Slide 1: Måsøval Q3 2025 Quarterly Presentation
QUARTERLY PRESENTATION MÅSØVAL Q3 2025 HELGE KVALVIK, CEO ANDERS HAGESTANDE, CFO ESPNESTAREN, FRØYA OSLO, 18 NOVEMBER 2025 63.677883° N, 8.667° E
Slide 2: Disclaimer
This presentation may contain forward-looking statements relating to the business, financial performance and results of Måsøval. DISCLAIMER Forward looking statements are statements that are not historical facts and may be identified by words such as “predicts", "anticipates", "believes", "estimates
Slide 3: Agenda
1 HIGHLIGHTS 2 SEGMENT INFORMATION AGENDA 3 GROUP FINANCIALS 4 OTHER MATTERS 5 OUTLOOK & SUMMARY 6 Q&A
Slide 4: Highlights
Group Operational EBIT (MNOK) 22 28 Group financials • Group revenue MNOK 580 (613) -28 -42 -54 • Total group operational EBIT MNOK -42 (-54) Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Segment farming Harvested Volume (GWT) • Harvested volume: 6 020 tonnes GW (7 138) • Op. EBIT/kg 7 138 8 538 HIGHLIGHTS 6 020 •
Slide 5: Segment Information
SEGMENT INFORMATION SMOLT SEA SITE SERVICE PROCESSING OFFICE MID MID WEST WEST
Slide 6: Farming Mid
FARMING MID Key figures Consolidated numbers in 1 000 NOK Q3 25 Q3 24 YTD 25 YTD 24 Third quarter operational highlights Total operating revenues 155 388 278 859 501 997 1 035 734 • 59/41 split Spring-24 and Autumn-24 Operational EBIT 26 093 -15 588 64 337 346 704 • Harvested volume of 1 352 GWT (4
Slide 7: Farming West
FARMING WEST Key figures Consolidated numbers in 1 000 NOK Q3 25 Q3 24 YTD 25 YTD 24 Third quarter operational highlights Total operating revenues 146 406 97 792 583 427 258 091 • Harvested volume of 2 592 GWT (1 358) Operational EBIT -29 374 9 600 17 377 68 028 • 8 % of the volume Spring 2024 gener
Slide 8: Farming Co-location
FARMING CO-LOCATION Key figures Consolidated numbers in 1 000 NOK Q3 25 Q3 24 YTD 25 YTD 24 Third quarter operational highlights Total operating revenues 116 381 209 675 408 223 479 978 • Harvested volume of 2 077 GWT (1 613) Operational EBIT -23 635 2 377 -16 334 84 168 • 40% of the volume Spring-2
Slide 9: Sales & Processing
SALES & PROCESSING Key figures Consolidated numbers in 1 000 NOK Q3 25 Q3 24 YTD 25 YTD 24 Third quarter operational highlights Total operating 452 316 508 716 1 790 172 1 835 541 • Sales volume 6 240 GWT (6 735) revenues • Operational EBIT of MNOK -11.9 (-31.3) • Sales activities positive MNOK 2.5
Slide 10: Group Financials
GROUP FINANCIALS TL52, HITRA 63.67257167º N, 9.03509º E
Slide 11: Key Income Statement Items
KEY INCOME STATEMENT ITEMS GROUP OPERATIONAL EBIT (MNOK) GROUP OPERATIONAL EBIT PER KG EARNINGS PER SHARE (EPS)* 370 19.3 1.41 0.4 8 -0.43 -42 -54 -0.59 -0.64 -7 -7.6 Q3 25 Q3 24 YTD 25 YTD 24 Q3 25 Q3 24 YTD 25 YTD 24 Q3 25 Q3 24 YTD 25 YTD 24 *Earnings per share restated to exclude fair value adju
Slide 12: Income Statement
Key figures Group Consolidated numbers Q3 25 Q3 24 YTD 25 YTD 24 INCOME STATEMENT in 1 000 NOK Sales revenue salmon 404 610 492 459 1 650 136 1 779 906 Other operating revenues 175 324 120 228 480 045 292 278 • Revenue in quarter is down from Q3 2024 due to lower average sales price and lover volume
Slide 13: Group Balance Sheet Items
GROUP BALANCE SHEET ITEMS As s e ts NI BD 17 32 -32 -32 • Assets slightly increased from MNOK 5.164 to MNOK 1 462 1 504 5.176 639 423 • Increased right-to-use assets of which MNOK 132 related to well boat chart (Havtrans and service vessel PA5) 3 697 3 629 1 492 1 697 • Increased biological assets o
Slide 14: Bank Financing
BANK FINANCING • Issued waiver for 3.00x ICR covenant • 1.00x for Q4 25 • 1.50x for Q1 26 • Temporarily increase of overdraft facility • Extended until 31 March 26
Slide 15: Changes in NIBD
CHANGES IN NIBD • Increased NIBD • Moderate investments in period • Board propose no dividend, but will re-evaluate through-out the year + 11 2 088 102 2 099 40 -81 0 -50 NIBD 30.06.25 PBT + depreciation Tax paid Working capital Net investments Change in fin.&other items NIBD 30.09.25 * PBT (profit
Slide 16: Other Matters
& OTHER MATTERS
Slide 17: Court Proceedings: PNS
COURT PROCEEDINGS: PNS • 65% stake in Pure Norwegian Salmon (PNS) acquired in 2021 • October 2023: Irregular sales detected, actions taken from Måsøval • Ongoing legal proceedings involving Måsøval and minority shareholders • Legal hearing completed in November 2025
Slide 18: Outlook & Summary
OUTLOOK & SUMMARY
Slide 19: Outlook
OUTLOOK • Full year guiding 2025 of 27 600 tonnes in total and 7 800 tonnes in Q4 Harvest Volume GWT • 3 450 tonnes Mid 9000 • 1 700 tonnes West 8000 • 2 650 tonnes Co-location 7000 6000 • Full year guiding 2026 of 27 200 tonnes 5000 • 13 600 tonnes Mid 4000 • 6 200 tonnes West 3000 • 7 400 tonnes C
Slide 20: Market Outlook
MARKET OUTLOOK • Market fundamentals • Kontali expects 9.9% y/y supply growth in 2025 120 • Strong market fundamentals expected in Q4 and 2026 110 Nasdaq price per kg (NOK) • Kontali expects 1.0% global supply growth in 2026 100 90 2022 • Forward prices indicate price level of approximate NOK 88 202
Slide 21: Growth Potential
GROWTH POTENTIAL ANNUAL HARVEST VOLUMES (1 000 GWT) Actual and projected 0.2 2.4 2.4 2.6 2.0 2.6 3.0 6.1 8.9 7.4 8.6 7.7 10.8 13.0 13.6 14.9 19.3 21.5 18.9 18.7 19.8 25.4 7.9 13.2 15.4 16.2 16.9 21.9 24.5 25.0 27.6 27.2 34.0 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 FULL CAP. Harvest volum e
Slide 22: Summary
SUMMARY Group financials • Operational EBIT: MNOK -42 Outlook • Growing assets and biomass value • Harvest guidance: 7 800 GWT (Q4 2025) • Waiver ICR Q4 and Q1 • Harvest guidance: 27 600 GWT (FY25) • Harvest guidance: 27 200 GWT (FY26) Farming • Improving market fundamentals • High sea lice pressure
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