Mowi ASA

Earnings Release • Feb 12, 2020

Record high turnover and volumes for Mowi

Record high turnover and volumes for Mowi

(Bergen,12 February 2020) Mowi achieved an operational EBIT of EUR 166 million

in the fourth quarter of 2019, compared with EUR 213 million in the

corresponding quarter of 2018. For the full year, Mowi reported a record high

turnover of EUR 4 135 million and an operational EBIT of EUR 721 million.

Mowi harvested record high 436 000 tonnes in 2019 and 116 000 tonnes in the

fourth quarter, compared with 106 000 tonnes in the corresponding quarter and

375 000 tonnes for the full year of 2018.

"2019 was another good year financially for Mowi. Record high full-year volumes

in all business areas, good salmon prices and relatively stable costs resulted

in strong earnings and dividend distributions. I am very proud of the way my

15 000 colleagues have contributed to the great results," says CEO Ivan Vindheim

The Board of Directors has resolved to pay a quarterly dividend of NOK 2.60 per

share, supported by good results, a strong market outlook, and a solid financial

position.

Mowi reported operational revenues of EUR 1 112 million (EUR 1 074 million) in

the fourth quarter of 2019. Harvest guidance for 2020 is maintained at 450 000

tonnes.

Salmon of Norwegian origin achieved an operational EBIT per kilo of EUR 2.12

(2.44) in the fourth quarter, while salmon of Scottish and Canadian origin

reported operational EBIT per kilo of EUR 1.24 and EUR -0.53 respectively (EUR

2.32 and EUR 1.42). Salmon of Chilean origin reported operational EBIT per kilo

of EUR 0.79 in the quarter (EUR 1.25). Mowi Feed reported an operational EBIT of

EUR 13.8 million (EUR 5.8 million). Mowi Consumer Products reported an

operational EBIT of EUR 15.1 million (EUR 38.4 million).

"The salmon prices increased significantly in all markets during the quarter and

in January on strong demand and tighter supply. Notwithstanding the current

issues with the Corona virus, the medium and long term outlook for Mowi remains

strong," says Vindheim.

Mowi issued the first green bond in the industry of EUR 200 million in January

2020. The 5-year senior unsecured bond carries a coupon of EURIBOR + 1.60% p.a.

The issuance was four times oversubscribed.

"It is very encouraging to see the large interest in the market to financing

Mowi as a company producing healthy and sustainable products," says Vindheim.

For further information, please contact:

Kristian Ellingsen, CFO, +47 905 14 275

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

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 approx. 15 000 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.