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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Måsøval
Måsøval (MAS) investor relations material
Måsøval Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary27 Aug, 2026
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.
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Latest events from Måsøval
- Operational EBIT rose to MNOK 28, with improved margins, higher quality, and raised harvest guidance.MAS
Q1 2026 - Record Q4 2025 harvest and EBIT, with improved liquidity and financial flexibility.MASQ4 2025
- Operational EBIT improved but remained negative; strategic and financial changes enacted.MASQ3 2025
- Revenue and EBIT dropped sharply, but net profit rose slightly on biomass revaluation.MASQ2 2025
- Q3 profitability dropped on biological and market challenges, but 2025 harvest guidance increased.MASQ3 2024
- EBIT and revenue grew, but full-year harvest guidance was reduced after ISA detections.MASQ2 2024
- Revenue up, EBIT and profit down; 2025 harvest guidance at 29,200 tonnes, risks remain.MASQ1 2025
- Q4 earnings and harvest fell, but 2025 output and market outlook remain strong.MASQ4 2024
Next Måsøval earnings date
Q3 202617 Nov, 2026
Måsøval
Next Måsøval earnings date
Q3 202617 Nov, 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.