Salmar ASA: Salmar to acquire Masoval

Research evidence excerpt

Salmar ASA: Salmar to acquire Masoval

Equity Research

European Consumer Staples

8 July 2026

Salmar ASA

Salmar to acquire Masoval

First LookSalMar's acquisition of Masoval strengthens its presence in

Central Norway. We view the deal positively given attractive

strategic fit, synergy potential and scope to improve SALM.OL/SALM NO EQUAL WEIGHT European Consumer

StaplesMasoval's profitability, while maintaining a manageable NEUTRAL

Price Target NOK 545.00

leverage profile. Price (08-Jul-26) NOK 456.40

Potential Upside/Downside +19.4%

Source: Bloomberg, Barclays Research

SalMar has agreed to acquire Heimsto's 70% stake in Masoval for NOK 39.50/share, implying a

total equity value of ~NOK 4.84bn. The consideration comprises approximately 90% cash and

10% SalMar shares, with the transaction subject to customary regulatory approvals and closing European Consumer Staples

conditions. Management highlighted the potential for improved utilisation of infrastructure, Setu Sharda

resources and expertise across the combined operations, further strengthening SalMar's + 91 (0)22 6175 1934

position in Central Norway. setu.sharda@barclays.com

Barclays, UK

Masoval is a fully integrated salmon farmer with operations centred around Froya and Central Alex Sloane

Norway, spanning smolt production, farming, harvesting and processing. The company +44 (0)20 3555 0645

harvested a record 28.5k GWT in 2025 and had increased its 2026 harvest guidance to 29k GWT, alexander.sloane@barclays.com

supported by strong biological performance and improving operational execution. At current Barclays, UK

guidance, Masoval represents approximately 2% of Norwegian salmon production. Warren Ackerman

+44 (0)20 3134 1903