MAS: Frøy Havbruk has terminated the co-location agreement with Måsøval

In 2022, Måsøval and Frøy Havbruk (formerly Frøya Laks) entered into a
cooperation agreement regarding the operation of Frøy Havbruk's licensed
biomass volume of 2,433 tonnes MAB. Since then, the parties have managed
operations by co-locating Frøy Havbruk's licensed volume at Måsøval's sites in
Production Area 6 (PO6). Value creation from production is shared via a
profit-sharing model between Frøy Havbruk, as the license holder, and Måsøval,
as the operator. A total of 2,915 GWT was harvested from Frøy Havbruk's
licenses in 2024, and 3,723 GWT was harvested in 2025.

Frøy Havbruk has now  terminated the co-location agreement. The agreement
between the parties also governs the period following termination; the notice
period extends until all fish currently at Måsøval's sites have been
harvested, with a maximum period of 18 months before Frøy Havbruk can withdraw
its licenses. The final batch of smolt for Frøy's licenses was stocked at the
Heggeset site in week 36.

ABOUT MÅSØVAL AS
Måsøval is an integrated producer of Atlantic salmon with over 50 years of
operational experience. Located in Central Norway in the region west of
Trondheim, Måsøval has both significant farming operations at sea and in-house
production of smolt as well as harvesting, processing and sales.

Contact:
Anders Hagestande, CFO, Måsøval AS, +47 415 82 138,
anders.hagestande@masoval.no
415 82 138\,\
anders.hagestande@masoval.no\