Mowi ASA

Earnings Release • Nov 6, 2024

Record-high revenues and volumes for Mowi in the third quarter

Record-high revenues and volumes for Mowi in the third quarter

(Bergen, 6 November 2024) Mowi generated record-high operating revenues of EUR

1.44 billion in the third quarter which translated into an operational profit of

EUR 173 million.

"This was yet another good quarter for Mowi, with our best ever seawater

production and harvest volumes of 161,000 tonnes. We've never had more fish in

the sea, with biomass in sea up 4.4% year-on-year at quarter end," Mowi CEO Ivan

Vindheim said.

Mowi is well positioned to meet its harvest volume guidance for 2024 of a

milestone 500,000 tonnes. Furthermore, record-high biomass in sea supports 2025

volume guidance of 520,000 tonnes, the first step towards Mowi's next milestone

of harvesting 600,000 tonnes of salmon, expected in 2029.

520,000 tonnes in 2025 represents growth of 145,000 tonnes since 2018,

equivalent to 4.8% CAGR vs. 2.7% average for the industry. Continued growth in

Mowi's farming operations will in turn lead to growth in the company's other two

divisions - Consumer Products and Feed.

"It is a privilege to work in an organisation that is always striving to improve

and take the company to the next level. We aim to continue growing faster than

the wider industry, by expanding our use of postsmolt and through increased

smolt release. We expect another year with limited supply growth for the wider

industry at 2% or lower," Vindheim said.

Mowi's farming costs fell in the third quarter vs the first and second quarters

on the back of lower feed prices and economies of scale on higher volumes. A

continuing downward trend in feed prices is expected to contribute to further

cost reductions, in addition to savings all across the value chain on the back

of Mowi's own cost savings programme worth EUR 300-400 million over the next

five years.

Mowi Consumer Products, the group's value-added business, delivered record-high

results in the third quarter on good operational performance, strong volumes and

seasonally lower raw material prices.

"We see good retail demand for our products, and expect demand in the restaurant

sector to improve as consumer purchasing power increases fuelled by falling

interest rates and rising wages," Vindheim said.

Mowi Feed delivered the best quarterly result ever, on all-time high earnings

and record-high volumes. This positive volume development was driven by good

seawater growth and demand from Farming.

Mowi's Board has decided to pay a quarterly dividend of NOK 1.50 per share.

For further information, please contact:

Kristian Ellingsen, CFO, +47 905 14 275

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

Ola Helge Hjetland, Group Communications Director, +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 harvest for 2024 of

500 000 tonnes from seven farming countries including Norway, Scotland, Ireland,

Faroes, Iceland, Canada and Chile.

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 11 600 people in 26 countries

worldwide, and is listed on the Oslo Stock Exchange. Turnover was EUR 5.5

billion in 2023.

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

Forward looking statements

This release may be deemed to include forward-looking statements, such as

statements that relate to Mowi's goals and strategies, salmon prices, ability to

increase or vary harvest volume, production capacity, trends in the seafood

industry, restructuring initiatives, exchange rate and interest rate

fluctuations, expected research and development expenditures, business prospects

and positioning with respect to market, demographic and pricing trends,

strategic initiatives, and the effects of any extraordinary events and various

other matters (including developments with respect to laws, regulations and

governmental policies regulating the industry and changes in accounting

policies, standards and interpretations) on Mowi's business and results.

Forward-looking statements are typically identified by words or phrases, such as

"believe," "expect," "anticipate," "intend," "estimate," "may increase," "may

fluctuate," "plan," "goal," "target," "strategy," and similar expressions or

future or conditional verbs such as "may," "will," "should," "would," and

"could." Forward-looking statements are Mowi's current estimates or expectations

of future events or future results. Actual results could differ materially from

those indicated by these statements because the realization of those results is

subject to many risks and uncertainties. Mowi ASA's Annual

Report contains additional information about factors that could affect actual

results, including: changes to the price of salmon including the value of our

biological assets; hedging risks; risks related to fish feed; economic and

market risks; environmental risks; operational risks; risks related to escapes,

disease and sea lice; product risks; risks related to our acquisitions;

financing risks; regulation risks including relating to food safety, the

aquaculture industry, processing, competition, anti-trust and anti-corruption;

trade restriction risks; litigation risks; tax and accounting risks; strategic

and competitive risks; and reputation risks. All forward-looking statements

included in this release are based on information available at the time of the

release, and Mowi assumes no obligation to update any forward-looking

statement.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.