Mowi ASA

Investor Presentation • Aug 23, 2023

Q2 2023 presentation

CEO: Ivan Vindheim CFO: Kristian Ellingsen

23 August 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

• Another record-breaking quarter on strong operational performance in all business areas
  • All-time high revenues of EUR 1,365 million, and Operational EBIT of EUR 300 million on good consumer demand and prices
• Blended realised farming costs of EUR 5.60 per kg relatively stable versus Q1-23
  • Cost-to-stock and feed price slightly down in the second quarter
  • All else being equal, realised blended farming cost expected to be relatively stable in H2-23
• Harvest volumes of 107.5k GWT, above guidance of 104.5k GWT
  • Improved production and survival rate
• Weakening of the NOK Mowi EUR 42 million hit versus Norwegian peers (EUR 0.68 per kg for Mowi Norway)
  • Neutral for Mowi as a EUR company
• Seasonally record-high earnings for Consumer Products on strong yields and improved operational efficiency
• Feed with best ever Q2 earnings and sold volumes, in addition to strong feed performance
• Resource rent tax in Norway 25% approved in Parliament, 47% including corporate tax
• Quarterly dividend of NOK 2.00 per share

Key financials

Mowi Group - main figures Unaudited million EUR	Q2 2023		Q2 2022	Q2 2023 YTD	Q2 2022 YTD	2022
Operational income and other revenue	1 364 5 ,	11%	1 231 7 ,	2 726 9 ,	2 327 1 ,	4 946 0 ,
1 ) Operational EBITDA	348 0		363 1	715 3	612 0	1 179 4 ,
Operational 1 ) EBIT	299 5	-6%	320 0	621 3	526 7	1 005 1 ,
(NIBD)1) 2) interest-bearing Net debt	1 665 8 ,		1 237 4 ,	1 665 8 ,	1 237 4 ,	1 758 9 ,
1) Underlying EPS (EUR)	0 35		0 46	0 71	0 75	1 42
1) Net cash flow share (EUR) per	0 13		0 07	0 51	0 37	0 35
Dividend declared and paid share (NOK) per	2 00		1 95	3 70	3 35	7 35
ROCE 1)	20 3%		31 6 %	22 5 %	26 1 %	23 7 %
Equity ratio	48 3%		52 4 %	48 3 %	52 4 %	49 0 %
Harvest volume (GWT)	107 482	5%	102 679	210 426	199 279	463 635
kg1) Operational Total EBIT - EUR per -	2 79		3 12	2 95	2 64	2 17
Norway	3 35		3 93	3 54	3 24	2 74
Scotland	2 29		1 60	2 31	1 34	0 88
Chile	1 83		1 07	1 69	1 17	1 17
Canada	29 1		3 00	68 1	2 80	60 1
Ireland	40 1		2 80	49 1	2 96	0 88
Faroes	4 58		5 78	4 03	4 09	2 49
Iceland	n/a		-	1 97	-	-

• Another recordbreaking quarter
• Conservative approach applied for underlying EPS and ROCE adjusted for resource rent tax

Salmon prices – weekly reference prices

• Lower price achievement for salmon of American origin versus European salmon due to influx of volumes into the American market
• Relatively strong prices in the quarter, although down YoY due to global supply contraction of 6% in Q2-22

Price achievement and contract share

• Price achievement in line with reference price in the quarter
  • Internal mix: contracts and quality/timing differences

		Norwegian	Scottish	Chilean	Canadian
Q2 23 Contract share - Superior share	29%	49%	38%	0%
		81%	94%	94%	92%

Operational EBIT comparison

• In EUR terms: -6% YoY
  • From EUR 320 million to EUR 300 million
• In NOK terms: +9% YoY
  • From NOK 3.2 billion to NOK 3.5 billion
  • Second best ever
• Strong performance in all business areas

Norway

SALMON OF NORWEGIAN ORIGIN
million EUR	Q2 2023	Q2 2022
Operational EBIT	206 0	235 2
EBIT	188 1	342 7
Harvest volume (GWT)	61 469	59 815
Operational EBIT kg (EUR) per	3 35	3 93
- of which Feed	0 11	0 05
- of which Markets	0 25	0 00
- of which Consumer Products	0 38	0 20
Price achievement/reference price	95%	82%
Contract share	29%	27%
Superior share	81%	86%

• Second best Q2 results ever on strong operational performance and good prices
• NOK weakening cost Mowi Norway EUR 42 million (EUR 0.68 per kg) in the quarter versus Norwegian peers
  • EBIT margin from EUR/kg 3.35 to 4.03
  • Neutral in steady state

Norway: Operational EBIT/kg per region

• Region South: Strong earning and margin on good operational performance. Higher volumes and reduced costs YoY
• Region West: Another strong quarter, stable biological performance and higher volumes
• Region Mid: Very low volumes and low dilution of cost, in addition to harvesting from problematic sites. Turnaround plan commenced
• Region North: Good margin and stable operations

Norway: Sales contract portfolio

• 29% contract share for the second quarter
• H2 expected to be stable in absolute terms

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

SALMON OF SCOTTISH ORIGIN
EUR million	Q2 2023	Q2 2022
Operational EBIT	41.8	20.7
EBIT	17.3	67.8
Harvest volume (GWT)	18 278	12 954
Operational EBIT per kg (EUR)	2.29	1.60
- of which Feed	-0.06	-0.06
- of which Markets	0.18	0.27
- of which Consumer Products	0.26	0.17
Price achievement/reference price	102%	80%
Contract share	49%	69%
Superior share	94%	96%

• Significant earnings improvement compared with a challenging 2022
• Improved operating metrics on better egg/smolt quality and biological performance
  • Higher volumes, better survival rate, harvest weight and prices

Chile

SALMON OF CHILEAN ORIGIN
million EUR	Q2 2023	Q2 2022
Operational EBIT	25 3	15 3
EBIT	1 9	9 3
Harvest volume (GWT)	13 797	14 400
Operational (EUR) EBIT kg per	1 83	1 07
- of which Markets	0 06	0 10
- of which Consumer Products	0 54	0 22
Price achievement/reference price	114%	87%
Contract share	38%	63%
Superior share	94%	94%

• Increased earnings and margin
• Financial figures negatively impacted by seasonally low harvest volumes
• Operating metrics strong and improved significantly YoY

Canada

SALMON OF CANADIAN ORIGIN
million EUR	Q2 2023	Q2 2022
Operational EBIT	12 0	31 2
EBIT	-25 1	10 2
(GWT) Harvest volume	9 352	10 413
Operational (EUR) EBIT kg per	1 29	3 00
- of which Markets	0 01	0 31
- of which Consumer Products	0 00	-0 05
Price achievement/reference price	97%	108%
Contract share	0%	0%
Superior share	92%	93%

• Earnings impacted by lower market prices, reduced volumes and higher cost
• Operational performance generally good for both Canada West and Canada East in the quarter

Ireland and Faroes

SALMON OF IRISH ORIGIN
EUR million	Q2 2023	Q2 2022
Operational EBIT	2 3	9 2 8 9
EBIT	3 5	8 9
Harvest volume (GWT)	1 646	3 294
Operational EBIT kg (EUR) per	1 40	2 80
- of which Feed	-0 06	-0 04
- of which Markets	0 22	0 18
- of which Consumer Products	-0 03	0 17
Price achievement/reference price	n/a	n/a
Contract share	85%	65%
Superior share	82%	89%

• Volumes and earnings impacted by knock-on effects of biological issues in 2022
• Better operational results in the quarter - 2023 an operational recovery year

SALMON OF FAROESE ORIGIN
EUR million	Q2 2023	Q2 2022
Operational EBIT	13 0	10 4
EBIT	10 8	15 2
Harvest volume (GWT)	2 840	802 1
Operational kg (EUR) EBIT per	4 58	78 5
- of which Feed	0 00	0 00
- of which Markets	0 13	-0 01
- of which Consumer Products	0 13	0 00
Price achievement/reference price	108%	103%
Contract share	0%	0%
Superior share	86%	86%

• Second best operational profit ever
• Stellar operating metrics in the quarter

Iceland (Arctic Fish)

SALMON OF ICELANDIC ORIGIN
EUR million	Q2 2023
Operational EBIT	-0 5
EBIT	3 4
(GWT) Harvest volume	100
Operational (EUR) EBIT kg per	n/a
- of which Feed	0 00
- of which Markets	0 00
- of which Consumer Products	0 00
Price achievement/reference price	n/a
Contract share	0%
Superior share	85%

• As planned very low harvesting in the quarter resumed in the third quarter
• Commenced commissioning of processing plant in Bolungarvík
  • Flexibility/cost
• Started up feed delivery from Mowi Feed and integration of sales with Mowi Sales
  • With full effect from Q4
• Refinanced bank debt at substantially better terms

Consumer Products

CONSUMER PRODUCTS
million EUR	Q2 2023	Q2 2022
Operating revenues	885 8	770 9
Operational EBIT	37 1	18 1
Operational % EBIT	2% 4	4% 2
Operational % EBIT VAP only	8% 4	5% 2
EBIT	36 7	15 1
Volume sold (tonnes prod . weight)	54 099	53 158

• Seasonally record-high results on strong operational performance
• Good demand in the quarter

"MOWI Barbeque" branded product range

Feed

FEED EUR million	Q2 2023	Q2 2022
Operating revenues	233 0	196 7
Operational EBITDA EBIT	9 7 5 4	6 0 2 0
Operational Operational % EBITDA	2% 4	1% 3
Operational % EBIT	2 3%	0% 1
EBIT	4 5	2 0
Feed sold volume	513 115	110 782
Feed produced volume	135 985	146 271

• Seasonally record-high earnings on good operational performance
• Sold volumes highest ever for a second quarter – continued strong growth in sea

Q2 2023 presentation Financials, Markets and Harvest volumes

Profit and Loss

Mowi Group EUR million	Q2 2023	Q2 2022	Q2 2023 YTD	Q2 2022 YTD	2022
Operational income revenue and other	1 364 5 ,	1 231 7 11% ,	2 726 9 ,	2 327 1 ,	4 946 0 ,
1) Operational EBIT	299 5	320 0 -6%	621 3	526 7	1005 1
Change in unrealized internal margin Gain/loss from derivatives fair adjustment of biomass Net value ,	5 1 -9 7	7 6 1 1	8 6 -8 6	12 7 13 5	-10 4 -4 7
provision onerous contracts	-98 3	140 2	-44 6	195 6	105 5
Restucturing costs	-2 4	-0 3	-3 5	-2 7	-13 7
Production/license/sales taxes	8 -7	4 -5	-16 2	-10 8	-25 6
Other non-operational items	-1 4	-5 9	-3 4	-8 1	-2 1
from associated companies Income	2 7	10 8	15 1	29 0	59 2
Impairment losses	-2 8	-12 5	-2 8	-36 4	-59 5
EBIT	184 9	455 5	565 9	719 5	1053 8
financial items Net	-0 3	0 6	-20 0	-1 7	-52 9
Earnings before tax	184 6	456 1	545 9	717 9	1000 9
Profit for period or loss the	-123 1	353 1	157 8	558 2	785 4
Basic (EUR) EPS	-0 23	0 68	0 30	1 08	1 51
Underlying EPS (EUR)	0 35	0 46	0 71	0 75	1 42
Net cash flow per share (EUR)	0 13	0 07	0 51	0 37	0 35
Dividend declared and paid per share (NOK)	2 00	95 1	3 70	3 35	35 7
Operational margin EBIT Harvest volume GWT (salmon) , 1) Operational per kg incl margin EBIT	22 0% 107 482 2 79	26 0% 102 679 5% 3 12	22 8% 210 426 2 95	22 6% 199 279 2 64	20 3% 463 635 2 17
ROCE 1)	% 20 3	% 31 6	% 22 5	% 26 1	% 23 7

• Negative net fair value adjustment of biomass of EUR 98 million mainly due to lower spot prices
• Associated companies: EBIT/kg of EUR 3.82 on 9.6k tonnes from Nova Sea (49% ownership and largest shareholder)

Resource rent tax in Norway with effect from 2023

• On 31 May, the Norwegian Parliament approved 25% resource rent tax on salmon farming, i.e. 47% including corporate tax
  • Only seawater phase in scope for resource rent tax
• Ongoing work to establish correct pricing methodology (seawater phase vs. rest of value chain)
  • Integrated value chain which has been part of same tax regime until 2023
• Resource rent tax for H1 2023 subject to high degree of uncertainty and not included in P&L. Conservative approach applied for underlying EPS and ROCE
• One-off implementation effect on deferred tax included in P&L and balance sheet

FX: Mowi Norway EUR 42 million hit in Q2-23 versus NOK peers

5

2012 2013 2014 2015 2016

6

7

8

USDNOK

9

10

• Mowi is a EUR company removes currency risk
• Significant weakening of NOK since 2012
  • EUR 61%, USD 97%
• 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 42 million or EUR 0.68 per kg for Mowi Norway in Q2-23 vs NOK peers
  • Margin per kg in Norway from EUR 3.35 to EUR 4.03
• When the NOK is strengthening the inverse is true
• Neutral in steady state

2017 2018 2019 2020 2021 2022 2023

97%

FX: EUR financing historically cheaper than NOK

• Mowi's financing is primarily sourced in EUR
• EUR interest rates historically significantly lower than NOK interest rates
• Mowi saved approx. EUR 100 million over the past decade
• We maintain that our FX hedging strategy is the right one
  • Removes FX fluctuations / risk
  • Cheaper financing

EURIBOR 3M vs NIBOR 3M

Financial position

Mowi Group million EUR	30 06 2023	30 06 2022	31 12 2022
Non-current assets Current assets Total assets	4 106 1 3 401 2 7 507 4	3 567 6 3 185 8 6 753 4	4 042 6 3 488 7 7 531 3
Equity Non-current liabilities liabilities Current Total equity and liabilities	3 623 8 2 853 0 1 030 6 7 507 4	3 542 1 1 986 4 1 224 7 6 753 4	3 687 1 2 355 7 1 488 4 7 531 3
1) interest-bearing debt Net Equity ratio Covenant equity ratio	665 8 1 3% 48 1% 51	237 4 1 4% 52 56 5%	758 9 1 0% 49 52 2%

• Strong financial position

Cash Flow and Net Interest Bearing Debt

Mowi Group million EUR	Q2 2023	Q2 2022	YTD Q2 2023	YTD Q2 2022
beginning of period* NIBD	641 2 -1	-1 177 1	758 9 -1	257 3 -1
Operational EBITDA*	348 0	363 1	4 715	612 0
Change in working capital	-52 2	-100 8	-36 4	-89 9
paid Taxes	-102 1	-72 3	-142 3	-94 5
Other adjustments	3 -11	-36 4	-14 0	-65 1
Cash flow from operations*	182 4	153 6	522 7	362 5
Capex Net	-99 1	-64 9	-189 4	-103 5
Other investments and dividends received	0 8	-44 7	-40 5	-44 2
Cash flow from investments	-98 3	-109 6	-229 9	-147 8
Effecs of business combinations	0 0	0 0	0 0	0 0
interest financial items paid* Net and	-22 2	-7 9	-42 2	-17 9
items Other	2 0	2 4	6 9	-3 4
Dividend of paid in capital / return	-89 6	-98 6	-171 9	-170 5
effect interest-bearing Currency debt on	1 1	-0 2	7 4	-3 2
of period* NIBD end	-1 665 8	-1 237 4	-1 665 8	-1 237 4
IFRS *Excluding effects of 16
distribution: NIBD
EUR	94%	89%	94%	89%
USD	2%	3%	2%	3%
GBP	1%	5%	1%	5%
Other currencies	3%	3%	3%	3%

• Good earnings partially offset by phasing of taxes and working capital buildup

2023 Cash Flow Guidance

• Working capital build-up of EUR 100m in 2023
  • Previous expected working capital reduction due to drop in non-marine feed raw materials offset by higher fish oil and fish meal prices
  • Further organic growth
• Capital expenditure EUR ~380m (including Arctic Fish EUR ~ 40m)
  • Freshwater investments EUR ~ 70m
  • Seawater investments EUR ~ 50m
  • Processing / Sales & Marketing: New processing plants/upgrades, automation projects across plants, digitalisation, efficiency initiatives. EUR ~ 65m
• Interest paid EUR ~85m (ex IFRS 16 effects)
• Taxes paid EUR ~175m
• Quarterly dividend of NOK 2.00 per share
  • Payable in third quarter

Overview financing

• EUR 200 million unsecured bond repaid in June
• 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
  • Termsheet entered into
• Long term NIBD target EUR 1,400m

Supply development

	Estimated	volumes	Compared	to Q2 2022	Est . volumes
Suppliers	Q2 2023	Q2 2022	Volume	%	Q1 2023
Norway	282 500 ,	274 100 ,	8 400 ,	1% 3	286 200 ,
Scotland	42 400 ,	40 500 ,	900 1 ,	4 7%	32 700 ,
Islands Faroe	800 15 ,	18 400 ,	2 600 - ,	14 1% -	200 17 ,
Other Europe	4 300 ,	11 900 ,	7 600 - ,	63 9% -	14 200 ,
Total Europe	345 000 ,	344 900 ,	100	0% 0	350 300 ,
Chile	163 300 ,	152 900 ,	10 400 ,	6 8%	166 600 ,
North America	31 500 ,	37 500 ,	6 000 - ,	16 0% -	23 500 ,
Total Americas	194 800 ,	190 400 ,	4 400 ,	2 3%	190 100 ,
Australia	16 800 ,	16 600 ,	200	2% 1	18 700 ,
Other	7 500 ,	7 600 ,	100 -	3% 1 -	7 700 ,
Total	564 100 ,	559 500 ,	4 600 ,	0 8%	566 800 ,

• Global supply increase of 1% YoY in line with guidance

• Norway: Increased volumes on higher smolt stocking and relatively stable biology
• Scotland: Increased volumes from a low baseline last year higher SW temperature
• Chile: More growth than expected on advanced harvesting due to sanitary conditions

Global volume development

Estimated volumes Compared Q2 2022 . volumes 12 month comparison to Est
Markets Q2 2023 Q2 2022 Volume % Q1 2023 LTM PTM	%
EU+UK 240 700 245 600 -4 900 -2 0% 221 100 1 106 300 1 131 200 -2 , , , , , , , ,	2%
Russia 11 400 6 700 4 700 70 1% 12 800 52 800 64 000 -17 , , , , , ,	5%
Other Europe 22 000 20 900 1 100 5 3% 24 500 102 400 105 800 -3 , , , , , ,	2%
Total 274 100 273 200 900 0 3% 258 400 261 500 301 000 -3 Europe 1 1 , , , , , , ,	0%
USA 139 400 143 300 -3 900 -2 7% 144 500 583 300 568 000 2 , , , , , ,	7%
Brazil 24 800 23 900 900 3 8% 23 800 97 500 96 400 1 , , , , ,	1%
Other Americas 31 900 35 600 -3 700 -10 4% 32 300 142 300 144 500 -1 , , , , , ,	5%
Total Americas 196 100 202 800 -6 700 -3 3% 200 600 823 100 808 900 1 , , , , , ,	8%
China 8% / Hong Kong 27 500 16 100 11 400 70 26 700 101 200 80 900 25 , , , , , ,	1%
0% Japan 9 800 11 400 -1 600 -14 11 400 50 900 59 200 -14 , , , , , ,	0%
Taiwan 2% South Korea / 12 500 12 000 500 4 12 500 54 600 60 600 -9 , , , , ,	9%
Asia 8% Other 16 400 19 700 -3 300 -16 19 800 81 500 83 500 -2 , , , , , ,	4%
Total Asia 66 200 59 200 7 000 11 8% 70 400 288 200 284 200 1 , , , , , ,	4%
All other markets 28 000 27 500 500 1 8% 28 400 139 700 126 400 10 , , , , ,	5%
3% Total 564 400 562 700 1 700 0 557 800 2 512 500 2 520 500 -0 , , , , , , , ,	3%
Inflow from 2% to US Europe 33 700 29 500 4 200 14 42 000 155 500 130 200 19	4%
, , , , , , Inflow from Chile 8% to EU 7 600 7 900 -300 -3 6 300 28 700 25 300 13 , , , , ,	4%

• Generally good demand and salmon markets enjoyed another good period in the quarter despite inflationary environment and higher cost of living

• Positive demand developments across major European markets
• US demand continued to be generally good
• China/Hong with impressive recovery on strong foodservice demand and improved logistics
• Other Asia impacted by lack of available large-sized salmon

Page 28

Development in reference prices

	Q2 2023 Market	Change vs Q2 2022	Q2 2023 EUR	Change vs Q2 2022
Norway (1)	EUR 9 12	-14 2%	EUR 9 12	-14 2%
Chile (2) Chile GWT (3) ,	USD 6 02 USD 6 97	-13 6% 5% -15	53 EUR 5 6 40 EUR	5% -15 4% -17
America (4) North West Coast America (5) North East Coast America (3) North East Coast GWT ,	USD 3 98 USD 4 64 USD 8 70	3% -10 n/m 9% -7	EUR 3 66 EUR 4 26 EUR 7 99	4% -12 n/m 0% -10

Notes:

(1) NASDAQ average superior GWE/kg (gutted weight equivalent)

• (2) Urner Barry average D trim 3-4 lbs FOB Miami
• (3) Reference price converted back-to-plant equivalent in GWT/kg
• (4) Urner Barry average GWE 10-12 lbs FOB Seattle
• Reference prices in Q2 2023 down by 14% YoY in Europe and Chile, and down 10% in Seattle (5) Urner Barry average GWE 10-12 lbs FOB Boston/New York

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

	2020	2021	2022	2023	Estimates 2023
GWT (1,000)				Estimate	Low	Y/Y growth	High	Y/Y growth
Norw ay	1,233	1,380	1,365	1,383	1,375	1%	1,391	2%
UK	160	179	145	156	154	6%	158	9%
Faroe Islands	73	95	90	91	89	-1%	93	3%
Other Europe*	42	52	55	51	49	-11%	53	-4%
Total Europe	1,508	1,706	1,655	1,680	1,666	1%	1,694	2%
Chile	701	646	678	675	667	-2%	683	1%
North America	141	145	136	124	122	-10%	126	-7%
Total Americas	842	791	814	799	789	-3%	809	-1%
Other	91	109	106	111	109	3%	113	6%
Total	2,441	2,606	2,575	2,590	2,564	0%	2,616	2%

*Ireland and Iceland

	Q3 2020	Q3 2021	Q3 2022	Q3 2023		Estimates Q3 2023
GWT (1,000)				Estimate	Low	Q/Q growth	High	Q/Q growth
Norw ay	323	372	380	392	388	2%	396	4%
UK	49	47	43	44	43	0%	45	4%
Faroe Islands	16	21	23	25	24	5%	26	14%
Other Europe	10	11	12	16	15	27%	17	45%
Total Europe	398	452	458	477	470	3%	484	6%
Chile	179	149	189	178	174	-8%	182	-4%
North America	39	38	37	32	31	-15%	33	-10%
Total Americas	217	187	226	210	205	-9%	215	-5%
Other	24	29	27	28	27	2%	29	9%
Total	639	668	711	715	702	-1%	728	2%

	Q4 2020	Q4 2021	Q4 2022	Q4 2023	Estimates Q4 2023
GWT (1,000)				Estimate	Low	Q/Q growth	High	Q/Q growth
Norw ay	365	401	404	422	418	3%	426	5%
UK	41	36	32	37	36	11%	38	17%
Faroe Islands	21	30	27	32	31	14%	33	22%
Other Europe	13	13	14	17	16	10%	18	24%
Total Europe	438	481	478	508	501	5%	515	8%
Chile	196	181	175	168	164	-6%	172	-2%
North America	35	35	29	37	36	22%	38	29%
Total Americas	231	216	204	204	199	-2%	209	3%
Other	30	33	29	32	31	5%	33	11%
Total	699	731	712	744	731	3%	757	6%

• Low supply growth of 1% expected for 2023
• Modest growth in H2-23 of 3% (NTM also at 3%)

(*) 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	2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022	2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	2023
GWT (1 000) ,	Actual	Actual	Actual	Actual	Actual	Actual	Actual	Actual	Guidance	Guidance	Guidance
Norway	273	59	59	87	87	293	65	61	87	75	290
	2	4	8	4	1	7	6	5	0	9	0
Scotland	64	10	13	14	10	48	4	18	0	19	64
	4	5	0	5	4	4	11	3	15	3	0
Chile	66	16	14	16	18	65	10	13	17	30	72
	0	0	4	9	4	7	6	8	5	1	0
Canada	45	8	10	11	10	41	6	9	9	6	28
	3	8	4	1	8	1	7	4	5	1	0
Ireland	6	0	3	2	0	6	0	1	2	0	4
	8	7	3	2	7	8	8	6	0	1	5
Faroes	9	2	8	1	3	9	2	2	2	3	10
	9	1	1	7	1	7	1	8	5	0	5
Iceland	n/a	n/a	n/a	n/a	n/a	n/a	4 9	0 1	3 5	6 5	15 0
Total	465	96	102	133	130	463	102	107	137	136	484
	6	6	7	8	5	6	9	5	0	6	0

• 2023 volume guidance of 484k GWT maintained

• Second quarter another record-breaking quarter on strong operational performance in a good market
• Salmon normally fares well in challenging economic times
• Modest supply growth of 1% expected in 2023 (3% in H2-23)
• Mowi harvest volume guidance maintained at 484k GWT in 2023
  • Equivalent to growth of 4.4%, surpassing that of the wider industry
• Resource rent tax of 25% approved 31 May (reduced from 35% and initial proposal of 40%) still unsustainable tax level for the Norwegian salmon industry of 47%
  • Continue to work politically against this tax
  • Mowi to pursue legal steps in due course

Q2 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 four 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 (kg CO / kg edible meat)	5.1 kg	8.4 kg	12.2 kg	39.0 kg
	Mowi ranked the second most sustainable	2nd	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
	Mowi recognised as Climate Winner in PwC's Climate Index for 2023	st 1	Quotes from BFA documents	often considered 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

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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 95%

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

Harvest volume (GWT)					kg (EUR) EBIT per
	Ownership %	2021	2022	Q2 2022	Q2 2023	2021	2022	Q2 2022	Q2 2023	Q2 2023
Nova Sea	% 48 7	43 539	44 027	9 377	9 614	1 84	2 90	4 67	3 82	-82 5

• 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 2.7m in Q2 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

• Q3 2023 contract shares (% of guided volume):
  • − Norway 21%
  • − Scotland 56%
  • − Chile 33%
  • − Canada 0%
  • − Ireland 78%
  • − Faroes 0%
  • − Iceland 0%
• Contracts typically have a duration of 3-12 months and are entered into on a regular basis

Quarterly segment overview

EUR million	Norway	Scotland	Chile	Canada	Ireland	Faroes	Iceland	Other 1)	Group
OPERATIONAL EBIT
FARMING	160 4	34 7	17 1	12 0	2 1	12 3	-0 5		238 0
SALES AND MARKETING
Markets	15 5	3 4	0 8	0 1	0 4	0 4	0 0	0 0	20 5
Consumer Products	23 4	4 8	7 4	0 0	-0 1	0 4	0 0	1 2	37 1
SUBTOTAL	199 4	42 9	25 3	12 0	2 4	13 0	-0 5	1 2	295 6
Feed	6 6	-1 1			-0 1	0 0	0 0	0 0	5 4
entities 1) Other								-1 5	-1 5
TOTAL	206 0	41 8	25 3	12 0	2 3	13 0	-0 5	-0 3	299 5
volume (GWT) Harvest	61 469	18 278	13 797	9 352	646 1	2 840	100		107 482
(EUR) 1) Operational kg - total Group EBIT per	3 35	2 29	83 1	29 1	40 1	4 58	n/a		2 79
- of which Feed	0 11	-0 06	n/a	n/a	-0 06	0 00	0 00		0 05
- of which Markets	0 25	0 18	0 06	0 01	0 22	0 13	0 00		0 19
- of which Consumer Products	0 38	0 26	0 54	0 00	-0 03	0 13	0 00		0 35
ANALYTICAL DATA
(%) 1) Price achievement/reference price	95%	102%	114%	97%	n/a	108%	n/a		99%
Contract share (%)	29%	49%	38%	0%	85%	0%	0%		30%
Quality - superior share (%)	81%	94%	94%	92%	82%	86%	85%		86%
GUIDANCE
Q3 2023 harvest volume (GWT)	87 000	15 000	17 500	9 500	2 000	2 500	3 500		137 000
2023 harvest volume (GWT)	290 000	64 000	72 000	28 000	4 500	10 500	000 15		484 000
(%) Q3 2023 contract share	21%	56%	33%	0%	78%	0%	0%		25%

YTD 2023 segment overview

million EUR	Norway	Scotland	Chile	Canada	Ireland	Faroes	Iceland	Other 1)	Group
OPERATIONAL EBIT
FARMING	362 9	58 1	25 6	27 9	3 1	19 2	9 8		506 6
SALES AND MARKETING
Markets	29 3	4 9	0 1	0 5	0 6	0 5	0 0	0 0	36 8
Consumer Products	47 6	8 4	14 6	0 0	0 3	0 4	0 0	3 1	74 3
SUBTOTAL	439 9	71 3	41 2	28 5	3 9	20 0	9 8	3 1	617 7
Feed	10 9	-3 0			-0 3	0 0	0 0	0 0	6 7
entities 1) Other								-4 0	-4 0
TOTAL	450 7	68 4	41 2	28 5	3 6	20 0	9 8	-0 9	621 3
Harvest volume (GWT)	127 096	29 651	24 385	16 932	2 427	4 969	4 966		210 426
(EUR) 1) Operational EBIT kg - total Group per	3 54	2 31	1 69	1 68	1 49	4 03	1 97		2 95
- of which Feed	0 09	-0 10	n/a	n/a	-0 12	0 00	0 00		0 04
- of which Markets	0 23	0 16	0 04	0 03	0 24	0 10	0 00		0 17
- of which Consumer Products	0 37	0 28	0 60	0 00	0 11	0 07	0 00		0 35
ANALYTICAL DATA
(%) 1) Price achievement/reference price	94%	100%	106%	105%	n/a	102%	103%		97%
(%) Contract share	27%	71%	51%	2%	78%	0%	0%		33%
Quality - superior (%) share	80%	94%	94%	90%	83%	84%	82%		85%

Development in harvest volumes

GWT	2018	2019	2020			2021					2022		2023E
(1 000) ,	Total	Total	Total	Q1	Q2	Q3	Q4	Total	Q1	Q2	Q3	Q4	Total	Q1	Q2	Q3E	Q4E	Total
Norway	230	236	262	75	56	71	71	273	59	59	87	87	293	65	61	87	75	290
	4	9	0	0	1	0	1	2	4	8	4	1	7	6	5	0	9	0
Scotland	38	65	52	18	19	0	12	64	10	13	14	10	48	4	18	0	19	64
	4	4	7	3	2	15	0	4	5	0	5	4	4	11	3	15	3	0
Chile	53	65	64	19	15	14	16	66	16	14	16	18	65	10	13	17	30	72
	2	7	6	4	1	9	5	0	0	4	9	4	7	6	8	5	1	0
Canada	39	54	44	10	13	11	10	45	8	10	11	10	41	7	9	9	1	28
	8	4	0	7	4	1	1	3	8	4	1	8	1	6	4	5	6	0
Ireland	6	6	8	2	8	2	6	6	0	3	2	0	6	0	6	2	0	4
	3	7	0	1	1	2	1	8	7	3	2	7	8	8	1	0	1	5
Faroes	7	6	8	0	2	2	3	9	1	1	1	3	7	2	2	2	3	10
	7	9	6	9	4	9	8	9	2	8	7	1	9	1	8	5	0	5
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	3 5	6 5	0 15
Total	375	435	439	125	108	117	0	465	96	102	133	130	463	102	107	137	136	484
	2	9	8	5	0	1	115	6	6	7	8	5	6	9	5	0	6	0

Growth relative to same period in previous year

	2018	2019	2020			2021					2022			2023E
	Total	Total	Total	Q1	Q2	Q3	Q4	Total	Q1	Q2	Q3	Q4	Total	Q1	Q2	Q3E	Q4E	Total
Norway	10%	3%	11%	49%	-1%	-7%	-9%	4%	-21%	7%	23%	22%	8%	10%	3%	0%	-13%	-1%
Scotland	-36%	70%	-19%	102%	32%	-7%	-8%	22%	-42%	-32%	-3%	-13%	-25%	8%	41%	3%	86%	32%
Chile	18%	24%	-2%	42%	6%	-10%	-18%	2%	-17%	-5%	13%	12%	0%	-34%	-4%	4%	63%	10%
Canada	1%	37%	-19%	33%	17%	-8%	-19%	3%	-18%	-22%	0%	7%	-9%	-13%	-10%	-15%	-85%	-32%
Ireland	-35%	5%	20%	n/m	-54%	-20%	32%	-15%	-42%	78%	-2%	-54%	1%	17%	-50%	-8%	-90%	-34%
Faroes	29%	-10%	24%	-51%	-32%	57%	168%	16%	32%	-23%	-40%	-17%	-21%	79%	58%	45%	-4%	34%
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
Total	1%	16%	1%	51%	4%	-7%	-9%	6%	-23%	-5%	14%	13%	0%	7%	5%	2%	5%	4%

Cash flow guidance and historic developments

Net capital expenditure Net working capital

Financial commitments and cost of debt (*)

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Thank you