Mowi ASA

Earnings Release • Feb 12, 2025

Record-breaking quarter ends a record year for Mowi

Record-breaking quarter ends a record year for Mowi

(Bergen, 12 February 2025) Mowi generated record-high operating revenues of EUR

1.50 billion in the fourth quarter which translated into an operational profit

of EUR 226 million.

Mowi ended 2024 with a string of records, for both the fourth quarter and the

full year. The world's largest aquaculture company has never had higher turnover

and harvest volumes than in 2024 when revenue was EUR 5.62 billion on 502,000

tonnes of salmon harvested. A harvest volume of 134,000 tonnes in the fourth

quarter was itself a seasonal record.

"I am extremely pleased that we have continued to deliver on our strategy and

our goals, and I am impressed with the way the organisation was once again able

to produce both record volumes and record revenues in 2024. Our margins show

that we were once again competitive on cost in 2024, which is vitally important

in salmon farming. Falling feed prices have also contributed to somewhat reduced

costs, and we expect that trend to continue in 2025," said Mowi CEO Ivan

Vindheim.

The company's seawater production was very strong in the fourth quarter, and

this has continued into 2025.

"We have seen a significant improvement this winter compared with last year, in

terms of much better growth in sea, higher survival rates, better feed

conversion rates and improved quality. This bodes well for the rest of the year

and has prompted us to adjust our volume guidance for 2025 upwards, from

520,000 tonnes to 530,000 tonnes," said Vindheim.

Mowi recently entered into an agreement with Vigner Olaisen AS to purchase their

shares in Nova Sea, which will increase Mowi's ownership of Nova Sea from 49% to

95%. Nova Sea is a leading salmon farmer in production area 8 in Northern Norway

and is present in the entire value chain from broodstock and smolt production to

harvesting and sales. The company expects to harvest 52,000 tonnes of salmon in

2025. Nova Sea and the Olaisen family are pioneers in the Norwegian aquaculture

industry and the company is known for its strong biological performance and

industry-leading margins.

"With Nova Sea on board, we expect our volumes to reach 600,000 tonnes next

year, and we will be well on our way to harvesting 400,000 tonnes in Norway

alone. Mowi was harvesting 375,000 tonnes globally as recently as 2018, so our

volumes will have grown by 225,000 tonnes in just a few years. This corresponds

to annual growth of 6.1% compared with 3.1% for the wider industry," said

Vindheim.

Volume growth across the value chain is an important strategic pillar for Mowi

and the company has no plans to stop growing now.

"We will continue to invest in the whole value chain and have a number of growth

initiatives underway. Perhaps the most important of these is our postsmolt

strategy, which is now starting to show results. We expect larger, more robust

smolt to have a significant impact to our biological performance, including on

fish welfare" Vindheim said.

Mowi was recently ranked the most sustainable listed animal protein producer for

the sixth consecutive year by the Coller FAIRR Protein Producer Index. The

Coller FAIRR Protein Producer Index is the world's most detailed sustainability

assessment of meat, dairy and farmed fish producers in the world.

Record year for Consumer Products and Feed

Mowi Consumer Products, the group's value-added business, had yet another strong

quarter and year with record high operational profit of EUR 53 million for the

fourth quarter and EUR 146 million for the year. Consumer Products also set a

new volume record, producing 247,000 tonnes in the year, up 6.5% on 2023.

"We are seeing good retail demand for our products and continue to develop new

and innovative high-quality products to keep up with new trends and consumers'

ever-changing needs," Vindheim said.

Mowi Feed also had another strong quarter, delivering record volumes and

revenues. The full year was also record-breaking, with operational profit of EUR

62 million on 585,000 tonnes of feed.

"Our feed division has seen substantial growth in recent years, most recently

growing by 12% in 2024 compared with the previous year. With Nova Sea on board

we will need additional feed capacity in Norway in order to continue to grow,

therefore we are undertaking a 60,000-tonne expansion project at our feed plant

at Bjugn, Norway, with expected completion in the second quarter of 2026,"

Vindheim said.

Mowi's Board has decided to pay a quarterly dividend of NOK 2.00 per share.

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 one of the world's leading seafood companies and the largest producer of

farm-raised Atlantic salmon in the world, with an estimated 2025 harvest of

530 000 tonnes from seven farming countries including Norway, Scotland, Ireland,

Faroes, Iceland, Canada and Chile.

Mowi is a fully integrated global seafood company, bringing salmon and other

seafood of supreme quality to consumers around the world, partly under its own

MOWI brand. Mowi is ranked as the most sustainable listed animal protein

producer in the world by Coller FAIRR.

With headquarters in Bergen, Norway, Mowi employs 11 800 people in 26 countries

worldwide, and is listed on the Oslo Stock Exchange. Turnover was EUR 5.6

billion in 2024.

For more information, please visit 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, anti-trust 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.