Måsøval (MAS) Q3 2025 earnings summary

Executive summary

• Group operational EBIT for Q3 2025 was MNOK -42, an improvement from MNOK -54 in Q3 2024, with revenue at MNOK 580, down from MNOK 613 year-over-year.

• Net profit for the period was MNOK -34.1, compared to MNOK 10.4 in Q3 2024; EPS was NOK -0.59, restated to exclude fair value adjustments and one-off tax effects.

• Harvested volume for the quarter was 6,020 tonnes GWT, down from 7,138 tonnes in Q3 2024, with 2,077 GWT from co-location agreements.

• A new strategic framework for 2025-2030 was implemented, focusing on biology, operational value, and sustainable growth.

• The company was named Aquaculture Company of the Year 2025, recognizing its focus on diversity and inclusion.

Financial highlights

• Group operational EBIT margin improved to -7.2% from -8.9% year-over-year.

• Positive fair value adjustment of MNOK 51 in the quarter.

• Other operating revenues increased by MNOK 55, driven by higher external sales of services.

• Net interest-bearing debt at quarter-end was NOK 2,099 million, up NOK 24 million from Q2.

• Equity ratio at quarter-end was 35.4%.

Outlook and guidance

• Full year 2025 harvest guidance is 27,600 tonnes, with 7,800 tonnes expected in Q4 and 32% from co-location agreements.

• 2026 harvest guidance is 27,200 tonnes, with 13,600 tonnes in region Mid, 6,200 in West, and 7,400 from co-location.

• Underlying farming costs expected to rise in Q4, especially in the West region.

• CAPEX guidance for 2025 is approximately MNOK 230.

• Market fundamentals expected to strengthen in Q4 2025 and 2026, with forward prices for 2026 around NOK 88-89.20/kg.