Frøya, Norway-headquartered salmon farmer Måsøval AS has upped its harvest projections for 2026 despite a lower harvest volume in Q1.
Måsøval’s harvest volume dropped to 4,712 gutted weight tons (GWT) in Q1 2026, a total which includes 1,292 GWT from co-location agreements. These totals were down from 5,226 GWT and 621 GWT reported for the corresponding period of last year. However, the producer saw a marked improvement in the share of the harvest achieving superior grade: rising from 62 percent in Q1 2025 to 85 percent in Q1 2026.
According to its Q1 2026 report, Måsøval achieved operating revenues of NOK 509.8 million (USD 55.1 million, EUR 47.4 million) in the reporting period, representing a decrease of NOK 171.4 million (USD 18.5 million, EUR 15.9 million) on the total reported for the same period of 2025. This change was mainly attributed to the lower volume harvested.
Its operational EBIT of NOK 28 million (USD 3 million, EUR 2.6 million) represented a year-over-year increase of NOK 6 million (USD 648,457, EUR 557,849). Its loss before tax was NOK 91.5 million (USD 9.9 million, EUR 8.5 million), compared with a loss of NOK 241.4 million (USD 26.1 million, EUR 22.4 million) previously.
Reporting its first-quarter 2026, Måsøval informed the Euronext Growth (Oslo) stock exchange that it achieved a strong biological performance in the period, with CEO Helge Kvalvik highlighting that the producer has entered the second-quarter with a record-high biomass, strong growth rates, and robust fish health.
This, he said, would provide “an excellent foundation” for an improved operational and financial performance going forward.
Kvalvik, who is departing the CEO role on 30 June 2026, also noted that in the quarter Måsøval produced 8,347 metric tons (MT) whole fish equivalent (WFE), up from 7,030 MT WFE Q1 2025.
"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,” he said.
The company attributed the increased biological performance and higher share of superior salmon to an effective vaccine program, as well as a reduction in incidents related to string jellyfish.
As a result of the strong performance, Måsøval has increased its harvest guidance by 800 GWT to 28,000 GWT, with co-location volumes estimated to provide 27 percent.
For the second-quarter of 2026, it expects to harvest 8,600 GWT, including 3,100 GWT from co-location agreements.
Meanwhile, cost levels in all regions are declining and are expected to fall sharply in Q2 2026, advised the report.
At full capacity, Måsøval’s current license portfolio has a production potential of approximately 25,400 GWT. The long-term co-location agreements may contribute up to an additional 8,600 GWT annually.
The producer also holds an exhibition license with a potential of 600 to 1,200 GWT.
Måsøval is currently undergoing an ownership review of the company, after majority shareholder Heimstø AS initiated a strategic review of its investment portfolio. Heimstø controls roughly 70 percent of the shares of Måsøval.
Måsøval said the process does not “constitute a decision to pursue a transaction,” but said a process to evaluate and explore ownership alternatives is underway.
“Should the strategic review lead to a transaction, Heimstø AS intends to facilitate for the remaining shareholders in the company to also be given the opportunity to sell their shares on equal terms,” Måsøval said. “Heimstø AS will, regardless of the outcome of its strategic review regarding the ownership of the Company, update the market with further information.”
