Måsøval (MAS) investor relations material

Executive summary

• Group operational EBIT increased to MNOK 28 in Q1 2026 from MNOK 22 in Q1 2025, despite a decline in revenue and harvested volume year-over-year.

• Net profit for the period was negative at MNOK -50.1, an improvement from MNOK -125.9 in Q1 2025.

• CEO Helge Kvalvik steps down, with interim leadership in place until June 30, 2026.

• Strategic review of ownership underway, with majority shareholder Heimstø AS evaluating alternatives and DNB Carnegie as adviser.

• Superior quality share rose to 85.2%, up from 62% in Q1 2025, driven by effective vaccination and reduced jellyfish incidents.

Financial highlights

• Group revenue was MNOK 510, down from MNOK 681 in Q1 2025, mainly due to lower harvested volume.

• Group operational EBIT margin improved to 5.5% from 3.2% year-over-year.

• Net interest-bearing debt increased by MNOK 66 during the quarter, reaching NOK 1,944 million.

• Cash flow from operating activities was negative NOK 31 million; cash and cash equivalents at quarter-end were NOK 29 million.

• Equity ratio stable at 35.5%.

Outlook and guidance

• Full-year 2026 harvest guidance is 28,000 tonnes, with a 73/27 split between own and co-location, raised by 800 GWT from previous guidance.

• Q2 2026 harvest expected at 8,600 tonnes (4,650 Mid, 850 West, 3,100 Co-location).

• Aggregate farming costs expected to decline in Q2 across all regions.

• Forward prices for superior grade salmon in Q2 2026 are expected to rise to NOK 76.47/kg.

• CAPEX guidance for 2026 is approximately MNOK 200.