Måsøval reported first-quarter operational EBIT of NOK 28 million (€2.60 million), below FactSet consensus of NOK 44 million (€4.09 million), Arctic Securities’ estimate of NOK 74 million (€6.88 million) and Fearnley Securities’ forecast of NOK 40 million (€3.72 million).
Both banks said the miss was driven by Sales & Processing.
Fearnley Securities said farming EBIT of NOK 62 million (€5.77 million) was slightly ahead of its NOK 58 million (€5.39 million) estimate, with Region Mid and Region West broadly in line with expectations.
Sales & Processing posted EBIT of NOK -18 million (€-1.67 million), versus Fearnley’s estimate of NOK -7 million (€-0.65 million). Arctic Securities cited low utilisation and provisions linked to an unresolved sales claim.
Måsøval raised full-year 2026 harvest guidance to 28,000 gutted weight tonnes (GWT), from 27,200 GWT previously.
However, both banks flagged weaker-than-expected second-quarter harvest guidance, implying more harvesting would shift into the second half of the year, when salmon prices are typically lower.
Arctic Securities said consensus 2026 EBIT estimates were likely to fall following the report, while Fearnley Securities estimated cuts of 4 to 5 per cent.
Both banks maintained Hold recommendations. Arctic Securities retained a NOK 35 target price and Fearnley Securities maintained NOK 36.