Slide 1: Quarterly Presentation
LANGTAREN, FRØYA 63.75285° N, 8.92780° E QUARTERLY PRESENTATION MÅSØVAL ANDERS HAGESTANDE, CFO OSLO, 27 AUGUST 2026
Slide 2: Disclaimer
This presentation may contain forward-looking Forward-looking statements are not guarantees of DISCLAIMER statements relating to the business, financial future performance, and risks, uncertainties and performance and results of Måsøval. other important factors could cause the actual business, finan
Slide 3: Agenda
1 HIGHLIGHTS 2 SEGMENT INFORMATION AGENDA 3 GROUP FINANCIALS 4 STRATEGIC UPDATE 5 OUTLOOK & SUMMARY 6 Q & A
Slide 4: Highlights Q2 2026
GROUP OPERATIONAL EBIT (MNOK) 80 41 28 28 Group financials • Group revenue MNOK 839 (869) • Total group operational EBIT MNOK 80 (28) HIGHLIGHTS Q2 2026 -42 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Segment farming HARVESTED VOLUME (GWT) • Harvested volume: 9,350 tonnes GWT (8,538) 9 350 8 538 8 684 • Op. EBIT/
Slide 5: Segment Information
€ SEGMENT INFORMATION REGION MID (PA6)
Slide 6: Key Figures – Farming Mid
KEY FIGURES – FARMING MID FARMING MID Consolidated numbers in 1 000 NOK Q2 26 Q2 25 YTD 26 YTD 25 Second quarter operational highlights Total operating revenues 456 404 145 637 597 496 346 608 • Harvested volume of 5,209 GWT (1,403) Operational EBIT 73 478 20 585 89 817 38 244 • 8% of the volume Aut
Slide 7: Key Figures – Farming West
KEY FIGURES – FARMING WEST FARMING WEST Consolidated numbers in 1 000 NOK Q2 26 Q2 25 YTD 26 YTD 25 Second quarter operational highlights Total operating revenues 77 416 250 305 266 128 437 021 • Harvested volume of 1,182 GWT (3,558) • 100 % of the volume 2025 generation Operational EBIT 2 923 24 77
Slide 8: Key Figures – Farming Co-location
KEY FIGURES – FARMING CO-LOCATION FARMING CO-LOCATION Consolidated numbers in 1 000 NOK Q2 26 Q2 25 YTD 26 YTD 25 Second quarter operational highlights Total operating revenues 207 812 178 474 333 595 291 841 • Harvested volume of 2,960 GWT (3,577) • 15% of the volume Autumn -24 generation Operation
Slide 9: Key Figures – Sales & Processing
KEY FIGURES – SALES & PROCESSING SALES & PROCESSING Consolidated numbers in 1 000 NOK Q2 26 Q2 25 YTD 26 YTD 25 Second quarter operational highlights • Sales volume 9,350 GWT (9,596) Total operating revenues 721 380 742 354 1 174 739 1 337 856 • Operational EBIT of MNOK 0.8 (-2.1) • Record high harv
Slide 10: Group Financials
GROUP FINANCIALS 45236 LANGTAREN, FRØYA 63.75285º N, 8.92780º E
Slide 11: Key Income Statement Items
KEY INCOME STATEMENT ITEMS GROUP OPERATIONAL GROUP OPERATIONAL EARNINGS PER SHARE EBIT (MNOK) EBIT PER KG (EPS)* 0.19 108 8.6 7.7 80 0.12 50 3.3 3.6 0.07 28 0.03 Q2 26 Q2 25 YTD 26 YTD 25 Q2 26 Q2 25 YTD 26 YTD 25 Q2 26 Q2 25 YTD 26 YTD 25 *Earnings per share restated to exclude fair value adjustmen
Slide 12: Key Figures – Group Income Statement
KEY FIGURES – GROUP Consolidated numbers INCOME STATEMENT 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 • Lower revenue due to no third party-sales Sum operating revenues 839 071 869 067 1 348
Slide 13: Key Figures – Group Balance Sheet Items
KEY FIGURES – GROUP Consolidated numbers GROUP BALANCE SHEET ITEMS 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 • Assets decreased from MNOK 4,983 to MNOK 4,743 Property, plant and equipment 1 054 460 1 100 013 1 101 820 1 151 997 Non-current
Slide 14: Changes in NIBD
CHANGES IN NIBD • NIBD decreased significantly in the quarter • Positive cash flow from investments due to sale of assets -219 1 944 -24 0 132 1 725 -273 -54 NIBD 31.03.26 PBT + depreciation Tax paid Working capital Net investments Change in fin.&other items NIBD 30.06.26 * PBT (profit before tax) e
Slide 15: Bank Financing
BANK FINANCING • 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 normalize
Slide 16: Strategic Update
STRATEGIC UPDATE LAKSÅVIKA, HITRA 63.47157° N, 8.67892° E
Slide 17: CEO Transition
CEO TRANSITION • 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
Slide 18: Settlement of Disputes
SETTLEMENT OF DISPUTES • 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
Slide 19: Sale of PNS
SALE OF PNS • 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 PN
Slide 20: Increased Site MAB
INCREASED SITE MAB • 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 SLETTVIKA, ØRSTA 62.334° N, 6.157667° E
Slide 21: Strategic Review Concluded
STRATEGIC REVIEW CONCLUDED • 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 Mås
Slide 22: Outlook & Summary
OUTLOOK & SUMMARY KVANGARDSNES, VOLDA 62.145° N, 5.945° E
Slide 23: Outlook
OUTLOOK • Full year guiding 2026 of 29,000 tonnes • Increase of 1,000 tonnes from last quarter HARVEST VOLUME (GWT) • 74/26 split own and colocation 10000 9000 • Harvest in Q3 26 8,300 tonnes 8000 7000 • 3,400 tonnes Mid 6000 • 2,200 tonnes West 5000 • 2,700 tonnes Co-location 4000 3000 2000 1000 •
Slide 24: Market Outlook
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 120 • Forward prices indicate price level of approximate NOK 76 for 110 Nasdaq price per kg (NOK) full year 2026, down from Sitagri average of 78.26 in 20
Slide 25: Summary
SUMMARY Group financials Outlook • Operational EBIT: MNOK 80 • Harvest guidance: 8,300 GWT (Q3 2026) • NIBD reduced MNOK 219 • Harvest guidance: 29,000 GWT (FY26) • ICR above normalized covenant • Improving market fundamentals Farming • Excellent biology in quarter • Improved quality Sales & process
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