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MÅSØVAL Q U A R T E R L Y P R E S E N T A T I O N A N D E R S H A G E S T A N D E , C F O O S L O , 2 7 A U G U S T 2 0 2 6 L A N G T A R E N , F R Ø Y A 63.75285 ° N , 8 . 9 2 7 8 0 ° E
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This presentation may contain forward-looking statements relating to the business, financial performance and results of Måsøval. Forward looking statements are statements that are not historical facts and may be identified by words such as “predicts", "anticipates", "believes", "estimates", "expects", "projects", and other similar expressions. Such forward-looking statements are based on current expectations, estimates and projections, reflect current views with respect to future events, and are subject to risks, uncertainties and assumptions. Forward-looking statements are not guarantees of future performance, and risks, uncertainties and other important factors could cause the actual business, financial performance, results or the industry and markets in which Måsøval operates to differ substantially from the statements expressed or implied in this presentation by such forward-looking statements. D I S C L A I M E R
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A G E N D A 1 H I G H L I G H T S 2 S E G M E N T I N F O R M A T I O N 3 G R O U P F I N A N C I A L S 4 S T R A T E G I C U P D A T E 5 O U T L O O K & S U M M A R Y 6 Q & A
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Group financials • Group revenue MNOK 839 (869) • Total group operational EBIT MNOK 80 (28) Segment farming • Harvested volume: 9,350 tonnes GWT (8,538) • Op. EBIT/kg • Farming segment: NOK 10.3 (4.0) • Region Mid: NOK 14.1 (14.7) • Region West: NOK 2.5 (7.0) • Co-location: NOK 6.6 (-3.0) Production • Sea production 8,259 tonnes WFE in quarter 10% higher than Q2 2025 • Superior share of 91% (78%) Sales and processing • Sales of MNOK 721 (742) • Operational EBIT of 0.1% (-0.3%) 8 538 6 020 8 684 4 712 9 350 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 HARVESTED VOLUME (GWT) 15 19 6 14 14 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 OPERATIONAL EBIT PR KG (NOK) FARMING MID 7 -11 2 16 3 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 OPERATIONAL EBIT PR KG (NOK) FARMING WEST 28 -42 41 28 80 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 GROUP OPERATIONAL EBIT (MNOK) H I G H L I G H T S Q 2 2 0 2 6
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S E G M E N T I N F O R M A T I O N
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Second quarter operational highlights • Harvested volume of 5,209 GWT (1,403) • 8% of the volume Autumn -24 generation • 85% of the volume Spring -25 generation • 7% of the volume Autumn -25 generation • Operational EBIT per kg NOK 14.1 (14.7) • Excellent biological situation Outlook • Expected volume in Q3: 3,400 tonnes • Cost on biomass harvesting in Q3 expected to increase 1 403 1 352 4 360 1 170 5 209 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 HARVEST VOLUME (GWT) K E Y F I G U R E S – F A R M I N G M I D Consolidated numbers in 1 000 NOK Q2 26 Q2 25 YTD 26 YTD 25 Total operating revenues 456 404 145 637 597 496 346 608 Operational EBIT 73 478 20 585 89 817 38 244 Operational EBIT (%) 16.1% 14.1% 15.0% 11.0% Harvested volume (GWT) 5 209 1 403 6 379 3 720 Operational EBIT per kg 14.1 14.7 14.1 10.3 15 19 6 14 14 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 OPERATIONAL EBIT/KG (NOK) F A R M I N G M I D
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F A R M I N G W E S T Second quarter operational highlights • Harvested volume of 1,182 GWT (3,558) • 100 % of the volume 2025 generation • Stellar biological performance at site Kvangardsnes • Fish ponded in October harvested after 218 days at 4.6 kg GWE – two generations on same cycle • Smolt Quality and biosecurity important drivers for stellar performance Outlook • Cost expected to decline in Q3 • Expected volume in Q3: 2,200 tonnes 7 -11 2 16 3 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 OPERATIONAL EBIT/KG (NOK) 3 558 2 592 1 449 2 250 1 182 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 HARVEST VOLUME (GWT) K E Y F I G U R E S – F A R M I N G W E S T Consolidated numbers in 1 000 NOK Q2 26 Q2 25 YTD 26 YTD 25 Total operating revenues 77 416 250 305 266 128 437 021 Operational EBIT 2 923 24 777 38 462 46 751 Operational EBIT (%) 3.8% 9.9% 14.5% 10.7% Harvested volume (GWT) 1 182 3 558 3 431 5 846 Operational EBIT per kg 2.5 7.0 11.2 8.0
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F A R M I N G C O- L O C A T I O N Second quarter operational highlights • Harvested volume of 2,960 GWT (3,577) • 15% of the volume Autumn -24 generation • 81% of the volume Spring -25 generation • 4% of the volume Autumn -25 generation Outlook • Expected volume in Q3: 2,700 tonnes -3 -11 10 8 7 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 OPERATIONAL EBIT/KG (NOK) 3 577 2 077 2 875 1 292 2 960 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 HARVEST VOLUME (GWT) K E Y F I G U R E S – F A R M I N G C O - L O C A T I O N Consolidated numbers in 1 000 NOK Q2 26 Q2 25 YTD 26 YTD 25 Total operating revenues 207 812 178 474 333 595 291 841 Operational EBIT 19 525 -10 899 29 903 7 301 Operational EBIT (%) 9.4% -6.1% 9.0% 2.5 % Harvested volume (GWT) 2 960 3 577 4 252 4 198 Operational EBIT per kg 6.6 -3.0 7.0 1.7
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S A L E S & P R O C E S S I N G Second quarter operational highlights • Sales volume 9,350 GWT (9,596) • Operational EBIT of MNOK 0.8 (-2.1) • Record high harvesting at TL52 10,225 GWT (6,865) • Higher transport and packaging cost due to conflict in middle east affecting segment negatively in quarter Outlook • Packaging cost normalizing after high raw material prices • Measures taken to improve sludge and ensilage cost • Expecting third party harvesting in Q3 9 596 6 240 8 708 4 891 9 350 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 SALES VOLUME (GWT) K E Y F I G U R E S – S A L E S & P R O C E S S I N G Consolidated numbers in 1 000 NOK Q2 26 Q2 25 YTD 26 YTD 25 Total operating revenues 721 380 742 354 1 174 739 1 337 856 Operational EBIT 760 -2 144 -17 628 -18 119 Operational EBIT (%) 0.1% -0.3% -1.5% -1.4%
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G R O U P F I N A N C I A L S 4 5 2 3 6 L A N G T A R E N , F R Ø Y A 6 3 . 7 5 2 8 5 º N , 8 . 9 2 7 8 0 º E
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8.6 3.3 7.7 3.6 80 28 108 50 0.19 0.07 0.12 0.03 *Earnings per share restated to exclude fair value adjustment of biomass K E Y I N C O M E S T A T E M E N T I T E M S G R O U P O P E R A T I O N A L E B I T ( M N O K ) G R O U P O P E R A T I O N A L E B I T P E R K G E A R N I N G S P E R S H A R E ( E P S ) * Q2 26 Q2 25 YTD 26 YTD 25 Q2 26 Q2 25 YTD 26 YTD 25 Q2 26 Q2 25 YTD 26 YTD 25
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I N C O M E S T A T E M E N T • Lower revenue due to no third party-sales • Negative fair value adjustment of MNOK 89 • Group operational EBIT of MNOK 80 (MNOK 28) • EPS of NOK -0.22 (0.91) • Loss from sale of subsidiary PNS 19.6 MNOK Restated Q2 25 and YTD 2025 due to an error of interest costs on credit facilities. K E Y F I G U R E S – G R O U P Consolidated numbers in 1 000 NOK Q2 26 Q2 25 YTD 26 YTD 25 Sales revenue salmon 647 818 689 199 1 059 487 1 245 526 Other operating revenues 191 253 179 867 289 336 304 721 Sum operating revenues 839 071 869 067 1 348 823 1 550 247 Harvested volume (GWT) 9 350 8 538 14 062 13 764 Operational EBIT 80 342 28 072 108 358 49 850 EBIT (1) -36 662 203 068 -90 307 3 248 Profit before tax -75 563 157 091 -167 108 -84 316 Net profit for the period -29 171 110 755 -79 264 -15 112 Group operational EBIT (%) 9.6% 3.2% 8.0% 3.2% Group operational EBIT/kg 8.6 3.3 7.7 3.6 Earnings per share (NOK) -0.22 0.91 -0.63 -0.10 (1) Operational EBIT adjusted for loss sale of subsidiary, production tax and fair value adjustment biomass
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G R O U P B A L A N C E S H E E T I T E M S • Assets decreased from MNOK 4,983 to MNOK 4,743 • Decreased biological assets of MNOK 199 • Increased equity ratio • NIBD decreased MNOK 219 K E Y F I G U R E S – G R O U P Consolidated numbers in 1 000 NOK 30.06.26 31.03.26 30.06.25 2025 Intangible assets 2 489 536 2 496 029 2 496 029 2 496 029 Property, plant and equipment 1 054 460 1 100 013 1 101 820 1 151 997 Non-current financial assets 1 526 15 587 30 660 46 579 Inventories 855 941 1 039 755 1 015 543 1 060 175 Receivables 227 451 302 582 488 058 216 468 Cash 114 169 29 477 32 021 103 388 Total assets 4 743 082 4 983 443 5 164 130 5 074 634 Equity 1 715 217 1 766 948 1 879 820 1 817 040 Non-current liabilities 1 832 266 2 031 061 2 430 731 2 138 539 Current liabilities 1 195 599 1 185 434 853 580 1 119 055 Total equity and liabilities 4 743 082 4 983 443 5 164 130 5 074 634 Equity ratio 36.2% 35.5% 36.4% 35.8%
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CHANGES IN NIBD • NIBD decreased significantly in the quarter • Positive cash flow from investments due to sale of assets * PBT (profit before tax) excludes interest expenses included in financial items 1 944 -24 0 -273 -54 132 1 725 NIBD 31.03.26 PBT + depreciation Tax paid Working capital Net investments Change in fin.&other items NIBD 30.06.26 -219
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B A N K F I N A N C I N G • Extended long-term bank financing • Term loan and revolving credit facility • 12 months (February 2029) • Short-term increased overdraft facility repaid • From 600 MNOK to 300 MNOK end of Q2 • Issued waiver for 3.00x ICR covenant • 2.5X for Q2 26 • Måsøval report ICR above normalized covenant
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S T R A T E G I C U P D A T E L A K S Å V I K A , H I T R A 63.47157 ° N , 8 . 6 7 8 9 2 ° E
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C E O T R A N S I T I O N • Lars Måsøval appointed CEO effective 30 June 2026 • Previously served as CEO from 2011 to 2015 • Chairman of the Board from 2015 to 2026 • Brings extensive company and industry experience
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S E T T L E M E N T O F D I S P U T E S • All disputes between Måsøval, PNS and the minority shareholders in PNS have been resolved • All litigation between the parties has been discontinued • The settlement provides full closure to the outstanding disputes
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S A L E O F P N S • Completed sale of Pure Norwegian Seafood to Nordic Halibut on 30 June • Transaction followed the resolution of all shareholder disputes • Terms consistent with the previously announced option agreement • Enterprise value of NOK 60 million, with cash consideration received at closing P N S , A V E R Ø Y 63.05756 ° N , 7 . 5 1 3 5 7 ° E
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I N C R E A S E D S I T EM A B S L E T T V I K A , Ø R S T A 62.334 ° N , 6 . 1 5 7 6 6 7 ° E • Approved biomass expansion at Slettvika, Ørsta (PO5) increasing MAB from 3,120 tonnes to 4,680 tonnes • New farming site Haram (PO5) approved, with an MAB of 4,680 tonnes
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• Heimstø AS concluded its strategic review with the sale of its 70% stake to SalMar • Completion of transaction remains subject to customary conditions and regulatory approvals – until concluded business as usual • Salmar stated intention to ensure all shareholders in Måsøval can realize its shares at NOK 39.50 pr share following the Heimstø transaction S T R A T E G I C R E V I E W C O N C L U D E D
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O U T L O O K & S U M M A R Y K V A N G A R D S N E S , V O L D A 62.145 ° N , 5 . 9 4 5 ° E
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OUTLOOK • Full year guiding 2026 of 29,000 tonnes • Increase of 1,000 tonnes from last quarter • 74/26 split own and colocation • Harvest in Q3 26 8,300 tonnes • 3,400 tonnes Mid • 2,200 tonnes West • 2,700 tonnes Co-location • Aggregate cost farming expected higher in Q3 • CAPEX guidance 2026 of approx. MNOK 200 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2 26Q3 Co-location 1972 1613 1107 621 3577 2077 2875 1292 2960 2700 Måsøval 6498 5524 4695 4605 4961 3944 5809 3420 6390 5600 0 1000 2000 3000 4000 5000 6000 7000 8000 9000 10000 H A R V E S T V O L U M E ( G W T )
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MARKET OUTLOOK • Market fundamentals • Kontali expects 3.6% y/y global supply growth in 2026 • Compared to 11.3% y/y global supply growth in 2025 • Forward prices indicate price level of approximate NOK 76 for full year 2026, down from Sitagri average of 78.26 in 2025 • Current contract portfolio 2026 of 0% 50 60 70 80 90 100 110 120 Q1 Q2 Q3 Q4 Nasdaq price per kg (NOK) Quarter Euronext Forward Price 26.08.2026 2026 2023 2024 2025
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Group financials • Operational EBIT: MNOK 80 • NIBD reduced MNOK 219 • ICR above normalized covenant Farming • Excellent biology in quarter • Improved quality Sales & processing • Improved financial result • Measures taken to improve results going forward S U M M A R Y Outlook • Harvest guidance: 8,300 GWT (Q3 2026) • Harvest guidance: 29,000 GWT (FY26) • Improving market fundamentals Bilde: Steffen Kalås