Måsøval’s Q3 print came in on the soft side, highlighted by a disappointing harvest guidance for 2026, leaving our EBIT estimates down by ~19%. The key driver is a lack of smolt, delaying the timeline for the harvest target of 34,000t to 2030 at earliest. On the positive side, farming performance in Region Mid was good and the biomass has come through a period with high lice pressure being up by 11% y-y. We still find risk reward skewed to the upside and reiterate our Buy recommendation, but low ....
