Masoval As · OSL:MAS
Masoval As — Måsøval AS — Q1 2025 Earnings Presentation
26 slides from Masoval As's earnings presentation, May 22, 2025
Slide 1: Q1 2025 Presentation
Måsøval AS Q1 2025 Presentation Oslo, 22 May 2025 Helge Kvalvik, CEO | 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 Q1 – 2025
Group Operational EBIT (MNOK) 315 Highlights Q1 – 2025 109 22 Group financials -28 -54 • Group revenue MNOK 681 (432) Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 • Total group operational EBIT MNOK 22 (109) Harvested Volume (GWT) Segment farming 8 469 7 138 • Harvested volume 5 226 tonnes GW (3 606) 5 802 5 226 •
Slide 5: Segment Information
on i Segment Informat.
Slide 6: Farming Mid
Key figures Farming Mid Farming Mid Consolidated numbers in 1 000 NOK Q1 25 Q1 24 FY 24 First quarter operational highlights Total operating revenues 200 971 224 583 1 319 261 • Harvest on expensive biomass in quarter Operational EBIT 17 660 93 238 339 420 • 75/25 split Autumn-23 and Spring-24 • Goo
Slide 7: Farming West
Key figures Farming West Farming West Consolidated numbers in 1 000 NOK Q1 25 Q1 24 FY 24 First quarter operational highlights Total operating revenues 186 716 11 421 477 766 • Harvested volume of 2 288 GWT (138) Operational EBIT 21 973 1 711 116 360 • 53 % of the volume Spring 2024 generation • 47
Slide 8: Farming Co-location
Key figures Farming Co-location Farming Co-location Consolidated numbers in 1 000 NOK Q1 25 Q1 24 FY 24 First quarter operational highlights Total operating revenues 113 367 159 726 476 468 • Harvested volume of 621 GWT (1 324) Operational EBIT 18 200 57 462 53 605 • 77% of the volume Spring-24 gene
Slide 9: Sales & Processing
Key figures Sales & Processing Sales & Processing Consolidated numbers in 1 000 NOK Q1 25 Q1 24 FY 24 First quarter operational highlights Total operating revenues 595 503 401 223 2 324 264 • Sales volume 7 051 GWT (3 611) • Operational EBIT of MNOK -16.0 (-24.0) Operational EBIT -15 975 -23 979 -77
Slide 10: Group Financials
& Group Financials = —
Slide 11: Key Income Statement Items
Key Income Statement Items Group operational EBIT (MNOK) Group operational EBIT per kg EPS (earnings/share*) 342 30.2 0.7 13.7 109 0.31 4.2 22 Q1 25 Q1 24 2024 Q1 25 Q1 24 2024 Q1 25 Q1 24 2024 -0.07 *Earnings per share restated to exclude fair value adjustment of biomass and one-off implementation
Slide 12: Income Statement
Key figures Group Consolidated numbers Q1 25 Q1 24 FY 24 Income Statement in 1 000 NOK Sales revenue salmon 556 327 383 057 2 233 784 Other operating revenues 124 854 48 765 400 423 • Revenue in quarter is up from Q1 2024 due to higher harvest volumes Sum operating revenues 681 180 431 822 2 634 207
Slide 13: Group Balance Sheet Items
Group Balance As s e ts NI BD Sheet Items 21 69 -69 -21 1 669 423 564 1 349 • Assets decreased from MNOK 5.242 to MNOK 4.930 3 553 1 780 1 656 3 512 • NIBD decreased MNOK 65 31.03.2025 31.12.2024 31.03.2025 31.12.2024 • Decrease in biological assets of MNOK 238 Fixed assets Current assets (ex cash)
Slide 14: Changes in NIBD
Changes in NIBD • Decreased NIBD • Moderate investments in period - 65 167 26 10 2 199 -88 2 135 -179 NIBD 31.12.24 PBT + depreciation Tax paid Working capital Net investments Change in fin.&other items NIBD 31.03.25 * PBT (profit before tax) excludes interest expenses included in financial items
Slide 15: Reporting of Co-Location
Reporting of Co-Location • New division in farming segment Specification of licences and biomass co-location partners • Results from all co-location agreements now included in Biomass on Total co- operational EBIT Biomass in other location Co-location partners (tonnes) our books licences partners •
Slide 16: Reporting of Co-location
Reporting of Co-location Q1 2025 (1000 NOK) FARMING MID FARMING WEST FARMING FARMING SALES & OTHER/ MÅSØVAL CO-LOCATION PROCESSING ELIMINATIONS GROUP Operating revenue - sale of goods and services 175 482 186 706 28 736 390 924 556 148 -390 745 556 327 Other operating revenues 25 489 11 84 632 110 1
Slide 17: Extension and amendment to bank financing
Extension and amendment to bank financing • Group bank financing agreement extended 1 year to 28.02.2028 • Increased leasing facility from MNOK 400 to MNOK 600 • Reduced ICR requirements from Q1 2025 from 4.00 X EBITDA to 3.00X EBITDA • Waiver issued for 2Q -1.25X EBITDA and 3Q – 2.00X EBITDA • Incr
Slide 18: Strategic Projects
Slide 19: Educational Licence
Educational Licence • Partnership with Møre and Romsdal County Council to operate an educational licence • Pending licence issuance from the Directorate of Fisheries • Fixed lease model • Capacity of 780 tonnes MAB with 10 years duration • Expected start of production in the second half of 2025
Slide 20: VAP production TL52
VAP production TL52 • Initiating VAP production from May 2025 • Fileting services for third party salmon farmer • Contract duration until end of year • Low capex and start up costs • Utilizing existing fileting line at the processing plant
Slide 21: Outlook & Summary
Slide 22: Outlook
Outlook • Full year guiding 2025 of 29 200 tonnes in total and 9 600 tonnes in Q2 Harvest Volume GWT Mid West Co-loc Total 12000 Q1 2 300 2 300 600 5 200 Q2 E 2 100 3 500 4 000 9 600 10000 H2 E 4 800 5 200 4 400 14 400 8000 2025 E 9 200 11 000 9 000 29 200 6000 • Cost Farming expected lower in Q2 40
Slide 23: Market Outlook
Market Outlook • Market fundamentals • Kontali expects 5.8% supply growth in 2025 • Demand uncertain due to tariff situation • Reduction of downgrades overall in market y/y 120 Nasdaq price per kg (NOK) 110 • Forward prices indicate price level of approximate NOK 100 85.2 for full year 2025 2022 90
Slide 24: Growth Potential
Growth Potential ANNUAL HARVEST VOLUMES (1000 GWT): HISTORICAL AND PROJECTED 32.8 29.2 24.5 25.0 21.9 15.4 16.2 16.9 13.2 z ag os . | 2017 2018 2019 2020 2021 2022 2023 2024 2025 _ FIRM POTENTIAL MEHARVEST VOLUME ~ OWN HARVEST VOLUME — CO-LOCATION
Slide 25: Summary
Summary Group financials • Operational EBIT MNOK 22 • Extended bank financing Farming • Harvesting of expensive biomass In quarter • Low superior share in quarter, hampering price achievement • Pasteurellosis negatively impacting region west in quarter Sales and processing • EBIT margin -2.7% Outloo
Slide 26: Made by nature