Mowi ASA

Quarterly Report • Nov 8, 2023

Q3 2023 presentation

CEO: Ivan Vindheim CFO: Kristian Ellingsen

8 November 2023

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

• Record-high Q3 2023 revenues of EUR 1.36 billion on all-time high harvest volumes of 135,000 GWT
• Harvest volume guidance for 2023 maintained at record-high 484,000 GWT
• Volume guidance for 2024 at all-time high level of 500,000 GWT – a new milestone for Mowi
• Strong volume growth of 125,000 GWT for Mowi globally over the last 6 years (including 2024E)
• This growth alone equivalent to the world's 6th largest salmon farming company including Mowi
• 4.9% CAGR vs industry at 3.2%
• In practice organic growth

Highlights Q3 2023

• Operational EBIT of 203 million
• Realised blended farming cost somewhat up from Q2 negatively impacted by El Niño
• Cost-to-stock was down from Q2 on scale effects and stable year-on-year on flattish feed price
• Realised blended farming cost expected to be relatively stable in the fourth quarter
• Weakening of NOK; EUR 35 million hit for Mowi Norway versus Norwegian peers (EUR 0.41 per kg)
• YTD effect of EUR 102 million (EUR 0.48 per kg)
• Seasonally record-high quarter for Consumer Products
• Feed earnings and volumes at record levels
• Updated estimate for effective resource rent tax rate of about 10% for Mowi Norway across the value-chain
• Long-term NIBD target increased from EUR 1,400 million to EUR 1,700 million
• Recent growth and improved debt-servicing capacity
• Mowi ranked world's most sustainable animal protein producer for fifth year in a row (Coller FAIRR)
• Quarterly dividend of NOK 1.50 per share

Key financials

Mowi - main figures Group Unaudited million EUR	Q3 2023	Q3 2022	YTD Q3 2023	YTD Q3 2022	2022
Operational income and other revenue	1 358 6 ,	1 257 1 8% ,	4 085 5 ,	3 584 2 ,	4 946 0 ,
Operational 1 ) EBIT 1 ) Operational EBITDA	203 1 252 6	239 5 -15% 283 4	824 4 967 9	766 2 895 4	1 005 1 , 179 4 1 ,
(NIBD)1) 2) Net interest-bearing debt	705 1 5 ,	353 4 1 ,	705 1 5 ,	353 4 1 ,	758 9 1 ,
1) Underlying EPS (EUR)	0 24	0 34	1 03	1 09	1 42
1) Net cash flow share (EUR) per	0 10	0 02	0 61	0 39	0 35
Dividend paid (NOK) declared and share per	2 00	2 30	5 70	5 65	7 35
ROCE 1)	0% 15	% 21 4	% 21 0	% 25 1	% 23 7
Equity ratio	47 7%	% 51 7	47 % 7	% 51 7	49 0 %
Harvest volume (GWT)	135 004	133 808 1%	345 430	333 087	463 635
kg1) Operational EBIT - EUR Total per -	1 50	1 79	2 39	2 30	2 17
Norway	2 15	2 53	2 98	2 94	2 74
Scotland	0 63	0 29	1 75	0 94	0 88
Chile	0 48	1 27	1 18	1 20	1 17
Canada	-0 61	-0 35	0 98	64 1	60 1
Ireland	0 75	-1 18	1 15	1 49	0 88
Faroes	91 1	06 1	3 31	2 98	2 49
Iceland	0 20	-	1 10	-	-

^• Record-high revenues on all-time high harvest volumes

Salmon prices – weekly reference prices

• As expected, prices corrected down in the third quarter from record-levels in the first half of the year
• Seasonally higher volumes
• Prices at a reasonably good level in Europe, whilst down 4% y-o-y for salmon of Chilean origin

USD per GWE 10-12 lbs (Seattle)

Price achievement and contract share

• Price achievement 9% better than reference price due to contracts and contribution from Consumer Products

Operational EBIT comparison

• In EUR terms: -15% YoY
• From EUR 240 million to EUR 203 million
• However, in NOK terms quite stable
• From NOK 2.4 billion to NOK 2.3 billion
• Farming a mixed bag on seasonal biological issues compounded by El Niño
• Strong operational performance in CP and Feed

Norway

SALMON OF NORWEGIAN ORIGIN
EUR million	Q3 2023	Q3 2022
Operational EBIT	185 1	221 1
EBIT	151 8	171 8
Harvest volume (GWT)	86 228	87 415
Operational kg (EUR) EBIT per	2 15	2 53
- of which Feed	0 18	0 16
- of which Markets	0 44	0 38
- of which Consumer Products	0 37	0 23
Price achievement/reference price	108%	101%
Contract share	22%	22%
Superior share	91%	94%

• Operational profit of EUR 185 million on strong operational execution
• NOK weakening cost Mowi Norway EUR 35 million (EUR 0.41 per kg) in the quarter versus Norwegian peers
• Adjusted for this OP EBIT of EUR 220 million (EUR 2.56 per kg)
• YTD FX effect of EUR 102 million (EUR 0.48 per kg)
• Hit related to timing asymmetry between revenues and cost, neutral in steady state

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

• Increased guidance in 2023 to 295,000 GWT on strong growth in sea
• Previous guidance of 290,000 GWT
• Record-high harvest volumes of 305,000 GWT in 2024
• 95,000 GWT growth 2017-2024E
• CAGR 5.5% well in excess of industry at 3.8%
• Mowi Norway cementing its strong license utilisation and production efficiency in Norway

Norway: Operational EBIT/kg per region

• Region South: Strong earnings and margin on improved production, quality and FCR year-onyear. YTD volumes all-time high.
• Region West: Improved earnings YoY on higher volumes despite lower margin. Seasonal biological issues.
• Region Mid: Low volumes and harvesting out problematic sites. Turnaround plan progressing according to plan, expect better performance in Q4.
• Region North: Strong results on high volumes and good operational performance.

Norway: Sales contract portfolio

• 22% contract share for the third quarter
• Expect 29% contract share in the fourth quarter on relatively stable prices

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

Scotland

SALMON OF SCOTTISH ORIGIN
million EUR	Q3 2023	Q3 2022
Operational EBIT	9 2	4 2
EBIT	16 3	-37 3
Harvest volume (GWT)	14 730	14 494
Operational EBIT kg (EUR) per	0 63	0 29
- of which Feed	0 01	0 03
- of which Markets	0 22	0 23
- of which Consumer Products	0 18	0 08
Price achievement/reference price	127%	111%
Contract share	49%	61%
Superior share	94%	95%

• After an encouraging first half of the year the third quarter was as expected biologically challenging
• Record-high seawater temperatures in the wake of El Niño and water quality issues
• Expecting high biological cost for the fourth quarter as well after a challenging October
• Harvest volume guidance for 2023 reduced from 64k GWT to 62k GWT

Chile

SALMON OF CHILEAN ORIGIN
million EUR	Q3 2023	Q3 2022
Operational EBIT	8 5	21 5
EBIT	8 2	24 5
(GWT) Harvest volume	17 651	16 890
Operational (EUR) EBIT kg per	0 48	1 27
- of which Markets	0 08	0 11
- of which Consumer Products	0 27	0 35
Price achievement/reference price	108%	104%
Contract share	30%	57%
Superior share	89%	95%

• Reduced earnings on lower prices and higher cost due to inflation
• Stable volumes
• Overall biology was relatively good in the quarter and YTD with improved operating metrics

Canada

SALMON OF CANADIAN ORIGIN
million EUR	Q3 2023	Q3 2022
Operational EBIT	-4 6	-3 9
EBIT	-10 2	-11 3
Harvest volume (GWT)	7 485	11 115
Operational kg (EUR) EBIT per	-0 61	-0 35
- of which Markets	0 32	0 20
- of which Consumer Products	0 00	0 00
Price achievement/reference price	98%	102%
Contract share	0%	0%
Superior share	94%	93%

• Earnings impacted by algae-induced mortality in British Columbia
• Record-high seawater temperatures in the wake of El Niño
• Steady operational performance in Canda East
• Costs in the fourth quarter expected to be impacted by third quarter issues and low volumes

Ireland and Faroes

SALMON OF IRISH ORIGIN
million EUR	Q3 2023	Q3 2022
Operational EBIT	1 5	-2 6 8 9
EBIT	-1 5	-10 8
(GWT) Harvest volume	1 994	2 165
Operational kg (EUR) EBIT per	0 75	18 -1
- of which Feed	-0 01	0 02
- of which Markets	0 14	0 21
- of which Consumer Products	0 05	1 07
Price achievement/reference price	n/a	n/a
Contract share	92%	87%
Superior share	92%	87%

• Improved earnings on better biology and lower cost, and higher achieved prices

SALMON OF FAROESE ORIGIN
million EUR	Q3 2023	Q3 2022
Operational EBIT	4 8	1 8
EBIT	3 6	0 8
Harvest volume (GWT)	2 532	1 730
Operational EBIT kg (EUR) per	1 91	1 06
- of which Feed	0 00	0 00
- of which Markets	0 20	0 05
- of which Consumer Products	0 08	0 00
Price achievement/reference price	109%	96%
Contract share	0%	0%
Superior share	84%	92%

• Earnings improved on strong biology, increased volumes, increased prices and improved cost year-on-year

Iceland (Arctic Fish)

SALMON OF ICELANDIC ORIGIN
million EUR	Q3 2023
Operational EBIT	0 9
EBIT	4 -17
Harvest volume (GWT)	4 383
Operational EBIT kg (EUR) per	0 20
- of which Feed	0 03
- of which Markets	0 00
- of which Consumer Products	0 00
Price achievement/reference price	n/a
Contract share	0%
Superior share	85%

• Earnings impacted by increased biological cost due to lice issues and start-up costs at the new processing factory in Bolungarvík
• Lice pressure has lingered on into the fourth quarter
• Improved lice strategy and treatment capacity a clear priority
• Harvest volume guidance for 2023 reduced from 15k GWT to 11.5k GWT, and further to 10k GWT in 2024

Consumer Products

CONSUMER PRODUCTS
million EUR	Q3 2023	Q3 2022
Operating revenues	876 2	776 5
Operational EBIT	39 7	30 3
Operational % EBIT	4 5%	3 9%
Operational % only EBIT VAP	4 8%	4 9%
EBIT	39 7	30 4
Volume sold (tonnes prod weight)	59 490	56 022

• Seasonally record-high results
• Strong operational performance, in addition to capitalising on lower raw material costs and more sold volumes in the quarter
• Reasonably good demand in the quarter

MOWI brand events/offerings in Spain

Feed

FEED
million EUR	Q3 2023	Q3 2022
Operating revenues	344 0	339 3
Operational EBITDA	20 3	18 9
Operational EBIT	16 1	14 9
Operational % EBITDA	9% 5	6% 5
Operational % EBIT	4 7%	4 4%
EBIT	16 1	14 9
Feed sold volume	168 945	169 484
Feed produced volume	145 943	149 898

• Seasonally record-high earnings on continued good operational performance
• Produced volumes in Norway were record-high on the back of strong growth in sea

Q3 2023 presentation Financials, Markets and Harvest volumes

Profit and Loss

Mowi Group EUR million	Q3 2023	Q3 2022	Q3 2023 YTD	Q3 2022 YTD	2022
Operational revenue and other income	358 6 1 ,	257 1 1 8% ,	4 085 5 ,	3 584 2 ,	4 946 0 ,
1) Operational EBIT	203 1	239 5 -15%	824 4	766 2	1005 1
Change in unrealized internal margin Gain/loss from derivatives fair adjustment of biomass Net value ,	-4 2 1 9	-13 1 -13 9	4 4 -6 7	-0 4 -0 4	-10 4 -4 7
provision onerous contracts	0 4	-103 4	-44 2	92 2	105 5
Restucturing costs	-0 1	-2 1	-3 7	-4 9	-13 7
Production/license/sales taxes	-15 0	-6 3	-31 2	-17 1	-25 6
Other non-operational items	9 -1	21 5	3 -5	13 4	-2 1
from associated companies Income	14 8	10 0	29 9	39 0	59 2
Impairment losses	9 -15	-9 4	-18 6	-45 8	-59 5
EBIT	183 1	122 7	749 1	842 2	1053 8
Net financial items	-41 4	-32 9	-61 4	-34 6	-52 9
Earnings before tax	141 7	89 8	687 7	807 6	1000 9
Profit for period or loss the	112 5	75 7	270 3	633 9	785 3
Basic (EUR) EPS	0 21	0 15	0 52	1 22	1 51
Underlying (EUR) EPS	0 24	0 34	1 03	1 09	1 42
flow (EUR) Net cash per share	0 10	0 02	0 61	0 39	0 35
Dividend paid (NOK) declared and per share	2 00	2 30	5 70	5 65	7 35
Operational margin EBIT	14 9%	19 1%	20 2%	21 4%	20 3%
Harvest volume GWT (salmon) ,	135 004	133 808 1%	345 430	333 087	463 635
1) Operational per kg incl margin EBIT	50 1	79 1	2 39	2 30	2 17
ROCE 1)	0 % 15	21 4 %	21 0 %	25 % 1	23 % 7

• Stable fair value adjustment
• Associated companies: EBIT/kg of EUR 2.73 on 10.3k 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

• Updated estimate for effective resource rent tax rate of about 10% for Mowi Norway across the value-chain
• 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

Cost to stock in Mowi Farming down 8% YTD 2023

• Cost to stock levelled out on stable feed prices
• Peruvian second anchovy season announced of 1.7 million tonnes
• Could mitigate record-high prices for marine ingredients, particularly fish oil
• Operating metrics improved YTD 2023 vs YTD 2022
• Realised blended farming cost for the fourth quarter expected to be stable
• Provided no material biological incidents

FX: Mowi Norway EUR 35 million hit in Q3-23 versus NOK peers

• Mowi is a EUR company removes currency risk
• Significant weakening of NOK since 2012
• EUR 56%, USD 96%
• 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 loss of EUR 35 million or EUR 0.41 per kg for Mowi Norway in Q3-23 vs NOK peers
• Operational EBIT in Norway from EUR 185m to EUR 220m
• Margin per kg in Norway from EUR 2.15 to EUR 2.56
• YTD 2023 FX loss effect of EUR 102m (EUR 0.48 per kg)
• When the NOK is strengthening the inverse is true
• Neutral in steady state

Financial position

Mowi Group EUR million	30 09 2023	30 09 2022	31 12 2022
Non-current assets Current assets Total assets	4 165 9 3 527 6 7 693 5	3 612 2 3 183 6 6 796 0	4 042 6 3 488 7 7 531 3
Equity Non-current liabilities Current liabilities Total equity and liabilities	3 671 4 2 757 5 264 4 1 7 693 5	3 516 5 991 2 1 287 8 1 6 796 0	3 687 1 2 355 7 488 4 1 7 531 3
1) Net interest-bearing debt Equity ratio equity ratio Covenant	705 1 5 7% 47 6% 50	353 4 1 7% 51 4% 55	758 9 1 0% 49 2% 52

• Strong financial position

Cash Flow and Net Interest Bearing Debt

Mowi Group million EUR	Q3 2023	Q3 2022	Q3 2023 YTD	Q3 2022 YTD	2022
beginning of period* NIBD	-1 665 8	-1 237 4	-1 758 9	-1 257 3	-1 257 3
Operational EBITDA*	252 6	283 4	968 0	895 4	1179 4
in working capital Change	-31 5	-151 1	-67 9	-241 0	-491 4
paid Taxes	-54 6	-11 8	-196 9	106 3	-118 3
adjustments Other	-9 2	-27 8	-23 2	-92 9	-110 6
flow from operations* Cash	157 2	92 6	680 0	455 2	459 1
Net Capex	-75 9	-90 8	-265 3	-194 3	-326 0
Other investments and dividends received	-1 1	26 7	-41 6	-17 5	-143 4
Cash flow from investments	-76 9	-64 1	-306 9	-211 8	-469 4
Effecs of business combinations	0 0	0 0	0 0	0 0	-69 2
Net interest and financial items paid*	-21 8	-7 0	-64 0	-24 9	-36 4
Other items	-4 6	-13 8	2 3	-17 2	-8 0
Dividend / return of paid in capital	-89 8	-122 1	-261 7	-292 6	-378 2
Currency effect interest-bearing debt on	-3 8	-1 7	3 6	-4 9	0 4
end of period* NIBD	705 -1 5	353 4 -1	705 -1 5	353 4 -1	758 9 -1
*Excluding effects of IFRS 16
NIBD distribution:
EUR	96%	92%	96%	92%	96%
USD	4%	3%	4%	3%	1%
GBP	1%	4%	1%	4%	2%
Other currencies	-1%	1%	-1%	1%	1%

• Good earnings and cash flows
• Long term NIBD target increased from EUR 1,400m to EUR 1,700m following volume and earnings growth

2023 Cash Flow Guidance

• Working capital build-up of EUR 150m in 2023, increased by EUR 50m
• Good growth in sea and biomass build-up, and growth in the rest of the value-chain
• Capital expenditure EUR ~360m (including Arctic Fish EUR ~ 30m), reduced by EUR 20m
• Interest paid EUR ~85m (ex IFRS 16 effects)
• Taxes paid EUR ~210m, up by EUR 35m partly driven by pre-payments
• Quarterly dividend of NOK 1.50 per share
• Payable in fourth quarter

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
• Pending closing
• Long term NIBD target increased from EUR 1,400m to EUR 1,700m following volume and earnings growth

Supply development

	Estimated	volumes	Compared	to	Q3 2022	Est . volumes
Suppliers	Q3 2023	Q3 2022	Volume		%	Q2 2023
Norway	372 600 ,	380 100 ,	500 7 - ,		2 0% -	283 500 ,
Scotland	39 400 ,	43 100 ,	3 700 - ,		8 6% -	42 300 ,
Faroe Islands	22 100 ,	23 200 ,	1 100 - ,		7% 4 -	15 800 ,
Other Europe	12 600 ,	11 500 ,	1 100 ,		6% 9	4 300 ,
Total Europe	446 700 ,	457 900 ,	200 -11 ,		2 4% -	345 900 ,
Chile	183 300 ,	188 800 ,	500 5 - ,		2 9% -	163 300 ,
America North	32 900 ,	37 100 ,	4 200 - ,		3% 11 -	33 300 ,
Americas Total	216 200 ,	225 900 ,	9 700 - ,		3% 4 -	196 600 ,
Australia	21 200 ,	21 000 ,	200		0% 1	16 800 ,
Other	700 5 ,	800 5 ,	100 -		7% 1 -	400 7 ,
Total	689 800 ,	710 600 ,	20 800 - ,		2 9% -	566 700 ,

• Global supply decrease of 3% YoY with lower-than-expected volumes from Europe. More challenging environmental conditions and water quality issues in several regions (El Niño)
• Norway: Decreased volumes on less fish harvested and reduced growth of biomass
• Scotland: Reduced volumes and biological performance impacted by aforementioned
• Chile: Reduced volumes as expected. Biological performance stable

Global volume development

	Estimated	volumes	Compared	to Q3 2022	Est . volumes	12 month	comparison
Markets	Q3 2023	Q3 2022	Volume	%	Q2 2023	LTM	PTM	%
EU+UK	306 500 ,	321 000 ,	-14 500 ,	-4 5%	237 600 ,	1 088 300 , ,	1 140 500 , ,	-4 6%
Russia	300 17 ,	13 800 ,	3 500 ,	25 4%	400 11 ,	56 300 ,	61 100 ,	9% -7
Other Europe	22 400 ,	27 700 ,	300 -5 ,	-19 1%	21 800 ,	97 000 ,	104 400 ,	1% -7
Total Europe	346 200 ,	362 500 ,	-16 300 ,	-4 5%	270 800 ,	241 600 1 , ,	306 000 1 , ,	-4 9%
USA	150 600 ,	148 700 ,	900 1 ,	3% 1	144 200 ,	589 100 ,	700 575 ,	2 3%
Brazil	25 700 ,	24 300 ,	400 1 ,	8% 5	24 800 ,	98 800 ,	95 800 ,	3 1%
Other Americas	33 500 ,	39 900 ,	-6 400 ,	-16 0%	31 500 ,	135 500 ,	148 100 ,	-8 5%
Americas Total	209 800 ,	212 900 ,	-3 100 ,	5% -1	200 500 ,	823 400 ,	819 600 ,	5% 0
China / Hong Kong	33 100 ,	25 700 ,	7 400 ,	8% 28	28 000 ,	109 000 ,	84 200 ,	5% 29
Japan	10 900 ,	13 800 ,	-2 900 ,	0% -21	9 900 ,	48 100 ,	58 300 ,	5% -17
Taiwan South Korea /	12 600 ,	14 600 ,	-2 000 ,	7% -13	12 400 ,	52 600 ,	58 800 ,	5% -10
Other Asia	17 600 ,	20 300 ,	-2 700 ,	-13 3%	16 100 ,	78 700 ,	85 600 ,	-8 1%
Total Asia	74 200 ,	74 400 ,	-200	-0 3%	66 400 ,	288 400 ,	286 900 ,	0 5%
All other markets	42 300 ,	41 500 ,	800	1 9%	27 400 ,	140 300 ,	134 200 ,	4 5%
Total	672 500 ,	691 300 ,	-18 800 ,	7% -2	565 100 ,	2 493 700 , ,	2 546 700 , ,	1% -2
Inflow to US from Europe Inflow from Chile to EU	39 000 , 7 900 ,	36 400 , 7 700 ,	2 600 , 200	7 1% 6% 2	35 600 , 7 500 ,	160 200 , 28 900 ,	133 800 , 28 000 ,	19 7% 2% 3

Source: Kontali

• Reasonably good demand. Reduced consumption on par with reduced availability
• Continued positive demand developments across major European markets
• US consumption growth on strong foodservice market whilst retail demand remained flattish
• China/Hong recovery on strong foodservice demand and improved logistics
• Other Asia impacted by lack of available salmon

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Development in reference prices

	Q3 2023	Change vs	Q3 2023	Change vs
	Market	Q3 2022	EUR	Q3 2022
Norway (1)	EUR 6.78	-1.7%	EUR 6.78	-1.7%
Chile (2)	USD 5.75	-4.0%	EUR 5.29	-11.2%
Chile, GWT (3)	USD 6.60	-3.9%	EUR 6.07	-11.1%
North America West Coast (4)	USD 3.85	5.3%	EUR 3.54	-2.5%
North America East Coast (5)	USD 4.33	n/m	EUR 3.98	n/m
North America East Coast, GWT (3)	USD 8.38	8.7%	EUR 7.71	0.6%

• As expected, prices corrected down in the third quarter from record-levels in the first half of the year
• Seasonally higher volumes
• Prices at a reasonably good level in Europe, whilst down 4% y-o-y for salmon of Chilean origin

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 2023e and 2024e

	2020	2021	2022	2023	Estimate 2023					Estimate	2024
GWT (1 ,000)				Estimate	Low	Y/Y growth	High	Y/Y growth	Low	Y/Y growth	High	Y/Y growth
Norw ay	1 233 ,	1 380 ,	1 365 ,	1 355 ,	1 351 ,	-1%	1 359 ,	0%	1 393 ,	3%	1 429 ,	5%
UK	160	179	145	153	152	5%	154	6%	148	-3%	158	3%
Faroe Islands	73	95	90	82	81	-9%	83	-7%	83	1%	89	9%
Other Europe*	42	52	55	45	44	-21%	46	-17%	45	1%	49	9%
Total Europe	1,508	1,706	1,655	1,635	1,628	-2%	1,642	-1%	1,669	2%	1,725	6%
Chile	701	646	678	687	683	1%	691	2%	671	-2%	701	2%
North America	141	145	136	124	123	-9%	125	-8%	118	-5%	128	3%
Total Americas	842	791	814	811	806	-1%	816	0%	790	-3%	830	2%
Other	91	109	106	107	106	0%	108	2%	105	-3%	115	7%
Total	2,441	2,606	2,575	2,553	2,540	-1%	2,566	0%	2,563	0%	2,669	5%

*Ireland and Iceland

	Q4 2020	Q4 2021	Q4 2022	Q4 2023		Estimate
GWT (1 ,000)				Estimate	Low	Q/Q growth	High	Q/Q growth
Norw ay	365	401	404	413	409	1%	417	3%
UK	41	36	32	38	37	16%	39	23%
Faroe Islands	21	30	27	27	26	-4%	28	3%
Other Europe	13	13	14	14	13	-11%	15	3%
Total Europe	438	481	478	492	485	1%	499	4%
Chile	196	181	175	174	170	-3%	178	2%
North America	35	35	29	34	33	14%	35	21%
Total Americas	231	216	204	208	203	0%	213	4%
Other	30	33	29	31	30	1%	32	8%
Total	699	730	712	731	718	1%	744	5%

• Modest supply growth in 2024e of 2-3% supported by biomass data and current trends

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Mowi volume guidance all-time high

Atlantic salmon GWT	2021 Actual	Q1 2022 Actual	Q2 2022 Actual	Q3 2022 Actual	Q4 2022 Actual	2022 Actual	Q1 2023 Actual	Q2 2023 Actual	Q3 2023 Actual	Q4 2023 Guidance	2023 Guidance	2024 Guidance
(1 000) ,
Norway	273	59	59	87	87	293	65	61	86	81	295	305
	2	4	8	4	1	7	6	5	2	7	0	0
Scotland	64	10	13	14	10	48	11	18	14	17	62	64
	4	5	0	5	4	4	4	3	7	6	0	0
Chile	66	16	14	16	18	65	10	13	17	28	70	74
	0	0	4	9	4	7	6	8	7	0	0	0
Canada	45	8	10	11	10	41	6	9	7	6	30	30
	3	8	4	1	8	1	7	4	5	5	0	0
Ireland	6	0	3	2	0	6	0	6	2	0	4	0
	8	7	3	2	7	8	8	1	0	1	5	7
Faroes	9	1	1	1	3	7	2	2	2	3	11	10
	9	2	8	7	1	9	1	8	5	5	0	0
Iceland	n/a	n/a	n/a	n/a	n/a	n/a	4 9	0 1	4 4	2 2	11 5	10 0
Total	465	96	102	133	130	463	102	107	135	138	484	500
	6	6	7	8	5	6	9	5	0	6	0	0

• 2023 volume guidance of record-high 484k GWT maintained

• Some country mix effects

• 2024 guidance of 500k GWT marks a new milestone achievement for Mowi

• Maintaining 2023 farming volume guidance of record-high 484k GWT

• 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 3.2%)
• Continued good supply/demand balance
• Reasonably good demand for salmon expected to continue
• Expect modest supply growth of 2-3% for 2024
• Updated estimate for effective resource rent tax rate of about 10% for Mowi Norway across the value-chain
• Realised blended farming cost expected to be stable in the fourth quarter
• Long term NIBD target increased from EUR 1,400m to EUR 1,700m following volume and earnings growth

Q3 2023 presentation

Appendix

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 place
			Protein retention	28%	37%	21%	13%
	Mowi recognised as a global leader in climate action	A	Feed conversion ratio	1.3	1.9	3.9	8.0
	Supplier Engagement Rating		Edible meat per 100 kg feed	56 kg	39 kg	19 kg	7 kg
		A	Carbon footprint	5.1 kg	8.4 kg	12.2 kg	39.0 kg
	Mowi ranked the second most sustainable	2nd	(kg CO / kg edible meat) 2
	seafood company (amongst the 30 largest seafood companies in the world)	place	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 (ESG) risks. Mowi is inthe Leader category.	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		better than chicken –		«Farmed salmon…performed similarly or often considered
Notes:	Mowi recognised as Climate Winner in PwC's Climate Index for 2023 1) Scores based on most recent ratings	st 1		Quotes from BFA documents		the most efficient terrestrial animal across the considered environmental stressors.»

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

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Mowi ranked #1 on sustainability amongst food producers

0 500 1,000 1,500 2,000 2,500 Base year 2030e 2050e Tonnes (1,000) -35% -72%

(FY 2022)

Our sustainability achievements(1)

of harvest volumes are certified sustainable 99%

compliant with sustainable 100%

sourcing feed policy

of our marine sites with 92% minimum benthic impact

(1) 2022 and 2023 YTD data

Note: The carbon footprint used for land based animal production was calculated by starting to convert the production volumes of Mowi salmon in 2020 to edible yield (using a 55% conversion), then calculating the carbon footprint of that volume originating from animal protein mix. This was done by using a mix of consumption (OECD, 2019) of 40% chicken, 38% pork and 22% beef and the reported GHG emissions from SINTEF 2020. www.epa.gov/energy/greenhouse-gas-equivalencies-calculator was used to convert the net CO2e emissions resulting from replacing land based protein by Mowi salmon, to number of cars that can be removed from the road every year

Nova Sea

			volume Harvest	(GWT)		EBIT per	kg (EUR)		NIBD EURm
	Ownership %	2021	2022	Q3 2022	Q3 2023	2021	2022	Q3 2022	Q3 2023	Q3 2023
Nova Sea	48 7 %	43 539	44 027	12 793	10 345	1 84	2 90	2 62	2 73	-116 4

• Leading integrated salmon producer in Northern Norway
• − 33.33 wholly owned licenses
• − 4 partly owned licenses
• Mowi largest owner with 48.7% through direct and indirect shareholdings
• Dividends
• − Paid dividends of NOK 700m in 2022 (Mowi's share NOK 342m through direct and indirect holdings)
• Proportion of income after tax reported as income from associated companies in Mowi Norway
• − EUR 14.7m in Q3 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

• Q4 2023 contract shares (% of guided volume):
• − Norway 29%
• − Scotland 42%
• − Chile 20%
• − Canada 0%
• − Ireland 100%
• − Faroes 0%
• − Iceland 0%
• Contracts typically have a duration of 3-12 months and are entered into on a regular basis

Quarterly segment overview

million EUR	Norway	Scotland	Chile	Canada	Ireland	Faroes	Iceland	Other 1)	Group
OPERATIONAL EBIT
FARMING	99 8	3 1	2 4	0 -7	1 1	4 1	0 7	-0 2	104 1
SALES MARKETING AND
Markets	38 0	3 3	4 1	2 4	0 3	0 5	0 0	-0 2	45 7
Consumer Products	31 5	2 7	4 7	0 0	0 1	0 2	0 0	0 5	39 7
SUBTOTAL	169 4	9 1	8 5	-4 6	1 5	4 8	0 7	0 1	189 5
Feed	15 8	0 2			0 0	0 0	0 1	0 0	16 1
entities 1) Other								-2 4	-2 4
TOTAL	185 1	9 2	8 5	-4 6	1 5	4 8	0 9	-2 4	203 1
Harvest volume (GWT)	86 228	14 730	17 651	7 485	1 994	2 532	4 383		135 004
(EUR) 1) Operational EBIT kg - total Group per	2 15	0 63	0 48	-0 61	0 75	1 91	0 20		1 50
- of which Feed	0 18	0 01	n/a	n/a	-0 01	0 00	0 03		0 12
- of which Markets	0 44	0 22	0 08	0 32	0 14	0 20	0 00		0 34
- of which Consumer Products	0 37	0 18	0 27	0 00	0 05	0 08	0 00		0 29
ANALYTICAL DATA
(%) 1) Price achievement/reference price	108%	127%	108%	98%	n/a	109%	n/a		109%
(%) Contract share	22%	49%	30%	0%	92%	0%	0%		25%
Quality - superior (%) share	91%	94%	89%	94%	92%	84%	85%		91%
GUIDANCE
Q4 2023 harvest volume (GWT)	81 500	500 17	28 000	500 5	100	3 500	900 1		138 000
2023 harvest volume (GWT)	295 000	62 000	70 000	30 000	4 500	000 11	500 11		484 000
2024 harvest volume (GWT)	305 000	64 000	74 000	30 000	000 7	10 000	10 000		500 000
Q4 2023 share (%) contract	29%	42%	20%	0%	100%	0%	0%		27%

YTD 2023 segment overview

	SOURCES OF ORIGIN YTD
million EUR	Norway	Scotland	Chile	Canada	Ireland	Faroes	Iceland	Other 1)	Group
OPERATIONAL EBIT
FARMING	428 4	61 2	28 0	21 0	4 2	23 3	10 3		576 4
SALES MARKETING AND
Markets	101 7	8 1	2 4	2 9	0 9	1 0	-0 2	0 0	116 9
Consumer Products	79 2	11 0	19 3	0 0	0 4	0 6	0 0	3 5	113 9
SUBTOTAL	609 2	80 4	49 7	23 9	5 4	24 9	10 1	3 6	807 2
Feed	26 4	-2 8			-0 3	0 0	0 1	0 1	23 6
entities 1) Other								-6 5	-6 5
TOTAL	635 6	77 6	49 7	23 9	5 1	24 9	10 3	-2 7	824 4
Harvest volume (GWT)	213 324	44 381	42 036	24 417	4 422	501 7	9 349		345 430
(EUR) 1) Operational EBIT kg - total Group per	2 97	1 75	1 18	0 98	1 15	3 32	1 10		2 39
- of which Feed	0 12	-0 06	n/a	n/a	-0 07	0 00	0 02		0 07
- of which Markets	0 48	0 18	0 06	0 12	0 20	0 13	-0 02		0 34
- of which Consumer Products	0 37	0 25	0 46	0 00	0 08	0 08	0 00		0 33
ANALYTICAL DATA
(%) 1) Price achievement/reference price	98%	110%	106%	104%	n/a	105%	102%		101%
Contract share (%)	27%	71%	51%	2%	78%	0%	0%		33%
Quality - superior share (%)	84%	94%	92%	91%	87%	84%	86%		87%

Development in harvest volumes

GWT	2018	2019	2020			2021					2022					2023E			2024E
(1 000) ,	Total	Total	Total	Q1	Q2	Q3	Q4	Total	Q1	Q2	Q3	Q4	Total	Q1	Q2	Q3	Q4E	Total	Total
Norway	230	236	262	75	56	71	71	273	59	59	87	87	293	65	61	86	81	295	305
	4	9	0	0	1	0	1	2	4	8	4	1	7	6	5	2	7	0	0
Scotland	38	65	52	18	19	15	12	64	10	13	14	10	48	11	18	14	17	62	64
	4	4	7	3	2	0	0	4	5	0	5	4	4	4	3	7	6	0	0
Chile	53	65	64	19	15	14	16	66	16	14	16	18	65	10	13	17	28	70	74
	2	7	6	4	1	9	5	0	0	4	9	4	7	6	8	7	0	0	0
Canada	39	54	44	10	13	11	10	45	8	10	11	10	41	7	9	7	5	30	30
	8	4	0	7	4	1	1	3	8	4	1	8	1	6	4	5	6	0	0
Ireland	6	6	8	1	1	2	1	6	0	3	2	0	6	0	1	2	0	4	7
	3	7	0	2	8	2	6	8	7	3	2	7	8	8	6	0	1	5	0
Faroes	7	6	8	0	2	2	3	9	2	8	1	3	9	2	2	2	3	0	10
	7	9	6	9	4	9	8	9	1	1	7	1	7	1	8	5	5	11	0
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	4 9	0 1	4 4	2 2	11 5	10 0
Total	375	435	439	125	108	117	115	465	96	102	133	130	463	102	107	135	138	484	500
	2	9	8	5	0	1	0	6	6	7	8	5	6	9	5	0	6	0	0

Growth relative to same period in previous year

	2018	2019	2020			2021					2022					2023E			2024E
	Total	Total	Total	Q1	Q2	Q3	Q4	Total	Q1	Q2	Q3	Q4	Total	Q1	Q2	Q3	Q4E	Total	Total
Norway	10%	3 %	11%	49%	-1%	-7%	-9%	4 %	-21%	7%	23%	22%	8 %	10%	3%	-1%	-6%	0 %	3 %
Scotland	-36%	70%	-19%	102%	32%	-7%	-8%	22%	-42%	-32%	-3%	-13%	-25%	8%	41%	2%	70%	28%	3 %
Chile	18%	24%	-2%	42%	6%	-10%	-18%	2 %	-17%	-5%	13%	12%	0 %	-34%	-4%	5%	52%	6 %	6 %
Canada	1 %	37%	-19%	33%	17%	-8%	-19%	3 %	-18%	-22%	0%	7%	-9%	-13%	-10%	-33%	-48%	-27%	0 %
Ireland	-35%	% 5	20%	n/m	-54%	-20%	32%	-15%	-42%	78%	-2%	-54%	% 1	17%	-50%	-8%	-89%	-34%	56%
Faroes	29%	-10%	24%	-51%	-32%	57%	168%	16%	32%	-23%	-40%	-17%	-21%	79%	58%	46%	11%	40%	-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	n/a	n/a	n/a	n/a	n/a	-13%
Total	% 1	16%	% 1	51%	4 %	-7%	-9%	6 %	-23%	-5%	14%	13%	0 %	% 7	% 5	% 1	6 %	4 %	3 %

Cash flow guidance and historic developments

Financial commitments and cost of debt (*)

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Thank you