Mowi ASA

Earnings Release • Aug 21, 2019

Best second quarter ever for Mowi

Best second quarter ever for Mowi

(Bergen, 21 August 2019) Mowi achieved an operational EBIT of EUR 211 million in

the second quarter of 2019, compared to EUR 175 million in the corresponding

quarter of 2018.

"This was a good quarter for Mowi with 26 % increase in farming volumes year

over year and an overall solid operational performance. The costs decreased in

the farming operations, and sales of both feed and value-added products were

record-high", says Mowi CEO, Alf-Helge Aarskog.

Mowi's 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 1 021 million (EUR 888 million) in the

second quarter of 2019. Total harvest volume was 98 483 tonnes (78 346) in the

quarter. Harvest guidance for 2019 is unchanged at 430 000 tonnes.

Salmon of Norwegian origin achieved an operational EBIT per kilo of EUR 2.45

(2.56) in the second quarter, while salmon of Scottish and Canadian origin

reported operational EBIT per kilo of EUR 2.92 and EUR 0.83 respectively (EUR

2.38 and EUR 0.98). Salmon of Chilean origin reported operational EBIT per kilo

of EUR 1.87 in the quarter (EUR 1.86). Mowi Feed reported an operational EBIT of

EUR 3.0 million (EUR 0.8 million). Mowi Consumer Products reported an

operational EBIT of EUR 4.9 million (EUR 12.0 million).

Following Mowi's self-sufficiency strategy on feed, Mowi Feed continues to

develop its range of products, including fresh water, organic and cleaner fish

diets.

"Our new feed plant in Scotland started trial production in May, and has

recently started to produce and deliver feed to our Scottish farming operations.

This is an important step towards self-sufficiency of feed and further

integration of the value chain. It is particularly encouraging that we have

increased production capacity from 170 000 tonnes to 240 000 tonnes", says

Aarskog.

For further information, please contact:

Ivan Vindheim, CFO, +47 958 71?310

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

About Mowi ASA

Mowi, formerly known as Marine Harvest, is the largest producer of farm-raised

salmon in the world. As the first global seafood company with an end-to-end

supply chain, Mowi's ownership over every stage of production enables it to

bring supreme quality salmon to consumers around the world.

With headquarters in Bergen, Norway, Mowi employs over 14 500 people in 25

countries worldwide, and is listed on the Oslo Stock Exchange.

For more information, please visit 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.