Mowi ASA

Earnings Release • May 8, 2024

Good results in a biologically challenging quarter for Mowi in Norway

Good results in a biologically challenging quarter for Mowi in Norway

(Bergen, 8 May 2024) Mowi recorded revenues of 1.33 billion euros in the first

quarter, compared with 1.36 billion euros in the corresponding quarter of 2023.

Operational profit was 201 million euros in the quarter.

"The first quarter was challenging for Mowi in Norway due to winter sores and an

unusually high prevalence of string jellyfish, in addition to a very cold

winter. Consequently, I am pleased to see the situation in Norway has improved

considerably in the second quarter. We are now vaccinating our smolt with an

improved winter sore vaccine which has shown promising results so far, and we

believe that this, together with other measures we are taking, will lead to a

significantly improved situation next year," said Mowi CEO Ivan Vindheim.

Outside Norway, Mowi delivered strong biological performance in its six other

farming countries during the quarter.

"It is comforting to see biological improvements in Scotland compared with last

year, and that our Chilean operation has coped well during the El Niño period.

Mowi's other farming regions abroad have also achieved good biological results

in the quarter," Vindheim said.

As a result of improved biology, falling feed prices and scale effects, Mowi

expects reduced production costs in the second half of the year.

Mowi harvested 96 500 tonnes of salmon in the first quarter, leaving a

seasonally record-high biomass in sea at quarter end. This, combined with

improved biological performance in Mowi Norway so far in the second quarter,

means that group volume guidance of record-high 500,000 tonnes for 2024 is re-

iterated, marking a new milestone in Mowi's 60-year history Furthermore, this

would correspond to an increase of 5.3% from last year, yet again significantly

higher than the expected growth in the wider industry.

Since 2021 Mowi has focused heavily on releasing larger smolt to sea. CEO Ivan

Vindheim is certain that this strategy will lead to further growth and improved

biological KPIs in the coming years.

"By the end of 2024 Mowi will have capacity to produce almost 40 million

postsmolt, equivalent to a share of approximately 25% of the group's total

smolt. In Norway, Mowi's postsmolt share will be approximately 50%, when

excluding Region North from the equation for natural reasons. This is expected

to drive license utilisation higher and at the same time contribute to improved

fish welfare and survival rates," said Vindheim.

Mowi Consumer Products, the group's secondary processing business, delivered

good operational performance in the first quarter, and increased sold volumes

year-on-year on strong European retail demand.

"European salmon prices have been strong so far this year, however, prices for

American salmon have been weaker. We believe American salmon prices will

strengthen over time as we see practically no supply growth this year and

limited supply growth in the coming years," said Vindheim

Mowi Feed also had a good quarter, setting a new record for volumes sold in what

is expected to be another year of all-time high volumes and earnings for the

group's feed operation following record-high harvest volumes for Mowi 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 11 500 people in 25 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.