Måsøval (MAS) investor relations material

Executive summary

• Group operational EBIT rose to MNOK 80 in Q2 2026, up from MNOK 28 year-over-year, with strong biological performance and improved product quality, despite a decline in group revenue to MNOK 839 from MNOK 869.

• Net profit for the period was negative at MNOK -29.2, compared to MNOK 110.8 in Q2 2025, impacted by a negative fair value adjustment, loss from the sale of a subsidiary, and lower sales prices.

• Harvested volume increased to 9,350 tonnes GWT from 8,538 tonnes, with superior share improving to 91% from 78%.

• Full-year 2026 harvest guidance raised to 29,000 tonnes, up 1,000 tonnes from last quarter, with 26% expected from co-location agreements.

• CEO transition completed, with Lars Måsøval appointed CEO effective 30 June 2026.

Financial highlights

• Group operational EBIT margin improved to 9.6% from 3.2% year-over-year.

• Earnings per share (EPS) was NOK -0.22, down from NOK 0.91 in Q2 2025; adjusted EPS at NOK 0.19 for Q2 2026.

• NIBD decreased by MNOK 219 during the quarter, supported by positive cash flow from asset sales; net interest-bearing debt reduced by NOK 203 million to NOK 1,725 million.

• Equity ratio increased to 36.2% from 35.5% sequentially.

• Cash flow from operations was NOK 273 million, supporting debt reduction.

Outlook and guidance

• Full-year 2026 harvest guidance increased to 29,000 GWT, with Q3 2026 harvest expected at 8,300 tonnes and higher aggregate farming costs anticipated.

• CAPEX guidance for 2026 set at approximately MNOK 200.

• Market fundamentals improving, with global supply growth expected to slow to 3.6% in 2026 from 11.3% in 2025.

• Forward prices for salmon are expected to increase, with Q3 2026 futures at NOK 67.41/kg and 2026 average at NOK 76.11/kg.