Mowi ASA

Investor Presentation • Aug 21, 2024

Q2 2024 presentation

CEO: Ivan Vindheim CFO: Kristian Ellingsen

21 August 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 Q2 2024

• Operating revenues EUR 1.34 bn. Operational EBIT EUR 230 million
• Strong quarter biologically
  • Seasonally record-high growth and harvest volumes of 110.4k GWT
  • Biomass all-time high 327k LWT end Q2; Δ28k LWT Y/Y or 9.4%
  • 2024 harvest volume guidance of 500k GWT reiterated; Δ5.3% Y/Y vs expected industry growth of marginal 1%
  • Realised blended farming cost down by EUR/kg 0.21 Q/Q to EUR/kg 5.84 (all 7 farming countries). Further decrease expected in Q3 on higher harvest volumes and lower feed prices
• Price achievement more of a mixed bag in the quarter
  • Prices in the US market still lagging behind due to a slower market
  • Price achievement for Norwegian salmon impacted by knock-on effects of sore issues in Q1, however, fully recovered in Q3
• Feed and Consumer Products with a good operational quarter
• Mowi Canada West (British Columbia) to be undertaken a strategic review following political decision
  • Net-pen farming banned in British Columbia from 1 July 2029
• Quarterly dividend of NOK 1.70 per share

Key financials

Mowi - main figures Group Unaudited EUR million	Q2 2024	Q2 2023	YTD 2024	YTD 2023	2023
Operational and other income revenue	340 0 1 ,	364 1 5 -2% ,	2 671 3 ,	2 726 9 ,	513 4 5 ,
1 ) Operational EBIT 1 ) Operational EBITDA	229 5 278 7	299 5 -23% 348 0	430 0 527 2	621 3 715 3	1 027 5 , 1 221 0 ,
(NIBD)1) 2) Net interest-bearing debt	882 1 1 ,	665 8 1 ,	882 1 1 ,	665 8 1 ,	790 3 1 ,
1) Underlying (EUR) EPS	0 30	0 43	0 53	0 83	1 38
1) Underlying EPS (NOK)	3 51	03 5	6 10	9 46	68 15
1) Net cash flow share (EUR) per	0 06	0 13	0 15	0 51	0 56
Dividend paid (NOK) declared and share per	1 50	2 00	3 40	3 70	7 20
ROCE 1)	9% 15	20 3 %	2 % 15	22 % 5	19 3 %
Equity ratio	5% 47	% 48 3	% 47 5	% 48 3	% 45 6
Harvest volume (GWT)	110 419	107 482 3%	206 913	210 426	474 664
kg1) Operational Total EBIT - EUR per -	2 08	2 79	2 08	2 95	2 16
Norway	2 52	3 35	2 52	3 55	2 82
Scotland	2 22	2 29	2 21	2 31	39 1
Chile	0 86	83 1	0 90	69 1	0 87
Canada	0 70	29 1	0 25	68 1	0 66
Ireland	2 22	40 1	2 64	49 1	0 27
Faroes Iceland	4 13 0 94	4 58 n/a	3 81 2 84	4 03 1 97	2 94 1 14

Salmon prices – weekly reference prices

• Strong prices for the European salmon following the usual seasonal pattern
• American prices temporarily lagging behind due to somewhat muted demand

FOB Seattle), RHS

0

1

2

3

USD per GWE 10-12 lbs (Seattle)

4

5

6

3.78

Price achievement and contract share

• Strong price achievement outside Norway
• Price achievement for Norwegian salmon negatively impacted by contracts and still some downgrading
  • Quality improved substantially in June, returned to normalised level in Q3

Q2-24

Norway

SALMON OF NORWEGIAN ORIGIN Q2 2024 Q2 2023 YTD 2024 YTD 2023 EUR million						Operational EBIT Salmon of Norwegian Origin Operational EBIT Salmon of Norwegian Origin
						Q2 2023 vs Q2 2024 Q2 2024 Q2 2023 vs
Operational EBIT	149 3	206 0	287 3	450 7	250
EBIT	96 5	188 1	267 7	455 3	200
Harvest volume (GWT)	59 364	61 469	114 076	127 096	150
Operational kg (EUR) EBIT per	2 52	3 35	2 52	3 54
- of which Feed	0 12	0 11	0 08	0 09	100
- of which Markets	0 78	0 55	0 85	0 23	50
- of which Consumer Products	0 25	0 38	0 27	0 37	0
Price achievement/reference price	84%	95%	82%	94%		Op EBIT Q2 2023	Price	Volume	Feed	Other SW	Non SW	Op EBIT Q2 2024
Contract share	30%	29%	31%	27%						costs	costs

• Earnings (price achievement) negatively impacted by lower price achievement YoY
  • Knock-on effects from sore issues in the first quarter and still some downgrading in the second quarter
• Good biology and seasonally record-high seawater production
• Reduced realised production cost compared with first quarter and stable YoY
• FX hit in the wake of the unprecedented weakening of the NOK last year is diminishing
  • EUR 9 million cost effect in Q2 (EUR/kg 0.15)

Norway: Operational EBIT/kg per region

• Region Mid stands out on good biology and focus on operational improvements as part of the ongoing turnaround process
• Region West and Region North with fairly similar margin
  • Region West good biology and cost
  • Region North margin impacted by still some after effects from this winter's biological issues
• Region South impacted by low harvest volumes and back-end loaded harvest profile
• All regions hit by soft price realisation due to contracts and some downgrading

Norway: Sales contract portfolio

• 30% contract share for the second quarter
• 16% contract share for the third quarter

Scotland

SALMON OF SCOTTISH ORIGIN EUR million	Q2 2024	Q2 2023	YTD 2024	YTD 2023	Operational EBIT Salmon of Scottish Origin Operational of Scottish Origin EBIT Salmon Q2 2023 vs Q2 2024 Q2 2024 Q2 2023 vs
Operational EBIT	43 6	41 8	74 6	68 4	60
EBIT	5 7	17 3	49 5	56 4	50
volume (GWT) Harvest	19 591	18 278	33 796	29 651	40
Operational (EUR) EBIT kg per	2 22	2 29	2 21	2 31	30
- of which Feed	-0 01	-0 06	-0 02	-0 10	20
- of which Markets	0 17	0 18	0 16	0 16	10
- of which Consumer Products	0 21	0 26	0 20	0 28
Price achievement/reference price	104%	102%	103%	98%	0 Op Price Volume Feed Other Op EBIT Non Trans EBIT
Contract share	50%	49%	60%	71%	lation Q2 2023 SW SW Q2 2024 costs costs

• Another strong quarter for Mowi Scotland this year
• Good biology and good starting point for H2
  • Costs expected to increase in Q3 compared with Q2 on lower volumes
• Postsmolt production good so far transfer to marine sites in Q3/Q4
• Started construction of new broodstock and egg facility to be completed in 2025

Chile

• Good biological metrics, although impacted by El Niño-induced issues
• Continued soft prices in Americas weighed on earnings

Canada

SALMON OF CANADIAN ORIGIN Q2 2024 Q2 2023 YTD 2024 YTD 2023 million EUR						Operational EBIT Salmon of Canadian Origin Operational of Canadian Origin EBIT Salmon Q2 2023 vs Q2 2024 Q2 2024 Q2 2023 vs
Operational EBIT	6 8	12 0	4 6	28 5	20
EBIT	-12 7	-25 1	-31 3	2 6	15
volume (GWT) Harvest	9 707	9 352	18 503	16 932	10
Operational (EUR) EBIT kg per	0 70	1 29	0 25	1 68	5
- of which Markets	0 19	0 01	0 18	0 03	0
- of which Consumer Products	0 01	0 00	0 01	0 00	-5
Price achievement/reference price	99%	97%	94%	95%	-10
Contract share	0%	0%	0%	2%		Op EBIT	Price	Volume	Feed	Other	Non	Trans	Op EBIT
						Q2 2023				SW costs	SW costs	lation	Q2 2024

• Earnings impacted by a challenging market situation for Canadian salmon
• Algae issues in Canada West during the summer
  • Along with lower harvest volumes, will impact cost realisation in the third quarter
• Initiating strategic review of Mowi Canada West. Mowi Canada East not impacted

Ireland and Faroes

SALMON OF IRISH ORIGIN
EUR million	Q2 2024	Q2 2023	YTD 2024	YTD 2023
Operational EBIT	7 3	2 3 8 9	11 5	3 6
EBIT	6 11	3 5	21 4	6 7
Harvest volume (GWT)	3 287	1 646	4 365	2 427
Operational EBIT kg (EUR) per	2 22	1 40	2 64	1 49
- of which Feed	-0 01	-0 06	-0 03	-0 12
- of which Markets	0 23	0 22	0 28	0 24
- of which Consumer Products	0 19	-0 03	0 16	0 11
Price achievement/reference price	n/a	n/a	n/a	n/a
Contract share	61%	85%	46%	78%

• A strong quarter on good biology and higher volumes

SALMON OF FAROESE ORIGIN EUR million	Q2 2024	Q2 2023	YTD 2024	YTD 2023
Operational EBIT	10 5	13 0	19 7	20 0
EBIT	3 6	10 8	12 2	16 1
(GWT) Harvest volume	2 541	2 840	5 168	4 969
Operational EBIT kg (EUR) per	4 13	4 58	3 81	4 03
- of which Feed	0 00	0 00	0 00	0 00
- of which Markets	0 11	0 13	0 12	0 10
- of which Consumer Products	0 10	0 13	0 06	0 07
Price achievement/reference price	102%	108%	102%	102%
Contract share	0%	0%	0%	0%

• Continued strong operational and financial results from Mowi Faroes
• Strong operational metrics

Iceland (Arctic Fish)

SALMON OF ICELANDIC ORIGIN
million EUR	Q2 2024	Q2 2023	YTD 2024	YTD 2023
Operational EBIT	2 1	-0 5	10 8	9 8
EBIT	-3 8	3 4	6 1	9 1
Harvest volume (GWT)	1 273	100	3 804	4 966
Operational kg (EUR) EBIT per	0 94	n/a	2 84	97 1
- of which Feed	-0 02	0 00	-0 02	0 00
- of which Markets	-0 94	0 00	-0 34	0 00
- of which Consumer Products	0 08	0 00	0 08	0 00
Price achievement/reference price	102%	n/a	89%	n/a
Contract share	0%	0%	0%	0%

• Financial figures impacted by low harvest volumes
• Good biological performance

Consumer Products

CONSUMER PRODUCTS
million EUR	Q2 2024	Q2 2023	YTD 2024	YTD 2023
Operating revenues	889 2	885 8	1 785 7 ,	1 740 3 ,
Operational EBIT	25 1	37 1	49 5	74 3
Operational % EBIT	2 8%	4 2%	2 8%	4 3%
Operational % only EBIT VAP	3 1%	4 8%	3 0%	4 7%
EBIT	24 4	36 7	47 5	73 7
Volume sold (tonnes prod . weight)	55 767	54 099	111 108	107 283

• Continued good operational performance
• Earnings held back by temporarily slower market in Americas and margin pressure in Europe
• We expect a gradual recovery of the American market as Western economies continue to recover, and on the back of falling retail prices
• Market in Europe remains strong

Feed

FEED
EUR million	Q2 2024	Q2 2023	YTD 2024	YTD 2023
Operating revenues	253 1	233 0	450 5	429 0
Operational EBITDA	10 8	9 7	16 5	15 8
Operational EBIT	6 7	5 4	8 5	7 6
Operational EBITDA %	4 3%	4 2%	3 7%	3 7%
Operational % EBIT	2 7%	2 3%	9% 1	8% 1
EBIT	6 7	5 4	8 5	7 6
Feed sold volume	131 589	115 513	229 508	209 507
Feed produced volume	152 005	135 985	267 499	244 562

• Seasonally record-high sold volumes (up 14% YoY) on strong feed demand
• Strong feed performance

Q2 2024 presentation Financials, Markets and Harvest volumes

Profit and Loss

Mowi Group million EUR	Q2 2024	Q2 2023	2024 YTD	2023 YTD	2023
Operational revenue and other income	1,340 0	1,364 .5 -2%	2 671 3 ,	2 ,726 9	5,513 4
Operational 1) EBIT	229 .5	299 .5 -23%	430 0	621 3	1,027 .5
Change in unrealized internal margin Gain/loss from derivatives Net fair value adjustment of biomass ,	0 4 0 -5	5 1 -9 7	8 7 -8 8	8 6 -8 6	-0 9 -2 9
onerous contracts provision	-121 2	-98 3	-60 5	-44 6	19 1
Restucturing costs	-2 9	-2 4	-5 7	-3 5	-4 9
Production/license/sales taxes	-10 6	-7 8	-22 8	-16 2	-45 1
Other non-operational items	5 5	-1 4	-6 3	-3 4	-16 6
Income from associated companies	-4 3	2 7	1 2	15 1	28 4
Impairment losses	8 -1	-2 8	-6 6	-2 8	-23 5
EBIT	89 6	184 9	328 .5	565 9	981 0
financial items Net	-34 2	-0 3	-66 9	-20 0	-82 3
Earnings before tax	55.4	184 6	261 6	546 0	898 .7
Profit for period or loss the	37 .7	-123 .1	208 2	157.8	439 .5
Basic (EUR) EPS	0 07	-0 23	0 40	0 30	0 86
Underlying EPS (EUR)	0 30	0 43	0 53	0 83	38 1
Underlying EPS (NOK)	3 51	5 03	6 10	9 46	15 68
flow (EUR) Net cash per share	0 06	0 13	0 15	0 51	0 56
Dividend declared and paid per share (NOK)	50 1	2 00	3 40	3 70	20 7
Operational margin EBIT	1% 17	0% 22	1% 16	8% 22	6% 18
Harvest volume GWT (salmon) ,	110 419	107 482 3%	206 913	210 426	474 664
1) Operational EBIT per kg incl margin	2 08	2 79	2 08	2 95	2 16
ROCE 1)	% 15 9	% 20 3	% 15 2	% 22 5	% 19 3

• Negative net fair value adjustment on lower salmon prices
• Associated companies: EBIT/kg of EUR 3.26 on 12.5k tonnes from Nova Sea (49% ownership and largest shareholder)
  • Strong price achievement
  • Includes temporary FX gain from weakening of NOK

Financial position

Mowi Group EUR million	30 06 2024	30 06 2023	31 12 2023
Non-current assets Current assets Total assets	4 408 5 3 675 0 8 083 8	4 106 1 3 401 2 507 4 7	4 259 5 3 979 5 8 239 0
Equity Non-current liabilities Current liabilities equity liabilities Total and	3 842 7 3 065 7 1 175 2 8 083 8	3 623 8 2 853 0 1 030 6 7 507 4	3 754 7 3 219 3 1 264 9 8 239 0
1) Net interest-bearing debt Equity ratio equity ratio Covenant	1 882 1 47 5% 2% 51	1 665 8 48 3% 1% 51	1 790 3 45 6% 4% 48

• Strong financial position

Cash Flow and Net Interest Bearing Debt

Mowi Group million EUR	Q2 2024	Q2 2023	YTD 2024	YTD 2023
beginning of period* NIBD	824 6 -1	641 2 -1	790 3 -1	758 9 -1
Operational EBITDA*	278 7	384 0	527 2	715 4
Change in working capital	-26 2	-52 2	-46 1	-36 4
Taxes paid	-126 2	-102 1	-189 9	-142 4
Other adjustments	-4 4	3 -11	-14 2	-14 0
Cash flow from operations*	121 8	182 4	277 0	522 7
Capex Net	-70 0	-99 1	-137 6	-189 4
Other investments and dividends received	0 9	0 8	0 4	-40 5
flow from investments Cash	-69 1	-98 3	-137 2	-229 9
Net interest and financial items paid*	-31 7	-22 2	-61 7	-42 2
items Other	1 6	2 0	-5 3	6 9
Dividend / return of paid in capital	-66 5	-89 6	-153 3	9 -171
effect interest-bearing Currency debt on	-13 6	1 1	-11 1	7 4
end of period* NIBD	882 -1 1	665 8 -1	882 -1 1	665 8 -1
*Excluding effects of IFRS 16
distribution: NIBD
EUR	96%	94%	96%	94%
USD	1%	2%	1%	2%
GBP	1%	1%	1%	1%
currencies Other	3%	3%	3%	3%

• Q2 earnings partly offset by tax payments
• Capex reduced from 2023

2024 Cash Flow Guidance overall unchanged

• Working capital build-up of EUR 140m due to biomass growth and growth through the value chain
• Capital expenditure EUR ~290m
  • Freshwater investments EUR ~35m
  • Seawater investments EUR ~45m
  • Processing / Sales & Marketing: New processing plants/upgrades, automation projects across plants, digitalisation, efficiency initiatives. EUR ~20m
• Interest paid EUR ~120m (ex IFRS 16 effects)
• Taxes paid EUR ~270m (including resource rent tax of EUR ~40m)
• Quarterly dividend of NOK 1.70 per share
  • Payable in third quarter

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

Strong focus on cost leadership – expect lower cost in H2

• Recent easing of the significant post-Covid inflationary pressure
  • Driven by feed prices which increased significantly 2021-2023 but have been reduced by ~5% YTD Q2 2024 vs 2023
  • Expectations of continued decreases in feed price driven by marine ingredients
  • In addition, positive scale effects from higher volumes and operational improvements are expected to contribute to lower full cost for Mowi Farming H2 2024
• Cost-cutting initiatives are important
  • Continued cost focus necessary to combat inflation, biological measures, and more complex regulations
    • Cost savings programme, including productivity programme on FTEs
    • Continued operational improvements
• Mowi #1 or #2 performer in the various regions

Realised blended Farming cost per kg for Mowi group

EBIT per kg – Mowi consistently #1 and #2 in all regions

Mowi Industry average

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

Prices for marine ingredients in feed down from peak levels

• Cash cost-to-stock in Mowi Farming down in Q2-24 vs Q4-23 and Q1-24 driven by reduced feed prices of ~5% YTD 2024
• About 20% of total farming cost-in-box cost is marine ingredients used in feed
• Successful first season 2024 for the Peruvian anchovy wild catch with 2.5 million tonnes caught (98% of quota) at normalised fish oil yield, after an El Niño-disrupted fishery last year
• Second fishing season expected to start in October with an expected quota of at least 1.7 million tonnes
• FM and FO prices down ca. 25% from peak
• Biology improved for Mowi Norway vs. a challenging start of the year, and prospects of further reduction in feed prices
  • Expect lower cost level for Mowi Farming in H2

Realised cost savings of EUR 307 million 2018-2024 YTD Q2

• Realised EUR 22 million in annualised cost savings in 2024 YTD Q2
• Ahead of schedule to deliver on the EUR 25 million target for 2024 full year
• Total cost savings of EUR 307 million 2018-2024 YTD, of which EUR 207 million in Farming
  • ~1 700 initiatives across different categories
  • Renegotiations of contracts
    • Boats and treatment capacity
    • Nets and net cleaning
    • Vaccines and other health items
    • External services and fee cuts
  • Productivity programme
  • Other savings based on thorough review of spend, e.g. travel costs and energy savings

Cost savings per year and business area (EUR million)

Cost savings per category (EUR million)

• Boats/treatments
• Other health
• Nets
• Salary
• Other procurement
• Other

Delivering on the productivity programme – 2,447 FTEs so far

• Productivity programme

• Salary and personnel expenses second largest cost item in Mowi; EUR 648 million in 2023
• Productivity increase of 18% vs 2019, i.e. delivering significantly above the 10% targeted productivity increase
  • FTE decrease 9% (2019-2024 YTD Q2)
  • Volume increase 9% (2019-2023)
• Natural turnover through retirement, reduced overtime and reduced contracted labour
• Automation and rightsizing
• On schedule to deliver on the 2024 target to reduce FTEs by 324 through the productivity programme

FTE reductions based on "as is" volumes

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
	Mowi recognised as a global leader in		Protein retention	28%	37%	21%	13%
	climate action	A A	Feed conversion ratio	1.3	1.9	3.9	8.0
	CDP Water	A	Edible meat per 100 kg feed	56 kg	39 kg	19 kg 12.2 kg 6,000	7 kg
	Supplier Engagement Rating	A A	Carbon footprint (kg CO / kg edible meat) 2	5.1 kg	8.4 kg		39.0 kg
	ESG reporting amongst the 100 largest listed companies in Norway	2nd A	Water consumption (litre / kg edible meat)	2,0002)	4,300		15,400
	ESG Rating, designed to measure a company's resilience to long-term, industry material environmental, social and governance risks. Mowi is inthe Leader category.	AA AA		smaller environmental footprint.»		«Blue foods on average have much greater nutritional benefits than terrestrial foods. Many blue foods also have a
	ESG Rating, assessing financially material Environmental, Social and Governance (ESG) data	Medium Risk		«Farmed salmon…performed similarly or better than chicken – often considered
	Mowi recognised as Climate Winner in wC's Climate Index for 2023	st 1 1st		Quotes from BFA documents		the most efficient terrestrial animal across the considered environmental stressors.»

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

Mowi recognised by TIME Magazine

• TIME Magazine covered Mowi on two recent occasions
• In June, TIME, in partnership with Statista, named Mowi in its list of the World's 500 Most Sustainable Companies for 2024, highlighting corporate responsibility and sustainable practices
• In October last year, Mowi's collaboration with Tidal on AIdriven underwater sensing and analysis was named one of TIME's 200 Best Inventions of the Year 2023

The international community embraces not only Mowi's ESG efforts, but also the Atlantic salmon's unique product features which make it one of world's most sustainable animal proteins

Supply development

	Estimated	Compared to Q2 2023			Est . volumes
Suppliers	Q2 2024	Q2 2023	Volume		%	Q1 2024
Norway	278 800 ,	283 500 ,	4 700 - ,		7% 1 -	272 200 ,
Scotland	50 900 ,	42 300 ,	8 600 ,		20 3%	35 700 ,
Faroe Islands	16 700 ,	15 800 ,	900		7% 5	21 200 ,
Other Europe	8 800 ,	4 300 ,	4 500 ,		104 7%	12 900 ,
Total Europe	355 200 ,	345 900 ,	9 300 ,		7% 2	342 000 ,
Chile	143 400 ,	163 300 ,	19 900 - ,		2% 12 -	139 700 ,
North America	34 500 ,	32 600 ,	900 1 ,		8% 5	30 200 ,
Americas Total	177 900 ,	195 900 ,	-18 000 ,		2% 9 -	169 900 ,
Australia	17 100 ,	16 800 ,	300		8% 1	19 000 ,
Other	9 500 ,	8 700 ,	800		9 2%	8 400 ,
Total	559 700 ,	567 300 ,	-7 600 ,		3% -1	539 300 ,

• Global supply stable and in line with guidance

Global volume development

	Estimated volumes		Compared Q2 2023 to		. volumes Est	12 month	comparison
Markets	Q2 2024	Q2 2023	Volume	%	Q1 2024	LTM	PTM	%
EU+UK	245 000 ,	237 600 ,	7 400 ,	3 1%	234 900 ,	1 105 800 , ,	1 102 000 , ,	0 3%
Russia	400 7 ,	12 500 ,	100 -5 ,	-40 8%	700 11 ,	54 500 ,	700 57 ,	5% -5
Other Europe	20 400 ,	21 800 ,	-1 400 ,	-6 4%	22 900 ,	91 600 ,	102 200 ,	-10 4%
Total Europe	272 800 ,	271 900 ,	900	3% 0	269 500 ,	1 251 900 , ,	1 261 900 , ,	8% -0
USA	133 700 ,	144 400 ,	-10 700 ,	4% -7	139 500 ,	570 900 ,	587 700 ,	-2 9%
Brazil	28 400 ,	24 800 ,	3 600 ,	14 5%	29 000 ,	113 600 ,	97 500 ,	16 5%
Other Americas	27 800 ,	30 800 ,	-3 000 ,	-9 7%	26 000 ,	123 800 ,	136 200 ,	-9 1%
Total Americas	189 900 ,	200 000 ,	-10 100 ,	-5 1%	194 500 ,	808 300 ,	821 400 ,	-1 6%
China / Hong Kong	29 100 ,	28 000 ,	1 100 ,	9% 3	28 800 ,	120 100 ,	101 600 ,	2% 18
Japan	10 600 ,	9 900 ,	700	7 1%	10 600 ,	44 600 ,	50 900 ,	-12 4%
Taiwan South Korea /	12 700 ,	12 400 ,	300	4% 2	13 100 ,	51 800 ,	54 500 ,	0% -5
Other Asia	16 400 ,	16 100 ,	300	9% 1	900 17 ,	72 500 ,	81 300 ,	-10 8%
Total Asia	68 800 ,	66 400 ,	2 400 ,	3 6%	70 400 ,	289 000 ,	288 300 ,	0 2%
All other markets	31 500 ,	27 500 ,	4 000 ,	14 5%	28 300 ,	140 400 ,	139 400 ,	0 7%
Total	563 000 ,	565 800 ,	-2 800 ,	5% -0	562 700 ,	2 489 600 , ,	2 511 000 , ,	9% -0
Inflow to US from Europe	32 800 ,	35 600 ,	-2 800 ,	-7 9%	33 300 ,	145 300 ,	157 600 ,	-7 8%
Inflow to from Chile EU	6 100 ,	500 7 ,	400 -1 ,	-18 7%	10 300 ,	34 500 ,	28 600 ,	20 6%	Source: Kontali

• Europe: Positive retail developments in the major markets, and stable foodservice
• US: Temporarily reduced demand 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

Page 30

• China/Hong Kong. Continued growth in foodservice. Other Asia also growing on good underlying demand

Development in reference prices

	Q2 2024 Market	Change vs Q2 2023	Q2 2024 EUR	Change vs Q2 2023
(1) Norway	9 37 EUR	2 7%	9 37 EUR	2 7%
Chile (2) Chile GWT (3) ,	USD 6 22 USD 09 7	3 2% 7% 1	EUR 5 77 6 59 EUR	4 3% 2 9%
America (4) North West Coast North America East Coast (5) North America East Coast GWT (3) ,	USD 3 78 USD 4 41 USD 8 21	0% -5 -4 9% -6 7%	EUR 3 51 EUR 4 10 62 EUR 7	9% -3 -3 9% 7% -5

• Strong prices for the European salmon following the usual seasonal pattern
• American prices temporarily lagging behind due to somewhat muted demand

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

	2021	2022	2023	2024	Estimates 2024
GWT (1,000)				Estimate	Low	Y/Y growth	High	Y/Y growth
Norw ay	1,380	1,365	1,331	1,357	1,347	1%	1,367	3%
UK	179	145	137	157	154	12%	160	17%
Faroe Islands	95	90	80	88	86	7%	90	12%
Other Europe*	52	53	48	56	54	13%	58	22%
Total Europe	1,706	1,653	1,597	1,658	1,641	3%	1,675	5%
Chile	646	678	689	633	624	-10%	642	-7%
North America	143	137	116	123	120	4%	126	9%
Total Americas	789	815	805	756	744	-8%	768	-5%
Other	109	109	114	123	120	5%	126	11%
Total	2,604	2,577	2,516	2,537	2,505	0%	2,569	2%

*Ireland and Iceland

	Q3 2021	Q3 2022	Q3 2023	Q3 2024	Estimates Q3 2024
(1,000) GWT				Estimate	Low	Q/Q growth	High	Q/Q growth
Norw ay	372	380	371	393	388	5%	398	7%
UK	47	43	37	40	39	5%	41	10%
Faroe Islands	21	23	22	23	22	-3%	24	6%
Other Europe	11	12	13	17	16	24%	18	40%
Total Europe	452	458	443	472	464	5%	480	8%
Chile	149	189	183	179	175	-5%	183	0%
North America	35	37	32	29	28	-12%	30	-6%
Total Americas	184	226	216	208	203	-6%	213	-1%
Other	29	28	29	32	31	8%	33	15%
Total	665	711	688	712	698	2%	726	6%

	Q4 2021	Q4 2022	Q4 2023	Q4 2024
(1,000) GWT				Estimate	Low	Q/Q growth	High	Q/Q growth
Norw ay	401	404	391	414	409	5%	419	7%
UK	36	32	25	30	28	11%	32	27%
Faroe Islands	30	27	25	27	26	5%	28	12%
Other Europe	13	14	17	18	17	0%	19	12%
Total Europe	481	478	458	489	480	5%	498	9%
Chile	181	175	176	171	166	-6%	176	0%
North America	33	27	30	29	27	-11%	31	2%
Total Americas	214	202	206	200	193	-7%	207	0%
Other	33	31	33	37	35	5%	39	17%
Total	728	711	698	726	708	1%	744	7%

• Expect low supply growth of 1% in 2024 reiterated
• Limited supply growth also expected in the coming years

(*) Ireland and Iceland

Actual harvest volumes will be affected by e.g. water temperatures, development in biological growth, biological challenges such as diseases, algal blooms etc. and market developments.

Mowi volume guidance maintained at all-time high

Atlantic salmon	2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	2024
(1 000) GWT ,	Actual	Actual	Actual	Actual	Actual	Actual	Actual	Actual	Guidance	Guidance	Guidance
Norway	293	65	61	86	81	294	54	59	105	85	305
	7	6	5	2	2	5	7	4	0	9	0
Scotland	48	11	18	14	10	54	14	19	15	15	64
	4	4	3	7	6	9	2	6	0	2	0
Chile	65	10	13	17	27	69	12	14	23	21	72
	7	6	8	7	2	2	5	7	0	8	0
Canada	41	7	9	7	4	28	8	9	7	4	30
	1	6	4	5	2	6	8	7	5	0	0
Ireland	6	0	6	2	0	4	1	3	3	2	8
	8	8	1	0	1	5	1	3	3	1	9
Faroes	7	2	2	2	3	11	2	2	2	2	10
	9	1	8	5	5	0	6	5	4	4	0
Iceland	n/a	4 9	0 1	4 4	2 5	11 9	2 5	1 3	3 3	3 0	10 1
Total	463	102	107	135	129	474	96	110	159	133	500
	6	9	5	0	2	7	5	4	5	6	0

• 2024 volume guidance of record-high 500,000 tonnes maintained
  • Minor volume changes for Chile (-2k), Ireland (+1.9k) and Iceland (+0.1k) for FY 2024
  • Supported by all-time high biomass in sea end of Q2

Outlook

• Seasonally record-high growth in the second quarter on good biology
• Farming volumes of 500,000 tonnes for the year re-iterated
  • Record-high standing biomass in sea
• Reduced realised blended farming cost in the second quarter and further decrease expected in the third quarter
  • Good biology, higher harvest volumes and lower feed prices
• Continue to see strong demand for European salmon, whilst the market for American salmon is currently somewhat softer
  • Expect a recovery in US demand in due course
• Tight supply side going forward supportive for strong fundamentals

Save the Date: 25-26 September 2024 Capital Markets Day in mid Norway

• Strategic and operational plans for the coming years
• Day 1: Early morning start in Kristiansund – site-visits of value chain
  • Feed plant
  • Smolt & postsmolt
  • Smart Farming
  • Remote Operation Centre
  • Primary Processing
• Day 2: Company presentations
• Link to registration at our website www.mowi.com

Q2 2024 presentation

Appendix

Nova Sea

	volume (GWT) Harvest						kg (EUR) EBIT per
	Ownership %	2022	2023	Q2 2023	Q2 2024	2022	2023	Q2 2023	Q2 2024	Q2 2024
Sea Nova	48 9 %	44 027	39 985	9 614	12 543	2 90	3 01	3 82	3 26	-47 2

• 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
  • − aid 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 -4.3m in Q2 2024 (IFRS adj of biomass EUR -15.1m)

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

Resource rent tax in Norway with effect from 2023

• Estimate for effective resource rent tax rate of about 10% for Mowi Norway across the valuechain
  • Earnings in the seawater phase subject to 25% resource rent tax in addition to 22% corporate tax
  • However, Mowi has the most diverse value-chain in the industry where a significant part is not subject to the resource rent tax (out of scope)
    • o Subject to ordinary 22% corporate tax only
  • Estimate is still preliminary and subject to material uncertainty

Quarterly segment overview

SOURCES OF ORIGIN QTD
EUR million	Norway	Scotland	Chile	Canada	Ireland	Faroes	Iceland	Other 1)	Group
OPERATIONAL EBIT
FARMING	81 6	36 1	6 3	4 8	5 9	10 0	2 3	0 0	147 1
SALES AND MARKETING
Markets	46 1	3 4	1 9	1 8	0 8	0 3	-1 2	0 0	53 0
Consumer Products	14 6	4 2	4 4	0 1	0 6	0 2	0 1	0 9	25 1
SUBTOTAL	142 4	43 7	12 5	6 8	3 7	10 5	2 1	0 9	225 3
Feed	6 9	-0 1			0 0	0 0	0 0	0 0	6 7
entities 1) Other								-2 5	-2 5
TOTAL	149 3	43 6	12 5	6 8	3 7	10 5	2 1	-1 7	229 5
(GWT) Harvest volume	59 364	19 591	14 656	9 707	3 287	2 541	1 273		110 419
(EUR) 1) Operational kg - total Group EBIT per	2 52	2 22	0 86	0 70	2 22	4 13	0 94		2 08
- of which Feed	0 12	-0 01	n/a	n/a	-0 01	0 00	-0 02		0 06
- of which Markets	0 78	0 17	0 13	0 19	0 23	0 11	-0 94		0 48
- of which Consumer Products	0 25	0 21	0 30	0 01	0 19	0 10	0 08		0 23
ANALYTICAL DATA
(%) 1) Price achievement/reference price	84%	104%	109%	99%	n/a	102%	102%		92%
Contract share (%)	30%	50%	38%	0%	61%	0%	0%		31%
GUIDANCE
Q3 2024 harvest volume (GWT)	105 000	15 000	23 000	7 500	3 300	2 400	3 300		159 500
2024 harvest volume (GWT)	305 000	64 000	72 000	30 000	8 900	10 000	10 100		500 000
Q3 2024 contract share (%)	16%	61%	23%	0%	65%	0%	0%		21%

YTD segment overview

EUR million	Norway	Scotland	Chile	Canada	Ireland	Faroes	Iceland	Other 1)	Group
OPERATIONAL EBIT
FARMING	149 3	63 2	12 5	1 2	9 7	18 8	12 0		266 8
SALES AND MARKETING
Markets	97 5	5 5	3 3	3 3	1 2	0 6	-1 3	0 0	110 2
Consumer Products	31 0	6 7	8 6	0 2	0 7	0 3	0 1	2 0	49 5
SUBTOTAL	277 9	75 4	24 4	4 6	11 6	19 7	10 9	2 0	426 5
Feed	9 5	-0 8			-0 1	0 0	-0 1	0 0	8 5
entities 1) Other								0 -5	0 -5
TOTAL	287 3	74 6	24 4	4 6	11 5	19 7	10 8	-3 0	430 0
(GWT) Harvest volume	114 076	33 796	27 202	18 503	4 365	5 168	3 804		206 913
(EUR) 1) Operational EBIT kg - total Group per	2 51	2 21	0 90	0 25	2 64	3 81	2 84		2 08
- of which Feed	0 08	-0 02	n/a	n/a	-0 03	0 00	-0 02		0 04
- of which Markets	0 85	0 16	0 12	0 18	0 28	0 12	-0 34		0 53
- of which Consumer Products	0 27	0 20	0 32	0 01	0 16	0 06	0 03		0 24
ANALYTICAL DATA
(%) 1) Price achievement/reference price	82%	103%	104%	94%	n/a	102%	89%		90%
Contract share (%)	31%	60%	41%	0%	46%	0%	0%		34%

Page 41

Development in harvest volumes

GWT	2019	2020	2021			2022					2023					2024E
(1 000) ,	Total	Total	Total	Q1	Q2	Q3	Q4	Total	Q1	Q2	Q3	Q4	Total	Q1	Q2	Q3E	Q4E	Total
Norway	236	262	273	59	59	87	87	293	65	61	86	81	294	54	59	105	85	305
	9	0	2	4	8	4	1	7	6	5	2	2	5	7	4	0	9	0
Scotland	65	52	64	10	13	14	10	48	4	18	14	10	54	14	19	0	2	64
	4	7	4	5	0	5	4	4	11	3	7	6	9	2	6	15	15	0
Chile	65	64	66	16	14	16	18	65	10	13	17	27	69	12	14	23	21	72
	7	6	0	0	4	9	4	7	6	8	7	2	2	5	7	0	8	0
Canada	54	44	45	8	10	11	10	41	7	9	7	4	28	8	9	7	4	30
	4	0	3	8	4	1	8	1	6	4	5	2	6	8	7	5	0	0
Ireland	6	8	6	0	3	2	0	6	0	1	2	0	4	1	3	3	1	8
	7	0	8	7	3	2	7	8	8	6	0	1	5	1	3	3	2	9
Faroes	6	8	9	2	8	1	3	9	2	2	2	3	0	2	2	2	2	10
	9	6	9	1	1	7	1	7	1	8	5	5	11	6	5	4	4	0
Iceland	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	4 9	0 1	4 4	2 5	9 11	2 5	3 1	3 3	3 0	10 1
Total	435	439	465	96	102	133	130	463	102	107	135	129	474	96	110	159	133	500
	9	8	6	6	7	8	5	6	9	5	0	2	7	5	4	5	6	0

Growth relative to same period in previous year

	2019	2020	2021	2022					2023					2024E
	Total	Total	Total	Q1	Q2	Q3	Q4	Total	Q1	Q2	Q3	Q4	Total	Q1	Q2	Q3E	Q4E	Total
Norway	3 %	11%	4 %	-21%	7%	23%	22%	8 %	10%	3%	-1%	-7%	0 %	-17%	-3%	22%	6%	4 %
Scotland	70%	-19%	22%	-42%	-32%	-3%	-13%	-25%	8%	41%	2%	2%	14%	25%	7%	2%	44%	16%
Chile	24%	-2%	2 %	-17%	-5%	13%	12%	0 %	-34%	-4%	5%	47%	% 5	18%	6%	30%	-20%	4 %
Canada	37%	-19%	% 3	-18%	-22%	0%	7%	-9%	-13%	-10%	-33%	-62%	-30%	16%	4%	0%	-4%	% 5
Ireland	5 %	20%	-15%	-42%	78%	-2%	-54%	1 %	17%	-50%	-8%	-84%	-34%	38%	100%	65%	1003%	96%
Faroes	-10%	24%	16%	32%	-23%	-40%	-17%	-21%	79%	58%	46%	12%	40%	23%	-11%	-5%	-31%	-9%
Iceland	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	-48%	n/m	n/m	n/m	-15%
Total	16%	1 %	6 %	-23%	-5%	14%	13%	0 %	7 %	5 %	1 %	-1%	2 38%	-6%	3 %	18%	3 %	5 %

Cash flow guidance and historic developments

Financial commitments and cost of debt (*)

Net capital expenditure Net working capital

Thank you