Frøya, Norway-headquartered salmon-farming firm Måsøval reported record annual harvest volumes in 2025 and has said in its most recent financial report that it has built a solid operational and biological foundation for 2026.
Reporting its Q4 2025 and preliminary full-year results on 26 February, Måsøval informed the Euronext Growth (Oslo) stock exchange that it harvested 8,684 gutted weight tons (GWT) of salmon in Q4, including 2,875 GWT from co-location agreements. This brought its total harvest volume for 2025 to a record 28,467 GWT – up from 25,015 GWT in 2024.
Måsøval CEO Helge Kvalvik noted that the group “demonstrated strong operational control” in 2025 through the year’s final quarter despite heavy lice pressure and elevated sea temperatures.
“While biological performance depends on several factors, we enter 2026 expecting that the positive trend will continue, supported by the measures we are implementing and the steadfast commitment of our competent team,” Kvalvik said.
During Q4 2025, Måsøval increased the capacity of both its treatment and harvesting facilities – strengthening its preparedness and operational control. At the same time, its net growth at sea rose by 16 percent compared to the same period of 2024, driven by lower mortality and improved fish welfare. The share of superior-grade fish also increased to 89 percent in the quarter.
Måsøval achieved operating revenues of NOK 833.2 million (USD 87.1 million, EUR 73.8 million) in Q4, representing an increase of NOK 207 million (USD 21.6 million, EUR 18.3 million) compared to the same period in 2024.
Its operational EBIT of NOK 40.8 million (USD 4.3 million, EUR 3.6 million) turned around the EBIT of NOK -28.2 million (USD -2.9 million, EUR -2.5 million) that was reported for Q4 2024. Its loss before tax was NOK 104.2 million (USD 10.9 million, EUR 9.2 million), compared to a loss of NOK 10.3 million (USD 1.1 million, EUR 912,236) previously.
For the full year of 2025, its operational EBIT and loss before tax totaled NOK 48.7 million (USD 5.1 million, EUR 4.3 million) and NOK -83.2 million (USD -8.7 million, EUR -7.4 million), respectively.
The group expects to harvest approximately 27,200 GWT in 2026, of which an estimated 27 percent will come from commercial co-location agreements. For Q1 2026, it expects to harvest 3,630 GWT of salmon, including approximately 1,260 GWT from co-location agreements.
Around 56 percent of the total volume is expected to be harvested in its Region West location.
It also warned that while regional cost levels are largely declining, a temporary increase is expected in Q1 due to the higher harvesting activity in Region West.
At full capacity, Måsøval’s current license portfolio has a production potential of approximately 25,400 GWT, while long-term co-location agreements can contribute up to 8,600 GWT annually, including an educational license held by Møre and Romsdal County Council which entered into effect in August 2025.
The group also holds an exhibition license with a potential to produce 600 to 1,200 GWT.
