Måsøval (MAS) Q1 2025 earnings summary

Executive summary

• Group revenue rose to NOK 681 million in Q1 2025, up from NOK 432 million year-over-year, driven by higher harvest volumes and increased farming services to co-location partners.

• Operational EBIT dropped to NOK 22 million from NOK 109 million, mainly due to high costs, lower prices, and biological challenges.

• Net profit turned negative at NOK -130 million, compared to NOK 30 million in Q1 2024, mainly due to negative fair value adjustments and higher costs.

• Harvested volume increased to 5,226 GWT from 3,606 GWT year-over-year, with 621 tonnes from co-location licences.

• Average sales price per kilo fell to NOK 78.9 from NOK 106.1 year-over-year.

Financial highlights

• Group operational EBIT margin fell to 3.2% from 25.2% year-over-year.

• Operational EBIT per kilo in Farming was NOK 11.1, down from NOK 42.3 in Q1 2024.

• Adjusted EPS was NOK -0.07, down from NOK 0.31 in Q1 2024.

• Net interest-bearing debt decreased by NOK 65 million during the quarter, ending at NOK 2,135 million.

• Total assets at quarter-end were NOK 4,930 million, a decrease from NOK 5,242 million at year-end.

Outlook and guidance

• Full-year 2025 harvest volume guidance set at 29,200 tonnes, with 9,600 tonnes expected in Q2.

• 68% of 2025 harvest expected from Region Mid.

• Farming costs expected to decrease in Q2, especially in the West region, and superior share to increase.

• CAPEX guidance for 2025 is approximately NOK 230 million.

• Forward prices for superior grade salmon are expected to decrease in Q2 2025 compared to Q2 2024; 2025 average spot price at NOK 85.2/kg.