Mowi ASA

Earnings Release • May 14, 2025

Another strong operational quarter for Mowi

Another strong operational quarter for Mowi

(Bergen, 14 May 2025) Mowi generated operating revenues of EUR 1.36 billion in

the first quarter which translated into an operational profit of EUR 214

million.

The first quarter of 2025 brought increased revenues and results for Mowi

compared with the same quarter last year, on strong biological and operational

performance, along with improved volumes and cost.

"So far, 2025 has been a very good year operationally and biologically which has

resulted in high harvest volumes combined with seasonally record-high biomass in

sea," said Mowi CEO, Ivan Vindheim.

Volume growth across the value chain is one of Mowi's strategic pillars. The

company harvested 108,000 tonnes in the quarter representing growth of 12%

compared with last year. Mowi is maintaining its harvest volume guidance for

2025 of 530,000 tonnes, equivalent to annual growth of 6%. This is supported by

seasonally record-high biomass in sea with 11% growth year-on-year. Taking into

consideration the recent agreement to increase its ownership of Nova Sea from

49% to 95%, Mowi expects to harvest 600,000 tonnes next year.

"Seawater production went very well in the first quarter, with improved growth,

survival rates, feed conversion ratio and superior share," Vindheim said.

As recently as 2018, Mowi's harvest volumes were 375,000 tonnes, hence the

company will have grown its farming volumes by 155,000 tonnes by the end of

2025, which is equivalent to a CAGR of 5.1% versus a projected CAGR for the

industry of 3.3%. This comprises mainly organic growth, and Mowi still has

further organic growth initiatives that are expected to contribute to additional

volume growth.

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

quarter on good operational performance and high volumes.

"Demand for salmon was good in the quarter and downstream earnings improved in

Europe, Americas and Asia. At the same time, however, high supply growth put

pressure on market prices," Vindheim said.

Global supply growth in the first quarter was as much as 13% in Europe and 8%

globally, an effect that should be seen as a one-off correction following three

years of challenging biology. Mowi expects supply growth to be 6% in 2025,

before returning to trend growth of around 2-3% thereafter because of regulatory

constraints.

Mowi Feed also had a strong quarter with record-high earnings and sold volumes

for a first quarter.

"Mowi's own feed continues to perform very well, constituting a crucially

important contributing factor to our harvest volume growth of recent years,"

said Vindheim.

Mowi's Board has decided to pay a quarterly dividend of NOK 1.70 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.

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act