Mowi ASA

Earnings Release • Feb 16, 2022

Record-high volumes and revenues for Mowi in 2021

Record-high volumes and revenues for Mowi in 2021

(Bergen, 16 February 2022) The fourth quarter marked the end of a record year

for Mowi with revenues of 4 208 million euros and harvest volumes of 466 000

tonnes, equivalent to a growth of 12% and 6% respectively. The company also sold

a record-high 248 000 tonnes of value-added products last year.

The recovery in demand for salmon continued in the fourth quarter of 2021 with

significantly higher prices year-over-year. With this backdrop, Mowi tripled its

earnings with an operational EBIT of 146 million euros in the quarter.

"I would like to thank all my 12 000 colleagues at Mowi for their dedication and

hard work during 2021, in a challenging pandemic environment," Mowi CEO Ivan

Vindheim said.

In Norway, Mowi's largest and most important farming region, the company

produced a record-high 273 000 tonnes of salmon in 2021.

"I am very pleased that our license utilisation in Norway has improved over the

past few years to exceed the industry average. This has laid the foundation for

reaching all-time high harvest volumes of 466 000 tonnes," Vindheim said.

Mowi also produced more value-added products than ever through its downstream

facilities in 2021, and the development in the retail market continues to be

strong.

"The growth in demand for value-added products during the pandemic has been

unparalleled, and volumes remain at a very high level. For 2022, price prospects

for salmon are favourable with no supply growth expected for the year. Mowi is

in a good position to capitalise on this with its diverse and integrated value

chain and low contract share," Vindheim said.

Mowi has for the third year in a row topped of the Coller FAIRR Index that ranks

the world's largest animal protein producers on sustainability.

"Sustainability is deeply engrained in the Mowi culture and at the heart of

everything we do. This is very encouraging and demonstrates that Mowi is at the

forefront when it comes to sustainable food production," Vindheim said.

Mowi reported operational EBIT of EUR 146 million in the fourth quarter of

2021, compared with EUR 49 million in the corresponding quarter in 2020.

Operational revenues in the quarter were record-high at EUR 1 150 million (EUR

1 008 million). Total harvest volume in the quarter of 115 040 tonnes gutted

weight (126 634 tonnes) was above guidance of 104 000 tonnes mainly due to good

growth conditions in Norway.

Mowi's Board has decided to pay a quarterly dividend of NOK 1.40 per share,

consisting of NOK 1.00 per share in ordinary dividend and an extraordinary

dividend of NOK 0.40 per share supported by a strong financial position and a

favourable outlook.

For further information, please contact:

Kristian Ellingsen, CFO, +47 905 14 275

Kim Galtung Døsvig, IR Officer & Head of Treasury, +47 908 76?339

Ola Helge Hjetland, Group Communications Director, +47 970 67 932

About Mowi ASA

Mowi is the world's leading seafood company and the largest producer of farm-

raised salmon in the world. As the first global seafood company with an end-to-

end supply chain, Mowi brings supreme quality salmon and other seafood to

consumers around the world.

With headquarters in Bergen, Norway, Mowi employs 12 000 people in 25 countries

worldwide, and is listed on the Oslo Stock Exchange.

For more information, please visit www.mowi.com (http://www.mowi.com).

Forward looking statements

This release may be deemed to include forward-looking statements, such as

statements that relate to Mowi's goals and strategies, salmon prices, ability to

increase or vary harvest volume, production capacity, trends in the seafood

industry, restructuring initiatives, exchange rate and interest rate

fluctuations, expected research and development expenditures, business prospects

and positioning with respect to market, demographic and pricing trends,

strategic initiatives, and the effects of any extraordinary events and various

other matters (including developments with respect to laws, regulations and

governmental policies regulating the industry and changes in accounting

policies, standards and interpretations) on Mowi's business and results.

Forward-looking statements are typically identified by words or phrases, such as

"believe," "expect," "anticipate," "intend," "estimate," "may increase," "may

fluctuate," "plan," "goal," "target," "strategy," and similar expressions or

future or conditional verbs such as "may," "will," "should," "would," and

"could." Forward-looking statements are Mowi's current estimates or expectations

of future events or future results. Actual results could differ materially from

those indicated by these statements because the realization of those results is

subject to many risks and uncertainties. Mowi ASA's Annual

Report contains additional information about factors that could affect actual

results, including: changes to the price of salmon including the value of our

biological assets; hedging risks; risks related to fish feed; economic and

market risks; environmental risks; operational risks; risks related to escapes,

disease and sea lice; product risks; risks related to our acquisitions;

financing risks; regulation risks including relating to food safety, the

aquaculture industry, processing, competition and anti-corruption; trade

restriction risks; litigation risks; tax and accounting risks; strategic and

competitive risks; and reputation risks. All forward-looking statements included

in this release are based on information available at the time of the release,

and Mowi assumes no obligation to update any forward-looking statement.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.