Frøya, Norway-headquartered salmon-farming firm Måsøval has reported that it overcame biological challenges, including higher sea temperatures and sea lice pressure, to build biomass in the third quarter of 2025 and better position it for improved profitability in Q4.
Explaining the strategic decisions taken within the quarter, Måsøval informed the Euronext Growth (Oslo) stock exchange that following a high harvest volume in Q2, the firm deliberately reduced harvest activity in Q3 to carry more biomass into the last quarter of the year, when salmon prices are expected to rise.
The fully integrated producer also pointed out that mortality rates per treatment were lower in Q3 year over year and investments in expanded treatment capacity have strengthened the group’s “operational readiness” for the months ahead.
According to its Q3 2025 report, Måsøval achieved operating revenues of NOK 579.9 million (USD 57.3 million, EUR 49.4 million) in the period, representing a NOK 32.8 million (USD 3.2 million, EUR 2.8 million) decrease on the total reported for the same period of 2024. This drop was mainly attributed to lower sales prices – which averaged NOK 64.80 (USD 6.41, EUR 5.53) per kilogram, compared to NOK 71.10 (USD 7.03, EUR 6.06) per kilogram in Q3 2024 – as well as a lower harvested volume of 6,020 gutted weight tons (GWT), compared to 7,138 GWT previously.
Its operational EBIT of NOK -42 million (USD -4.2 million, EUR -3.6 million) was an improvement on the NOK -54 million (USD -5.3 million, EUR -4.6 million) reported for Q3 2024, and the firm’s loss before tax was NOK 26.2 million (USD 2.6 million, EUR 2.2 million), compared to a loss of NOK 174.1 million (USD 17.2 million, EUR 14.8 million) previously.
Måsøval’s report advised that its biomass at sea increased by 2,689 metric tons (MT) year over year in Q3 – from 10,781 MT to 13,470 MT, including 2,307 MT from co-location partners. Additionally, its share of superior quality salmon increased from 78 percent in Q2 2025 to 87 percent in Q3, which was also an improvement compared to the 84 percent superior share in the same quarter last year.
Because only limited industry harvest growth is expected in Q4, the company said it is well-positioned to capture value from the anticipated increase in salmon prices.
Måsøval is guiding a full-year 2025 salmon harvest of 27,600 GWT – which would be up from last year’s total of 25,000 GWT. For 2026, it expects to harvest 27,200 GWT of fish, of which 13,600 GWT is expected to be produced in its Mid region, 6,200 GWT in its West region, and 7,400 GWT from co-location agreements.
The firm also said it has recently taken significant strides to implement a new corporate strategy for the period between 2025 and 2030. With biological improvements as the focus, the stated goal of the strategy is to capture more operational value and secure sustainable, long-term growth by improving fish welfare, strengthening biological performance, and reducing environmental impacts.
