Måsøval farming operation at sea.
Photo: Måsøval AS / Sondre Marøy.
Måsøval announced yesterday its trading update for the third quarter of the year, and the results seem to indicate that difficulties continue for the fully integrated Norwegian Atlantic salmon producer in Q3 2025.
While in the second quarter of 2025, harvest volumes were the only thing that remained stable - 8,538 gutted weight tons (GWT), compared to 8,469 tons in the second quarter of 2024, 0.81% up - in this third quarter, Måsøval has reported a decrease of more than 15% year-on-year.
The harvest volume for Måsøval in Q3 2025 was 6,022 tons gutted weight, which is 1,116 tons less - specifically 15.63% less - than in the same period last year, when the Norwegian salmon farmer reported a total of 7,138 tons, including the 43 tons GWT harvested at Frøya Laks, where it has a long-term co-location agreement.
Precisely, of that total of 6,022 tons, in the third quarter of 2025, 2,078 GWT were harvested at Frøya Laks. The striking increase of more than 4,700% compared to last year's 43 GWT—2,035 tons more—is because 2024 was the year Måsøval began harvesting at this site, following the co-location agreement signed at the end of 2022 for the operation of 2,433 tons of MTB (maximum permitted biomass).
Meanwhile, Region West, with 2,592 tons, achieved the best results. Måsøval Farming West's harvest volume for the third quarter of this year exceeded 1,358 tons harvested in Q3 2024 by 1,234 GWT, an increase of 90.86%.
In contrast, the 1,352 tons harvested in the Region Mid made it the worst performer compared to last year. In Q3 2025, Måsøval Farming Mid harvested 4,385 tons less, down 76.43% year-on-year, than the 5,737 tons harvested in the third quarter of 2024.
According to the company's Q2 2025 results report, the full-year guidance for the current fiscal year was 28,100 tons in total and 5,900 tons in Q3. Therefore, despite the fact that the comparison with last year is not positive, in total figures, the Norwegian salmon farmer has managed to stay above the forecasts.
Viewed region by region, only the Region West has come close to the forecast of 2,600 tons, falling just 8 tons short of achieving it, while the Region Mid, for which a harvest of 1,500 tons was forecast, fell 148 tons short. In contrast, the co-location exceeded the forecast of 1,800 tons by 278 GWT.
Måsøval said that the full report for the third quarter of 2025 will be published on November 18, 2025.