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Visual21 Nov 2025
Data center suppliers
Måsøval (MAS) investor relations material
Måsøval Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary18 Nov, 2025
Executive summary
Group operational EBIT for Q3 2025 was MNOK -42, an improvement from MNOK -54 in Q3 2024, with revenue at MNOK 580, down from MNOK 613 year-over-year.
Net profit for the period was MNOK -34.1, compared to MNOK 10.4 in Q3 2024; EPS was NOK -0.59, restated to exclude fair value adjustments and one-off tax effects.
Harvested volume for the quarter was 6,020 tonnes GWT, down from 7,138 tonnes in Q3 2024, with 2,077 GWT from co-location agreements.
A new strategic framework for 2025-2030 was implemented, focusing on biology, operational value, and sustainable growth.
The company was named Aquaculture Company of the Year 2025, recognizing its focus on diversity and inclusion.
Financial highlights
Group operational EBIT margin improved to -7.2% from -8.9% year-over-year.
Positive fair value adjustment of MNOK 51 in the quarter.
Other operating revenues increased by MNOK 55, driven by higher external sales of services.
Net interest-bearing debt at quarter-end was NOK 2,099 million, up NOK 24 million from Q2.
Equity ratio at quarter-end was 35.4%.
Outlook and guidance
Full year 2025 harvest guidance is 27,600 tonnes, with 7,800 tonnes expected in Q4 and 32% from co-location agreements.
2026 harvest guidance is 27,200 tonnes, with 13,600 tonnes in region Mid, 6,200 in West, and 7,400 from co-location.
Underlying farming costs expected to rise in Q4, especially in the West region.
CAPEX guidance for 2025 is approximately MNOK 230.
Market fundamentals expected to strengthen in Q4 2025 and 2026, with forward prices for 2026 around NOK 88-89.20/kg.
Farming segment EBIT/kg divergence drivers
Restatement impact on Farming segment EBIT
Future liquidity management post-waiver
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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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