Måsøval (MAS) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue was NOK 869 million, down from NOK 1,028 million year-over-year, mainly due to lower salmon prices despite stable harvest volumes at 8,538 GWT.

• Operational EBIT dropped to NOK 28 million from NOK 315 million, reflecting margin pressure across segments.

• Net profit for the period was NOK 104 million, up from NOK 99 million, aided by a NOK 181 million fair value adjustment of biomass.

• High sea lice pressure and biological challenges impacted operations, but improved control and MAB flexibility were noted.

• Strategic projects included a new educational licence and a long-term smolt supply agreement.

Financial highlights

• Group operational EBIT margin dropped to 3.2% from 30.7% year-over-year.

• Average sales price per kg salmon declined to NOK 71.8 from NOK 100.4 year-over-year.

• Net interest-bearing debt stood at NOK 2,096 million, down NOK 12 million sequentially.

• Equity ratio improved to 35.7% from 35.3% in the previous quarter.

• Cash flow from operations was NOK 116 million, supported by lower inventories and higher payables.

Outlook and guidance

• Full-year 2025 harvest guidance is 28,100 tonnes, with 5,900 tonnes expected in Q3.

• Underlying farming costs expected to decrease in Q3, especially in the Mid region.

• CAPEX guidance for 2025 is MNOK 230.

• Salmon futures for Q3 2025 are NOK 60.23/kg, with average 2025 forward price at NOK 74.72/kg.

• About 30% of 2025 harvest is from co-location agreements.