In Q1 2026, Måsøval's salmon harvest decreased, but the company's operational EBIT increased.
Photo: Måsøval.
Måsøval today announced its results for Q1 2026, a quarter in which it experienced positive developments in key factors such as biomass, which reached a record high at the beginning of the second quarter and has led the Norwegian salmon company to raise its 2026 harvest guidance from 27,200 GWT (Gutted Weight Tons) to 28,000 GWT. "Strong biological performance drives 2026 momentum," summarized the statement sent to the stock exchange.
"We enter the second quarter with record-high biomass, strong growth rates, and robust fish health – providing an excellent foundation for an improved operational and financial performance going forward," Helge Kvalvik, CEO of Måsøval, said, commenting on the results.
Among the positive developments in the key drivers of the first quarter, the aquaculture company also highlighted that the proportion of top-quality fish increased to 85.2% in Q1 2026, representing a substantial improvement from 62% in the same quarter last year.
The Norwegian salmon farming firm stated that this improvement reflects the same underlying factors as the strong growth performance: effective vaccination programs and a significant reduction in incidents related to string jellyfish.
Thus, Måsøval produced 8,347 tons WFE (Whole Fish Equivalent) in Q1 2026, up from 7,030 tons WFE in Q1 2025, that is, 1,317 tons more, equivalent to an increase of 18.73% year-on-year.
"The increased sea production reflects the structured and dedicated work carried out by our teams across fish health, biosecurity, improved smolt quality and operational excellence – all central priorities in the Group's strategy," Kvalvik stated.
Nevertheless, despite this increased production, Måsøval—which had reported record harvest volume for 2025, even despite a "demanding" year due to high sea temperatures and what CEO Helge Kvalvik described as "heavy lice pressure"—delivered a harvest volume of 4,712 GWT in the first quarter of 2026, which represented a decrease of 9.83% compared to the 5,226 GWT harvested in Q1 2025.
As the Norwegian salmon farming firm explained in its report, this reduction in harvest volume of 514 GWT resulted in lower sales revenues compared to the same quarter last year. Furthermore, the company sold all its superior salmon in the spot market, so the prices obtained reflected a high week-on-week price volatility across key markets, in a quarter in which salmon prices fell after global supply increased by 14%.
Thus, operating revenues for the first quarter of 2026 amounted to NOK 510 million, 25% down from NOK 681 million in the same period last year. However, the Group reported an operational EBIT of NOK 28 million, meaning a 27% improvement from NOK 22 million in the same quarter of 2025.
Regarding the outlook for the next quarter, Måsøval, which, as mentioned earlier, has increased its 2026 harvest forecast by 800 GWT, expects to harvest 8,600 GWT in the second quarter, when it also expects to record cost reductions across all segments and regions, while the average price of premium salmon is forecast to increase compared to the same quarter last year.
Optimistic forecasts, therefore, amid a hectic period in the company, following the CEO's resignation announced in March at the same time as the company confirmed that its majority owner, Heimstø AS—an investment company owned by the Måsøval family—was undertaking a strategic review of its ownership.
"The strategic review does not constitute a decision to pursue a transaction. Rather, a process has been initiated to evaluate and explore various ownership alternatives," the Norwegian salmon company explained in this Q1 2026 results report. Among these ownership alternatives, SalMar has begun to play an important role, as during this first quarter, the fellow salmon producer's owner has become the second largest shareholder of Måsøval.
