"The operating result in Q2 is positive, but modest," the Norwegian salmon producer acknowledged.
Photo: Måsøval.
Between the NOK 315 million in operational earnings before interest and taxes (EBIT) Måsøval earned in the second quarter of 2024 and the NOK 28 million it has recorded this year, there is a decrease of NOK 287 million. However, even though this means its EBIT for Q2 2025 has plummeted by 91%, the company remains calm.
Other figures are not encouraging either. Operating revenues amounted to NOK 869 million, representing a decrease of NOK 159 million or 15.46% compared to NOK 1,208 million achieved in the same period last year. The company explained that the decline was mainly due to lower sales prices, which averaged NOK 71.8 per kilogram, compared to NOK 100.4 per kilogram in Q2 2024, down 28.48%.
If 2024 was an up-and-down year for Måsøval, the latest figures confirm that, so far, 2025 follows a downward trend for the company, as these results add to those recorded in Q1, with higher harvest volume and revenue, but also weaker-than-expected financial results.
In Q2 2025, harvest volumes were the only ones that remained stable at 8,538 tons compared to 8,469 tons in Q2 2024, equivalent to year-on-year growth of 0.81%. Despite all this, the motto of the motivational poster produced by the UK Government in 1939, in preparation for World War II - 'Keep Calm and Carry On' - seems to have imbued the Norwegian salmon producer.
"At Måsøval, we measure progress in more than numbers – we look at direction, structure, and ability to develop. What we have done so far in 2025 shows exactly that: a company in motion, with initiatives that strengthen operations and position over time," the company said in the statement presenting Q2 2025 results.
"The operating result in Q2 is positive, but modest. It reflects a market with lower prices and biological challenges – but also an organization that has chosen to face this with structure and a will to improve," it continues.
"In an industry where biology sets the pace, change takes time – and improvement often happens quietly. But when we look at the quarter as a whole, it is clear that we have moved in the right direction," Måsøval's statement also reads, while pointing out that several of the measures whose effects are now being seen were initiated well before this quarter.
The company said that, through targeted work, it has been strengthening control throughout the value chain, thereby improving logistics and fish welfare, establishing new operational roles, and initiating fillet production at TL52, the harvesting facility at Hitra that it acquired from Mowi last year, which, during the quarter, has also been approved for export to China.
In its Q2 2025 results report, Måsøval also highlighted the improvement in operating results thanks to the agreement with Nordic Halibut to use Pure Norwegian Seafood's processing facilities. In addition, it also announced it has prepared the launch of OptiMa, its new quality system, which it said has been developed in close collaboration with the entire organization.
"These steps are part of a comprehensive improvement journey – not isolated measures. A journey about building resilience, ensuring flexibility, and being in position when opportunities arise," the company continued.
Moreover, commenting on the results, Måsøval CFO Anders Hagestande claimed that despite headwinds, the company is well-positioned to perform at its best. "In the second quarter, we optimized the new wellboat, which now operates well and has increased treatment capacity compared to last year," he said.
"Thanks to MTB flexibility from lower biomass in the sea and a new license, combined with better fish health, we can postpone some harvesting and use the wellboats more for treatment rather than transport. Our focus remains on fish health and welfare," Hagestande added.
The Norwegian salmon producer concluded its statement by saying: "At Måsøval, development is not only about technology and numbers. It is about people, systems, and interaction. About producing food on nature's terms – in a way that withstands both demands and change – and builds trust over time."
