Mowi ASA

Earnings Release • Feb 17, 2021

Record high volumes for Mowi in 2020

Record high volumes for Mowi in 2020

(Bergen, 17 February 2021) Mowi achieved all-time high volumes in all divisions

in 2020, harvesting 440 000 tonnes of salmon, selling 240 000 tonnes of value-

added products, and producing 540 000 tonnes of feed.

Mowi's farming division recorded all-time high harvest volumes for the quarter

and for the full year. Consumer Products continued to benefit from the shift in

demand towards elaborated products, and delivered all-time high quarterly and

full-year volumes. Feed also delivered another good set of results, and

similarly to Consumer Products delivered record quarterly and full-year volumes.

"I would like to take this opportunity to thank all my colleagues at Mowi for

delivering record-high volumes in all divisions in an extremely challenging

year. At the same time we have managed to keep everyone safe during the Covid-

19 pandemic so far by employing the strictest biosecurity measures across our

business," Mowi CEO, Ivan Vindheim said.

The strength of Mowi's integrated value chain during these unprecedented times

was demonstrated yet again as the Consumer Products division continued to

capitalise on the shift in consumer demand from foodservice to retail. Mowi has

produced more value-added products than ever through its downstream facilities,

and the development in the retail market continues to be strong.

Covid-19 impacting results

Mowi's results in the fourth quarter were significantly impacted by Covid-19 and

extensive lockdown measures, together with seasonal high supply.

The company reported operational EBIT of EUR 49 million in the fourth quarter of

2020, compared with EUR 166 million in the corresponding quarter in 2019. Costs

are reduced compared with the fourth quarter last year, hence the decline in

results is explained by significantly lower prices.

"The pandemic still impacts out-of-home consumption to a large degree, and

although retail sales are strong and offset some of the demand shortfall,

overall demand was down by approximately 5%. However, we still strongly believe

in the positive long-term market outlook for the industry. A significant share

of new customers in retail are expected to permanently increase their retail

consumption rates post Covid-19, even as the foodservice segment gradually re-

opens in due course," Vindheim said.

Mowi reported operational revenues of EUR 1 008 million (EUR 1 112 million) in

the fourth quarter of 2020. Total harvest volume in the quarter of 126 634

tonnes gutted weight (116 314) was in line with guidance. Full-year harvest

guidance for 2021 is unchanged at 445 000 tonnes.

Recognition of sustainability efforts

Mowi's sustainability work has yet again been recognised with the company being

named the most sustainable animal protein producer in the world in the 2020

Coller FAIRR Protein Producer Index and being recognised for leadership in

corporate sustainability by global environmental non-profit CDP, securing a

place on its prestigious 'A List' for tackling climate change.

"Sustainability will be even more important going forward for both Mowi and the

salmon farming industry. By producing healthy and delicious food in the most

sustainable manner, we are part of the solution," said Vindheim.

Dividend

The dividend has been an important component of Mowi's financial strategy and to

make dividend payments more predictable and transparent the Board has decided to

operationalise the dividend policy by introducing ordinary and extraordinary

dividends. 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 dividends shall under normal

circumstances be at least 50% of underlying earnings per share. 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.

Based on this, the Board has decided to pay NOK 0.32 per share in ordinary

dividend in the first quarter of 2021, equivalent to 50% of underlying earnings

per share in the fourth quarter of 2020.

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.