Slide 1: Quarterly Presentation Q4 2025
SLETTVIKA, ØRSTA 62.334° N, 6.157667° E QUARTERLY PRESENTATION MÅSØVAL HELGE KVALVIK, CEO ANDERS HAGESTANDE, CFO OSLO, 26 FEBRUARY 2026
Slide 2: Disclaimer
This presentation may contain forward- respect to future events, and are subject to DISCLAIMER looking statements relating to the business, risks, uncertainties and assumptions. financial performance and results of Måsøval. Forward-looking statements are not guarantees of future performance, and ris
Slide 3: Agenda
1 HIGHLIGHTS 2 SEGMENT INFORMATION AGENDA 3 GROUP FINANCIALS 4 OTHER MATTERS 5 OUTLOOK & SUMMARY 6 Q & A
Slide 4: Highlights Q4 2025
GROUP OPERATIONAL EBIT (MNOK) 41 22 28 Group financials • Group revenue MNOK 833 (626) -28 • Total group operational EBIT MNOK 41 (-28) -42 HIGHLIGHTS Q4 2025 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Segment farming HARVESTED VOLUME (GWT) • Harvested volume: 8 684 tonnes GW (5 802) 8 538 8 684 • Op. EBIT/kg 5
Slide 5: Highlights FY 2025
GROUP OPERATIONAL EBIT (MNOK) 693 Group financials 292 471 361 • Group revenue MNOK 2.963 (2.698) 49 • Total group operational EBIT MNOK 49 (342) HIGHLIGHTS FY 2025 2021 2022 2023 2024 2025 Segment farming HARVESTED VOLUME (GWT) • Harvested volume: 28.467 tonnes GW (25.015) 28 467 • Op. EBIT/kg 21 9
Slide 6: Segment Information
nN fo} PROCESSING @ orrice SEGMENT INFORMATION
Slide 7: Key Figures – Farming Mid
KEY FIGURES – FARMING MID FARMING MID Consolidated numbers in 1 000 NOK Q4 25 Q4 24 2025 2024 Fourth quarter operational highlights Total operating revenues 369 649 226 134 871 645 1 261 868 • Harvested volume of 4 360 GWT (1 945) Operational EBIT 27 685 -7 284 92 022 339 420 • 46/54 split Autumn-24
Slide 8: Key Figures – Farming West
KEY FIGURES – FARMING WEST FARMING WEST Consolidated numbers in 1 000 NOK Q4 25 Q4 24 2025 2024 Fourth quarter operational highlights Total operating revenues 109 255 219 675 692 682 477 766 • Harvested volume of 1 449 GWT (2 749) • 100 % of the volume 2025 generation Operational EBIT 2 799 48 332 2
Slide 9: Key Figures – Farming Co-location
KEY FIGURES – FARMING CO-LOCATION FARMING CO-LOCATION Consolidated numbers in 1 000 NOK Q4 25 Q4 24 2025 2024 Fourth quarter operational highlights Total operating revenues 170 227 53 883 578 449 533 861 • Harvested volume of 2 875 GWT (1 107) • 64% of the volume Autumn-24 generation Operational EBI
Slide 10: Key Figures – Sales & Processing
KEY FIGURES – SALES & PROCESSING SALES & PROCESSING Consolidated numbers in 1 000 NOK Q4 25 Q4 24 2025 2024 Fourth quarter operational highlights • Sales volume 8 708 GWT (5 873) Total operating 762 053 488 724 2 562 450 2 324 264 revenues • Operational EBIT of MNOK 1.2 (-13.8) Operational EBIT 1 22
Slide 11: Group Financials
GROUP FINANCIALS SLETTVIKA, ØRSTA 62.334° N, 6.157667° E
Slide 12: Key Income Statement Items
KEY INCOME STATEMENT ITEMS GROUP OPERATIONAL GROUP OPERATIONAL EARNINGS PER SHARE EBIT (MNOK) EBIT PER KG (EPS)* 13.7 0.85 342 0.3 4.7 1.7 41 49 -0.35 -4.9 -0.56 -28 Q4 25 Q4 24 2025 2024 Q4 25 Q4 24 2025 2024 Q4 25 Q4 24 2025 2024 *Earnings per share restated to exclude fair value adjustment of bio
Slide 13: Key Figures – Group Income Statement
KEY FIGURES – GROUP Consolidated numbers INCOME STATEMENT in 1 000 NOK Q4 25 Q4 24 2025 2024 Sales revenue salmon 695 667 453 878 2 345 804 2 233 784 Other operating revenues 137 546 172 319 617 591 464 597 • Revenue in quarter is up from Q4 2024 due to higher harvested volume Sum operating revenues
Slide 14: Group Balance Sheet Items
GROUP BALANCE SHEET ITEMS ASSETS N IBD 103 17 -119 -32 • Assets decreased from MNOK 5.176 to MNOK 5.041 1 277 1 462 552 639 • Decreased biological assets of MNOK 122 3 661 3 697 1 446 1 492 • Decreased accounts receivables of MNOK 151 • Increased equity ratio 31.12.2025 30.09.2025 31.12.2025 30.09.2
Slide 15: Bank Financing
BANK FINANCING • Issued waiver for 3.00x ICR covenant • 1.00x for Q4 25 • 1.50x for Q1 26 • Temporarily increased overdraft facility MNOK 300 to MNOK 600 • Extended until 30 June 26
Slide 16: Changes in NIBD
CHANGES IN NIBD • Decreased NIBD • Moderate investments in period • Board propose no dividend, but will re-evaluate through-out the year - 220 2 099 -7 -31 18 15 1 879 -215 NIBD 30.09.25 PBT + depreciation Tax paid Working capital Net investments Change in fin.&other items NIBD 31.12.25 * PBT (profi
Slide 17: Other Matters
OTHER MATTERS MÅSØVAL HEADQUARTERS – SISTRANDA, FRØYA 63.731413º N, 8.830347º E
Slide 18: Legal Proceedings Involving Pure Norwegian Seafood (PNS) and Its Shareholders
LEGAL PROCEEDINGS INVOLVING PURE NORWEGIAN SEAFOOD (PNS) AND ITS SHAREHOLDERS • Måsøval acquired 65% of Pure Norwegian Seafood AS (PNS) in 2021 • Irregular sales of frozen salmon identified in 2023. Immediate actions taken. • December 2025 court judgment in favour of Måsøval in damages case • Appeal
Slide 19: Mattilsynet System Audit
MATTILSYNET SYSTEM AUDIT • System audit by the Norwegian Food Safety Authority (Mattilsynet) • One non-conformity and two improvement points • Corrective actions underway • Audit confirms solid management systems
Slide 20: Outlook & Summary
OUTLOOK & SUMMARY
Slide 21: Outlook
OUTLOOK • Full year guiding 2026 of 27 200 tonnes ~73/27 split own and colocation HARVEST VOLUME (GWT) 10000 • Harvest in Q1 26 3.630 tonnes 9000 • 320 tonnes Mid 8000 • 2.050 tonnes West 7000 6000 • 1.260 tonnes Co-location 5000 4000 3000 • Aggregate cost farming expected somewhat higher in Q1 2000
Slide 22: Market Outlook
MARKET OUTLOOK • Market fundamentals • Kontali expects 1.5% y/y global supply growth in 2026 • Compared to 11.3% y/y global supply growth in 2025 120 110 • Forward prices indicate price level of approximate NOK 82 Nasdaq price per kg (NOK) for full year 2026, up from Sitagri average of 78.26 in 2025
Slide 23: Growth Potential
GROWTH POTENTIAL 17 10.8 13.0 13.6 14.9 19.3 21.5 18.9 19.3 19.8 25.4 19 13.2 15.4 16.2 16.9 21.9 24.5 25.0 28.5 27.2 34.0 FULL 2017-2018 = 2019-2020. 2024.» 2022 202320242025 2026 oa bacrry @ HARVEST VOLUME - OWN HARVEST VOLUME ~ CO-LOCATION
Slide 24: Summary
SUMMARY Group financials Outlook • Operational EBIT: MNOK 41 • Harvest guidance: 3 630 GWT (Q1 2026) • Growing assets and biomass value • Harvest guidance: 27 200 GWT (FY26) • Waiver ICR Q4 and Q1 • Improving market fundamentals Farming • High sea lice pressure – improved control • High biomass end
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