Mowi ASA

Earnings Release • May 19, 2021

Record-high Q1 volumes and lower Farming cost for Mowi

Record-high Q1 volumes and lower Farming cost for Mowi

(Bergen, 19 May 2021) Mowi achieved record-high volumes for a first quarter in

both Farming and Consumer Products, harvesting 125 000 tonnes of salmon and

selling 62 000 tonnes of value-added products. At the same time Farming cost was

down by 9%.

Mowi's first quarter was characterised by continued Covid-19 lockdown measures

and high growth in global supply of salmon, however, prices increased during the

quarter on strong demand.

"Although extensive lockdown measures are still in place, out-of-home

consumption has started to improve in some markets compared with the previous

quarter. Demand in retail has continued to be very good, something Mowi has yet

again capitalised on through our integrated value chain," said Mowi CEO Ivan

Vindheim.

Mowi believes that demand for salmon is on the road to full recovery driven by

Covid-19 measures becoming less restrictive. Growth in retail salmon sales was

20-25% during the quarter, and this growth came from both new and existing

customers. Mowi expects both customer groups to increase their retail

consumption post Covid-19, even as the foodservice segment continues to reopen.

Mowi Consumer Products had yet another strong quarter with record-high first

quarter earnings and volumes partly driven by tailwinds from Lent and Easter

season.

Mowi Farming harvested a record-high 125 000 tonnes in the quarter, equivalent

to 51% growth compared to a year ago. At the same time, cost was down by 9%.

"It is very encouraging to deliver record-high first quarter Farming volumes and

reduction in production cost. The decline in cost is driven by large volumes and

cost initiatives over time. Farming volume growth and cost competitiveness are

pivotal elements in Mowi's strategy," Vindheim said.

Mowi achieved an operational EBIT of EUR 109 million in the first quarter of

2021, the same as the corresponding quarter in 2020. The company

reported operational revenues of EUR 1 022 million (EUR 885 million) in the

quarter. Total harvest volume in the quarter of 125 468 tonnes gutted weight (83

119) was above guidance of 116 000 tonnes. Full-year harvest guidance for 2021

is unchanged at 445 000 tonnes.

Mowi's Board has decided to pay NOK 0.77 per share in ordinary dividend in the

second quarter of 2021, equivalent to 50% of underlying earnings per share in

the first quarter of 2021.

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 12 200 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.