Slide 1: Quarterly Presentation
SLETTVIKA, ØRSTA 62.334° N, 6.157667° E QUARTERLY PRESENTATION MÅSØVAL ANDERS HAGESTANDE, CFO HELGE KVALVIK, CEO OSLO, 21 May 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 OTHER MATTERS 5 OUTLOOK & SUMMARY 6 Q & A
Slide 4: Highlights Q1 2026
GROUP OPERATIONAL EBIT (MNOK) 41 22 28 28 Group financials • Group revenue MNOK 510 (681) • Total group operational EBIT MNOK 28 (22) -42 HIGHLIGHTS Q1 2026 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Segment farming HARVESTED VOLUME (GWT) • Harvested volume: 4 712 tonnes GW (5 226) 8 538 8 684 • Op. EBIT/kg 6 02
Slide 5: Segment Information
wy fo} PROCESSING @ orice SEGMENT INFORMATION
Slide 6: Farming Mid
KEY FIGURES – FARMING MID FARMING MID Consolidated numbers in 1 000 NOK Q1 26 Q1 25 FY 25 First quarter operational highlights Total operating revenues 141 091 200 971 871 645 • Harvested volume of 1 170 GWT (2 317) Operational EBIT 16 339 17 660 92 022 • 82/18 split Autumn-24 and Spring-25 • Operat
Slide 7: Farming West
KEY FIGURES – FARMING WEST FARMING WEST Consolidated numbers in 1 000 NOK Q1 26 Q1 25 FY 2025 First quarter operational highlights Total operating revenues 188 712 186 716 692 682 • Harvested volume of 2 250 GWT (2 288) • 100 % of the volume 2025 generation Operational EBIT 35 540 21 973 20 176 • Si
Slide 8: Farming Co-location
KEY FIGURES – FARMING CO- LOCATION FARMING CO-LOCATION Consolidated numbers in 1 000 NOK Q1 26 Q1 25 FY 2025 First quarter operational highlights Total operating revenues 125 784 113 367 578 449 • Harvested volume of 1 292 GWT (621) • 51% of the volume Autumn-24 generation Operational EBIT 10 378 18
Slide 9: Sales & Processing
SALES & PROCESSING KEY FIGURES – SALES & PROCESSING Consolidated numbers in 1 000 NOK Q1 26 Q1 25 FY 25 First quarter operational highlights • Sales volume 4 891 GWT (7 051) Total operating 453 358 595 503 2 562 450 • Operational EBIT of MNOK -18.4 (-16.0) revenues • Low utilization at Harvesting pl
Slide 10: Group Financials
GROUP FINANCIALS SLETTVIKA, ØRSTA 62.334° N, 6.157667° E
Slide 11: Key Income Statement Items
KEY INCOME STATEMENT ITEMS GROUP OPERATIONAL GROUP OPERATIONAL EARNINGS PER SHARE EBIT (MNOK) EBIT PER KG (EPS)* 5.9 49 4.2 28 22 1.7 Q1 26 Q1 25 2025 Q1 26 Q1 25 2025 -0.05 -0.05 -0.29 Q1 26 Q1 25 2025 *Earnings per share restated to exclude fair value adjustment of biomass and one-off implementati
Slide 12: Income Statement
KEY FIGURES – GROUP Consolidated numbers INCOME STATEMENT in 1 000 NOK Q1 26 Q1 25 2025 Sales revenue salmon 411 670 556 327 2 345 804 Other operating revenues 98 083 124 854 617 591 • Revenue in quarter is down from Q1 25 due to lower harvested volume Sum operating revenues 509 752 681 180 2 963 39
Slide 13: Group Balance Sheet Items
KEY FIGURES – GROUP Consolidated numbers GROUP BALANCE SHEET ITEMS in 1 000 NOK Q1 26 Q1 25 2025 Intangible assets 2 496 029 2 496 029 2 496 029 • Assets decreased from MNOK 5 075 to MNOK 4 983 Property, plant and equipment 1 100 013 985 382 1 151 997 Non-current financial assets 15 587 30 302 46 57
Slide 14: Changes in NIBD
CHANGES IN NIBD • Increased NIBD • Moderate investments in period • Board propose no dividend, but will re-evaluate through-out the year +66 109 1 944 1 879 -13 -25 -5 0 NIBD 31.12.25 PBT + depreciation Tax paid Working capital Net investments Change in fin.&other items NIBD 31.03.26 * PBT (profit b
Slide 15: Bank Financing
BANK FINANCING • Extended long-term bank financing • Term loan and revolving credit facility • 12 months (February 2029) • Extended short-term bank financing • Overdraft facility • From 300 MNOK to 600 MNOK • End Q2 26 • Issued waiver for 3.00x ICR covenant • 1.5X for Q1 26 • 2.5X for Q2 26
Slide 16: Other Matters
OTHER MATTERS MÅSØVAL HEADQUARTERS – SISTRANDA, FRØYA 63.731413º N, 8.830347º E
Slide 17: Ownership Review
OWNERSHIP REVIEW • Majority shareholder Heimstø AS (70%) • Strategic review of ownership in Måsøval • Evaluating and exploring various ownership alternatives • DNB Carnegie as financial adviser • Heimstø AS will update the market with further information
Slide 18: CEO Steps Down
CEO STEPS DOWN • CEO Helge Kvalvik steps down • Transition period until 30 June 26 • Interim leadership in place – Chairman Lars Måsøval ready to step in
Slide 19: End of Iceland Service Contract
END OF ICELAND SERVICE CONTRACT • Charter agreements expiring Q2 2026 • Vessel Nøtte sold to Norwegian aquaculture service company • Vessel Lady retains within the Group and relocated to Norway to enable inhouse service function in PA5
Slide 20: Charter of Stun and Bleed Harvesting Vessel
CHARTER OF STUN AND BLEED HARVESTING VESSEL • Stun and bleed harvesting vessel chartered to expand operational capacity • Delousing capacity relief • Enhanced logistics between PA5 and PA6 • Bilde: Remøy Management
Slide 21: Outlook & Summary
OUTLOOK & SUMMARY
Slide 22: Outlook
OUTLOOK • Full year guiding 2026 of 28 000 tonnes ~73/27 split own and colocation HARVEST VOLUME (GWT) 10000 • Harvest in Q2 26 8 600 tonnes 9000 • 4 650 tonnes Mid 8000 • 850 tonnes West 7000 6000 • 3 100 tonnes Co-location 5000 4000 3000 • Aggregate cost farming expected lower in Q2 2000 1000 0 •
Slide 23: Market Outlook
MARKET OUTLOOK • Market fundamentals • Kontali expects 2.8% 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 76 for Nasdaq price per kg (NOK) full year 2026, down from Sitagri average of 78.26 in 20
Slide 24: Growth Potential
GROWTH POTENTIAL Annual harvest volumes (1 000 GWT) Actual and projected 7.7 10.8 13.0 7.9 13.2 15.4 2017 2018 2019 13.6 14.9 19.3 16.2 16.9 21.9 2020 2021 2022 Harvest volume — Co-location 21.5 24.5 2023 18.9 25.0 2024 19.3 28.5 2025 20.4 28.0 2026E 25.4 34.0 FULL CAPACITY
Slide 25: Summary
SUMMARY Group financials Outlook • Operational EBIT: MNOK 28 • Harvest guidance: 8 600 GWT (Q2 2026) • Extended group bank financing • Harvest guidance: 28 000 GWT (FY26) • Waiver ICR Q2 • Improving market fundamentals Farming • Excellent biology in quarter • High biomass end of quarter • Improved q
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