Mowi ASA

Investor Presentation • Mar 17, 2021

Mowi's Capital Markets Day 2021

Mowi's Capital Markets Day 2021

Mowi is one of the world's leading seafood companies, ranked as number one on

both market capitalisation and sustainability. Mowi is also by far the world's

largest Atlantic salmon farmer with harvest volumes of 440,000 tonnes in 2020,

equivalent to a global market share of approximately 20%. The company has a

fully integrated value chain from roe to plate and also produces its own

environmentally certified feed specifically designed for the Mowi salmon strain.

To further strengthen the company's position, Mowi's strategic trajectory

towards 2025 will be focussed on four main objectives: growth throughout the

value chain with particular focus on Mowi Farming, further cost savings across

the group, greater sustainability, and capitalising on digitalisation and

automation. All four objectives are of equal importance and apply throughout our

value chain, and these priority areas will be the focus of our Capital Markets

Day.

MEGATRENDS CONTINUE TO DRIVE DEMAND

One of the key foundations of the salmon farming industry is the favourable

long-term demand outlook. The megatrends driving salmon demand are stronger than

ever and driven by health trends, a growing need for more low-carbon footprint

diets, and salmon's ability to appeal to the wider population as highly

versatile and suitable for almost any eating occasion. Mowi expects the

continued strong growth in demand for Atlantic salmon to exceed supply growth in

the next five years.

"Salmon is a scientifically proven natural superfood. It is also versatile and

appeals to people of all ages with its highly appetising taste, look, texture

and colour. In the coming years, I see countless opportunities for Mowi and we

are working on many important initiatives that will further develop the company

and bring it into the future," Mowi CEO, Ivan Vindheim says.

MOWI FARMING WORKING ALONG THREE PILLARS - VOLUME GROWTH, COST AND

SUSTAINABILITY

Mowi Farming is working along three pillars; volume, cost and sustainability. On

sustainability Mowi has yet again being ranked the world's most sustainable

animal protein producer in the 2020 Coller FAIRR Protein Producer Index.

Atlantic salmon is also ranked the most sustainably produced animal protein. On

cost Mowi is consistently the number one or number two performer among peers in

the regions in which the company operates. However, cost is still too high in

absolute terms, particularly in some regions outside Norway. The cost variation

between the regions is also too high. Thus, Mowi Farming will continue unabated

with its work to address cost initiatives going forward.

Despite achieving record high volumes in 2020, Mowi Farming's volume growth has

been lagging behind the industry in the past few years. This is not satisfactory

and will duly be addressed through various growth initiatives including

increased investment in postsmolt. With the right measures in place we believe

Mowi Farming has the intrinsic potential to grow well beyond 500,000 tonnes

organically, using existing license capacity. Further to this Mowi Farming will

also pursue farming growth through accretive acquisitions when this fits with

its operational strategy. The main focus in Mowi Farming has been and will

continue to be conventional farming. That said, we are monitoring developments

in alternative technologies closely and may introduce such technologies when,

and if, we find it timely and profitable.

"Although Mowi is uniquely positioned in the salmon farming industry, we have

been lagging on growth and have over the past years grown by less than the

industry. For an industry leader that is not satisfactory. Thus, re-igniting

growth within Mowi Farming is a key priority going forward", says Mowi CEO, Ivan

Vindheim.

MOWI SALES & MARKETING CREATING CUSTOMER VALUE

In Sales & Marketing Mowi puts the customer at the core of everything it does

through product innovation, branding and operational excellence to create

customer value. Mowi will continue to develop new, innovative, high quality

products that are easily accessible to its customers to keep pace with

constantly evolving food habits.

"We will also continue in our long-term quest to de-commoditise the salmon

category through our MOWI branding strategy. At the same time we must

acknowledge that salmon is still mainly sold as a commodity subject to fierce

competition - particularly in Europe. Thus, it is key to be a cost leader in

this part of the value chain too, in order to attain a reasonable profit on our

sales", says Vindheim.

Mowi also has a clear ambition for growth in Sales & Marketing, albeit with

focus on selected segments and markets.

MOWI FEED TO GROW ALONG WITH MOWI FARMING

Mowi's latest addition, Mowi Feed, was established as late as in 2013. After

commissioning the second feed mill in Kyleakin, Scotland in 2020 Mowi is now

self-sufficient for feed in Europe. Feed is by far the most important cost

component in farming. The strategy from here is to grow Mowi Feed along with

Mowi Farming.

Mowi has unutilised capacity at its feed mill in Kyleakin, Scotland, and can add

a new production line at the feed mill in Bjugn, Norway if needed with limited

capital expenditure. Further to this the company will continue to streamline its

operations to minimise cost and continue to produce sustainably sourced, high-

performing quality feed specially designed for the Mowi salmon strain. Mowi will

also continue to test alternative feed ingredients that provide the necessary

nutrients for state-of-the-art salmon feed. The incorporation of such novel feed

raw materials into Mowi Feed's sourcing strategy will continue to be subject to

satisfying our internal profitability, operational excellence and sustainability

requirements.

MOWI 4.0 - TRANSFORMING OUR VALUE CHAIN THROUGH DIGITALISATION AND AUTOMATION

The fourth industrial revolution is upon us and offers Mowi significant

opportunities. To leverage these opportunities, Mowi has developed its own Mowi

4.0 strategy to make the company more efficient by digitalising and automating

the value chain from roe to plate.

The ongoing implementation of Smart Farming technologies in Mowi Farming is

expected to have a positive impact not only on productivity and costs, but also

on fish welfare and sustainability. Farming Norway leads the way within "Mowi

4.0 Smart Farming" and by 2025 expects to have completed the roll-out of Smart

Farming technologies in its largest farming unit. By means of advanced imaging

technology and intelligent sensors, Mowi will perform real-time monitoring of

biomass, digital lice counting, autonomous feeding and tracking of fish welfare.

Remote operation centres will leverage on these technological advances. A wealth

of data combined with machine learning and artificial intelligence will enable

Mowi to grow fish much more efficiently than today, and in an even more

sustainable way. By constantly tracking fish behaviour and fish health, Mowi can

be proactive instead of reactive when it comes to acting on biological issues.

The organisation strongly believes Industry 4.0 technologies will offer much

clearer scale advantages in the seawater phase than what is seen today.

In Mowi's downstream operations digitalisation and automation also offer

significant opportunities in its more than 30 factories all across the world.

Fish processing is in many ways still very labour-intensive and in many cases

improvements can be made simply by automation of manual work. However, the

availability of advanced scanning technology also opens up for much more

efficient production and more sophisticated product differentiation than seen

today, and for selected customers Mowi will use blockchain solutions.

Live streaming of Mowi's Capital Markets Day can be viewed at

https://mowi.com/investors/ from 08:00 CET today. Management presentation will

commence at that time followed by a Q&A session which is scheduled to start at

approximately 10:30 CET.

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.