Mowi ASA

Earnings Release • Dec 22, 2025

Mowi enters into strategic feed partnership with Skretting/Nutreco

Mowi enters into strategic feed partnership with Skretting/Nutreco

(Bergen, 22 December 2025) Mowi ASA enters into a strategic and industrial

partnership agreement with Skretting/Nutreco where Mowi produces feed based on

Skretting's feed formulation making Mowi an even better salmon farming company.

Key highlights:

* Strategic partnership to deliver more than NOK 650 million (EUR 55 million)

in annualised net cost savings through improvements in feed formulation and

recipes, procurement and logistics.

* Mowi Feed with its two state-of-the-art factories to be retained as-is

providing an expected EBITDA contribution in 2026E of NOK 825 million (EUR

70 million), and to capitalise on further tightening of the feed market in

the coming years.

* Total EBITDA contribution of feed partnership with Skretting and retained

Mowi Feed business unit of more than NOK 1,475 million (EUR 125 million).

* Total earnings of NOK 1,475 million (EUR 125 million) equivalent to an EBIT

per kg (GWT) of NOK 2.1 (EUR 0.18) for Mowi Group, and NOK 2.6/kg (EUR

0.22) for Mowi Norway. This corresponds to NOK 1.7 in earnings per share

(EUR 0.14).

* Skretting, the aquaculture feed business line of Nutreco, is a leading

global aquafeed manufacturer and supplier with advanced nutritional

expertise and R&D capabilities. Partnership agreement to build upon Mowi and

Skretting's existing long-term commercial relationship, and Skretting to

make available its proprietary know-how, R&D capacity, data and procurement

capabilities.

With reference to the stock exchange release on 4 March 2025 when Mowi announced

a strategic review of its Feed Division. The strategic review has now been

concluded, and Mowi is pleased to announce that we have entered into a strategic

and industrial partnership agreement with Skretting/Nutreco. Mowi Feed will

continue to produce feed, and feed production will now be based on Skretting's

feed formulation.

"Mowi and Skretting are a great match for each other, and the partnership with

Skretting is our preferred outcome from the strategic review process. I am

confident that teaming up with them will make Mowi into an even better salmon

farming company. With this agreement, Mowi Farming secures the best performing

feed in the coming years at the lowest cost in the industry. The partnership

will deliver improved feed formulation and recipes for our European salmon

farming operations which will drive significant cost improvements whilst

ensuring top quality feed performance in the years to come", said Ivan Vindheim,

Mowi CEO.

Making Mowi into an even better salmon farming company

Skretting has been one of Mowi's feed suppliers for decades, known for

delivering high quality salmon feed at a competitive cost. As feed formulation

has become increasingly complex in recent years, nutritional know-how and an R&D

focus within feed have become even more important. Teaming up with a partner

that is at the forefront of driving feed innovations and offers these

specialised competencies has been of key strategic importance to Mowi in the

review process, and Mowi will pay a small annual consideration for this.

"We know the Skretting team extremely well and have enjoyed an excellent working

relationship with them for decades. Now we are taking this cooperation to

another level and formalising how we can drive innovations and cost

improvements. This partnership model presents a low-risk solution for Mowi while

ensuring cost savings from day one on improved feed formulation and optimised

procurement and logistics", Vindheim says.

A key advantage of keeping Mowi Feed as-is with our excellent organisation and

the two state-of-the-art feed factories in Norway and Scotland, is that Mowi

will retain the embedded profit in the feed value chain. There is reason to

believe that the feed market will continue to tighten in the coming years which

will make this part of the value chain even more profitable.

"The partnership model whereby Mowi Feed is retained gives us the best of both

worlds; teaming up with Skretting with all the benefits that it entails and at

the same time retaining Mowi Feed with an improved market outlook make this the

most compelling solution", Vindheim says.

For further information, please contact:

Kristian Ellingsen, CFO, Mowi, +47 905 14 275

Kim Galtung Døsvig, IR Officer & Head of Treasury, Mowi, +47 908 76?339

Ola Helge Hjetland, Group Communications Director, Mowi, +47 970 67 932

About Mowi ASA

Mowi is one of the world's leading seafood companies and the largest producer of

farm-raised Atlantic salmon in the world, with an estimated 2026 harvest of

605,000 tonnes from seven farming countries including Norway, Scotland, Ireland,

Faroes, Iceland, Chile and Canada.

Mowi is a fully integrated global seafood company, bringing salmon and other

seafood of supreme quality to consumers around the world, partly under its own

MOWI brand. Mowi is ranked as the most sustainable listed animal protein

producer in the world by Coller FAIRR.

With headquarters in Bergen, Norway, Mowi employs 12 300 people in 26 countries

worldwide, and is listed on the Oslo Stock Exchange. Turnover was EUR 5.6

billion in 2024.

For more information, please visit www.mowi.com (http://www.mowi.com).

The information included in this announcement is defined as inside information

pursuant to article 7 of the Market Abuse Regulation and is publicly disclosed

in accordance with article 17 of the Market Abuse Regulation and section 5-12 of

the Norwegian Securities Trading Act.

This stock exchange announcement was published by Kim Galtung Døsvig, Investor

Relations Officer in Mowi ASA, on 22 December 2025 at 07:00 CET.