Mowi ASA

Investor Presentation • Feb 14, 2024

Q4 2023 presentation

CEO: Ivan Vindheim CFO: Kristian Ellingsen

14 February 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.

2023 was a record-year for Mowi

Delivered on all three operational pillars – volume growth, cost and sustainability

• Another record-breaking year for Mowi on revenues, operational EBIT and volumes
  • Revenues EUR 5.5 billion (NOK 63 bn)
  • Operational EBIT 1,028 million (NOK 11.7 bn)
  • Harvest volumes 475,000 tonnes
• Farming volume guidance for 2024 maintained at all-time high level of 500,000 GWT - a milestone level
  • 4.9% CAGR (2018-2024E) vs industry at 2.9%
• Postsmolt capacity of 40 million year-end 2024 (25% coverage)
  • Facilitates further organic growth and improved biological metrics
• Mowi has delivered on all three operational pillars
  • Volume growth
  • Cost competitiveness
  • Sustainability

Highlights Q4 2023

• Operational EBIT of EUR 203 million
• Good prices in Europe whilst prices in Americas weak
  • Prices in Americas recovered YTD 2024
• Realised blended farming cost of EUR 5.58 per kg; in line with previous quarters in 2023
  • Feed prices once again stable in the quarter
  • Realised cost expected to increase in Q1 2024 on seasonally lower volumes and less dilution of cost
• Weakening of NOK continues to hamper earnings versus Norwegian peers
  • Q4 2023 effect of EUR 31 million (EUR 0.38 per kg)
  • FY 2023 effect of EUR 133 million (EUR 0.45 per kg)
• Harvest volumes of 129k tonnes impacted by a biologically challenging quarter for Mowi Scotland
• Strong quarter for Consumer Products and Feed
• Received Statement of Objections from the European Commission
• Quarterly dividend of NOK 1.90 per share

Key financials

Mowi Group - main figures Unaudited million EUR	Q4 2023	Q4 2022	2023	2022
Operational income and other revenue	1 427 9 ,	1 361 8 5% ,	5 513 4 ,	4 946 0 11% ,
Operational 1) EBIT Operational 1) EBITDA	203 1 253 1	238 9 -15% 284 0	1 027 5 , 1 221 0 ,	1 005 1 2% , 1 179 4 ,
(NIBD)1) 2) Net interest -bearing debt 1) Underlying EPS (EUR) 1) Underlying (NOK) EPS 1) Net cash flow share (EUR) per Dividend paid (NOK) declared and share per ROCE 1) Equity ratio	790 3 1 , 0 26 2 99 -0 06 1 50 14 0% 45 6%	758 9 1 , 0 33 3 34 -0 13 1 70 20 3 % 49 0 %	790 3 1 , 30 1 14 81 0 56 7 20 19 3% 45 6%	758 9 1 , 42 1 14 32 0 35 7 35 23 7 % 49 0 %
Harvest volume (GWT)	129 234	130 549 0% -1	474 664	463 635 2 4%
kg1) Operational Total EBIT - EUR per - Norway Scotland Chile Canada Ireland Faroes Iceland	1 57 2 40 -0 10 0 40 -1 19 n/a 2 14 28 1	83 1 2 28 0 67 08 1 1 48 -4 36 1 75 -	2 16 2 82 1 39 0 87 0 66 0 27 2 94 14 1	2 17 2 74 0 88 1 17 1 60 0 88 2 49 -

^• FY 2023: Record-high revenues and operational EBIT on all-time high harvest volumes

^• Record-high underlying EPS of NOK 14.81

Salmon prices – weekly reference prices

• Seasonally strong European prices whilst prices in Americas weak
• Two-way division of prices in 2023 from Q2; however, prices in Americas recovered YTD 2024

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

Price achievement and contract share

• Price achievement 10% better than reference price
• Group contract share of 26%

		Norwegian	Scottish	Chilean	Canadian
Q4 23 -	Contract share	26%	66%	20%	0%
	Superior share	90%	93%	90%	90%

Operational EBIT comparison

• In EUR terms: -15% YoY
  • From EUR 239 million to EUR 203 million
• However, in NOK terms quite stable
  • From NOK 2.5 billion to NOK 2.4 billion
• Farming a mixed bag on seasonal biological issues compounded by El Niño
• Continued strong operational performance in CP and Feed

Norway

• OP EBIT of EUR 196 million
  • Seasonally lower volumes YoY
  • EUR 13 million hit related to culling 2.1 million small fish in Region North due to detection of Pancreas Disease
• Margin improved YoY due to better contract prices
• Weakening of NOK continues to hamper earnings versus Norwegian peers
  • Adjusted for this Q4 OP EBIT would have been EUR 227 million or EUR/kg 2.80 (EUR 31 million / EUR/kg 0.38)
  • Adj. 2023 FY OP EBIT of EUR 965 million or EUR/kg 3.27 (EUR 133 million / EUR/kg 0.45)

Mowi Norway grown by 95,000 GWT organically since 2017 to record-high 305,000 GWT in 2024E

• Record-high harvest volumes in 2023 of 295,000 GWT on strong growth in sea
• Maintain volume guidance of 305,000 GWT for 2024
  • 95,000 GWT growth 2017-2024e
  • CAGR 5.5% well in excess of industry at 3.4%
• Mowi Norway industry leading license utilisation and production efficiency

Postsmolt to give further organic growth and improve biological metrics

• Almost 30 million capacity or 50% postsmolt ratio in Norway, excluding Region North, by 2024

		Postsmolt	Total smolt capacity
Site	Region	Tonnes	Tonnes
Fjæra	Region South	3 300 ,	4 400 ,
Nordheim	Region Mid	4 100 ,	6 200 ,
Haukå	Region West	3 300 ,	4 800 ,
Total		10 700 ,	15 400 ,

Haukå to be commissioned in Q4-24 Semi-Closed Containment Systems

New primary processing plant in Region Mid, Norway

• New primary processing plant at Jøsnøya, Hitra
• Started commissioning in January 2024
• State-of-the-art 100,000 GWT facility to handle harvest volumes in Production Areas 6 and 7
  • Replaced Ulvan factory, Frøya
• In total NOK 2.5 billion in structural investments in Mowi Norway (3 postsmolt facilities and one primary processing plant)
• Further postsmolt expansion opportunities in Norway
  • Pending framework conditions enabling them to be realised

Norway: Operational EBIT/kg per region

• Low margin dispersion
• Good operational performance under challenging environmental conditions
  • PD in Region North
  • Apolemia / string jellyfish
  • Winter sores

Norway: Sales contract portfolio

• 26% contract share for the fourth quarter
• Maintained contract strategy for 2024

Note: Mowi Norway's fixed price/fixed volume contracts with third party customers and Mowi's processing entities. Mowi's processing entities cover a large proportion of their sales exposure through third party end-product contracts.

Scotland

• Biological and financial performance in the quarter negatively impacted by gill health issues in the wake of El Niño, record SW temperatures and water quality issues
• Harvested a minimum in the quarter to secure 2024 volume guidance
• Improved biological situation towards year-end
  • Mortality levels and growth back to normal

Biological turnaround of Scotland I: Postsmolt

• Increasingly challenging environmental conditions call for a more robust salmon and shorter production cycle
• Thus, acquired the Dawnfresh bankruptcy estate's trout sites in 2023 as a move into postsmolt farming
  • Loch Etive the largest brackish-water loch in Scotland and particularly well suited for postsmolt farming
• Postsmolt production commenced in February
• Annual postsmolt production of 6.6 million or approx. 30% coverage
• Lower capital expenditure than a land-based postsmolt facility, shorter realisation time and lower running production cost

Loch Etive, Scotland

Biological turnaround of Scotland II: 100% self-sufficient for eggs

• Another important part of Mowi Scotland's biological turnaround plan is to become selfsufficient in eggs
• Groundwork commenced for a brand new bespoke broodstock and egg facility at Ardessie, Northern Scotland
• Ensures Mowi Scotland will be 100% self-sufficient with ova (eggs) → better SW growth and survival rates
• Construction period: 2024-2025

Ardessie, Scotland. Groundwork has commenced

Ardessie, Scotland. Illustration

Chile

SALMON OF CHILEAN ORIGIN
EUR million	Q4 2023	Q4 2022	FY 2023	FY 2022
Operational EBIT	10 8	19 9	60 5	76 9
EBIT	-2 1	18 6	37 1	71 8
(GWT) Harvest volume	27 163	18 430	69 199	65 737
Operational EBIT kg (EUR) per	0 40	1 08	0 87	1 17
- of which Markets	0 06	0 11	0 06	0 11
- of which Consumer Products	0 19	0 35	0 35	0 33
Price achievement/reference price	104%	105%	103%	96%
Contract share	20%	39%	30%	50%
Superior share	90%	90%	91%	90%

• Strong quarter biologically and record-high volumes
• Come out well so far on seasonal harmful algae blooms
• However, weak prices resulted in a drop in Operational EBIT

Canada

SALMON OF CANADIAN ORIGIN
million EUR	Q4 2023	Q4 2022	FY 2023	FY 2022
Operational EBIT	-4 9	16 0	18 9	65 8
EBIT	4 3	-8 9	-3 3	7 1
Harvest volume (GWT)	4 158	10 808	28 575	41 095
Operational (EUR) EBIT kg per	-1 19	1 48	0 66	1 60
- of which Markets	0 30	0 36	0 15	0 30
- of which Consumer Products	0 00	0 00	0 00	-0 02
Price achievement/reference price	105%	107%	99%	105%
Contract share	0%	0%	0%	2%
Superior share	90%	93%	91%	93%

• Financial figures strongly impacted by low volumes and weak prices
• Otherwise, a good quarter biologically for both Canada West and Canada East

Ireland and Faroes

SALMON OF IRISH ORIGIN million EUR	Q4 2023	Q4 2022	2023 FY	2022 FY	SALMON OF FAROESE ORIGIN million EUR	Q4 2023	Q4 2022	2023 FY	2022 FY
Operational EBIT	-3 9	-3 1 8 9	2 1	6 0	Operational EBIT	7 5	5 5	32 4	19 6
EBIT	-2 1	-6 5	3 1	2 4	EBIT	13 4	8 1	33 2	18 2
volume (GWT) Harvest	112	720	4 534	6 845	volume (GWT) Harvest	3 526	3 140	027 11	864 7
Operational kg (EUR) EBIT per	n/a	-4 36	0 27	0 88	Operational (EUR) EBIT kg per	2 14	1 75	2 94	2 49
- of which Feed	n/a	0 14	-0 11	-0 02	- of which Feed	0 00	0 00	0 00	0 00
- of which Markets	n/a	0 41	0 21	0 24	- of which Markets	0 17	0 04	0 14	0 04
- of which Consumer Products	n/a	0 98	0 10	0 51	- of which Consumer Products	0 00	0 00	0 05	0 00
Price achievement/reference price	n/a	n/a	n/a	n/a	Price achievement/reference price	103%	101%	100%	100%
Contract share	95%	94%	87%	78%	Contract share	0%	0%	0%	0%
Superior share	86%	84%	87%	84%	Superior share	89%	92%	86%	92%

• Practically no harvest
• Biology once again reasonably good in what has been a recovery year after a biologically challenging 2022
• Earnings improved on strong biology, higher volumes, higher prices and improved cost YoY
• 2023 a very good year for Mowi Faroes

Iceland (Arctic Fish)

SALMON OF ICELANDIC ORIGIN
EUR million	Q4 2023	2023 FY
Operational EBIT	3 2	13 5
EBIT	3 1	6 -5
Harvest volume (GWT)	2 529	878 11
Operational (EUR) EBIT kg per	1 28	1 14
- of which Feed	0 02	0 02
- of which Markets	-0 42	-0 10
- of which Consumer Products	0 02	0 02
Price achievement/reference price	93%	n/a
Contract share	0%	0%
Superior share	95%	90%

• Operational performance in the quarter and for the year impacted by challenging autumn with lice problems
• Biology has improved so far in 2024 and currently reasonably good growth in sea
• Focus on establishing a streamlined and profitable operation

Consumer Products

CONSUMER PRODUCTS
EUR million	Q4 2023	Q4 2022	FY 2023	FY 2022
Operating revenues	984 2	892 7	3 600 6 ,	3 165 5 ,
Operational EBIT	37 8	42 5	151 7	112 1
Operational % EBIT	8% 3	8% 4	2% 4	5% 3
Operational EBIT % VAP only	4 5%	6 4%	4 7%	4 5%
EBIT	30 5	42 3	143 9	107 0
Volume sold (tonnes prod . weight)	65 395	63 849	232 168	229 443

• Another solid quarter and record-high year
• Industry-leading earnings

MOWI branded products showcased on Conxemar's seafood exhibition in Spain, October 2023

Feed

FEED EUR million	Q4 2023	Q4 2022	FY 2023	FY 2022
Operating revenues	298 1	314 8	1 071 2 ,	986 2
Operational EBITDA	16 0	21 4	52 1	47 0
Operational EBIT	11 9	17 4	35 5	30 8
Operational % EBITDA	4% 5	8% 6	9% 4	8% 4
Operational EBIT %	4 0%	5 5%	3 3%	3 1%
EBIT	11 9	17 4	35 5	30 8
Feed sold volume	144 715	148 810	523 167	517 260
Feed produced volume	137 246	131 085	527 751	515 016

• A good fourth quarter and best ever year with Operational EBITDA of EUR 52 million
• Record full-year production volumes in Norway on strong growth in sea

Q4 2023 presentation Financials, Markets and Harvest volumes

Profit and Loss

Mowi Group million EUR	Q4 2023	Q4 2022	2023	2022
Operational income revenue and other	1,427 9	1,361 8 5%	5,513 4	4 946 0 11% ,
Operational 1) EBIT	203 .1	238 9 -15%	1,027 .5	1,005 .1 2%
Change in unrealized internal margin Gain/loss from derivatives fair adjustment of biomass Net value ,	-5 2 3 8	-10 0 -4 2	-0 9 -2 9	-10 4 -4 7
provision onerous contracts	63 2	13 3	19 1	105 5
Restucturing costs	-1 3	-8 8	-4 9	-13 7
Production/license/sales taxes	-13 9	-8 5	-45 1	-25 6
Other non-operational items	-11 4	-15 5	-16 6	-2 1
from associated companies Income	-1 5	20 2	28 4	59 2
Impairment losses	-4 9	-13 7	-23 5	-59 5
EBIT	231 9	211 .5	981 0	1,053 8
Net financial items	-21 0	-18 3	-82 3	-52 9
Earnings before tax	211 0	193 2	898 .7	1,000 9
Profit for period or loss the	169 .1	151.5	439 .5	785 4
Basic EPS (EUR)	0 34	0 29	0 86	1 51
Underlying EPS (EUR)	0 26	0 33	30 1	42 1
Underlying EPS (NOK)	2 99	3 34	14 81	14 32
flow (EUR) Net cash per share	-0 06	-0 13	0 56	0 35
Dividend paid (NOK) declared and per share	1 50	1 70	7 20	7 35
Operational margin EBIT	2% 14	5% 17	6% 18	3% 20
Harvest volume GWT (salmon) ,	129 234	130 549 -1.0%	474 664	463 635 2.4%
1) Operational EBIT per kg incl margin	1 57	1 83	2 16	2 17
ROCE 1)	14 0 %	20 3 %	19 3 %	23 7 %

• Positive net fair value adjustment on higher salmon prices
• Associated companies: EBIT/kg of EUR 2.39 on 11.4k tonnes from Nova Sea (49% ownership and largest shareholder)
  • Includes temporary FX gain from weakening of NOK

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

FX: Mowi Norway EUR 31 million opportunity cost in Q4-23 versus NOK peers

• Mowi is a EUR company removes currency risk
• Significant weakening of NOK since 2012
  • EUR 54%, USD 86%
• Mowi Norway hedged away FX gain related to timing difference between revenues and expenses – contrary to our Norwegian peers
  • Accounting: 3-year production cycle
  • Cash: Approx. 6 months
• FX opportunity loss of EUR 31 million or EUR 0.38 per kg for Mowi Norway in Q4-23 vs NOK peers
  • Adjusted for this Q4 OP EBIT would have been EUR 227 million or EUR/kg 2.80
  • Adj. 2023 FY OP EBIT of EUR 965 million or EUR/kg 3.27 (EUR 133 million / EUR/kg 0.45)
• When the NOK is strengthening the inverse is true
• Neutral in steady state

Financial position

Mowi Group	31.12.2023	30.09.2023	31.12.2022
EUR million
Non-current assets	4 259.5	4 165.9	4 042.6
Current assets	3 979.5	3 527.6	3 488.7
Total assets	8 239.0	7 693.5	7 531.3
Equity	3 754.7	3 671.4	3 687.1
Non-current liabilities	3 219.3	2 757.5	2 355.7
Current liabilities	1 264.9	1 264.4	1 488.4
Total equity and liabilities	8 239.0	7 693.5	7 531.3
Net interest-bearing debt 1)	1 790.3	1 705.5	1 758.9
Equity ratio	45.6%	47.7%	49.0%
Covenant equity ratio	48.4%	50.6%	52.2%

• Strong financial position

Cash Flow and Net Interest Bearing Debt

Mowi Group EUR million	Q4 2023	Q4 2022	2023	2022
beginning of period* NIBD	-1 705 5	-1 353 4	-1 758 9	-1 257 3
Operational EBITDA*	253 1	284 0	1221 1	1 179 4 ,
Change in working capital	-105 6	-228 5	-173 5	-491 4
paid Taxes	-22 5	-12 0	-219 4	-118 3
Other adjustments	-22 9	-39 6	-46 1	-110 6
flow from operations* Cash	102 1	3 9	782 1	459 1
Net Capex	-123 2	-131 7	-388 5	-326 0
Other investments and dividends received	16 3	-125 9	-25 3	-143 4
Cash flow from investments	-106 9	-257 6	-413 8	-469 4
Effecs of business combinations	0 0	-69 2	0 0	-69 2
interest and financial items paid* Net	-25 5	-11 5	-89 5	-36 4
items Other	7 4	11 7	10 0	-8 0
Dividend / return of paid in capital	-64 5	-88 1	-326 1	-378 2
Currency effect interest-bearing debt on	2 5	3 5	6 1	0 4
end of period* NIBD	790 3 -1	758 9 -1	790 3 -1	758 9 -1
effects of IFRS *Excluding 16
NIBD distribution:
EUR	98%	96%	98%	96%
USD	2%	1%	2%	1%
GBP	0%	2%	0%	2%
Other currencies	0%	1%	0%	1%

• Good earnings in the quarter and for the year

2024 Cash Flow Guidance

• 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 1.90 per share
  • Payable in first quarter

Cost containment initiatives important to combat cost pressure driven by post-Covid inflation

• Farming blended cost relatively stable before 2022
• Significant inflationary pressure from 2022 driven by higher feed prices
  • Biological performance improved YoY
  • Feed prices increased by ~70% since Q1 2021
  • However, feed prices stable in 2023
• Cost-cutting initiatives are important
  • Continued cost focus necessary to combat increasing feed prices, biological measures, and more complex regulations
• Mowi #1 or #2 performer in the various regions

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

Realised EUR 55 million in cost savings in 2023

• Realised EUR 55 million in annualised cost savings in 2023, including 4% energy savings of 35 GWh and 50% cut in travel cost
• Initiating a new EUR 25 million cost savings programme for 2024
• Total cost savings of EUR 285 million 2018-2023, of which EUR 186 million in Farming
  • ~1 500 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

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 – 2,189 FTEs so far

• Productivity programme

• Salary and personnel expenses second largest cost item in Mowi; EUR 648 million in 2023
• Productivity increase of 15% 2023 vs 2019, i.e. delivering in excess of the 10% targeted productivity increase
  • Volume increase 9%
  • FTE decrease 6%
• Natural turnover through retirement, reduced overtime and reduced contracted labour
• Automation and rightsizing
• 2024 target to reduce FTEs by 324 through 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 farmed 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	A	Protein retention	28%	37%	21%	13%
	climate action	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
	Mowi ranked the second most sustainable seafood company (amongst the 30 largest seafood companies in the world)	2nd 2nd	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			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 PwC's Climate Index for 2023	st 1 1st		the most efficient terrestrial animal across the considered environmental stressors.» Quotes from BFA documents
Notes:	1) Scores based on most recent ratings

Page 34

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

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 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	Q4 2022 to	. volumes Est
Suppliers	Q4 2023	Q4 2022	Volume	%	Q3 2023
Norway	390 600 ,	404 500 ,	13 900 - ,	3 4% -	371 100 ,
Scotland	26 400 ,	32 000 ,	600 5 - ,	5% 17 -	37 000 ,
Islands Faroe	25 300 ,	27 200 ,	900 1 - ,	0% 7 -	22 100 ,
Other Europe	000 17 ,	14 300 ,	2 700 ,	18 9%	12 600 ,
Total Europe	459 300 ,	478 000 ,	-18 700 ,	3 9% -	442 800 ,
Chile	176 200 ,	174 700 ,	500 1 ,	0 9%	183 300 ,
North America	29 800 ,	27 400 ,	2 400 ,	8 8%	32 600 ,
Total Americas	206 000 ,	202 100 ,	3 900 ,	9% 1	215 900 ,
Australia	24 200 ,	23 900 ,	300	3% 1	21 200 ,
Other	9 500 ,	400 7 ,	2 100 ,	28 4%	600 7 ,
Total	699 000 ,	400 711 ,	-12 400 ,	7% -1	687 500 ,

• Global supply decrease of 2% YoY with lower-than-expected volumes from Europe on challenging environmental conditions

• Norway: Decreased volumes on less fish harvested, lower growth and jellyfish issues
• Scotland: Reduced volumes and challenging biological performance impacted by El-Ninõ
• Chile: Volumes broadly flat on stable biological performance

Global volume development

	Estimated	volumes	Compared to	Q4 2022	. volumes Est	12 month	comparison
Markets	Q4 2023	Q4 2022	Volume	%	Q3 2023	LTM	PTM	%
EU+UK	317 300 ,	323 000 ,	-5 700 ,	-1 8%	306 600 ,	1 082 300 , ,	1 137 300 , ,	-4 8%
Russia	16 200 ,	16 800 ,	-600	-3 6%	19 200 ,	61 400 ,	51 800 ,	18 5%
Other Europe	25 000 ,	28 500 ,	-3 500 ,	-12 3%	22 800 ,	94 000 ,	100 800 ,	-6 7%
Total Europe	358 500 ,	368 300 ,	-9 800 ,	-2 7%	348 600 ,	237 700 1 , ,	289 900 1 , ,	-4 0%
USA	149 900 ,	150 300 ,	-400	-0 3%	149 600 ,	587 800 ,	585 800 ,	0 3%
Brazil	30 600 ,	24 700 ,	900 5 ,	23 9%	25 700 ,	104 900 ,	97 200 ,	9% 7
Other Americas	37 500 ,	36 400 ,	100 1 ,	3 0%	34 100 ,	131 000 ,	148 200 ,	6% -11
Americas Total	218 000 ,	211 400 ,	6 600 ,	1% 3	209 400 ,	823 700 ,	831 200 ,	9% -0
China / Hong Kong	28 000 ,	21 200 ,	6 800 ,	1% 32	33 400 ,	116 200 ,	83 300 ,	5% 39
Japan	12 600 ,	15 800 ,	-3 200 ,	3% -20	11 200 ,	45 100 ,	55 300 ,	4% -18
Taiwan South Korea /	14 000 ,	14 900 ,	-900	0% -6	12 200 ,	51 100 ,	56 900 ,	2% -10
Other Asia	20 100 ,	25 100 ,	-5 000 ,	-19 9%	17 600 ,	73 400 ,	87 800 ,	-16 4%
Total Asia	74 700 ,	77 000 ,	-2 300 ,	-3 0%	74 400 ,	285 800 ,	283 300 ,	0 9%
All other markets	42 800 ,	42 300 ,	500	1 2%	38 900 ,	137 200 ,	140 300 ,	-2 2%
Total	694 000 ,	699 000 ,	-5 000 ,	7% -0	671 300 ,	2 484 400 , ,	2 544 700 , ,	4% -2
Inflow from to US Europe	40 500	43 700	-3 200	3% -7	39 200	157 300	143 300	8% 9
Inflow from Chile to EU	, 10 200 ,	, 7 200 ,	, 3 000 ,	7% 41	, 7 900 ,	, 31 900 ,	, 29 500 ,	1% 8

Source: Kontali

• Reasonably good demand. Reduced consumption on par with reduced availability

• Continued positive demand developments across major European markets, particularly in retail segment
• US consumption stable on strong foodservice market whilst retail segment remained stable
• Brazil good developments in foodservice segment. Record annual consumption
• Page 37 • China/Hong Kong recovery on strong foodservice demand and improved logistics. Other markets impacted by lack of supply Source: Kontali

Development in reference prices

	Q4 2023 Market	Change vs Q4 2022	Q4 2023 EUR	Change vs Q4 2022
(1) Norway	6 99 EUR	-0 7%	6 99 EUR	-0 7%
Chile (2) Chile (3) GWT ,	USD 5 47 USD 6 14	0% -7 8% -8	EUR 5 08 EUR 5 71	7% -11 4% -13
North America West Coast (4) North America East Coast (5) America (3) North East Coast GWT ,	USD 3 39 USD 3 61 USD 7 23	-11 9% -11 9% 9% -10	EUR 3 15 EUR 3 36 EUR 6 72	-16 4% -16 5% 4% -15

• Seasonally strong European prices whilst prices in Americas weak
• Two-way division of prices in 2023 from Q2; however, prices in Americas recovered YTD 2024

6.71 5.24 4.44 4.05 5.20 6.19 5.30 6.04 8.07 10.62 6.89 7.04 9.55 9.12 6.78 6.99 0 2 4 6 8 10 12 14 2020 2021 2022 2023 2024 EUR per kg (Oslo) Ref. price Norway EUR (NASDAQ average superior Oslo, GWT/kg)

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

	2020	2021	2022	2023	2024E	2024E
GWT (1,000)						Low	Y/Y growth	High	Y/Y growth
Norway	1,233	1,380	1,365	1,331	1,373	1,358	2%	1,388	4%
UK	160	179	145	138	151	147	6%	155	12%
Faroe Islands	73	95	90	80	93	90	12%	96	19%
Other Europe*	42	52	53	48	58	56	16%	60	25%
Total Europe	1,508	1,706	1,653	1,598	1,674	1,650	3%	1,698	6%
Chile	701	646	678	689	658	643	-7%	673	-2%
North America	141	143	137	115	120	116	1%	124	8%
Total Americas	842	789	815	804	778	759	-6%	797	-1%
Other	91	109	109	114	121	117	3%	125	10%
Total	2,441	2,604	2,578	2,516	2,573	2,526	0%	2,620	4%

• Low supply growth of 2% expected in 2024

*Ireland and Iceland

	Q1 2020	Q1 2021	Q1 2022	Q1 2023	Q1 2024E	Q1 2024E
GWT (1,000)						Low	Q/Q growth	High	Q/Q growth
Norway	274	319	307	286	286	282	-1%	290	1%
UK	29	43	29	33	32	31	-5%	33	1%
Faroe Islands	16	20	21	17	23	22	26%	24	37%
Other Europe	9	15	17	14	13	12	-12%	14	2%
Total Europe	328	397	374	350	354	347	-1%	361	3%
Chile	169	182	162	167	146	142	-15%	150	-10%
North America	29	32	32	20	28	27	39%	29	49%
Total Americas	197	214	193	186	174	169	-9%	179	-4%
Other	18	24	26	26	28	27	1%	29	9%
Total	544	635	593	563	556	543	-3%	569	1%

	Q2-Q4	Q2-Q4	Q2-Q4	Q2-Q4	Q2-Q4	Q2-Q4 2024E
(1,000) GWT	2020	2021	2022	2023	2024E	Low	Q/Q growth	High	Q/Q growth
Norway	959	1,061	1,059	1,045	1,086	1,075	3%	1,097	5%
UK	131	136	116	106	119	116	10%	122	15%
Faroe Islands	57	75	69	63	70	68	8%	72	14%
Other Europe	33	37	36	34	44	43	28%	45	34%
Total Europe	1,180	1,309	1,279	1,248	1,320	1,303	4%	1,337	7%
Chile	532	465	516	523	512	501	-4%	523	0%
North America	113	110	106	95	91	88	-7%	94	-1%
Total Americas	645	575	622	618	603	589	-5%	617	0%
Other	73	85	83	88	93	90	3%	96	10%
Total	1,898	1,969	1,985	1,954	2,016	1,982	1%	2,050	5%

(*) 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 all-time high

Atlantic salmon	2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	2023	Q1 2024	2024
(1 000) GWT ,	Actual	Actual	Actual	Actual	Actual	Actual	Guidance	Guidance
Norway	293	65	61	86	81	294	58	305
	7	6	5	2	2	5	5	0
Scotland	48	4	18	14	10	54	14	64
	4	11	3	7	6	9	0	0
Chile	65	10	13	17	27	69	12	74
	7	6	8	7	2	2	0	0
Canada	41	6	9	7	4	28	11	30
	1	7	4	5	2	6	5	0
Ireland	6	0	6	2	0	4	1	0
	8	8	1	0	1	5	5	7
Faroes	9	2	2	2	3	0	2	10
	7	1	8	5	5	11	5	0
Iceland	n/a	4 9	0 1	4 4	2 5	9 11	2 5	10 0
Total	463	102	107	135	129	474	102	500
	6	9	5	0	2	7	5	0

• 2024 volume guidance of record-high 500,000 tonnes maintained
  • Norway further growth
  • Scotland recovery
  • Chile growth
  • Iceland temporary reduction
• A record-breaking 2023 and a good start to the new year
• Prices in Americas recovered YTD 2024
• Expect modest supply growth of 2% for 2024
• Mowi harvest volume guidance of 500k GWT in 2024 a new milestone
  • Since 2018 growth of 125k GWT (equivalent to CAGR of 4.9% vs industry at 2.9%)
• Postsmolt capacity of c. 40 million year-end 2024 (25% group share)
  • Supports further organic growth ahead and improved biological metrics

Q4 2023 presentation

Appendix

Nova Sea

	Harvest volume (GWT)						kg (EUR) EBIT per
	Ownership %	2022	2023	Q4 2022	Q4 2023	2022	2023	Q4 2022	Q4 2023	Q4 2023
Nova Sea	% 48 9	44 027	39 985	14 743	11 379	2 90	3 01	2 04	2 39	-25 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 -0.7m in Q4 2023

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

• Q1 2024 contract shares (% of guided volume):
  • − Norway 29%
  • − Scotland 60%
  • − Chile 46%
  • − Canada 0%
  • − Ireland 32%
  • − Faroes 0%
  • − Iceland 0%
• Contracts typically have a duration of 3-12 months and are entered into on a regular basis

Quarterly segment overview

	SOURCES OF ORIGIN QTD
EUR million	Norway	Scotland	Chile	Canada	Ireland	Faroes	Iceland	Other 1)	Group
OPERATIONAL EBIT
FARMING	113 1	-3 6	4 0	-6 2	-3 9	6 9	4 2	0 0	114 6
SALES MARKETING AND
Markets	40 9	1 3	1 5	1 3	0 1	0 6	-1 1	0 0	44 6
Consumer Products	28 3	2 6	5 2	0 0	0 1	0 0	0 1	1 6	37 8
SUBTOTAL	182 3	0 3	10 8	-4 9	-3 7	7 5	3 2	1 5	197 0
Feed	13 3	3 -1			-0 2	0 0	0 1	0 0	9 11
entities 1) Other								-5 7	-5 7
TOTAL	195 6	-1 1	10 8	-4 9	-3 9	7 5	3 2	-4 2	203 1
volume (GWT) Harvest	81 177	10 568	27 163	4 158	112	3 526	2 529		129 234
(EUR) 1) Operational EBIT per kg - total Group	2 41	-0 10	0 40	-1 19	n/a	2 14	1 28		1 57
- of which Feed	0 16	-0 13	n/a	n/a	n/a	0 00	0 02		0 09
- of which Markets	0 50	0 12	0 06	0 30	n/a	0 17	-0 42		0 35
- of which Consumer Products	0 35	0 24	0 19	0 00	n/a	0 00	0 02		0 29
ANALYTICAL DATA
(%) 1) Price achievement/reference price	106%	132%	104%	105%	n/a	103%	93%		107%
Contract share (%)	26%	66%	20%	0%	95%	0%	0%		26%
Quality - superior share (%)	90%	93%	90%	90%	86%	89%	95%		90%
GUIDANCE
(GWT) Q1 2024 harvest volume	58 500	14 000	12 000	11 500	1 500	2 500	2 500		102 500
(GWT) 2023 harvest volume	294 501	54 950	69 199	28 575	4 534	11 027	11 878		474 664
(GWT) 2024 harvest volume	305 000	64 000	74 000	30 000	7 000	10 000	10 000		500 000
Q1 2024 contract share (%)	29%	60%	46%	0%	32%	0%	0%		31%

FY 2023 segment overview

	SOURCES OF ORIGIN YTD
million EUR	Norway	Scotland	Chile	Canada	Ireland	Faroes	Iceland	Other 1)	Group
OPERATIONAL EBIT
FARMING	532 9	6 57	32 1	14 8	0 3	30 2	14 5		682 4
SALES AND MARKETING
Markets	2 151	9 4	3 9	4 2	0 9	6 1	2 -1	0 0	170 1
Consumer Products	107 4	13 6	24 5	0 0	0 5	0 6	0 0	5 1	151 7
SUBTOTAL	791 6	80 7	60 5	18 9	1 7	32 4	13 3	5 1	004 2 1 ,
Feed	39 9	-4 1			-0 5	0 0	0 2	0 0	35 5
entities 1) Other								-12 2	-12 2
TOTAL	831 5	76 5	60 5	18 9	1 2	32 4	13 5	-7 1	1 027 5 ,
Harvest volume (GWT)	294 501	54 950	69 199	28 575	4 534	11 027	11 878		474 664
(EUR) 1) Operational EBIT kg - total Group per	2 81	1 39	0 87	0 66	0 27	2 94	1 13		2 16
- of which Feed	0 14	-0 08	n/a	n/a	-0 11	0 00	0 02		0 07
- of which Markets	0 51	0 17	0 06	0 15	0 21	0 14	-0 10		0 36
- of which Consumer Products	0 36	0 25	0 35	0 00	0 10	0 05	0 00		0 32
ANALYTICAL DATA
(%) 1) Price achievement/reference price	100%	115%	103%	99%	n/a	104%	n/a		102%
(%) Contract share	25%	56%	30%	0%	87%	0%	0%		27%
Quality - superior (%) share	86%	94%	91%	91%	87%	86%	84%		88%

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	Q1E	Total
Norway	236	262	273	59	59	87	87	293	65	61	86	81	294	58	305
	9	0	2	4	8	4	1	7	6	5	2	2	5	5	0
Scotland	65	52	64	10	13	14	10	48	4	18	14	10	54	14	64
	4	7	4	5	0	5	4	4	11	3	7	6	9	0	0
Chile	65	64	66	16	14	16	18	65	10	13	17	27	69	12	74
	7	6	0	0	4	9	4	7	6	8	7	2	2	0	0
Canada	54	44	45	8	10	11	10	41	7	9	7	4	28	11	30
	4	0	3	8	4	1	8	1	6	4	5	2	6	5	0
Ireland	6	8	6	0	3	2	0	6	0	6	2	0	4	1	0
	7	0	8	7	3	2	7	8	8	1	0	1	5	5	7
Faroes	6	8	9	2	8	1	3	9	2	2	2	3	0	2	10
	9	6	9	1	1	7	1	7	1	8	5	5	11	5	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	10 0
Total	435	439	465	96	102	133	130	463	102	107	135	129	474	102	500
	9	8	6	6	7	8	5	6	9	5	0	2	7	5	0

Growth relative to same period in previous year

	2019	2020	2021	2022						2024E
	Total	Total	Total	Q1	Q2	Q3	Q4	Total	Q1	Q2	Q3	Q4	Total	Q1E	Total
Norway	3%	11%	4%	-21%	7%	23%	22%	8%	10%	3%	-1%	-7%	0%	-11%	4%
Scotland	70%	-19%	22%	-42%	-32%	-3%	-13%	-25%	8%	41%	2%	2%	14%	23%	16%
Chile	24%	-2%	2%	-17%	-5%	13%	12%	0%	-34%	-4%	5%	47%	5%	13%	7%
Canada	37%	-19%	3%	-18%	-22%	0%	7%	-9%	-13%	-10%	-33%	-62%	-30%	52%	5%
Ireland	5%	20%	-15%	-42%	78%	-2%	-54%	1%	17%	-50%	-8%	-84%	-34%	92%	54%
Faroes	-10%	24%	16%	32%	-23%	-40%	-17%	-21%	79%	58%	46%	12%	40%	17%	-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	-49%	-16%
Total	16%	1%	6%	-23%	-5%	14%	13%	0%	7%	5%	1%	-1%	38% 2	0%	5%

Cash flow guidance and historic developments

Financial commitments and cost of debt (*)

Net capital expenditure Net working capital

0 25 50 75 100 125 2019 2020 2021 2022 2023 2024E EUR million

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