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Måsøval
Måsøval (MAS) investor relations material
Måsøval Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Q4 2025 saw a significant turnaround with group operational EBIT of MNOK 41, up from MNOK -28 in Q4 2024, driven by higher harvested volumes, improved operational performance, and increased biological control.
Achieved record harvest volume of 8,684 tonnes in Q4 2025, up from 5,802 tonnes year-over-year.
Net profit for Q4 2025 was negative at MNOK -22.9, with EPS at NOK -0.17, impacted by negative fair value adjustments and financial expenses.
Full year 2025 revenue reached MNOK 2,963, a 10% increase year-over-year, though operational EBIT dropped to MNOK 49 from MNOK 342 in 2024.
Financial highlights
Q4 2025 group revenue was MNOK 833, up from MNOK 626 in Q4 2024, with harvested volume at 8,684 tonnes.
Group operational EBIT margin improved to 4.9% in Q4 2025 from -4.5% in Q4 2024.
Group operational EBIT per kg was NOK 4.7 in Q4 2025, compared to NOK -4.9 in Q4 2024.
Net interest-bearing debt reduced by MNOK 221 during the quarter, ending at MNOK 1,879.
Equity ratio stable at 35.9% at year-end 2025.
Outlook and guidance
2026 full year harvest guidance is 27,200 tonnes, with a 73/27 split between own and co-location.
Q1 2026 harvest expected at 3,630 tonnes, with cost per kg expected to decline in Mid and West regions, and 56% from Region West.
CAPEX guidance for 2026 is approximately MNOK 200.
Market expects global supply growth of 1.5% in 2026, with forward prices indicating NOK 82.43/kg.
Temporary increase in cost levels anticipated in Q1 2026 due to higher activity in Region West.
Interest cover ratio: path to 3x EBITDA?
Farming Mid/West: biological issue resolution?
Co-location: growth drivers and profitability?
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Next Måsøval earnings date
Q1 202621 May, 2026
Måsøval
Next Måsøval earnings date
Q1 202621 May, 2026
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Frequently asked questions
Måsøval AS is a Norwegian aquaculture company specializing in the production and sale of farmed Atlantic salmon. The company operates along the Norwegian coast, benefiting from the region’s cold, oxygen-rich waters, which create optimal conditions for sustainable salmon farming. Måsøval's production facilities yield significant output, serving markets both in Norway and internationally. Måsøval is headquartered in Frøya, Norway, and its shares are listed on the Oslo Stock Exchange.
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