Mowi ASA

Investor Presentation • Nov 6, 2024

Q3 2024 presentation

CEO: Ivan Vindheim CFO: Kristian Ellingsen

6 November 2024

Forward looking statements

This presentation may be deemed to include forward-looking statements, such as statements that relate to Mowi's contracted volumes, goals and strategies, including strategic focus areas, salmon prices, ability to increase or vary harvest volume, production capacity, expectations of the capacity of our fish feed plants, trends in the seafood industry, including industry supply outlook, exchange rate and interest rate hedging policies and fluctuations, dividend policy and guidance, asset base investments, capital expenditures, tax and net working capital guidance, NIBD target, cash flow guidance and financing update, guidance on financial commitments and cost of debt, guidance on anti-trust and competition regulations, and various other matters concerning Mowi's business and results. These statements speak of Mowi's plans, goals, targets, strategies, beliefs, and expectations, and refer to estimates or use similar terms. 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 disclaims any continuing accuracy of the information provided in this presentation after today.

Highlights Q3 2024: Record high revenues, volumes and continued growth Farming volume growth of 145k GWT since 2018 to 520k GWT in 2025E (CAGR 4.8%)

• Record-high Q3 2024 revenues of EUR 1.44 billion on all-time high harvest volumes of 161k GWT, and operational profit of EUR 173 million
• Harvest volume guidance for 2024 maintained at record-high 500k GWT (Δ 5.3% Y/Y)
• Volume guidance for 2025 at all-time high level of 520k GWT (Δ 4.0% Y/Y)
  • First step towards next volume milestone of 600k GWT in 2029
  • Strong volume growth of 145k GWT for Mowi globally since 2018 (4.8% CAGR vs industry at 2.7%)
• Price achievement in Q3 impacted by seasonal high industry supply and biological issues in Norway
• Realised blended farming cost EUR/kg 5.72 in Q3, down from EUR/kg 5.84 in Q2 and EUR/kg 6.05 in Q1
• Record profit for Consumer Products and Feed, and record-high Feed volumes
• Quarterly dividend of NOK 1.50 per share

Key financials

Mowi Group - main figures Unaudited million EUR	Q3 2024	Q3 2023	2024 YTD	2023 YTD	2023
Operational and other income revenue	1 443 7	1 358 6 6%	4 115 0	4 085 5 1%	5 513 4
1) Operational EBIT	173 0	203 1 -15%	603 0	824 4 -27%	1 027 5
1) Operational EBITDA	223 6	252 6	750 9	967 9	1 221 0
1),2) Net interest-bearing debt (NIBD )	1 770 1	1 705 5	1 770 1	1 705 5	1 790 3
1) Underlying EPS (EUR)	0 21	0 26	0 74	1 03	1 38
1) Underlying EPS (NOK)	2 48	2 97	8 58	69 11	68 15
1) Net cash flow share (EUR) per	0 34	0 10	0 49	0 61	0 56
Dividend declared and paid share (NOK) per	70 1	2 00	10 5	70 5	20 7
1) ROCE	12 6%	2% 17	0% 15	23 2%	21 3%
Equity ratio	47 5%	47 7%	47 5%	47 7%	45 6%
Harvest volume (GWT)	161 020	135 004 19%	367 933	345 430 7%	474 664
1) Operational kg (EUR) Total EBIT per -	07 1	50 1	64 1	2 39	2 16
Norway	1 38	2 15	1 97	2 98	2 82
Scotland	0 83	0 63	1 78	1 75	1 39
Chile	0 59	0 48	0 76	18 1	0 87
Canada	-0 54	-0 61	0 04	0 98	0 66
Ireland	1 18	0 75	1 97	1 15	0 27
Faroes	0 61	1 91	2 62	3 32	2 94
Iceland	0 37	0 20	67 1	10 1	14 1

Salmon prices – weekly reference prices

• Lower prices on seasonal high industry supply
• Expecting tighter market balance in the coming months on lower supply

Ref. price North America, West Coast USD (UB avg. superior GWE 10-12 lbs FOB Seattle), RHS

Price achievement and contract share

• Price achievement 14% above reference price positively impacted by 21% contract share
• Price achievement negatively impacted by lower harvest weights in Norway due to seasonal biological issues

		Norwegian	Scottish	Chilean	Canadian
Q3 24 -	Contract share	16%	62%	23%	0%

Norway

SALMON OF NORWEGIAN ORIGIN
million EUR	Q3 2024	Q3 2023	YTD 2024	YTD 2023
Operational EBIT	145 5	185 1	432 8	635 8
EBIT	63 7	186 1	331 4	641 4
(GWT) Harvest volume	105 776	86 228	219 852	213 324
Operational EBIT kg (EUR) per	1 38	2 15	1 97	2 98
of which Feed -	0 18	0 18	0 13	0 12
of which Markets -	0 39	0 53	0 63	0 24
of which Consumer Products -	0 31	0 37	0 29	0 37
Price achievement/reference price	111%	108%	91%	98%
Contract share	16%	22%	24%	25%

• Record high harvest volumes of 106k GWT
• Earnings impacted by reduced market prices
• Cost relatively stable YoY, although negatively impacted by gill/lice issues on record-high sea temperatures from Central Norway and northwards
  • Biological issues lingered on into October before improving in November
  • Only sporadic cases of string jellyfish so far in Q4 (isolated to Region Mid)
• FX hit in the wake of the unprecedented weakening of the NOK last year and a long accounting cycle cost

Page 7 Mowi Norway EUR 18 million or EUR/kg 0.17 vs Norwegian peers in Q3 (adj. EBIT/kg EUR 1.55)

Norway: Operational EBIT/kg per region

South West Mid North Total

• Region South: Good performance and improved operational and biological metrics
• Region West: Another good quarter
• Region Mid: Negatively impacted by gill issues and increased lice pressure compounded by record-high sea temperatures
• Region North: Operational and biological performance impacted by record-high sea temperatures and lice pressure

Norway: Sales contract portfolio

Realised contract volumes Contracted volumes (including prospects)

• 16% contract share for the third quarter
• 21% contract share for the fourth quarter

Scotland

SALMON OF SCOTTISH ORIGIN
EUR million	Q3 2024	Q3 2023	2024 YTD	2023 YTD
Operational EBIT	12 7	9 2	87 4	77 6
EBIT	24 4	16 3	73 9	72 7
Harvest volume (GWT)	227 15	14 730	49 023	44 381
Operational kg (EUR) EBIT per	0 83	0 63	78 1	1 75
of which Feed -	0 11	0 01	0 02	-0 06
of which Markets -	0 12	0 22	0 15	0 18
of which Consumer Products -	0 15	0 18	0 18	0 25
Price achievement/reference price	146%	127%	119%	110%
Contract share	62%	49%	59%	54%

• Another good quarter biologically for Mowi Scotland
  • Lower sea temperatures than previous years
• Improved earnings YoY on lower cost
• Continued good biology so far in the fourth quarter

Chile

SALMON OF CHILEAN ORIGIN
EUR million	Q3 2024	Q3 2023	YTD 2024	YTD 2023
Operational EBIT	13 6	8 5	38 1	49 7
EBIT	6 4	8 2	35 7	39 2
Harvest volume (GWT)	23 211	651 17	50 413	42 036
Operational EBIT kg (EUR) per	0 59	0 48	0 76	1 18
of which Markets -	0 10	0 08	0 11	0 06
of which Consumer Products -	0 30	0 27	0 31	0 46
Price achievement/reference price	114%	108%	106%	106%
Contract share	23%	30%	32%	37%

• Good biological metrics
• Realised cost was best in Mowi Farming in Q3
• Spot prices declined somewhat on the back of slow US market

Canada

SALMON OF CANADIAN ORIGIN					Operational EBIT Salmon of Canadian Origin
EUR million	Q3 2024	Q3 2023	2024 YTD	2023 YTD	Q3 2023 vs Q3 2024
Operational EBIT	-3 6	-4 6	1 0	23 9
EBIT	-15 4	-10 2	-46 7	-7 6
volume (GWT) Harvest	6 684	485 7	25 187	24 417
Operational kg (EUR) EBIT per	-0 54	-0 61	0 04	0 98
of which Markets -	0 17	0 32	0 18	0 12
of which Consumer Products -	0 00	0 00	0 01	0 00
Price achievement/reference price	102%	103%	95%	104%
Contract share	0%	0%	0%	0%

• Earnings impacted by soft prices in the American market and algae issues in British Columbia
• Canada West: Biology recovered in September and has been good so far in Q4
• Canada East: Good biological performance and a positive EBIT margin of EUR 0.64 per kg

Ireland and Faroes

SALMON OF IRISH ORIGIN
EUR million	Q3 2024	Q3 2023	2024 YTD	2023 YTD
Operational EBIT	4 3	1 5	9 15	5 1
EBIT	-3 8	-1 5	6 17	2 5
Harvest volume (GWT)	3 663	1 994	8 028	4 422
Operational kg (EUR) EBIT per	18 1	0 75	97 1	1 15
of which Feed -	0 08	-0 01	0 02	-0 07
of which Markets -	0 24	0 14	0 26	0 20
of which Consumer Products -	0 18	0 05	0 16	0 08
Price achievement/reference price	n/a	n/a	n/a	n/a
Contract share	72%	92%	59%	87%

• Another decent quarter for Mowi Ireland

SALMON OF FAROESE ORIGIN
EUR million	Q3 2024	Q3 2023	2024 YTD	2023 YTD
Operational EBIT	1 8	4 8	21 5	24 9
EBIT	3 3	3 6	15 5	19 8
Harvest volume (GWT)	3 051	2 532	8 220	501 7
Operational kg (EUR) EBIT per	0 61	91 1	2 62	3 32
of which Feed -	0 00	0 00	0 00	0 00
of which Markets -	-0 02	0 20	0 07	0 13
of which Consumer Products -	0 04	0 08	0 05	0 08
Price achievement/reference price	109%	109%	106%	105%
Contract share	0%	0%	0%	0%

• Earnings reduced due to harvesting from a high-cost site in the quarter and 100% spot exposure
• Strong biological metrics continues
  • Monthly mortality rate 0.2% and biological FCR 1.02

Iceland (Arctic Fish)

SALMON OF ICELANDIC ORIGIN
EUR million	Q3 2024	Q3 2023	2024 YTD	2023 YTD
Operational EBIT	1 3	0 9	12 1	10 7
EBIT	2 6	-17 4	8 7	-8 3
Harvest volume (GWT)	3 407	4 383	211 7	9 349
Operational kg (EUR) EBIT per	0 37	0 20	67 1	14 1
of which Feed -	0 08	0 03	0 02	0 02
of which Markets -	-0 01	0 00	-0 18	-0 02
of which Consumer Products -	0 03	0 00	0 03	0 00
Price achievement/reference price	107%	n/a	100%	n/a
Contract share	0%	0%	0%	0%

• Financial figures impacted by 100% spot exposure

• Good biological performance

Consumer Products

CONSUMER PRODUCTS
million EUR	Q3 2024	Q3 2023	YTD 2024	YTD 2023
Operating revenues	911 6	876 2	2 697 2	2 616 5
Operational EBIT	43 5	39 7	93 0	113 9
Operational % EBIT	4 8%	4 5%	3 4%	4 4%
Operational % only EBIT VAP	2% 5	4 8%	3 7%	1% 5
EBIT	47 8	39 7	95 3	113 2
Volume sold (tonnes prod . weight)	65 005	59 490	176 124	166 773

• Record earnings on sound operational performance, strong volumes and seasonally lower raw material prices
• Good demand for our products

Feed

FEED
million EUR	Q3 2024	Q3 2023	YTD 2024	YTD 2023
Operating revenues	363 3	344 0	813 8	773 1
Operational EBITDA	25 2	20 3	41 7	36 1
Operational EBIT	21 5	16 1	30 0	23 6
Operational % EBITDA	9% 6	9% 5	1% 5	7% 4
Operational % EBIT	9% 5	4 7%	3 7%	3 1%
EBIT	21 5	16 1	30 0	23 6
Feed sold volume	191 279	168 945	420 787	378 452
Feed produced volume	162 100	145 943	429 598	390 505

• Best quarter ever for Feed with all-time high earnings and record-high volumes
• Good seawater growth and demand from Farming

Q3 2024 presentation Financials, Markets and Harvest volumes

Profit and Loss

Mowi Group (EUR million)	Q3 2024		Q3 2023	2024 YTD		2023 YTD	2023
Operational and other income revenue	1 443 7	6%	1 358 6	4 103 5	0%	4 085 5	5 505 7
1) Operational EBIT	173 0	-15%	203 1	603 0	-27%	824 4	1 027 5
Change in unrealised internal margin Gain/loss from derivatives Net fair value biomass	6 -5 -1 8		-4 2 1 9	2 2 -10 6		4 4 -6 7	-0 9 -2 9
adjustment on , contracts provision onerous	-81 6		0 4	-142 0		-44 2	19 1
Restructuring cost	-2 8		-0 1	-8 5		-3 7	-4 9
Production/license/sales taxes	-14 4		-15 0	-37 1		-31 2	-45 2
Other non-operational items	1 7		-1 9	-4 6		-5 3	-16 6
from associated companies Income	8 3		14 8	9 6		29 9	28 4
Impairment losses	-3 1		-15 9	-9 6		-18 6	-23 5
EBIT	73 7		183 1	402 2		749 1	981 0
Net financial items	-33 8		-41 4	-100 6		-61 4	-82 3
Earnings before tax	40 0		141 7	301 6		687 7	898 7
Profit loss for the period or	52 3		112 5	260 4		270 3	439 5
Basic EPS (EUR)	0 09		0 21	0 49		0 52	0 86
Underlying EPS (EUR)	0 21		0 26	0 74		1 03	1 38
Underlying EPS (NOK)	2 48		2 97	8 58		11 69	15 68
Net cash flow share (EUR) per	0 34		0 10	0 49		0 61	0 56
Dividend declared and paid share (NOK) per	1 70		2 00	5 10		5 70	7 20
Operational margin EBIT	0% 12		9% 14	7% 14		2% 20	6% 18
Harvest volume GWT (salmon) ,	161 020	19%	135 004	367 933	7%	345 430	474 664
1) Operational EBIT kg incl margin per	1 07		1 50	1 64		2 39	2 16
ROCE1)	12 6%		2% 17	0% 15		23 2%	21 3%

• Negative net fair value adjustment on lower salmon prices

• Associated companies: EBIT/kg of EUR 1.21 on 9.0k tonnes from Nova Sea, Norway (49% ownership and largest shareholder)

– Results impacted by industry -wide seasonal biological issues

Financial position

Mowi Group EUR million	30 9 2024	30 09 2023	31 12 2023
	4	4	4
Non-current assets	430 9	165 9	259 5
Current assets	3 560 1	3 527 6	3 979 5
Total assets	991 7 1	693 7 5	8 239 0
Equity	3 798 6	3 671 4	3 754 7
Non-current liabilities	2 904 0	2 757 5	3 219 3
Current liabilities	288 1 5	264 4 1	264 9 1
Total equity and liabilites	7 991 1	7 693 5	8 239 0
1) Net interest-bearing debt	770 1 1	705 1 5	790 3 1
Equity ratio	47 5%	47 7%	45 6%
Covenant equity ratio	0% 51	50 6%	48 4%

• Strong financial position

Cash Flow and Net Interest Bearing Debt

Mowi Group	Q3 2024	Q3 2023	2024 YTD	2023 YTD	2023
EUR million
beginning of period * NIBD	882 -1 1	665 8 -1	790 3 -1	758 9 -1	758 9 -1
Operational EBITDA*	223 6	252 6	750 9	967 9	221 1 1
in working capital Change	99 1	-31 5	53 0	-67 9	-173 5
Taxes paid	-7 1	-54 6	-197 2	-196 9	-219 4
Other adjustments	-5 7	-9 2	-19 9	-23 2	-46 1
flow from operations* Cash	310 0	157 2	586 4	679 9	782 1
Net Capex	-111 9	-75 9	-249 5	-265 4	-388 5
Other investments and dividens received	1 5	-1 1	1 9	-41 5	-25 3
Cash flow from investments	-110 4	-76 9	-247 6	-306 9	-413 8
Net interest and financial items paid*	-26 1	-21 8	-87 8	-64 0	-89 5
items Other	2 3	-4 6	-3 0	2 3	10 0
Dividend / return of paid in capital	-75 2	-89 8	-228 5	-261 7	-326 1
Currency effect interest-bearing debt on	4 11	-3 8	0 3	3 6	6 1
end of period* NIBD	770 -1 1	705 -1 5	770 -1 1	705 -1 5	790 3 -1
*Excluding effects of IFRS 16
NIBD distribution:
EUR	99%	96%	100%	98%	98%
USD	0%	4%	1%	2%	2%
GBP	1%	1%	2%	0%	0%
Other currencies	0%	-1%	-3%	0%	0%

• Strong cash flows impacted by release of working capital in Farming of ~ EUR 70m due to lower biomass cost at stock (reduced feed price)

2024 Cash Flow Guidance improved by EUR 30 million for the year vs Q2

• Working capital build-up of EUR 100m due to biomass growth and growth through the value chain
• Capital expenditure EUR ~290m
• Interest paid EUR ~115m (ex IFRS 16 effects)
• Taxes paid EUR ~285m (including resource rent tax of EUR ~40m)
• Quarterly dividend of NOK 1.50 per share
  • Payable in fourth quarter

• Cash flow guidance improved by EUR 30 million for the year vs Q2 guidance

Overview financing - unchanged

• Bank Facility: EUR 2,000m sustainability-linked facility
  • 5 years facility (Maturity: September 2026)
  • Covenant: 35% equity ratio (adjusted for IFRS 16 leasing effects)
  • Accordion option: EUR 100m
  • Lenders: DNB, Nordea, ABN Amro, Rabobank, Danske Bank, SEB and Crédit Agricole
• Senior unsecured green bonds: EUR 298m
  • Tenor 5 & 8 years (Maturity: May 2029/2032)
  • EURIBOR + 1.19% (5-yr) / EURIBOR + 1.47% (8-yr)
• Senior unsecured green bond: EUR 200m
  • Tenor 5 years (Maturity: January 2025)
  • EURIBOR + 1.60%
• Senior unsecured Schuldschein loan: EUR 150m
  • Tenor 7 years (Maturity: May 2026)
  • EURIBOR + 1.70%
• Arctic Fish: EUR 170m senior secured facility
• Long term NIBD target of EUR 1,700m

Lower EUR interest rates to reduce financing cost going forward

EUR financing is superior to NOK funding in terms of cost and hedging (25 years consistent track record)

Source: Bloomberg

• Mowi's financing is in EUR
• Currently, 100% floating rate
• To capitalise on lower forward interest rates by approx EUR 25 million in 2025e
• Historically a significant advantage to be financed in EUR than in NOK (25 years consistent track record)
  • Cash flow in EUR (removes FX fluctuations / risk)
  • Consistently lower EUR rates vs NOK rates, saved approx EUR 105 million over the past decade
• Supports a lower WACC for EUR financing than NOK financing

3M EURIBOR vs 3M NIBOR

Prices for marine ingredients down 6% YTD and continue to decline

• Cash cost-to-stock in Mowi Farming continued down in Q3-24 vs previous three quarters driven by reduced feed prices of ~6% YTD 2024
• About 20% of total farming cost-in-box cost is marine ingredients used in feed
• Pelagic fishery season in Peru commenced in November with a quota of 2.5 million tonnes, exceeding market expectations
• Fish meal and fish oil prices down >30% from peak
• Overall feed prices continue to trend lower in Q4 vs Q3

Fish meal price down 37% from peak and 11% YoY

Supply development in the quarter

	Estimated volumes	Compared	Est volumes
Suppliers	Q3 2024	Q3 2023	Volume	%	Q2 2024
Norway	396 300 ,	371 100 ,	25 200 ,	6 8%	278 800 ,
Scotland	40 800 ,	37 000 ,	3 800 ,	3% 10	51 800 ,
Faroe Islands	31 100 ,	22 100 ,	9 000 ,	7% 40	16 700 ,
Other Europe	13 300 ,	12 600 ,	700	6% 5	9 100 ,
Total Europe	481 500 ,	442 800 ,	38 700 ,	8 7%	356 400 ,
Chile	179 000 ,	183 300 ,	4 300 - ,	3% 2 -	143 400 ,
America North	28 600 ,	32 400 ,	3 800 - ,	7% 11 -	38 600 ,
Total Americas	207 600 ,	215 700 ,	8 100 - ,	3 8% -	182 000 ,
Australia	20 300 ,	19 800 ,	500	2 5%	200 15 ,
Other	8 600 ,	7 800 ,	800	3% 10	12 200 ,
Total	718 000 ,	686 100 ,	31 900 ,	4 6%	565 800 ,

• Global supply increase of 5% YoY in the quarter, in line with guidance

Global volume development in the quarter

	Estimated	volumes	Compared	to Q3 2023	Est . volumes	12 month	comparison
Markets	Q3 2024	Q3 2023	Volume	%	Q2 2024	LTM	PTM	%
EU+UK	331 700 ,	306 500 ,	25 200 ,	2% 8	245 300 ,	1 130 200 , ,	1 087 500 , ,	9% 3
Russia	9 700 ,	19 300 ,	-9 600 ,	7% -49	8 700 ,	47 600 ,	62 100 ,	3% -23
Other Europe	24 300 ,	22 800 ,	1 500 ,	6% 6	21 000 ,	93 700 ,	97 300 ,	7% -3
Total Europe	365 700 ,	348 600 ,	17 100 ,	4 9%	275 000 ,	1 271 500 , ,	1 246 900 , ,	2 0%
USA	149 700 ,	149 600 ,	100	0 1%	135 600 ,	572 900 ,	588 700 ,	-2 7%
Brazil	30 200 ,	25 700 ,	4 500 ,	17 5%	27 600 ,	117 400 ,	98 800 ,	18 8%
Other Americas	35 000 ,	33 900 ,	1 100 ,	3 2%	30 500 ,	128 300 ,	130 300 ,	-1 5%
Total Americas	214 900 ,	209 200 ,	700 5 ,	2 7%	193 700 ,	818 600 ,	817 800 ,	0 1%
China / Hong Kong	34 700 ,	33 400 ,	300 1 ,	3 9%	27 500 ,	119 000 ,	109 400 ,	8 8%
Japan	12 200 ,	200 11 ,	000 1 ,	8 9%	10 100 ,	44 800 ,	48 300 ,	2% -7
South / Taiwan Korea	13 700 ,	12 200 ,	500 1 ,	12 3%	12 200 ,	52 600 ,	52 100 ,	0% 1
Asia Other	17 800 ,	17 600 ,	200	1% 1	15 400 ,	71 800 ,	78 500 ,	5% -8
Asia Total	78 400 ,	74 400 ,	4 000 ,	4% 5	65 200 ,	288 200 ,	288 300 ,	0% 0
All other markets	44 000 ,	37 700 ,	6 300 ,	7% 16	32 000 ,	143 100 ,	132 600 ,	9% 7
Total	703 000 ,	669 900 ,	33 100 ,	4 9%	565 900 ,	2 521 400 , ,	2 485 600 , ,	4% 1
Inflow US from to Europe	42 500 ,	39 200 ,	3 300 ,	8 4%	33 200 ,	149 000 ,	160 500 ,	2% -7	Source: Kontali
Inflow from Chile to EU	6 000 ,	900 7 ,	900 -1 ,	-24 1%	6 200 ,	32 700 ,	28 900 ,	13 1%

• Europe: Strong retail developments in the major markets, and stable foodservice

• US: Still below trend demand developments should work itself out in due course (US consumption growth of 5% CAGR past 5 years, almost double global growth)
• Brazil: Continued strong growth in foodservice segment
• China/Hong Kong. Growth across all markets

Page 26

Development in reference prices

	Q3 2024 Market	Change vs Q3 2023	Q3 2024 EUR	Change vs Q3 2023
Norway (1)	EUR 6 03	-11 0%	EUR 6 03	-11 0%
Chile (2) Chile GWT (3) ,	USD 49 5 USD 5 99	-4 5% -9 2%	00 EUR 5 EUR 5 45	5% -5 -10 2%
North America West Coast (4) America (5) North East Coast North America East Coast GWT (3) ,	USD 3 62 USD 4 42 USD 7 78	-6 0% 2% 2 -7 2%	3 29 EUR EUR 4 02 EUR 7 08	0% -7 2% 1 -8 1%

• Lower prices on seasonal high industry supply
• Expecting tighter market balance in the coming months on lower supply

Europe Americas Chilean D-trim lbs, Canadian GWE 10-12 lbs

Ref. price North America, West Coast USD (UB avg. superior GWE 10-12 lbs FOB Seattle), RHS

Industry supply growth 2024e and 2025e

	2021	2022	2023	2024		Estimates	2024			Estimates 2025
(1 ,000) GWT				Estimate	Low	Y/Y growth	High	Y/Y growth	Low	Y/Y growth	High	Y/Y growth
Norw ay	1 380 ,	1 365 ,	1 331 ,	1 354 ,	1 350 ,	1%	1 358 ,	2%	1 364 ,	1%	1 382 ,	2%
UK	179	145	137	158	157	15%	159	17%	161	1%	166	4%
Faroe Islands	95	90	80	92	91	13%	93	16%	93	1%	96	4%
Other Europe*	52	53	48	56	55	14%	57	19%	61	10%	63	14%
Total Europe	1,706	1,653	1,597	1,661	1,654	4%	1,668	4%	1,679	1%	1,707	3%
Chile	646	678	689	639	635	-8%	643	-7%	637	0%	652	2%
North America	143	137	116	122	121	4%	123	6%	116	-5%	121	-1%
Total Americas	789	815	805	760	755	-6%	765	-5%	752	-1%	772	2%
Other	107	105	109	118	117	8%	119	10%	115	-3%	120	1%
Total	2,602	2,573	2,511	2,539	2,526	1%	2,552	2%	2,546	0%	2,599	2%

*Ireland and Iceland

	Q4 2021	Q4 2022	Q4 2023	Q4 2024	Estimate Q4 2024
(1 ,000) GWT				Estimate	Low	Q/Q growth	High	Q/Q growth
Norw ay	401	404	391	407	403	3%	411	5%
UK	36	32	25	31	30	20%	32	27%
Faroe Islands	30	27	25	23	22	-13%	24	-5%
Other Europe	13	14	17	21	20	15%	22	27%
Total Europe	481	478	458	482	475	4%	489	7%
Chile	181	175	176	176	172	-2%	180	2%
North America	33	27	30	25	24	-22%	26	-15%
Total Americas	214	202	206	201	196	-5%	206	0%
Other	32	30	32	34	33	5%	35	11%
Total	727	710	696	717	704	1%	730	5%

• Modest supply growth in 2025e of ~2% supported by biomass data and current trends
  • Risk on downside

~2% supply growth for 2025e

Structural undersupply expected to continue in the coming years

Mowi volume guidance 2024 maintained at all-time high 500k GWT, growing further to 520k GWT in 2025

Atlantic salmon	2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	2024	2025
(1 000) GWT ,	Actual	Actual	Actual	Actual	Actual	Actual	Actual	Actual	Actual	Guidance	Guidance	Guidance
Norway	293	65	61	86	81	294	54	59	105	85	305	315
	7	6	5	2	2	5	7	4	8	1	0	0
Scotland	48	11	18	14	10	54	14	19	15	15	64	70
	4	4	3	7	6	9	2	6	2	0	0	0
Chile	65	10	13	17	27	69	12	14	23	21	72	74
	7	6	8	7	2	2	5	7	2	6	0	0
Canada	41	6	9	7	4	28	8	9	6	4	30	29
	1	7	4	5	2	6	8	7	7	8	0	0
Ireland	6	0	1	2	0	4	1	3	3	0	8	7
	8	8	6	0	1	5	1	3	7	6	6	0
Faroes	7	2	2	2	3	11	2	2	3	1	10	10
	9	1	8	5	5	0	6	5	1	8	0	0
Iceland	n/a	4 9	0 1	4 4	2 5	9 11	2 5	3 1	3 4	3 2	10 4	0 15
Total	463	102	107	135	129	474	96	110	161	132	500	520
	6	9	5	0	2	7	5	4	0	1	0	0

• 2024 volume guidance of record-high 500k tonnes maintained
• 2025 volume guidance of 520k tonnes
  • Supported by record-high biomass in sea of 329k tonnes LWT

Productivity programme revived farming volume growth

From lagging behind to being ahead – farming volume growth vs listed peers

Mowi Farming volumes versus indexed listed peers since 2018

Mowi has good track record for delivering on volume guidance last 5 years

• Mowi has a good track record for delivering on volume guidance in the last 5 years
• Listed peers -7.9% vs guidance

Outlook

• Maintaining 2024 farming volume guidance of record-high 500k GWT (Δ 5.3% Y/Y)
  • Milestone achievement
• Mowi harvest volume guidance of 520k GWT in 2025 (Δ 4.0% Y/Y)
  • First step towards next volume milestone of 600k GWT in 2029
  • Since 2018 growth of 145k GWT (equivalent to CAGR of 4.8% vs industry at 2.7%)
• Expecting tighter supply/demand balance in the coming months
  • 2% supply growth 2025e, downside risk
• Realised blended farming cost in Q4 is expected to be on a par with, or lower than, that of the third quarter depending on biological cost
  • Lower feed prices to further impact realised cost positively

Q3 2024 presentation

Appendix

Nova Sea

	Harvest volume (GWT)					kg EBIT per	NIBD EURm
	Ownership %	2022	2023	Q3 2023	Q3 2024	2022	2023	Q3 2023	Q3 2024	Q3 2024
Nova Sea	9% 48	44 027	39 985	10 345	9 015	2 90	3 01	2 73	1 21	-37 0

• Leading integrated salmon producer in Northern Norway
  • − 33.33 wholly owned licenses
  • − 4 partly owned licenses
• Mowi largest owner with 48.9% through direct and indirect shareholdings
• Dividends
  • − Paid dividends of NOK 400m in 2023 (Mowi's share NOK 195m through direct and indirect holdings)
• Proportion of income after tax reported as income from associated companies in Mowi Norway
  • − EUR 8.4m in Q3 2024 (IFRS adj of biomass EUR 4.9m)

Cash flow guidance and historic developments

Net capital expenditure Net working capital

Financial commitments and cost of debt (*) 125

Dividend policy

• Mowi's ambition is to create long-term value for the shareholder through both positive share price development and a growing dividend in line with long-term earnings
  • − Quarterly ordinary dividend shall under normal circumstances be at least 50% of underlying earnings per share (EPS)
  • − Excess capital will be paid out as extraordinary dividends
• When deciding excess capital the Board of Directors will take into consideration expected cash flow, capital expenditure plans, financing requirements and appropriate financial flexibility. Further to this a long-term target level for net interest-bearing debt is determined, reviewed and updated on a regular basis
• Shareholder returns are distributed primarily as cash dividends with the option of using share buybacks as a complementary supplement on an ad-hoc basis

CMD: Productivity programme revived farming volume growth Farming volume growth of 100k in the coming 5 years to all-time high 600k GWT

CMD: Which translates into an organic revenue growth of 7-8% p.a. until 2029

• 2023-2029F: Topline CAGR 7-8% pa
  • Farming volume CAGR 4.0% pa (475k GWT 2023 to 600k GWT 2029F)
  • Product enhancement, branding, inflation CAGR 3-4%
• 2018-2023: Topline CAGR 7.6% pa
  • Farming volume CAGR 4.8% pa (375k GWT 2018 to 475k GWT 2023)
  • Other CAGR 2.8%

CMD: Further improve our cost-leading position in the seven countries where we operate

• Mowi #1 or #2 on cost in every farming country
• Cost-cutting initiatives are important to combat inflation, biological measures, and more complex regulations
• Biology and operational performance the main cost drivers
  • Biology expected to widen the gap between good and bad performers
  • Focus on continued operational improvements
  • Positive cost effects from postsmolt programme and Mowi 4.0 in the coming years
• Other important cost measures
  • Cost Savings Programme
  • Productivity Programme on FTEs

Note: OP EBIT/kg all-inclusive 2018-2023. Industry average excluding Mowi. "Other" includes Mowi Ireland and Arctic Fish versus Icelandic peers

CMD: Strong focus on cost containment and cost leadership

Postsmolt	Mowi 4.0 Farming	Cost Savings Programme	Productivity Programme on FTEs	Mowi 4.0 Sales & Marketing
Less treatments • • Reduced mortality Better FCR • • Positive scale effects from higher volumes	Improved FCR • • Lower health cost Other cost • improvements	Cost control • • Standardisation Reduce cost • variation between entities Life cycle • analyses • Category management	Continued strict • FTE focus • Realise further productivity improvements	Efficiency • • Yield Automation • • Smart processing technology

Cost improvement potential1) overall EUR 300-400 million

CMD: Ocean-based Atlantic salmon farming is on the right side of sustainability

Rating agencies	About the rating	Score (1)	Salmon is the most sustainable animal protein alternative
	Mowi ranked as the most sustainable animal protein producer in the world (amongst the largest 60 animal protein producers in the world) for five consecutive years	1st 1st	Protein retention	28%	37%	21%	13%
	TIME Magazine, in partnership with Statista, named Mowi in its list of the World's 500 Most		Feed conversion ratio	1.3	1.9	3.9	8.0
	Sustainable Companies for 2024		Edible meat per 100 kg feed	56 kg	39 kg	19 kg	7 kg
	Mowi recognised as a global leader in climate action	A A	Carbon footprint (kg CO / kg edible meat) 2	5.1 kg	8.4 kg	12.2 kg	39.0 kg
	Supplier Engagement Rating	A A	Water consumption (litre / kg edible meat)	2,0002)	4,300	6,000	15,400
	ESG Rating, designed to measure a company's resilience to long-term, industry material environmental, social and governance (ESG) risks. Mowi is inthe Leader category	AA AAA	«Blue foods on average have much greater nutritional benefits than terrestrial foods. Many blue foods also have a smaller environmental footprint.» «Farmed salmon…performed similarly or
	ESG Rating, assessing financially material Environmental, Social and Governance (ESG) data	Medium Risk	better than chicken – the considered environmental stressors.» Quotes from BFA documents	often considered the most efficient terrestrial animal across

Notes: 1) Scores based on most recent ratings, 2) The figure reflects total water footprint for farmed salmonid fillets in Scotland, in relation to weight and content of calories, protein and fat. Source: Fry et al (2018) Feed conversion efficiency in aquaculture: do we measure it correctly?. SINTEF (2020) Greenhouse gas emissions of Norwegian seafood products in 2017. Blue Food Assessment (Environmental performance of blue foods, Gephart et al., 2021) reported GHG emissions for farmed salmon of 5.1 kg CO2/kg edible weight and 8.4 kg CO2/kg edible weight for chicken. Mekonnen, M.M. and Hoekstra, A.Y. (2010) The green, blue and grey water footprint of farm animals and animal products. SARF (2014) Scottish Aquaculture's Utilisation of Environmental Resources

Salmon and land farmed animals have different reproductive strategies

External Fertilisation

• R-strategists
• higher number of reproductive cells
• lower survival rates
• more influenced by environmental conditions

Internal Fertilisation

• K-strategists
• lower number of reproductive cells
• higher survival rates
• less influenced by environmental conditions

Farmed salmon have much higher survival rates than wild salmon

Atlantic salmon production time is significantly longer than for most land farmed animals, and mortality rates are therefore naturally higher...

Source: Land animals- Animalia Norway (2023). Mortality rates refers to the average mortality rates during the on growing phase for aquatic animals. Freshwater mortality of 4% for growth period of 9-14 months (Mowi's data).

...however, monthly mortality rates for farmed salmon are significantly lower than for the majority of land animal proteins

MONTHLY MORTALITY (%)

Source: Animalia (2023) and Mowi's own data; complete production cycle (freshwater + seawater)

Mortality rates for Atlantic Salmon relatively stable over the past 30 years

Our strategic programmes of Postsmolt and Smart Farming are improving biological metrics and will improve fish survival and welfare

Postsmolt strategy

Reduce the time spent in sea by up to six months, substantially improving biological KPIs

Smart Farming

Unprecedented visibility and control underwater

Vaccination

100% vaccination; only approved veterinary medicines are used; no prophylactic use of antibiotics

Optimal feed and feeding

Ensuring optimal feed and feeding procedures

Fish behaviour

Use of underwater cameras for behavior observations

Handling and transport

Gentle handling and transport following best practices

Ensuring good fish welfare

Training

100% trained staff; dedicated fish health and welfare team

Stunning and slaughter 100% percussive stunning; trained staff

Certification

100% certified with either ASC, BAP or Global GAP, all addressing animal welfare

Supply chain

Relevant suppliers required to follow fish welfare standards; included in Code of Conduct

Reporting

R&D

Operational Welfare Indicators monitored and reported publicly

Continuous improving on testing and verifying new farming, technological and health solutions

Thank you