Interim report
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Quarterly report Made by nature, pioneered by Måsøval. Q2 2026
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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, Steffen Kalås 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. Introduction and summary 3 Performance trends 4 Highlights Q2 2026 5 Financial performance 6 Operational performance 8 Farming 8 Sales and processing 13 Outlook 14 Farming 14 Forward prices 15 Other matters 16 Events after the reporting period 17 Consolidated financial statements 18 Profit or loss 19 Other comprehensive income 20 Financial position: assets 21 Financial position: equity and liabilities 22 Cash flows 23 Changes in equity 24 Notes to the consolidated financial statements 25 QUARTERLY REPORT – Q2 2026 2
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Måsøval is a pioneer in Norwegian aquaculture – working with nature since 1973. Along the coast of Central Norway, we raise Atlantic salmon in cold, clear waters, combining biological expertise, a long-term perspective, and a hands-on approach to every part of our operations. As a fully integrated salmon producer – from smolt to sales – we maintain the insight and flexibility needed to make informed decisions. Our model enables precision, strong biological control, and continuous improvement at every stage of production. Grounded in biological understanding and a culture of learning, we adapt in step with our environment – always guided by the principles that matter most: fish welfare, environmental responsibility, and long-term value creation. More than 50 years since our journey began, we remain driven by the same pioneering spirit that set us on our path –convinced that the future belongs to those who dare to think differently and have the courage to act when others hesitate. Introduction and summary QUARTERLY REPORT – Q2 2026Made by nature, pioneered by Måsøval. 3
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Overview of key performance indicators (KPIs) that provide insight into Måsøval’s financial and operational development over time. The metrics are selected to reflect our core activities and profitability drivers. Group Operational EBIT This figure represents Måsøval’s total operating profit, calculated as operating revenues minus operating expenses. The measure is expressed as operational earnings before interest and tax (EBIT), in million NOK (MNOK), and serves as an indicator for our overall profitability before financial and tax effects and excluding fair value adjustment. Operational EBIT per kilogram This KPI measures segment-specific profitability per kilogram of harvested salmon. It reflects the biological performance and operational efficiency of each Farming division. The measure is expressed as operational EBIT per kilogram of harvested salmon (EBIT/kg), in gutted weight. Harvest volume This metric measures the total quantity of salmon harvested during the period, measured in gutted weight tonnes (GWT). It reflects the biological output of our farming operations, including volumes from co-location agreements where applicable. These KPIs, among others, are used by the executive management and the Board of Directors to monitor performance, allocate resources, and assess strategic progress. They are presented consistently across reporting periods to ensure comparability and transparency. See Alternative Performance Measures for details. Performance trends Group operational EBIT (MNOK)Harvest volume (Tonnes GW) EBIT/KG (NOK) – Farming WestEBIT/KG (NOK) – Farming Mid EBIT/KG (NOK) – Co-location QUARTERLY REPORT – Q2 2026 Made by nature, pioneered by Måsøval. 4
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Net sea production reached 8,259 tonnes in the quarter, up from 7,530 tonnes in Q2 2025. 8,259 TONNES WFE Production Highlights Q2 2026 Overview of key developments in the quarter, including operational KPIs and strategic milestones. Compared to 8538 GWT in Q2 2025. Includes 2,960 GWT harvested under co-location agreements (3,577 GWT in Q2 2025). Farming West reported an operational EBIT of NOK 2.5 per kilogram (NOK 7.0 in Q2 2025). Group operational EBIT totalled NOK 80 million (NOK 28 million in Q2 2025). Farming Mid reported an operational EBIT of NOK 14.1 per kilogram (NOK 14.7 in Q2 2025). 9,350 GWT NOK 2.5 PER KG NOK 10.3 PER KG NOK 80 MILLION NOK 14.1 PER KG Harvested volume Farming WestFarming Group operational EBIT Farming Mid The Farming segment reported an operational EBIT of NOK 10.3 per kilogram (NOK 4.0 in Q2 2025). Made by nature, pioneered by Måsøval. QUARTERLY REPORT – Q2 2026 5
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Financial performance This section presents Måsøval Group’s financial performance for the quarter. Figures in brackets refer to the corresponding quarter of the previous year, unless specified otherwise. The above figures for the period Q2 2025 and YTD 2025 have been restated to reflect an error in interest costs related to our credit facilities, see note 9 for further details. Key figures Group Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 (Consolidated numbers in 1,000 NOK) Sales revenues salmon 647,818 689,199 1,059,487 1,245,526 2,345,804 Other operating revenues 191,253 179,867 289,336 304,721 617,591 Operating revenue 839,071 869,067 1,348,823 1,550,247 2,963,394 Harvested volume (tonnes GW) 9,350 8,538 14,062 13,764 28,467 Operational EBIT 80,342 28,072 108,358 49,850 48,747 EBIT (1) -36,662 203,068 -90,307 3,248 -54,537 Profit before tax -75,563 157,091 -167,108 -84,316 -228,893 Net profit or loss for the period -29,171 110,755 -79,264 -15,112 -77,892 Operational EBIT/kg 8.6 3.3 7.7 3.6 1.7 Operational EBIT % 9.6% 3.2% 8.0% 3.2% 1.6% Equity ratio 36.2% 36.4% 36.2% 36.4% 35.8% Earnings per share (NOK) (2) 0.19 0.07 0.12 0.03 -0.29 (1) Op. EBIT adjusted for loss disposal of subsidiary production tax and fair value adjustment biomass. (2) EPS excl. Net fair value adjustment biomass. QUARTERLY REPORT – Q2 2026 Made by nature, pioneered by Måsøval. 6
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Profit or loss Total operating revenues for the second quarter of 2026 amounted to NOK 839 million, down from NOK 869 million in the same period last year. Sales of salmon decreased from NOK 689 million to NOK 648 million. The decrease was primarily driven by lower sales prices. Average sales price was NOK 70.7 pr kilo, marginally lower compared to last year at 71.8 pr kilo. Other operating revenues amounted to NOK 191 million compared to NOK 180 million an increase of NOK 11 million. Harvest volumes totalled 9,350 GWT in Q2 2026, compared to 8,538 GWT in Q2 2025 The Group reported an operational EBIT of NOK 80 million, an improvement from NOK 28 million in the same quarter last year. Net financial expenses totalled NOK 39 million compared to NOK 46 million same quarter last year. The fair value adjustment of biomass was negative by NOK 89.5 million. In the quarter a loss of NOK 19.6 million is booked due to settlement of disputes and the sale of the subsidiary PNS to Nordic Halibut. Loss before tax amounted to NOK 75.6 million, while total tax income for the quarter was NOK 46.4 million. In Q2 the company sold one service vessel which, since 2021, had been operating under a five year contract with the Icelandic salmon farmer Kaldvik. The vessel was sold for NOK 34 million, recognising a gain of NOK 32 million. Total operating revenue in the first half of 2025 amounted to NOK 1,349 million, down from NOK 1,550 million in the same period last year. The decrease is mainly due to lower sales prices and lower total sales volume. The reduced sales volume is entirely due to lower sales of fish for external parties compared to the first half of 2025. Harvesting volumeincreased from 13,764 tonnes GWT in first half of 2025 to 14,062 tonnes in first half of 2026. The Group reported an operational EBIT of NOK 108 million, an improvement from NOK 50 million in the first half of 2025. Net financial expenses totalled NOK 77 million compared to MNOK 88 in the first half of 2025. The fair value adjustment of biomass was negative by NOK 167 million compared with negative NOK 36 million in first half of 2025. Loss before tax amounted to NOK 167 million, while total tax income for the period was NOK 88 million. Financial position At the end of the second quarter of 2026, total assets amounted to NOK 4,743 million, representing a decrease of NOK 240 million from the previous quarter. Biological assets held at sea decreased by NOK 199 million, reflecting intensive harvesting in the quarter . Biomass at sea decreased by 2,418 tonnes, from 14,948 tonnes to 12,530 tonnes. The value of smolt and post-smolt decreased by NOK 29 million, in line with seasonal smolt transfers. Net interest-bearing debt totalled NOK 1,725 million at end of the quarter, a reduction of NOK 203 million from Q1. Reduction in net interest bearing debt reflect high operational EBITDA, sales of shares in PNS, sale of vessel Iceland and lower working capital due to high harvesting activity in the quarter. Current liabilities to financial institutions decreased by NOK 20 million. Total equity declined by NOK 52 million, amounting to NOK 1,715 million at quarter-end. Equity ratio in the quarter increased from 35,5% to 36.2%. Cash flows Cash flow from operating activities was positive at NOK 273 million in the second quarter of 2026. The high operating cash flow reflects high harvest activity and thus inventories was reduced by NOK 117 million. Cash flow from investing activities was positively affected by the sale of service vessel NOK 34 million and disposal of the subsidiary in Pure Norwegian Seafood (PNS) NOK 43 million. Cash flow from financing activities was negative NOK 242 million, as the group used the strong operating cash flow to repay debt. Cash flow from operating activities was positive at NOK 243 million in the first half of 2026, in line with first half of 2025. Cash flow from investing activities was positively affected by repayment of seller credit related to a previous sale of a harvest facility at Sunnmøre (NOK 27 million), sale of a service vessel (NOK 34 million) and disposal of shares in PNS (NOK 43 million). Investments amounted to NOK 37 million. Cash flow from financing activities was negative NOK 299 million, as the group used the strong operating cash flow to repay debt. Funding and equity In the second quarter of 2026, total assets decreased by NOK 240 million, while equity decreased by NOK 53 million. The equity ratio at the end of the quarter was 36.2%, up from 35.5% in the previous quarter. The Group’s bank overdraft facility, term loan, and revolving credit 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 Q2 2026, a temporary waiver was issued by the groups bank reducing the interest coverage ratio requirement to 2.5x. The temporary short-term bank financing overdraft facility from NOK 300 million to NOK 600 million was repaid during Q2 2026. The Group maintains financial flexibility with an unused revolving credit facility of NOK 300 million and an unused overdraft facility of NOK 125 million. QUARTERLY REPORT – Q2 2026 Made by nature, pioneered by Måsøval. 7
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This section presents Måsøval Group’s operational performance for the quarter. Figures in brackets refer to the corresponding quarter of the previous year, unless otherwise stated.. The Group’s activities are monitored and managed across two operating segments: Farming, and Sales and Processing. Within the Farming segment, performance is further assessed across three divisions: Farming Mid, Farming West, and, from 2025, Farming Co-location. The introduction of Farming Co-location as a separate division aims to improve comparability between farming regions and provide greater transparency on value creation from farming activities related to co-location agreements. Activities related to Group administration, shared HQ costs, depreciation of surplus values from acquisitions, and intra-segment transactions are reported under Other/Eliminations. No operating segments have been aggregated, and transfer pricing between segments is conducted on an arm’s length basis. See Note 5 for further details. Operational performance Key figures Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 (Consolidated numbers in 1,000 NOK) Total operating revenues 741,632 574,416 1,197,219 1,075,471 2,142,776 Operational EBIT 95,926 34,463 158,182 92,296 123,925 Operational EBIT - % 12.9% 6.0% 13.2% 8.6% 5.8% Harvested volume (tonnes GWT) 9,350 8,538 14,062 13,764 28,467 Operational EBIT per kg salmon 10.3 4.0 11.2 6.7 4.4 Farming (Figures in brackets refer to Q2 2025, unless specified otherwise.) Farming is the Group’s largest operating segment and generated total revenues of NOK 742 million in the second quarter of 2026, of which NOK 556 million stemmed from the sale of salmon. Total harvest volume amounted to 9,350 GWT, of which 8,500 GWT was harvested at the Group’s own harvesting facility, TL52. The entire harvest volume originated from the 2025 generation. Biological performance was very strong throughout the quarter, with growth across all operating sites significantly exceeding historical levels. Growth performance was 9.7% higher than in the corresponding period last year with a production of 7,530 tonnes WFE last year compared to 8,259 tonnes WFE this quarter. Following favourable biological conditions during the first half of 2026, the Group has raised its full-year harvest volume guidance to 29,000 tonnes GWT. Furthermore, the Group has seen a significant improvement in product quality, with the Superior share increasing to 91% during the quarter, up from 78% in Q2 2025. The improved superior share was supported by fewer winter wounds, likely due to higher winter temperatures and use of vaccination (Moritella), as well as the absence of string jellyfish. The Group maintained control of the biological situation and, as the only operator in the zone, Måsøval harvested the entire generation of fish from Frøya Nord (spring 2025) without any notifiable diseases. Strong biological growth enabled earlier harvesting without compromising harvest weights. MAB utilisation was temporarily lower towards the end of the second quarter, supporting an earlier transition to the 2026 generation. The Group expects to complete the autumn 2025 generation ahead of schedule and commence harvesting of the 2026 generation already this year. MAB utilisation is expected to increase from October on as biomass from the new generation builds up. The strong biological performance reflects a combination of factors, including skilled personnel, genetic progress, high-quality smolt and post-smolt, favourable environmental conditions and sufficient in-house service capacity. This integrated operating model improves operational control and production flexibility. QUARTERLY REPORT – Q2 2026 Made by nature, pioneered by Måsøval. 8
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Over time, the Group has adopted a more proactive, risk- based approach to fish health. During the quarter, Måsøval expanded its in-house fish health team, enablig closer monitoring throughout the production cycle and faster specialist support to operations. Enhanced use of health, production and environmental data now underpins more timley, datadrive decisions. A wider range of delousing methods, combined with tighter coordination between internal teams and external partners, has reduced treatment-related mortality and increased operational flexibility. These initiatives are expected to improve fish welfare, lower biological risk and strengthen production performance over time. During last quarter, the Group’s five-year agreement with Kaldvik in Iceland for the lease and operation of two service vessels expired. One of the vessels was sold, generating a gain of NOK 32 million and contributing to improved capital efficiency. The remaining vessel will replace a leased vessel in Region West from September 2026, improving internal capacity utilisation. Feed costs increased during the quarter due to higher raw material prices, partly offset by favorable currency movements. The market for marine ingredients remains tight, with weak fisheries in South America and reduced pelagic quotas in the North Sea constraining supplies of fish oil and fishmeal. Under the Group’s feed agreements, prices are adjusted quarterly in line with market developments. Recent price increases are expected to place further pressure on feed costs and working capital. The Group is mitigating these effects by increasing its use of sustainable alternatives to marine fish oil and fishmeal. Made by nature, pioneered by Måsøval. QUARTERLY REPORT – Q2 2026 9
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Farming Mid Farming Mid generated sales revenues of NOK 456 million in the second quarter of 2026, of which NOK 362 million is attributable to the sale of salmon. The average sales price was NOK 69.5 per kilogram, which is NOK 4.0 higher than in Q2 2025. Operational EBIT totalled NOK 73 million (NOK 21 million), corresponding to NOK 14.1 per kilogram harvested salmon (NOK 14.7). Region Mid delivered a harvest volume of 5,209 GWT. Of this, 8% was harvested from autumn 2024 generation, 85% from spring 2025 generation and 7% from autumn 2025 generation. The harvesting of spring 2025 generation was completed during the quarter, with the Group realising its full potential reflected in high harvest weights. Harvesting of the autumn 2025 generation commenced during the quarter, supported by strong biological performance, robust growth and high MTB utilisation. Both spring and autumn 2025 generations were harvested at an average weight of 4.9 kilo gutted weight, supported by active grading of the autumn 2025 generation. The quarter was characterised by strong biological performance, with an improvement in gill health and better control of the sea lice situation compared with the previous year. The Group recorded no treatments throughout May, a strong result given the treatment intensity typically observed at this stage of the production cycle. The cost level for Farming Mid is expected to rise in Q3 2026, driven by harvesting at locations with higher treatment activity and the absence of the positive one-off effect in Q2 from the sale of a service vessel. Key figures Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 (Consolidated numbers in 1,000 NOK) Total operating revenues 456,404 145,637 597,496 346,608 871,645 Operational EBIT 73,478 20,585 89,817 38,244 92,022 Operational EBIT - % 16.1% 14.1% 15.0% 11.0% 10.6% Harvested volume (tonnes GWT) 5,209 1,403 6,379 3,720 9,431 Operational EBIT per kg salmon 14.1 14.7 14.1 10.3 9.8 Made by nature, pioneered by Måsøval. QUARTERLY REPORT – Q2 2026 10
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Farming West The average sales price was NOK 65.5 compared to NOK 70.3 in the same quarter last year. Operational EBIT amounted to NOK 3 million (NOK 25 million), corresponding to NOK 2.5 per kilogram harvested salmon (NOK 7.0). Region West delivered a harvest volume of 1,182 GWT during this quarter. The entire volume originated from the generation transferred to sea as post smolt in October 2025. The volume was harvested at an average harvest weight of 4.6 kg gutted weight after 218 days at sea. Harvesting commenced in line with the production plan as the fish reached the desired harvest size, reflecting strong biological performance and efficient use of site MAB throughout the cycle. Furthermore, the Group strengthens its growth potential through increased MAB capacity. Site MAB at Slettvika has increased from 3,120 to 4,680 tonnes, while the new Haram site has been approved with an additional 4,680 tonnes of MAB. These expansions enable increased production flexibility and improved capacity utilisation in the region. Harvesting in Q3 will mainly be from the the same sites as in Q2, with the cost level expected to remain unchanged. Key figures Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 (Consolidated numbers in 1,000 NOK) Total operating revenues 77,416 250,305 266,128 437,021 692,682 Operational EBIT 2,923 24,777 38,462 46,751 20,176 Operational EBIT - % 3.8% 9.9% 14.5% 10.7% 2.9% Harvested volume (tonnes GWT) 1,182 3,558 3,431 5,846 9,886 Operational EBIT per kg salmon 2.5 7.0 11.2 8.0 2.0 Made by nature, pioneered by Måsøval. QUARTERLY REPORT – Q2 2026 11
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Farming Co-location partners Farming Co-location delivered a harvest volume of 2,960 GWT in the second quarter of 2026. The co-location activities support efficient capacity utilisation and provide a stable contribution to the Group’s own production, while enabling efficient utilisation of shared capacity. This generated sales revenues of NOK 208 million, of which NOK 116 million related to the sale of salmon. Other revenues amounted to NOK 91 million and reflect farming services performed on behalf of co-location partners. Operational EBIT amounted to NOK 20 million (NOK -11 million), corresponding to NOK 6.6 per kilogram harvested salmon (NOK -3.0). Key figures Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 (Consolidated numbers in 1,000 NOK) Total operating revenues 207,812 178,474 333,595 291,841 578,449 Operational EBIT 19,525 -10,899 29,903 7,301 11,728 Operational EBIT - % 9.4% -6.1% 9.0% 2.5% 2.0% Harvested volume (tonnes GWT) 2,960 3,577 4,252 4,198 9,150 Operational EBIT per kg salmon 6.6 -3.0 7.0 1.7 1.3 Made by nature, pioneered by Måsøval. QUARTERLY REPORT – Q2 2026 12
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Sales and processing The Sales & Processing segment generated sales revenues of NOK 721 million in the second quarter of 2026, compared with NOK 742 million in Q2 2025. The realised sales price decreased to NOK 69.3 per kilogram (NOK 71.8 in Q2 2025) and sold volume decreased from 9,596 tonnes in Q2 2025 to 9,350 tonnes in Q2 2026 due to no sales services for others. The segment reported a positive operational EBIT of NOK 0.76 million for the quarter, compared to negative NOK 2.1 million in Q2 2025. Sales volume (Tonnes GW) Processing TL52 Activity was high during the period, with total harvested volume at TL52 amounting to a record 10,225 tonnes, a significant increase compared to the same period in 2025, when 6,865 tonnes were harvested. In addition to salmon harvested on own licenses and co-located licences amounting to 8,664 GWT, the facility provided harvest services to customers throughout the quarter amounting to 1,561 tonnes in the quarter. The financial results at TL52 remain sensitive to the volume of fish received for harvesting. The facility has a strong focus on cost control by adapting workforce and operational capacity to fluctuations in harvesting activity. This flexibility enables activity to be scaled up or down in line with harvesting requirements and has had a positive impact on the financial result. To enhance biomass scheduling and plant utilisation, fish from PO5 were transported to TL52 during second quarter using a stun-and-bleed vessel. During the trial period, the company experienced quality-related challenges for harvesting and sales, resulting in an adjusted plan for future use of the vessel. The facility is also implementing measures to reduce sludge volumes and improve utilisation, aiming to lower associated costs, with results expected in the next period. Sales Net sales volume totalled 9,350 tonnes for the period, compared with 9,596 tonnes in the same period last year. Air freight represented 15.9% of export volumes, up from 8.5% in the same quarter last year, reflecting higher average weights and expanded customer base in air freight markets. The average harvest weight of fish sold was 4.63 kg GWE during the quarter, across both Superior (SUP) and Production (PROD) grades. The conflict in the Middle East had a significant impact on global energy prices, resulting in higher freight and packaging costs during the period, particularly affecting sales to air freight market. All superior-grade salmon was sold in the spot market. Key figures Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 (Consolidated numbers in 1,000 NOK) Total operating revenues 721,380 742,354 1,174,739 1,337,856 2,562,450 Operational EBIT 760 -2,144 -17,628 -18,119 -28,794 Operational EBIT - % 0.1% -0.3% -1.5% -1.4% -1.1% Made by nature, pioneered by Måsøval. QUARTERLY REPORT – Q2 2026 13
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Outlook This section outlines the Group’s expectations for the coming quarters. Figures are based on current forecasts and may be subject to change due to biological, market, or regulatory developments. Please note that from 6 August 2024, the NASDAQ index was replaced by the SISALMONI index for settlement prices. The change involves minor adjustments in methodology and sample companies used to calculate settlement prices. Farming The Group expects to harvest approximately 29,000 GWT in 2026, an increase of 1000 GWT from the previous guided annual harvest volume of 28,000 in the Q1 2026 report. Volumes from co location is estimated to amount to 26% of the total harvest volume. For the third quarter of 2026, the Group expects to harvest 8300 GWT, including 2700 GWT from co-location agreements. Approximately 41% of the total volume is expected to be harvested from Region Mid. Cost levels in both regions are expected to increase in Q3 2026. Harvest volume by division At full capacity, Måsøval’s current licence portfolio has a production potential of approximately 25,400 GWT. In addition, long-term co-location agreements operated by Måsøval may contribute up to 8,600 GWT annually. The Group also holds an exhibition licence with a potential of 600–1,200 GWT. Annual harvest volumes (1,000 GWT) Actual and projected Annual harvest volume (GWT) Harvest volume – own Harvest volume – Co-location 0.2 7.7 7.9 2017 2.4 10.8 13.2 2018 2.4 13.0 15.4 2019 2.6 13.6 16.2 2020 2.0 14.9 16.9 2021 2.6 19.3 21.9 2022 3.0 21.5 24.5 2023 6.1 18.9 25.0 2024 7.5 21.5 29.0 2026E 9.2 19.3 28.5 2025 8.6 25.4 34.0 FULL CAPACITY MAS mid MAS west Co-location Total (GWT) Q1 2026 1,170 2,250 1,292 4,712 Q2 2026 5,209 1,182 2,960 9,350 Q3 2026 3,400 2,200 2,700 8,300 2026 total 13,200 8,300 7,500 29,000 QUARTERLY REPORT – Q2 2026 Made by nature, pioneered by Måsøval. 14
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Forward prices The average price for superior grade salmon is expected to increase in Q3 2026 compared to the same quarter last year. As of 26 August, salmon futures for Q3 2026 traded on Euronext MATIF at NOK 67.41 per kilogram, up from NOK 63.96 in Q3 2025. For 2026, the Group refers to European salmon futures listed on Euronext, calculated in NOK per kilogram. The average forward price for 2026 currently stands at NOK 76.11 per kilogram. 2023 2024 2025 2026 Made by nature, pioneered by Måsøval. QUARTERLY REPORT – Q2 2026 15
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This section highlights additional items of relevance to investors, including disclosures and developments that fall outside the core operational and financial reporting areas, but which may influence the Group’s risk profile, strategic direction or regulatory context. Other matters CEO transition 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 continued in his role until 30 June 2026 to ensure a smooth and orderly transition. Lars Måsøval stepped in as CEO from 30 June. Lars Måsøval is third generation of fish farmer in the Måsøval familiy, Lars have been involved with the development of the company for his entire life, was CEO of Måsøval from 2011 until 2015 when he became Chairman of the Board of the company. Settlement of disputes On 28 June, Måsøval, Pure Norwegian Seafood (“PNS”) and the minority shareholders in PNS reached an amicable solution to the pending disputes. The settlement entails that all disputes between all parties have been resolved, and that the cases between Måsøval and the minority shareholders, as well as Pure Norwegian Seafood and the minority shareholders, respectively, are closed. The settlement has been entered into following dialogue between the parties, and its terms are confidential. The court cases between the parties are concluded in accordance with the settlement. Sale of Pure Norwegian Seafood Reference is made to the stock exchange announcement from 12 March 2025 regarding the exclusive right granted to Nordic Halibut to use Pure Norwegian Seafood (“PNS”) harvesting facility M168 (“Customer Agreement”) and the option agreement with Nordic Halibut the right to acquire 100% of the shares in PNS (“Option Agreement”). Following the settlement of disputes between minority shareholders in PNS and Måsøval, and PNS and the minority owners, the owners of PNS signed a share purchase agreement (“the SPA”) with Nordic Halibut on 28 June where Nordic Halibut acquired all shares in Pure Norwegian from 30 June. Terms of the SPA were materially consistent with the commercial terms outlined in the option agreement from March 2025. The consideration was based on an enterprise value of PNS of NOK 60 million, with adjustments to equity value, and was paid in cash at 30 June. New farming site Haram Møre and Romsdal County Council has granted Måsøval permission to establish a new farming site in Haram municipality, with a maximum biomass of 4,680 tonnes. The site, located in production area 5, supports a more balanced biomass distribution and adds flexibility to the company’s future production base. Slettvika biomass expansion approved Trøndelag County Council approved an increase in maximum biomass at Slettvika, Ørsta (site no. 20815) to 4,680 tonnes, together with a site area expansion and the attachment of two existing permits. Extension of existing bank financing In May the Group secured a 12 months extension of its term loan and revolving credit facility with its main bank. The 12 months extension of the facilities is from February 2028 to February 2029 on same terms and governed by the same covenants as existing facilities. Waiver issued Waiver issued The Group’s bank overdraft facility, term loan, and revolving credit 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%. In May the main bank issued a waiver reducing the required interest rate cover ratio to 2.5X EBITDA in Q2 Board changes Following the ordinary general assembly held 4 June 2026, chairman of the Board Lars Måsøval, board members Kari Skeidsvoll Moe and Roger Granheim resigned from their positions. Trond Tuvstein was elected Chairman of the Board and Synne Konstanse Måsøval was elected board member. QUARTERLY REPORT – Q2 2026 otHer Matters 16
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Events after the reporting period Strategic review of majority owner Heimstø concluded Reference is made to the stock announcement of 25 March entitled “Major shareholder initiates strategic review of ownership”. The process was concluded 8 July with signing of a share purchase agreement (“the SPA”) between SalMar and Heimstø. SalMar will buy the entire shareholding of Heimstø’s Måsøval shares consisting of 85,727,553 shares in Måsøval corresponding approximately to 70% of the outstanding shares in Måsøval. The purchase price is NOK 39.50 pr Måsøval Share. Completion of the transaction is conditional upon the satisfaction of customary conditions, including relevant regulatory approvals. After a completion of the transaction with Heimstø, SalMar have announced in its stock exchange notice “SalMar will ensure that the minority shareholders can realise their shares in Måsøval based on a price of NOK 39.50 per share in the company”. events after tHe reporting period QUARTERLY REPORT – Q2 2026 17
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Consolidated financial statements / 19 Profit or loss / 20 Other comprehensive income / 21 Financial position: assets / 22 Financial position: equity and liabilities / 23 Cash flows / 24 Changes in equity / 25 Notes to the consolidated financial statements QUARTERLY REPORT – Q2 2026 18
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Note Q2 2026 Q2 2025 - Restated YTD 2026 YTD 2025 - Restated 2025 (All amounts in NOK 1,000) Operating revenue – sale of salmon 3.6 647,818 689,199 1,059,487 1,245,526 2,345,804 Other operating income 3.6 191,253 179,867 289,336 304,721 617,591 Total operating revenue 839,071 869,067 1,348,823 1,550,247 2,963,394 Cost of goods sold 490,091 576,570 701,460 981,983 1,752,813 Salaries and other personell costs 72,439 62,924 171,945 157,943 349,852 Depreciation and amortisation expense 7 72,554 62,351 140,251 113,135 272,746 Other operating expenses 6 123,645 139,150 226,809 247,335 539,236 Total operating expenses 758,729 840,995 1,240,465 1,500,397 2,914,647 Operational EBIT 80,342 28,072 108,358 49,850 48,747 Production tax 8 -7,979 -5,911 -12,370 -10,734 -21,812 Net loss sale of subsidiary 2 -19,571 - -19,571 - - Net fair value adjustment – biological assets 5 -89,455 180,907 -166,724 -35,868 -81,473 EBIT -36,662 203,068 -90,307 3,248 -54,537 Financial income 1,975 13,006 2,098 18,935 32,842 Financial expenses 9 40,875 58,983 78,899 106,499 207,198 Net finance income and expense -38,901 -45,977 -76,802 -87,564 -174,356 Profit before income tax -75,563 157,091 -167,108 -84,316 -228,893 Tax expense 8 -46,392 46,336 -87,844 -69,203 -151,001 Net profit for the period -29,171 110,755 -79,264 -15,112 -77,892 Attributable to Equity holders of the parent company -26,680 111,622 -77,115 -12,390 -73,030 Non-controlling interests -2,491 -866 -2,149 -2,722 -4,863 Total allocations -29,171 110,755 -79,264 -15,112 -77,892 Earnings per share (basic and diluted) -0.22 0.91 -0.63 -0.10 -0.60 Consolidated statement of profit or loss QUARTERLY REPORT – Q2 2026 Consolidated finanCial stateMents 19
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Consolidated statement of other comprehensive income Note Q2 2026 Q2 2025 - Restated YTD 2026 YTD 2025 - Restated 2025 (All amounts in NOK 1,000) Net profit -29,171 110,755 -79,264 -15,112 -77,892 Items which will not be reclassified to profit and loss Net gain/(loss) on equity instruments designated at fair value through other comprehensive income - - - - - Other comprehensive income - - - - - Total comprehensive income for the year -29,171 110,755 -79,264 -15,112 -77,892 Total comprehensive income attributable to: Owners of the parent -26,680 111,622 -77,115 -12,390 -73,030 Non-controlling interests -2,491 -866 -2,149 -2,722 -4,863 Total comprehensive income for the year -29,171 110,755 -79,264 -15,112 -77,892 Earnings per share (basic and diluted) -0.22 0.91 -0.63 -0.10 -0.60 QUARTERLY REPORT – Q2 2026 Consolidated finanCial stateMents 20
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Note 30.06.2026 31.03.2026 30.06.2025 - Restated 31.12.2025 (All amounts in NOK 1,000) Intangible assets Licences 7 2,068,767 2,068,767 2,068,767 2,068,767 Goodwill 7 420,770 427,262 427,262 427,262 Total intangible assets 2,489,536 2,496,029 2,496,029 2,496,029 Property, plant and equipment Property, plant and equipment 7 479,680 526,056 530,145 525,247 Right-to-use assets 7 574,780 573,956 571,675 626,750 Total property, plant and equipment 1,054,460 1,100,013 1,101,820 1,151,997 Non-current financial assets Investments in other equity instruments - 15,334 5 15,334 Other non-current receivables 1,526 254 30,655 31,245 Total non-current financial assets 1,526 15,587 30,660 46,579 Total non-current assets 3,545,522 3,611,629 3,628,509 3,694,605 Inventories Feed inventory 5 39,242 34,399 25,669 25,909 Finished goods 5 150 481 4,556 526 Biological assets 5 784,212 983,006 950,351 1,010,881 Other inventories 5 32,338 21,870 34,967 22,859 Total inventories 855,941 1,039,755 1,015,543 1,060,175 Receivables Accounts receivables 111,230 169,231 439,227 83,819 Other current receivables 116,220 133,351 48,831 132,648 Total receivables 227,451 302,582 488,058 216,468 Cash and cash equivalents 114,169 29,477 32,021 103,388 Total current assets 1,197,560 1,371,814 1,535,621 1,380,030 Total assets 4,743,082 4,983,443 5,164,130 5,074,634 Consolidated statement of financial position: assets QUARTERLY REPORT – Q2 2026 Consolidated finanCial stateMents 21
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Consolidated statement of financial position: equity and liabilities Note 30.06.2026 31.03.2026 30.06.2025 - Restated 31.12.2025 (All amounts in NOK 1,000) Equity Share capital 4 30,627 30,627 30,627 30,627 Other equity 1,684,590 1,711,270 1,822,343 1,761,704 Total equity attributable to owners of the parent company 1,715,217 1,741,897 1,852,970 1,792,331 Non-controlling interests - 25,051 26,850 24,709 Total equity 1,715,217 1,766,948 1,879,820 1,817,040 Liabilities Non-current liabilities Deferred tax 8 299,210 347,207 537,049 388,659 Liabilities to financial institutions 9 1,116,647 1,293,549 1,534,972 1,324,019 Long-term leasing liabilities 416,409 390,305 358,710 425,861 Total non-current liabilities 1,832,266 2,031,061 2,430,731 2,138,539 Current liabilities Liabilities to financial institutions 9 413,117 431,912 258,857 391,201 Short-term leasing liabilities 155,955 157,455 150,005 160,532 Account payables 477,080 456,753 378,606 413,547 Income tax payable 8 43,174 41,960 6,490 42,034 Other current liabilities 106,273 97,355 59,621 111,740 Total current liabilities 1,195,599 1,185,434 853,580 1,119,055 Total liabilities 3,027,865 3,216,496 3,284,311 3,257,594 Total equity and liabilities 4,743,082 4,983,443 5,164,130 5,074,634 Trondheim, 26 August 2026 Trond Tuvstein Chair of the Board Lars Måsøval CEO Synne Konstanse Måsøval Director Ola Loe Director Nina Santi Director QUARTERLY REPORT – Q2 2026 Consolidated finanCial stateMents 22
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Consolidated statement of cash flows Q2 2026 Q2 2025 - Restated YTD 2026 YTD 2025 - Restated 2025 (All amounts in NOK 1,000) Profit before income tax -75,563 157,091 -167,108 -84,316 -228,893 Tax paid -37 -441 -74 -26,841 -57,131 Gain/loss on disposal of property, plant and equipment -30,761 -1,138 -30,761 -1,138 -2,621 Gain/loss on disposal of subsidiary 19,571 - 19,571 - - Ordinary depreciation 72,553 62,350 140,251 113,135 272,746 Interest paid on borrowings 21,877 24,652 37,959 47,844 107,754 Calculated interest costs, leasing 8,328 7,878 17,264 14,249 32,921 Fair value adjustments - biological assets 89,454 -180,907 166,724 35,868 81,473 Net change in inventories 116,614 92,216 45,299 106,097 16,868 Net change in account receivables 44,129 -64,161 -41,283 -2,574 352,834 Net change in account payables 25,961 71,273 69,130 47,759 82,700 Net change in other current receivables/liabilities -18,923 -43,767 -14,345 -8,011 -44,157 Net cash from operating activites 273,202 125,046 242,625 242,071 614,494 Proceeds from disposal of property, plant and equipment 34,180 - 34,180 - 14,494 Payments for property, plant and equipment -22,038 -42,180 -37,737 -53,143 -108,773 Proceeds from other loan receivables -1,268 -358 27,551 667 78 Proceeds from disposal of subsidiary 42,996 - 42,996 - - Payments for shares, obligations -303 - -303 - -15,329 Net cash from investing activities 53,568 -42,537 66,698 -52,476 -109,531 Proceeds from non-current and current borrowings - - - 150,000 150,000 Repayment of non-current and current borrowings -148,811 -30,478 -179,646 -59,856 -271,876 Payment of interest expenses on borrowings -26,757 -31,919 -55,904 -61,353 -140,675 Repayment of principal portion of lease liabilities -47,715 -35,589 -84,916 -61,663 -146,635 Net change in overdraft facility -18,795 -21,116 21,925 -145,370 -13,059 Payments of dividends - - - - Net cash from financing activities -242,077 -119,102 -298,542 -178,242 -422,245 Net change in cash and cash equivalents 84,692 -36,594 10,781 11,353 82,719 Cash and cash equivalents at the beginning of the period 29,477 68,615 103,388 20,669 20,669 Cash and cash equivalents at the end of the period 114,169 32,020 114,169 32,021 103,388 QUARTERLY REPORT – Q2 2026 Consolidated finanCial stateMents 23
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Consolidated statement of changes in equity 2026 Share capital Other equity Equity - owners of the parent company Non-controlling interests Total equity (All amounts in NOK 1,000) 31 December 2025 30,627 1,761,704 1,792,331 24,709 1,817,040 Profit/Loss from continuing operations - -77,115 -77,115 -2,149 -79,264 Sale of Subsidiary - - - -22,560 -22,560 30 June 2026 30,627 1,684,589 1,715,216 - 1,715,216 2025 Share capital Other equity Equity - owners of the parent company Non-controlling interests Total equity (All amounts in NOK 1,000) 31 December 2024 30,627 1,834,734 1,865,361 29,572 1,894,933 Profit/Loss from continuing operations - -12,390 -12,390 -2,722 -15,112 30 June 2025 30,627 1,822,344 1,852,971 26,850 1,879,820 Profit/Loss from continuing operations Q3-Q4 2025 - -60,639 -60,639 -2,141 -62,780 31 December 2025 30,627 1,761,704 1,792,331 24,709 1,817,040 QUARTERLY REPORT – Q2 2026 Consolidated finanCial stateMents 24
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1. Basis for preparation 26 2. Business segments 27 3. Operating revenue 30 4. Share capital and shareholders 31 5. Biological assets and other inventories 31 6. Transactions with related parties 34 7. Intangible assets and property plant and equipment 35 8. Tax 35 9. Changes in comparative figures 36 Alternative performance measures 38 Notes to the consolidated financial statements QUARTERLY REPORT – Q2 2026 25
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Note 1 BASIS FOR PREPARATION These consolidated financial statements have been prepared in accordance with the International Accounting Standard 34 – Interim Financial Reporting (IAS 34). The Group’s 2025 Annual Report was prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. The accounting policies applied in this interim report are consistent with those used in the Group’s 2025 Annual Report. A comprehensive overview of all material accounting policies is provided in the Group’s 2025 Annual report, available at the Group’s website www.masoval.no. The tax expense for the reproting periods are based on a simplified calculation based on the expected effective tax rates. These condensed interim consolidated financial statements do not include all disclosures required by IFRS for annual financial statements and should be read in conjunction with the Group’s Annual Financial Statements for 2025. Amounts are presented in Norwegian kroner (NOK). The abbreviation MNOK denotes amounts in millions of NOK. New standards effectiv from 1 january 2026 There are no new standards effective from 1 January 2026 that have had material effect on this interim report. Correction of errors There have been made changes in the comparative figures, these changes are described in Note 9 “Comparative figures”. notes to tHe Consolidated finanCial stateMents QUARTERLY REPORT – Q2 2026 26
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Note 2 BUSINESS SEGMENTS Executive management monitors and allocates resources based on two operating segments: Farming and Sales & Processing. Within the Farming segment, performance is also assessed by division: Farming Mid, Farming West, and Farming Co-location. The Farming segment includes the purchase of salmon eggs, land- and sea-based farming, related service activities, and the sale of salmon. Sea-based operations are located in Trøndelag and Møre and Romsdal. The Farming Co-location division includes a mix of production on commercial licences, educational licences and broodstock licences. Further details are provided in the section Long-term Farming Co-location Agreements. The Sales & Processing segment comprises harvesting activities and the sale of salmon and other fish species, both domestically and for export. The remaining activities of the Group are presented under Other/ eliminations, which also includes Group administration and other shared costs not allocated to segments. Information about unallocated items is provided in a footnote to the accompanying tables. Transfer pricing between operating segments is conducted on an arm’s length basis, consistent with transactions between unrelated parties. Segments are assessed using various financial and operational metrics, as presented in the accompanying tables. Farming Mid Farming West Farming Co-location Farming Sales and processing Other /eliminations*) Måsøval Group (All amounts in NOK 1,000) Operating revenue 361,792 77,412 116,446 555,650 647,818 -555,650 647,818 Other operating revenues 94,612 4 91,366 185,982 73,563 -68,292 191,253 Total operating revenues 456,404 77,416 207,812 741,632 721,380 -623,942 839,071 Operating expenses 335,916 69,533 183,010 588,459 714,112 -616,397 686,174 Depreciation and amortization 47,011 4,959 5,276 57,247 6,508 8,800 72,554 Operational EBIT 73,478 2,923 19,525 95,926 760 -16,344 80,342 Operational EBIT-% 16.1% 3.8% 9.4% 12.9% 0.1% 9.6% Volume harvested/sold 5,209 1,182 2,960 9,350 9,350 Sales price per kg salmon 69.5 65.5 69.3 Operational EBIT per kg salmon 14.1 2.5 6.6 10.3 0.1 *) In total, NOK 7.5 million in administration cost with a cash effect are added under “Other/eliminations” in Q2 2026. Impairments, depreciation and amortization in “Other/eliminations” is almost exclusively related to administrative systems and surplus values from acquisitions. Q2 2026 Q2 2025 Farming Mid Farming West Farming Co-location Farming Sales and processing Other /eliminations*) Måsøval Group (All amounts in NOK 1,000) Operating revenue 87,769 250,296 80,081 418,146 689,199 -418,146 689,199 Other operating revenues 57,868 9 98,393 156,270 53,154 -29,557 179,867 Total operating revenues 145,637 250,305 178,474 574,416 742,354 -447,704 869,066 Operating expenses 81,026 220,731 187,640 489,397 738,316 -449,069 778,644 Depreciation and amortization 44,026 4,797 1,733 50,556 6,182 5,612 62,350 Operational EBIT 20,585 24,777 -10,899 34,463 -2,144 -4,247 28,073 Operational EBIT-% 14.1% 9.9% -6.1% 6.0% -0.3% 3.2% Volume harvested/sold 1,403 3,558 3,577 8,538 9,596 Sales price per kg salmon 62.6 70.3 71.8 Operational EBIT per kg salmon 14.7 7.0 -3.0 4.0 -0.2 *) In total, NOK -1.4 million in net negative administration income with a cash effect are added under “Other/eliminations” in Q2 2025. Impairments, depreciation and amortization in “Other/eliminations” is almost exclusively related to administrative systems and surplus values from acquisitions. QUARTERLY REPORT – Q2 2026 notes to tHe Consolidated finanCial stateMents 27
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Farming Mid Farming West Farming Co-location Farming Sales and processing Other /eliminations*) Måsøval Group (All amounts in NOK 1,000) Operating revenue 458,316 266,109 201,369 925,794 1,059,487 -925,794 1,059,487 Other operating revenues 139,180 19 132,226 271,425 115,252 -97,341 289,336 Total operating revenues 597,496 266,128 333,595 1,197,219 1,174,739 -1,023,135 1,348,823 Operating expenses 416,060 217,900 292,371 926,330 1,179,694 -1,005,812 1,100,212 Depreciation and amortization 91,619 9,766 11,322 112,707 12,673 14,871 140,251 Operational EBIT 89,817 38,462 29,903 158,182 -17,628 -32,194 108,360 Operational EBIT-% 15.0% 14.5% 9.0% 13.2% -1.5% 8.0% Volume harvested/sold 6,379 3,431 4,252 14,062 14,240 Sales price per kg salmon 71.8 77.6 74.4 Operational EBIT per kg salmon 14.1 11.2 7.0 11.2 -1.2 *) In total, NOK 17.3 million in administration costs with a cash effect are charged under “Other/eliminations” YTD 2026. Impairments, depreciation and amortization in “Other/eliminations” is almost exclusively related to administrative systems and surplus values from acquisitions. Farming Mid Farming West Farming Co-location Farming Sales and processing Other /eliminations*) Måsøval Group (All amounts in NOK 1,000) Operating revenue 263,251 437,002 108,817 809,070 1,245,347 -808,891 1,245,526 Other operating revenues 83,357 19 183,024 266,401 92,509 -54,190 304,720 Total operating revenues 346,608 437,021 291,841 1,075,471 1,337,856 -863,081 1,550,247 Operating expenses 231,090 380,677 282,051 893,818 1,343,778 -850,335 1,387,261 Depreciation and amortization 77,274 9,593 2,490 89,356 12,197 11,581 113,135 Operational EBIT 38,244 46,751 7,301 92,296 -18,119 -24,326 49,851 Operational EBIT-% 11.0% 10.7% 2.5% 8.6% -1.4% 3.2% Volume harvested/sold 3,720 5,846 4,198 13,764 16,647 Sales price per kg salmon 70.8 74.8 74.8 Operational EBIT per kg salmon 10.3 8.0 1.7 6.7 -1.1 *) In total, NOK 12.7 million in administration costs with a cash effect are charged under “Other/eliminations” YTD 2025. Impairments, depreciation and amortization in “Other/eliminations” is almost exclusively related to administrative systems and surplus values from acquisitions. YTD 2026 YTD 2025 QUARTERLY REPORT – Q2 2026 notes to tHe Consolidated finanCial stateMents 28
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LONG-TERM FARMING CO-LOCATION PARTNERS The Group has several long-term co-location agreements under which it performs farming services on licences owned by partners. These include commercial licences, broodstock licences, and 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. Income from co-location with commercial licenses is recognised as Other operating income, while costs are included under Operating expenses. Harvest volumes from these agreements are not included in the Group’s reported harvest volume. For broodstock and educational licences, the biomass is recognised in the Group’s Statement of Financial Position. Harvest volumes from these agreements are included in the Group’s reported harvest volume, and gross income and expenses are recognised in the Statement of Profit or Loss. The licence holders’ share of profits is expensed as Other operating expenses. 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. The licence holders’ share of profits is expensed as Other operating expenses. Specification of licenses and biomass co-location partners Farming Mid Farming West Farming Co-location Farming Sales and processing Other /eliminations*) Måsøval Group (All amounts in NOK 1,000) Operating revenue 681,661 692,657 228,568 1,602,886 2,345,625 -1,602,707 2,345,804 Other operating revenues 189,984 25 349,881 539,890 216,826 -139,125 617,591 Total operating revenues 871,645 692,682 578,449 2,142,776 2,562,450 -1,741,832 2,963,394 Operating expenses 589,485 653,752 550,793 1,794,030 2,566,379 -1,718,507 2,641,901 Depreciation and amortization 190,139 18,754 15,928 224,821 24,866 23,060 272,746 Operational EBIT 92,022 20,176 11,728 123,925 -28,794 -46,384 48,747 EBIT-% 10.6% 2.9% 2.0% 5.8% -1.1% 1.6% Volume harvested/sold 9,431 9,886 9,150 28,467 31,595 Sales price per kg salmon 72.3 70.1 74.2 Operational EBIT per kg salmon 9.8 2.0 1.3 4.4 -0.9 *) In total, NOK 23.3 million in administration costs with a cash effect are charged under “Other/eliminations” 2025. Impairments, depreciation and amortization in “Other/eliminations” is almost exclusively related to administrative systems and surplus values from acquisitions. 2025 Co-location partners (tonnes) Biomass in our books Biomass on other licenses Total co-location partners (All amounts in NOK 1,000) License volume at 30.06.2026 3120** 2433* 5,553 Produced volume YTD 2026, including smolt 2,489 2,062 4,551 Harvested volume YTD 2026 2,748 1,503 4,252 Biomass in sea at 30.06.2026 1,796 2,233 4,028 *) Three licenses from one partner and part of license depending on volume in sea from the other partner. **) License volum is variable, minimum four licenses, but can be increased to five. QUARTERLY REPORT – Q2 2026 notes to tHe Consolidated finanCial stateMents 29
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Note 3 OPERATING REVENUE Group revenues by geographic market Group revenues by product and services Operating revenues Operating revenues consist of income from sale of salmon, either at spot market prices or under fixed-price contracts. Revenue is recognised in the Statement of Profit and Loss when fish has been harvested, packed in boxes, and collected by the carrier (ex-works). Other revenue Other revenue includes income from harvesting activities and co-location partners, sale of smolt, and sale of services related to farming activities. Q2 2026 % Q2 2025 % (All amounts in NOK 1,000) Norway 411,156 49% 519,787 60% Europe, without Norway 334,799 40% 341,607 39% Asia 76,425 9% 7,673 1% Other countries 16,690 2% - 0% Total revenues 839,071 869,067 YTD 2026 % YTD 2025 2025 (All amounts in NOK 1,000) Norway 682,502 51% 953,229 61% 1,666,062 56% Europe, without Norway 509,575 38% 588,541 38% 1,226,373 41% Asia 136,675 10% 8,477 1% 67,277 2% Other countries 20,071 1% - 0% 3,683 0% Total revenues 1,348,823 1,550,247 2,963,394 Q2 2026 % Q2 2025 % (All amounts in NOK 1,000) Sales revenue salmon 647,818 77% 689,199 79% Other revenue 191,253 23% 179,867 21% Total revenues 839,071 869,067 YTD 2026 % YTD 2025 2025 (All amounts in NOK 1,000) Sales revenue salmon 1,059,487 79% 1,245,526 80% 2,345,804 79% Other revenue 289,336 21% 304,721 20% 617,591 21% Total revenues 1,348,823 1,550,247 2,963,394 QUARTERLY REPORT – Q2 2026 notes to tHe Consolidated finanCial stateMents 30
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Note 4 SHARE CAPITAL AND SHAREHOLDERS As at 30 June 2026, the parent company’s share capital comprised: Shareholders: The company’s 20 largest shareholders as at 30 June 2026 were: No. Face value Share capital Ordinary shares 122,508,455 0.25 30,627 Total 122,508,455 0.25 30,627 Shareholder No.of shares Shareholding (%) Heimstø AS 85,727,553 69.98% Kverva Finans AS 12,744,775 10.40% Frøy Kapital AS 9,294,269 7.59% Nordea Bank ABP 2,741,935 2.24% J.P. Morgan SE 2,612,135 2.13% Vicama AS 1,215,794 0.99% R. Munkhaugen AS 605,625 0.49% Verdipapirfondet Holberg Triton 535,000 0.44% Yttervåg AS 380,036 0.31% Geir Brobakken Invest AS 305,050 0.25% Jaras Invest AS 290,000 0.24% Småge Eiendom AS 241,387 0.20% Sonstad AS 220,000 0.18% Notbasen AS 218,963 0.18% Konstanse Holding AS 207,140 0.17% Six Sis AG 200,000 0.16% Lindvard Invest AS 200,000 0.16% Nordnet Livsforsikring AS 166,296 0.14% MP Pensjon PX 150,319 0.12% Intertrade Shipping AS 135,000 0.11% Others 4,317,178 3.52% Total 122,508,455 100.00% Note 5 BIOLOGICAL ASSETS AND OTHER INVENTORIES Book value of biological assets and inventory FAIR VALUE Fair value adjustments are included in the Group’s EBIT, but are presented on a separate line to enhance transparency regarding the Group’s profit or loss on cost of goods sold. This item comprises the following: Book value of biological assets recognised at fair value 30.06.2026 31.03.2026 30.06.2025 31.12.2025 Feed inventory 39,242 34,399 25,669 25,909 Finished goods 150 481 4,556 526 Other inventory 32,338 21,870 34,967 22,859 Total other inventory 71,729 56,750 65,192 49,294 Biological assets 784,212 983,006 950,351 1,010,881 Total biological assets and other inventory 855,941 1,039,755 1,015,543 1,060,175 30.06.2026 31.03.2026 30.06.2025 31.12.2025 Biological assets held at sea farms at cost 695,269 775,770 644,389 735,979 Fair value adjustement of biological assets -8,458 80,997 203,871 158,265 Total biological assets held at sea by fair value 686,811 856,766 848,259 894,244 Eggs and smolt at cost 97,401 126,239 102,092 116,637 Total biological assets 784,212 983,006 950,351 1,010,881 Of which co-location partners Biological assets held at sea farms at cost 96,795 126,874 69,246 111,177 Fair value adjustement of biological assets 7,800 15,815 13,782 19,218 Total biological assets held at sea by fair value 104,595 142,689 83,027 130,395 QUARTERLY REPORT – Q2 2026 notes to tHe Consolidated finanCial stateMents 31
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Change in the book value of biological assets held at sea farm carried at fair value Biological assets held at sea farms 30.06.2026 Biological assets held at sea farms 31.03.2026 Q2 2026 Q1 2026 Q2 2025 2025 Opening balance biological assets at sea 856,766 894,244 727,219 960,405 Increase resulting from production/purchase 437,503 381,858 410,203 1,797,124 Reduction resulting from sale/harvesting -518,004 -342,067 -470,069 -1,781,813 Reduction resulting from incident-based mortality - - - - Net fair value adjustment total biomass*) -89,455 -77,269 180,907 -81,473 Closing balance biological assets at sea 686,811 856,766 848,259 894,244 *) Gross fair value is shown in the balance sheet. The co-location partner’s share of fair value is recorded as accrued liability under other current liabilities. Biomass (tonnes) Count Cost Fair value adjustment Carrying amount < 1 kg 638 2,110,689 112,040 -13,529 98,511 1 - 4 kg 6,956 3,315,918 404,791 -8,095 396,696 > 4 kg 4,936 976,153 178,438 13,166 191,604 Biological assets held at sea farms 12,530 6,402,760 695,269 -8,458 686,811 Smolt and post-smolt at cost 97,401 - 97,401 Biological assets total 12,530 6,402,760 792,670 -8,458 784,212 Of which co-location partners 1,796 816,066 96,795 7,800 104,595 Biomass (tonnes) Count Cost Fair value adjustment Carrying amount < 1 kg 1,050 1,360,090 96,557 52,558 149,115 1 - 4 kg 8,588 3,346,895 473,218 -39,262 433,956 > 4 kg 5,309 1,251,604 205,995 67,700 273,695 Biological assets held at sea farms 14,948 5,958,589 775,770 80,996 856,766 Smolt and post-smolt at cost 126,239 - 126,239 Biological assets total 14,948 5,958,589 902,009 80,996 983,007 Of which co-location partners 2,410 874,133 126,874 15,815 142,690 QUARTERLY REPORT – Q2 2026 notes to tHe Consolidated finanCial stateMents 32
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Biological assets held at sea farms 30.06.2025 Biological assets held at sea farms 31.12.2025 The fair value calculation is based on following forward prices: Discount rate The discount rate applied in both 2025 and 2026 was 5.0% per month, reflecting the capital cost of biomass, associated risk, and synthetic licence fees, and site rental charges. Biomass (tonnes) Count Cost Fair value adjustment Carrying amount < 1 kg 1,841 2,580,539 188,923 142,236 331,159 1 - 4 kg 7,735 3,356,802 436,184 38,267 474,451 > 4 kg 1,204 259,433 19,281 23,368 42,649 Biological assets held at sea farms 10,781 6,196,774 644,389 203,871 848,259 Smolt and post-smolt at cost 102,092 - 102,092 Biological assets total 10,781 6,196,774 746,481 203,871 950,351 Of which co-location partners 1,244 651,063 69,246 13,782 83,027 Biomass (tonnes) Count Cost Fair value adjustment Carrying amount < 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 Biological assets total 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 Expected harvesting period: Forward price 30.06.2026 Expected harvesting period: Forward price 31.03.2026 Expected harvesting period: Forward price 30.06.2025 Expected harvesting period: Forward price 31.12.2025 Q3-2026 64.81 Q2-2026 85.82 Q3-2025 68.08 Q1-2026 98.57 Q4-2026 75.47 Q3-2026 71.38 Q4-2025 77.19 Q2-2026 97.02 Q1-2027 92.81 Q4-2026 79.36 Q1-2026 102.01 Q3-2026 76.41 Q2- 2027 89.46 Q1-2027 95.27 Q2-2026 98.43 Q4-2026 83.92 Q3-2027 71.60 Q2- 2027 91.93 Q3-2026 78.19 Q1-2027 102.86 QUARTERLY REPORT – Q2 2026 notes to tHe Consolidated finanCial stateMents 33
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Note 6 TRANSACTIONS WITH RELATED PARTIES The Group had the following transactions with related parties. All transactions were conducted on market terms and at arm’s length. Goods and services sold (1000 NOK) Goods and services purchased (1000 NOK) Receivables (1000 NOK) Liabilities (1000 NOK) Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 Kaldvik hf. 4,942 7,616 13,027 16,635 31,968 Heimstø AS 251 201 761 585 1,498 Flamek Eiendom AS 50 48 67 66 174 Sørskaget Holding AS 23 196 295 215 1,108 Sørskaget Bolig AS - 11 - 29 77 30.06.2026 31.03.2026 30.06.2025 31.12.2025 Kaldvik hf. 8,119 5,886 5,136 5,366 Heimstø AS 338 187 8,030 228 Flamek Eiendom AS 52 27 447 66 Sørskaget Holding AS 24 15 745 225 Sørskaget Bolig AS - - 75 9 30.06.2026 31.03.2026 30.06.2025 31.12.2025 Kaldvik hf. 273 273 273 273 Heimstø AS - - - 88 Flamek Eiendom AS 375 375 294 - Sørskaget Holding AS 328 326 470 359 Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 Heimstø AS 283 339 566 660 2,246 Flamek Eiendom AS 1,139 902 2,533 1,764 2,804 Sørskaget Holding AS 753 1,331 1,582 2,904 3,904 QUARTERLY REPORT – Q2 2026 notes to tHe Consolidated finanCial stateMents 34
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Note 7 INTANGIBLE ASSETS AND PROPERTY PLANT AND EQUIPMENT Right-to-use assets Property, plant and equipment Goodwill Licenses Total (All amounts in NOK 1,000) Net book value at 31.12.2025 626,750 525,247 427,262 2,068,767 3,648,026 Additions 85,681 71,538 - - 157,219 Disposals *) -31,584 -2,786 - - -34,370 Disposal of subsidiary *) -24,595 -55,540 -6,492 - -86,627 Depreciation and amortization -81,472 -58,779 - - -140,251 Net book value at 30.06.2026 574,780 479,680 420,770 2,068,767 3,543,996 *) Disposals related to “Right-to-use assets” apply to buyouts upon expiry of leasing agreements. A lease buyout entails an addition of “Property, plant and equipment”. Note 8 TAX Resource rent tax In addition to regular corporate tax, the sea-based salmon farming is subject to a resource rent tax of 25%. The tax applies solely to farming activities conducted under commercial sea licences and does not cover the entire production cycle. At the time of implementation, the group took a position to be able to claim a tax deduction for the incoming values of the biomass. The production fee for the period is directly deductible from the payable resource rent tax for the same period. The total tax expense, including the production fee, is presented in the accompanying table, followed by a reconciliation to the Statement of Profit or Loss. The production fee is presented on a separate line in the Statement of Profit or Loss. The estimated tax cost for the period is classified as deferred tax in the Statement of Financial Position. Tax expenses Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 Estimated corporate tax for the period -14,025 56,496 -34,339 3,336 -106,753 Estimated resource tax for the period (payable and deferred) -24,389 -4,249 -41,135 -61,806 -74,884 Adjustments related to previous periods - - - - 49,373 Total tax expenses including production fee -38,414 52,247 -75,474 -58,470 -132,264 Production fee -7,979 -5,911 -12,370 -10,734 -18,737 Income tax cost -46,392 46,336 -87,844 -69,204 -151,001 QUARTERLY REPORT – Q2 2026 notes to tHe Consolidated finanCial stateMents 35
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Note 9 CHANGES IN COMPARATIVE FIGURES Correction of errors 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. Based on updated calculations from the bank we have 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. Figures for the year 2025 are correctly reported in the annual report for 2025, while figures for Q1 and Q2 2025 have been restated. See the accompanying tables for a detailed specification. Q2 2025 Changes in interest expenses Restated Q2 2025 (All amounts in NOK 1,000) Operating revenues - sale of salmon 689,199 689,199 Other operating income 179,867 179,867 Total operating revenues 869,067 - 869,067 Cost of goods sold 576,570 576,570 Salaries and other personell costs 62,924 62,924 Depreciation and amortisation expense 62,351 62,351 Other operating expenses 139,150 139,150 Total operating expenses 840,995 - 840,995 Operational EBIT 28,072 - 28,073 Production tax -5,911 -5,911 Net fair value adjustment – biological assets 180,907 180,907 EBIT 203,068 - 203,068 Financial income 13,006 13,006 Financial expenses 67,605 -8,622 58,983 Net finance income and expense -54,599 8,622 -45,977 Profit before income tax 148,469 8,622 157,091 Tax expense 44,439 1,897 46,336 Net profit for the period 104,030 6,725 110,755 Attributable to Equity holders of the parent company 104,897 6,725 111,622 Non-controlling interests -866 -866 Total allocations 104,030 6,725 110,755 Earnings per share (basic and diluted) 0.86 0.91 Consolidated statement of profit and loss Q2 2025 QUARTERLY REPORT – Q2 2026 notes to tHe Consolidated finanCial stateMents 36
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YTD 2025 Changes in interest expenses Restated YTD 2025 (All amounts in NOK 1,000) Operating revenues - sale of salmon 1,245,526 1,245,526 Other operating income 304,721 304,721 Total operating revenues 1,550,247 - 1,550,247 Cost of goods sold 981,983 981,983 Salaries and other personell costs 157,943 157,943 Depreciation and amortisation expense 113,135 113,135 Other operating expenses 247,335 247,335 Total operating expenses 1,500,397 - 1,500,397 Operational EBIT 49,850 - 49,850 Production tax -10,734 -10,734 Net fair value adjustment – biological assets -35,868 -35,868 EBIT 3,248 - 3,248 Financial income 18,935 18,935 Financial expenses 120,681 -14,182 106,499 Net finance income and expense -101,746 14,182 -87,564 Profit before income tax -98,498 14,182 -84,316 Tax expense -72,323 3,120 -69,203 Net profit for the period -26,175 11,062 -15,112 Attributable to Equity holders of the parent company -23,452 11,062 -12,390 Non-controlling interests -2,722 -2,722 Total allocations -26,174 11,062 -15,112 Earnings per share (basic and diluted) -0.19 -0.10 Consolidated statement of profit and loss YTD 2025 QUARTERLY REPORT – Q2 2026 notes to tHe Consolidated finanCial stateMents 37
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Accounting lines with changes Originally reported Changes in interest expenses Restated values 30.06.25 (All amounts in NOK 1,000) Other equity 1,787,794 34,549 1,822,343 Deferred tax 527,304 9,745 537,049 Short term - Liabilities to financial institutions 303,151 -44,294 258,857 30.06.2026 31.03.2026 30.06.2025 - Restated 31.12.2025 (All amounts in NOK 1,000) Non-current liabilities to financial institutions 1,533,056 1,683,855 1,893,682 1,749,880 Current liabilities to financial institutions 569,072 589,366 408,862 551,733 Liabilities related to operational lease agreements -262,650 -284,142 -196,576 -304,371 Bond funds - -15,334 - -15,334 Cash and cash equivalents -114,169 -29,477 -32,021 -103,388 Net interest-bearing debt - Group 1,725,308 1,944,268 2,073,947 1,878,521 Net interest- bearing debt - Pure Norwegian Seafood (PNS) - -16,261 -22,208 -21,579 Net interest bearing debt - Group excluding PNS 1,725,308 1,928,007 2,051,739 1,856,942 Statement of financial positions 30.06.25 Statement of cash flow Q2 2025 Statement of cash flow YTD 2025 Accounting lines with changes Originally reported Changes in interest expenses Restated values Q2 2025 (All amounts in NOK 1,000) Profit before income tax 148,470 8,621 157,091 Net change in overdraft facility -12,494 -8,621 -21,114 Accounting lines with changes Originally reported Changes in interest expenses Restated values Q2 2025 (All amounts in NOK 1,000) Profit before income tax -98,497 14,182 -84,315 Net change in overdraft facility -131,188 -14,182 -145,370 Alternative performance measures In addition to the financial statements prepared in accordance with IFRS, the Group presents a set of alternative performance measures (APMs). These measures are intended to enhance transparency and provide users of the financial statements with relevant insight into the Group’s underlying operational and financial performance. APMs do not replace IFRS-based measures but serve as supplementary indicators. All performance parameters have been reviewed and approved by the Group’s executive management and Board of Directors. It should be noted that APMs may be defined and applied differently by other entities. Descriptions of the Group’s APMs are provided throughout this section. NET INTEREST-BEARING DEBT Net interest-bearing debt is defined as the sum of long- and short-term interest-bearing liabilities, less bank deposits and interest-bearing receivables. This measure provides insight into the net external interest-bearing capital employed to finance the Group and is used in calculating return on capital employed. It also illustrates the Group’s capacity to increase its debt. The capitalised value of operational lease agreements under IFRS 16 is excluded from interest-bearing debt. QUARTERLY REPORT – Q2 2026 notes to tHe Consolidated finanCial stateMents 38
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Q2 2026 Q2 2025 - Restated YTD 2026 YTD 2025 - Restated 2025 (All amounts in NOK 1,000) Operational EBIT - Group 80,342 28,072 108,358 49,850 48,747 Operational EBIT - Pure Norwegian Seafood -2,179 2,594 -1,431 6,226 10,135 Operational EBIT - Group, excluding PNS 78,163 30,666 106,927 56,076 58,882 Depreciation and amortisation expense, excluded PNS 68,669 57,455 132,678 105,186 256,993 Net non-reccuring costs according to loan agreement 1,033 2,791 2,021 4,723 12,018 Interest expenses on operating leases -4,275 -2,925 -8,874 -4,089 -12,014 Adjusted EBITDA - Group excluding PNS 143,589 87,987 232,752 161,896 315,879 Q2 2026 Q2 2025 - Restated YTD 2026 YTD 2025 - Restated 2025 (All amounts in NOK 1,000) Financial expenses - Group 40,875 58,983 78,899 106,499 207,198 Interest expenses on operating leases -4,275 -2,925 -8,874 -4,089 -12,014 Interest income and other financial exenses 864 -17,952 -1,962 -27,186 -44,782 Financial expenses - PNS 544 -417 24 -1,378 -2,287 Net interest expenses - Group, excluding PNS 38,009 37,690 68,087 73,846 148,115 OPERATIONAL EBITDA For the purpose of financial covenants, operational EBITDA is calculated excluding PNS and the interest effect of operational leases. It is derived by deducting depreciation and calculated interest expenses from operational EBIT. NET INTEREST EXPENSES EXCLUDING PURE NORWEGIAN SEAFOOD The Group’s external financing is divided into two parts. PNS maintains separate financing arrangements and is not included in the Group’s main financing structure. Accordingly, loan covenant requirements are based on figures excluding PNS. QUARTERLY REPORT – Q2 2026 notes to tHe Consolidated finanCial stateMents 39
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30.06.2026 31.03.2026 30.06.2025 - Restated 31.12.2025 (All amounts in NOK 1,000) Equity 1,715,217 1,766,948 1,879,820 1,817,040 Total assets 4,743,082 4,983,443 5,164,130 5,074,634 Equity ratio 36.2% 35.5% 36.4% 35.8% EQUITY RATIO Equity ratio is calculated as total equity, including non-controlling interests, divided by total assets, and expressed as a percentage. This provides insight into the proportion of the Group’s assets financed by equity versus borrowings. ADJUSTET EARNINGS PER SHARE To reflect actual operational performance, the Group reports EPS adjusted for non-recurring items and net fair value adjustments in biomass. Q2 2026 Q2 2025 - Restated YTD 2026 YTD 2025 - Restated 2025 (All amounts in NOK 1,000) Profit attributable to equity holders of the parent company -26,680 111,622 -77,115 -12,390 -73,030 Net fair value adjustment after tax -50,006 103,168 -92,347 -16,240 -37,120 Adjusted profit attributable to equity holders of the parent company 23,326 8,454 15,232 3,850 -35,910 Number of shares 122,508,455 122,508,455 122,508,455 122,508,455 122,508,455 Adjusted EPS 0.19 0.07 0.12 0.03 -0.29 QUARTERLY REPORT – Q2 2026 notes to tHe Consolidated finanCial stateMents 40
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QUARTERLY REPORT – Q2 2026