Mowi ASA

Investor Presentation • Feb 16, 2022

Q4 2021 presentation

CEO: Ivan Vindheim CFO: Kristian Ellingsen

16 February 2022

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

• Increasing prices on strong demand and lower supply growth
• Q4 operational EBIT of EUR 146 million in line with trading update tripled YoY
• Blended Farming cost of EUR 4.62/kg, stable from third quarter
• Harvest volumes of 115k GWT in the quarter and all time high 2021 harvest volumes of 466k GWT
• 6% or 26k GWT growth YoY
• Mowi ranked world's most sustainable animal protein producer for the third year in a row
• Another strong quarter for Consumer Products with record-high earnings and volumes of EUR 96m and 248k tonnes product weight, respectively
• Good feed production and performance in the quarter
• Quarterly dividend of NOK 1.40 per share (NOK 1.00 ordinary and NOK 0.40 extraordinary)
• 70% of underlying EPS

Key financials

Page 4

Mowi - main figures Group Unaudited million EUR	Q4 2021	Q4 2020	2021	2020
Operational revenue and other income	1 149 9 ,	1 007 5 14% ,	4 207 6 12% ,	3 761 4 ,
1) Operational EBITDA	188 3	93 6	690 3	504 6
Operational 1) EBIT	145 8	49 4 195%	522 6 55%	337 7
EBIT	156 1	38 6	633 2	183 5
1) Cash flow from operations	72 4	78 5	627 6	331 5
Total assets	6 259 5 ,	5 846 1 ,	6 259 5 ,	5 846 1 ,
(NIBD)1) 2) interest-bearing debt Net	257 3 1 ,	458 4 1 ,	257 3 1 ,	458 4 1 ,
Basic EPS (EUR)	0 25	0 09	0 99	0 23
1) Underlying (EUR) EPS	0 20	0 06	0 71	0 43
1) Net cash flow per share (EUR)	-0 06	0 00	0 85	0 01
Dividend declared and paid per share (NOK)	40 1	0 00	4 45	2 60
ROCE 1)	15 5%	1 9 %	13 4 %	8 3 %
1) equity ratio Covenant	0% 55	% 52 0	% 55 0	% 52 0
Harvest volume (GWT)	115 040	126 634 -9%	465 600 6%	439 829
per kg1) Operational Total EBIT - EUR -	27 1	0 39	12 1	0 77
Norway	1 76	0 75	1 43	1 03
Scotland	0 61	1 57	1 20	0 87
Chile	0 64	-0 49	0 71	0 43
Canada	0 04	-1 13	-0 23	-0 48
Ireland	0 94	2 62	2 09	2 81
Faroes	40 1	-0 77	28 1	52 1

Salmon prices – weekly reference prices

• Prices in Q4 2021 up by 49% YoY in Europe, 42% in Miami and 20% in Seattle/Boston

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)

EUR per kg (Oslo)

Price achievement (1), contract & superior share

Operational EBIT comparison

Norway

SALMON OF NORWEGIAN ORIGIN
million EUR	Q4 2021	Q4 2020
Operational EBIT	124 8	58 9
EBIT	140 2	15 6
Harvest volume (GWT)	103 71	78 473
Operational kg (EUR) EBIT per	76 1	0 75
- of which Feed	0 11	0 16
- of which Markets	0 12	0 12
- of which Consumer Products	0 25	0 34
Price achievement/reference price	95%	115%
Contract share	27%	28%
Superior share	94%	95%

• Spot prices increased significantly driven by strong demand
• Good growth in the quarter
• Record-high full-year harvest volumes of 273k GWT
• Costs stable year-over-year
• Costs expected to increase in the first quarter due to lower volumes and less dilution of cost combined with higher feed prices last year

Norway: Operational EBIT/kg per region

• Region North: Very low cost. Good biological performance. 99k GWT in 2021 FY
• Region Mid: Higher volumes and lower costs YoY. Reasonably good biological performance. 61k GWT in 2021 FY
• Region West: Lower volumes and gill issues drove costs higher YoY. 65k GWT in 2021 FY
• Region South: Gill related issues impacted results in the quarter. High quarterly costs but costs for FY 2021 stable. 48k GWT in 2021 FY

Norway: Sales contract portfolio

• Contract share 2021 of 24%
• Contracts on the low side also in 2022 at 26%, equivalent to 70k GWT
• Substantially higher 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

Page 10

Scotland

SALMON OF SCOTTISH ORIGIN
million EUR	Q4 2021	Q4 2020
Operational EBIT	7 3	20 4
EBIT	13 7	24 5
volume (GWT) Harvest	12 002	13 018
Operational (EUR) EBIT kg per	0 61	1 57
- of which Feed	0 02	0 10
- of which Markets	0 20	0 31
- of which Consumer Products	0 16	0 04
Price achievement/reference price	120%	156%
Contract share	75%	66%
Superior share	95%	96%

• Higher realised prices and good price achievement
• As guided, costs increased on the back of harvesting from sites in the Western Isles
• However, costs stable for FY 2021 YoY
• Some growth challenges due to eggs sourced externally

Chile

SALMON OF CHILEAN ORIGIN
million EUR	Q4 2021	Q4 2020
Operational EBIT	10 6	9 9 -
EBIT	18 1	52 7
volume (GWT) Harvest	16 480	20 130
Operational kg (EUR) EBIT per	0 64	0 49 -
- of which Markets	0 10	0 02
- of which Consumer Products	0 27	0 37
Price achievement/reference price	100%	112%
Contract share	44%	24%
Superior share	84%	86%

• Strong price development and higher realised prices on a tight market balance
• Higher quarterly costs YoY due to previous environmental challenges
• Good production on the 2021 generation

Canada

SALMON OF CANADIAN ORIGIN
million EUR	Q4 2021	Q4 2020
Operational EBIT	0 4	-14 1
EBIT	2 2 -	43 1 -
Harvest volume (GWT)	10 110	12 417
Operational (EUR) EBIT kg per	0 04	-1 13
- of which Markets	0 14	0 15
- of which Consumer Products	0 02	0 00
Price achievement/reference price	94%	103%
Contract share	2%	2%
Superior share	79%	88%

• Mowi Canada West turned a profit of EUR 8 million (EUR 1.07/kg) vs EUR -6 million in Q4-20
• Improved prices and lower costs
• Mowi Canada East made a loss of close to EUR 8 million due to challenging environmental conditions and high lice pressure in Newfoundland

Ireland and Faroes

SALMON OF IRISH ORIGIN
million EUR	Q4 2021	Q4 2020
Operational EBIT	1 5	3 1
EBIT	-4 4	4 8
Harvest volume (GWT)	568 1	189 1
Operational (EUR) EBIT kg per	0 94	2 62
- of which Feed	0 02	0 09
- of which Markets	0 29	0 32
- of which Consumer Products	0 19	0 01
Price achievement/reference price	n/a	n/a
Contract share	79%	87%
Superior share	88%	90%

SALMON OF FAROESE ORIGIN
EUR million	Q4 2021	Q4 2020
Operational EBIT	5 3	-1 1
EBIT	4 6	-0 6
(GWT) Harvest volume	3 777	1 408
Operational EBIT kg (EUR) per	1 40	-0 77
- of which Feed	0 00	0 00
- of which Markets	0 24	0 11
- of which Consumer Products	0 01	0 00
Price achievement/reference price	104%	117%
Contract share	0%	0%
Superior share	92%	94%

• Profit down on higher costs for Mowi Ireland due to plankton bloom
• Substantially better earnings in Mowi Faroes on improved prices, cost and volume

Consumer Products

CONSUMER PRODUCTS
EUR million	Q4 2021	Q4 2020
Operating revenues	785 5	705 9
Operational EBIT	25 6	34 8
Operational % EBIT	3 3%	4 9%
Operational EBIT % VAP only	4 1%	5 3%
EBIT	25 1	26 8
(tonnes weight) Volume sold prod	67 867	70 045

• Yet another strong quarter with record-high full-year earnings and volumes of EUR 96m and 248k tonnes product weight, respectively
• 2021 FY RoS 4.1% (inc. bulk sales 3.6%)
• 2021 FY ROCE 15.3%
• Earnings in the fourth quarter at good levels, but impacted by higher raw material prices
• Stable and high processing volumes
• Strong consumer demand growth increased consumption at higher prices
• Omicron has not impacted the market so far

Feed

FEED
million EUR	Q4 2021	Q4 2020
Operating revenues	212 8	194 7
Operational EBIT	7 9	13 7
Operational % EBIT	7% 3	0% 7
EBIT	6 3	13 6
Feed sold volume	140 954	153 466
Feed produced volume	137 327	153 181

• Stable and high production during the quarter in a challenging sourcing environment
• Good feed performance in the fourth quarter and for the year as a whole
• Respectable profit in a market subject to fierce competition in Europe
• 2021 FY RoS 2.7% (4.6%)
• 2021 FY ROCE 7.6% (11.4%)
• Current overcapacity in the feed market to be offset by farming growth

Q4 2021 presentation

Financials, Markets and Harvest volumes

Profit and Loss

Mowi Group EUR million	Q4 2021	Q4 2020	2021	2020
Operational revenue and other income	1,149 9 14%	1,007 .5	4 207 6 12% ,	3 ,761 4
Operational 1) EBIT	145 8 195%	49 4	522 6 55%	337 .7
in unrealized internal margin Change Gain/loss from derivatives fair adjustment of biomass Net value ,	-6 2 9 1	-0 6 -3 0	6 6 8 5	14 1 -4 4
provision onerous contracts	19 4	19 6	116 6	-143 4
Restucturing costs	0 0	-11 9	-7 6	-14 5
Production/license/sales taxes	-6 0	0 0	-21 9	0 0
Other non-operational items	-5 4	-0 7	-14 3	-9 5
from associated companies Income	17 5	3 7	97 5	21 8
Impairment losses	0 -11	9 -17	-74 8	-18 1
EBIT	156 .1	38 6	633 2	183 .5
Net financial items	-3 2	1 1	-8 9	-63 0
Earnings before tax	152 8	39 8	624 4	120 6
Profit or loss for the period	128 4	48 0	512 .1	119 .1
Basic EPS (EUR)	0 25	0 09	0 99	0 23
Underlying EPS (EUR)	0 20	0 06	0 71	0 43
Net cash flow per share (EUR)	-0 06	0 00	0 85	0 01
Dividend declared and paid per share (NOK)	40 1	0 00	4 45	2 60
Operational margin EBIT	7% 12	9% 4	4% 12	0% 9
Harvest volume GWT (salmon) ,	040 115 -9%	126 634	465 600 6%	439 829
1) Operational EBIT per kg incl margin	1 27	0 39	1 12	0 77
ROCE 1)	15 5 %	1 9 %	13 4 %	8 3 %

• Positive net fair value adjustment of biomass of EUR 19 million due to improved prices
• Associated companies: EBIT/kg of EUR 1.92 on 12.3k tonnes from Nova Sea

Financial position

Mowi Group	31 12 2021	30 09 2021	31 12 2020
million EUR
Non-current assets	3 542 2	3 403 0	3 337 3
Current assets	2 717 6	2 457 3	2 448 7
Assets held for sale	0 0	0 0	60 0
Total assets	6 259 5	5 860 3	5 846 1
Equity	3 155 6	3 053 5	2 764 1
Non-current liabilities	2 162 1	2 006 9	2 362 4
Current liabilities	941 8	799 8	719 5
Total equity and liabilities	6 259 5	5 860 3	5 846 1
1) Net interest-bearing debt	1 257 3	1 148 6	1 458 4
Equity ratio	4% 50	1% 52	3% 47
equity ratio Covenant	0% 55	9% 56	0% 52

• Strong financial position

Cash Flow and Net Interest Bearing Debt

Mowi Group million EUR	Q4 2021	Q4 2020	2021	2020
beginning of period* NIBD	148 6 -1	458 9 -1	458 4 -1	337 2 -1
Operational EBITDA*	188 3	93 6	690 3	504 6
in working capital Change	-122 1	-0 3	-26 8	-56 9
paid Taxes	-6 9	-17 7	-42 6	-138 3
Other adjustments	13 2	2 9	6 9	22 0
Cash flow from operations*	72 4	78 5	627 8	331 4
Net Capex	-107 7	-97 4	-240 8	-308 8
Other investments and dividends received	16 3	23 2	107 1	25 3
Cash flow from investments	-91 4	-74 2	-133 7	-283 4
Net interest and financial items paid*	-11 1	-11 4	-41 5	-48 0
items Other	-1 3	9 7	-13 6	13 0
Dividend / of paid in capital return	-73 3	0 0	-226 8	-132 9
Currency effect interest-bearing debt on	-4 0	-2 2	-10 9	4 -1
of period* NIBD end	-1 257 3	-1 458 4	-1 257 3	-1 458 4
*Excluding effects of IFRS 16
NIBD distribution:
EUR	91%	92%	91%	92%
USD	3%	3%	3%	3%
GBP	3%	3%	3%	3%
Other currencies	3%	2%	3%	2%

• Good cash flow
• Seasonal tie-up of working capital mainly related to accounts receivable and biomass in sea
• FY 2021 capex EUR 25m below guidance due to Covid-19 related delays which is carried forward to 2022

2022 Cash Flow Guidance

• Working capital build-up EUR ~90m
• Support further organic growth across the value chain
• Capital expenditure EUR ~300m. Pandemic induced delays of EUR 25m carried forward from 2021
• Freshwater investments EUR ~ 80m
• Seawater investments EUR ~ 50m
• Processing / Sales & Marketing: Upgrade processing factory in Scotland. Automation projects across plants
• Interest paid EUR ~35m (ex IFRS 16 effects)
• Taxes paid EUR ~130m
• Quarterly dividend of NOK 1.40 per share (NOK 1.00 ordinary and NOK 0.40 extraordinary)
• Payable in first quarter

Underlying cost pressure in Farming offset by cost cut initiatives

• Farming blended cost relatively stable since 2016
• CAGR 2.2% < inflation
• However, cost is still too high
• Underlying cost pressure in the period mainly related to biology
• Health cost CAGR 5.2%
• Mortality cost CAGR 10.3%
• Other cost items also significantly impacted
• Biology is being addressed through a wide range of initiatives
• Cost-cutting initiatives are important
• Cost relatively stable in the period despite underlying cost pressure
• Continued cost focus necessary to combat increasing feed prices, more challenging biology and more complex regulations
• Mowi #1 or #2 performer in the various regions

Development in blended Farming cost per kg for Mowi group

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

Initiating a new EUR 25 million cost savings programme for 2022

• Realised EUR 45 million in annualised cost savings in 2021, well ahead of the EUR 25 million target
• Initiating a new EUR 25 million cost savings programme for 2022
• Total cost savings of EUR 182 million 2018-2021, of which EUR 102 million in Farming
• ~1 050 initiatives across different categories
• Renegotiations of contracts
  • Boats and treatment capacity
  • Nets and net cleaning
  • Vaccines and other health items
  • External services and fee cuts
• Productivity programme
• Other savings based on thorough review of spend

Cost savings per category (EUR million)

• Boats/treatments
• Other health
• Nets
• Salary
• Other procurement
• Other

Delivering on the productivity program – 1,014 FTEs so far (2/3 of target)

• Productivity program

• Salary and personnel expenses second largest cost item in Mowi; EUR 568 million in 2021
• Productivity increase of 14% 2021 vs 2019, i.e. already delivering in excess of the 10% targeted productivity increase
• Volume increase 7%
• FTE decrease 7%
• Natural turnover through retirement, reduced overtime and reduced contracted labour
• Automation and rightsizing

FTE reductions based on "as is" volumes

Overview financing

• Bank Facility: EUR 1,800m sustainability-linked facility
• 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%
• Long term NIBD target EUR 1,400m

Supply development

	Estimated	volumes	Compared	Q4 2020 to	. volumes Est
Suppliers	Q4 2021	Q4 2020	Volume	%	Q3 2021
Norway	400 900 ,	364 800 ,	36 100 ,	9 9%	371 400 ,
Scotland	35 600 ,	40 700 ,	100 -5 ,	-12 5%	47 400 ,
Islands Faroe	30 400 ,	20 500 ,	9 900 ,	48 3%	21 300 ,
Other Europe	13 200 ,	12 500 ,	700	6% 5	11 400 ,
Total Europe	480 100 ,	438 500 ,	41 600 ,	9 5%	451 500 ,
Chile	181 700 ,	196 000 ,	-14 300 ,	-7 3%	149 200 ,
America North	32 900 ,	34 700 ,	-1 800 ,	2% -5	37 400 ,
Americas Total	214 600 ,	230 700 ,	-16 100 ,	0% -7	186 600 ,
Australia	23 700 ,	23 600 ,	100	4% 0	22 300 ,
Other	9 600 ,	6 300 ,	3 300 ,	4% 52	6 700 ,
Total	728 000 ,	699 100 ,	28 900 ,	1% 4	667 100 ,

• Global supply growth of 4% was higher than expected

• Norway: Good growth conditions and high average harvest weights. High harvesting during the quarter has reduced the potential for growth in 2022. Biomass 3% lower YoY

Source: Kontali

• Chile: Reduction in harvest less than expected as more fish was harvested due to good prices and risk reduction in advance of algal season. Biomass 6% lower YoY

Page 26

Global volume development

	Estimated	volumes	Compared	to Q4 2020	Est . volumes	12 month	comparison
Markets	Q4 2021	Q4 2020	Volume	%	Q3 2021	LTM	PTM	%
EU+UK	325 000 ,	311 700 ,	13 300 ,	4 3%	311 300 ,	1 155 700 , ,	1 071 200 , ,	7 9%
Russia	25 300 ,	28 800 ,	-3 500 ,	-12 2%	16 700 ,	85 500 ,	79 100 ,	8 1%
Other Europe	31 800 ,	32 800 ,	-1 000 ,	-3 0%	29 400 ,	113 900 ,	107 000 ,	6 4%
Total Europe	382 100 ,	373 300 ,	8 800 ,	2 4%	357 400 ,	1 355 100 , ,	1 257 300 , ,	7 8%
USA	141 000 ,	133 000 ,	8 000 ,	6 0%	140 700 ,	569 500 ,	504 900 ,	12 8%
Brazil	23 600 ,	32 500 ,	-8 900 ,	-27 4%	24 900 ,	101 300 ,	98 600 ,	2 7%
Other Americas	36 900 ,	35 000 ,	900 1 ,	4% 5	37 100 ,	140 900 ,	128 200 ,	9 9%
Total Americas	201 500 ,	200 500 ,	000 1 ,	0 5%	202 700 ,	811 700 ,	731 700 ,	10 9%
China / Hong Kong	22 500 ,	14 900 ,	600 7 ,	0% 51	22 400 ,	79 700 ,	74 700 ,	6 7%
Japan	19 100 ,	19 100 ,	0	0% 0	14 600 ,	64 900 ,	64 000 ,	4% 1
Taiwan South Korea /	17 000 ,	16 700 ,	300	8% 1	16 300 ,	67 800 ,	64 800 ,	6% 4
Asia Other	24 100 ,	22 300 ,	1 800 ,	1% 8	18 200 ,	84 400 ,	75 000 ,	5% 12
Asia Total	82 700 ,	73 000 ,	9 700 ,	3% 13	71 500 ,	296 800 ,	278 500 ,	6% 6
All other markets	33 400 ,	35 100 ,	-1 700 ,	-4 8%	32 000 ,	127 600 ,	117 900 ,	8 2%
Total	699 700 ,	681 900 ,	800 17 ,	2 6%	663 600 ,	2 591 200 , ,	2 385 400 , ,	8 6%
Inflow from to US Europe	34 300 ,	27 700 ,	6 600 ,	8% 23	32 500 ,	126 500 ,	98 400 ,	6% 28
Inflow from Chile to EU	700 5 ,	8 400 ,	-2 700 ,	-32 1%	000 5 ,	25 700 ,	36 800 ,	-30 2%

Source: Kontali

• Recovery in demand for salmon continued during the quarter global value of salmon reached another record-high level
• Continued strong retail demand. Foodservice segment generally improved although some pandemic induced concerns towards the end of the quarter
• Chinese market improving but not fully recovered yet some trade flow issues

Development in reference prices

	Q4 2021 Market	Change vs Q4 2020	Q4 2021 EUR	Change vs Q4 2020
(1) Norway	6 04 EUR	49 3%	6 04 EUR	49 3%
Chile (2) Chile GWT (3) ,	USD 5 50 USD 6 22	41 7% 65 0%	EUR 4 81 44 EUR 5	47 8% 72 1%
North America West Coast (4) North America Coast (5) East America (3) North GWT blended , ,	USD 3 51 USD 3 75 USD 7 50	19 8% 20 0% 9% 22	3 07 EUR 3 28 EUR EUR 6 56	25 0% 25 2% 2% 28

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 (5) Urner Barry average GWE 10-12 lbs FOB Boston/New York

• Prices in Q4 2021 up by 49% YoY in Europe, 42% in Miami and 20% in Seattle/Boston

Industry supply growth 2022e

	2018	2019	2020	2021	2022E		2022E
GWT (1,000)						Low	Y/Y growth	High	Y/Y growth
Norw ay	1,128	1,200	1,232	1,379	1,387	1,372	-1%	1,402	2%
UK	137	171	160	179	180	176	-1%	184	3%
Faroe Islands	65	78	73	95	88	85	-10%	91	-4%
Other Europe*	25	36	42	52	57	55	7%	59	14%
Total Europe	1,355	1,485	1,508	1,705	1,712	1,688	-1%	1,736	2%
Chile	594	621	701	648	645	630	-3%	660	2%
North America	149	142	141	142	129	125	-12%	133	-7%
Total Americas	743	764	842	790	774	755	-4%	793	0%
Other	65	71	91	109	117	113	4%	121	11%
Total	2,163	2,320	2,440	2,604	2,603	2,556	-2%	2,650	2%

*Ireland and Iceland

	Q1 2018	Q1 2019	Q1 2020	Q1 2021	Q1 2022E	Q1 2022E
GWT (1,000)						Low	Q/Q growth	High	Q/Q growth
Norw ay	262	267	274	319	311	307	-4%	315	-1%
UK	30	39	29	43	37	36	-16%	38	-11%
Faroe Islands	16	20	16	20	16	15	-24%	17	-14%
Other Europe	7	9	9	15	13	12	-18%	14	-4%
Total Europe	315	335	327	397	378	371	-7%	385	-3%
Chile	151	156	169	182	147	132	-28%	162	-11%
North America	31	30	29	32	29	25	-20%	33	5%
Total Americas	182	186	198	214	176	157	-27%	195	-9%
Other	13	15	18	24	24	20	-14%	28	20%
Total	510	536	543	635	578	548	-14%	608	-4%

	Q2-Q4	Q2-Q4	Q2-Q4	Q2-Q4	Q2-Q4	Q2-Q4 2022E
GWT (1,000)	2018	2019	2020	2021	2022E	Low	Y/Y growth	High	Y/Y growth
Norw ay	866	933	959	1,060	1,075	1,064	0%	1,086	1%
UK	107	132	131	136	143	140	3%	146	2%
Faroe Islands	48	58	57	75	72	70	-7%	74	3%
Other Europe	18	27	33	37	44	43	16%	45	2%
Total Europe	1,040	1,151	1,180	1,307	1,334	1,317	1%	1,351	1%
Chile	443	465	532	466	499	499	7%	499	0%
North America	118	112	112	110	99	99	-10%	99	0%
Total Americas	561	578	644	577	598	598	4%	598	0%
Other	52	56	73	85	93	93	9%	93	0%
Total	1,653	1,785	1,897	1,969	2,025	2,008	2%	2,042	1%

• No supply growth expected for 2022

(*) 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

Atlantic salmon	2020	Q1 2021	Q2 2021	Q3 2021	Q4 2021	2021	Q1 2022	2022
(1 000) GWT ,	Actual	Actual	Actual	Actual	Actual	Actual	Guidance	Guidance
Norway	262	75	56	71	71	273	60	272
	0	0	1	0	1	2	0	0
Scotland	52	18	19	0	12	64	0	65
	7	3	2	15	0	4	11	0
Chile	64	19	15	14	16	66	17	71
	6	4	1	9	5	0	0	0
Canada	44	10	13	11	10	45	8	37
	0	7	4	1	1	3	0	0
Ireland	8	2	8	2	6	6	0	6
	0	1	1	2	1	8	5	0
Faroes	8	0	2	2	3	9	1	9
	6	9	4	9	8	9	5	0
Total	439	125	108	117	115	465	98	460
	8	5	0	1	0	6	0	0

• 2022 volume guidance of 460k GWT no changes
• Norway stable from record-high levels in 2021
• Scotland stable
• Growth in Chile

• Reduction in Canada due to challenging biology in Canada East in 2022

• Favourable prospects for prices on no expected supply growth the next 12 months

• Kontali estimates zero supply growth in Europe and negative 2% in Americas
• Mowi in a good position to capitalise on this with its diverse and integrated value chain and low contract share
• Contract share deliberately low to benefit from increasing prices
• Mowi harvest volume guidance maintained at 460k GWT in 2022
• Intrinsic harvest capacity well beyond 500k GWT
• Quarterly dividend of NOK 1.40 per share in dividend (NOK 1.00 ordinary and NOK 0.40 extraordinary), payable in the first quarter
• 70% of underlying EPS

Q4 2021 presentation

Appendix

Mowi ranked #1 on sustainability amongst food producers

Good progress on reducing GHG emissions in 2021 and ambitious long-term targets

Our sustainability achievements

Page 33 0 of harvest volumes are certified sustainable 98%

(1)

100% (1)

compliant with sustainable sourcing feed policy

(FY 2020)

(1) 2020 data

of our marine sites with 93% minimum benthic impact

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 three consecutive years	1st place
			Protein retention	28%	37%	21%	13%
	Mowi recognised as a global leader in climate action	B	Feed conversion ratio		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) 2	7.9 kg	6.2 kg	12.2 kg	39.0 kg
	Mowi ranked the second most sustainable seafood company (amongst the 30 largest seafood companies in the world)	2nd 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				«Farmed salmon…performed similarly or
	Mowi awarded with the best annual report in Norway three times in the last five years.	2nd 1st place		better than chicken – often considered the most efficient terrestrial animal across the considered environmental stressors.» Quotes from BFA documents

Note: 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. 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

Nova Sea

	(GWT) Harvest volume						EBIT kg per	(EUR)		NIBD EURm
	Ownership %	2020	2021	Q4 2020	Q4 2021	2020	2021	Q4 2020	Q4 2021	Q4 2021
Nova Sea	% 48 7	42 584	43 539	12 590	12 260	1 60	1 80	0 95	1 92	-62 7

• 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 315m in 2021 (Mowi's share NOK 164m through direct and indirect holdings)
• Proportion of income after tax reported as income from associated companies in Mowi Norway
• − EUR 16.9m in Q4 2021

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) Max hedging 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 2022 contract shares (% of guided volume):
• − Norway 31%
• − Scotland 88%
• − Chile 52%
• − Canada 0%
• − Ireland 91%
• − Faroes 0%
• Contracts typically have a duration of 3-12 months and are entered into on a regular basis

Quarterly segment overview

		SOURCES	OF	ORIGIN QTD
EUR million	Norway	Scotland	Chile	Canada	Ireland	Faroes	Other 1)	Group
OPERATIONAL EBIT
FARMING	91 0	2 7	4 6	-1 3	0 7	4 3		102 0
SALES MARKETING AND
Markets	8 4	2 4	6 1	4 1	0 4	0 9	0 1	4 15
Consumer Products	17 7	9 1	4 4	0 3	0 3	0 0	1 1	25 6
SUBTOTAL	117 1	7 0	10 6	0 4	1 4	5 3	1 2	143 0
Feed	7 7	0 2			0 0	0 0	0 0	7 9
entities 1) Other							-5 1	-5 1
TOTAL	124 8	7 3	10 6	0 4	1 5	5 3	-3 9	145 8
(GWT) Harvest volume	71 103	12 002	16 480	10 110	1 568	3 777		115 040
(EUR) 1) Operational EBIT per kg - total Group	1 76	0 61	0 64	0 04	0 94	1 40		1 27
- of which Feed	0 11	0 02	n/a	n/a	0 02	0 00		0 07
- of which Markets	0 12	0 20	0 10	0 14	0 29	0 24		0 13
- of which Consumer Products	0 25	0 16	0 27	0 02	0 19	0 01		0 22
ANALYTICAL DATA
(%) 1) Price achievement/reference price	95%	120%	100%	94%	n/a	104%		98%
(%) Contract share	27%	75%	44%	2%	79%	0%		32%
Quality - superior (%) share	94%	95%	84%	79%	88%	92%		91%
GUIDANCE
Q1 2022 harvest volume (GWT)	60 000	11 000	17 000	8 000	500	1 500		98 000
2022 harvest volume (GWT)	272 000	65 000	000 71	37 000	6 000	9 000		460 000
Q1 2022 contract share (%)	31%	88%	52%	0%	91%	0%		38%

YTD 2021 segment overview

			SOURCES OF	ORIGIN YTD
EUR million	Norway	Scotland	Chile	Canada	Ireland	Faroes	Other 1)	Group
OPERATIONAL EBIT
FARMING	292 2	56 7	17 2	-17 3	10 3	11 3		370 5
SALES MARKETING AND
Markets	22 8	6 11	6 4	6 1	4 1	4 1	0 9	50 5
Consumer Products	53 6	11 1	23 4	0 9	2 7	0 0	3 8	95 5
SUBTOTAL	368 6	79 3	47 1	-10 4	14 5	12 7	4 7	516 5
Feed	20 8	-2 1			-0 2	0 0	0 0	18 4
entities 1) Other							-12 2	-12 2
TOTAL	389 4	2 77	47 1	-10 4	14 2	12 7	6 -7	522 6
Harvest volume (GWT)	273 204	64 405	65 958	45 311	6 790	9 932		465 600
(EUR) 1) Operational EBIT per kg - total Group	1 43	1 20	0 71	-0 23	2 09	1 28		1 12
- of which Feed	0 08	-0 03	n/a	n/a	-0 04	0 00		0 04
- of which Markets	0 08	0 18	0 10	0 13	0 21	0 14		0 11
- of which Consumer Products	0 20	0 17	0 36	0 02	0 40	0 00		0 21
ANALYTICAL DATA
(%) 1) Price achievement/reference price	96%	117%	97%	94%	n/a	109%		99%
(%) Contract share	24%	50%	45%	3%	78%	0%		29%
Quality - superior share (%)	92%	95%	88%	87%	88%	89%		91%

Development in harvest volumes

GWT	2017	2018	2019	2020					2021			2022E
(1 000) ,	Total	Total	Total	Q1	Q2	Q3	Q4	Total	Q1	Q2	Q3	Q4	Total	Q1E	Total
Norway	210	230	236	50	56	76	78	262	75	56	71	71	273	60	272
	2	5	9	5	6	5	5	0	0	1	0	1	2	0	0
Scotland	60	38	65	9	14	16	13	52	18	19	15	12	64	11	65
	2	4	4	0	6	1	0	7	3	2	0	0	4	0	0
Chile	44	53	65	13	14	16	20	64	19	15	14	16	66	17	71
	9	2	7	7	2	5	1	6	4	1	9	5	0	0	0
Canada	39	39	54	8	4	12	12	44	10	13	11	10	45	8	37
	4	3	4	1	11	1	4	0	7	4	1	1	3	0	0
Ireland	9	6	6	0	4	2	1	8	1	1	2	1	6	0	6
	7	2	7	0	0	8	2	0	2	8	2	6	8	5	0
Faroes	6	7	6	9	3	8	4	8	0	2	2	3	9	1	9
	0	7	9	1	5	1	1	6	9	4	9	8	9	5	0
Total	370	375	435	83	104	125	126	439	125	108	117	0	465	98	460
	3	2	9	1	3	8	6	8	5	0	1	115	6	0	0

Growth relative to same period in previous year

2017	2018	2019	2020						2022E
Total	Total	Total	Q1	Q2	Q3	Q4	Total	Q1	Q2	Q3	Q4	Total	Q1E	Total
-11%	10%	3%	-10%	10%	21%	19%	11%	49%	-1%	-7%	-9%	4%	-20%	0%
34%	-36%	70%	-43%	-9%	-18%	-7%	-19%	102%	32%	-7%	-8%	22%	-40%	1%
22%	18%	24%	-31%	-6%	17%	21%	-2%	42%	6%	-10%	-18%	2%	-12%	8%
-9%	0%	39%	-18%	-9%	-24%	-24%	-19%	33%	17%	-8%	-19%	3%	-26%	-18%
15%	-36%	7%	-100%	92%	37%	6%	20%	n/m	-54%	-20%	32%	-15%	-57%	-12%
-45%	29%	-10%	64%	144%	-8%	-40%	24%	-51%	-32%	57%	168%	16%	66%	-9%
-3%	1%	16%	-20%	6%	8%	9%	1%	51%	4%	-7%	-9%	6%	-22%	-1%
											2021

Cash flow guidance and historic developments

Financial commitments and cost of debt (*)

2018 2019 2020 2021 2022E

Page 41

EUR million

Thank you