Mowi ASA

Investor Presentation • Feb 15, 2023

Q4 2022 presentation

CEO: Ivan Vindheim CFO: Kristian Ellingsen

15 February 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 and net working capital guidance, NIBD target, cash flow guidance and financing update, guidance on financial commitments and cost of debt 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

• All-time high full-year revenue of EUR 4 946 million and Operational EBIT of EUR 1 005 million
• Quarterly revenue of EUR 1 362 million and Operational EBIT of EUR 239 million
• Continued good demand and low supply
• Farming cost of EUR 5.25 per kg relatively stable from Q3
• Record-high Q4 harvest volumes of 131k GWT, above guidance of 127k GWT
• Full-year harvest volumes of 464k GWT
• Expect to harvest record-high 484k GWT in 2023
• 109k GWT growth over 5 years, CAGR of 5.2%
• Mowi ranked world's most sustainable animal protein producer for the fourth year in a row
• Acquisition of 51.28% of Arctic Fish in Iceland completed
• Consumer Products best results ever with operational EBIT of EUR 112 million in 2022 (ROCE 16.5%)
• Feed best year so far with operational EBITDA of EUR 47 million (ROCE 13.1%)
• Public consultation process on Norwegian resource rent tax proposal ended on 4 January with massive protest
• Quarterly dividend of NOK 1.70 per share as ordinary dividend

Key financials

Mowi Group - main figures Unaudited million EUR	Q4 2022 Q4 2021 2022		2021
Operational and other income revenue	1 361 8 ,	1 149 9 18% ,	4 946 0 ,	4 207 6 18% ,
1) Operational EBITDA	284 0	188 3	1 179 4 ,	690 3
1) Operational EBIT	238 9	145 8 64%	1 005 1 ,	522 6 92%
(NIBD)1) 2) interest-bearing Net debt	1 758 9 ,	1 257 3 ,	1 758 9 ,	1 257 3 ,
1) Underlying (EUR) EPS	0 33	0 20	1 42	0 71
1) Net cash flow share (EUR) per	-0 13	-0 06	0 35	0 85
Dividend declared and paid share (NOK) per	70 1	40 1	35 7	4 45
ROCE 1)	20 3%	% 15 5	23 7%	13 4 %
Equity ratio	0% 49	% 50 0	0% 49	% 50 0
Harvest volume (GWT)	130 549	115 040 13%	463 635	465 600 0%
kg1) Operational EBIT - EUR Total per -	1 83	1 27	2 17	1 12
Norway	2 28	76 1	2 74	43 1
Scotland	0 67	0 61	0 88	1 20
Chile	1 08	0 64	1 17	0 71
Canada	48 1	0 04	60 1	-0 23
Ireland	-4 36	0 94	0 88	2 09
Faroes	1 75	40 1	2 49	28 1

^• The second best Q4 ever and a record-high year for Mowi financially

Salmon prices – weekly reference prices

• Prices in Q4 2022 up by 17% YoY in Europe. Prices up 7% in Miami and 10% in Seattle

Ref. price Chile USD (Urner Barry average D-trim 3-4 lbs FOB Miami)

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

Price achievement and contract share

Operational EBIT comparison

• Second best Q4 Operational EBIT ever
• Improvements in all business areas YoY

Norway

SALMON OF NORWEGIAN ORIGIN
EUR million	Q4 2022	Q4 2021
Operational EBIT	198 3	124 8
EBIT	219 3	140 2
Harvest volume (GWT)	87 065	71 103
Operational (EUR) EBIT kg per	2 28	1 76
- of which Feed	0 18	0 11
- of which Markets	0 16	0 12
- of which Consumer Products	0 37	0 25
Price achievement/reference price	100%	95%
Contract share	28%	27%
Superior share	92%	94%

• Record-high fourth quarter Operational EBIT on all-time high harvest volumes and strong prices
• Cost up YoY due to feed inflation
• Improved biological performance

Mowi Norway grown 84,000 GWT organically over the past 5 years to record-high 294,000 GWT in 2022

• Record-high harvest volumes of 294,000 GWT in 2022
• 84,000 GWT growth over the past 5 years
• CAGR 6.9% well in excess of industry
• Mowi Norway towards the top of license utilisation and production efficiency in Norway

Norway: Operational EBIT/kg per region

• Region North: Highest margin on lowest cost and good price performance.
• Region Mid: Earnings impacted by harvesting 50% of the volumes in October at seasonally lower prices in addition to more issues than normal this year, with sea lice in particular.
• Region West: Substantial earnings improvement on significantly higher volumes, higher prices and relatively good cost development.
• Region South: Significant earnings improvement due to higher volumes and higher prices, and relatively good operational performance.
• Record-high harvest volumes in Region North, Region West and Region South in 2022. Also record-high results for all four farming entities.

Norway: Sales contract portfolio

• Contract share for our Norwegian volumes for H1-2023 of 30%
• Contract prices significantly higher than last year

Scotland

SALMON OF SCOTTISH ORIGIN
million EUR	Q4 2022	Q4 2021
Operational EBIT	7 0	7 3
EBIT	22 7	13 7
Harvest volume (GWT)	10 386	12 002
Operational (EUR) EBIT kg per	0 67	0 61
- of which Feed	0 12	0 02
- of which Markets	0 17	0 20
- of which Consumer Products	0 17	0 16
Price achievement/reference price	115%	120%
Contract share	82%	75%
Superior share	94%	95%

• Biologically challenging quarter for Mowi Scotland following issues with SRS
• Record-warm summer in 2022 caused challenging environmental conditions
• Page 12 ⁰ • So far in 2023 harvest weights have improved on better fish health – will prioritise biomass growth going forward

Chile

SALMON OF CHILEAN ORIGIN
million EUR	Q4 2022	Q4 2021
Operational EBIT	19 9	10 6
EBIT	18 6	18 1
Harvest volume (GWT)	18 430	16 480
Operational kg (EUR) EBIT per	08 1	0 64
- of which Markets	0 11	0 10
- of which Consumer Products	0 35	0 27
Price achievement/reference price	105%	100%
Contract share	39%	44%
Superior share	90%	84%

• Stable operations and improved profits on higher prices and volumes
• Continued good contribution through the value chain
• In general, good production and biology in Mowi Chile in the quarter

Canada

SALMON OF CANADIAN ORIGIN
million EUR	Q4 2022	Q4 2021
Operational EBIT	16 0	0 4
EBIT	-8 9	-2 2
(GWT) Harvest volume	10 808	10 110
Operational (EUR) EBIT kg per	1 48	0 04
- of which Markets	0 36	0 14
- of which Consumer Products	0 00	0 02
Price achievement/reference price	107%	94%
Contract share	0%	2%
Superior share	93%	79%

• Significant earnings improvement in Mowi Canada West to EUR 20.2m (EUR 2.15 per kg) vs EUR 8.2 million (EUR 1.07 per kg) on higher achieved prices and volumes, partly offset by higher feed costs
• Good price achievement improved biological control and higher superior share
• Canada East: improved biological performance from which we expect to gradually start benefitting in 2023

Ireland and Faroes

SALMON OF IRISH ORIGIN
EUR million	Q4 2022	Q4 2021
Operational EBIT	-3 1	1 5
EBIT	-6 5	-4 4
volume (GWT) Harvest	720	568 1
Operational (EUR) EBIT kg per	-4 36	0 94
- of which Feed	0 14	0 02
- of which Markets	0 41	0 29
- of which Consumer Products	0 98	0 19
Price achievement/reference price	n/a	n/a
Contract share	94%	79%
Superior share	84%	88%

• Earnings impacted by issues with SRS following a record-warm summer
• Prioritise volume growth into 2023

SALMON OF FAROESE ORIGIN
EUR million	Q4 2022	Q4 2021
Operational EBIT	5 5	3 5
EBIT	8 1	4 6
(GWT) Harvest volume	3 140	3 777
Operational kg (EUR) EBIT per	1 75	40 1
- of which Feed	0 00	0 00
- of which Markets	0 04	0 24
- of which Consumer Products	0 00	0 01
Price achievement/reference price	101%	104%
Contract share	0%	0%
Superior share	92%	92%

• Earnings relatively stable YoY
• Relatively high volumes

Iceland: Arctic Fish acquisition – exciting growth opportunity

Excellent growth and living conditions for salmon in Iceland

Integrated salmon farmer with substantial growth projects

Smolt Farming Harvesting Processing

• Acquisition of 51% of the shares in Icelandic salmon farmer, Arctic Fish, before year end 2022
• Iceland is Mowi's seventh farming country and was the last spot missing from our geographical footprint
• We are looking forward to further developing the company together with the other owners and a highly competent and motivated organisation
• Iceland is one of the few areas left that offers extensive organic growth opportunities in conventional farming
• We expect to harvest 15,000 GWT in 2023

Consumer Products

CONSUMER PRODUCTS
million EUR	Q4 2022	Q4 2021
Operating revenues	892 7	785 5
Operational EBIT	42 5	25 6
Operational % EBIT	4 8%	3 3%
Operational % only EBIT VAP	6 4%	4 1%
EBIT	42 3	25 1
(tonnes weight) Volume sold prod	63 841	67 867

• Best quarterly result ever, and record-high full-year profits of EUR 112 million (ROCE 16.5%)
• Strong operational performance
• Good demand in more or less all markets in the quarter

Award-winning MOWI Saumon Pas Fumé in France within:

"Best innovation in the seafood category"

Product range consists of:

• Beetroot & Sweet Spices
• Pepper & Herbs
• Gravlax Dill & Pink Berries

Feed

FEED
EUR million	Q4 2022	Q4 2021
Operating revenues	314 8	212 8
Operational EBITDA	21 4	11 9
Operational EBIT	4 17	9 7
Operational % EBITDA	8% 6	6% 5
Operational EBIT %	5 5%	3 7%
EBIT	17 4	6 3
Feed sold volume	148 810	140 954
Feed produced volume	131 085	137 327

• Best quarterly and annual result ever on good volumes and operational performance (ROCE 13.1%)
• Full-year EBITDA of EUR 47 million
• Strong feed performance
• Feed sold of 517k tonnes in 2022

Q4 2022 presentation

Financials, Markets and Harvest volumes

Profit and Loss

Mowi Group EUR million	Q4 2022	Q4 2021	2022	2021
Operational revenue and other income	1 361 8 ,	1 149 9 18% ,	4 946 0 ,	4 207 6 18% ,
Operational 1) EBIT	238 9	145 8 64%	1005 1	522 6 92%
in unrealized internal margin Change Gain/loss from derivatives fair value adjustment of biomass Net ,	-10 0 -4 2	-6 2 9 1	-10 4 -4 7	6 6 8 5
provision onerous contracts	13 3	19 4	105 5	116 6
Restucturing costs	-8 8	-15 0	-13 7	-22 6
Production/license/sales taxes	-8 5	-6 0	-25 6	-21 9
Other non-operational items	-15 5	-21 4	-2 1	-30 3
Income from associated companies	20 2	17 5	59 2	97 5
Impairment losses	-13 7	-11 0	-59 5	-74 8
EBIT	211 5	125 1	1053 8	602 2
Net financial items	-18 3	-3 2	-52 9	-8 9
Earnings before tax	193 2	121 8	1000 9	593 4
Profit for period or loss the	151 5	104 2	785 4	487 9
Basic EPS (EUR)	0 29	0 20	1 51	0 94
Underlying EPS (EUR)	0 33	0 20	42 1	0 71
flow (EUR) Net cash per share	-0 13	-0 06	0 35	0 85
Dividend declared and paid per share (NOK)	1 70	1 40	7 35	4 45
Operational EBIT margin	17 5%	12 7%	20 3%	12 4%
Harvest volume GWT (salmon) ,	130 549	115 040 13%	463 635	465 600 0%
1) Operational incl margin EBIT per kg	1 83	1 27	2 17	1 12
ROCE 1)	20 3 %	15 5 %	23 7 %	13 4 %

• Positive net fair value adjustment of biomass of EUR 13 million mainly due to higher prices
• Associated companies: EBIT/kg of EUR 2.00 on 14.7k tonnes from Nova Sea (49% ownership and largest shareholder)
• Adversely impacted by biological issues and lower average harvest weight

Financial position

Mowi Group	12		12
million EUR	31 2022	30 09 2022	31 2021
Non-current assets	4 042 6	3 612 2	3 542 2
Current assets	3 488 7	3 183 6	2 717 6
Total assets	531 4 7	6 796 0	6 259 5
Equity	3 687 1	3 516 5	3 131 4
Non-current liabilities	2 576 7	1 991 2	2 155 3
Current liabilities	267 4 1	287 9 1	972 9
Total equity and liabilities	7 531 4	6 796 0	6 259 5
1) Net interest-bearing debt	1 758 9	1 353 4	1 257 3
Equity ratio	49 0%	7% 51	50 0%
equity ratio Covenant	2% 52	4% 55	6% 54

• Strong financial position

Cash Flow and Net Interest Bearing Debt

Mowi Group EUR million	Q4 2022	Q4 2021	2022	2021
NIBD beginning of period*	-1 353 4	-1 148 6	-1 257 3	-1 458 4
Operational EBITDA Change in working capital paid Taxes Other adjustments Cash flow from operations	284 0 -228 5 -12 0 -39 6 3 9	188 3 -122 1 -6 9 13 2 72 4	1179 4 -491 4 -118 3 -110 6 459 1	690 3 -26 8 -42 6 6 9 627 8
Net Capex investments dividends received Other and Cash flow from investments	-131 7 -125 9 -257 6	-107 7 16 3 -91 4	-326 0 -143 4 -469 4	-240 8 107 1 -133 7
Effects of business combinations Net interest and financial items paid* items Other Dividend / return of paid in capital Currency effect interest -bearing debt on	-69 2 -11 5 11 7 -88 1 3 5	0 0 -11 1 -1 3 -73 3 -4 0	-69 2 -36 4 -8 0 -378 2 0 4	0 0 -41 5 -13 6 -226 8 -10 9
end of period* NIBD	758 9 -1	257 3 -1	758 9 -1	257 3 -1
*Excluding effects of IFRS 16

• Strong earnings

• Working capital tie-up of EUR 229 million – temporary build-up related to Sales & Marketing, Feed and biomass

• Excluding acquisition of Arctic Fish, NIBD would have been EUR 1,510 million

NIBD distribution:

EUR	96%	88%	96%	88%
USD	1%	3%	1%	3%
GBP	2%	3%	2%	3%
currencies Other	1%	5%	1%	5%

2023 Cash Flow Guidance

• Working capital release of EUR ~150m due to temporary build-up last year (EUR ~200m release H1- 23)
• Capital expenditure EUR ~370m (including Arctic Fish EUR ~ 30m)
• 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 ~70m (ex IFRS 16 effects)
• Taxes paid EUR ~175m
• Quarterly dividend of NOK 1.70 per share (50% of underlying EPS)
• Payable in first quarter

Underlying cost pressure in Farming offset by cost cut initiatives until post-Covid inflation

• Farming blended cost relatively stable until 2022
• CAGR 1.8% < inflation
• Significant inflationary pressure from 2022 driven by higher feed prices
• Biological performance improved YoY
• Feed prices increased by ~70% since Q1 2021
• 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

Initiating a new EUR 25 million cost savings programme for 2023

• Realised EUR 48 million in annualised cost savings in 2022, well ahead of the EUR 25 million target
• Initiating a new EUR 25 million cost savings programme for 2023, including energy savings of 28 GWh or 3%
• Total cost savings of EUR 230 million 2018-2022, of which EUR 124 million in Farming
• ~1 200 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, e.g. 50% reduction in travel costs

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 – 1,346 FTEs so far (90% of target)

• Productivity programme
• Salary and personnel expenses second largest cost item in Mowi; EUR 613 million in 2022
• Productivity increase of 15% 2022 vs 2019, i.e. already delivering in excess of the 10% targeted productivity increase
  • Volume increase 6%
  • FTE decrease 9%
• Natural turnover through retirement, reduced overtime and reduced contracted labour
• Automation and rightsizing
• 2023 target to reduce FTEs by 435 through productivity programme (12% decrease in total)

FTE reductions based on "as is" volumes

Mowi ranked #1 on sustainability amongst food producers

Good progress on reducing GHG emissions in 2022 and since 2019

Ambitious long-term targets Scope 1 & 2 & 3 GHG emission

(FY 2022)

Our sustainability achievements

of harvest volumes are certified sustainable 99%

compliant with sustainable sourcing feed policy 100% (1)

of our marine sites with 92% minimum benthic impact (1)

(1) 2022 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

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
	Mowi recognised as a global leader in		Protein retention	28%	37%	21%	13%
	climate action	A	Feed conversion ratio	1.3	1.9	3.9	8.0
			Edible meat per 100 kg feed	56 kg	39 kg	19 kg	7 kg
	Supplier Engagement Rating	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 categorised as Climate Winner in PwC's Climate Index for 2022 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

Page 28

Overview financing

• Bank Facility: EUR 1,800m sustainability-linked facility
• 5 years facility (Maturity: September 2026)
• Covenant: 35% equity ratio (adjusted for IFRS 16 leasing effects)
• Accordion option: EUR 300m
• Lenders: DNB, Nordea, ABN Amro, Rabobank, Danske Bank, SEB and Crédit Agricole
• Senior unsecured bond: EUR 200m
• Tenor 5 years (Maturity: June 2023)
• EURIBOR + 2.15%
• 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 117m through several agreements
• Long term NIBD target EUR 1,400m

Supply development

	Estimated	volumes	Compared Q4 to	2021	. volumes Est
Suppliers	Q4 2022	Q4 2021	Volume	%	Q3 2022
Norway	404 500 ,	401 200 ,	3 300 ,	0 8%	380 100 ,
Scotland	35 100 ,	36 200 ,	1 100 - ,	0% 3 -	44 100 ,
Islands Faroe	27 100 ,	30 400 ,	3 300 - - ,	10 9%	23 200 ,
Other Europe	14 400 ,	13 200 ,	200 1 ,	9 1%	500 11 ,
Total Europe	481 100 ,	481 000 ,	100	0% 0	458 900 ,
Chile	174 200 ,	181 000 ,	6 800 - ,	8% 3 -	187 800 ,
North America	29 500 ,	35 100 ,	600 5 - - ,	16 0%	37 100 ,
Total Americas	203 700 ,	216 100 ,	-12 400 ,	7% -5	224 900 ,
Australia	23 900 ,	23 900 ,	0	0% 0	21 000 ,
Other	6 100 ,	9 800 ,	3 700 - - ,	8% 37	6 300 ,
Total	714 800 ,	730 800 ,	-16 000 ,	-2 2%	100 711 ,

• Global supply stable YoY adjusted for inventory movements
• Norway: 1% supply increase was lower than expected due to advanced harvesting and lower feed consumption
• Scotland: Reduced volumes due to biological issues
• Chile: Reduced volumes on lower biomass YoY and also biological challenges (SRS)

Global volume development

	Estimated	volumes	Compared	to Q4 2021	Est . volumes	12 month	comparison
Markets	Q4 2022	Q4 2021	Volume	%	Q3 2022	LTM	PTM	%
EU+UK	324 600 ,	324 300 ,	300	1% 0	322 100 ,	1 143 700 , ,	1 158 000 , ,	2% -1
Russia	14 900 ,	27 300 ,	-12 400 ,	4% -45	13 800 ,	48 700 ,	86 100 ,	4% -43
Other Europe	28 100 ,	32 300 ,	-4 200 ,	0% -13	27 900 ,	101 000 ,	114 700 ,	9% -11
Total Europe	367 600 ,	383 900 ,	-16 300 ,	-4 2%	363 800 ,	1 293 400 , ,	1 358 800 , ,	-4 8%
USA	151 000 ,	140 300 ,	10 700 ,	7 6%	148 900 ,	586 700 ,	571 700 ,	2 6%
Brazil	24 700 ,	23 200 ,	1 500 ,	6 5%	24 300 ,	97 200 ,	101 300 ,	-4 0%
Other Americas	38 400 ,	39 700 ,	-1 300 ,	-3 3%	39 900 ,	146 800 ,	141 700 ,	3 6%
Total Americas	214 100 ,	203 200 ,	10 900 ,	5 4%	213 100 ,	830 700 ,	814 700 ,	2 0%
China / Hong Kong	22 200 ,	22 200 ,	0	0 0%	25 700 ,	84 200 ,	80 400 ,	4 7%
Japan	800 15 ,	18 900 ,	-3 100 ,	-16 4%	13 800 ,	200 55 ,	65 300 ,	5% -15
South / Taiwan Korea	14 800 ,	16 800 ,	-2 000 ,	9% -11	14 600 ,	56 700 ,	68 000 ,	-16 6%
Other Asia	25 900 ,	23 000 ,	2 900 ,	12 6%	20 300 ,	88 600 ,	83 400 ,	6 2%
Total Asia	78 700 ,	80 900 ,	-2 200 ,	-2 7%	74 400 ,	284 700 ,	297 100 ,	-4 2%
All other markets	42 200 ,	36 600 ,	5 600 ,	3% 15	41 800 ,	141 200 ,	130 100 ,	5% 8
Total	702 600 ,	704 600 ,	-2 000 ,	-0 3%	693 100 ,	2 550 000 , ,	2 600 700 , ,	9% -1
Inflow to US from	43 000	34 300	8 700	25 4%	36 300	142 500	127 500	8% 11
Europe Inflow to from Chile EU	, 200 7 ,	, 700 5 ,	, 500 1 ,	26 3%	, 700 7 ,	, 29 500 ,	, 25 700 ,	14 8%

Source: Kontali

• 2022 record-year for salmon market (EUR ~21 billion, 30% growth YoY)

• In Q4 estimated global value of salmon consumed increased by ~ 20% YoY on continued good demand
• European retail sales dropped from a high level but still higher than pre-pandemic levels. Foodservice activity continued to improve
• US market continued to grow on increased imports of Chilean and Norwegian salmon
• Page 31 • Asian mixed – lack of availability and high freight costs Source: Kontali Note: Atlantic Salmon (GWT), LTM: Last Twelve Months, PTM: Previous Twelve Months

Development in reference prices

	Q4 2022 Market	Change vs Q4 2021	Q4 2022 EUR	Change vs Q4 2021
Norway (1)	EUR 7 04	16 6%	EUR 7 04	16 6%
Chile (2) Chile GWT (3) ,	USD 88 5 USD 6 73	6 9% 8 2%	76 EUR 5 6 59 EUR	19 7% 21 1%
America (4) North West Coast America (5) North East Coast America (3) North West Coast GWT ,	USD 3 84 USD 4 10 USD 8 11	6% 9 4% 9 1% 8	EUR 3 76 EUR 4 02 EUR 7 94	7% 22 5% 22 0% 21

Ref. price Norway EUR (NASDAQ average superior Oslo, GWT/kg)

Ref. price Chile USD (Urner Barry average D-trim 3-4 lbs FOB Miami)

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

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

• Prices in Q4 2022 up by 17% YoY in Europe. Prices up 7% in Miami and 10% in Seattle

Industry supply growth 2023e

	2019	2020	2021	2022	2023E		2023E
(1,000) GWT						Low	Y/Y growth	High	Y/Y growth
Norw ay	1,200	1,233	1,380	1,365	1,399	1,384	1%	1,414	4%
UK	171	160	179	150	164	160	6%	168	12%
Faroe Islands	78	73	95	90	94	91	1%	97	8%
Other Europe*	36	42	52	55	51	49	-12%	53	-4%
Total Europe	1,485	1,508	1,706	1,661	1,708	1,684	1%	1,732	4%
Chile	621	701	646	676	684	669	-1%	699	3%
North America	142	141	145	136	132	128	-6%	136	0%
Total Americas	764	842	791	813	816	797	-2%	835	3%
Other	71	91	109	108	116	112	4%	120	11%
Total	2,320	2,441	2,607	2,581	2,639	2,592	0%	2,686	4%

• Low supply growth of 2% expected for 2023

*Ireland and Iceland

	Q1 2019	Q1 2020	Q1 2021	Q1 2022	Q1 2023E		Q1 2023E
(1,000) GWT						Low	Q/Q growth	High	Q/Q growth
Norw ay	267	274	319	307	302	298	-3%	306	0%
UK	39	29	43	30	35	34	13%	36	19%
Faroe Islands	20	16	20	21	22	21	1%	23	10%
Other Europe	9	9	15	18	11	10	-42%	12	-30%
Total Europe	335	328	397	375	370	363	-3%	377	1%
Chile	156	169	182	162	153	149	-8%	157	-3%
North America	30	29	32	32	28	27	-14%	29	-8%
Total Americas	186	198	214	194	181	176	-9%	186	-4%
Other	15	18	24	26	27	26	0%	28	8%
Total	536	544	635	595	579	566	-5%	592	0%

	Q2-Q4	Q2-Q4	Q2-Q4	Q2-Q4	Q2-Q4	Q2-Q4 2023E
(1,000) GWT	2019	2020	2021	2022	2023E	Low	Q/Q growth	High	Q/Q growth
Norw ay	933	959	1,061	1,059	1,097	1,086	3%	1,108	5%
UK	132	131	136	120	129	126	5%	132	10%
Faroe Islands	58	57	75	69	72	70	1%	74	7%
Other Europe	27	33	37	38	40	39	2%	41	8%
Total Europe	1,151	1,180	1,309	1,286	1,337	1,320	3%	1,354	5%
Chile	465	532	465	515	531	520	1%	542	5%
North America	112	112	113	104	103	100	-4%	106	2%
Total Americas	578	644	578	619	634	620	0%	648	5%
Other	56	73	86	82	89	86	5%	92	12%
Total	1,785	1,897	1,972	1,986	2,060	2,026	2%	2,094	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 GWT (1 000)	2021 Actual	Q1 2022 Actual	Q2 2022 Actual	Q3 2022 Actual	Q4 2022 Actual	2022 Actual	Q1 2023 Guidance	2023 Guidance
, Norway	273 2	59 4	59 8	87 4	87 1	293 7	63 0	290 0
Scotland	64	10	13	14	10	48	10	64
	4	5	0	5	4	4	0	0
Chile	66	16	14	16	18	65	0	72
	0	0	4	9	4	7	11	0
Canada	45	8	10	11	10	41	7	28
	3	8	4	1	8	1	0	0
Ireland	6	0	3	2	0	6	0	4
	8	7	3	2	7	8	5	5
Faroes	9	1	1	1	3	7	2	10
	9	2	8	7	1	9	0	5
Iceland	n/a	n/a	n/a	n/a	n/a	n/a	4 5	15 0
Total	465	96	102	133	130	463	98	484
	6	6	7	8	5	6	0	0

• 2023 volume guidance of record-high 484k GWT including Arctic Fish in Iceland
• Scotland recovery
• Chile growth
• Canada West reduction from 2022 due to Discovery Islands and uneven site mix. ~25k GWT from 2024 onwards
• Iceland growth from acquisition of 51% of Arctic Fish. Significant growth opportunities ahead

Volume growth of 109,000 GWT over 5 years to all-time high 484,000 GWT for 2023 (CAGR 5.2%)

• Strong growth in Mowi's global harvest volumes over 5 years of 109,000 GWT
• Growth in excess of industry (5.2% CAGR vs industry at 4.1%)
• Intrinsic potential to grow volumes well beyond 500,000 GWT

Outlook

• A record-breaking 2022 and a good start to the new year
• Modest supply growth going forward, and salmon normally fares well in challenging economic times
• On 28 September 2022 the Norwegian government proposed an unsustainable tax level for the Norwegian salmon industry of 62%, and about 80% with Norwegian wealth tax
• Will impose major limitations on future growth and development of the Norwegian salmon industry and thereby loss of current and future jobs in their thousands along the Norwegian coastline
• Public consultation process ended 4 January 2023 with massive protest from majority of respondents
• Formal clarification not expected until after Easter and most likely not until close to summer
• Mowi harvest volume guidance increased to record-high 484k GWT in 2023
• Blended farming costs expected to increase slightly in the first quarter due to seasonally lower dilution of cost in addition to previous inflation
• Falling input costs indicate a decline in cost to stock for 2023
• Quarterly dividend of NOK 1.70 per share (50% of underlying EPS), payable in first quarter

Q4 2022 presentation

Appendix

Proposed resource rent tax on salmon farming in Norway – 62% total tax

• Currently, the industry pays 22% corporate tax, in addition to 0.6% export tax (on revenues) and NOK 0.4 per kg in production fee
• On 28 September the Norwegian government announced a proposal for an additional resource rent tax of 40% with effect from tax year 2023 putting total taxes at 62% (production fee deductible)
• Applicable to farming activities in seawater
• From the very beginning Mowi has been clear that this tax level is not sustainable and that it will impose major limitations on future growth and development of the Norwegian salmon industry, and thereby cause the loss of current and future jobs in their thousands along the Norwegian coastline, if implemented
• Furthermore, the tax model as such is not fit for purpose as it is very bureaucratic and handles margins and deductibles asymmetrically
• The standard deduction discriminates against larger salmon farmers and thus undermines the traffic light auction system in addition to potentially violating the Norwegian state's obligations under the EEA agreement
• Page 38 • The public consultation process ended on 4 January with, as expected, massive and vocal warnings of the negative consequences of this tax level and the chosen model from the majority of respondents. Now the political process has started, and we do not expect to have a formal clarification until after Easter, and most likely not until close to the summer

Nova Sea

			volume Harvest	(GWT)		kg EBIT per	(EUR)
	Ownership % 2021 2022 Q4 2021 Q4 2022					2021	2022	Q4 2021	Q4 2022	Q4 2022
Nova Sea	48 7 %	43 539	44 027	12 260	14 743	1 80	2 85	1 92	2 00	-100 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 21.1m in Q4 2022
• − Adversely impacted by biological issues and lower

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 2023 contract shares (% of guided volume):
• − Norway 27%
• − Scotland 80%
• − Chile 50%
• − 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

			SOURCES	OF ORIGIN	QTD
million EUR	Norway	Scotland	Chile	Canada	Ireland	Faroes	Iceland	Other 1)	Group
OPERATIONAL EBIT
FARMING	136 1	2 2	11 3	12 1	-4 2	5 4			162 8
SALES AND MARKETING
Markets	13 9	8 1	2 1	3 9	0 3	0 1		0 1	22 1
Consumer Products	32 3	1 7	6 5	0 0	0 7	0 0		2 1	42 5
SUBTOTAL	182 3	5 7	19 9	16 0	-3 2	5 5		1 2	227 4
Feed	16 0	1 3			0 1	0 0		0 0	17 4
entities 1) Other								-6 0	-6 0
TOTAL	198 3	0 7	19 9	16 0	-3 1	5 5		-4 8	238 9
Harvest volume (GWT)	87 065	10 386	18 430	10 808	720	3 140			130 549
(EUR) 1) Operational EBIT per kg - total Group	2 28	0 67	1 08	1 48	-4 36	1 75			1 83
- of which Feed	0 18	0 12	n/a	n/a	0 14	0 00			0 13
- of which Markets	0 16	0 17	0 11	0 36	0 41	0 04			0 17
- of which Consumer Products	0 37	0 17	0 35	0 00	0 98	0 00			0 33
ANALYTICAL DATA
(%) 1) Price achievement/reference price	100%	115%	105%	107%	n/a	101%			102%
(%) Contract share	28%	82%	39%	0%	94%	0%			31%
Quality - superior share (%)	92%	94%	90%	93%	84%	92%			92%
GUIDANCE
Q1 2023 harvest volume (GWT)	63 000	10 000	000 11	000 7	500	2 000	4 500		98 000
2023 harvest volume (GWT)	290 000	64 000	72 000	28 000	4 500	10 500	000 15		484 000
Q1 2023 share (%) contract	27%	80%	50%	0%	100%	0%	0%		31%

FY 2022 segment overview

			SOURCES OF	ORIGIN YTD
EUR million	Norway	Scotland	Chile	Canada	Ireland	Faroes	Other 1)	Group
OPERATIONAL EBIT
FARMING	669 1	25 4	48 4	54 0	0 1	19 3		817 2
SALES MARKETING AND
Markets	28 0	10 8	7 1	12 5	6 1	0 3	0 8	61 1
Consumer Products	78 4	6 1	21 5	-0 7	3 5	0 0	3 4	112 1
SUBTOTAL	775 5	42 3	76 9	65 8	6 1	19 6	4 2	990 4
Feed	30 6	0 3			-0 1	0 0	0 0	30 8
entities 1) Other							-16 1	-16 1
TOTAL	806 1	42 6	76 9	65 8	6 0	19 6	-11 9	1 005 1 ,
(GWT) Harvest volume	293 720	48 374	65 737	41 095	6 845	7 864		463 635
(EUR) 1) Operational EBIT per kg - total Group	2 74	0 88	1 17	1 60	0 88	2 49		2 17
- of which Feed	0 10	0 01	n/a	n/a	-0 02	0 00		0 07
- of which Markets	0 10	0 22	0 11	0 30	0 24	0 04		0 13
- of which Consumer Products	0 27	0 13	0 33	-0 02	0 51	0 00		0 24
ANALYTICAL DATA
(%) 1) Price achievement/reference price	93%	101%	94%	103%	n/a	100%		95%
(%) Contract share	27%	71%	51%	2%	78%	0%		33%
Quality - superior share (%)	90%	96%	91%	93%	88%	90%		91%

1) Notes in report

Page 43

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	Q1E	Total
Norway	230	236	262	75	56	71	71	273	59	59	87	87	293	63	290
	4	9	0	0	1	0	1	2	4	8	4	1	7	0	0
Scotland	38	65	52	18	19	15	12	64	10	13	14	10	48	10	64
	4	4	7	3	2	0	0	4	5	0	5	4	4	0	0
Chile	53	65	64	19	15	14	16	66	16	14	16	18	65	11	72
	2	7	6	4	1	9	5	0	0	4	9	4	7	0	0
Canada	39	54	44	10	13	11	10	45	8	10	11	10	41	7	28
	8	4	0	7	4	1	1	3	8	4	1	8	1	0	0
Ireland	6	6	8	2	8	2	6	6	0	3	2	0	6	0	4
	3	7	0	1	1	2	1	8	7	3	2	7	8	5	5
Faroes	7	6	8	0	2	2	3	9	2	8	1	3	9	2	10
	7	9	6	9	4	9	8	9	1	1	7	1	7	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 5	0 15
Total	375	435	439	125	108	117	115	465	96	102	133	130	463	98	484
	2	9	8	5	0	1	0	6	6	7	8	5	6	0	0

Growth relative to same period in previous year

	2018	2019	2020			2021						2023E
	Total	Total	Total	Q1	Q2	Q3	Q4	Total	Q1	Q2	Q3	Q4	Total	Q1E	Total
Norway	10%	3%	11%	49%	-1%	-7%	-9%	4%	-21%	7%	23%	22%	8%	6%	-1%
Scotland	-36%	70%	-19%	102%	32%	-7%	-8%	22%	-42%	-32%	-3%	-13%	-25%	-5%	32%
Chile	18%	24%	-2%	42%	6%	-10%	-18%	2%	-17%	-5%	13%	12%	0%	-31%	10%
Canada	1%	37%	-19%	33%	17%	-8%	-19%	3%	-18%	-22%	0%	7%	-9%	-20%	-32%
Ireland	-35%	5%	20%	n/m	-54%	-20%	32%	-15%	-42%	78%	-2%	-54%	1%	-25%	-34%
Faroes	29%	-10%	24%	-51%	-32%	57%	168%	16%	32%	-23%	-40%	-17%	-21%	68%	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
Total	1%	16%	1%	51%	4%	-7%	-9%	6%	-23%	-5%	14%	13%	0%	1%	4%

Cash flow guidance and historic developments

Net capital expenditure Net working capital

Page 45

Thank you