Måsøval-Q2 Trading Update: Beat on volumes and lifting volume guidance-07/05/2026

Research evidence excerpt

Måsøval-Q2 Trading Update: Beat on volumes and lifting volume guidance-07/05/2026

Måsøval

NEWSFLASH | 5 JUL 2026

Q2 Trading Update: Beat on volumes and lifting volume guidance

MAS reported Q2'26 harvest volume of 9.35kt, above consensus and guidance of 8.6kt. The beat was driven by strong sea

production, prompting MAS to lift full-year guidance to 29kt (from 28kt). Total biomass rose 23% y/y, though own biomass

was flat (hence lower quality beat). With the strategic review ongoing, we do not expect any meaningful share price reaction

to the lifted volume guidance, although we would expect 2026e Op. EBIT estimates to come up c. 4% - thus slightly positive.

The update is also a positive read across for SALM, as Central Norway biomass production appears to have been during the

quarter. HOLD TP NOK 35/sh.

Deviation table

Actual Guiding Dev vs guiding Dev vs guiding

MAS Q2'26 trading update Q2'25 Q3'25 Q4'25 Q1'26 Q2'26a Q2'26e kt HOG (%)

Harvest volumes, kt HOG (total) 8.5 6.0 8.7 4.7 9.4 8.60 0.8 9%

- of which Mid 1.4 1.4 4.4 1.2 5.2 4.65 0.6 12%

- of which West 3.6 2.6 1.4 2.3 1.2 0.85 0.3 39%

- of which Co-location 3.6 2.1 2.9 1.3 3.0 3.10 (0.1) (5%)

Source: Pareto Securities

PAS New

FY'26 Harvest guidance estimate guidance Dev. Vs. PAS

Harvest volumes, kt HOG (total) 28.0 29.0 4%

- of which Mid 13.0 13.2 2%

- of which West 7.4 8.3 12%

- of which Co-location 7.6 7.5 (1)%

Henrik Longva Knutsen

+47 24 13 39 02, henrik.knutsen@paretosec.com

Eirik Stray Spetalen

+47 24 02 81 13, eirik.stray.spetalen@paretosec.com

For disclosures on relevant definitions, methods, risks, potential conflicts of interests etc. and disclaimers please see www.paretosec.com. Investment Recommendations should be reviewed in

conjunction with the information therein.