Structured governance – implementation of OptiMa (Landax management system) to strengthen standardisation, compliance and follow-up. • Targeted recruitment – long-term competence planning and collaboration with relevant educational institutions. Looking ahead A competent and aligned organisation strengthens biological performance, operational stability and long-term value creation. By investing in people, governance and safety, we aim to build a resilient organisation capable of delivering across production cycles. ANNUAL REPORT 2025stra tegy and d evelopment 18
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Strategic focus area 4: Value creation Why capital discipline matters Salmon farming creates value by combining natural resources, craftsmanship and modern technology to produce a healthy, high-quality pr oduct sold globally. The industry is both biologically demanding and capital intensive, with licences representing the most valuable assets. Farming in exposed environments requires significant investments in equipment and infrastructure, and the long biological cycle — spanning roughly three years from egg to harvest — ties up substantial working capital. Salmon is also exposed to changes in biological conditions and market volatility. Sustainable growth therefore requires disciplined capital allocation, a strong balance sheet and predictable cash-flow generation. Value creation is not driven by volume alone, but by the ability to generate attractive returns on invested capital over time. This includes a review of partnerships, suppliers and site- portfolio optimisation to secure the most efficient use of our assets. Strengthening our commercial platform supports more stable margins and better price realisation. To support long-term value creation, Måsøval focuses on efficient licence utilisation, operational performance, and a structured, long-term approach to investments and resource use. A robust site portfolio and improved biological results are essential to strengthen profitability and resilience through cycles. Key priorities: • Licence utilisation – optimise existing licences and close the gap to full capacity before pursuing structural growth. • Capital allocation discipline – prioritise investments that strengthen biological performance, operational efficiency and long-term competitiveness. • Cost competitiveness – improve margins through lower cost per kilogram, driven by biological improvement and operational excellence. • Site portfolio development – strengthen long-term performance by developing and securing high-quality sites across regions. • Building a stronger, more valuable brand – strengthen sales, contracts and brand positioning to improve price realisation and margin stability. Looking ahead Måsøval will continue to optimise production within existing licences, strengthen biological performance and improve cost levels through targeted initiatives across the value chain. A disciplined approach to capital allocation and a prudent balance- sheet position will support resilience through biological and market cycles. We will also pursue high-performing sites that enable long-term, sustainable growth and improved returns on invested capital. ANNUAL REPORT 2025stra tegy and d evelopment 19
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Strategic enablers: Initiatives, partnerships and co-location Delivering on Måsøval’s strategy for 2025–2030 requires more than clear priorities. It requires the right enablers – the initiatives, collaborations and structural mechanisms that strengthen biological performance, operational discipline and long-term value-creation. These strategic enablers work across all four focus areas – Biology first, Preferred salmon producer, Attractive workplace and Value creation – and help ensure that our integrated value chain becomes more robust, more flexible and more competitive over time. Måsøval’s strategic enablers can be grouped into three categories: • Initiatives that build internal capability • Strategic partnerships that reinforce biological, technological and organisational development • Co-location frameworks that secure efficient resource use and biological resilience Strategic initiatives Strategic initiatives are targeted, long-term measures designed to strengthen the key drivers of biological stability, operational execution and profitability. Together, these initiatives help ensure consistent improvement across the value chain, supporting sustainable growth and development. Key initiatives: • Smolt capacity and quality Smolt quality is one of the most important determinants of biological outcomes at sea. We continue to explore and invest in our smolt production – including RAS capacity at Malm and improved biological coordination. The aim is to deliver consistently strong smolt that support higher survival, improved growth and more predictable production. • Service and vessel capability Service and wellboat capacity are critical to biosecurity, fish welfare and operational flexibility. We continue to develop our in-house fleet and operational capability, including dedicated wellboat capacity, to ensure safe handling through treatments, transfers and harvesting. This reduces biological and operational risk and enables more consistent execution across sites and regions. • Site portfolio optimisation and environmental alignment We continue to adjust site configurations and production setups to secure the best possible biological conditions, including depth, current and wave climate. The aim is to improve stability in production, reduce biological risk and make more efficient use of available MAB. • Data architecture and biological decision-support To enable earlier and better decisions, we are strengthening our data architecture and analytical capability. Harmonised data definitions, standardised reporting and better use of trends and biological indicate support improved risk management and daily decision-making – simultaneously underpinning our work with ESG and CSRD, including future ESRS-aligned sustainability reporting. • Value chain optimisation – TL52 and processing development The acquisition of TL52 in 2024, together with the establishment and further development of Måsøval Harvest, Måsøval Processing and Måsøval Sales, has given us full in-house control from smolt to global markets. Ongoing improvements in processing, food safety and value-added processing (VAP) are key initiatives to strengthen price realisation, reduce waste and support long-term value creation. • Organisational alignment and ‘One Måsøval’ The organisational model and governance framework have been developed to ensure clear roles, responsibilities and decision-lines across the value chain. Implementation of OptiMa (Landax QMS), updating departmental mandates and structured development of leadership and competence support a more integrated and aligned organisation – One Måsøval. • Semi closed farming - Aqua Semi Aqua Semi is a project comprising four development licences for semi-closed farming . The company has applied to the Directorate of Fisheries for amendments to the design compared with the original development licence application. The Directorate has approved changes to the original design, most notably a shift from one large unit to several smaller units, while the project continues to qualify for the development licences. These design amendments are expected to significantly reduce capital expenditure compared with the original concept. In addition, they improve licence utilisation, reduce biological risk, and make the technology more commercially viable for application on ordinary licences In 2025, the Directorate of Fisheries also approved an application to extend the project start- up period from November 2026 to November 2032. Following amortisation in 2023, the project currently carries no book value on the balance sheet, and all project- related activity since 2023 has been expensed. No investment decision has been taken. These initiatives, among many others, aid in building the internal capability needed to deliver on our strategic ambitions towards 2030. ANNUAL REPORT 2025stra tegy and d evelopment 20
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Strategic partnerships Partnerships are a core part of Måsøval’s long-term development. They expand operational capacity, strengthen biological insight, support innovation and help secure competent people and strong local communities in the regions where we operate. • Production and farming partnerships Collaboration with selected production partners — across both land based smolt and sea based farming — strengthens biological robustness, capacity utilisation and predictable generation planning. This includes long standing agreements such as the cooperation with Bjørøya, as well as land based partnerships such as Nekton Settefisk, which provides access to larger smolt volumes and supports stocking flexibility when internal capacity is constrained. These partnerships support risk diversification and more efficient utilisation of infrastructure and licences. • Technology, service and innovation partners We work closely with technology suppliers and service partners to develop solutions for lice management, handling, feeding and monitoring. Strategic supplier frameworks and joint development projects support improved fish welfare, cost efficiency and operational resilience. Research, fish health and development partnerships Partnerships with educational institutions such as Guri Kunna upper secondary school on Frøya and Hustadvika upper secondary school in Elnesvågen play a key role in developing future competence for the aquaculture industry. We operate educational licences under fixed-lease models, providing real production environments for pupils and students while securing locally anchored recruitment and long-term licence access. Across these areas, strategic partnerships help us deliver stronger biological performance, more stable operations and broader, shared value creation in coastal communities. Co-location Co-location is a structural enabler in Måsøval’s production model and an important complement to internal initiatives and strategic partnerships. By co-locating with other licence holders, we can use high-quality sites more efficiently, distribute biological risk and support coordinated area-based management. Definition and structure In co-location, several licence holders operate at the same physical site, but with clear separation of pens, biomass ownerships and MAB limits. Each licence holder retains its own biological and financial responsibility. This differs from joint operations, where licences are merged, and partners share volume and risk proportionally. Strategic rationale Co-location supports our strategy in several ways: • Economics of scale – additional volume enables more efficient use of sites, wellboats, infrastructure and harvesting capacity. • Biological risk mitigation – a broader site portfolio within each generation reduces exposure to site-specific incidents and environmental variation. • Integrated value chain utilisation – co-located biomass benefits from our own operational competence and production model, while contributing to stable throughput and development at TL52. Co-location partners In 2025, Måsøval had co-location agreements with five partners, mostly with distinct strategic purposes and commercial models: • AquaGen – broodstock licences where Måsøval operates backup broodstock for AquaGen under a profit-split model. The biomass is recognised in Måsøval’s accounts and included in IFRS 16 value adjustments. • Bjørøya – optional commercial co-location in production area 6 (PA6), enabling flexible use of Måsøval’s site portfolio when beneficial for both parties. Biomass produced on Bjørøya’s licences is recognised in their own accounts. • Frøy Havbruk – a large-scale commercial co-location agreement for licences acquired by Frøy in the 2022 auction. The biomass is recognised in Frøy’s accounts, while Måsøval benefits from increased site utilisation and scale. • Guri Kunna upper secondary school – an educational co- location under a fixed-lease model. Måsøval pays a fixed annual fee, operates the licence, provides practical training opportunities for students, and carries full biological and financial responsibility. The biomass is fully recognised in Måsøval’s accounts. • Hustadvika upper secondary school – an educational co-location with the same lease structure as Guri Kunna. Måsøval operates the licences and provides practical training opportunities for students. Biomass is fully recognised in Måsøval’s accounts. A look ahead Co-location will remain a key tool for Måsøval in optimising capacity, strengthening biological resilience and building strong relationships with partners and communities. Combined with targeted strategic initiatives and long term partnerships, co location reinforces the foundation for stable production and responsible growth throughout the 2025– 2030 strategy period. Co-location partner Agreement period MAB Production area Commercial agreement Licence type Sites AquaGen 2016 -> 1,560 (+780 optional) 6 Profit split Broodstock Lamøya, Espnestaren, Langøya, Kattholmen Bjørøya 2023 -> No fixed volume 6 Profit split Commercial Bukkholmen, Hårkallbåen, Ilsøya 2, Flatøyan, Or Frøy Havbruk 2023 -> 2,433 6 Profit split Commercial Bukkholmen, Langtaren, Ilsøya 2, Flatøyan, Or, Heggeset Guri Kunna VGS 2021-2031 780 6 Lease model Education Bukkholmen, Espnestaren, Fjølværet Hustadvika VGS 2025-2035 780 5, 6 Lease model Education Orholmen, Gaustad, Heggeset, Slettvika ANNUAL REPORT 2025 stra tegy and d evelopment 21
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The value chain Måsøval’s integrated value chain connects all stages of production – from egg to global markets – under one coordinated model. The purpose of this structure is to strengthen biology, ensure stable operations and secure predictable value creation across production cycles. Our strategy for 2025–2030 builds on this – firmly placing fish welfare, biological insight and operational discipline at the core of all decisions – underpinning our ambition of producing sustainable food in harmony with nature. A fully integrated chain also enables faster learning, clearer standards and shorter decision lines. By coordinating biological signals, market developments and operational needs across smolt, farming, service, harvesting, processing and sales, we improve resilience, reduce risk and support consistent performance and quality. ANNUAL REPORT 2025 23 03
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One value chain operating on nature’s terms Smolt: Biological starting point and input quality. Sea farming: Main growth phase at exposed sites. Service and logistics: Vessels, infrastructure and support capacity that keep operations running. Sales and market: Where our value chain meets customers – and returns with market insight. Harvesting & processing: Welfare at harvest and controlled product flow. ANNUAL REPORT 2025the val ue c ha I n 24
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Our production model Our production model is built on a simple principle: everything flows, and everything depends on what came before – rinse and repeat. Strong biological performance in each stage is a prerequisite for stability and long-term value creation. A biology-first operating model Across the value chain, biological conditions determine timing, methods and operational priorities. Temperature, oxygen, gill health and local environmental dynamics influence each phase, and decisions are made to minimise stress and maximise fish welfare and robustness. This approach is central to our ambition to be recognised as a preferred, responsible producer of sustainable food. Fish welfare as a continuous process Fish health is not a separate link in the chain – it is an integrated part of every step. This includes: • Systematic gill-health monitoring • Preventive lice management • Low-stress handling and logistics • Disciplined biosecurity and vessel operations • Coordinated fallowing and stocking windows ANNUAL REPORT 2025the val ue c ha I n 25
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Smolt – securing a strong biological starting point In 2025, Måsøval’s smolt division delivered stable, high-quality output and s trong post- transfer results, driven by more standardised production parameters and more efficient utilisation of our facilities. Since the acquisition in 2021, Region West has pursued continuous technical and biological improvement, culminating in its highest production volume to date — a clear reflection of how far the region has developed from its starting point. Variability in egg quality and uneven post smolt production created some fluctuations versus 2024, but results after sea transfer show the fish performing well and the overall trajectory remains positive. Operational improvements • Improved planning between land and sea to improve predictability and asset utilisation. • Updated vaccine strategy to increase robustness ahead of expected sea phase challenges. • Internal and external strategic initiatives to increase stability and uniformity. Including a strengthening of our long term agreement with Nekton to increase access to a larger number of smolt – improving the overall stocking plan and reducing biological and operational risk. Strategic role of smolt in 2025–2030 The strategy emphasises smolt as a core enabler for improved survival and long term robustness. Key ambitions include: • Improved smolt quality • Better prediction models for early risk detection • Better utilisation of our facilities Outlook The smolt division enters 2026 with clearer biological standards, better use of existing facilities and added flexibility from the Nekton agreement, supporting more robust smolt and a stronger platform for sea production. Managing the early life cycle — from hatcheries to post-smolt — aiming to give our salmon the best possible start for a life at sea. Strong smolt quality is the foundation for survival, growth and biological stability. REGION MID (PA6) REGION WEST (PA5) SMOLT ÅSEN LAKSÅVIKA URKE VARTDAL ANNUAL REPORT 2025the val ue c ha I n 26
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Sea farming – stable production on nature’s terms 2025 was characterised by improved stability across most sites. A stronger biological foundation, structured planning and a more selective and targeted approach to treatments resulted in more predictable growth and more resilient fish throughout the sea phase. Total harvest volume reached 28,467 tonnes, up 13.8% from 2024, driven by better planning, improved site utilisation and strengthened harvesting capacity. Biological indicators continued to improve, with lower mortality and more consistent gill-health. Sea lice management focused on gentle treatment methods, while preventive approaches are being evaluated to identify the best solutions for each site. Operational improvements • Continued focus on improving governance, quality, fish welfare, and sustainability – emphasised focus on operating on nature’s terms. • New management system enabling more structured risk management and quality processes across sites. • The new wellboat Njord Kya increased capacity, flexibility and welfare-friendly handling in critical phases. • The investment in TL52 has expanded harvesting capacity and improved operational flexibility, supporting more efficient use of production resources. Outlook The sea farming division enters 2026 with a stronger operational foundation and clearer priorities. The new site Langtaren (4,680 MAB) will contribute to better utilisation and improved productivity from the spring-26 generation. Continued focus on biology-first planning, preventive management and data-driven decisions will support more stable operations across regions. No. Sea farming sites Region MAB 1 Bukkholmen Mid 3,900 2 Espnestaren Mid 4,680 3 Fjølværet Mid 3,900 4 Flatøyan Mid 3,120 5 Gaustad Mid 3,120 6 Heggeset Mid 2,340 7 Hårkallbåen Mid 3,120 8 Ilsøya 2 Mid 3,120 9 Kattholmen Mid 3,120 10 Lamøya Mid 3,120 11 Langtaren Mid 4,680 12 Langøya Mid 2,340 13 Måøydraga Mid 2,340 14 Or Mid 2,340 15 Bjørndal West 3,120 16 Gjerde West 2,340 17 Kvangardsnes West 3,120 18 Orholmen West 3,120 19 Slettvika West 3,120 60,060 Sea farming is the main growth phase in our production model and contributes the largest share of biological and financial risk. REGION MID (PA6) REGION WEST (PA5) ANNUAL REPORT 2025the val ue c ha I n 27
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Service – securing operational readiness and biological resilience In 2025, the service division continued to strengthen our operational readiness through increased fleet capacity, improved technical capability and targeted competence development — supporting safer handling, higher biological stability and more efficient use of infrastructure. Improved technical capacity and preparedness The wellboat Njord Kya, introduced in spring 2025, provided increased capacity for safe transport and treatment operations. Combined with the Havtrans charter extension, this enhanced flexibility during critical phases such as lice management and harvesting logistics. Work continued throughout the year to secure approvals for additional welfare friendly treatment methods, supporting the ambition to reduce stress and optimise handling across sites. Service resources play a central role in maintaining biosecurity barriers, also supporting harvesting operations through coordinated logistics with TL52, improving flow stability and preparing the value chain for higher throughput. Competence and workforce Six vocational exams were completed in 2025 — five in aquaculture technology and one in industrial technology — supporting competence development. The labour market for service vessel personnel remains demanding, but employee surveys show a solid working environment, strong HSE awareness and strong team cohesion. This focus on professional development and stable working conditions strengthens the division’s capacity to retain essential expertise. Health, safety and environment remain core priorities. In 2025, Måsøval as a group has strengthened routines for deviation management, vessel operations and equipment handling — ensuring consistent execution across regions and alignment with group standards. Outlook With strengthened fleet resources, improved technical capability and a competent, aligned workforce, the service division enters 2026 well prepared to support stable production across the value chain. Continued focus on biological risk awareness, welfare- friendly handling and integrated planning with farming and harvesting operations will be key to sustaining predictable operations and long-term value creation, supported by strong service capacity that enables rapid response when conditions change and ensures stable production flows across the value chain. REGION MID (PA6) REGION WEST (PA5) SERVICE SERVICE Service and infrastructure form the backbone of Måsøval’s daily operations. The division ensures that vessels, equipment, technical systems and support functions operate reliably across all sites — enabling stable production, safeguarding fish welfare and reducing operational and biological risk. ANNUAL REPORT 2025the val ue c ha I n 28
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Harvesting and processing – converting biological performance into market-ready products In 2025, Måsøval continued to develop TL52 as a reliable and flexible processing hub, strengthening operational robustness and supporting Måsøval’s commercial ambitions in line with the 2025–2030 strategy. Operational developments at TL52 • Value-added processing – the VAP line was commissioned for testing in the second quarter following required technical upgrades. This enables a broader product portfolio and better utilisation of each harvested fish, supporting more consistent product yield. • Approval for packing for China – TL52 obtained approval for China-packing in the second quarter, strengthening access to air- freight markets and supporting Måsøval’s ambition to be a preferred supplier in key export markets. • Third-party fillet agreement – a new third-party agreement for post- and pre- rigor fillet production ran from the third quarter through year-end, impr oving capacity utilisation and supporting more flexible production planning. Together, these measures strengthen TL52’s role as an integrated part of Måsøval’s value chain, supporting biology-driv en production and more predictable harvesting patterns across regions. Food safety and certifications Food safety and product quality are non-negotiable prerequisites for Måsøval’s position as a responsible salmon producer. In 2025, hygiene performance at TL52 remained strong with no Listeria detections on product recorded throughout the year. A key milestone was TL52’s FSSC 22000 certification in the fourth quarter, confirming that the plant’s food safety management system meets an internationally recognised standard. This strengthens trust with customers and partners, and supports Måsøval’s strategic ambition to be a preferred salmon producer in demanding, regulated markets. Legal processes (Pure Norwegian Seafood) In 2023, Måsøval identified irregularities related to historical frozen salmon sales at Pure Norwegian Seafood AS (PNS). Corrective measures were implemented promptly, including the termination of non-compliant sales, product recalls and the commissioning of an independent investigation. Måsøval subsequently brought a claim for damages under the share purchase agreement against former executives, former board members and minority shareholders. The matter was heard before Trondheim District Court in November 2025, and judgment was rendered in December 2025 in favour of Måsøval. Both parties filed appeals in January 2026, and the outcome of the appeal proceedings remains uncertain. PNS has separately initiated legal proceedings against the same parties. Nordic Halibut option agreement In March 2025, Måsøval and Nordic Halibut (NOHAL) entered into an option agreement granting NOHAL the right to acquire Måsøval’s majority stake in Pure Norwegian Seafood AS (PNS). Concurrently, PNS and NOHAL secured a long-term harvesting agreement, supporting predictable capacity utilisation at the Averøy facility. Subject to agreement being reached with the minority shareholders of PNS, the arrangement would establish a long-term operational solution for the site and support continued value creation across the integrated value chain. Outlook With upgraded processing capabilities, strengthened certifications and improved access to key export markets, harvesting and processing enter 2026 well positioned to support Måsøval’s biology first strategy and commercial ambitions. Going forward, the focus will be on: • maintaining strong food safety performance and certification status • optimizing harvest capacity and logistics in line with biological conditions and marked demand • ensuring close integration across farming, service, harvesting and sales By combining robust biological performance with disciplined harvesting and reliable processing, we aim to deliver consistent, high quality products and strengthen long term value creation. REGION MID (PA6) REGION WEST (PA5) PROCESSING TL52 M168 Harvesting and processing are where biological performance is finally converted into market-ready products. This part of the value chain is critical for securing food safety, maintaining fish welfare at harvest, and realising price potential in demanding markets. ANNUAL REPORT 2025 the val ue c ha I n 29
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Sales and market In 2025, the sales organisation strengthened competence, deepened customer relationships and improved responsiveness to shifting market conditions. Despite price volatility and logistics constraints, the division maintained reliable deliveries throughout the year and contributed to stable flow across the value chain. Commercial performance The sales division maintained a balanced contract strategy, securing long term agreements aligned with operational plans and biological conditions. Key developments include: • Full-year superior HOG supply contract of approximately 1,600 tonnes. • Flexible production quality contract allowing up to three weekly shipments for the full year, improving responsiveness to market demand. • Frozen inventory cleared at a loss, reducing storage risk and improving balance-sheet clarity. This cleanup supports transparent reporting and strengthens the foundation for more balanced inventory management going forward. • Strengthened competence in the air-freight segment through recruitment of an experienced sales resource. Market positioning Throughout 2025, the sales organisation prioritised: • Reliable deliveries – aligning farming, harvesting and processing to secure consistent volumes. • Transparency and market dialogue – sharing information on biological conditions, quality developments and capacity. • Food safety and quality management – in close cooperation with TL52 and processing teams. As global expectations for traceability, biological robustness and responsible handling continue to rise, our integrated model strengthen our position with key customers who value reliability, stability and clear communication. Outlook With improved competence and closer integration, a closer integration with farming and processing, the sales and market division enters 2026 well positioned to support predictable margins and strengthen Måsøval’s role in key global markets. Sales and market operations connect Måsøval’s integrated value chain with customers in global markets. As a fully integrated producer, we combine biological control, harvesting flexibility and processing capability to deliver predictable volumes, consistent quality and transparent market dialogue. ANNUAL REPORT 2025the val ue c ha I n 30
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ANNUAL REPORT 2025people and culture – one måsøval 32
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People and culture – One Måsøval 2025 marked important progress in strengthening governance and further developing One Måsøval. As structural changes introduced in 2024 became anchored in daily operations, collaboration across regions and disciplines continued to grow. As a fully integrated operator from Sunnmøre to northern Trøndelag, our ambition is to build a unified and resilient culture — supported by consistent ways of working and a shared commitment to using our collective strengths more effectively. People and Culture is where strategy becomes practice. Måsøval’s ability to operate on nature’s terms depends on skilled, aligned and committed people across the value chain — from smolt to harvesting, logistics, sales, and administration. ANNUAL REPORT 2025 33 04
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Our people Måsøval’s people are an integral part of our culture and long- term biological, operational and commercial performance. At year-end, the or ganisation comprised 353 employees, reflecting continued growth, strengthened recruitment processes and strong local engagement. We continue to prioritise local hiring in all regions, supporting long term competence, close collaboration with local stakeholders and a strong presence in coastal communities. Culture and working environment The employee survey for 2025 shows a strong sense of responsibility, teamwork, mastery and psychological safety. Systematic role clarification has also enhanced leaders’ clarity and confidence, and employees report high trust in leadership, reflecting a maturing organisational culture that supports both performance and well-being. Safety remains a core priority, and we continuously strengthen routines for systematic deviation handling, cooperation across teams, and proactive HSE work. 2021 2021 2022 2023 2024 2025 132 220 225 300 264 315 303 339 306 353 4.8% 5.0% 4.6% 5.1% 5.8% 2.5% 2.0% 2.2% 2.8% 1.7% 2022 2023 2024 2025 Full-time equivalents (FTEs) Number of employees Total sickness absence Short-term sick leave 400 300 200 100 0 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 2021 2021 2022 2023 2024 2025 132 220 225 300 264 315 303 339 306 353 4.8% 5.0% 4.6% 5.1% 5.8% 2.5% 2.0% 2.2% 2.8% 1.7% 2022 2023 2024 2025 Full-time equivalents (FTEs) Number of employees Total sickness absence Short-term sick leave 400 300 200 100 0 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% ANNUAL REPORT 2025 people and culture – one måsøval 34
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Diversity and inclusion Måsøval remains committed to equal opportunities and non-discrimination. While gender balance has remained relatively stable (75% men / 25% women), diversity and inclusion were prioritised throughout 2025, with a strengthened focus on supporting and attracting more women into a traditionally male dominated industry. Our ethical guidelines emphasise equal opportunities regardless of background or identity, and practical measures are implemented to support inclusive teamwork, parental leave, and supervision of apprentices and new employees. Parental benefits Måsøval – Aquaculture Company of the Year 2025 Måsøval was awarded Aquaculture Company of the Year 2025 by Havfruenettverket (the Mermaid Network), a national organisation with more than 600 members from aquaculture, the fishing industry, research, politics, and media. The award recognises Måsøval’s strong focus on gender balance, diversity, and inclusion. 75% 25% Employees in parental leave 2025 5 24 69 166 3 19 1 4 Total weeks of parental leave Employees returned to work in 2025 Employees in parental leave estimated return to work in 2026 Men Women 200 150 100 50 0 81% 71%75% A Men A Women EM Men EM Women BD Men BD Women 78% 78% 78% 40% 25% 19% 40% 22% 29% 40% 25% 22% 40% 25% 22% 60% 60% 60% 60% 75% 75% 100% 80% 60% 40% 20% 0% 2022 2023 2024 2025 men Women ANNUAL REPORT 2025 people and culture – one måsøval 35
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Gender composition Pay development and equal compensation Salary development has shown a stable and predictable trend over the past three years. Differences between women’s and men’s salaries have narrowed over time, reflecting Måsøval’s continued efforts to ensure fair, transparent and responsibility- based compensation practices. The graph shows salary development for permanent employees from 2023 to 2025. Age composition The age composition has remained broadly stable, with a healthy balance between early-car eer, mid -car eer and experienced employees. The slight increase in employees under 30 and in the 30–50 segment supports long-term competence renewal, while maintaining a solid core of experienced personnel who are essential for biological performance, safety and operational continuity. Employees in parental leave 2025 5 24 69 166 3 19 1 4 Total weeks of parental leave Employees returned to work in 2025 Employees in parental leave estimated return to work in 2026 Men Women 200 150 100 50 0 81% 71%75% A Men A Women EM Men EM Women BD Men BD Women 78% 78% 78% 40% 25% 19% 40% 22% 29% 40% 25% 22% 40% 25% 22% 60% 60% 60% 60% 75% 75% 100% 80% 60% 40% 20% 0% 2022 2023 2024 2025 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 7 11 13 20 29 42 50 58 69 97 166 Total no. of employees with vocational certificates 200 150 100 50 0 Women Men Average salary annual* 2023 2024 2025 Median pay annual Average salary annual* Median pay annual Average salary annual* Median pay annual 2022 2023 2024 2025 100% 80% 60% 40% 20% 0% 25% 17% 19% 17% 35% 33% 47% 45% 40% 50% 34% 38% 643,063 571,873 726,952 663,311 585,750 518,344 653,256 625,278 768,986 705,370 671,328 649,236 Under 30 30-50 Over 50 under 30 30-50 over 50 all employees men executive management women all employees women Board of directors men executive management men Board of directors women 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 7 11 13 20 29 42 50 58 69 97 166 Total no. of employees with vocational certificates 200 150 100 50 0 Women Men Average salary annual* 2023 2024 2025 Median pay annual Average salary annual* Median pay annual Average salary annual* Median pay annual 2022 2023 2024 2025 100% 80% 60% 40% 20% 0% 25% 17% 19% 17% 35% 33% 47% 45% 40% 50% 34% 38% 643,063 571,873 726,952 663,311 585,750 518,344 653,256 625,278 768,986 705,370 671,328 649,236 Under 30 30-50 Over 50 men *permanent employees Women ANNUAL REPORT 2025 people and culture – one måsøval 36
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Learning and competence Competence is a strategic enabler in Måsøval’s 2025–2030 plan. Robust operations depend on clear standards, trained personnel and strong biological and technical insight. In 2025, we expanded training arenas and reinforced leadership and technical capability across the value chain. Investments continued to be made in structured training, improved onboarding, targeted development programmes and strengthened collaboration with vocational schools. Health, safety and environment (HSE) HSE is an integral part of how we learn and grow together. In 2025, we: • expanded learning arenas and cross-site knowledge sharing • increased safety observations • strengthened the role of HSE ambassadors • established regular incident review meetings All our efforts aim to build a more proactive, risk-aware culture where learning from both incidents and normal operations is encouraged and shared. Vocational certificates Måsøval reached an important milestone in 2025: 166 employees now hold vocational certificates, up from 97 in 2024 — and only 5 in 2014. This long term effort reflects strong commitment to building internal capability and ensuring skilled personnel in all operational roles. Total no. of employees with vocational certificates 2021 2022 2023 2024 2025 Injuries resulting short-term absence 5 5 1 9 10 Injuries resulting in an absence of more than 16 days 3 2 0 6 6 Injuries resulting in death 0 0 0 0 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 7 11 13 20 29 42 50 58 69 97 166 Total no. of employees with vocational certificates 200 150 100 50 0 WomenMen Average salary annual* 2023 2024 2025 Median pay annual Average salary annual* Median pay annual Average salary annual* Median pay annual 2022 2023 2024 2025 100% 80% 60% 40% 20% 0% 25% 17% 19% 17% 35% 33% 47% 45% 40% 50% 34% 38% 643,063 571,873 726,952 663,311 585,750 518,344 653,256 625,278 768,986 705,370 671,328 649,236 Under 30 30-50 Over 50 ANNUAL REPORT 2025people and culture – one måsøval 38
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Local roots and community Måsøval is deeply connected to the coastal communities where we operate. In 2025, we continued to contribute to safe, active and inclusive local environments through support for initiatives benefiting children, youth and the wider community. Partnerships with schools, cultural institutions and volunteer organisations help build knowledge, participation and pride in coastal industries. By sharing insights into salmon farming and coastal industry, we help foster understanding of our value chain and inspire interest in ocean-based industries among the next generation. A total of NOK 709,896 was distributed to local initiatives across our 11 host municipalities — including sports facilities, cultural projects, youth programmes and community associations. These contributions reflect our belief that strong communities and strong workplaces grow together, a central ambition of Måsøval’s long-term strategy. Talent programme The third class of our talent programme completed its year-long journey in autumn 2025, focusing on leadership, collaboration and improvement capability. 16 new participants were admitted to the 2026 programme, ensuring continuity in leadership development and internal succession planning — core components of Måsøval’s long term strategy. Dana Cup, Ørsta IL Klippfiskdagan, Ramsailt Dugnadsgruppe Kystkulturdagen, Hitra Frivilligsentral Arild Stordahl – Experienced and always learning Arild Stordahl, based in Hamarvik and turning 50 this year, recently completed his vocational certificate as an industrial mechanic after many years in aquaculture. He has worked in the industry since 1999 and is known for his steady presence and practical problem-solving skills. Outside of work, Arild enjoys spending time at his cabin, fishing and appreciating the quiet. What led you to aquaculture? “I’m not entirely sure — but I’ve been here since 1999, I think,” he says with a smile. What motivates you? “Good pay and good colleagues.” Arild plays an important role in keeping equipment, boats, and feed barges running with minimal downtime. Through this reliability and hands-on expertise, he directly supports Måsøval’s strategic goals of safe operations, strong performance, and continuous improvement. ANNUAL REPORT 2025people and culture – one måsøval 39
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Sustainability Måsøval’s sustainability report is prepared using a simplified framework aligned with the ESRS standard and highlights the areas where the company has the greatest impact. Sustainability is embedded in the company’s strategy, which is founded on operating on biological terms. This principle shapes all activities and underscores that long-term value creation depends on responsible biological, environmental and social performance. ANNUAL REPORT 2025 41 05
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Sustainability governance is anchored at Board level, and the company operates under policies covering environment, human rights, supplier ethics, traceability and the Code of Conduct. The sustainability report provides a more detailed account of how Måsøval works across environmental, social and governance topics, the effects of implemented measures, and the plans for further improvement. A double materiality assessment from 2024 forms the basis for the Group’s priorities. It reflects stakeholder expectations and supports risk management, ensuring that Måsøval focuses on the sustainability topics most critical to both the company and society. The assessment identified three topics as carrying the highest combined likelihood and impact: climate change mitigation, impacts on species condition, and fish welfare. These are not peripheral concerns — for an aquaculture company operating in coastal ecosystems, they are directly linked to biological performance, licence to operate and long- term value creation. On climate, Måsøval recognises both its responsibility to reduce its own emissions and its exposure to physical climate risks. Changing sea temperatures, increased sea lice pressure, extreme weather events and shifts in feed availability represent material risks to operational continuity and profitability. Reducing Måsøval’s contribution to climate change and building resilience against its effects are therefore treated as interdependent strategic priorities. On species condition, Måsøval’s operations interact with coastal ecosystems across its production regions. Managing this impact responsibly — through site selection, fallowing practices and reduced biological footprint — is central to the company’s environmental stewardship and its long-term access to productive locations. On fish welfare, Måsøval’s biology-first strategy places the health and welfare of its fish at the core of operational decision-making. Strong welfare outcomes are not only an ethical obligation but a prerequisite for consistent biological performance, product quality and customer trust. Strengthening performance across all three priority areas is viewed as essential for resilience, competitiveness and responsible growth. ANNUAL REPORT 2025 sustaInaBIlIt y 42
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★ Highest-priority topics identified in the 2024 double materiality assessment (high likelihood and high impact on both dimensions). Full assessment available in Måsøval’s sustainability report. Double Materiality Assessment (DMA) ANNUAL REPORT 2025 sustaInaBIlIt y 43
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Corporate governance Måsøval’s governance model is designed to ensure responsible operations, transparent decision making and effective risk management across the value chain. As a fully integrated salmon producer operating in a complex regulatory environment, sound corporate governance is essential for maintaining stakeholder trust, supporting long term value creation and enabling stable biological and financial performance. Our governance framework builds on clear roles, structured follow up, established internal controls and a commitment to openness. We adhere to applicable laws and regulations, including Norwegian corporate legislation, stock exchange requirements and recognised principles for good corporate governance. ANNUAL REPORT 2025 45 06
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Governance model Quality assurance and food safety Måsøval’s governance model defines responsibilities and reporting lines across the Board of Directors, executive management and operational units. The model reflect our integrated value chain and support strategic execution by ensuring consistent standards across smolt, farming, service, processing and sales. Key elements of the governance model include: • Board responsibility for strategy, oversight and risk – with regular follow up on biological performance, financial results, investment decisions and sustainability. • Clear management accountabilities – each member of the executive team is responsible for defined operational or functional areas, aligned with strategy 2025–2030. • Structured internal controls and deviation handling – ensuring compliance with regulatory requirements, food safety standards and financial reporting rules. • Consistent decision lines across the organisation, reflecting our operating model One Måsøval. • Integration of risk management in planning, budgeting, biological forecasting and investment processes. Måsøval’s quality assurance and food safety framework is an integral part of our corporate governance model. In 2025, we strengthened system support, internal controls and compliance processes across the value chain to ensure predictable operations, responsible handling and robust regulatory alignment. Integrated corporate governance – OptiMa The transition to a process-based governance structure continued in 2025 with the implementation of OptiMa (Landax) as Måsøval’s unified management system. The system provides clearer processes, consolidated documentation and more consistent follow up across smolt, farming, service, harvesting and processing. Key developments included: • Strengthened deviation reporting and learning processes • Integration of the maritime safety management system in the same platform • A more systematic approach to customer feedback • Establishment of a quality forum to support managers and reinforce internal controls A system audit by the Norwegian Food Safety Authority confirmed that quality assurance is developing in the right direction. Food safety governance Food safety is embedded throughout the value chain, supported by structured standards, audits and competence development. In 2025 we: • Achieved FSSC 22000 certification for Måsøval Harvest (TL52), strengthening our compliance with recognised food safety standards • Established a corporate food safety team to coordinate initiatives and ensure alignment across business areas • Maintained high hygiene performance at TL52, with no Listeria detections Looking ahead In 2026, focus will remain on further integration of OptiMa, strengthened internal audits, ongoing food safety improvements and a simplified alignment with ESRS. Consistent standards and transparent processes will continue to support responsible operations and long term value creation. ANNUAL REPORT 2025 corpora te governance 46
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Board of Directors The Board of Directors is responsible for overseeing Måsøval’s strategic direction, financial performance, risk management and overall governance framework. The Board works closely with management to ensure long term value creation and responsible operations across the value chain. Responsibilities include: • Strategy approval and long term direction • Oversight of biological performance and operational risk • Monitoring financial results, capital allocation and major investments • Follow up of ESG and sustainability work • Ensuring effective internal controls and governance systems • Appointing and evaluating the CEO Lars Måsøval Chair of the Board Lars holds a craft certificate in aquaculture and represents the third generation of fish farmers in the Måsøval family. He has been involved in the company his entire life and worked as an aquaculture technician until 2004. In 2011, he assumed the position of CEO, a role he held until 2015. Since then, he has served as Chair of the Board. Lars and his daughter Synne own the majority of Måsøval together with his brother, Anders Måsøval. Kari Skeidsvoll Moe Director Kari Skeidsvoll Moe holds law degrees from the University of Oslo and Humboldt Universität zu Berlin, and a postgraduate diploma in EU competition law from King’s College London. She has experience from private practice and board roles in listed and unlisted Norwegian companies. Previous roles include EVP General Counsel and Head of Administrative Staff at TrønderEnergi, and Legal Counsel and Vice President at Norsk Hydro ASA. She is currently EVP Assets & Development at Aneo. Ola Loe Director Ola Loe holds a master’s degree in accounting and auditing from the Norwegian School of Economics (NHH). He has over 35 years of experience in aquaculture, finance and management. He served as CFO at Norway Royal Salmon for 13 years and is currently Director of Investment at Heimstø. Earlier in his career he worked as an auditor at KPMG and Arthur Andersen & Co, and audited several listed companies, particularly in the seafood industry. Board composition ANNUAL REPORT 2025 corpora te governance 48
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Nina Santi Director Nina Santi is a veterinarian by education and holds a Ph.D. in aquatic medicine. She has worked with the aquaculture industry for more than 20 years, and held several key positions, including CEO of AquaGen, a global salmon breeding company. Nina Santi has broad board experience within aquaculture, contributing to strategic oversight, growth initiatives, and governance perspectives. Roger Granheim Director Roger Granheim has a diploma in economics from BI and has completed a management program from AFF/ Solstrand. He is now CEO of Quatre AS and holds several board positions in various industries. Previously, Granheim has, among other things, been CEO of Frøy Kapital AS, Torghatten ASA, Fosen ASA and ErgoRunit AS. Martin Staveli Deputy director Martin Staveli has a master’s degree in business administration and auditing from Copenhagen Business School (CBS) and more than 15 years’ experience in mergers & acquisitions, and transaction-related industries. Martin is currently an Investment Director at Heimstø. He has also held leading positions in aquaculture, food, and energy industries. ANNUAL REPORT 2025corpora te governance 49
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Executive management The executive management is responsible for executing Måsøval’s strategy, ensuring operational performance, implementing governance structures and maintaining high standards of fish welfare, HSE, food safety and financial discipline. Their mandate includes daily operations, strategic initiatives and cross-functional collaboration throughout the value chain. Helge Kvalvik CEO Helge holds a Master of Science degree in marine technology from the Norwegian University of Science and Technology (NTNU) and a graduate degree in finance from NHH. He has extensive executive leadership experience. Prior to joining Måsøval as CEO in 2023, he served as CEO within the shipping sector for more than ten years. Anders Hagestande CFO Anders holds a master’s degree in finance from NHH. Before joining Måsøval in 2023, he gained broad experience within the aquaculture sector, having served as a financial controller and CFO in companies spanning the seafood value chain. Henny Førde Head of Biology, Planning and ESG Henny holds a master’s degree in marine biology and aquaculture from NTNU and has been part of Måsøval since 2014. She has previously served as an Operations Technician, Biological Controller, Production Planner and Head of Sales and Logistics. Her current role has been held since 2023. ANNUAL REPORT 2025 corpora te governance 50
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Lars Jørgen Ulvan Head of Smolt Lars Jørgen holds a cand.scient. degree in Marine Resources and Aquaculture from NTNU. Throughout his career, he has served in a range of leadership positions within land based production of multiple marine species. He joined Måsøval in 2019 as Head of Smolt. Harry Osvald Hansen Head of Sea-Based Farming Harry holds a craft certificate in aquaculture and education in fisheries technology. With more than 30 years of experience in the aquaculture industry, he has built broad expertise in both feed production and fish farming. Before joining Måsøval, he spent ten years at BioMar in roles spanning research, development, and market. He has served as Head of Farming since 2010. Ingar Kyrkjebø Head of Service Ingar holds a bachelor’s degree in Aquaculture and a teaching qualification, with operational management experience from Hydro Seafood and Marine Harvest and a background in aquaculture education. Since joining Måsøval in 2014, he has held key roles across quality, operations, and production, and has served as Head of Service since 2019. Sandra Holm Head of People & Culture Sandra is a registered nurse with an MBA, specialising in sustainable aquaculture strategy. She built her career across the public sector and aquaculture, with expertise in HR and leadership, before joining Måsøval as Head of People & Culture in 2023. Remy Strømskag Head of Sales & Processing Remy holds a bachelor’s degree in marine engineering from the Norwegian University of Science and Technology (NTNU). Prior to joining Måsøval in 2023, he served as the Factory Director at Nutrimar AS. He also gained valuable sales experience during his tenure at SalMar ASA. ANNUAL REPORT 2025 corpora te governance 51
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Investor relations (IR) Måsøval is committed to transparent, reliable and timely communication with investors, analysts and the capital market. Investor relations aim to ensure that all market participants have equal access to relevant information. Key elements of IR practice include: • Quarterly and annual reporting in line with stock exchange requirements • Open and consistent communication on biological, operational and financial performance • Clear explanations of drivers behind results, risks and outlook • A financial calendar with planned reporting dates • Dedicated IR contact point for market enquiries The IR function works closely with management and relevant departments to ensure high quality disclosures and fact based market communication. All notifications issued to the stock exchange are accessible through the company’s website, www.masoval.no, on the Oslo Stock Exchange’s news site, www.newsweb.no, and via new agencies. Responsibility for shareholder communications between general meetings rests with the CFO. Financial calendar Share price development The Måsøval share ended 2025 at NOK 25.90, down 6.2% from NOK 27.60 at the beginning of the year. During the year, the share traded within a wide range, from a high of NOK 29.00 on 30 January to a low of NOK 20.00 on 30 May. This reflects volatility in the stock market in general and lower- than -e xpected salmon spot prices during the year, as indicated by a downward shift in the forward price curve, particularly in the first half of the year. Måsøval’s vertically integrated business model, operational efficiency and proactive regulatory engagement have helped position the company for long-term value creation despite continued external uncertainty. The Board resolved to suspend dividend payments for 2025. Technical information As at 31 December 2025, Måsøval AS had 122,508,455 shares outstanding, each with a nominal value of NOK 0.25, and a total of 1,062 shareholders. Date Events 2026-04-16 Annual report 2026-05-21 Quarterly report - Q1 2026-06-04 Annual general meeting 2026-08-27 Half-yearly report 2026-11-17 Quarterly report - Q3 2025-01-02 35 30 25 20 15 10 5 0 2025-11-022025-09-022025-07-022025-05-022025-03-02 ANNUAL REPORT 2025 corpora te governance 52
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IR contact at Måsøval Anders Hagestande, CFO anders.hagestande@masoval.no +47 41 58 21 38 Company name: Måsøval AS Organisation number: 933.792.854 MVA Ticker: MAS ISIN: NO0010974983 Listed on Euronext Growth Oslo ANNUAL REPORT 2025corpora te governance 53
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Board of Directors’ report Introduction 2025 was the first year of Måsøval’s new 2025–2030 strategy, marking a shift from scale-focused growth to a more focused and disciplined operating model built around biological performance, operational resilience and sustainable value creation. From the Board’s perspective, the Group has made tangible progress in strengthening its operations, governance framework and strategic focus. Entering 2026, Måsøval is supported by a more robust biomass position, improved operational capacity and a clearer strategic direction. The Group’s integrated value chain — from smolt to sales — continued to provide operational flexibility, improved learning, and a coherent framework for managing biological and commercial risk. The Group’s activities Måsøval is a responsible producer of high-quality salmon, headquartered on the Island of Frøya in Trøndelag, Norway. Måsøval’s value creation is driven by the intersection of natural resources, skilled employees, knowledge, and technology, as reflected in the vision: “Made by nature – Pioneered by Måsøval”. For more than 50 years, Måsøval has been committed to environmental sustainability, social responsibility, and continuous improvement. These principles have been fundamental to the Group’s success and will continue to shape future growth. The Group’s farming operations are divided into three divisions: Mid (Production Area 6), West (Production Area 5) and co-location. Måsøval operates its own farming licenses in region mid and west, with a maximum allowable biomass (MAB) of 12,694 tonnes. Revenues and profit from smolt production and services are allocated to the farming divisions. Måsøval also collaborates with five external partners through co-location agreements, with a minimum combined MAB of 5,553 tonnes. The Sales and processing segment comprises the fully owned harvesting plant TL 52 on Hitra, the sales company Måsøval sales, located in Ålesund and the 65% owned harvesting company Pure Norwegian Seafood, located at Averøya. Significant events in 2025 • Corprorate structure. In January the group reorganized its structure through a demerger and triangular process. As a result, Måsøval AS has become a pure holding company after the aquaculture licenses were transferred to Måsøval Lisens AS, while employees and operational assets were transferred to Måsøval Drift AS. The restructuring increases regulatory clarity, aligns licence-holding and operational entities, and supports the Group’s strategy. The restructuring was completed without operational disruption and does not affect the Group’s consolidated financial statements. • Amendment and Extension of Senior Bank Financing. Måsøval exercised an option under its senior bank financing of MNOK 1.900 whereby the termination date has been extended from 27 February 2027 to 28 February 2028. In connection with the extension, Måsøval and the lenders have agreed to amend the requirement to interest cover ratio from 4.0X to no less than 3.0x, effective from Q1 2025. The permitted finance lease facility also increased from MNOK 400 to MNOK 600. • New strategic framework 2025-2030. The new strategic direction places biology as the defining premise while considering macroeconomic trends and regulatory uncertainty. The goal is to capture more operational value as a fully integrated producer and secure sustainable, long-term growth by improving fish welfare, strengthening biological performance, and reducing environmental impact. • Agreement between Nordic Halibut and PNS. March 12 Nordic Halibut entered into an agreement with PNS that secures Nordic Halibut exclusive access to long-term harvesting capacity at PNS. Moreover, an option agreement has been signed with Nordic Halibut that gives Nordic Halibut the right to take over the ownership of PNS, contingent that an agreement also will be made with minority shareholders in PNS. • Increased treatment capacity. Måsøval strengthened its biosecurity and fish handling by taking delivery of the well boat Njord Kya in April. Also extending the time charter on Frøy Havtrans from 2027- 2029. These measures not only increased capacity for lice control but also enabled new methods for delousing, handling, transporting, and sorting of fish. • Regulatory changes. 10 April the Norwegian government proposed key regulatory changes to aquaculture in a white paper named “The future of aquaculture/ Havbruksmeldingen”. The white paper on Aquaculture outlines a significant shift toward regulating aquaculture on actual environmental impact, particularly the effect of sea lice from salmon farming on wild salmon. 12 June the Norwegian parliament adopted the main principles of “The future of aquaculture/ Havbruksmeldingen”, however the Parliament requested further studies on actual environmental impact before any new regulation is implemented. The outcome and timeline for a new regulatory framework remain uncertain. Måsøval is actively engaged in the process through direct input and collaboration with industry organizations, and at the same time preparing for a range of possible regulatory outcomes. • New education license. Won tender process to operate educational license on behalf of Møre and Romsdal County Council. Fixed lease model with capacity of 780 tonnes MAB and a 10-year duration. Commenced production on license august 2025. • Contract with Nekton Settefisk. Måsøval signed long term smolt contract with Nekton Settefisk. Contract volume is 2.4 million smolt with an average weight of 250 gram from 2027-2032. Relationship with Nekton since 2006 and is operationally well integrated with Måsøval farming operations. ANNUAL REPORT 2025 corpora te governance 55
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• Legal proceedings involving Pure Norwegian Seafood and its shareholders. Måsøval AS, which acquired a 65% stake in Pure Norwegian Seafood AS (PNS) in 2021, identified irregular sales of frozen salmon not fit for human consumption in 2023. Appropriate remedial actions were implemented, including the termination of non-compliant sales, product recalls, and the initiation of an independent investigation. Måsøval brought a claim for damages arising from a share purchase agreement against former executives, former board members, and minority shareholders. The matter was heard before the Trondheim District Court in November 2025. The District Court has completed its proceedings, and a judgment was rendered in December 2025 in favour of Måsøval. The judgment has been appealed by both the counterparty and Måsøval in January 2026. Furthermore, PNS has independently initiated legal proceedings against former executives, former board members, and minority shareholders. Fish health and welfare Fish health and welfare remain top priority for the Group, underpinning its commitment to ethical and responsible farming practices. Maintaining strong biological control, reducing mortality, and preventing disease are essential to both operational efficiency and responsible animal care. Måsøval continues to refine fish health management across the entire production cycle, with a strategic focus on: • Reducing mortality rates. • Optimizing biomass growth to minimize time in open net pens. • Strengthening measures against sea lice. • Enhancing biosecurity and disease prevention. • Ensuring stable water quality in smolt and postsmolt facilities. • Improving smolt and post-smolt robustness. • Advancing risk management systems. Projects are systemized and prioritized in the new strategic framework and integrated in daily operations. During 2025 the company faced biological conditions with higher sea temperatures in the summer and autumn period than normal, resulting in a higher sea lice pressure than normal, especially in region mid. Despite challenging environmental conditions, the mortality rate per treatment was reduced. A key factor for reduced treatment mortality was the new well boat Njord Kya which increased handling capacity and provided new tools to treat sea lice. The group maintained a high level of biosecurity, with no ISA incidents during the year. Although facing three cases of Pancreas Diseaes (PD) in 2025 the severity on fish welfare and biological performance was reduced compared to previous incidents of PD due to successful vaccination program. Operational and financial performance Statements of the annual accounts The Board of Directors presents the annual accounts for Måsøval AS for the year ending 31 December 2025. The parent company Måsøval AS’ accounts are made according to Norwegian Generally Accepted Accounting Principles (NGAAP). The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU, and relevant interpretations that are mandatory for annual financial statements presented as of 31 December 2025. The Income Statement The Group achieved a turnover of MNOK 2.963 in 2025, compared to MNOK 2.698 in 2024. The Group’s operational EBIT was MNOK 49 (2024: MNOK 342). The Group’s annual net profit was MNOK -78 (2024: MNOK 157). In 2025, the Group had financial expenses of MNOK 207 (2024: MNOK 145). The net of financial items was a cost of MNOK 174 in 2025 (2024: MNOK 141). The Fish Farming Segment At the end of 2025, the Group operated licences with a total MAB of 18,247 tonnes. This included 2,433 tonnes through co-location with Frøy Havbruk AS, 1,560 tonnes with AquaGen AS, 780 tonnes with Trøndelag County and 780 tonnes with Møre and Romsdal County. During 2025 the Group also produced on licences for Bjørøya. The segment harvested 28,467 tonnes in 2025 (25,058 tonnes in 2024). The segment achieved an operational EBIT per kilogram of NOK 4.4 for the harvested volume (NOK 20.4 in 2024). The Sales and Processing Segment In March, the Group entered into an agreement with Nordic Halibut that secures Nordic Halibut long-term harvesting capacity at PNS, and at the same time Måsøval and Nordic Halibut have entered into an option agreement that gives Nordic Halibut an opportunity to take over ownership of PNS. The prerequisite for such a change of ownership and a long-term solution for continued operations on Averøy is that acceptance and agreement are also reached with the minority shareholders in PNS. From May to December the harvesting plant TL52 operated VAP production on behalf of another fish farmer. As a result of realised losses on the sale of frozen fish, start- up costs for TL52, and integration costs related to Måsøval Sales, the segment reported a negative EBIT of MNOK 28.7, an improvement from the negative MNOK 77 in 2024. Sales volume increased substantially in 2025 to 31,595 GWT, compared to 25,224 GWT in 2024 with growth in internal volumes and increased trading activity. Consolidated Statement of Financial Position At the end of 2025, the Group’s total assets stood at MNOK 5,075, representing a decrease from MNOK 5,242 at the end of 2024. The decrease is primarily attributed to lower receivables, which decreased from MNOK 510 in 2024 to MNOK 216. The Group’s value of biological assets was MNOK 1,011 at year-end, somewhat lower than MNOK 1,093 at end of 2024. Bank deposits amounted to MNOK 103 at the end of 2025, an increase from MNOK 21. As of 31 December 2025, the Group’s net interest-bearing debt was MNOK 1,879, a decrease from MNOK 2,169 at the end of the prior year. The decrease in interest bearing debt is linked to lower accounts receivables and lower investment level. The group’s intangible assets consist of licenses related to aquaculture and goodwill in connection with the acquisition of businesses. The licenses are required to be able to engage in aquaculture activities. ANNUAL REPORT 2025 corpora te governance 56
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Consolidated Statement of Cash Flows Throughout 2025, the Group generated a positive cash flow from operating activities amounting to MNOK 614, an increase from MNOK 77 in 2024. The large discrepancy in cash flow compared to operating EBIT is mainly due to a significant reduction in accounts receivable. Taxes paid in 2025 was MNOK 57, compared to MNOK 168 in 2024. The Group’s net cash flow used on investing activities in 2025 amounted to MNOK 110 (MNOK 164 in 2024). The primary investments were directed towards farming equipment at sea. Cash flows used on financing activities amounted to negative MNOK 422 in 2025, compared to MNOK 98 in 2024. Going concern The board of Måsøval AS confirms that the annual accounts have been prepared based on the going concern assumption in accordance with the Accounting Act §3-3a. This is justified by the Group’s results, financial position, and budgets. Events after the balance sheet date Ownership Review Initiated Major shareholder Heimstø AS has initiated a strategic review of its ownership in Måsøval AS. Heimstø AS controls approximately 70% of the shares in the company. The strategic review does not involve a decision to proceed with a transaction; rather, a process has been initiated to assess and explore various ownership- related alternatives. CEO steps down On 25 March 2026, Helge Kvalvik informed the Board of Directors of his intention to step down as CEO of Måsøval AS. By agreement with the Board, Kvalvik will continue in his role until 30 June 2026 to ensure a smooth and orderly transition. Operational risk and risk management Måsøval operates in a dynamic environment where biological, regulatory, and market factors pose inherent risks. Biological risks associated with sea-based salmon farming remain the most significant, including challenges such as smolt quality, disease outbreaks, mortality, sea lice, and environmental variability. These risks require continuous attention, robust contingency planning, and proactive mitigation. Risk management is a core responsibility of the executive management team. Key risk factors are continuously monitored across all business areas, with external audits (e.g., GlobalGAP certification) and internal site and facility audits ensuring compliance with quality protocols and regulatory requirements. To mitigate biological risks, Måsøval distributes smolt across multiple, biologically independent sites and maintains a strategic approach to production planning. The strategic framework provides a fundamental framework for risk management and planning. Political and Regulatory Risk The Norwegian aquaculture industry operates under a highly regulated framework, with policies affecting licensing, taxation, environmental compliance, and operational management. In 2023, the resource rent tax was introduced at a rate of 25%, targeting salmon farming operations on commercial licenses at sea. While the rate was adjusted from an initially proposed 35%, continued political discussions surrounding taxation policies created uncertainty regarding potential future changes. Beyond taxation, the regulatory landscape is becoming increasingly complex. Authorities are implementing stricter environmental and fish health measures; the government white paper particularly addresses sea lice control and escape prevention. Måsøval remains proactive in regulatory compliance, maintaining continuous dialogue with administrative bodies and actively participating in industry discussions to ensure a stable and predictable operational framework. Financial Risk and Risk Management Måsøval is exposed to several financial risks, including but not limited to currency, interest rate, credit, and liquidity risks. The Group actively monitors its financial exposure and has implemented procedures to mitigate risks to acceptable levels. The Group has board liability insurance which covers Board of Directors, CEO, and executive management. • Currency Risk: The Group generates revenue in multiple currencies, primarily through its sales subsidiary, Måsøval Sales AS. Foreign exchange fluctuations impact financial results, and the company mitigates this exposure by maintaining currency accounts and hedging fixed-price contract revenues through forward contracts. • Interest Rate Risk: The Group’s debt structure consists primarily of floating interest rate loans, which is thus sensitive to interest rate fluctuations. While this provides flexibility, the Group continuously assesses opportunities to optimize its financing structure, including the use of fixed-rate instruments when appropriate. • Credit Risk: The majority of Måsøval’s credit exposure stems from sales activities. The Group actively monitors customer creditworthiness and utilises credit insurance to mitigate default risk. • Liquidity Risk: The Group’s short-term liquidity is influenced by fluctuations in harvested volumes and salmon prices, while long-term liquidity can be impacted by biological performance and market fluctuations. Måsøval maintains a strong focus on liquidity management, ensuring access to sufficient financing to support growth and operational stability. Internal Controls Måsøval has implemented a comprehensive system for internal control, ensuring financial and operational integrity. During 2025 the group developed a new internal control system called OptiMa (Landax EQS) that merged a system for farming, harvesting and sales into one coherent system. Regular reconciliations of balance sheet items and key performance indicators enable early detection of deviations, supporting a proactive approach to risk mitigation. Monthly reviews and reporting procedures ensure that management maintains full oversight of financial performance and operational risks. Through strategic investments, operational improvements, and enhanced risk management measures, Måsøval continues to build resilience, ensuring sustainable growth. ANNUAL REPORT 2025 corpora te governance 57
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Organisation, sustainability and social responsibility Måsøval remains committed to sustainable food production, aligning with both national and international sustainability initiatives, including the UN’s Sustainable Development Goals and the EU’s taxonomy. Sustainability efforts extend across the group, covering environmental, social and governance (ESG) topics. Community contributions remain key focus, with Måsøval supporting local initiatives that benefit children and young people, promoting local employment, and prioritizing responsible sourcing. Local presence and recruitment remain central to the Group’s operations, supporting rural value creation and long-term community partnerships. Fundamental Human Rights Måsøval upholds fundamental human rights throughout its value chain, guided by the Norwegian Transparency Act. In June 2025, the Group published an updated Transparency Act statement, outlining ongoing due diligence and risk management efforts to uphold ethical business practices. The updated statement will be published on our website, www. masoval.no, by the end of the second quarter each year. The Group also maintains a whistleblowing channel and routines to ensure that concerns related to ethical conduct or misconduct can be reported and followed up confidentially Work Environment The annual employee survey shows a positive working environment, with strong results in teamwork, trust in leadership, and psychological safety. The proportion of women in the workforce slightly increased to 25%. At year-end The Group’s executive management comprises seven men and two women, while the Board consists of two women and three men. Måsøval continues to promote gender equality and ensure a safe, inclusive work environment. In 2025 the group was awarded the “Havfrueprisen” as a recognition of this work. The Group is working systematically to meet statutory requirements, reduce the gender pay gap, and increase female representation in key roles. HSE remained a priority throughout the year. The number of injuries was stable compared to 2024, while sickness absence increased to 5.67% (2024: 5.1%). The Board continues to emphasise preventive measures, incident reporting and learning across the organisation. In 2025 three reported incidents led to short-term absence, while five resulted in absence longer than 16 days. While no injuries resulted in fatalities, the increase in sickness absence and injuries resulting in long-term absence highlights the need for further attention to health, safety and well-being. The Group maintains a strong focus on incidents reporting, near- track reporting and proactive safety measures, to learn from reported incidents. Equal pay for equal work remains a fundamental principle at Måsøval, with structured salary scales based on experience, tenure, and education. From 2024 to 2025, the average salary for male employees increased by 5.78%, from NOK 726,952 to NOK 768,986, while the average annual salary for women increased by 6.3%, from NOK 663,311 to NOK 705,370. The median annual salary for men increased by 2,7%, from NOK 653,256 to NOK 671,328, and for women, it increased by 3,8%, from NOK 625,278 to NOK 649,236. The salary gap between men and women has narrowed in 2025, compared to 2024. The average salary difference decreased slightly from 63,641 in 2024 to 63,616 in 2025, while median salary difference decreased from 27,978 in 2024 to 22,092 in 2025. Differences still persist, the primary stem from the lower proportion of women in managerial positions. However, we continue to actively recruit, train and promote female employees into leadership roles, with positive results the last years. Sustainability and environment This year, Måsøval’s sustainability reporting has been further developed, with a dedicated report providing greater depth across the company’s material sustainability topics. The report is structured in accordance with a simplified ESRS framework, based on a double materiality assessment conducted in 2023–2024, and covers environmental, social and governance matters. Sustainability is integrated throughout Måsøval’s group-wide strategy towards 2030, and progress is monitored annually through defined KPIs. The Board of Directors holds overall responsibility for sustainability governance and has approved the report. Donations of NOK 709,896 supported local communities across the municipalities the Group operates in. No environmental incidents occurred that change the Board’s assessment of environmental impact. Market conditions and the prospects ahead In 2025, the global supply of farmed Atlantic salmon grew by 11% from 3.47 million tonnes WFE/year to 3.87 million tonnes WFE/year. The high supply growth resulted in considerable lower market prices in the spot market than the year before. Measured by the SSI, the average price for superior salmon in 2025 was NOK 78.26, compared to NOK 94.98 in 2024. Spot prices fluctuated significantly throughout the year, with a weekly high of NOK 130,86 in week 1 and a weekly low at 53.13 in week 31. Looking ahead, the seafood analyst Kontali Analyse currently estimates that global supply will increase by 2.2 % in 2026 compared to 2025. This is considered moderate and lower than normalized demand growth. However, potential changes in customs and tariffs between major seafood markets may negatively affect end consumer demand and trade flows, which could in turn put downward pressure on salmon prices. The most important cost driver for Måsøval as a fish farmer remains biological performance. During the fourth quarter of 2025, although the group experienced head winds from high sea lice pressure the group was able to produce 16% more than same quarter last year, which reduced cost on biomass held at sea year end compared to last year. The group ended with higher biomass at year end than last year. Feed prices could be impacted from the economic consequences of closure of the Hormuz strait on commodity markets relevant to feed. Måsøval guides a harvest volume of 27,200 GWT in 2026, and the Group estimates a CapEx level of MNOK 200 for the year. Statement of responsibility The Board of Directors and the CEO confirm that the 2025 financial statements have been prepared in accordance with IFRS as adopted by the EU and provide a true and fair view of the Group’s and the parent company’s financial position and performance. The Board of Directors’ Report provides a balanced and comprehensive review of significant events, performance, risks and uncertainties relevant to the Group’s operations. ANNUAL REPORT 2025 corpora te governance 58
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Financial statement of Måsøval AS The final step in the reorganisation of the Group was completed in January 2025. With effect from 1 January 2025, Måsøval AS became a holding company, and all activities were transferred to other Group companies. Total operating revenues decreased to MNOK 30.7 in 2025 from MNOK 1,811 in 2024. Operating expenses amounted to MNOK 38.3, resulting in a negative operational EBIT of MNOK 7.6. Måsøval AS received group contributions of MNOK 25.7 and had net financial expenses of MNOK 2.6. Total tax income for 2025 was MNOK 11.9. Net profit for 2025 for the parent company Måsøval AS was MNOK 1.7. Net cash outflow from operating activities was MNOK 112, compared to a net cash outflow of MNOK 40 in the previous year. Cash flow from operating activities was strongly affected by tax payments in both 2025 and 2024 related to adjusted tax assessments for 2022 and 2023. Måsøval AS recognised total assets of MNOK 3,945 at year end. Total non current assets amounted to MNOK 1,865, and total current assets to MNOK 2,080. Included in non current assets were investments in subsidiaries of MNOK 1,832. Equity totalled MNOK 1,646 at year end, corresponding to an equity ratio of 41.7%. Non current liabilities amounted to MNOK 1,425, and current liabilities to MNOK 874. The profit is proposed to be allocated as follows: • Transferred to other equity NOK 1,700,798 • Total allocations NOK 1,700,798 The Board of Directors proposes no dividend for 2025 but will re evaluate dividend distribution during 2026. Lars Måsøval Chair of the Board Roger Granheim Director Kari Skeidsvoll Moe Director Ola Loe Director Nina Santi Director Helge Kvalvik CEO ANNUAL REPORT 2025corpora te governance 59
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Financial statements / 63 Consolidated financial statement of Måsøval Group / 71 Notes to the financial statement of Måsøval Group / 103 Alternative performance measures of Måsøval Group / 105 Financial statement of Måsøval AS / 111 Notes to the financial statement of Måsøval AS / 126 Independent Auditor’s report ANNUAL REPORT 2025 61 07
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Consolidated financial statement of Måsøval Group / 64 Profit or loss / 65 Other comprehensive income / 66 Financial position: assets / 67 Financial position: equity and liabilities / 68 Cash flows / 69 Changes in equity ANNUAL REPORT 2025FInancIal st atements 63
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Note 2025 2024 – Restated*) (All figures in NOK 1,000) Operating revenue – sale of salmon 6 2,345,804 2,233,784 Other operating income 6 617,591 464,597 Total operating revenue 6 2,963,394 2,698,381 Cost of goods sold 1,752,813 1,341,312 Employee benefits 7 349,852 289,356 Depreciation and amortisation expense 13, 14 272,746 194,804 Other operating expenses 8, 14 539,236 531,183 Total operating expenses 2,914,647 2,356,656 Operational EBIT 48,747 341,726 Production tax 3, 8 -21,812 -20,663 Net fair value adjustment – biological assets 9, 15 -81,473 -125,061 EBIT -54,537 196,001 Finance income 4, 10, 18 32,842 3,562 Finance expense 4, 10, 18 207,198 144,944 Net finance income and expense -174,356 -141,382 Profit before income tax -228,893 54,619 Tax expense 11 -151,001 -102,176 Net profit or loss for the period -77,893 156,795 Net profit or loss attributable to: Owners of the parent 24 -73,030 165,725 Non-controlling interests -4,863 -8,930 Net profit or loss for the period -77,893 156,795 Earnings per share (basic and diluted) 24 -0.60 1.35 * Comparative information has been restated due to the correction of errors and changes in accounting treatment. See Note 29. Consolidated statement of profit or loss (for the year ended 31 December 2025) ANNUAL REPORT 2025 FInancIal st atements 64
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Consolidated statement of other comprehensive income (for the year ended 31 December 2025) Note 2025 2024 – Restated*) (All figures in NOK 1,000) Net profit or loss -77,893 156,795 Items that will not be reclassified to profit or loss: Net gain/(loss) on equity instruments designated at fair value through other comprehensive income 4, 9 - - Other comprehensive income - - Total comprehensive income for the period -77,893 156,795 Total comprehensive income attributable to: Owners of the parent -73,030 165,725 Non-controlling interests -4,863 -8,930 Total comprehensive income for the period -77,893 156,795 Earnings per share (basic and diluted) 24 -0.60 1.35 * Comparative information has been restated due to the correction of errors and changes in accounting treatment. See Note 29. ANNUAL REPORT 2025 FInancIal st atements 65
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Note 31.12.2025 31.12.2024 - Restated*) (All figures in NOK 1,000) Intangible assets Licences 12 2,068,767 2,068,767 Goodwill 12 427,262 427,262 Total intangible assets 2,496,029 2,496,029 Property, plant and equipments Property, plant and equipments 13 525,247 523,816 Right-of-use assets 14 626,750 501,545 Total property, plant and equipments 1,151,997 1,025,360 Non-current financial assets Investments in other equity instruments 4 15,334 5 Other non-current receivables 31,245 31,323 Total non-current financial assets 46,579 31,328 Total non-current assets 3,694,605 3,552,718 Inventories Feed inventory 15 25,909 31,634 Finished goods 15 526 21,724 Biological assets 9, 15 1,010,881 1,093,203 Other inventories 22,859 11,954 Total inventories 1,060,175 1,158,515 Receivables Accounts receivable 16 83,819 436,653 Other current receivables 132,648 73,538 Total receivables 216,468 510,192 Cash and cash equivalents 17 103,388 20,669 Total cash and cash equivalents 103,388 20,669 Total current assets 1,380,030 1,689,376 Total assets 5,074,634 5,242,093 * Comparative information has been restated due to the correction of errors and changes in accounting treatment. See Note 29. Consolidated statement of financial position: assets (As at 31 December 2025) ANNUAL REPORT 2025 FInancIal st atements 66
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Consolidated statement of financial position: equity and liabilities (As at 31 December 2025) Note 31.12.2025 31.12.2024 - Restated*) (All figures in NOK 1,000) Equity Share capital 23 30,627 30,627 Share premium 23 872,432 872,432 Total paid-in equity 23 903,059 903,059 Retained earnings 23 889,272 962,302 Total equity attributable to owners of the parent 1,792,331 1,865,361 Non-controlling interests 23 24,709 29,572 Total equity 1,817,040 1,894,933 Liabilities Non-current liabilities Deferred tax 11 388,659 631,068 Liabilities to financial institutions 19, 22 1,324,019 1,423,198 Long-term lease liabilities 14, 19, 22 425,861 323,439 Total non-current liabilities 2,138,539 2,377,705 Current liabilities Liabilities to financial institutions 19, 22 391,201 426,957 Short-term lease liabilities 14, 19, 22 160,532 107,108 Accounts payable 20 413,547 330,848 Income tax payable 11 42,034 10,572 Other current liabilities 21 111,740 93,971 Total current liabilities 1,119,055 969,455 Total liabilities 3,257,594 3,347,160 Total equity and liabilities 5,074,634 5,242,093 * Comparative information has been restated due to the correction of errors and changes in accounting treatment. See Note 29. Lars Måsøval Chair of the Board Roger Granheim Director Kari Skeidsvoll Moe Director Ola Loe Director Nina Santi Director Helge Kvalvik CEO ANNUAL REPORT 2025 FInancIal st atements 67
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Consolidated statement of cash flows (For the Year ended 31 December) Note 2025 2024 - Restated*) (All figures in NOK 1,000) Cash flows from operating activities Profit before income tax -228,893 54,619 Tax paid -57,131 -168,059 Gain on disposal of property, plant and equipment -2,621 - Ordinary depreciation 13, 14 272,746 194,804 Interest expense 107,754 48,132 Calculated interest cost – lease liabilities 32,921 23,922 Fair value adjustment – biological assets 15 81,473 125,061 (Increase)/decrease in inventories 15 16,868 -141,624 (Increase)/decrease in accounts receivable 16 352,834 -8,893 Increase/(decrease) in accounts payable 82,700 -24,396 (Increase)/decrease in other current receivables/liabilities (net) -44,157 -26,381 Cash generated from operations 614,494 77,185 Cash flows from investing activities Proceeds from disposal of property, plant and equipment 14,494 1,627 Payments for property, plant and equipment 13 -108,773 -165,858 Proceeds from other loan receivables 78 - Payment for shares/bond 25 -15,329 - Net cash from/(used in) investing activities -109,531 -164,231 Financing activities Proceeds from current and non-current borrowings 22 150,000 528,947 Repayment of current and non-current borrowings 22 -271,876 -324,667 Payment of interest expenses on borrowings -140,675 -71,419 Repayment of principal portion of lease liabilities 14, 22 -146,635 -123,276 Net change in overdraft facility 22 -13,059 149,816 Payment of dividends 23 - -61,254 Net cash from/(used in) financing activities -422,245 98,147 Net increase in cash and cash equivalents 82,719 11,101 Cash and cash equivalents at beginning of the period 20,669 9,568 Cash and cash equivalents at the end of the period 103,388 20,669 Available credit under overdraft facility 412,780 12,952 * Comparative information has been restated due to the correction of errors and changes in accounting treatment. See Note 29. ANNUAL REPORT 2025 FInancIal st atements 68
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Consolidated statement of changes in equity (For the Year ended 31 December) Note Share capital Share premium Retained Earnings Equity – owners the of parent Non-controlling interests Total equity (All figures in NOK 1,000) 31 December 2023 30,627 872,432 852,715 1,755,774 38,502 1,794,276 Adjustments related to 2023 - - 5,116 5,116 - 5,116 1 January 2024 30,627 872,432 857,831 1,760,890 38,502 1,799,392 Net profit for the year - - 165,725 165,725 -8,930 156,795 Other comprehensive income - - - - - - Total comprehensive income for the year 165,725 165,725 -8,930 156,795 Dividends - - -61,254 -61,254 -61,254 Other - - - - - - Contributions by and distributions to owners - - -61,254 -61,254 - -61,254 31 December 2024 30,627 872,432 962,302 1,865,361 29,572 1,894,933 Net profit for the year - - -73,030 -73,030 -4,863 -77,893 Other comprehensive income - - - - - - Total comprehensive income for the year - - -73,030 -73,030 -4,863 -77,893 Dividends - - - - - - Other - - - - - - Contributions by and distributions to owners - - - - - - 31 December 2025 30,627 872,432 889,272 1,792,331 24,709 1,817,040 ANNUAL REPORT 2025 FInancIal st atements 69
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ANNUAL REPORT 2025 FInancIal st atements 70
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Notes to the financial statement of Måsøval Group 1. General information and basis for preparation 72 16. Accounts receivable 94 2. Critical accounting estimates and judgements 72 17. Cash and cash equivalents 95 3. Accounting policies 73 18. Investments in associates 95 4. Financial risk 77 19. Interest-bearing debt 95 5. Business segments 80 20. Supplier finance arrangements 97 6. Revenues 83 21. Other current liabilities 97 7. Employee benefits 83 22. Notes supporting the cash flows 97 8. Other operating expenses 84 23. Share capital and shareholders 98 9. Fair value adjustments 84 24. Earnings per share 99 10. Finance income and expenses 85 25. Consolidated companies 99 11. Income tax 85 26. Business combinations and reorganisation 99 12. Intangible assets 88 27. Related party transactions 100 13. Property, plant and equipment 90 28. Events after the reporting date 101 14. Right-of-use assets and lease liabilities 91 29. Restatement of 2024 101 15. Biological assets and other inventories 92 Alternative performance measures of Måsøval Group 103 ANNUAL REPORT 2025 FInancIal st atements 71
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Note 1 GENERAL INFORMATION AND BASIS FOR PREPARATION Måsøval AS is a Norwegian private limited company headquartered at Sistranda, Frøya. The company’s shares are listed on Euronext Growth Oslo under the ticker symbol MAS. The consolidated financial statements comprise Måsøval AS and its subsidiaries (the Group). Amounts are presented in Norwegian kroner (NOK). The abbreviation MNOK denotes amounts in millions of NOK. Basis for preparation The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU, together with relevant interpretations applicable to annual financial statements as of 31 December 2025. The financial statements are prepared on a going-c oncern basis. The consolidated financial statements are prepared under the historical cost principle, except for the following items: • Biological assets measured at fair value Financial instruments measured at fair value through profit • or loss (derivatives) or at fair value through OCI (equity instruments) The principles applied in determining fair value are described in Notes 2, 3 and 4. The accounting policies applied in preparing the consolidated financial statements are presented in Note 3. The Group applies uniform accounting policies for similar transactions and events under comparable conditions. RESTATEMENT OF COMPARATIVE FIGURES Change in accounting treatment Effective from 2025, all activities related to co- location partners at the Group’s sea- based farming sites are reported under a separate division within the Farming segment: Farming Co- location. As a result, the net results from co- location partners have been reclassified from below operational EBIT and are now included in other operating income and other operating expenses. From 2025, revenue from farming services provided to co- location partners is presented on a gross basis. Previously, these amounts were netted against related costs, and only the Group’s share of the profit was recognised at the time of harvesting. Comparative figures for 2024 have been restated to ensure consistency and comparability with the 2025 reporting structure. Correction of errors The Group’s banking partner identified an error in interest calculations related to its credit facilities, constituting a material error affecting the period 2023–2025. Revised calculations have been received and comparative figures have been restated accordingly. The corrections affect interest expense, tax expense, equity, deferred tax and short- term liabilities to financial institutions. As a result, the lines “Profit before tax” and “Net change in overdraft facility” in the statement of cash flows have also been adjusted. The error related to 2023 had a net result effect of MNOK 5,1 and is not considered material. The correction has been recognised towards equity, as presented separately in the statement of changes in equity. Further details regarding the restatement of 2024 figures are provided in Note 29. Note 2 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS The preparation of the consolidated financial statements in accordance with IFRS requires the use of accounting estimates. Applying the Group’s accounting policies also requires management to exercise judgement. Areas that involve significant judgement, a high degree of complexity, or where assumptions and estimates are material to the annual financial statements are described in the relevant notes. Estimates are based on management’s best knowledge and the most reliable information available at the reporting date. Changes in key assumptions may lead to material adjustments to the carrying amounts of assets and liabilities, equity and profit for the year. Estimates are reviewed on an ongoing basis, and changes in accounting estimates are recognised in the period in which the change occurs. The Group’s most significant accounting estimates relate to: • Fair value of biological assets • Fair value of assets and liabilities in business acquisitions • Impairment of goodwill and other intangible assets • Resource rent tax Fair value of the biological assets Biological assets at the Group’s sea farms are measured in accordance with IAS 41 and IFRS 13. The principles for measuring fair value are described in Note 3. The valuation depends on assumptions that require judgement. The main assumptions include harvest volume, harvest timing, salmon prices, remaining production costs and the discount rate. Estimated harvest volume is based on the number of fish at sea, adjusted for expected growth and mortality until harvesting. Biological uncertainty may affect both timing and volume. Forward prices quoted on Euronext Salmon Futures are used as the best estimate of future market prices. These prices fluctuate between periods and seasons, and the achieved price will also depend on size and quality at harvest. Remaining production costs are estimated using budgets and monthly updated forecasts. Future cash flows are discounted using a monthly discount rate that includes a risk- free interest rate, risk premium and a hypothetical licence fee, reflecting the economic cost of utilising production licences. These elements require significant judgement. See Note 15 for further details. Fair value in business acquisitions The cost of acquired businesses is allocated to reflect the fair value of identifiable assets and liabilities at the acquisition date. These allocations require significant judgement in selecting valuation methods, estimates and assumptions. Where no active market exists for an asset, alternative valuation techniques are applied. Excess value is recognised as goodwill. Allocations may be adjusted within 12 months of the acquisition date if new information becomes available regarding fair value. Impairment of intangible assets Goodwill and licences, which have indefinite useful lives, are tested for impairment at least annually, or when indicators of impairment arise. The impairment test is based on estimated future cash flows derived from budgets and forecasts. Key assumptions include the discount rate, EBIT per kg (driven by salmon prices and production costs) and expected harvest volumes. Further details regarding policies and calculations are provided in Notes 3 and 12. Resource rent tax The resource rent tax was adopted by the Norwegian Parliament in May 2023, with effect from 1 January 2023. Måsøval has recognised both the implementation effect as of 1 January 2023 and the resource rent tax for the period. There are still some uncertainty related to the application of the resource rent tax, including the deductibility of biomass values as of 1 January 2023. These assessments involve complex legal interpretation. The Group has obtained external legal advice and applied its best estimate based on ANNUAL REPORT 2025 FInancIal st atements 72
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current regulations. See Note 11 for further details. Irregularities at Pure Norwegian Seafood (PNS) In February 2024, Pure Norwegian Seafood (PNS) disclosed findings from an independent investigation conducted by EY regarding irregularities in the sale of frozen salmon. The investigation concluded that, over several years, PNS had sold frozen salmon that did not meet Norwegian requirements for human consumption to specific customers. It also identified sales of production-grade fish that had not undergone required secondary processing prior to export. The Norwegian Food Safety Authority (Mattilsynet) was informed of the matter in October 2023 and followed the investigation. Økokrim has initiated its own investigation. While these issues have no material direct impact on Måsøval, there is a potential risk of public sanctions against PNS. The outcome and potential scope of sanctions remain uncertain. Comparable cases have resulted in fines and forfeiture of profits of a magnitude that may be significant for PNS, but not for the Group’s financial position. Note 3 ACCOUNTING POLICIES This note describes the accounting policies applied in preparing the Group’s consolidated financial statements. Unless otherwise stated, the policies are applied consistently for the periods presented. Significant estimates and judgements are described in the relevant notes to the line items. PRESENTATION CURRENCY The Group’s presentation currency is Norwegian kroner (NOK), which is also the functional currency of the parent company. All amounts are presented in NOK thousand unless stated otherwise. Transactions in foreign currencies are translated at the exchange rate on the transaction date. Monetary items in foreign currencies are translated at the closing exchange rate on the balance sheet date. BASIS OF CONSOLIDATION The consolidated financial statements include the Company and its subsidiaries. The Group controls an entity when it has power over the entity, exposure or rights to variable returns, and the ability to use its power to affect those returns. Subsidiaries are consolidated from the date control is obtained and are de-consolidated from the date control ceases. All intra-group balances, transactions and unrealised gains and losses are eliminated. When necessary, the financial statements of subsidiaries are adjusted to align their accounting policies with those of the Group. Non-controlling interests are presented separately in equity. Non-controlling interests are measured either at their proportionate share of the acquiree’s identifiable net assets or at fair value at the acquisition date. The Group applies the proportionate share method unless otherwise stated. Transactions that change the Group’s ownership interest without resulting in a loss of control are accounted for as equity transactions. Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group and to the noncontrolling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group’s accounting policies. Further information on business combinations and changes in ownership interests is provided in Note 26 – Business combinations. CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES (2025) New and amended IFRS standards effective from 1 January 2025 did not have a material impact on the Group’s financial statements. The amendments mainly relate to clarifications in IFRS 7 and IFRS 9 and do not affect recognition, measurement or disclosures for the Group. However, with effect from 2025 the Group has changed the presentation of income and expenses related to co-location agreements at its sea-based farming sites. Income and expenses from these agreements are now recognised on a gross basis within “Other operating income” and “Other operating expenses”, and all such activities are reported within the Farming Co-location division of the Farming segment (or Farming Mid where the biomass is recognised on the Group’s licences). Comparative figures for full-year 2024 and the affected quarters have been restated. Further details are provided in Notes 2, 5, 8 and 9. INVESTMENTS IN ASSOCIATES Associates are entities in which the Group has significant influence, but neither control nor joint control. The assessment of significant influence is based on similar considerations as control over subsidiaries. As of 31 December 2025, the Group has no investments classified as associates. Classification of assets and liabilities Assets and liabilities are classified as current or non-current based on the expected timing of realisation or settlement. An asset is classified as current when the Group: • expects to realise it, sell it or consume it in its normal operating cycle, • holds it primarily for trading, • expects to realise it within twelve months after the reporting period, or • it is cash or a cash equivalent which is not restricted for at least twelve months. All other assets, including deferred tax assets, are classified as non-current. A liability is classified as current when the Group: • expects to settle it in its normal operating cycle, • holds it primarily for trading, • it is due to be settled within twelve months after the reporting period, or • it does not have an unconditional right to defer settlement for at least twelve months. All other liabilities, including deferred tax liabilities, are classified as non-current. DIVIDENDS Proposed dividends are not recognised as liabilities until the dividend has been approved by the Annual General Meeting. Dividends declared after the reporting date are disclosed in Note 27 – Events after the reporting period. OPERATING EBIT (ALTERNATIVE PERFORMANCE MEASURE) Operating EBIT is a key performance measure used by the Group. It is defined as operating revenue minus operating expenses, excluding production tax and “Net fair value adjustment of biological assets”. Historically, Operating EBIT was also presented before “Net profit sharing with co- location partners”. With effect from 1 January 2025, income and expenses from co-location agreements operated at the Group’s sea-based farming sites are recognised on a gross basis. Income is presented within “Other operating income”, while all related costs – including the licence holders’ share of profits – are presented within “Operating expenses”. As a result, co-location activities are fully included in Operating EBIT, and comparative figures for 2024 and relevant interim periods have been restated. See Note 29 – Alternative performance measures for further details. ANNUAL REPORT 2025 FInancIal st atements 73
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REVENUE RECOGNITION The Group’s revenues mainly arise from the sale of salmon. Revenue from the sale of goods is recognised when control of the goods transfers to the customer, which is normally on delivery in accordance with the contractual delivery terms. The normal credit period is 30 days. Revenue from services is recognised over time as the customer simultaneously receives and consumes the benefits provided. Progress towards complete satisfaction of the performance obligations is measured using the input or output method that most faithfully depicts the transfer of services to the customer. CO-LOCATION AGREEMENTS The Group has several long-term co-location agreements involving commercial licences, broodstock licences and educational licences. Under commercial co-location agreements, partners stock fish on the Group’s sites while the Group performs farming services. Accrued farming costs are invoiced on an ongoing basis and recognised as receivables. As compensation for the farming services, the Group receives a share of the partners’ profits from the sale of fish. Harvest volumes from these agreements are included in the division “Farming Co-location”. For broodstock and educational licences operated under co-location agreements, the biomass is recognised in the Group’s statement of financial position. Harvest volumes from these licences are included in the Group’s reported harvest volumes, and revenues and expenses are recognised on a gross basis in the statement of profit or loss. Lease costs related to educational licences are recognised as incurred throughout the year and are not accrued based on the timing of harvest. Change in presentation from 1 January 2025 Effective from 2025, income and expenses related to co- location agreements at the Group’s sea- based farming sites are recognised on a gross basis. Income is presented within “Other operating income”, while all related costs – including the licence holders’ share of profits – are presented within “Other operating expenses”. Previously, for commercial licences, costs were reported net against the invoiced amount and the Group’s profit share was presented under “Net profit sharing with co- location partners”. For broodstock and educational licences, the licence holders’ share of profits was previously expensed under the same line. Comparative figures for 2024 and relevant interim periods have been restated accordingly. From 2025, all income and expenses related to co- location agreements at the Group’s sites are reported within the Farming Co- location division of the Farming segment. 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; income and expenses from this agreement are reported within Farming Mid, as the activity relates to the Group’s own licence volume. This applies to all sea-based co-location agreements operated on the Group’s own sites. Before 2025, income and expenses related to commercial licences were presented net, and the Group’s profit share was recognised under “Net profit sharing with co-location partners”. The new gross presentation therefore represents a change in classification, and comparative figures for 2024 have been restated accordingly. FINANCIAL ASSETS AND FINANCIAL LIABILITIES Loans and receivables, including trade receivables, are financial assets with fixed or determinable payments that are not quoted in an active market. They are initially recognised at fair value plus directly attributable transaction costs and subsequently measured at amortised cost using the effective interest method, less expected credit losses. Trade receivables without a significant financing component are measured at the transaction price under IFRS 15. On initial recognition, the Group classifies financial assets as: • financial assets at amortised cost, • equity instruments designated at fair value through OCI, • financial assets at fair value through profit or loss (including derivatives). Gains and losses on equity instruments designated at fair value through OCI are not recycled to profit or loss upon disposal. The classification is based on the Group’s business model for managing the asset and the asset’s contractual cash flow characteristics. Financial assets at amortised cost are subsequently measured using the effective interest method and are subject to expected credit loss (ECL) impairment. Derivatives are measured at fair value with changes recognised in profit or loss. Equity instruments designated at fair value through OCI are not reclassified to profit or loss on disposal. Financial liabilities are initially recognised at fair value minus transaction costs (for liabilities not measured at fair value through profit or loss) and are subsequently measured at amortised cost using the effective interest method. A financial liability is derecognised when the obligation is discharged, cancelled or expires. The Group recognises expected credit losses on financial assets measured at amortised cost. ECLs are measured as lifetime expected credit losses based on individual assessments and historical loss experience, adjusted for forward-looking information. Interest-bearing debt, including bank loans and bond financing, is measured at amortised cost using the effective interest method. Lease liabilities recognised under IFRS 16 are presented separately from other interest-bearing debt. The Group’s derivatives mainly comprise foreign exchange contracts and are measured at fair value through profit or loss. The Group does not currently apply hedge accounting under IFRS 9. INCOME TAX AND RESOURCE RENT TAX Tax expense consists of current tax and changes in deferred tax. Deferred tax is recognised on temporary differences between the tax base and carrying amount of assets and liabilities, with the exception of non-deductible goodwill and temporary differences in investments in subsidiaries or associates where the Group controls the timing of reversal and it is not expected to reverse in the foreseeable future. Deferred tax assets are recognised when it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred tax and deferred tax assets are measured using the tax rates expected to apply in the jurisdictions concerned and are presented as non-current. The Norwegian resource rent tax on sea-based salmon farming is recognised at a rate of 25%. The tax applies only to farming activities conducted under commercial sea licences and not to the entire production cycle. The production fee (“production tax”) is a volume-based levy on harvested biomass. It is calculated per kilogram of fish harvested and is directly deductible from the resource rent tax for the same period. The production fee is presented on a separate line in the statement of profit or loss and is not included in ordinary corporate tax. ANNUAL REPORT 2025 FInancIal st atements 74
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SEGMENT REPORTING In accordance with IFRS 8, the Group reports two operating segments: Farming and Sales & Processing. The Farming segment includes the purchase of salmon eggs, land- and sea- based farming, related service activities and sale of salmon. Sea- based operations are located in Trøndelag and Møre og Romsdal. From 2025, Farming is also monitored and reported at divisional level as Farming Mid, Farming West and Farming Co- location. The Sales & Processing segment includes harvesting activities and the sale of salmon and other fish species in Norway and for export. The remaining activities of the Group, including Group administration and other shared functions, are presented under Other/eliminations. No operating segments are aggregated. Transactions between segments are conducted on an arm’s- length basis. See Note 5 – Business segments for additional information. RESEARCH AND DEVELOPMENT Research costs are expensed as incurred. Development costs are capitalised when a project is technically and commercially feasible and the Group has sufficient resources to complete the development. Capitalised development costs are measured at cost less accumulated amortisation and impairment, and are amortised on a straight-line basis over their estimated useful lives. BIOLOGICAL ASSETS Biological assets comprise eggs, fry, smolt and fish in sea. Eggs, fry and smolt are measured at cost, while fish in sea are measured at fair value less costs to sell in accordance with IAS 41 Agriculture and IFRS 13 Fair Value Measurement. There is no active market for live salmon, and the fair value of fish in sea is therefore determined using a discounted cash flow model based on level 3 inputs in the fair value hierarchy. Measurement basis Eggs, fry and smolt are measured at cost, which is considered to approximate fair value due to limited biological transformation. Cost includes purchase of eggs, feed, personnel expenses and other directly attributable farming costs. These assets are held at cost until the fish are transferred to sea sites. Fish in sea are measured at fair value less costs to sell. Fair value represents the estimated sales value of the biomass at harvest, based on expected biomass and market prices at the time of harvest, less estimated harvesting, processing, freight and sales costs. Changes in fair value less costs to sell, adjusted for costs incurred, are recognised in the line “Net fair value adjustment of biological assets” in the statement of profit or loss. Valuation model The Group estimates the fair value of fish in sea by applying a discounted cash flow model for each sea site. The model estimates expected future cash flows from harvesting the biomass at each site, taking into account: • expected biomass at harvest based on current biomass, biological growth models and expected mortality, • expected realised prices at harvest, • expected remaining production costs until harvest, and • expected harvesting, processing, freight and selling costs. Expected cash flows are discounted using a risk-adjusted discount rate that reflects the time value of money and the specific risks associated with biological assets, including biological risk, market risk and a synthetic licence and site rental component. In 2024 and 2025, a monthly discount rate of 5,0% was applied in the fair value calculation. Key inputs and assumptions The most significant assumptions in the fair value model include: • Biomass and harvest profiles: Expected biomass at harvest is derived from current biomass and standard growth curves, adjusted for site-specific production plans and expected mortality. Expected harvest timing and harvest volumes are determined for each site and generation based on the Group’s production plans. • Price assumptions: Expected prices at harvest are based on observable forward prices for salmon (Euronext Salmon Futures) for the relevant periods, adjusted for expected differences in size, quality, product form and geographical location between the Group’s production and the standard contracts. • Cost assumptions: Estimated remaining production costs include feed, personnel, wellboat and other farming-related operating costs until harvest. In addition, harvesting, processing, freight and sales costs are estimated based on historical cost levels and current contracts. • Discount rate: The discount rate reflects the time value of money and the specific risk associated with biomass at sea, including biological risk, market price risk and regulatory risk. The valuation is classified as a level 3 fair value measurement because it relies on significant unobservable inputs, including assumptions about growth, mortality, harvest profiles and cost levels. Use of sales contracts and price commitments When the Group has entered into binding forward contracts for the sale of harvested fish, the contracted prices are incorporated into the fair value model to the extent that they relate to biomass already in production and expected to be delivered under the contracts. Only non-cancellable contracts that are directly linked to the expected harvesting profile are included. Volumes not covered by such contracts are valued using observable forward prices as described above. This approach is consistent with IFRS 13, which requires the use of relevant observable market inputs when available, while allowing management to apply judgement where observable data are not available. Mortality Normal mortality is treated as part of the production process and is included in the cost basis of the biomass. Estimates of normal mortality are reflected in the expected biomass at harvest and thereby in the fair value calculation. Mortality arising from non-recurring events (e.g. disease outbreaks or other abnormal incidents) is expensed in the period in which it occurs and is not capitalised as part of the biomass. Such events may also give rise to a reassessment of the production assumptions in the valuation model, including expected biomass, harvest timing and costs. Recognition of fair value changes Changes in fair value less costs to sell of biological assets are recognised in the statement of profit or loss on the line “Net fair value adjustment of biological assets”. The fair value adjustment comprises: • changes in fair value related to biological transformation (growth and changes in biomass), • changes in market prices and forward price curves, • updates to assumptions about harvest profiles, costs and risk, and • the unwinding of discounting over time. ANNUAL REPORT 2025 FInancIal st atements 75
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Risks and measurement uncertainty The fair value of biological assets is sensitive to changes in key assumptions, particularly salmon prices, biomass estimates, cost levels and discount rate. A reduction in expected salmon prices or higher expected production costs will reduce the fair value of biological assets and increase the volatility of “Net fair value adjustment of biological assets” in the statement of profit or loss. Biological assets are also exposed to significant biological risk, including disease, sea lice, changes in regulation and environmental factors. Such risks may result in increased mortality, reduced growth or changes in harvest timing, which could materially affect the fair value of biological assets and the Group’s results. TANGIBLE ASSETS Tangible assets are measured at cost less accumulated depreciation and impairment. Cost includes the purchase price and directly attributable costs necessary to bring the asset to the location and condition required for it to operate as intended. Expenditure on day-to-day servicing and repairs is recognised in profit or loss as incurred. Depreciation is calculated using the straight-line method over the following estimated useful lives: • Properties: 5–7 years • Farming facilities and floating installations: 7–15 years • Vessels: 3–15 years • Operating equipment: 3–10 years Useful lives and residual values are reviewed annually and adjusted if appropriate. Assets under construction are recognised as non-current assets and are not depreciated until they are ready for use. LEASES (IFRS 16) The Group recognises right-of-use assets and lease liabilities for all leases, except short-term leases (12 months or less) and leases of low-value assets, which are expensed as incurred. Right-of-use assets are initially measured at cost, comprising the initial amount of the lease liability, lease payments made at or before the commencement date, less any lease incentives received, and any initial direct costs. They are depreciated on a straight-line basis over the shorter of the lease term and the asset’s useful life. Lease liabilities are initially measured at the present value of lease payments not paid at the commencement date, discounted using the interest rate implicit in the lease or the Group’s incremental borrowing rate. Lease liabilities are subsequently adjusted for interest, lease payments and lease modifications. INTANGIBLE ASSETS, BUSINESS COMBINATIONS AND GOODWILL Intangible assets that have been acquired separately are carried at cost. Intangible assets acquired in business combinations are recognised at fair value at the acquisition date. Intangible assets with finite useful lives are amortised over their expected useful lives and assessed for impairment when indicators arise. Fish farming licences and goodwill are considered to have indefinite useful lives and are therefore not amortised. They are tested annually for impairment or more frequently if events or changes in circumstances indicate that they may be impaired. Business combinations are accounted for using the acquisition method. Consideration transferred is measured at fair value and may include cash and equity instruments. Identifiable assets acquired and liabilities assumed are measured at fair value at the acquisition date, except where IFRS requires other measurement bases. Any excess of the consideration transferred (including non-controlling interests) over the net fair value of identifiable assets and liabilities is recognised as goodwill. If the fair value of identifiable net assets exceeds the consideration transferred, the difference is recognised as a gain in profit or loss on the acquisition date. IMPAIRMENT OF NON-FINANCIAL ASSETS The Group assesses at each reporting date whether there is any indication that tangible assets, intangible assets with finite useful lives or right-of-use assets may be impaired. If such indications exist, the recoverable amount is estimated. Cash-generating units are defined at the lowest level that generates largely independent cash inflows, normally at region or site level. Goodwill, licences and other intangible assets with indefinite useful lives are tested for impairment at least annually, or more frequently if there are indicators of impairment. The recoverable amount is the higher of fair value less costs of disposal and value in use, determined using discounted cash flow models at the cash-generating-unit level. If the recoverable amount is less than the carrying amount, an impairment loss is recognised. Previously recognised impairment losses, other than for goodwill, are reversed if the recoverable amount subsequently exceeds the carrying amount. GOVERNMENT GRANTS Government grants are recognised when there is reasonable assurance that the Group will comply with the conditions attached to them and that the grants will be received. Operating grants are recognised in profit or loss over the periods necessary to match them with the related costs. Investment grants are recognised either as deferred income and released over the useful life of the asset, or deducted from the carrying amount of the asset. INVENTORIES (EXCLUDING BIOLOGICAL ASSETS) Inventories other than biological assets are measured at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business less estimated costs of completion and sale. Cost is determined using the FIFO method and includes purchase costs and other costs incurred to bring the inventories to their present location and condition. CASH AND CASH EQUIVALENTS Cash and cash equivalents comprise cash on hand, bank deposits and other short-term, highly liquid investments with original maturities of three months or less, that are readily convertible to known amounts of cash and subject to an insignificant risk of changes in value. EQUITY, TREASURY SHARES AND COSTS OF EQUITY TRANSACTIONS Financial instruments are classified as equity or liabilities in accordance with their underlying economic substance. Distributions to holders of equity instruments are recognised directly in equity. When the Company acquires treasury shares, the consideration paid, including directly attributable costs, is recognised as a deduction from equity. Gains or losses on transactions in treasury shares are not recognised in profit or loss. Transaction costs directly attributable to an equity transaction are recognised directly in equity, net of any related tax effects. EMPLOYEE BENEFITS The Group operates defined contribution pension schemes. Contributions are recognised as payroll expenses when incurred, and the Group has no further payment obligations once the contributions have been paid. Any pre-paid contributions are recognised as an asset to the extent they can be refunded or used to reduce future contributions. The Norwegian AFP scheme is a multi-employer defined benefit plan. Due to insufficient information to calculate ANNUAL REPORT 2025 FInancIal st atements 76
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a reliable obligation, the scheme is accounted for as a defined contribution plan in the Group’s financial statements. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS A provision is recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable (more likely than not) that an outflow of resources will be required to settle the obligation, and a reliable estimate can be made. Where the effect of the time value of money is material, provisions are measured at the present value of expected future cash flows, using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the obligation. Contingent liabilities are not recognised but are disclosed unless the likelihood of an outflow is remote. Contingent assets are not recognised but are disclosed when an inflow of economic benefits is probable. EVENTS AFTER THE REPORTING PERIOD Events after the reporting period that provide evidence of conditions that existed at the balance sheet date (adjusting events) are reflected in the financial statements. Material events indicative of conditions arising after the reporting period (non-adjusting events) are not recognised, but are disclosed if significant. Note 4 FINANCIAL RISK The Group is exposed to several types of financial risks, including currency risk, interest rate risk, credit risk and liquidity risk. These risks are monitored on an ongoing basis, and mitigating measures are implemented to ensure that the risk exposure remains at an acceptable level. The functional currency for all Group companies is Norwegian kroner (NOK). Interest rate risk The Group’s debt consists primarily of floating-rate borrowings, exposing the Group to changes in market interest rates. Floating rates have been chosen because (i) they are expected to provide a lower interest rate over time, and (ii) they offer greater flexibility in managing financing needs linked to the Group’s growth ambitions. Given the Group’s net interest- bearing debt of MNOK 1,879 as of 31 December 2025, a 100-basis- point increase in interest rates would reduce the Group’s profit by approximately MNOK 18,8, assuming all other variables remain constant. Måsøval AS has secured NOK 292 million of their long-term debt with an interest rate swap. In addition the subsidiary PNS has a long-term debt of NOK 45,1 million (including financial leasing), of which a total of NOK 35,8 million is secured by interest rate swaps. Interest rate swaps have quarterly maturities up to their expiry date. Foreign exchange risk The Group is exposed to currency risk through its subsidiary Måsøval Sales which has a large part of its sales in foreign currencies. Developments in exchange rates thus entail both direct and indirect economic risk. All sales in foreign currencies are secured by entering into forward currency contracts. As of 31 December 2025, the Group’s currency risk is related to outstanding trade receivables and deposits in foreign exchange accounts. For details on outstanding trade receivables, see note 16. Currency forwards have varying maturities. Spot- related hedges typically have maturities of 1–2 months, while hedges related to fixed-price contracts may have maturities of up to one year. Interest rate swaps Contract amount Book value (MNOK) Currency 2025 2024 2025 2024 Receives Pays Expiry MNOK 15.8 17.2 0.4 0.7 Floating Fixed 2027 MNOK 20.0 20.0 2.2 2.6 Floating Fixed 2031 MNOK 292.0 0.0 1.0 0.0 Floating Fixed 2028 Forward currency contracts Currency amount Book value (MNOK) Currency 2025 2024 2025 2024 Forward currency contracts – cash flow hedges EUR/NOK (Million) 10.9 2.9 0.4 -0.4 Forward currency contracts – cash flow hedges USD/NOK (Million) 1.3 - - - Forward currency contracts – cash flow hedges JPY/NOK (Million) 19.1 - - - ANNUAL REPORT 2025 FInancIal st atements 77
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Credit risk Credit risk arises mainly from trade receivables in Måsøval Sales AS. Credit risk is continuously monitored, and most receivables are covered by credit insurance in connection with the Group’s factoring arrangement. The Group has no significant exposure to any single counterparty, and historical credit losses have been immaterial. See Note 16 for details. Price/liquidity risk Liquidity risk reflects the Group’s ability to meet financial obligations as they fall due and is driven by earnings, financial position and access to financing. Liquidity is monitored continuously through cash flow forecasts and budgets. Short- term liquidity is primarily affected by fluctuations in salmon prices, while long-term liquidity (> six months) is mainly influenced by biological events at sea and price developments. The Group had MNOK 1,324 in long-term debt as of 31 December 2025, split between two financing facilities: the Måsøval facility and the Pure Norwegian Seafood facility. Måsøval credit facility This facility is subject to financial covenants, including: • a 12-month rolling interest coverage ratio of 3,0× EBITDA, and • a minimum equity ratio of 30%. For Q4 2025, the bank issued a temporary waiver reducing the interest coverage requirement to 1,00× for Q4 2025 and 1,50× for Q1 2026. Pricing is linked to the ratio of net interest- bearing debt (excluding IFRS 16 lease liabilities) to EBITDA. See Alternative Performance Measures for details. Pure Norwegian Seafood credit facility PNS is financed on a stand-alone basis. Its loan agreement includes an equity covenant. At year-end 2025, PNS had MNOK 22,7 in bank debt. See Note 19 for details. Overall liquidity risk is assessed as acceptable. Interest on long-term loans and leasing is calculated based on actual interest rates as per the balance sheet date. Maturity structure for contractual cash outflows (Year ended 31 Dec 2025) Maturity structure for contractual cash outflows - Restated (Year ended 31 Dec 2024) Total 2026 2027 2028 2029 After 2029 (All figures in NOK 1,000) Long-term debt 1,447,363 123,344 123,344 1,187,978 3,344 9,353 Interest on long-term debt 194,185 90,070 82,053 20,130 717 1,216 Lease liabilities 586,394 160,532 147,420 113,663 74,666 90,113 Interest on lease liabilities 89,486 31,697 23,027 14,381 8,946 11,435 Short term credit facility 267,857 267,857 - - - - Accounts payable 413,547 413,547 - - - - Total 2,998,831 1,087,047 375,843 1,336,152 87,672 112,117 Total 2025 2026 2027 2028 After 2028 (All figures in NOK 1,000) Long-term debt 1,569,272 123,344 123,344 1,306,543 3,344 12,697 Interest on long-term debt 213,655 97,994 89,977 22,274 934 2,476 Lease liabilities 430,546 107,108 86,292 78,662 41,834 116,651 Interest on lease liabilities 79,938 23,586 17,578 12,503 8,627 17,644 Short term credit facility 280,883 280,883 - - - - Accounts payable 330,848 330,848 - - - - Total 2,905,142 963,762 317,191 1,419,982 54,738 149,468 ANNUAL REPORT 2025 FInancIal st atements 78
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Financial assets by category Financial assets at fair value through profit or loss The Group uses forward currency contracts and interest rate swaps to hedge currency and interest rate exposure. These instruments are initially recognised at fair value, with subsequent changes recorded in profit or loss. In 2025, PNS invested MNOK 15 in bonds, classified as long-term financial assets measured at fair value through profit or loss. Financial assets measured at fair value through other comprehensive income (OCI) The Group’s other equity investments (excluding bonds) are measured at fair value through OCI. These investments are immaterial. Financial assets at amortized cost Financial assets at amortised cost consist mainly of trade and other receivables and cash and cash equivalents. These instruments are held to collect contractual cash flows that meet the SPPI-crit erion (solely payments of principal and interest). MSA has entered into a factoring arrangement for trade receivables under which substantially all risks and rewards have been transferred. In accordance with IFRS 9, a financial asset is derecognised when the contractual rights to the cash flows expire, or when the asset is transferred and substantially all risks and rewards of ownership are transferred. If neither substantially all risks and rewards are transferred nor retained, derecognition depends on whether control of the asset has been transferred. Reference is made to Note 16 for further information on the factoring arrangement. Financial liabilities at amortized cost Financial liabilities at amortised cost include interest- bearing debt and trade and other payables. Financial assets and liabilities by category (for the year ended 31 December 2025) Financial assets and liabilities by category - Restated (for the year ended 31 December 2024) Financial assets at amortised cost Financial assets at fair value through profit and loss Total (All figures in NOK 1,000) Investments in other equity instruments - 15,334 15,334 Derivatives - 4,048 4,048 Accounts receivable 83,819 - 83,819 Cash and cash equivalents 103,388 - 103,388 Total assets 187,207 19,382 206,589 Loans 1,715,220 - 1,715,220 Financial lease 586,394 - 586,394 Accounts payable 413,547 - 413,547 Total liabilities 2,715,161 - 2,715,161 Financial assets at amortised cost Financial assets at fair value through profit and loss Total (All figures in NOK 1,000) Investments in other equity instruments - 5 5 Derivatives - 3,293 3,293 Accounts receivable 436,653 - 436,653 Cash and cash equivalents 20,669 - 20,669 Total assets 457,323 3,298 460,621 Loans 1,850,155 - 1,850,155 Financial lease 430,547 - 430,547 Derivatives - 357 357 Accounts payable 330,848 - 330,848 Total liabilities 2,611,549 357 2,611,906 ANNUAL REPORT 2025 FInancIal st atements 79
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FAIR VALUE OF FINANCIAL INSTRUMENTS Instruments measured at amortised cost The carrying amount approximates fair value due to floating interest rates and updated credit margins. Fair value hierarchy (IFRS 13) Financial instruments which are valued at fair value at the balance sheet date under IFRS 7 are grouped according to a valuation hierarchy based on the level of observability of the market value: • Level 1: Listed price in an active market for an identical asset or liability • Level 2: Valuation based on other observable factors - either directly (price) or indirectly (price-derived) than the listed price (used in level 1) for assets or liabilities • Level 3: Valuation based on factors not taken from observable markets (non-observable assumptions) The subsidiary PNS invested MNOK 15 in bonds during 2025. These investments are classified as long-term financial assets and measured at fair value through profit or loss. In addition, the Group holds two smaller equity investments as of 31 December 2025. These are also measured at fair value through profit or loss. Based on their size, these investments are not considered material for the consolidated financial statements. Financial derivatives recognised at fair value consist of interest rate swaps and forward currency contracts. As of 31 December 2025, the net fair value of these derivatives amounted to an asset of NOK 4,048 thousand (NOK 2,937 thousand in 2024). The fair value of interest rate swaps is determined by the Group’s banks using the net present value of future cash flows, discounted using quoted interest- rate curves at the balance sheet date. These valuations are assessed for reasonableness by Group management. In accordance with IFRS 13, financial instruments measured at fair value are classified within the fair value hierarchy. Listed equity instruments are classified as Level 1. Derivatives such as interest rate swaps and forward currency contracts are classified as Level 2, as their valuation is based on observable market inputs. Unlisted equity instruments are classified as Level 3 because their valuation relies on unobservable inputs. Note 5 BUSINESS SEGMENTS Operating segments are reported in a manner consistent with internal reporting to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Group management. Group management monitors and allocates resources to the Group’s business activities as two operating segments, “Farming” and “Sales & Processing”. For this reason, Måsøval reports the Group’s financial performance as two operating segments: “Farming” and “Sales & Processing”. The Farming segment includes the purchase of salmon eggs, farming on land and sea, related service activities and the sale of salmon to exporters. The Sales and Processing segment includes harvesting activities and the sale of salmon and other species of fish in Norway and for export. Farming sites are located on Frøya, Aukra, Kristiansund and Vartdal. No operating segments have been aggregated to form the above reportable operating segments. Performance is also assesed by division: Farming Mid, Farming West and Farming Co-location. This is mainly to follow up cost developments, feed consumption, fish growth and other key figures, as well as to be able to perform internal comparisons. Figures per division are shown in the tables below. The remaining of the Groups activities are shown in the “other/ eliminations” column. The Group’s administration costs and other shared cost are not allocated to segments. Information about unallocated items included in this column is given in footnotes to the table below. Transfer prices between operating segments are allocated on an arm’s length basis in a manner similar to transactions with third-parties. Group management monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. The segments are measured on various criteria, of which financial results are one. For the farming segment, fish health is also an important measurement criterion. Assets and liabilities are not reported to Group management at segment level. Information regarding the Group’s reportable segments is presented below. ANNUAL REPORT 2025 FInancIal st atements 80
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For the year ended 31 December 2025 Farming mid Farming west Farming Co-location Farming Sales & processing Other / eliminations(1) Måsøval Group (Figures in NOK 1,000, except figures per kilo) Operating revenue – sale of salmon 681,661 692,657 228,568 1,602,886 2,345,625 -1,602,707 2,345,804 Other operating income 189,984 2 5 349,881 539,890 216,826 -139,125 617,591 Total operating revenue 871,645 692,682 578,449 2,142,776 2,562,451 -1,741,832 2,963,394 Operating expenses 589,485 653,752 550,793 1,794,030 2,566,379 -1,718,508 2,641,901 Depreciation and amortisation 190,139 18,754 15,928 224,821 24,866 23,060 272,747 Operational EBIT 92,021 20,176 11,728 123,925 -28,794 -46,384 48,747 Operational EBIT (%) 10.6% 2.9% 2.0% 5.8% -1.1% - 1.6% Harvested volume (GWT) 9,431 9,886 9,150 28,467 31,595 - - Average sales price per kg salmon 72.3 70.1 - - 74.2 - - Operational EBIT per kg 9.8 2.0 1.3 4.4 -0.9 - - (1) Depreciation and amortisation in other/eliminations relates mainly to surplus values from acquisitions. For the year ended 31 December 2024 - Restated Farming mid Farming west Farming Co-location Farming Sales & processing Other / eliminations(1) Måsøval Group (Figures in NOK 1,000, except figures per kilo) Operating revenue – sale of salmon 1,108,698 476,229 250,585 1,835,512 2,200,943 -1,802,672 2,233,783 Other operating income 153,170 1,536 283,276 437,982 123,321 -96,706 464,597 Total operating revenue 1,261,868 477,765 533,861 2,273,494 2,324,264 -1,899,378 2,698,381 Operating expenses 786,713 341,140 473,517 1,601,370 2,386,768 -1,826,289 2,161,849 Depreciation and amortisation 135,735 20,265 6,738 162,738 14,637 17,430 194,805 Operational EBIT 339,420 116,360 53,606 509,386 -77,141 -90,519 341,726 Operational EBIT (%) 26.9% 24.4% 10.0% 22.4% -3.3% - 12.7% Harvested volume (GWT) 13,481 5,518 6,016 25,015 25,224 - - Average sales price per kg salmon 82.2 86.3 - - 87.3 - - Operational EBIT per kg 25.2 21.1 8.9 20.4 -3.1 - - (1) Depreciation and amortisation in other/eliminations relates mainly to surplus values from acquisitions. ANNUAL REPORT 2025 FInancIal st atements 81
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Long-term 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 educational licences. 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 included in the Group’s reported harvest volume in division Farming Co-location. 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 co-location 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 co-location partners. Specification of licences and biomass co-location partners Co-location partners 2025 Biomass in our books Biomass on other licences Total co-location partners License volume 3120* 2340** 5,460 Produced volume 2025, including smolt 3,728 5,575 9,303 Harvested volume 2025 3,286 5,864 9,150 Biomass in sea at 31.12.2025 1,988 1,760 3,748 *) License volum is variable, minimum four licences, but can be increased to five **) Three licences from one partner and part of license depending on volume in sea from the other partner ANNUAL REPORT 2025 FInancIal st atements 82
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Note 6 REVENUES Disaggregation of revenue The Group disaggregates revenue to reflect the nature, amount, timing and uncertainty of revenue and cash flows, and to enable users to understand the relationship with segment information in Note 5. Operating revenues Operating revenue consists of income from the sale of salmon, either at spot prices or under fixed-price contracts. Revenue is recognised in the statement of profit or loss when risk and control are transferred to the buyer in accordance with the contractual terms. Other revenue Other operating income includes income from harvesting activities, co- location agreements, smolt sales and other services related to farming operations. Note 7 EMPLOYEE BENEFITS PENSION The Group has established mandatory occupational pension schemes where required by law. Revenues based on geographic location of customers Revenues by product or service 2025 2024 - Restated (All figures in NOK 1,000) Norway 1,666,062 1,370,769 Europe (excluding Norway) 1,226,373 1,192,485 Asia 67,277 112,993 Other markets 3,682 22,134 Total 2,963,394 2,698,381 2025 2024 - Restated (All figures in NOK 1,000) Operating revenue – sale of salmon 2,345,804 2,233,784 Other operating income 617,591 464,597 Total 2,963,394 2,698,381 Key management and Board of Directors – compensation 2025 Key management and Board of Directors – compensation 2024 2025 2024 (All figures in NOK 1,000) Salaries 283,191 227,111 Payroll tax 27,681 24,433 Pension expenses 13,687 13,747 Social cost 14,336 15,828 Other personnel expenses 10,957 8,238 Total 349,852 289,356 Number of employees at year end 353 339 Salary Bonus Pension Fees Other benefits Total (All figures in NOK 1,000) CEO 3,180 - 111 - 240 3,531 Group management (excluding CEO) 9,823 786 655 - 1,106 12,370 Total compensation to management 13,003 786 766 - 1,346 15,901 Board of Directors - - - 1,617 - 1,617 Salary Bonus(1) Pension Fees Other benefits Total (All Figures in NOK 1,000) CEO 3,173 - 106 - 246 3,525 Group management (excluding CEO) 10,896 1,011 745 - 1,316 13,968 Total compensation to management 14,069 1,011 851 - 1,562 17,493 Board of Directors - - - 1,488 - 1,488 (1) Bonus comprises two agreements: a loyalty bonus paid 18 months after the earning period, and an annual bonus paid in March of the following year. ANNUAL REPORT 2025 FInancIal st atements 83
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Note 8 OTHER OPERATING EXPENSES Production tax is presented on a separate line in the statement of profit or loss. Total production tax amounted to NOK 21,812 thousand in 2025 (NOK 20,663 thousand in 2024). Audit fees (excluding VAT) Audit fees for the Group’s audit firms are specified below (excluding VAT). Note 9 FAIR VALUE ADJUSTMENTS The Group’s biomass is measured at fair value less costs to sell in accordance with IAS 41 Agriculture. Fair value adjustments are included in operating profit or loss but are presented on a separate line to improve transparency regarding the impact of changes in fair value. See Note 15 Biomass for further details. Equity instruments are measured at fair value. The Group has elected to classify these instruments at fair value through other comprehensive income. 2025 2024 - Restated (All figures in NOK 1,000) Lease payments (1) 64,418 35,944 Maintenance 87,735 105,182 Energy 39,041 33,257 Freight 80,746 105,371 Public fees 14,749 4,917 Renovation 9,957 10,286 Professional fees 59,237 52,772 It, software and telephone 25,535 27,388 Operating equipment 21,384 - Profit sharing – co-location 28,020 50,214 Other operating costs 108,414 105,852 Total other operating expenses 539,236 531,183 (1) Short- term and variable lease expenses. See Note 14. 2025 2024 (All figures in NOK 1,000) Statutory audit 2,375 2,565 Other assurance services 63 - Other non-assurance services 160 617 Total 2,598 3,182 Specification of fair value adjustments in the income statement Specification of fair value adjustments in the balance sheet 2025 2024 (All figures in NOK 1,000) Change in fair value of the biomass -81,473 -125,061 Change in fair value – foreign currency forwards and interest rate swaps -639 -4,491 Change in fair value recognised in profit or loss -82,112 -129,552 Net gain/(loss) on equity instruments at fair value through OCI - - Change in fair value recognised in OCI - - Change in fair value recognised in total comprehensive income -82,112 -129,552 2025 2024 (All figures in NOK 1,000) Fair value adjustments of the biomass 158,266 239,738 Fair value adjustment – other financial instruments 4,048 4,687 Net change in fair value in the balance sheet 162,314 244,425 ANNUAL REPORT 2025 FInancIal st atements 84
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Note 10 FINANCE INCOME AND EXPENSES November 2024. In the adjusted declarations, the Group activated the taxable value of biomass as of 31 December 2022 to grant a taxable deduction when transitioning into a resource rent taxation system. The Norwegian Tax Administration has indicated that such a tax position with a deduction may not be accepted for tax purposes. The Group has obtained an assessment from its legal advisers, who conclude that it is more likely than not that the Group’s tax position will prevail in a potential lawsuit against the tax authorities. Based on this, the Group has reversed MNOK 135 of the implementation effect, resulting in a corresponding reduction in deferred tax. However, there is still a risk that the Group will not ultimately benefit from this deduction. Changes in calculations from previous periods related to the resource rent tax are based on new information and are accounted for as a change in accounting estimate. See Note 3 for further details regarding accounting principles. Note 11 INCOME TAX Taxes include both ordinary corporate tax and resource rent tax. Resource rent tax for the period is management’s best estimate based on currently available information. Implementation effects 2024 The implementation effect regarding resource rent tax recognised in 2023 amounting to MNOK 243 has been partly reversed in Q3 2024, with an effect of MNOK 126. Following a minor adjustment in Q4 2024, the net reversed implementation effect in 2024 amounts to MNOK 135. To prevent asymmetry in the tax base for the resource rent tax, the Group submitted adjusted tax declarations for 2022 in Finance income Finance expenses 2025 2024 (All figures in NOK 1,000) Interest income 2,792 1,977 Change in fair value - foreign currency forward contracts - - Foreign exchange gains 26,438 277 Other finance income 3,613 1,308 Total finance income 32,842 3,562 2025 2024 - Restated (All figures in NOK 1,000) Interest on borrowings 124,036 107,155 Interest on lease liabilities 32,921 23,921 Change in fair value – foreign currency forward contracts 639 4,955 Foreign exchange losses 26,876 901 Other finance expenses 22,726 8,012 Total finance expenses 207,198 144,944 Taxable income – ordinary income tax 2025 2024 - Restated Profit before tax -228,893 54,619 Non taxable items (1) 22,644 106,982 Cut off interest deduction 31,871 - Adjustments relateted to prior years -36,805 - Changes in temporary differences 402,160 -90,514 Taxable income - ordinary income tax 190,977 71,088 (1) Includes non-taxable income such as capital gains and dividends from subsidiaries and associates, and non-deductible c osts such as representation and gifts. Income tax expense 2025 2024 - Restated (All figures in NOK 1,000) Ordinary income tax, payable 42,015 15,639 Resource rent tax, payable 19 114 Changes in deferred ordinary tax -141,756 19,913 Change in deferred resource rent tax -93,641 -2,648 Cut off interest deduction -7,012 - Adjustments relateted to prior years 49,373 -135,195 Total tax expense -151,001 -102,176 ANNUAL REPORT 2025 FInancIal st atements 85
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2024 Restatement 2024 2024 - Restated 2025 Changes (All figures in NOK 1,000) Licences 1,463,635 - 1,463,635 1,293,871 -169,764 Fixed assets 137,271 - 137,271 77,783 -59,488 Current assets 6,989 30,114 37,103 3,649 -33,454 Biological assets 710,942 - 710,942 325,100 -385,842 Leasing 18,703 - 18,703 25,394 6,691 P/L-account 1,430 - 1,430 3,386 1,956 Cut-off interest deduction -44,542 - -44,542 -76,414 -31,872 Tax losses carried forward -11,671 - -11,671 -16,117 -4,446 Total temporary differences and tax positions 2,282,757 30,114 2,312,871 1,636,652 -676,219 Temporary differences and tax positions not included in the basis for deferred tax - - - - Basis for deferred tax 2,282,757 30,114 2,312,871 1,636,652 -676,219 Net deferred tax - 22% 502,207 6,625 508,832 360,063 -148,768 2024 Restatement 2024 2024 - Restated 2025 Changes (All figures in NOK 1,000) Biological assets 488,945 0 488,945 114,382 -374,563 Total temporary differences and tax positions 488,945 0 488,945 114,382 -374,563 Net deferred resource rent tax – 25% 122,236 0 122,236 28,595 -93,641 Total deferred tax, ordinary tax and resource rent tax 624,443 6,625 631,068 388,659 -242,409 Temporary differences and tax positions - ordinary corporate tax Temporary differences and tax positions - resource rent tax ANNUAL REPORT 2025 FInancIal st atements 86
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2025 2024 (All figures in NOK 1,000) Recorce rent taxable income 1,247,240 1,417,524 Deductible operating expenses -1,165,929 -1,309,021 Property tax -115 -1,204 Net loss on disposal -3,976 - Sale of live fish 176,504 228,652 Purchase of live fish -69,505 -256,887 Resource rent taxable EBIT 184,219 79,064 Depreciation of licences purchased in 2020 -39,121 -39,121 Net taxable income 145,098 39,943 Deduction corporate tax (22%) -31,922 -8,787 Deductible -54,600 -54,600 Change in temporary differences (after corporate tax) -292,159 70,891 Basis for resource rent tax expense before production tax -233,583 47,447 Resource rent tax cost (32,1%) -74,980 15,230 Deduction paid production tax -18,641 -17,764 Recorded resource rent tax expense -93,621 -2,534 Effective resource rent tax rate, excluding production fee -50.8 % -3.2 % Reconciliation of effective tax rate – ordinary corporation tax Reconciliation of effective tax rate – resource rent tax 2025 2024 - Restated (All figures in NOK 1,000) Profit before tax -228,893 54,619 Income tax based on applicable tax rate (22%) -50,356 12,016 Non taxable items 4,982 23,536 Adjustments related to earlier years -12,005 - Income tax expense -57,380 35,552 Effective tax rate 25.1 % 65.1 % ANNUAL REPORT 2025 FInancIal st atements 87
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Goodwill Fish-farming licences Total intangible assets (All figures in NOK 1,000) Cost as of 31.12.2024 427,262 2,068,767 2,496,029 Cost as of 31.12.2025 427,262 2,068,767 2,496,029 Carrying amount as of 31.12.2024 427,262 2,068,767 2,496,029 Carrying amount as of 31.12.2025 427,262 2,068,767 2,496,029 Carrying amount of assets with indefinite life 427,262 2,068,767 2,496,029 Company/group Acquisition year Acquisition cost Recognised goodwill (All figures in NOK 1,000) Måsøval Åsen AS 2019 83,662 34,568 Måsøval Service AS 2021 23,619 6,260 Pure Norwegian Seafood AS 2021 59,411 4,616 Måsøval Lisens AS 2021 216,192 50,440 Vartdal Group (5 companies) 2021 1,366,375 331,378 Total 1,749,259 427,262 Note 12 INTANGIBLE ASSETS Goodwill and licences have an indefinite useful life and are not amortised, but are tested for impairment at least annually or when indicators of impairment arise. The value of goodwill is primarily attributable to expected synergies, the assembled workforce and competence, and expectations of future growth. ANNUAL REPORT 2025 FInancIal st atements 88
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Goodwill Licences Total (All figures in NOK 1,000) Farming 427,262 2,068,767 2,496,029 Sales & processing (1) - - - Total as of 31.12.25 427,262 2,068,767 2,496,029 (1) Identified goodwill regarding the acquisition of the Sales & Processing segment is considered to belong to the Farming segment based on the fact that ownership of the entire value chain simplifies production planning throughout the value chain. Therefore the goodwill related to the Sales & Processing segment is allocated to the Farming CGU. Intangible assets by CGU as of 31.12.2025 Assumption Change Segment Farming EBIT margin per kg (NOK) Change in EBIT per kg (NOK) -2.40 Discount rate (%) Change in percentage points 0.96 Future harvest volume (tonnes) Change in volume -2,869 Specification of Farming Licences No. of licences MAB(1) tonnes Cost Net book value (All figures in NOK 1,000, except No. of Licences and MAB (tonnes)) Farming PO6 Smolt 2 18,881 18,881 Farming PO6 (2) Farming 14 11,416 1,019,735 1,019,735 Farming PO5 Smolt 2 163,000 163,000 Farming PO5 Farming 6 4,398 867,150 867,150 Total Group 24 15,814 2,068,767 2,068,767 (1) Maximum allowed biomass (2) Including four development licences related to the Aqua Semi project (3,120 tonnes MAB) Total MAB can be utilised collectively between production area 5 (Farming West) and 6 (Farming Mid). All fish-farming licences and fixed assets are collateralised for the Group’s external bank loans. Annual testing for impairment of goodwill The Group’s operations are highly integrated, and the value of goodwill arising from acquisitions is largely linked to synergies across the business. Production planning and operational management are treated as a single cash-generating unit. Due to strong synergies and tightly integrated operations, goodwill and other excess values arising from acquisitions are assessed collectively. Goodwill related to the acquisition of processing facilities and the sales organisation is allocated to the Farming segment, as ownership of the entire value chain simplifies biological and operational planning. Annual impairment test of goodwill and licences The impairment test is performed by calculating the value in use of the CGU and comparing it with the carrying amount. If the carrying amount exceeds the recoverable amount, an impairment loss is recognised. Impairment testing is performed annually and when circumstances indicate that the carrying value may be impaired. Estimated future cash flows used to calculate value in use are based on approved budgets and forecasts. A forecast period of 11 years has beenused to reflect a correct terminal value after the expiry of fixed-term leases related to educational licenses. Terminal value is calculated using a long-term growth rate of 2%, reflecting long-term inflation expectations. Estimated value will be affected by the following key assumptions: • Discount rate • Operational EBIT per kg salmon • Estimated future harvest volume The discount rate used reflects management’s estimate of the risk associated with the business. The discount rate is an estimated average capital cost of the Group (WACC) and is calculated at 8,6 percent. Capital costs are calculated by considering the risk-free interest rate, the market risk premium in the equity market and the company’s average interest rate on borrowing. Capital costs are adjusted to reflect conditions at individual cash flow generating units, such as particular risks and interest rate differentials. Operational EBIT per kg salmon is highly volatile due to the fluctuation in the price of salmon. Estimated salmon prices are based on actual long-term price levels in the market in which the fish is sold. Production costs are more stable and are estimated based on historical costs adjusted for inflation and known changes. In the terminal value, an estimated Operational EBIT margin per kg of NOK 22.93 has been used. Harvest volume is estimated based on current production and harvesting plans adjusted for expected increases in future output given current licences. The impairment test does not give indications for write-downs of the book value of the licences at 31 December 2025. Sensitivity The following changes in key assumptions results in the value-in-use being equal to the carrying amount. ANNUAL REPORT 2025 FInancIal st atements 89
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Note 13 PROPERTY, PLANT AND EQUIPMENT All fish-farming licences and fixed assets are pledged as security for the Group’s external bank loans. Properties Farming facilities and floating installations Vessels Operating equipment Total (All figures in NOK 1,000) Cost as of 31.12.2023 165,024 461,736 217,593 73,101 917,454 Additions (1) 22,251 34,736 37,310 77,273 171,570 Reclassifications/decommisioning 40,562 -105,362 2,373 68,270 5,843 Disposals -25,286 -43,444 - -35,169 -103,899 Cost as of 31.12.2024 202,551 347,666 257,276 183,475 990,968 Additions (1) 11,844 44,303 33,463 22,532 112,142 Reclassifications/decommisioning -682 -17,047 - 3,574 -14,155 Disposals -2,900 -12,429 -11,695 -16,602 -43,626 Cost as of 31.12.2025 210,813 362,493 279,044 192,979 1,045,329 Accumulated depreciation and impairments as of 31.12.2023 29,318 212,026 150,855 61,359 453,558 Depreciation 10,765 37,420 16,756 19,458 84,399 Reclassifications/decommissioning - 920 1,345 - 2,265 Disposals -6,648 -43,444 - -22,978 -73,070 Accumulated depreciation and impairments as of 31.12.2024 33,435 206,922 168,956 57,839 467,152 Depreciation 28,855 47,465 20,382 2,136 98,838 Reclassifications/decommissioning 3,742 -10,595 - -3,082 -13,677 Disposals -2,858 -8,779 -7,734 -16,602 -33,115 Accumulated depreciation and impairments as of 31.12.2025 63,174 235,013 181,604 40,291 520,082 Carrying amount as of 31.12.2023 135,706 249,710 66,738 11,742 463,896 Carrying amount as of 31.12.2024 169,116 140,744 88,320 125,636 523,816 Carrying amount as of 31.12.2025 147,639 127,480 97,440 152,688 525,247 Economic life (years) 5 - 7 Year 7 - 15 Year 3 - 15 Years 3 - 10 Years Depreciation method Linear Linear Linear Linear (1) Additions also includes buyout of lease agreements. ANNUAL REPORT 2025 FInancIal st atements 90
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Note 14 RIGHT-OF-USE ASSETS AND LEASE LIABILITIES Right of use asset The Group’s leased assets include properties, farming facilities, vessels and other equipment. The Group’s right-of- use assets are categorised and presented in the table below: Lease liabilities Properties Farming facilities Vessels Other equipment Total (All figures in NOK 1,000) At 1 January 2024 47,899 169,928 241,157 62,819 521,803 Additions 1,580 21,819 89,505 10,051 122,955 Amortisation -7,191 -22,111 -68,862 -12,241 -110,405 Disposals - - -20,416 -12,392 -32,808 At 31 December 2024 42,288 169,636 241,384 48,237 501,545 At 1 January 2025 42,288 169,636 241,384 48,237 501,545 Additions 22,055 15,365 265,971 3,522 306,913 Amortisation -7,259 -21,953 -132,430 -12,266 -173,908 Disposals - -7,800 - 0 -7,800 At 31 December 2025 57,084 155,248 374,925 39,493 626,750 Economic life/lease term (years) 5 - 15 years 3 - 7 years 3 - 7 years Amortisation method Straight line Straight line Straight line Undiscounted lease payments and year of payment 2025 2024 (All figures in NOK 1,000) Less than 1 year 160,532 107,108 1-3 Years 296,404 162,220 3-5 Years 67,943 93,550 More than 5 years 61,513 67,669 Total undiscounted lease payments 586,393 430,547 Specification of lease liabilities 2025 2024 (All figures in NOK 1,000) Current lease liabilities 160,532 107,108 Non-current lease liabilities 425,861 323,439 Total 586,393 430,547 The lease contracts do not include any restrictions with regards to the Group’s dividend policy or financing opportunities. Lease payment expensed 2025 2024 (All figures in NOK 1,000) Expensed lease payments for short- term leases and low-v alue leases 174 164 Variable lease payments 64,245 35,780 Total lease payments 64,418 35,944 Lease payments financial lease 179,556 147,197 Total lease payments 243,974 183,141 Changes in lease liabilities (All figures in NOK 1,000) At 1 January 2024 445,133 Additions 108,690 Interest expense 23,921 Lease payments -147,197 At 31 December 2024 430,547 At 1 January 2025 430,547 Additions 302,481 Interest expense 32,921 Lease payments -179,556 At 31 December 2025 586,393 ANNUAL REPORT 2025 FInancIal st atements 91
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Note 15 BIOLOGICAL ASSETS AND OTHER INVENTORIES We refer to note 3 “Accounting policies” for a description of the accounting principles regarding biological assets. Fair value Fair value adjustments are included in operating profit or loss, but changes in fair value are presented on a separate line to provide greater transparency regarding the impact on profit or loss. The item comprises: Book value of biological assets and inventory 31.12.2025 31.12.2024 (All figures in NOK 1,000) Feed inventory 25,909 31,634 Finished goods 526 21,724 Other inventories 22,859 11,954 Total other inventory 49,294 65,312 Biological assets 1,010,881 1,093,203 Total biological assets and other inventory 1,060,175 1,158,515 Book value of biological assets recognised at fair value 31.12.2025 31.12.2024 (All figures in NOK 1,000) Biological assets held at sea farms at cost 735,979 720,667 Fair value adjustment – biological assets 158,265 239,738 Total biological assets held at sea at fair value 894,244 960,405 Smolt and postsmolt at cost 116,637 132,798 Total biological assets 1,010,881 1,093,203 Of which co-location partners Biological assets held at sea farms at cost 111,177 109,222 Fair value adjustment – biological assets 19,218 23,396 Total biological assets held at sea at fair value 130,395 132,618 Change in the book value of biological assets held at sea farm carried at fair value 2025 2024 (All figures in NOK 1,000) Biological assets held at sea farm 1 Jan 960,405 1,001,074 Increase resulting from production/purchase 1,797,124 1,684,267 Reduction resulting from sales/harvesting -1,781,813 -1,599,874 Net fair value adjustment -81,473 -125,062 Biological assets held at sea farm 31 Dec 894,244 960,405 ANNUAL REPORT 2025 FInancIal st atements 92
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Biological assets held at sea farms 31. Dec 2025 Biological assets held at sea farms 31. Dec 2024 The fair value calculation is based on the following forward prices: Biomass (tonnes) Count Cost Fair value adjustment Carrying amount (All figures below in NOK 1,000, except Biomass (tonnes)) < 1 Kg 1,338 2,438,014 171,111 -1,652 169,459 1 - 4 Kg 9,229 3,565,818 486,912 97,087 583,999 > 4 Kg 2,180 413,817 77,957 62,830 140,787 Biological assets held at sea farms 12,747 6,417,649 735,979 158,265 894,244 Smolt and post-smolt at cost 116,637 - 116,637 Total biological assets 12,747 6,417,649 852,616 158,265 1,010,881 Of which co-location partners 1,988 775,416 111,177 19,218 130,395 Biomass (tonnes) Count Cost Fair value adjustment Carrying amount (All figures below in NOK 1,000, except Biomass (tonnes)) < 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 44,628 Biological assets held at sea farms 12,165 5,989,368 720,666 239,738 960,405 Smolt and post-smolt at cost - 132,798 - 132,798 Total biological assets 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 2025 2024 Expected harvesting period Forward price 31.12.2025 Expected harvesting period Forward price 31.12.2024 Q1-2026 98,57 Q1-2025 111,09 Q2-2026 97,02 Q2-2025 114,07 Q3-2026 76,41 Q3-2025 75,98 Q4-2026 83,92 Q4-2025 82,19 Q1-2027 102,86 Q1-2026 114,97 Q2-2027 99,11 Q2-2026 106,61 Q3-2027 79,70 Q3-2026 82,88 Q4-2027 84,88 Q4-2026 90,45 ANNUAL REPORT 2025 FInancIal st atements 93
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Increase Effect on estimated fair value Decrease Effect on estimated fair value 2025 31.12.2025 31.12.2025 Change in forward price 5 NOK per kg 85,036 5 NOK per kg -85,036 Change in discount rate 1% -42,304 1% 46,105 Change in harvest timing 1 month earlier 38,601 1 month later -32,776 Change in biomass 1% 11,906 1% -11,788 2024 31.12.2024 31.12.2024 Change in forward price 5 NOK per kg 71,804 5 NOK per kg -71,804 Change in discount rate 1% -47,489 1% 51,430 Change in harvest timing 1 month earlier 50,653 1 month later -89,218 Change in biomass 1% 8,081 1% -8,001 2025 2024 (All figures in NOK 1,000) Accounts receivable at face value as of 31,12 81,028 434,965 Less: provision for impairment of accounts receivables 2,792 1,688 Net accounts receivable 83,819 436,653 Receivables written off during the year 1,550 - Changes in provision during the year 1,103 -900 Impairment loss during the year 2,653 -900 Not Due <30d 30-60d 60-90d >90 d Total (All figures in NOK 1,000) Accounts receivable 2025 78,522 4,721 1,395 450 -1,267 83,819 Accounts receivable 2024 358,094 71,485 1,438 412 5,224 436,653 Maturity profile trade receivables Discount rate The discount rate used as of 31 December 2025 and 31 December 2024 was 5% per month, reflecting capital cost, biological and operational risk, synthetic licence fees and site rental charges. Sensitivity assessment The estimated fair value of biological assets has been calculated using different parameters. The effect on the estimated fair value of biological assets Note 16 ACCOUNTS RECEIVABLE At 31 December 2025, accounts receivable of NOK 5,3 million were past due. The total impairment provision of MNOK 2,8 is based on individual assessments and relates to receivables more than 90 days past due. There have been no prior defaults by these customers. All doubtful receivables identified during the year have been settled in 2025; however, at 31 Desember 2025 the Group held receivables past due more than 90 days which were subject to individual impairment assessment. ANNUAL REPORT 2025 FInancIal st atements 94
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Provisions in 2025 are mostly related to the subsidiary Måsøval Sales AS (MSA). Provisions are based on an individual assessment of all significant receivables and an individual provision where this is deemed necessary. Credit losses are measured on the basis of the expected loss over the remaining life of the exposure, and not based on a 12-month expected credit loss. Historical losses have been low. MSA has entered into an factoring agreement with a credit institution for the purchase of trade receivables that meet certain specified criteria. MSA transfers receivables that meet these criteria when they arise and immediately receives payment from the factoring company. Normal maturity of trade receivables is 30-90 days. The material part of the credit risk is transferred when the receivable is transferred to the credit company. The receivables are derecognised in the balance on the date the transfer takes place. As at 31 December 2025, a total of NOK 222 million outstanding receivables has been transferred and derecognised. The change in trade receivables deriving from this derecognition is included under operating activities in the statement of cash flow. A prerequisite for the transfer of a receivable to the factoring company is that there is a credit insurance on the receivable. There are separate agreements for each customer. The terms are approximately the same, but the framework varies. Standard insurance covers up to 90 percent of receivables for each customer within the limit of credit of up to 90 days. If the insurance company’s total limit towards individual customers is fully utilised, individual assessments are made by the company’s management before a credit is granted. Credit losses are classified as other operating expenses in the statement of profit or loss. Note 17 CASH AND CASH EQUIVALENTS The Group’s cash and cash equivalents consist of bank balances and the tax withholding account.Note 18 INVESTMENTS IN ASSOCIATES As of 31 December 2025, the Group had no investments in associates. Foreign currency exposure receivables 2025 2024 (All figures in NOK 1,000) Norway 74,257 280,586 Europe (excluding Norway) 6,566 151,951 Asia 2,997 - Other markets - 4,116 Total book value accounts Receivables 83,820 436,653 2025 2024 (All figures in NOK 1,000) EUR 1,606 119,770 GBP - 1,771 JPY 1,054 - USD 1,943 4,116 Total foreign currency receivables 4,603 125,657 NOK 79,217 310,996 Total book value accounts receivables 83,820 436,653 Receivables by location of customers 31.12.2025 31.12.2024 (All figures in NOK 1,000) Bank deposits, unrestricted 89,538 8,130 Bank deposits, restricted (1) 13,850 12,539 Cash and cash equivalents in the statement of financial position 103,388 20,669 (1) Restricted bank deposits consist of tax withholdings. Note 19 INTEREST-BEARING DEBT The Group’s financing is split between Måsøval AS including its 100%-owned subsidiaries (Måsøval facility) and Pure Norwegian Seafood (Pure’s facility). They are two separate, standalone agreements. The Måsøval facility at 31 December 2025 totaled NOK 1,900 million, comprising a revolving credit facility of NOK 500 million, a term loan of NOK 1,100 million and an overdraft facility of NOK 300 million (of which NOK 268 million is drawn). In addition, the Group secured temporary short-term bank financing, increasing the overdraft facility from NOK 300 million to NOK 600 million until the end of Q2 2026. The Pure facility consists of two term loans totalling NOK 23 million. The Måsøval revolving credit facility and term loan expire 28 February 2028. Interest on the Måsøval facility is floating and linked to three-month NIBOR, plus a margin. Måsøval has secured NOK 292 million of its long-term debt with an interest swap. Pure Norwegian Seafood’s (PNS) loan portfolio consists of two loans with floating interest. PNS has two interest rate swaps with a total of NOK 35,8 million. Total lending in PNS at 31 December 2025 was NOK 23 million. See note 4 for further details. ANNUAL REPORT 2025 FInancIal st atements 95
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2025 2024 - Restated (All figures in NOK 1,000) Long-term debt 1,324,019 1,423,198 Lease liabilities – non-current 425,861 323,439 Total non-current borrowing 1,749,880 1,746,637 Non-current borrowing Next year’s installment 2025 2024 - Restated (All figures in NOK 1,000) Long-term debt 123,376 123,344 Overdraft facility 267,825 280,884 Current liabilities for right-of-use assets 160,532 107,108 Total current borrowing 551,734 511,336 Total borrowing 2025 2024 - Restated (All figures in NOK 1,000) Long-term debt 1,447,395 1,569,271 Overdraft facility 267,825 280,884 Total lease liabilities 586,394 430,547 Total 2,301,614 2,280,702 Mortgage-backed liabilities 2025 2024 - Restated (All figures in NOK 1,000) Long-term debt 1,447,395 1,569,271 Overdraft facility 267,825 280,884 Total mortgage-backed liabilities 1,715,220 1,850,155 Carrying amount of pledged assets 2025 2024 (All figures in NOK 1,000) Accounts receivable 83,819 436,653 Inventories 1,060,175 1,158,515 Equipment and aquaculture licences (pledged) 2,594,014 2,592,583 Total carrying amount of pledged assets 3,738,008 4,187,751 Maturity structure of long-term debt 2025 2024 - Restated (All figures in NOK 1,000) Less than 1 year 283,876 230,452 Between 1 and 3 years 1,572,404 1,594,841 Between 3 and 5 years 118,687 69,438 Over 5 years 58,789 105,087 Total 2,033,756 1,999,819 FINANCIAL COVENANTS As of 31 December 2025 The “Måsøval facility” are subject to financial covenants set by the bank. These include a 12-month rolling interest coverage ratio of 3x EBITDA and a minimum equity ratio of 30%. For Q4 2025, a temporary waiver was issued by the groups bank reducing the interest coverage ratio requirement to 1,00x for Q4 2025 and 1,5X for Q1 2026. Furthermore, the pricing of the credit products in the agreement is linked to the Group’s net interest-bearing debt (NIBD) in relation to operating profit before depreciation and amortisation (EBITDA). Debt on operational leases according to IFRS 16 is not included in NIBD for the purpose of calculating the NIBD/EBITDA ratio. The partly owned subsidiary, Pure Norwegain Seafood (PNS) has its own loan facility. The “Pure facility” has a requirement of equity ratio of at least 25 percent. See “Alternativ Performance Measurments” for further details. As of 31 December 2024 The “Måsøval facility” as of December 2024 has the following requirements: The borrower and the Group must, at all times, maintain an equity ratio of at least 30 percent and an interest coverage ratio of at least 4,0. Furthermore, the pricing of the credit products in the agreement is linked to the Group’s net interest- bearing debt (NIBD) in relation to operating profit before depreciation and amortisation (EBITDA). Debt on operational leases according to IFRS 16 is not included in NIBD for the purpose of calculating the NIBD/EBITDA ratio. The partly owned subsidiary, Pure Norwegain Seafood (PNS) has its own loan facility. The “Pure facility” has a requirement of equity ratio of at least 25 percent. See “Alternativ Performance Measurments” for further details. ANNUAL REPORT 2025 FInancIal st atements 96
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Note 20 SUPPLIER FINANCE ARRANGEMENTS Måsøval has established a supplier finance arrangement with its key supplier. Suppliers participating in the arrangement receive early payment on invoices from the Group’s external finance provider. Goods must be received and the invoice approved by Måsøval AS before the finance provider can make payment. Måsøval AS has a Supply Chain Finance Agreement with DnB with the following terms: Note 21 OTHER CURRENT LIABILITIES Note 22 NOTES SUPPORTING THE CASH FLOWS Transactions without cash-flow effects from financing activities are presented in the reconciliation of movements in financial liabilities in the following tables. Carrying amount of liabilities Range of payment due dates 2025 2024 (All figures in MNOK) Presented within account payables 205 131 Of which suppliers have received payment 205 131 Liabilities that are part of the arrangement 90 Days Comparable trade payables not part of the arrangement 30-60 Days Limit 300 MNOK Purchase Fee NIBOR + 1,6% margin + NOK 750 per request 2025 2024 (All figures in NOK 1,000) Public duties payable 20,648 19,318 Accrued payroll related items 29,189 29,586 Accrued interest 17,040 16,840 Other short-term liabilities 44,863 28,227 Total other current liabilities 111,740 93,971 Non-current loans and borrowings Non-current lease liabilities Current loans and borrowings Current lease liabilities Total (All figures in NOK 1,000) At 1 January 2025 1,423,198 323,439 426,957 107,108 2,280,702 Cash flows Repayment of loans - - -271,912 - -271,912 New loans 150,000 - - - 150,000 Net change in overdraft facility - - -13,023 - -13,023 Net lease payments - - - -146,635 -146,635 Non-cash flows - New lease agreement - 302,481 - - 302,481 - Reclassification short/long term -249,179 -200,059 249,179 200,059 - At 31 December 2025 1,324,019 425,861 391,201 160,532 2,301,613 Non-current loans and borrowings Non-current lease liabilities Current loans and borrowings Current lease liabilities Total (All figures in NOK 1,000) At 1 January 2024 - 294,937 1,496,059 150,196 1,941,192 Cash flows Repayment of loans -322,185 - -2,482 - -324,667 New loans 525,000 - 3,947 - 528,947 Net change in overdraft facility - - 149,816 - 149,816 Net lease payments - - - -123,276 -123,276 Non-cash flows - New lease agreement - 108,690 - - 108,690 - Reclassification short/long term 1,220,383 -80,188 -1,220,383 80,188 - At 31 December 2024 - Restated 1,423,198 323,439 426,957 107,108 2,280,702 ANNUAL REPORT 2025 FInancIal st atements 97
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Note 23 SHARE CAPITAL AND SHAREHOLDERS The company has one class of shares, and all shares carry the same rights. All share capital is fully paid. There are no preferential rights or restrictions attached to the shares. Neither the company nor its subsidiaries or related parties hold any treasury shares. There were no changes to the share capital during 2025. See the statement of changes in equity. Shares Owned by Members of the Board and Senior Executives (1): Shareholders The company’s 20 largest shareholders as of 31 December 2025 were: 2025 2024 (All figures in NOK 1,000) Share capital 30,627 30,627 Share premium 872,432 872,432 Total paid in capital 903,059 903,059 No. of shares Face value Book value Ordinary shares 122,508,455 0.25 30,627 No. of shares % of Total Lars Måsøval (2) Chair of the Board 42,863,777 34.99% Roger Granheim (3) Board member - 0.00% Ola Loe Board member 6,150 0.01% Kari Skeidsvoll Moe Board member 3,039 0.00% Martin Staveli Deputy Board member 18,237 0.01% Helge Kvalvik (4) CEO 12,000 0.01% Anders Hagestande CFO 5,000 0.00% Harry Osvald Hansen Head of Farming/sea 7,598 0.01% Ingar Kyrkjebø Head of Service 2,127 0.00% Sandra E Holm Head of People & Culture 2,057 0.00% Henny Førde Head of Biology. Planning and ESG 4,559 0.00% Andreas Skagøy Head of Development and Strategic Projects 5,179 0.00% Lars Jørgen Ulvan Head of Smolt 1,215 0.00% 1) In connection with the IPO, certain family members of the Board and senior executives purchased shares in the company. None of these shareholdings are considered significant. 2) Lars Måsøval owns the shares indirectly through Heimstø AS, where he controls 50% directly and indirectly through related parties. 3) Roger Granheim is the CEO of Frøy Kapital AS, which holds 9,294,269 shares in Måsøval AS. 4) Helge Kvalvik indirectly owns the shares through Storeskjeret AS, which he owns 100%. Shareholders No. of shares % of total Heimstø AS 85,727,553 69.98% Verdipapirfond Odin Norge 10,589,521 8.64% Frøy Kapital AS 9,294,269 7.59% J.P. Morgan SE 2,612,135 2.13% Kontrari AS 2,140,000 1.75% J.P. Morgan SE 1,351,254 1.10% Vicama AS 1,215,794 0.99% R. Munkhaugen AS 800,000 0.65% J.P. Morgan SE 776,789 0.63% Verdipapirfondet Holberg Triton 739,455 0.60% Patric Invest AS 609,252 0.50% Yttervåg AS 380,036 0.31% Jaras Invest AS 290,000 0.24% Nordnet Livsforsikring AS 247,111 0.20% 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% MP Pensjon PK 150,319 0.12% Total 20 Larges Shareholders 117,949,783 96.28% Total Other Shareholders 4,558,672 3.72% Total Number of Shares 31.12.2025 122,508,455 100.00% ANNUAL REPORT 2025 FInancIal st atements 98
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Note 24 EARNINGS PER SHARE Basic earnings per share are based on the earnings attributable to the company’s shareholders and the weighted average number of ordinary shares outstanding for the year, less any treasury shares held by the company. Note 25 CONSOLIDATED COMPANIES The following companies are included in the consolidated financial statements for 2025. Parent company: Måsøval AS Note 26 BUSINESS COMBINATIONS AND REORGANISATION During 2025, there was no expansion of the Group’s activities. Internal reorganisation As part of the demerger and triangular merger process described in the 2024 Annual Report, the final steps of the internal reorganisation were registered in the Norwegian Business Register in January 2025. This completed the reorganisation. As a result, Måsøval AS became a pure holding company. Aquaculture licences were transferred to Måsøval Lisens AS, while employees and operational assets were transferred to Måsøval Drift AS. Business combinations and structure changes in 2024 In 2024, the Group expanded by establishing a harvesting facility and a wholly owned sales organisation. In connection with this, one subsidiary was acquired and two new companies were established: Måsøval Sales AS, Måsøval Harvest AS and Måsøval Processing AS. These transactions are summarised below and described in more detail in the 2024 Annual Report. Måsøval Sales AS Måsøval Sales AS was established in connection with an intra- group transaction in which the company acquired the sales organisation of Pure Norwegian Seafood AS. No added value was identified at Group level, and the transaction had no impact on consolidated goodwill or excess values. Måsøval Harvest AS Måsøval Harvest AS was acquired in connection with the Group’s purchase of a harvesting facility at Ulvan, Hitra. The company was newly established, and the seller had carried out an internal transaction in which all assets related to the harvesting facility were transferred to the new company before the acquisition. All assets were recognised at fair value, and no excess values were identified. Måsøval Processing AS Måsøval Processing AS was founded in connection with the establishment of the harvesting facility at Ulvan, Hitra. The company is an administrative entity where the management of the harvesting facility is employed and provides services to Måsøval Harvest AS. Earnings per share 2025 2024 - Restated (All figures are presented in NOK 1,000 with the exception of earnings per share) Net profit or loss for the year attributable to owners of the parent -73,030 165,725 Weighted average number of shares outstanding (basic and diluted) 122,508 122,508 Earnings per share Basic and diluted -0.60 1.35 Subsidiaries Registered office Ownership Måsøval Laksåvika AS Frøya 100% Måsøval Åsen AS Åsen 100% Måsøval Akva AS Frøya 100% Måsøval Service AS Frøya 100% Pure Norwegian Seafood AS Averøy 65% Måsøval Lisens AS Frøya 100% Måsøval Drift AS Frøya 100% Måsøval Urke AS Urke 100% Måsøval Vartdal AS Vartdal 100% Måsøval Sales AS Ålesund 100% Måsøval Harvest AS Hitra 100% Måsøval Processing AS Frøya 100% Måsøval Crew AS Frøya 100% Måsøval Eiendom Sunnmøre AS Vartdal 100% ANNUAL REPORT 2025 FInancIal st atements 99
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Note 27 RELATED PARTY TRANSACTIONS The Group is 70 percent owned by Heimstø AS, which is the Group’s ultimate parent. Heimstø AS is owned by Anders Måsøval (50 percent), Synne Konstanse Måsøval (38.6 percent) and Lars Måsøval (11.4 percent). Transactions with related parties also include transactions with other companies in the Heimstø Group and consist mainly of the sale of accounting services, rental of land bases and rental of wellboats. All related party transactions have been conducted on arm’s length terms. See Note 7 for information regarding payments of benefits to members of the Board and senior executives. During the year, the Group companies entered into the following transactions with related parties that are not members of the Group. Transactions with related parties in 2025 Sales Purchase Receivables Liabilities (All figures in NOK 1,000) Heimstø AS Parent company 1,498 2,246 228 88 Sørskaget Holding AS Owned by Heimstø (100%) 1,108 3,904 225 359 Sørskaget Bolig Owned by Heimstø (100%) 77 - 9 - Kaldvik hf. Indirectly controlled by Heimstø AS (1) 31,968 - 5,366 273 Flamek Eiendom AS Indirectly owned by Heimstø AS (90%) (2) 174 2,804 66 - (1) Kaldvik hf. is indirectly controlled by Heimstø AS through majority ownership and governance rights. (2) Flamek Eiendom AS is indirectly owned (90 percent) by Heimstø AS, but is not controlled under IFRS 10 due to its corporate governance structure. Transactions with related parties in 2024 Sales Purchase Receivables Liabilities (All figures in NOK 1,000) Heimstø AS Parent company 2,208 884 7,395 107 Sørskaget Holding AS Owned by Heimstø (100%) 549 1,410 526 303 Sørskaget Bolig Owned by Heimstø (100%) 72 - 30 - Kaldvik hf. Indirectly controlled by Heimstø AS (1) 30,721 224 5,339 273 Flamek Eiendom AS Indirectly owned by Heimstø AS (90%) (2) 72 2,411 344 287 (1) Kaldvik hf. is indirectly controlled by Heimstø AS through majority ownership and governance rights. (2) Flamek Eiendom AS is indirectly owned (90 percent) by Heimstø AS, but is not controlled under IFRS 10 due to its corporate governance structure. ANNUAL REPORT 2025 FInancIal st atements 100
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Note 28 EVENTS AFTER THE REPORTING DATE Extension of overdraft facility In February, the Group’s bank extended the temporary increase in the overdraft facility of NOK 300 million, moving the expiry date from 31 March 2026 until 30 June 2026. The extension strengthens the Group’s short-term liquidity position and provides additional financial flexibility during the first half of 2026. LEGAL PROCEEDINGS INVOLVING PURE NORWEGIAN SEAFOOD (PNS) AND ITS SHAREHOLDERS Måsøval AS, which acquired a 65% stake in Pure Norwegian Seafood AS (PNS) in 2021, identified irregular sales of frozen salmon not fit for human consumption in 2023. Appropriate remedial actions were implemented, including the termination of non-compliant sales, product recalls, and the initiation of an independent investigation. Måsøval brought a claim for damages arising from a share purchase agreement against former executives, former board members, and minority shareholders. The matter was heard before the Trondheim District Court in November 2025. The District Court has completed its proceedings, and a judgment was rendered in December 2025 in favour of Måsøval. The judgment has been appealed by both the counterparty and Måsøval in January 2026. Furthermore, PNS has independently initiated legal proceed- ings against former executives, former board members, and minority shareholders. Major shareholder initiates strategic review of ownership Heimstø AS, which controls approximately 70% of the shares in Måsøval AS, is reviewing its investment portfolio and in connection therewith has decided to initiate a strategic review of its ownership in the Company. The strategic review does not entail a decision to carry out a transaction, but rather a process has been initiated to explore various alternatives related to the ownership. CEO steps down On 25 March 2026, Helge Kvalvik informed the Board of Directors of his intention to step down as CEO of Måsøval AS. By agreement with the Board, Kvalvik will continue in his role until 30 June 2026 to ensure a smooth and orderly transition. Note 29 RESTATEMENT OF 2024 Change in accounting treatment - co-location Effective from 2025, all activities related to co-location partners at the Group’s sea-based farming sites are reported under a newly established division with the Farming segment: Farming Co-location. As a result, the net results from co-location 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 2024 have been restated accordingly to ensure consistency and comparability with the 2025 reporting structure. Correction of errors - interest expenses Our bank partner has discovered an error in its interest calculations related to our credit facilities, which constitutes a material error for the period 2023 to 2025. We have received updated calculations from the bank and restated comparative figures for previous periods, based on the banks calculations. This results in changes to interest expense and tax expense, and corresponding changes in equity, deferred tax, and short- term debt to credit institutions. As a consequence, there will also be changes in the lines “Profit before tax” and “Net change in overdraft facility” in the Statement of cash flow. Accounting lines with changes Originally reported Changes in interest expenses Restated values 31.12.24 (All figures in NOK 1,000) Other equity 938,815 23,487 962,302 Deferred tax 624,443 6,625 631,068 Short term – liabilities to financial institutions 457,069 -30,112 426,957 Accounting lines with changes Originally reported Changes in interest expenses Restated values 31.12.24 (All figures in NOK 1,000) Profit before income tax 31,067 23,553 54,619 Interest expense 71,685 -23,553 48,132 Payment of interest expenses on borrowings -94,972 23,553 -71,419 Net change in overdraft facility 173,369 -23,553 149,816 Restatement of statement of financial positions 31.12.24 Restatement of statement of cash flow 31.12.24 ANNUAL REPORT 2025 FInancIal st atements 101
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2024 Changes in interest expenses Changes – co-location Restated 2024 (All figures in nok 1,000) Operating revenue – sale of salmon 2,233,784 - 2,233,784 Other operating income 204,817 - 259,780 464,597 Total operating revenues 2,438,601 - 259,780 2,698,381 Cost of goods sold 1,176,821 - 164,492 1,341,313 Salaries and other personell costs 289,356 - 289,356 Depreciation and amortisation expense 194,804 - 194,804 Other operating expenses 416,794 - 114,389 531,183 Total operating expenses 2,077,775 - 278,881 2,356,656 Operational EBIT 360,826 - -19,101 341,726 Production tax -20,663 - -20,663 Profit sharing with co-location partners – income 31,114 - -31,114 - Profit sharing with co-location partners – expenses -50,214 - 50,214 - Net fair value adjustment – biological asset -125,061 - -125,061 EBIT 196,002 - - 196,002 Financial income 3,562 - - 3,562 Financial expenses 168,497 -23,553 - 144,944 Net finance income and expense -164,935 23,553 - -141,382 Profit before income tax 31,067 23,553 - 54,620 Tax expense -107,358 5,182 - -102,176 Net profit for the period 138,425 18,371 - 156,796 Attributable to: Equity holders of the parent company 147,354 18,371 - 165,725 Non-controlling interests -8,930 - -8,930 Total allocations 138,424 18,371 - 156,795 Earnings per share (basic and diluted) 1.20 - - 1.35 Restatement of the consolidated statement of profit and loss – 2024 ANNUAL REPORT 2025 FInancIal st atements 102
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Operational EBIT (earnings before interest, tax and other financial costs and income) Operational EBIT an important performance measure for the Group and is useful to users of the financial statement to evaluate the profitability of sold goods and the production. Operational EBIT is calculated before fair value adjustments, production tax, profit sharing with co-location partners and financial expenses and taxes. Operational EBIT per kilogram of salmon Operational EBIT per kilogram is defined as a central performance measure for the Group. The measure is used to evaluate the profitability of sold goods and the operations of the Group. The performance measure is useful to users of the financial statements to evaluate the profitability of sold goods and the production. The measure is calculated for each segment before unallocated costs and non-recurring events, fair value adjustments, income from associated companies, financial expenses and taxes. The measure is expressed per kilogram harvested volume. Harvested volume includes volume from operations with co-location partners. See Note 5 Business Segments for details. 2025 2024 (All figures in NOK 1,000) EBIT -54,537 196,001 Production tax 21,812 20,663 Biological assets - net fair value adjustment 81,473 125,061 Operational EBIT 48,747 341,726 Farming Sales & Processing 2025 2024 - Restated 2025 2024 - Restated (All figures in NOK 1,000) Operating revenue 2,142,776 2,273,494 2,562,451 2,324,264 Operating expenses 2,018,851 1,764,108 2,591,245 2,401,405 Operational EBIT 123,925 509,386 -28,794 -77,141 Volume harvested 28,467 25,015 31,595 25,224 Operational EBIT per kilogram of salmon 4.4 20.4 -0.9 -3.1 Alternative performance measures of Måsøval Group The Group presents its financial statements in accordance with International Financial Reporting Standards (IFRS). In addition, management has established alternative performance measures (APMs) to provide useful and relevant information to users of the financial statements. These APMs have been established to provide greater understanding of the Group’s underlying performance, and do not replace the consolidated financial statements prepared in accordance with IFRS. The performance parameters have been reviewed and approved by the Group’s management and Board of directors. Alternative performance measures may be defined and used in other ways by other companies. The Group applies the following APMs: Net interest-bearing debt Net interest-bearing debt is defined as the net of long-term debt, short- term debt, bank deposits and interest-bearing receivables. The measure is useful and necessary information to investors and other users of the financial statements to assess the net of the interest-bearing external capital used to finance the group. The measure is used to calculate return on capital employed and highlights the Group’s ability to take on more debt. Equity ratio Equity ratio is calculated by dividing total equity, including minorities, by the total assets. The measure is useful to the users of financial statements in terms of understanding how much of the company’s assets are funded by equity and borrowings. 31.12.2025 31.12.2024 - Restated (All figures in NOK 1,000) Equity 1,817,040 1,894,933 Total assets 5,074,634 5,242,093 Equity ratio 35.8% 36.1% 31.12.2025 31.12.2024 - Restated (All figures in NOK 1,000) Non-current liabilities to financial institutions 1,749,880 1,746,637 Current liabilities to financial institutions 551,733 534,065 Liabilities related to operational lease -304,371 -91,015 Bond funds -15,334 - Cash and cash equivalents -103,388 -20,669 Net interest-bearing debt – Group 1,878,521 2,169,017 ANNUAL REPORT 2025 FInancIal st atements 103
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ANNUAL REPORT 2025 FInancIal st atements 104
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Financial statement of Måsøval AS / 106 Profit or loss / 107 Financial position: assets / 108 Financial position: equity and liabilities / 109 Cash flows ANNUAL REPORT 2025 105
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Statement of profit or loss (for the year ended 31 December) Note 2025 2024 - Restated*) (Consolidated numbers in NOK 1,000) Operating income and expenses Revenue 1, 2 - 1,445,608 Other operating income 1, 2 30,733 365,333 Total operating revenues 30,733 1,810,941 Cost of goods and services 1, 8 - 1,240,087 Change in biomass and feed inventory - -98,445 Personell costs 3 11,350 138,630 Depreciation and impairments 4 3,256 23,932 Other operating expenses 1, 5 23,720 311,844 Total operating expenses 38,326 1,616,048 Operational EBIT -7,593 194,892 Production tax - 15,889 EBIT -7,593 179,004 Financial income and costs Group contribution from subsidiaries 6 25,745 42,160 Group interest income 90,191 17,531 Interest income 22,935 162 Other financial income 2,200 1,215 Total financial income 141,070 61,068 Interest expenses 140,362 110,411 Other financial expenses 7 3,292 17,928 Total financial expenses 143,654 128,339 Net financial items -2,583 -67,271 Profit before income tax -10,176 111,732 Income tax expense 9 -11,877 -47,071 Net profit or loss for the year 1,701 158,803 Profit attributable to: Dividends - - Allocated to (+)/from(-) retained earnings 1,701 158,803 Total allocations 1,701 158,803 * Comparative information has been restated due to the correction of errors and changes in accounting treatment. See Note 19. ANNUAL REPORT 2025 FInancIal st atements 106
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Statement of financial position: assets (for the year ended 31 December) Note 2025 2024 - Restated*) (Consolidated numbers in NOK 1,000 ) Intangible assets Licences 4, 8 - 758,295 Deferred tax asset 159 - Goodwill 4 791 3,957 Total intangible assets 950 762,252 Property, plant and equipments Properties 4 3,238 7,315 Farming facilities, quay facilities, etc. 4 - 30,020 Vessels 4 - 889 Operating equipment, fixture and fittings 4 472 30,009 Total property, plant and equipment 3,710 68,234 Non-current financial assets Investments in subsidiaries 6 1,831,896 1,832,026 Other non-current receivabels 28,120 28,124 Total non-current financial assets 1,860,017 1,860,151 Total non-current assets 1,864,676 2,690,637 Inventories Feed inventory 10 - 21,903 Biological assets 10 - 586,084 Other inventories - 3,200 Total inventories - 611,187 Receivables Accounts receivable 11 6,580 305,332 Other receivables 11 819 3,010 Receivables group companies 11 1,990,237 476,229 Total receivables 1,997,636 784,571 Cash and cash equivalents 12 82,461 5,790 Total current assets 2,080,096 1,401,548 Total assets 3,944,773 4,092,185 * Comparative information has been restated due to the correction of errors and changes in accounting treatment. See Note 19. ANNUAL REPORT 2025 FInancIal st atements 107
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Statement of financial position: equity and liabilities (for the year ended 31 December) Note 2025 2024 - Restated*) (Consolidated numbers in NOK 1,000) Equity Share capital 13 30,627 30,627 Share premium 13 872,432 872,432 Total paid-in equity 903,059 903,059 Other equity 743,338 737,977 Total other equity 743,338 737,977 Total equity 13 1,646,397 1,641,036 Liabilities Provisions Deferred tax 9 - 154,551 Total provisions - 154,551 Non-current liabilities Liabilities to financial institutions 14 1,424,634 1,544,717 Total non-current liabilities 1,424,634 1,544,717 Current liabilities Liabilities to financial institutions 14 268,723 256,936 Accounts payable 15 1,802 248,525 Tax payable 9 4,209 10,326 Tax withholding and other deductions 1,131 8,393 Liabilities to group companies 15 546,253 126,059 Other current liabilities 51,624 101,643 Total current liabilities 873,742 751,881 Total liabilities 2,298,375 2,451,149 Total equity and liabilities 3,944,773 4,092,185 * Comparative information has been restated due to the correction of errors and changes in accounting treatment. See Note 19. Lars Måsøval Chair of the Board Roger Granheim Director Kari Skeidsvoll Moe Director Ola Loe Director Nina Santi Director Helge Kvalvik CEO ANNUAL REPORT 2025 FInancIal st atements 108
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Statement of cash flow (for the year ended 31 December) Måsøval AS 2025 2024 - Restated*) (Numbers in NOK 1,000) Profit before income tax -10,176 111,732 Tax payable -56,937 -130,566 Loss on disposal of shares - 16,152 Ordinary depreciation 3,256 23,932 (Increase)/decrease in inventories - - (Increase)/decrease in trade receivables -5,290 -91,212 Increase/(decrease) in trade payables -18,907 375,770 (Increase)/decrease in other current receivables/liabilities -23,985 -24,620 Net cash from operating activities -112,039 -39,883 Proceeds from disposal of property, plant and equipment - 490 Payments for property, plant and equipment - -28,596 Proceeds from other loan receivables 4 - Payments for shares, obligations, group contributions - -169 Net cash (used in)/generated by investing activities 4 -28,275 Proceeds from current and non-current borrowings 150,000 525,940 Repayment of current and non-current borrowings -269,597 -320,248 Payments - Group loan receivables - -329,402 Payments - Group borrowings 257,452 8,672 Proceeds Group contributions 39,064 100,663 Net change in overdraft facility 11,026 144,279 Payments of dividends and group contributions - -61,255 Net cash (used in)/generated by financing activities 188,705 68,650 Net increase/decrease in bank deposits 76,671 491 Bank deposits at the beginning of the period 5,790 5,298 Bank deposits at the end of the period 82,460 5,790 * Comparative information has been restated due to the correction of errors and changes in accounting treatment. See Note 19. ANNUAL REPORT 2025 FInancIal st atements 109
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Notes to the financial statement of Måsøval AS 0. Accounting principles 112 10. Biomass 120 1. Intra-group transactions 115 11. Short-term receivables 121 2. Operating revenues 115 12. Restricted funds 121 3. Personnel costs 115 13. Share capital, shareholder information and equity 121 4. Specification of fixed assets 116 14. Long-term debt, mortgages, etc. 122 5. Other operating expenses 118 15. Debt to group companies and related parties 123 6. Investment in subsidiaries 118 16. Public grants 123 7. Other financial expenses 118 17. Events after balance sheet date 123 8. Co-location agreements and profit sharing 119 18. Internal reorganization and demerger and triangular merger 123 9. Taxes 119 19. Restatement of 2024 124 ANNUAL REPORT 2025 FInancIal st atements 111
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Accounting principles The financial statements have been prepared in accordance with the Accounting Act of 17,07,1998 and generally accepted accounting principles in Norway. Demerger and triangular merger The final step in the reorganization of the Group was registered in the Business Register in January 2025. This completed the reorganization process. As a result, Måsøval AS became a pure holding company as of 1 January 2025. The aquaculture licences were transferred to Måsøval Lisens AS and employees and operational assets were transferred to Måsøval Drift AS. RESTATEMENT OF COMPARATIVE FIGURES Change in accounting treatment Effective from 2025, all activities related to co- location partners at the Group’s sea- based farming sites are reported under a separate division within the Farming segment: Farming Co- location. As a result, the net results from co- location partners have been reclassified from below operational EBIT and are now included in other operating income and other operating expenses. From 2025, revenue from farming services provided to co- location partners is presented on a gross basis. Previously, these amounts were netted against related costs, and only the Group’s share of the profit was recognised at the time of harvesting. Comparative figures for 2024 have been restated to ensure consistency and comparability with the 2025 reporting structure. Correction of errors The Group’s banking partner identified an error in interest calculations related to its credit facilities, constituting a material error affecting the period 2023–2025. Revised calculations have been received and comparative figures have been restated accordingly. The corrections affect interest expense, tax expense, equity, deferred tax and short- term liabilities to financial institutions. As a result, the lines “Profit before tax” and “Net change in overdraft facility” in the statement of cash flows have also been adjusted. The error related to 2023 had a net result effect of MNOK 5.1 and is not considered material. The correction has been recognised directly in equity, as presented separately in the statement of changes in equity. Further details regarding the restatement of 2024 figures are provided in Note 19. Use of estimates Preparation of accounts in accordance with the Accounting Act requires the use of accounting estimates. Furthermore, the application of the company’s accounting principles requires management to exercise judgement. Areas that to a large extent contain such judgemental assessments, a high degree of complexity or areas where assumptions and estimates are significant for the annual accounts are described in the notes. Co-location agreements. Agreements have been entered into on co-location between the company and external concession holders. See note 8 for further information. Sales revenue Revenue from the sale of goods and services is valued at the fair value of the consideration, net after deduction of VAT, returns, discounts and other discounts. Sales of fish are recognised in the income statement when the fish has been harvested and packed in boxes. Services are recognised as income over time during the period in which the services are rendered. Most of the company’s sales of services take place on the basis of accrued time and an agreed hourly rate. See note 8 for urther information regarding recognition of income related to co-location agreements. Classification of balance sheet items Assets intended for long term ownership or use have been classified as non-current assets. Other receivables are classified as current assets if they are to be repaid within one year after the transaction date. Similar criteria apply to liabilities. First year’s installments on long term liabilities and long term receivables are, however, not classified as short term liabilities and current assets. Purchase cost The purchase cost of assets includes the cost price of the asset, adjusted for bonuses, discounts and other rebates received, and purchase costs (freight, customs fees, public fees which are non-refundable and any other direct purchase costs). Purchases in foreign currencies are reflected in the balance sheet at the exchange rate at the transaction date. Purchase cost of property, plant and equipment and intangible assets also includes direct expenses to prepare the asset for use, such as expenses for testing the asset. Intangible assets and goodwill Goodwill has arisen in connection with the acquisition of a subsidiary. Goodwill is amortized over its expected useful life. Expenses for own development activities are expensed on an ongoing basis. Expenses for other intangible assets are capitalized to the extent that a future economic benefit related to the development of an identifiable intangible asset can be identified and the expenses can be measured reliably. Otherwise, such expenses are expensed on an ongoing basis. Capitalized development is depreciated on a straight-line basis over its economic life. Fixed assets Land is not depreciated. Other property, plant and equipment are capitalized and depreciated on a straight-line basis at residual value over the expected useful lives of the fixed assets. In the event of a change in the depreciation plan, the effect is distributed over the remaining depreciation period (the “breakpoint method”). Maintenance of fixed assets is expensed under operating costs. Expenses and improvements are added to the fixed asset’s cost price and depreciated in line with the fixed asset. The difference between maintenance and cost/ improvement is calculated in relation to the condition of the fixed asset at the time of acquisition. Leased fixed assets are capitalized as fixed assets if the lease is considered to be a financial lease. Impairment of fixed assets If there is an indication that the book value of a fixed asset is higher than the fair value, a test for impairment is performed. The test is performed for the lowest level of fixed assets that have independent cash flows. If the book value is higher than both sales value and value in use (present value for continued use/ownership), a write-down is made to the higher of sales value and value in use. Previous write-downs, with the exception of write-downs of goodwill, are reversed if the conditions for the write-down are no longer present. Inventory Inventory is valued at the lower of acquisition cost (according to the FIFO principle) and fair value. Fish in sea (biological assets) are valued at the lowest value of the expected net sales value on the balance sheet date and full production cost. Acquisition cost for biological assets consists of expenses for feed, direct wages, other direct and indirect production costs. A generation of fish has a 24-month cycle, of which the last two to six months go to fallow before new release of hatchery fish. Indirect costs are attributed to biological assets in the first 18 months of the generation’s 24-month cycle. Feed stock are accounted for at the lower of acquisition cost and fair value. Fair value is the estimated selling price less necessary expenses for completion and sale. ANNUAL REPORT 2025 FInancIal st atements 112
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Receivables Accounts receivables are recognised in the balance sheet after deductions for provisions for expected losses. Provisions for losses are made on the basis of an individual assessment of the receivables and an additional provision to cover other foreseeable losses. Significant financial problems with the customer, the probability that the customer will go bankrupt or undergo financial restructuring, and deferrals and deficiencies in payments are considered indicators that trade receivables have been impaired. Other receivables, both current receivables and capital receivables, are recognised at the lower of nominal and fair value. Fair value is the present value of expected future payments. However, no discounting is made when the effect of discounting is insignificant for the accounts. Provisions for losses are assessed in the same way as for trade receivables. Debt Debt, with the exception of certain provisions for liabilities, is recognised in the balance sheet at the nominal debt amount. Pensions The company has a defined contribution pension schemes for all employees. The company pays contributions to an insurance company and has no further payment obligation after the contributions have been paid. The contributions are accounted for as payroll costs. Any prepaid contributions are capitalized as an asset (pension funds) to the extent that the contributions can be refunded or reduce future payments. Tax Calculated tax includes both ordinary corporate tax and resource rent tax. Corporate tax The corporate tax expense in the income statement includes both tax payable for the period and change in deferred tax. Deferred tax is calculated on the basis of the temporary differences that exist between accounting and tax values, as well as any tax losses carried forward at the end of the financial year. Tax-increasing and tax-reducing temporary differences that reverse or can reverse in the same period have been offset. The entry of deferred tax assets on net tax-reducing differences that have not been settled and losses carried forward are justified by assumed future earnings. Deferred tax and tax assets that can be recognised in the balance sheet are entered net in the balance sheet. Tax deductions on group contributions made and taxes on received group contributions, which are entered as a reduction of the capitalized amount on investment in subsidiaries, are entered directly against tax in the balance sheet (against tax payable if the group contribution has effect on tax payable, and against deferred tax if the group contribution has effect on deferred tax). Deferred tax in both the company accounts and the consolidated accounts is accounted for at the nominal amount. Resource rent tax The resource rent tax was approved by the Norwegian Parliament in May 2023 with effect from 1 January 2023. Måsøval has incorporated both the implementation effects as of 1,1.23 and the resource rent tax expenses for the periode in the annual report. Following the internal reorganization in the group, Måsøval AS is no longer a company subject to resource rent tax. See note 9 for further details regarding tax calculations. The production fee in the period is directly deductible in the payable resource rent tax. Cash flow statement The cash flow statement is prepared according to the indirect method. Cash and cash equivalents include cash, bank deposits and other short-term liquid investments, which can be immediately converted into known cash amounts with an insignificant exchange rate risk and a remaining term of less than three months from the date of acquisition. ANNUAL REPORT 2025 FInancIal st atements 113
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ANNUAL REPORT 2025 FInancIal st atements 114 ANNUAL REPORT 2025FInancIal st atements 114
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Note 1 INTRA-GROUP TRANSACTIONS Note 2 OPERATING REVENUES Note 3 PERSONNEL COSTS PENSION AGREEMENTS The company is obliged to have an occupational pension scheme pursuant to the Act relating to compulsory occupational pensions. The company’s pension plans satisfy the requirements of this Act. The company has defined contribution pension schemes for all employees in the Group. The chairman of the board of the parent company does not have a bonus agreement or agreement on remuneration upon termination of the board position. The CEO of the parent company has a bonus agreement. Payment on the bonus agreement is linked to the Group’s results. Måsøval AS 2025 2024 (All figures in NOK 1,000) Income Sales income from subsidiaries - 1,360,099 Other revenue from subsidiaries 29,533 97,015 Total 29,533 1,457,114 Costs Costs of goods charged by subsidiaries - 117,534 Rental costs equipment - 69,479 Harvesting costs charged by subsidiaries - 44,157 Purchase of live fish - 90,998 Other costs charged by subsidiaries - 8,581 Administration cost charged by subsidiary 960 - Rental costs to Heimstø AS - 6,704 Total 960 337,453 By business area 2025 2024 - Restated (All figures in NOK 1,000) Sales revenues salmon and smolt - 1,445,608 Other revenues 30,733 365,333 Total 30,733 1,810,941 Geographical distribution 2025 2024 - Restated (All figures in NOK 1,000) Norway 30,733 1,810,941 Other countries - - Total 30,733 1,810,941 Måsøval AS 2025 2024 (All figures in NOK 1,000) Salary costs 9,408 110,598 Pension costs 368 6,900 Social costs 568 4,748 Payroll tax 888 9,823 Other 118 6,560 Total 11,350 138,630 Number of FTE’s 4 122 Remuneration to the Board and manage- ment of the Group 2025 2024 CEO Board CEO Board (All figures in NOK 1,000) Management in Måsøval AS 3,531 1,617 3,525 1,488 Total 3,531 1,617 3,525 1,488 ANNUAL REPORT 2025 FInancIal st atements 115
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Note 4 SPECIFICATION OF FIXED ASSETS Måsøval AS Goodwill Licences etc. Total intangible assets (All figures in NOK 1,000) Cost at 01.01.25 15,829 758,295 774,124 Disposals *) - -758,295 -758,295 Cost at 31.12.25 15,829 - 15,829 Accumulated depreciations and amortizations 01.01. 11,871 - 11,871 Depreciations and amortizations during the year 3,166 - 3,166 Accumulated depreciations and amortizations 31.12.25 15,037 - 15,037 Net book value at 31.12.25 791 - 791 Depreciation Plan 5 years *) Disposals are entirely related to the demerger, and licences have been transferred to the subsidiary Måsøval Lisens AS Måsøval AS (cont.) Land and property Farming facilities and floating installations Vessels Operating equipment Total property, plant and equipment (All figures in NOK 1,000) Cost at 01.01.25 8,335 89,807 9,187 54,525 161,854 Disposals *) -5,097 -89,807 -9,187 -53,875 -157,966 Cost at 31.12.25 3,238 - - 650 3,888 Accumulated depreciations and amortizations 01.01.25 1,019 59,789 8,298 24,516 93,622 Disposals *) -1,019 -59,789 -8,298 -24,428 -93,534 Depreciations and amortizations in the year - - - 90 90 Accumulated depreciations and amortizations 31.12.25 - - - 178 178 Net book value at 31.12.25 3,238 - - 472 3,710 Depreciation plan 3-5 years 7-15 years 3-5 years 10 years *) Disposals are entirely related to the demerger, assets have been transferred to the subsidiaries Måsøval Drift AS and Måsøval Lisens AS ANNUAL REPORT 2025 FInancIal st atements 116
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Specification of farming licences as per 31.12.24 In the demerger effective from 1,1.2025, all licences are transferred to the subsidiary Måsøval Lisens AS LEASING Måsøval AS applies NRS 14 Leases, and the leases vessels and movable property with different lease terms. When entering into a contract, it is assessed whether an agreement contains a lease agreement that gives the company the right to control the use of an identified asset. If the lease is identified as such, assets and related liabilities are recognised at the start of the lease. The company determines the lease as the non- cancellable lease, together with periods covered by an option to extend the lease if it is reasonably certain to be exercised, or a period covered by an option to terminate the lease if it is reasonably safely exercised. Right to use assets The company recognizes property rights on the start date of the lease. The right of use of the asset is initially measured at acquisition cost, and subsequently at acquisition cost less accumulated depreciation and write-downs. The right to use assets is depreciated on a straight-line basis over the asset’s estimated useful life, and is subject to impairment testing. Lease obligations The lease obligation is initially measured at the present value of the lease payment that is not paid at the beginning, discounted with the company’s marginal borrowing rate as discounting. The rental fees include fixed payments and variable rental payments that depend on an index or interest rate. The lease obligation is subsequently increased by the interest cost of the lease obligation and reduced by the lease payment made. It is re-measured when there is a change in future leases as a result of a change in an index or interest rate, or when it is appropriate, changes in the assessment of whether it is reasonably safe to use an extension option or whether a termination option is reasonably certain not to be exercised. Short-term lease and lease of assets with low value Måsøval does not capitalize leases that have a lease period of 12 months or less from the start date and do not contain a call option. Leases that are considered low-value assets, primarily IT and office equipment, are not capitalized. Leases related to short-term leases and low-value assets are recognised on a straight-line basis as an expense in the income statement. Leased assets that are capitalized constitute the following values: Måsøval AS No. of licences MAB(*) tonnes Cost Net book value (All figures in NOK 1,000) Production area 5 2 1,466 160,000 160,000 Production area 6**) 13 10,636 598,295 598,295 Total Måsøval AS as per 31.12.2024 15 12,102 758,295 758,295 *) Maxium allowed biomass **) Incl. 4 development licences, 3,120 tonnes MAB Måsøval AS Farming facilities and floating installations Equipment Total leased assets (All figures in NOK 1,000) Cost at 01.01.25 3,595 3,868 7,463 Disposals *) -3,595 -3,868 -7,463 Cost at 31.12.25 - - - Accumulated depreciations and amortizations 01.01.25 3,515 2,168 5,683 Disposals *) -3,515 -2,168 -5,683 Accumulated depreciations and amortizations 31.12.25 - - - Net book value at 31.12.25 - - - *) Disposals are entirely related to the demerger, and licences have been transferred to the subsidiary Måsøval Lisens AS 2025 2024 (All figures in NOK 1,000) Leasing obligations - 1,549 ANNUAL REPORT 2025 FInancIal st atements 117
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Note 5 OTHER OPERATING EXPENSES FEES TO THE AUDITOR Note 6 INVESTMENT IN SUBSIDIARIES As of 31.12. Måsøval AS had following shares in subsidiaries: Group contributions received from subsidiaries related to accrued earnings during the ownership period are recognised as financial income. Note 7 OTHER FINANCIAL EXPENSES 2025 2024 - Restated (All figures in NOK 1,000) Rent 126 87,488 Maintenance 88 50,880 Energy 3 11,338 Freight - 1,123 Public fees 54 5 Renovation - 1,425 Professional fees 13,012 34,152 IT and office costs 701 2,591 Costs invoiced intra-group 7,390 5,884 Operating expenses related to co-location - 114,389 Other 2,346 2,569 Total 23,720 311,844 2025 2024 (All figures in NOK 1,000) Audit fees 1,205 1,223 Technical assistance and other attestations *) -62 - Other non-audit services 160 617 Total 1,303 1,840 *) Net credit note regarding 2024. Head Office Book value Ownership Net profit 2025 *) Total equity 31.12.25*) (All figures in NOK 1,000) Måsøval Laksåvika AS Frøya 24,635 100% 13,411 40,628 Måsøval Åsen AS Åsen 83,662 100% 20,109 51,624 Måsøval Akva AS Frøya 4,532 100% 9,656 46,885 Måsøval Service AS Frøya 24,075 100% 64,701 9,530 Pure Norwegian Seafood AS Averøy 59,911 65% -5,389 100,686 Måsøval Lisens AS Frøya 527,005 100% -274,331 106,432 Måsøval Drift AS Frøya 841,092 100% 61,793 125,099 Måsøval Urke AS Vartdal 159,426 100% 11,188 31,973 Måsøval Vartdal AS Vartdal 101,841 100% 6,493 20,784 Måsøval Harvest AS Hitra 24 100% -27,560 2,071 Måsøval Processing AS Hitra 45 100% -11 34 Måsøval Sales AS Ålesund 80 100% -1,551 369 Måsøval Eiendom Sunnmøre AS Vartdal 5,518 100% 604 5,046 Måsøval Crew AS Frøya 50 100% 879 30 Total 1,831,896 *) Based on an estimated tax expense. Received group contribution 2025 2024 Måsøval Laksåvika AS - 7,100 Måsøval Åsen AS - 18,400 Måsøval Lisens AS - 9,500 Måsøval Service AS - 1,064 Måsøval Drift AS - 3,000 Måsøval Urke AS 16,275 - Måsøval Akva AS 7,618 - Måsøval Crew AS 1,126 - Måsøval Eiendom Sunnmøre AS 725 - Total 25,745 39,064 2025 2024 (All figures in NOK 1,000) Agio loss - 2 Sale of shares - loss - 16,430 Other financial expenses 3,292 1,496 Total 3,292 17,928 ANNUAL REPORT 2025 FInancIal st atements 118
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Note 8 CO-LOCATION AGREEMENTS AND PROFIT SHARING After the reorganization of the Group, effective from 1 Janaury 2025 all co-location agreements is trasferred to Måsøval Lisens AS. As for the comparison figures of 2024 Måsøval AS had several long-term co-location agreements where farming services were performed on licences owned by partners, including commercial licences, broodstock licences and one educational licence. In addition, Måsøval had a co-location agreement where the company had salmon on the partners site and the partner performs farming services for the company. The accounting of these agreements is determined based on the specifics of each agreement. For commercial licences, Måsøval performed farming services and invoiced accrued costs to the counterparties on an ongoing basis, recorded as a claim on the counterparty in the balance sheet. In addition to being paid for the farming services Måsøval was entitled to at part of the profit when the fish was harvested and sold. Costs were continuously netted against the invoiced amount, while our share of the profit was booked under “Net profit sharing with co-location partners” in the profit and loss statement. The harvest volume from these agreements was not a part of Måsøvals harvest volume. For broodstock and educational licences the biomass was accounted for in Måsøvals balance sheet. The harvested volume from these agreements were a part of Måsøvals harvest volume and gross income and expenses were accounted for in the profit and loss statement. The license holders’ share of profits generated was expensed as “Net profit sharing with co-location partners”. Leases cost related to the educational licences were booked continuously throughout the year and were not accrued based on the time of harvest. When Måsøval had salmon on the co-location partners site the biomass was accounted for in Måsøvals balance sheet. The harvested volume from these agreements were a part of Måsøvals harvest volume and gross income and expenses were accounted for in the profit and loss statement. The license holders’ share of net profit generated was expensed as “Net profit sharing with co-location partners”. Note 9 TAXES Taxes for 2025 includes only ordinary corporate tax, while for 2024 taxes includes both ordinary corporate tax and resource rent tax. All resource rent taxable activity was transferred to Måsøval Lisens AS during the internal reorganization. This triggered withdrawal taxation which has been reported in Måsøval Lisens AS Specification of differences between accounting and tax profit before tax expense and taxable income: Resource rent tax 2025 2024 - Restated (All figures in NOK 1,000) Operational EBIT - 213,994 Depreciation licences bought in 2020 - -39,121 Net income licences outside resource rent tax regime - -59,522 Investments 2023 - - Depreciations/Impairments outside resource rent tax regime - 20,427 Net other income/expenses outside resource rent tax regime - 35,706 Change in temporary differences - -73,876 Deduction corporate tax - -21,474 This year's taxable income - Resource rent tax - 76,133 Basic tax deduction - -38,634 This year's taxable income - Resource rent tax - 37,500 Payable resource rent tax - 12,037 Paid production fee - -11,998 Net payable resource rent tax excluding production fee - 40 Ordinary corporate tax 2025 2024 - Restated (All figures in NOK 1,000) Profit before tax expense -10,176 111,732 Other changes 30,112 -3,095 Permanent differences 4,341 40,445 Change in temporary differences -45 -78,775 Interest rate limitation -5,102 - This year’s taxable income - Corporate tax 19,130 70,308 ANNUAL REPORT 2025 FInancIal st atements 119
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Specification of tax expense 2025 2024 - Restated (All figures in NOK 1,000) Payable tax (22%) 4,209 15,468 Change in deferred tax 1,132 17,330 Change in deferred tax - adjustments 2024 -19,856 -68,735 Adjustments in payable tax 2024 9,263 24,293 Change due to restatement -6,625 - Total corporate tax expense -11,877 -11,643 Resource rent tax, payable - 40 Change in deferred resource rent tax - 18,469 Change in deferred resource rent tax - adjustments 2023 - -53,937 Total tax expense -11,877 -47,072 Ordinary corporate tax 31.12.2024 Demerger effects 01.01.2025 31.12.2025 Change (All figures in NOK 1,000) Current assets 273,741 -273,741 - - - Fixed assets -9,669 9,797 128 139 11 Licences 169,764 -169,764 - - - Leasing 231 -231 - - - Interest rate limitation -42,693 36,870 -5,823 -722 5,101 Deferred profit and loss account -1,264 1,091 -172 -138 34 Total 390,110 -395,978 -5,868 -721 5,147 Tax loss carry-forward - - - Net temporary differences 390,110 -395,978 -5,868 -721 5,147 Deferred ordinary corporate tax in the balance sheet 85,824 -87,115 -1,291 -159 1,132 Resource rent tax 31.12.2024 Demerger effects 01.01.2025 31.12.2025 Change (All figures in NOK 1,000) Biological assets 248,407 -248,407 - - - Total 248,407 -248,407 - - - Deferred resource rent tax in the balance sheet 62,102 -62,102 - - - Note 10 BIOMASS Inventory, including biomass, is recognised at cost. Book value of inventory 2025 2024 (All figures in NOK 1,000) Feed inventory - 21,903 Biological assets - 586,084 Total - 607,987 Specification of temporary differences ANNUAL REPORT 2025 FInancIal st atements 120
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Note 11 SHORT-TERM RECEIVABLES Demerger claims against Måsøval Lisens AS and Måsøval Drift AS of MNOK 1,202 and MNOK 55 respectively has been converted to equity. Final registration was made on January 2026. No maturity has been agreed for other receivables from group companies, but these are defined as short-term. Note 12 RESTRICTED FUNDS Note 13 SHARE CAPITAL, SHAREHOLDER INFORMATION AND EQUITY The share capital in Måsøval AS as of 31,12 consists of: The shares have equal rights in the company. Accounts receivable on group companies 2025 2024 (All figures in NOK 1,000) Accounts receivable consolidated subsidiaries 4,718 178,579 Accounts receivable on other group companies - 982 Other receivables on group companies 2025 2024 (All figures in NOK 1,000) Måsøval Laksåvika AS 1,684 15,257 Måsøval Åsen AS - 18,400 Måsøval Sales AS - 25,017 Måsøval Vartdal AS 37,770 76,269 Måsøval Urke AS 16,944 14,417 Måsøval Drift AS 55,376 37,588 Måsøval Akva AS 122,359 125,780 Måsøval Service AS - 1,064 Måsøval Processing 8,365 7,768 Måsøval Harvest AS 96,137 117,561 Måsøval Lisens AS 1,649,751 30,225 Måsøval Crew AS 1,126 - Måsøval Eiendom Sunnmøre AS 725 - Flamek Eiendom AS - 314 Heimstø AS - 6,569 Total other receivables on group companies 1,990,237 476,229 Other current receivables 2025 2024 (All figures in NOK 1,000) Prepaid expenses 660 650 Other receivables 159 2,360 Total other current receivables 819 3,010 2025 2024 (All figures in NOK 1,000) Restricted tax withholding funds (Norway) 909 5,786 Sum 909 5,786 No. of shares Face value Book value (All figures in NOK 1,000) Ordinary shares 122,508,455 0,25 30,627 Total 122,508,455 30,627 Måsøval AS Share capital Share premium Other equity Total equity (All Figures in NOK 1,000) Equity per 31.12.24 30,627 872,432 714,489 1,617,549 Adjustments related to 2023/2024 - - 23,487 23,487 Restated equity per 31.12.2024 30,627 872,432 737,977 1,641,036 Demerger - - 3,661 3,661 Net profit for the year - - 1,701 1,701 Equity as of 31.12.25 30,627 872,432 743,338 1,646,397 ANNUAL REPORT 2025 FInancIal st atements 121
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OWNERSHIP STRUCTURE The 20 largest shareholders as of 31.12.2025 Shareholder Holding Stake (All Figures in NOK 1,000) Heimstø AS 85,727,553 69.98% Verdipapirfond Odin Norge 10,589,521 8.64% Frøy Kapital AS 9,294,269 7.59% J.P. Morgan SE 2,612,135 2.13% Kontrari AS 2,140,000 1.75% J.P. Morgan SE 1,351,254 1.10% Vicama AS 1,215,794 0.99% R. Munkhaugen AS 800,000 0.65% J.P. Morgan SE 776,789 0.63% Verdipapirfondet Holberg Triton 739,455 0.60% Patric Invest AS 609,252 0.50% Yttervåg AS 380,036 0.31% Jaras Invest AS 290,000 0.24% Nordnet Livsforsikring AS 247,111 0.20% 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% MP Pensjon PK 150,319 0.12% Others 4,558,672 3.72% Total 122,508,455 100.00% Note 14 LONG-TERM DEBT, MORTGAGES, ETC. FINANCIAL COVENANTS As of 31 December 2025 The “Måsøval facility” are subject to financial covenants set by the bank. These include a 12-month rolling interest coverage ratio of 3x EBITDA and a minimum equity ratio of 30%. For Q4 2025, a temporary waiver was issued by the groups bank reducing the interest coverage ratio requirement to 1.00x for Q4 2025 and 1.5X for Q1 2026. Furthermore, the pricing of the credit products in the agreement is linked to the Group’s net interest-bearing debt (NIBD) in relation to operating profit before depreciation and amortisation (EBITDA). Debt on operational leases according to IFRS 16 is not included in NIBD for the purpose of calculating the NIBD/EBITDA ratio. The partly owned subsidiary, Pure Norwegain Seafood (PNS) has its own loan facility. The “Pure facility” has a requirement of equity ratio of at least 25 percent. See “Alternativ Performance Measurments” for further details. As of 31 December 2024 The Groups bank overdraft, term loan and revolving credit facility are governed by covenants set by the bank. The covenant requirements include an interest coverage ratio of 4X EBITDA estimate on a rolling four quarter and an equity ratio of no less than 30% at any time. At year end the interest coverage ratio was 4.00X according to the definitions in the loan agreement. Debt on operational leases according to IFRS 16 are not included in NIBD for the purpose of calculating the NIBD/ EBITDA ratio, see Alternative Perfomance Measurements for further details. Borrowings 2025 2024 - Restated (All figures in NOK 1,000) Long-term debt 1,424,634 1,543,168 Leasing debt - 1,549 Overdraft facility 268,723 256,936 Total 1,693,356 1,801,653 Assets pledged as collateral 2025 2024 - Restated (All figures in NOK 1,000) Accounts receivable 6,580 305,332 Biological Assets - 586,084 Equipment and aquaculture license 3,710 826,529 Total 10,290 1,717,945 Maturity structure long-term debt 2025 2024 - Restated (All figures in NOK 1,000) Less than 5 year 1,424,634 1,544,717 Over 5 years - - Total 1,424,634 1,544,717 ANNUAL REPORT 2025 FInancIal st atements 122
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Note 15 DEBT TO GROUP COMPANIES AND RELATED PARTIES Note 16 PUBLIC GRANTS There have been no projects with public grants either in 2024 or 2025. Note 17 EVENTS AFTER BALANCE SHEET DATE All events described in note 28 of the consolidated financial statements are also relevant for Måsøval AS. This description also applies to Måsøval AS. Note 18 INTERNAL REORGANIZATION AND DEMERGER AND TRIANGULAR MERGER In connection with a reorganization of the group, a demerger of Måsøval AS was carried out with accounting effect from January 1, 2025. The demerger was registered in the Register of Business Enterprises on January 8, 2025. In accordance with the demerger and triangular merger plan, a reorganization was carried out in three steps. The first step involved a demerger with Måsøval Drift AS as the transferring company and Måsøval Lisens AS as the receiving company. The second step entails the execution of a demerger with the Måsøval AS as the transferring company and Måsøval Hjelpeselskap Lisens AS and Måsøval Hjelpeselskap Drift AS as the receiving companies. The third step involves the execution of a triangular merger of Måsøval Lisens AS and Måsøval Hjelpeselskap Lisens AS (with Måsøval Lisens AS as the receiving company) and with Måsøval AS as the issuing company for consideration, as well as a triangular merger of Måsøval Drift AS and Måsøval Hjelpeselskap Drift AS (with Måsøval Drift AS as the receiving company) and with Måsøval AS as the issuing company for consideration. The demerger was carried out as a continuity. The demerger did not result in any change in paid-in capital, but the net increase in other equity in Måsøval AS was MNOK 3.7. After the demerger and triangular merger Måsøval AS has become a pure holding company after the aquaculture licences were transferred to Måsøval Lisens AS, while the majority of the employees and all operational assets were transferred to Måsøval Drift AS. Accounts payable on group companies Current liabilities to group companies 2025 2024 (All figures in NOK 1,000) Accounts payable consolidated subsidiaries -5 116,725 Accounts payable on other group companies 273 655 2025 2024 (All figures in NOK 1,000) Måsøval Drift AS 172,939 4,811 Måsøval Service AS 63,615 33,531 Måsøval Lisens AS - 60,931 Vartdal Fryseri AS 3,495 2,934 Måsøval Åsen AS 36,402 23,852 Måsøval Sales AS 269,773 - Måsøval Crew AS 30 - Total 546,253 126,059 ANNUAL REPORT 2025 FInancIal st atements 123
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Note 19 RESTATEMENT OF 2024 Change in accounting treatment - co-location Change in accounting treatment - Co-location Effective from 2025, all activities related to co-location partners at the Group’s sea-based farming sites are reported under a newly established division with the Farming segment: Farming Co-location. As a result, the net results from co-location 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 2024 have been restated accordingly to ensure consistency and comparability with the 2025 reporting structure. Correction of errors - Interest expenses Our bank partner has discovered an error in its interest calculations related to our credit facilities, which constitutes a material error for the period 2023 to 2025. We have received updated calculations from the bank and restated comparative figures for previous periods, based on the banks calculations. This results in changes to interest expense and tax expense, and corresponding changes in equity, deferred tax, and short- term debt to credit institutions. As a consequence, there will also be changes in the lines “Profit before tax” and “Net change in overdraft facility” in the Statement of cash flow. Accounting lines with changes Originally reported Changes in interest expenses Restated values 31.12.24 (All figures in NOK 1,000) Other equity 714,490 23,487 737,977 Deferred tax 147,926 6,625 154,551 Short term – liabilities to financial institutions 287,048 -30,112 256,936 Accounting lines with changes Originally reported Changes in interest expenses Restated values 31.12.24 (All figures in NOK 1,000) Profit before income tax 88,180 23,553 111,732 Net change in overdraft facility 167,832 -23,553 144,279 Restatement of statement of financial positions 31.12.24 Restatement of statement of cash flow 31.12.24 ANNUAL REPORT 2025 FInancIal st atements 124
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Restatement of the Consolidated statement of profit and loss - 2024 2024 Changes in interest expenses Changes - co-location Restated 2024 (Consolidated numbers in NOK 1,000) Operating revenues - sale of salmon 1,445,608 - - 1,445,608 Other operating income 105,553 - 259,780 365,333 Total operating revenues 1,551,161 - 259,780 1,810,941 Cost of goods sold 1,075,595 - 164,492 1,240,087 Change in biomass and feed inventory -98,445 - - -98,445 Salaries and other personell costs 138,630 - - 138,630 Depreciation and amortisation expense 23,932 - - 23,932 Other operating expenses 197,455 - 114,389 311,844 Total operating expenses 1,337,167 - 278,881 1,616,048 Operational EBIT 213,994 - -19,101 194,893 Production tax -15,889 - - -15,889 Profit sharing with co-location partners - income 31,114 - -31,114 - Profit sharing with co-location partners - expenses -50,214 - 50,214 - EBIT 179,005 - - 179,005 Financial income and costs Group contribution from subsidiaries 42,160 - - 42,160 Group interest income 17,531 - - 17,531 Interest income 162 - - 162 Other financial income 1,215 - - 1,215 Total financial income 61,068 - - 61,068 Interest expenses 133,964 -23,553 110,411 Group interest expenses - - - - Other financial expenses 17,928 - - 17,928 Total financial expenses 151,892 -23,553 - 128,339 Net financial items - - - - Profit before income tax 88,180 23,553 - 111,733 Tax expense -52,253 5,182 - -47,071 Net profit for the period 140,433 18,371 - 158,804 Attributable to - - - - Allocated to (+)/from(-) retained earnings 140,433 18,371 - 158,804 Total allocations 140,433 18,371 - 158,804 ANNUAL REPORT 2025 FInancIal st atements 125
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Independent Auditor’s Report KPMG AS Sjøgangen 6 N-7010 Trondheim ¨ Telephone +47 45 40 40 63 Internet www.kpmg.no Enterprise 935 174 627 MVA To the General Meeting of Måsøval AS Independent Auditor’s Report Opinion We have audited the financial statements of Måsøval AS, which comprise: • the financial statements of the parent company Måsøval AS (the Company), which comprise the statement of financial position as at 31 December 2025, the statement of profit or loss and the statement of cash flow for the year then ended, and notes to the financial statements, including a summary of significant accounting policies, and • the consolidated financial statements of Måsøval AS and its subsidiaries (the Group), which comprise the consolidated statement of financial position as at 31 December 2025, the consolidated statement of profit or loss, consolidated statement of other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information. In our opinion • the financial statements comply with applicable statutory requirements, • the financial statements give a true and fair view of the financial position of the Company as at 31 December 2025, and its financial performance and its cash flows for the year then ended in accordance with the Norwegian Accounting Act and accounting standards and practices generally accepted in Norway, and • the consolidated financial statements give a true and fair view of the financial position of the Group as at 31 December 2025, and its financial performance and its cash flows for the year then ended in accordance with IFRS Accounting Standards as adopted by the EU. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company and the Group as required by relevant laws and regulations in Norway and the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other Information The Board of Directors and the Managing Director (management) are responsible for the information in the Board of Directors’ report and the other information accompanying the financial statements. The other information comprises information in the annual report, but does not include the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the information in the Board of Directors’ report nor the other information accompanying the financial statements. In connection with our audit of the financial statements, our responsibility is to read the Board of Directors’ report and the other information accompanying the financial statements. The purpose is to consider if there is material inconsistency between the Board of Directors’ report and the other information accompanying the financial statements and the financial statements or our knowledge obtained in the audit, or whether the Board of Directors’ report and the other information accompanying the financial statements otherwise appear to be materially misstated. We are required to report if there is a material misstatement in the Board of Directors’ report or the other information accompanying the financial statements. We have nothing to report in this regard. Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report • is consistent with the financial statements and • contains the information required by applicable statutory requirements. Responsibilities of Management for the Financial Statements Management is responsible for the preparation of financial statements of the Company that give a true and fair view in accordance with the Norwegian Accounting Act and accounting standards and practices generally accepted in Norway, and for the preparation of the consolidated financial statements of the Group that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU. Management is responsible for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Company’s and the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern. The financial statements of the Company use the going concern basis of accounting insofar as it is not likely that the enterprise will cease operations. The consolidated financial statements of the Group use the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregat e, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: • identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error. We design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's and the Group's internal control. – ANNUAL REPORT 2025FInancIal st atements 126
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• evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. • conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's and the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company and the Group to cease to continue as a going concern. • evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves a true and fair view. • obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Trondheim, 16 April 2026 KPMG AS Yngve Olsen State Authorised Public Accountant Independent Auditor’s Report– ANNUAL REPORT 2025FInancIal st atements 127
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Term Abbreviation Description Biological assets Live fish recognised as biological assets and measured at fair value less costs to sell, in accordance with IAS 41. Biomass The total live weight of fish held at a given point in time, measured in kilograms or tonnes. B-survey An EU initiative aimed at enhancing the transparency and consistency of sustainability reporting among large companies. It expands upon the existing Non-Financial Reporting Directive (NFRD) and requires certain companies to disclose information on environmental, social, and governance (ESG) matters in their annual reports. CSRD aims to encourage sustainable business practices, improve stakeholder trust, and facilitate informed decision-making. Closed holding pen Closed pens located near processing plants, providing a controlled and biologically secure environment for fish prior to harvesting. Co-location A production model where several licence holders operate at the same physical site, with separate pens, biomass ownership and MAB limits. Corporate sustainability reporting directive CSRD An EU directive that strengthens and standardises sustainability (ESG) reporting requirements for large companies, replacing and expanding the NFRD. EBIT Earnings before interest and tax, as presented in the consolidated income statement in accordance with IFRS. Operational EBIT Earnings before interest and tax, adjusted for production tax, impairments and net fair value adjustment of biological assets. Flow-through system FTS A land-based aquaculture system using a continuous supply of fresh water, with treated effluent discharged back into the environment. Full time equivalent FTE A measure of total employee workload, expressed as the number of full-time employees. Generation Classification of salmon based on release timing, typically spring (one-year-old) and autumn (zero-year-old) fish. Global good agricultural practices GlobalGAP An international certification standard for agricultural and aquaculture production covering food safety, environmental responsibility, worker welfare and animal welfare. Gutted weight GW The weight of harvested fish after removal of entrails. Glossary ANNUAL REPORT 2025 128
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Term Abbreviation Description Gutted weight tonnes GWT Harvest volume measured as gutted weight, expressed in tonnes. Head-on gutted HOG A product specification where the fish is gutted but the head is retained. Key performance indicator KPI A measurable metric used to evaluate operational, financial or sustainability performance. Maximum allowable biomass MAB The maximum fish biomass permitted by authorities, regulated at both site and company level. Net interest-bearing debt NIBD Interest-bearing liabilities less cash and cash equivalents. Pancreas disease PD A viral illness that reduces growth and increases mortality. Production area PA Norway’s traffic-light system for regulating salmonid farming capacity, dividing the coast into 13 production areas based on environmental impact. Recirculating aquaculture system RAS A closed-loop aquaculture system that treats and reuses water, enabling controlled and resource-efficient fish production. Return on equity ROE Net profit attributable to equity holders divided by average equity. Sustainable development goal SDG The United Nations’ 17 global goals addressing social, environmental and economic sustainability. Time charter TC A charter agreement where a vessel is hired for a fixed period, with operational control held by the charterer. Value-added processing VAP Processing activities that increase product value through further refinement, portioning or packaging. Veterinærinstituttet VI Norway’s national institute for research and advisory services within animal health, fish health and food safety. VI method The Norwegian Veterinary Institute’s standardised method for calculating R12 mortality in salmon farming. Glossary ANNUAL REPORT 2025 129
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ANNUAL REPORT 2025