Måsøval (MAS) Q2 2024 earnings summary

Executive summary

• Group revenue reached NOK 934 million in Q2 2024, up from NOK 805 million year-over-year, driven by higher prices and increased sales volume.

• Operational EBIT rose to NOK 298 million from NOK 211 million, with EBIT per kg at NOK 44.6.

• Net profit for the period was NOK 99 million, reversing a loss of NOK 78 million in Q2 2023.

• Harvested volume was 6,673 tonnes, down from 7,573 tonnes in Q2 2023, but higher prices and margins offset the lower volume.

• Sales and processing segment posted an operational EBIT loss due to extraordinary, non-recurring items.

Financial highlights

• Operational EBIT margin improved to 31.9% from 26.2% year-over-year.

• Earnings per share (adjusted) was NOK 1.46 in Q2 2024, up from NOK 0.74 in Q2 2023.

• Equity ratio at quarter-end was 34.4%, up from 33.5% a year earlier.

• Net interest-bearing debt increased by NOK 16 million sequentially, reaching NOK 1,835 million.

• Dividend of NOK 0.5 per share paid, totaling NOK 61 million.

Outlook and guidance

• Full-year 2024 harvest volume guidance set at 26,500–27,500 tonnes, revised due to accelerated harvesting from ISA detections.

• Q3 2024 harvest volume guidance is 7,000–7,500 tonnes, with 80–85% from Region Mid.

• CAPEX guidance for 2024 increased to NOK 340 million for growth and operational improvements.

• Costs per kg expected to rise from the low Q2 level in Q3.

• Salmon prices are expected to decrease in Q3 2024 compared to Q3 2023, with Fish Pool futures at NOK 75/kg.