Masoval As · OSL:MAS
Masoval As — Måsøval AS — Q2 2025 Earnings Presentation
24 slides from Masoval As's earnings presentation, Aug 19, 2025
Slide 1: Måsøval AS Q2 2025 Presentation
Måsøval AS Q2 2025 Presentation Trondheim, 19 August 2025 Anders Hagestande, CFO
Slide 2: Disclaimer
Disclaimer This presentation may contain forward-looking statements relating to the business, financial performance and results of Måsøval. Forward looking statements are statements that are not historical facts and may be identified by words such as “predicts", "anticipates", "believes", "estimates
Slide 3: Agenda
Agenda 1 Highlights 2 Segment information 3 Group financials 4 Strategic projects 5 Outlook and summary 6 Q/A
Slide 4: Highlights Q2 – 2025
Group Operational EBIT (MNOK) 315 Highlights Q2 – 2025 22 28 Group financials -28 -54 • Group revenue MNOK 869 (1 028) Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 • Total group operational EBIT MNOK 28 (315) Harvested Volume (GWT) Segment farming 8 469 8 538 7 138 • Harvested volume 8 538 tonnes GW (8 469) 5 802
Slide 5: Segment Information
Slide 6: Farming Mid
Key figures Farming Mid Farming Mid Consolidated numbers in 1 000 NOK Q2 25 Q2 24 YTD 25 YTD 24 Second quarter operational highlights Total operating revenues 145 637 532 292 346 608 756 876 • 56/44 split Spring-24 and Autumn-24 Operational EBIT 20 585 269 054 38 244 362 292 • Solid production on Au
Slide 7: Farming West
Key figures Farming West Farming West Consolidated numbers in 1 000 NOK Q2 25 Q2 24 YTD 25 YTD 24 Second quarter operational highlights Total operating revenues 250 305 148 877 437 021 160 298 • Harvested volume of 3 558 GWT (1 273) Operational EBIT 24 777 56 718 46 751 58 429 • 88 % of the volume S
Slide 8: Farming Co-location
Key figures Farming Co-location Farming Co-location Consolidated numbers in 1 000 NOK Q2 25 Q2 24 YTD 25 YTD 24 Second quarter operational highlights Total operating revenues 178 474 110 577 291 841 270 303 • Harvested volume of 3 577 GWT (1 972) Operational EBIT -10 899 24 330 7 301 81 792 • 95% of
Slide 9: Sales & Processing
Key figures Sales & Processing Sales & Processing Consolidated numbers in 1 000 NOK Q2 25 Q2 24 YTD 25 YTD 24 Second quarter operational highlights Total operating revenues 742 354 925 601 1 337 856 1 326 824 • Sales volume 9 596 GWT (9 005) • Operational EBIT of MNOK -2.1 (-8.1) • Agreement with No
Slide 10: Group Financials
Group Financials j | #e7 a
Slide 11: Key Income Statement Items
Key Income Statement Items Group operational EBIT (MNOK) Group operational EBIT per kg EPS (earnings/share*) 37.2 424 35.1 315 1.78 1.46 28 50 3.3 3.6 0.01 Q2 25 Q2 24 YTD 25 YTD 24 Q2 25 Q2 24 YTD 25 YTD 24 Q2 25 Q2 24 YTD 25 YTD 24 -0.06 *Earnings per share restated to exclude fair value adjustmen
Slide 12: Income Statement
Key figures Group Consolidated numbers in 1 000 NOK Q2 25 Q2 24 YTD 25 YTD 24 Income Statement Sales revenue salmon 689 199 904 391 1 245 526 1 287 448 Other operating revenues 179 867 123 284 304 721 172 049 • Revenue in quarter is down from Q2 2024 due to significant lower average sales price Sum
Slide 13: Group Balance Sheet Items
Group Balance 32 As s e ts NI BD Sheet Items 69 -32 -69 1 504 1 349 453 423 • Assets increased from MNOK 4.930 to MNOK 5.164 3 629 1 697 1 780 3 512 • Increased right-to-use assets of which MNOK 132 related to well boat chart 30.06.2025 31.03.2025 30.06.2025 31.03.2025 Fixed assets Current assets (e
Slide 14: Changes in NIBD
Changes in NIBD • Decreased NIBD • Moderate investments in period • Board proposed no dividend, but will re-evaluate through-out the year - 16 2 135 231 2 118 26 42 -243 -73 NIBD 31.03.25 PBT + depreciation Tax paid Working capital Net investments Change in fin.&other items NIBD 30.06.25 * PBT (prof
Slide 15: Strategic Projects
& Strategic Projects =
Slide 16: Educational Licence
Educational Licence • Partnership with Møre and Romsdal County Council to operate an educational licence at Hustadvika high school • Capacity of 780 tonnes MAB, 10 years duration • All necessary approvals in place from 1 august 2025 • Co-located on sites: Slettvika, Orholmen, Heggeset and Gaustad •
Slide 17: New long-term smolt agreement
New long-term smolt agreement • Relationship with Nekton Settefisk AS developed since 2006 • Long-term agreement of annual delivery of 2.4 million smolt, average weight 250 grams • Optional increase to 3 million smolt pr year • Deliveries 2027-2032 • Operationally integrated with Måsøval farming ope
Slide 18: The Future of Aquaculture
The Future of Aquaculture Proposed key regulatory changes • New aquaculture licensing: Site-specific sea lice quotas replace local permits • Unlimited production within sea lice quotas • Lost-fish fee encourages lower mortality, following Report on Animal Welfare (2024) • Environmental Technology Sc
Slide 19: Outlook & Summary
Slide 20: Outlook
Outlook • Full year guiding 2025 of 28 100 tonnes in total and 5 900 tonnes in Q3 Harvest Volume GWT • 1 500 tonnes Mid 9000 • 2 600 tonnes West 8000 • 1 800 tonnes Co-location 7000 6000 5000 • Underlying cost farming expected lower in Q3 4000 • Underlying lower in region Mid 3000 • Higher in region
Slide 21: Market Outlook
Market Outlook • Market fundamentals • Kontali expects 8.1% y/y supply growth in 2025 • High supply growth y/y first half 2025, moderate 120 supply growth second half y/y • Strong market fundamentals expected in 2026 110 Kontali expects 1.0% global supply growth Nasdaq price per kg (NOK) 100 90 2022
Slide 22: Growth Potential
ANNUAL HARVEST VOLUMES (1000 GWT) Historical and projected 77 108 130 136 149 193 215 189 19.7 25.4 79° 132 154 162 16.9 219 245 25.0 281 340 2017 2018 += 2019-2020. 2021-2022 2023 2024 2025 FULL POTENTIAL © HARVEST VOLUME —OWN —@ HARVEST VOLUME—CO-LOCATION
Slide 23: Summary
Summary Group financials • Operational EBIT: MNOK 28 • Growing assets and biomass value • Well boat charter Farming • High sea lice pressure – improved control • MAB flexibility Sales & processing • TL52 approved for export to China • Initiated VAP processing • Improved operational results from Nord
Slide 24: Måsøval – Made by nature