Mowi ASA

Investor Presentation • May 8, 2024

Q1 2024 presentation

CEO: Ivan Vindheim CFO: Kristian Ellingsen

8 May 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 Q1 2024

• Operating revenues of EUR 1.33 billion. Operational EBIT of EUR 201 million
• Challenging quarter for Farming Norway due to winter sores and downgrades, significantly compounded by string jellyfish and an unusually cold winter
• Strong biological performance in our six farming countries outside Norway
• Strong demand and prices in Europe, whilst prices in Americas on the soft side
• Realised farming cost of EUR 6.05 per kg negatively impacted by seasonally low volumes and low dilution of cost, in addition to winter sores in Norway
  • Expect a lower cost level in H2 due to improved biology in Norway in Q2, lower feed prices and scale
  • Cost expected to be stable in Q2 due to seasonally low volumes and knock-on effects of winter sores in Mowi Norway
• Although gradually diminishing, weakening of the NOK last year hit earnings by EUR 10 million in the quarter
• Harvested 96.5k GWT in the quarter, harvest volumes of record-high 500k GWT for 2024 maintained
  • Supported by seasonally record-high biomass in sea end of Q1
• Feed and Consumer Products with a good operational quarter, however, impacted by seasonality and a slower market in the US
• Quarterly dividend of NOK 1.50 per share

Key financials

Mowi Group - main figures Unaudited million EUR	Q1 2024	Q1 2023	2023
Operational income and other revenue	1 331 3 ,	1 362 4 -2% ,	5 513 4 ,
1) Operational EBIT 1) Operational EBITDA	200 5 248 5	321 8 -38% 367 4	027 1 5 , 1 221 0 ,
(NIBD)1) 2) interest-bearing Net debt	1 824 6 ,	1 641 2 ,	1 790 3 ,
1) Underlying EPS (EUR)	0 21	0 33	30 1
1) Underlying EPS (NOK)	2 36	2 99	14 81
1) flow (EUR) Net cash share per	0 09	0 37	0 56
Dividend paid (NOK) declared and share per	1 90	1 70	7 20
ROCE 1)	14 7%	22 4 %	19 3 %
Equity ratio	47 9%	51 3 %	45 6 %
volume (GWT) Harvest	96 495	102 944 -6 3%	474 664
kg1) Operational EBIT - EUR Total per -	2 08	3 13	2 16
Norway	2 52	3 73	2 82
Scotland	2 19	2 34	1 39
Chile	0 95	1 51	0 87
Canada	-0 24	2 17	0 66
Ireland	3 90 3 50	68 1 3 30	0 27 2 94
Faroes Iceland	3 79	2 12	14 1

Salmon prices – weekly reference prices

• Two-way division of European and American prices continued in the quarter
• Record high European spot prices on strong demand and low supply
• Prices in Americas on the soft side partly due to temporarily lower demand

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

Price achievement and contract share

• Price achievement 11% lower than reference price, mainly due to quality downgrading in Norway

Q1-24

Norway

SALMON OF NORWEGIAN ORIGIN
EUR million	Q1 2024	Q1 2023
Operational EBIT	138 0	244 7
EBIT	2 171	267 1
volume (GWT) Harvest	54 711	65 627
Operational (EUR) EBIT kg per	2 52	3 73
- of which Feed	0 05	0 06
- of which Markets	0 94	0 58
- of which Consumer Products	0 30	0 37
Price achievement/reference price	83%	93%
Contract share	32%	26%

• Earnings negatively impacted by winter sores and downgrades, significantly compounded by string jellyfish and an unusually cold winter
• Improved biology in the second quarter on higher sea water temperatures
• Smolts now vaccinated with an improved winter sore vaccine promising results
• Preventive measures at sea and increased upgrading capacity on land

Norway: Operational EBIT/kg per region

• Region West stands out on good biology and less impacted by winter sores and downgrades

Norway: Sales contract portfolio

Realised contract volumes Contracted volumes (including prospects)

• 32% contract share for the first quarter
• Maintained contract strategy for 2024

Scotland

SALMON OF SCOTTISH ORIGIN
million EUR	Q1 2024	Q1 2023
Operational EBIT	31 1	26 6
EBIT	43 8	39 1
volume (GWT) Harvest	14 205	373 11
Operational kg (EUR) EBIT per	2 19	2 34
- of which Feed	-0 04	-0 16
- of which Markets	0 14	0 13
- of which Consumer Products	0 18	0 31
Price achievement/reference price	106%	99%
Contract share	73%	66%

• Strong earnings on improved biological performance, good quality and strong prices for Scottish salmon
• Second quarter developing well so far with high volumes and continued strong prices

Chile

SALMON OF CHILEAN ORIGIN
million EUR	Q1 2024	Q1 2023
Operational EBIT	11 9	15 9
EBIT	24 8	29 1
Harvest volume (GWT)	12 546	10 588
Operational EBIT kg (EUR) per	0 95	1 51
- of which Markets	0 12	0 02
- of which Consumer Products	0 33	0 68
Price achievement/reference price	102%	100%
Contract share	44%	46%

• Mowi Chile delivered once again strong biological metrics in the first quarter
• However, soft prices weighed on earnings
• Entered winter season in Chile which normally means lower biological risk

Canada

SALMON OF CANADIAN ORIGIN
million EUR	Q1 2024	Q1 2023
Operational EBIT	-2 1	16 4
EBIT	-18 6	27 7
volume (GWT) Harvest	8 796	579 7
Operational EBIT kg (EUR) per	-0 24	2 17
- of which Markets	0 16	0 06
- of which Consumer Products	0 01	0 00
Price achievement/reference price	91%	96%
Contract share	0%	0%

• Financial figures impacted by weak prices and a high share of harvest volumes from Canada East which still carries a higher cost level
• Biological performance good in the quarter

Ireland and Faroes

SALMON OF IRISH ORIGIN
million EUR	Q1 2024	Q1 2023
Operational EBIT	4 2	1 3 8 9
EBIT	9 8	3 2
volume (GWT) Harvest	078 1	781
Operational kg (EUR) EBIT per	3 90	68 1
- of which Feed	-0 09	-0 26
- of which Markets	0 44	0 28
- of which Consumer Products	0 06	0 41
Price achievement/reference price	n/a	n/a
Contract share	1%	78%

• A strong quarter on good biology, partly driven by egg sales

SALMON OF FAROESE ORIGIN
EUR million	Q1 2024	Q1 2023
Operational EBIT	9 2	0 7
EBIT	8 7	3 5
Harvest volume (GWT)	2 627	2 130
Operational kg (EUR) EBIT per	3 50	3 30
- of which Feed	0 00	0 00
- of which Markets	0 13	0 05
- of which Consumer Products	0 02	0 00
Price achievement/reference price	101%	95%
Contract share	0%	0%

• Strong operational and financial results from Mowi Faroes
• High achieved price, improved volumes and good cost

Iceland (Arctic Fish)

SALMON OF ICELANDIC ORIGIN
million EUR	Q1 2024	Q1 2023
Operational EBIT	9 6	10 3
EBIT	9 9	5 7
(GWT) Harvest volume	2 531	4 866
Operational (EUR) EBIT kg per	3 79	2 12
- of which Feed	-0 02	0 00
- of which Markets	-0 03	0 00
- of which Consumer Products	0 01	0 00
Price achievement/reference price	95%	n/a
Contract share	0%	0%

• A good start to the year on strong biological and financial performance
• Strong prices

Consumer Products

CONSUMER PRODUCTS
million EUR	Q1 2024	Q1 2023
Operating revenues	896 5	854 5
Operational EBIT	24 4	37 2
Operational % EBIT	7% 2	3% 4
Operational % only EBIT VAP	3 0%	4 8%
EBIT	23 1	37 0
Volume sold (tonnes prod . weight)	55 335	53 184

• Good operational performance
• Earnings reduced due to a slower market in the Americas and tighter margins in Europe
• Continue to see strong demand and strong prices for our European salmon whilst we expect a market recovery in the Americas

Mowi stand at the Seafood Expo Global 2024 in Barcelona, Spain

Feed

FEED EUR million	Q1 2024	Q1 2023
Operating revenues	197 4	196 0
Operational EBITDA	5 7	6 1
Operational EBIT	1 7	2 2
Operational EBITDA %	2 9%	3 1%
Operational % EBIT	9% 0	1% 1
EBIT	1 7	2 2
Feed sold volume	97 918	93 994
Feed produced volume	115 494	108 577

• Seasonally record-high sold volumes
• Good start to the year which lays the foundation for another record-breaking year for Mowi Feed

Q1 2024 presentation Financials, Markets and Harvest volumes

Profit and Loss

Mowi Group EUR million	Q1 2024	Q1 2023	2023
Operational revenue and other income	1,331.3	1,362.4 -2%	5,513.4
Operational EBIT 1)	200.5	321.8 -38%	1,027.5
Change in unrealized internal margin Gain/loss from derivatives Net fair value adjustment of biomass,	7.4 -3.8	3.4 1.1	-0.9 -2.9
onerous contracts provision	60.8	53.7	19.1
Restucturing costs	-2.8	-1.1	-4.9
Production/license/sales taxes	-12.1	-8.4	-45.1
Other non-operational items	-11.8	-1.9	-16.6
Income from associated companies	5.5	12.4	28.4
Impairment losses	-4.8	0.0	-23.5
EBIT	238.9	381.1	981.0
Net financial items	-32.7	-19.7	-82.3
Earnings before tax	206.3	361.4	898.7
Profit or loss for the period	170.4	280.9	439.5
Basic EPS (EUR)	0.32	0.54	0.86
Underlying EPS (EUR)	0.21	0.33	1.30
Underlying EPS (NOK)	2.36	2.99	14.81
Net cash flow per share (EUR)	0.09	0.37	0.56
Dividend declared and paid per share (NOK)	1.90	1.70	7.20
Operational EBIT margin	15.1%	23.6%	18.6%
Harvest volume, GWT (salmon)	96 495	102 944 -6.3%	474 664
Operational EBIT per kg incl margin 1)	2.08	3.13	2.16
ROCE 1)	14.7 %	22.4 %	19.3 %

• Positive net fair value adjustment on higher salmon prices
• Associated companies: EBIT/kg of EUR 3.20 on 9.8k tonnes from Nova Sea (49% ownership and largest shareholder)
  • Includes temporary FX gain from weakening of NOK

Financial position

Mowi Group	31 03 2024	31 03 2023	31 12 2023
EUR million
Non-current assets	4 340 5	4 054 8	4 259 5
Current assets	3 710 7	3 414 7	3 979 5
Total assets	8 051 4	469 7 7	8 239 0
Equity	3 857 7	3 829 9	3 754 7
liabilities Non-current	2 964 1	2 379 1	3 219 3
Current liabilities	1 229 5	1 260 7	1 264 8
Total equity and liabilities	8 051 4	469 7 7	8 239 0
1) Net interest-bearing debt	1 824 6	1 641 2	1 790 3
Equity ratio	9% 47	3% 51	6% 45
Covenant equity ratio	51 2%	54 4%	48 4%

• Strong financial position

Cash Flow and Net Interest Bearing Debt

Mowi Group million EUR	Q1 2024	Q1 2023	2023
NIBD beginning of period*	-1 790 3	-1 758 9	-1 758 9
Operational EBITDA*	248 5	367 4	221 1 1 ,
Change in working capital	-19 9	15 8	-173 5
paid Taxes	-63 8	-40 2	-219 4
Other adjustments	-9 8	-2 7	-46 1
Cash flow from operations*	0 155	340 2	782 1
Capex Net	-67 6	-90 3	-388 5
Other investments and dividends received	-0 5	-41 3	-25 3
Cash flow from investments	-68 1	-131 6	-413 8
Net interest and financial items paid*	-30 0	-20 0	-89 5
Other items	-6 9	5 2	10 0
Dividend of paid in capital / return	-86 8	-82 3	-326 1
effect interest-bearing Currency debt on	2 5	6 3	6 1
of period* NIBD end	-1 824 6	-1 641 2	-1 790 3
*Excluding effects of IFRS 16
NIBD distribution:
EUR	100%	96%	98%
USD	1%	1%	2%
GBP	2%	2%	0%
Other currencies	-3%	1%	0%

• Q1 earnings partly offset by working capital tie-up and tax payments
• Capex reduced from 2023

Prices for marine ingredients in feed down ~20% from peak levels

• Cost-to-stock in Mowi Farming down in Q1-24 vs Q4-23 driven by reduced feed prices of ~5%
• About 20% of total farming cost-in-box cost is marine ingredients used in feed
• A good start to Peruvian anchovy wild catch season with 0.7 million tonnes caught so far (quota @ 2.7 million tonnes), after an El Niño disrupted fishery last year
• FM and FO prices down more than 20% from peak
• Biology improved for Mowi Norway in Q2, and prospects of lower feed prices
  • Expect lower cost level for Mowi Farming in H2
  • However, Q2 to be impacted by seasonally low volumes and knock-on effects of winter sores in Norway

2024 Cash Flow Guidance unchanged from Q4-23

• Working capital build-up of EUR 140m due to biomass growth and growth through the value chain
• Capital expenditure EUR ~300m (share higher in H1 vs H2 due to phasing of projects)
  • 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 ~100m (ex IFRS 16 effects)
• Taxes paid EUR ~280m (including resource rent tax of EUR ~55m)
• Quarterly dividend of NOK 1.50 per share
  • Payable in second quarter

Successful issuance of green bonds of EUR 298 million

• Mowi has the lowest cost of bond financing in the salmon industry
• Senior unsecured green bonds:
  • EUR 213 million, 5-year tenor, coupon 3M EURIBOR + 1.19% (swapped to EUR from NOK 2.5 billion, NIBOR + 1.13%)
  • EUR 85 million, 8-year tenor, coupon 3M EURIBOR + 1.47% (swapped to EUR floating from NOK 1 billion, 5.407% fixed)
• Issue amount and coupons swapped into floating EUR
• Proceeds used for green projects, ref Mowi's Green and Sustainability-Linked Financing Framework
• Purpose to refinance the EUR 200 million bond that matures next year and also provide additional liquidity

BBB+ Investment Grade Credit Rating

Overview financing

• 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

Supply development

	Estimated	volumes	Compared	to	Q1 2023	Est volumes
Suppliers	Q1 2024	Q1 2023	Volume		%	Q4 2023
Norway	270 800 ,	286 200 ,	15 400 - ,		4% 5 -	390 600 ,
Scotland	33 400 ,	32 300 ,	100 1 ,		3 4%	25 300 ,
Faroe Islands	21 200 ,	17 200 ,	4 000 ,		3% 23	25 300 ,
Other Europe	13 300 ,	14 000 ,	700 -		0% 5 -	000 17 ,
Total Europe	338 700 ,	349 700 ,	11 000 - ,		1% 3 -	458 200 ,
Chile	139 700 ,	166 600 ,	26 900 - ,		16 1% -	176 200 ,
America North	29 300 ,	20 500 ,	8 800 ,		9% 42	30 200 ,
Total Americas	169 000 ,	187 100 ,	18 100 - ,		9 7% -	206 400 ,
Australia	19 000 ,	18 700 ,	300		6% 1	24 200 ,
Other	8 400 ,	700 7 ,	700		9 1%	9 200 ,
Total	535 100 ,	563 200 ,	28 100 - ,		0% 5 -	698 000 ,

• Global supply relatively stable adjusted for inventory movements

• Norway: Winter sore issues and unprecedented string jellyfish issues. Unusually cold winter
• Scotland: Volume growth as expected driven by seasonally higher survival rates
• Chile: Reduced volumes as expected on lower biomass. Stable biological developments

Global volume development

	Estimated	volumes	Compared	to Q1 2023	Est . volumes	12	comparison month
Markets Q1	2024	Q1 2023	Volume	%	Q4 2023	LTM	PTM	%
EU+UK	228 900 ,	220 400 ,	8 500 ,	3 9%	319 600 ,	092 700 1 , ,	108 600 1 , ,	4% -1
Russia	12 000 ,	13 500 ,	500 -1 ,	1% -11	16 200 ,	59 700 ,	900 51 ,	0% 15
Other Europe	21 700 ,	24 500 ,	-2 800 ,	4% -11	25 600 ,	91 900 ,	101 200 ,	-9 2%
Total 262 Europe	600 ,	258 400 ,	4 200 ,	6% 1	361 400 ,	244 300 1 , ,	261 700 1 , ,	4% -1
USA	140 200 ,	144 100 ,	-3 900 ,	-2 7%	149 300 ,	583 200 ,	586 400 ,	-0 5%
Brazil	28 900 ,	23 800 ,	100 5 ,	21 4%	30 600 ,	109 900 ,	96 700 ,	13 7%
Americas Other	30 600 ,	29 300 ,	1 300 ,	4% 4	36 400 ,	131 700 ,	144 800 ,	0% -9
Americas Total	199 700 ,	197 200 ,	2 500 ,	3% 1	216 300 ,	824 800 ,	827 900 ,	4% -0
China / Hong Kong	28 700 ,	26 700 ,	2 000 ,	5% 7	28 700 ,	118 800 ,	89 700 ,	4% 32
Japan	10 500 ,	11 400 ,	-900	9% -7	12 200 ,	43 700 ,	52 500 ,	8% -16
Taiwan South Korea /	13 000 ,	12 500 ,	500	0% 4	13 700 ,	51 300 ,	54 100 ,	2% -5
Other Asia	19 000 ,	19 800 ,	-800	-4 0%	20 700 ,	73 300 ,	84 900 ,	-13 7%
Total Asia	71 200 ,	70 400 ,	800	1 1%	75 300 ,	287 100 ,	281 200 ,	2 1%
All other markets	23 500 ,	28 200 ,	-4 700 ,	-16 7%	39 800 ,	130 000 ,	139 300 ,	-6 7%
Total	000 557 ,	554 200 ,	2 800 ,	0 5%	692 800 ,	2 486 200 , ,	2 510 100 , ,	0% -1
Inflow US from to	35 000	41 900	-6 900	-16 5%	40 100	149 300	600 151	5% -1
Europe Inflow from Chile to EU	, 8 900 ,	, 6 300 ,	, 2 600 ,	3% 41	, 10 200 ,	, 34 500 ,	, 29 100 ,	6% 18

• Strong demand for salmon of European origin, whilst market for American origin lagging behind

• US: Temporarily reduced demand should work itself out in due course (US consumption growth of 6% CAGR past 5 years, double global growth)
• Brazil: Continued good developments in foodservice segment
• China/Hong Kong recovery continued on strong foodservice demand. Other markets impacted by lack of supply

Development in reference prices

	Q1 2024 Market	Change vs Q1 2023	Q1 2024 EUR	Change vs Q1 2023
Norway (1)	EUR 9 60	0 6%	EUR 9 60	0 6%
Chile (2) Chile GWT (3) ,	USD 6 48 USD 7 48	9% -4 -7 7%	EUR 5 97 EUR 6 89	0% -6 -8 7%
North America Coast (4) West North America East Coast (5) North America East Coast GWT (3) ,	USD 4 07 USD 4 16 USD 8 85	-21 9% -23 6% -22 3%	3 EUR 75 EUR 3 83 8 EUR 15	-22 8% -24 6% -23 3%

• Two-way division of European and American prices continued in the quarter
• Record-high European spot prices on strong demand and low supply
• Prices in Americas on the soft side partly due to temporarily lower demand

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

Industry supply growth 2024e

	2021	2022	2023	2024	2024E
GWT (1,000)					Low	Y/Y growth	High	Y/Y growth
Norw ay	1,380	1,365	1,331	1,343	1,328	0%	1,358	2%
UK	179	145	137	151	147	8%	155	14%
Faroe Islands	95	90	80	93	90	12%	96	20%
Other Europe*	52	53	48	57	55	15%	59	24%
Total Europe	1,706	1,653	1,597	1,644	1,620	1%	1,668	5%
Chile	646	678	689	648	635	-8%	661	-4%
North America	143	137	116	122	118	2%	126	9%
Total Americas	789	815	805	770	753	-7%	787	-2%
Other	109	109	114	123	119	5%	127	12%
Total	2,604	2,577	2,516	2,537	2,492	-1%	2,582	3%

*Ireland and Iceland

Page 28

	Q2 2021	Q2 2022	Q2 2023	Q2 2024E	Q2 2024E
(1,000) GWT					Low	Q/Q growth	High	Q/Q growth
Norw ay	288	274	284	280	276	-3%	284	0%
UK	53	41	42	45	44	3%	46	8%
Faroe Islands	23	18	16	21	20	24%	22	36%
Other Europe	12	11	4	14	13	208%	15	254%
Total Europe	376	344	346	359	352	2%	366	6%
Chile	135	153	163	155	151	-8%	159	-3%
North America	42	41	33	30	29	-12%	31	-5%
Total Americas	177	194	196	185	180	-8%	190	-3%
Other	23	24	26	27	26	0%	28	8%
Total	575	561	567	570	557	-2%	583	3%

	H2 2021	H2 2022	H2 2023	H2 2024E	H2 2024E
GWT (1,000)					Low H2/H2 growth High H2/H2		growth
Norw ay	773	785	762	792	781	3%	803	5%
UK	84	75	62	73	70	13%	76	23%
Faroe Islands	52	50	47	52	50	5%	54	13%
Other Europe	25	26	30	30	29	-4%	31	3%
Total Europe	933	936	901	947	930	3%	964	7%
Chile	330	364	360	353	344	-4%	362	1%
North America	68	64	63	63	60	-5%	66	5%
Total Americas	398	428	422	416	404	-4%	428	1%
Other	62	59	62	70	67	7%	73	16%
Total	1,393	1,423	1,386	1,432	1,400	1%	1,464	6%

(*) Ireland and Iceland

• Low supply growth of 1% expected in 2024

Mowi volume guidance all-time high – unchanged since Q4-23

Atlantic salmon	2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	2023	Q1 2024	Q2 2024	2024
(1 000) GWT ,	Actual	Actual	Actual	Actual	Actual	Actual	Actual	Guidance	Guidance
Norway	293	65	61	86	81	294	54	59	305
	7	6	5	2	2	5	7	5	0
Scotland	48	4	18	14	10	54	14	20	64
	4	11	3	7	6	9	2	0	0
Chile	65	10	13	17	27	69	12	15	74
	7	6	8	7	2	2	5	0	0
Canada	41	7	9	7	4	28	8	10	30
	1	6	4	5	2	6	8	0	0
Ireland	6	0	1	2	0	4	1	2	7
	8	8	6	0	1	5	1	5	0
Faroes	7	2	2	2	3	11	2	1	10
	9	1	8	5	5	0	6	8	0
Iceland	n/a	4 9	0 1	4 4	2 5	9 11	2 5	2 1	10 0
Total	463	102	107	135	129	474	96	110	500
	6	9	5	0	2	7	5	0	0

• 2024 volume guidance of record-high 500,000 tonnes maintained
  • Supported by seasonal record-high biomass in sea end of Q1

Volume growth of 125,000 GWT over 6 years to all-time high 500,000 GWT for 2024E (CAGR 4.9%)

• 2024e a continuation of our growth trajectory
  • Equivalent to 4.9% CAGR vs industry at 2.7% since 2018
  • In practice organic growth

Postsmolt to give further organic growth and improve biological metrics ~40 million postsmolt by end of 2024 (25% coverage / Norway 50% excl. Region North)

Outlook

• Biology improved for Mowi Norway in Q2, and prospects of lower feed prices
  • Expecting a lower cost level for Mowi Farming in H2
  • However, Q2 to be impacted by seasonally low volumes and knock-on effects of winter sores in Norway
• Continue to see strong demand and strong prices for European salmon, whilst the market for American salmon currently a bit sluggish
  • Expect a recovery of US prices in due course
• Supportive supply side with approx. no growth in 2024, and limited growth in the coming years
• Mowi harvest volume guidance maintained at 500k GWT, 5.3% growth year-over-year
  • Supported by seasonal record-high biomass in sea end of Q1

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

Q1 2024 presentation

Appendix

Nova Sea

	Harvest volume (GWT)						EBIT per kg (EUR)
	Ownership %	2022	2023	Q1 2023	Q1 2024	2022	2023	Q1 2023	Q1 2024	Q1 2024
Nova Sea	48.9 %	44 027	39 985	8 647	9 834	2.90	3.01	3.25	3.20	-40.3

• 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 5.9m in Q1 2024

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	7 kg
	Supplier Engagement Rating	A A	Carbon footprint (kg CO / kg edible meat) 2	5.1 kg	8.4 kg	12.2 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	6,000	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			«Blue foods on average have much greater nutritional benefits than terrestrial foods. Many blue foods also have a smaller environmental footprint.»
	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 PwC'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

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

Contract coverage and sales contract policy

SALES CONTRACT POLICY
	Min hedging rate	(1) hedging Max rate
(2) Norway	0 %	50 %
Scotland	0 %	% 75
Chile (2)	0 %	50 %
Canada	0 %	30 %
Ireland	0 %	100 %
Faroes	0 %	30 %

Notes:

(1) Hedging rates for the next quarter, limits dropping over time

(2) Contract rate can be increased to 65% under special circumstances

• Q2 2024 contract shares (% of guided volume):
  • − Norway 30%
  • − Scotland 41%
  • − Chile 36%
  • − Canada 0%
  • − Ireland 74%
  • − Faroes 0%
  • − Iceland 0%
• Contracts typically have a duration of 3-12 months and are entered into on a regular 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

million EUR	Norway	Scotland	Chile	Canada	Ireland	Faroes	Iceland	Other 1)	Group
OPERATIONAL EBIT
FARMING	67 7	27 1	6 3	-3 7	3 8	8 8	9 7	0 0	119 7
SALES AND MARKETING
Markets	4 51	2 1	4 1	4 1	0 5	0 3	-0 1	0 0	57 1
Consumer Products	16 4	2 5	4 2	0 1	0 1	0 0	0 0	1 1	24 4
SUBTOTAL	135 5	31 7	11 9	-2 1	4 3	9 2	9 7	1 1	201 2
Feed	2 5	-0 6			-0 1	0 0	-0 1	0 0	1 7
entities 1) Other								-2 4	-2 4
TOTAL	138 0	31 1	9 11	-2 1	4 2	9 2	9 6	4 -1	200 5
Harvest volume (GWT)	54 711	14 205	12 546	8 796	1 078	2 627	2 531		96 495
(EUR) 1) Operational EBIT per kg - total Group	2 52	2 19	0 95	-0 24	3 90	3 50	3 79		2 08
- of which Feed	0 05	-0 04	n/a	n/a	-0 09	0 00	-0 02		0 02
- of which Markets	0 94	0 14	0 12	0 16	0 44	0 13	-0 03		0 59
- of which Consumer Products	0 30	0 18	0 33	0 01	0 06	0 02	0 01		0 25
ANALYTICAL DATA
(%) 1) Price achievement/reference price	83%	106%	102%	91%	n/a	101%	95%		89%
(%) Contract share	32%	73%	44%	0%	1%	0%	0%		37%
GUIDANCE
Q2 2024 harvest volume (GWT)	59 500	20 000	15 000	10 000	2 500	1 800	1 200		110 000
2024 harvest volume (GWT)	305 000	64 000	74 000	30 000	7 000	10 000	10 000		500 000
Q2 2024 contract share (%)	30%	41%	36%	0%	74%	0%	0%		30%

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	Q2E	Total
Norway	236	262	273	59	59	87	87	293	65	61	86	81	294	54	59	305
	9	0	2	4	8	4	1	7	6	5	2	2	5	7	5	0
Scotland	65	52	64	10	13	14	10	48	4	18	14	10	54	14	20	64
	4	7	4	5	0	5	4	4	11	3	7	6	9	2	0	0
Chile	65	64	66	16	14	16	18	65	10	13	17	27	69	12	15	74
	7	6	0	0	4	9	4	7	6	8	7	2	2	5	0	0
Canada	54	44	45	8	10	11	10	41	7	9	7	4	28	8	10	30
	4	0	3	8	4	1	8	1	6	4	5	2	6	8	0	0
Ireland	6	8	6	0	3	2	0	6	0	6	2	0	4	1	2	0
	7	0	8	7	3	2	7	8	8	1	0	1	5	1	5	7
Faroes	6	8	9	2	8	1	3	9	2	2	2	3	0	2	8	10
	9	6	9	1	1	7	1	7	1	8	5	5	11	6	1	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	11 9	2 5	1 2	10 0
Total	435	439	465	96	102	133	130	463	102	107	135	129	474	96	110	500
	9	8	6	6	7	8	5	6	9	5	0	2	7	5	0	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	Q2E	Total
Norway	3%	11%	4%	-21%	7%	23%	22%	8%	10%	3%	-1%	-7%	0%	-17%	-3%	4%
Scotland	70%	-19%	22%	-42%	-32%	-3%	-13%	-25%	8%	41%	2%	2%	14%	25%	9%	16%
Chile	24%	-2%	2%	-17%	-5%	13%	12%	0%	-34%	-4%	5%	47%	5%	18%	9%	7%
Canada	37%	-19%	3%	-18%	-22%	0%	7%	-9%	-13%	-10%	-33%	-62%	-30%	16%	7%	5%
Ireland	5%	20%	-15%	-42%	78%	-2%	-54%	1%	17%	-50%	-8%	-84%	-34%	38%	52%	54%
Faroes	-10%	24%	16%	32%	-23%	-40%	-17%	-21%	79%	58%	46%	12%	40%	23%	-37%	-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	-16%
Total	16%	1%	6%	-23%	-5%	14%	13%	0%	7%	5%	1%	-1%	38% 2	-6%	2%	5%

Cash flow guidance and historic developments

Financial commitments and cost of debt (*)

Net capital expenditure Net working capital

Thank you