Måsøval : Q1 Presentation 2024

Måsøval AS

Q1 2024 Presentation

Oslo, May 23rd, 2024

Helge Kvalvik, CEO | Anders Hagestande, CFO

Disclaimer

This presentation may contain forward-looking statements relating to the business, financial performance and results of Måsøval.

Forward looking statements are statements that are not historical facts and may be identified by words such as "predicts", "anticipates", "believes", "estimates", "expects", "projects", and other similar expressions. Such forward-looking statements are based on current expectations, estimates and projections, reflect current views with respect to future events, and are subject to risks, uncertainties and assumptions.

Forward-looking statements are not guarantees of future performance, and risks, uncertainties and other important factors could cause the actual business, financial performance, results or the industry and markets in which Måsøval operates to differ substantially from the statements expressed or implied in this presentation by such forward-looking statements.

Agenda

1

2

3

4

5

Highlights

Segment information

Group financials

Strategic update

Outlook and Summary

Highlights Q1 - 2024

Group financials

• Group revenue MNOK 402 (237)
• Total group operational EBIT MNOK 121 (36)
• Proposed dividend of NOK 0.5 pr share

Segment farming
	Harvested volumes	3 606 tonnes (1 994)
	Region Mid	Op. EBIT/kg NOK 47 (33)
	Region West	Op. EBIT/kg NOK 12 (18)

Production

• Strong sea production
• Early harvest of a small volume in region west, due to fish welfare considerations
• Jelly fish marginal negative effect on survival rates, however negatively affected superior grade
• Lower farming costs

Sales and processing

• Sales of MNOK 401 (229)
• Operational EBIT of -6.0% (0.4%)

(Comparison figures Q1 2023)

Group Operational EBIT

(MNOK)

	211	113	112	121
36
Q1 23	Q2 23	Q3 23	Q4 23	Q1 24

Harvested Volume (GWT)

	7 573	7 037	7 927
1 994				3 606
Q1 23	Q2 23	Q3 23	Q4 23	Q1 24
Operational EBIT pr kg (NOK)
	Farming Mid
				47
33	33	27
		19
Q1 23	Q2 23	Q3 23	Q4 23	Q1 24

Operational EBIT pr kg (NOK) Farming West

18	24	9	8		12
Q1 23	Q2 23	Q3 23	Q4	23	Q1 24

Segment Information

Farming Mid

• Strong sea production
• Harvested volume of 3 468 GWT (1 140)
• 100% of the volume Spring-23 generation
• Operational EBIT NOK 46.8 pr kg (32.8)
• Lower farming costs
• Price achievement hampered by downgrading

Key figures	Q1	Q1	FY	FY
Farming Mid	2024	2023	2023	2022
Consolidated numbers
in 1 000 NOK
Total operating revenues	354 743	124 527	1 548 274	1 547 216
Operational EBIT	162 463	37 363	432 454	686 746
Operational EBIT - %	45.8%	30.0%	27.9%	44.4%
Harvested volume (GWT)	3 468	1 140	16 886	17 612
Operational EBIT per kg	46.8	32.8	25.6	39.0

	Harvest Volume			Operational EBIT/kg
		(GWT)					(NOK)
			6 784						46.8
				32.8	32.9	26.7
	4 437	4 525			18.9
		3 468
1 140
Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24

Farming West

• Harvested volume of 138 GWT (854)
• 2023-generationaccounted for 100 % of harvest in Q1
• Early harvest from one pen due to fish welfare considerations
• Remaining fish performing well through the quarter

Key figures	Q1	Q1	FY	FY
Farming West	2024	2023	2023	2022
Consolidated numbers
in 1 000 NOK
Total operating revenues	11 421	65 512	640 742	262 099
Operational EBIT	1 711	15 463	122 072	52 200
Operational EBIT - %	15.0%	23.6%	19.1%	19.9%
Harvested volume (GWT)	138	854	7 645	4 268
Operational EBIT per kg	12.4	18.1	16.0	12.2

	Harvest Volume			Operational EBIT/kg
		(GWT)					(NOK)
	3 135					23.5
		2 512
				18.1
855			1 143				9.4	8.2	12.4
				138
Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24

Sales & Processing

• Sales volume 3 611 GWT (2 270)
• Operational EBIT of MNOK -24 (0.8)
• Negatively affected by extraordinary, non-recurring items

Key figures Sales &	Q1	Q1	FY	FY
Processing	2024	2023	2023	2022
Consolidated numbers
in 1 000 NOK
Total operating revenues	401 223	229 363	2 377 349	1 948 405
Operational EBIT	-23 979	843	11 839	20 062
Operational EBIT - %	-6.0%	0.4%	0.5%	1.0%

Sales Volume (GWT)

7 788	7 103	7 989

3 611

2 270

Q1 23

Q2 23

Q3 23

Q4 23

Q1 24

Group Financials

Key Income Statement Items

Group operational EBIT (MNOK)	Group operational EBIT per kg
693

EPS (earnings/share*)

33.4	31.7
471
18.0	19.2
121
36

0.32

3.5

1.45

0.02

Q1 24

Q1 23

FY 23

FY 22

Q1 24

Q1 23

FY 23

FY 22

Q1 24

Q1 23

FY 23

FY 22

*Earnings per share restated to exclude fair value adjustment of biomass and one-off implementation effect of resource rent tax