Måsøval (MAS) Q4 2025 earnings summary

Executive summary

• Q4 2025 saw a significant turnaround with group operational EBIT of MNOK 41, up from MNOK -28 in Q4 2024, driven by higher harvested volumes, improved operational performance, and increased biological control.

• Achieved record harvest volume of 8,684 tonnes in Q4 2025, up from 5,802 tonnes year-over-year.

• Net profit for Q4 2025 was negative at MNOK -22.9, with EPS at NOK -0.17, impacted by negative fair value adjustments and financial expenses.

• Full year 2025 revenue reached MNOK 2,963, a 10% increase year-over-year, though operational EBIT dropped to MNOK 49 from MNOK 342 in 2024.

Financial highlights

• Q4 2025 group revenue was MNOK 833, up from MNOK 626 in Q4 2024, with harvested volume at 8,684 tonnes.

• Group operational EBIT margin improved to 4.9% in Q4 2025 from -4.5% in Q4 2024.

• Group operational EBIT per kg was NOK 4.7 in Q4 2025, compared to NOK -4.9 in Q4 2024.

• Net interest-bearing debt reduced by MNOK 221 during the quarter, ending at MNOK 1,879.

• Equity ratio stable at 35.9% at year-end 2025.

Outlook and guidance

• 2026 full year harvest guidance is 27,200 tonnes, with a 73/27 split between own and co-location.

• Q1 2026 harvest expected at 3,630 tonnes, with cost per kg expected to decline in Mid and West regions, and 56% from Region West.

• CAPEX guidance for 2026 is approximately MNOK 200.

• Market expects global supply growth of 1.5% in 2026, with forward prices indicating NOK 82.43/kg.

• Temporary increase in cost levels anticipated in Q1 2026 due to higher activity in Region West.