Måsøval (MAS) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenue MNOK 572, down from MNOK 688 year-over-year; operational EBIT MNOK 3 vs. MNOK 112.

• FY 2024 revenue BNOK 2.439, up slightly from BNOK 2.400; operational EBIT MNOK 361 vs. MNOK 471.

• Board proposes no dividend for now, with re-evaluation planned during the year.

• Group reorganization completed, with clear separation of licenses, operations, and sales.

• Average sales price per kg was NOK 74.8, down from NOK 78.3 in Q4 2023.

Financial highlights

• Q4 net loss of MNOK 11.1, EPS NOK -0.45; FY net profit MNOK 123.2, EPS NOK 0.86.

• Q4 operational EBIT margin 0.5% (16.3% Q4 2023); FY margin 14.8% (19.6% FY 2023).

• Assets increased to MNOK 5,242; NIBD up MNOK 374 to MNOK 2,199; equity ratio down to 35.4%.

• Negative operating cash flow of MNOK 280 in Q4, mainly due to working capital and tax payments.

• Interest coverage ratio at year-end was 4.00x, meeting loan covenant requirements.

Outlook and guidance

• FY 2025 harvest volume guidance: 29,000–31,000 GWT, with 15–20% from co-location agreements.

• Q1 2025 harvest volume guidance: 4,000–4,500 GWT; costs expected to remain stable.

• CAPEX guidance for 2025: approx. MNOK 230.

• Market fundamentals strong; 2025 global supply growth expected at 5.2%.

• Forward prices for 2025 at NOK 91–97.19/kg; spot market prioritized.