Måsøval AS - Q3 25 report

18 Nov 2025 06:00 CET

Måsøval increased biomass in Q3 - well positioned for market upside

The Måsøval Group harvested 6.020 GWT in the third quarter, generating
revenues of MNOK 580. For the fourth quarter of 2024, the Group expects to
harvest 7.800 GWT.

Despite challenges in Q3 from elevated sea temperatures and high sea lice
pressure, Måsøval successfully built biomass and exits the quarter with more
biomass than it entered with, providing a stronger starting point heading into
Q4 compared to the same period last year.

Strategic operational decisions have been decisive. Following a high harvest
volume in Q2, the Group deliberately reduced harvest activity in Q3 to carry
more biomass into the fourth quarter, when salmon prices are expected to rise.
At the same time, mortality per treatment has been lowered, and investments in
expanded treatment capacity have strengthened Måsøval's operational readiness.

The market outlook is positive. The industry is emerging from a period of
strong supply growth that has weighed on prices, with only limited growth
expected in Q4. With a high share of spot sales, Måsøval is well positioned to
capture value from the anticipated increase in salmon prices.

"It is highly satisfying to confirm that we have maintained control and
increased biomass during a critical phase of the year. Our investments in
expanded treatment capacity have strengthened our resilience and positioned us
for improved profitability going forward," says Helge Kvalvik, CEO of Måsøval.

The share of superior quality increased from 78% in Q2 2025 to 87%, which is
an improvement compared to the same quarter last year (84%). The Group guides
an annual harvest of 27.600 GWT in 2025, which is up from 25.000 GWT harvested
in 2024.

Måsøval's CEO Helge Kvalvik and CFO Anders Hagestande will present the results
in Norwegian at 08:00 in Auditorium H2, Haakon VIIs gate 2, Vika. The
presentation can also be followed via this link:
https://channel.royalcast.com/landingpage/hegnarmedia/20251118_3/

The presentation and report are attached in this notification.

Forward looking statements:
This release may be deemed to include forward-looking statements, including
statements relating to Måsøval's goals and strategies, salmon prices, the
ability to increase or vary harvest volume, production capacity, trends in the
seafood industry, restructuring initiatives, business prospects and
positioning with respect to market, demographic and pricing trends, strategic
initiatives, and the effects of any extraordinary events and other matters
(including developments in laws, regulations and governmental policies
regulating the industry, as well as changes in accounting policies, standards
and interpretations) on Måsøval's business and results. Forward-looking
statements are Måsøval's current estimates or expectations of future events or
future results. Actual results could differ materially from those indicated by
these statements because their realization is subject to many risks and
uncertainties. All forward-looking statements included in this release are
based on information available at the time of the release, and Måsøval assumes
no obligation to update any forward-looking statement.

Contacts
Anders Hagestande, CFO, Måsøval AS, +47 415 82 138,
anders.hagestande@masoval.no
Helge Kvalvik, CEO, Måsøval AS, +47 97 97 97 72, helge.kvalvik@masoval.no

This information is subject to disclosure under the Norwegian Securities
Trading Act, §5-12. The information was submitted for publication at
2025-11-18 06:00 CET.

More information:
Access the news on Oslo Bors NewsWeb site

659890_Måsøval Q3 2025 Presentation.pdf
659890_Måsøval Q3 2025 Report.pdf