Måsøval AS - Trading update Q3 - 2024

28 Oct 2024 20:03 CET

28.10.2024 20:03:26 CET | Måsøval AS | Inside information

The company wishes to inform the shareholders of the company and potential
investors, that a preliminary assessment of the unaudited consolidated accounts,
shows an operational EBIT of MNOK -62 in Q3. Moreover, the company will also
reduce harvest guiding for 2024 from 26.500-27.500 tonnes GWE to 24.700-25.700
tonnes GWE.

The operational result is weaker than expected by the market and preliminary
estimates by analysts covering the share. Although Måsøval does not provide
financial guiding apart from harvest volume and a general indication of cost
development, the company finds a notification is required as it is deemed as
inside information in the view of the company and a profit warning is warranted
to ensure investors are well informed.

Operational results are weaker due to accelerated harvesting of two sites with
ISA (Måøydraga and Espnestaren). Reference is made to the stock exchange notice
published 11 August 2024 https://newsweb.oslobors.no/message/624841. Challenging
logistics and more expensive harvesting of salmon with ISA, in addition to low
average weights resulted in high costs and low prices for harvested volume. The
harvesting of the sites with ISA (Måøydraga and Espnestaren) was finalized
during the quarter.

Sales and processing segment had a negative effect on the operational results
due to one-time costs in order to make the new harvesting plant TL52
operational. The plant was operational from 3 September 2024, and had a faster
ramp up of volume than expected.

The company has also experienced substantially higher sea lice pressure,
compared to what is seasonally normal in the region, and what was expected at
the time of the Q2 presentation. More treatments of sea lice have hampered
production resulting in a negative revision of harvest guiding for 2024.

The Company is still in process of preparing and completing financial results
for third quarter, which are subject to finalization and other potential
adjustments, if any, and the information has not been audited or reviewed by the
auditor. The complete report for Q3 2024 will be published 19 November 2024.

This stock exchange release was published by Group Controller Berit Fossan,
28.10.24 at 20.02 CET.

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

CONTACTS

* Anders Hagestande, CFO, Måsøval AS, +47 415 82 138,
anders.hagestande@masoval.no
* Helge Kvalvik, CEO, Måsøval AS, +47 979 79 772, helge.kvalvik@masoval.no

ABOUT MÅSØVAL AS

Måsøval is an integrated producer of Atlantic salmon with more than 50 years of
operational experience. Located in Central Norway in the region west of
Trondheim, Måsøval has both significant farming operations at sea and inhouse
smolt production. Måsøval is processing and exporting high quality Atlantic
salmon to a global marketplace.

ATTACHMENTS

Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/17847731/18301079/5169/Download%20announce
ment%20as%20PDF.pdf

More information:
Access the news on Oslo Bors NewsWeb site

630560_Download announcement as PDF.pdf