Mowi ASA

Earnings Release • Feb 14, 2024

Strong quarter to end another record year for Mowi

Strong quarter to end another record year for Mowi

(Bergen, 14 February 2024) Mowi recorded record-high revenues of 1.43 billion

euros in the fourth quarter, compared with 1.36 billion euros in the

corresponding quarter of 2022. Operational profit was 203 million euros in the

quarter.

The fourth quarter concluded another record-breaking year for Mowi. Revenues of

5.5 billion euros, operational profit of 1,028 million euros and harvest volumes

of 475 000 tonnes in 2023 were all record-high.

"I am extremely grateful for the hard work and dedication of my 11,500

colleagues around the world that has led to record results and stellar

performance in Mowi's three business areas - Farming, Consumer Products and Feed

- in 2023," Mowi CEO Ivan Vindheim said.

All-time high farming volumes

Volume growth across the value chain is one of Mowi's strategic pillars. Growth

within Mowi Farming has been strong in recent years, and 2023 marked another

good year with all-time high harvest volumes of 475 000 tonnes, equivalent to

growth of 2.4% vs global supply contraction of 2.5%.

Mowi harvested 129 234 tonnes of salmon in the quarter. Full-year harvest volume

guidance for 2024 is maintained at 500 000 tonnes.

"As recently as 2018, harvest volumes were 375 000 tonnes, hence we will have

grown our farming volumes by as much as 125 000 tonnes by 2024. This is

equivalent to annual growth of 4.9% versus a projected growth rate for the

industry of 2.9%. This is mainly organic growth, and Mowi still has further

organic growth initiatives that are expected to contribute to additional volume

growth, of which the most important one is perhaps the postsmolt programme we

launched at our Capital Markets Day in 2021," Vindheim said.

By the end of 2024 Mowi's postsmolt capacity will be almost 40 million

postsmolt, equivalent to approximately 25% of the group's total smolt. In

Norway, Mowi's postsmolt share will be approximately 50% when the naturally more

resilient Region North is excluded from the equation. This is expected to drive

license utilisation higher and improve Mowi's sustainability credentials yet

further through shorter production time in sea and improved survival rate.

Record year also for Consumer Products and Feed

Consumer Products had another solid quarter and an outstanding 2023, yet again

setting operational and financial records on strong consumer demand. Operational

profit of 152 million euros and volumes of 232,000 tonnes product weight in

2023 were both new records for the group.

"These are impressive results, and I think it is fair to say that Consumer

Products' relentless focus on operational excellence over the past few years has

really started to pay off," Vindheim said.

Mowi Feed delivered a good fourth quarter result and can also celebrate its best

year so far with an operational EBITDA of 52 million euros.

"Volumes produced in Norway reached the impressive milestone of 405,000 tonnes

for the full year following strong growth in sea and consequently good feed

demand," Vindheim said.

Total amount of feed sold reached 523,000 tonnes for the year.

Mowi's Board has decided to pay a quarterly dividend of NOK 1.90 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.