Mowi ASA

Investor Presentation • Aug 20, 2025

Q2 2025 presentation

CEO: Ivan Vindheim CFO: Kristian Ellingsen

20 August 2025

Forward looking statements

This presentation may be deemed to include forward-looking statements, such as statements that relate to Mowi's contracted volumes, goals and strategies, including strategic focus areas, salmon prices, ability to increase or vary harvest volume, production capacity, expectations of the capacity of our fish feed plants, trends in the seafood industry, including industry supply outlook, exchange rate and interest rate hedging policies and fluctuations, dividend policy and guidance, asset base investments, capital expenditures, tax and net working capital guidance, NIBD target, cash flow guidance and financing update, guidance on financial commitments and cost of debt, guidance on anti-trust and competition regulations, and various other matters concerning Mowi's business and results. These statements speak of Mowi's plans, goals, targets, strategies, beliefs, and expectations, and refer to estimates or use similar terms. 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 disclaims any continuing accuracy of the information provided in this presentation after today.

Highlights Q2 2025

• Pressure on market prices following record-high industry volumes (+18% y/y) on strong biology
  • Good underlying demand (~5% growth y/y)
• Mowi seasonally record-high harvest volumes of 133k GWT (21% growth y/y)
  • All-time high seawater production in a Q2 on improved biological KPIs
• Seasonally record-high turnover of EUR 1.39 billion translated into Operational EBIT of EUR 189 million
• Significant drop in Farming cost, lowest since 2022
  • Cost reduction of EUR 49 million in the quarter and EUR 67 million YTD compared with last year
  • Blended farming cost across seven origins EUR 5.39 per kg, down EUR 0.45 per kg y/y and EUR 0.50 per kg q/q
  • Expect continued good cost performance in H2 (approx. stable versus Q2)
• Seasonally record-high earnings and volumes for Consumer Products and Feed
• Feed strategic review progressing
• Quarterly dividend of NOK 1.45 per share

Farming volume guidance increased from 530k GWT to 545k GWT in 2025E

• Farming volume guidance increased by 15k GWT to 545k GWT for 2025
  • Supported by significant growth in harvest volumes YTD, improved biology and seasonally record-high standing biomass in sea
• Including Nova Sea >600k GWT expected in 2026
• And 2029 volume target of >650k GWT

Pro forma with Nova Sea, 52k GWT 2025E

How to deliver on further organic growth?

Increased smolt stocking on unutilised licenses and increased productivity by postsmolt on utilised licenses (~40 million postsmolt in 2025 / 25% coverage / Norway 50% ex RN)

Productivity programme revived farming volume growth Farming volume growth of >275k GWT from 2018 to 2029F (CAGR >5.1%)

Mowi Farming volumes since the big merger in 2006

From laggard to leader – farming volume growth vs listed peers

. Mowi Farming volumes versus indexed listed peers since 2018

Mowi – Leading the Blue Revolution

Pro forma with Nova Sea

Source: Mowi, company reports and Kontali Analyse. 2024 for listed companies and 2023 for private companies Note: Harvest volumes in Gutted Weight Tonnes (GWT), Atlantic salmon

Key financials

Page 9

Mowi Group - main figures Unaudited EUR million	Q2 2025	Q2 2024	YTD 2025	YTD 2024	2024
Operational income revenue and other	1 394 2	1 340 0 4%	2 749 2	2 671 3	5 616 6
1) Operational EBIT	188 5	229 5 -18%	402 5	430 0	828 9
Operational % EBIT	5% 13	1% 17	6% 14	1% 16	8% 14
1) Operational EBITDA	241 8	278 7	510 5	527 2	030 1 1
1),2) interest-bearing (NIBD ) Net debt	1 895 8	1 882 1	1 895 8	1 882 1	1 867 1
1) Underlying EPS (EUR)	0 25	0 30	0 54	0 53	1 05
1) Underlying EPS (NOK)	2 87	3 51	6 26	6 10	12 23
1) flow (EUR) Net cash per share	0 11	0 06	0 25	0 15	0 43
Dividend declared and paid per share (NOK)	70 1	50 1	3 70	3 40	6 60
ROCE	3% 13	2% 16	9% 14	0% 16	5% 15
ROE	1% 15	19 5%	16 7%	3% 17	0% 17
Equity ratio	46 9%	47 5%	46 9%	47 5%	46 8%
Harvest volume (GWT)	133 239	110 419 21%	241 303	206 913	501 530
1) Operational (EUR) EBIT per kg Total -	1 41	2 08	1 67	2 08	1 65
Norway	1 91	2 52	2 18	2 52	2 03
Scotland	1 29	2 22	1 50	2 21	1 68
Chile	1 17	0 86	1 03	0 90	0 79
Canada	0 23	0 70	0 42	0 25	0 11
Ireland	0 18	2 22	0 43	2 64	1 57
Faroes	0 90	4 13	80 1	3 81	2 42
Iceland	-2 38	0 94	-0 96	2 84	1 38

^• Pro-forma NIBD including Nova Sea of EUR 2.48 billion and equity ratio of 45%

Salmon prices – weekly reference prices

• Continued good underlying demand for salmon, however, prices impacted by temporary high supply on improved biology
• Industry supply expected to fall from 8% in 2025 to 1% in 2026; consensus expects prices to improve

Ref. price North America, West Coast USD (Urner Barry avg. superior GWE 10- 12 lbs FOB Seattle)

Price achievement and contract share

• Price achievement 11% above reference price positively impacted by contracts
• Continued good harvest weights and quality (superior share)

Canadian

0%

Norway

SALMON OF NORWEGIAN ORIGIN				Operational EBIT Salmon of Norwegian Origin
million EUR	Q2 2025	Q2 2024	YTD 2025	YTD 2024				Q2 2024 vs Q2 2025
Operational revenue	497 2	464 0	992 7	891 5
Operational EBIT	138 5	149 3	293 4	287 3
Operational EBIT %	27 9%	32 2%	29 6%	32 2%
EBIT	105 5	96 5	177 3	267 7
(GWT) Harvest volume	72 600	59 364	134 304	114 076
Operational kg (EUR) EBIT per	91 1	2 52	2 18	2 52
of which Feed -	0 13	0 12	0 10	0 08
of which Markets -	0 46	0 78	0 48	0 85
of which Consumer Products -	0 55	0 25	0 48	0 27
Price achievement/reference price	111%	84%	107%	83%
Contract share	23%	30%	26%	31%

• Another strong operational quarter for Mowi Norway with seasonally record-high harvest volumes
• Improved biology and good production
• Improved cost YoY, lowest since 2022

Norway: Operational EBIT/kg per region

• Strong operational performance across the board
• Nova Sea is closing in on Mowi Norway's margin

Increased farming volume guidance to 320k GWT in Mowi Norway

• Increased farming volume guidance by 5k GWT to 320k GWT for 2025
  • Supported by increased harvest volumes YTD and strong biology
• On course for >400k GWT including Nova Sea

Norway: Sales contract portfolio

• 23% contract share for the second quarter
• Stable contract share in Q3

Scotland

SALMON OF SCOTTISH ORIGIN
EUR million	Q2 2025	Q2 2024	YTD 2025	YTD 2024
Operational revenue	183 9	189 5	337 9	330 7
Operational EBIT	31 3	43 6	62 8	74 6
Operational % EBIT	0% 17	23 0%	18 6%	22 6%
EBIT	15 4	5 7	19 3	49 5
(GWT) Harvest volume	24 199	19 591	41 855	33 796
Operational (EUR) EBIT kg per	1 29	2 22	1 50	2 21
of which Feed -	0 01	-0 01	-0 01	-0 02
of which Markets -	0 07	0 17	0 08	0 16
of which Consumer Products -	0 16	0 21	0 13	0 20
Price achievement/reference price	122%	104%	117%	103%
Contract share	33%	50%	46%	60%

Operational EBIT Salmon of Scottish Origin Q2 2024 vs Q2 2025

• Another strong quarter

• Quarterly record-high volumes, lower cost and better biological KPIs

Chile

SALMON OF CHILEAN ORIGIN
EUR million	Q2 2025	Q2 2024	YTD 2025	YTD 2024
Operational revenue	94 9	100 9	190 6	185 0
Operational EBIT	9 17	12 5	30 1	24 4
Operational % EBIT	18 9%	12 4%	8% 15	13 2%
EBIT	-6 9	4 6	-5 8	29 4
Harvest volume (GWT)	15 356	14 656	29 292	27 202
Operational (EUR) EBIT kg per	1 17	0 86	1 03	0 90
of which Markets -	0 12	0 13	0 12	0 12
of which Consumer Products -	0 41	0 30	0 38	0 32
Price achievement/reference price	106%	106%	103%	103%
Contract share	31%	38%	37%	41%

Operational EBIT Salmon of Chilean Origin Q2 2024 vs Q2 2025

• Improved earnings despite lower prices
• Continued good biological metrics in Mowi Chile
• Mowi Chile reduced cost and our best cost performer in Q2

Canada

SALMON OF CANADIAN ORIGIN
million EUR	Q2 2025	Q2 2024	YTD 2025	YTD 2024
Operational revenue	67 5	74 9	9 111	135 7
Operational EBIT	2 2	6 8	6 1	4 6
Operational EBIT %	3 3%	9 0%	5 5%	3 4%
EBIT	-7 2	-12 7	-29 9	-31 3
volume (GWT) Harvest	9 527	9 707	14 523	18 503
Operational kg (EUR) EBIT per	0 23	0 70	0 42	0 25
of which Markets -	0 07	0 19	0 13	0 18
of which Consumer Products -	0 01	0 01	0 01	0 01
Price achievement/reference price	99%	99%	94%	94%
Contract share	0%	0%	0%	0%

• Reduced earnings YoY on lower market prices
• Cost and volumes relatively stable on good biology in the quarter
• Third quarter to be impacted by seasonal issues with algae in British Columbia and one low oxygen incident in Canada East (cost effect EUR 5 million)

Ireland and Faroes

SALMON OF IRISH ORIGIN
million EUR	Q2 2025	Q2 2024	YTD 2025	YTD 2024
Operational revenue	45 2	36 8	72 4	54 7
Operational EBIT	0 9	7 3	3 2	11 5
Operational EBIT %	2 0%	19 8%	4 4%	21 1%
EBIT	-3 1	11 6	2 4	21 4
volume (GWT) Harvest	065 5	3 287	473 7	4 365
Operational kg (EUR) EBIT per	0 18	2 22	0 43	2 64
of which Feed -	0 02	-0 01	-0 01	-0 03
of which Markets -	0 14	0 23	0 15	0 28
of which Consumer Products -	0 16	0 19	0 17	0 16
Price achievement/reference price	n/a	n/a	n/a	n/a
Contract share	56%	61%	27%	46%

• Record-high quarterly harvest volumes, yet earnings impacted by lower market prices

SALMON OF FAROESE ORIGIN
EUR million	Q2 2025	Q2 2024	2025 YTD	2024 YTD
Operational revenue	28 1	24 0	62 1	49 3
Operational EBIT	4 0	10 5	15 6	19 7
Operational % EBIT	14 3%	43 7%	25 1%	39 9%
EBIT	-11 1	3 6	-12 4	12 2
Harvest volume (GWT)	4 471	2 541	8 695	5 168
Operational (EUR) EBIT kg per	0 90	4 13	1 80	3 81
of which Feed -	0 00	0 00	0 00	0 00
of which Markets -	0 10	0 11	0 12	0 12
of which Consumer Products -	0 05	0 10	0 04	0 06
Price achievement/reference price	102%	102%	104%	102%
Contract share	0%	0%	0%	0%

• Reduced earnings on lower spot prices
• All-time high harvest volumes

Iceland (Arctic Fish)

SALMON OF ICELANDIC ORIGIN
million EUR	Q2 2025	Q2 2024	YTD 2025	YTD 2024
Operational revenue	11 5	12 1	33 7	32 0
Operational EBIT	-4 8	1 2	-4 9	10 8
Operational % EBIT	0% -42	9% 9	7% -14	8% 33
EBIT	-8 9	-3 8	-25 8	6 1
volume (GWT) Harvest	2 021	273 1	161 5	3 804
Operational kg (EUR) EBIT per	-2 38	0 94	-0 96	2 84
of which Feed -	0 01	-0 02	-0 01	-0 02
of which Markets -	-0 07	-0 94	-0 16	-0 34
of which Consumer Products -	0 08	0 08	0 05	0 03
Price achievement/reference price	92%	102%	95%	89%
Contract share	0%	0%	0%	0%

Operational EBIT Salmon of Icelandic Origin Q2 2024 vs Q2 2025

• Earnings impacted by low harvest volumes and low prices
• Efforts to reduce cost to a sustainable level continue

Consumer Products

CONSUMER PRODUCTS
million EUR	Q2 2025	Q2 2024	YTD 2025	YTD 2024
Operational revenue	917 3	889 2	1 810 6	1 785 7
Operational EBIT	52 2	25 1	85 4	49 5
Operational % EBIT	7% 5	2 8%	4 7%	2 8%
Operational EBIT % VAP only	6 2%	3 1%	5 1%	3 0%
EBIT	9 51	24 4	85 0	47 5
(tonnes . weight) Volume sold prod	64 843	56 533	122 418	112 538

• Strong results on first class operational performance
• Mowi's vertically integrated business model shows its strength once again
• Good demand for our products

Feed

FEED
million EUR	Q2 2025	Q2 2024	2025 YTD	2024 YTD
Operational revenue	240 8	253 1	451 2	450 5
Operational EBITDA	13 7	10 8	20 8	16 5
Operational EBIT	9 8	6 7	13 0	8 5
Operational % EBITDA	7% 5	4 3%	4 6%	3 7%
Operational % EBIT	4 1%	2 7%	2 9%	9% 1
EBIT	9 8	6 7	13 0	8 5
Feed sold volume	135 459	131 589	247 333	229 508
Feed produced volume	155 183	152 005	284 209	267 499

• Another strong quarter with seasonally record-high earnings and volumes sold
• Strategic review of Feed progressing

Q2 2025 presentation Financials, Markets and Harvest volumes

Profit and Loss

Mowi Group (EUR million)	Q2 2025	Q2 2024	YTD 2025	YTD 2024	2024
Operational revenue and other income	394 2 1	340 0 1 4%	2 749 2	2 671 3	616 6 5
1) Operational EBIT	188 5	229 5 -18%	402 5	430 0	828 9
Change in unrealised internal margin Gain/loss from derivatives	3 2 0 3	0 4 -5 0	11 1 5 7	8 7 -8 8	-3 2 -10 1
Net fair value adjustment on biomass , onerous contracts provision	-84 8	-121 2	-250 7	-60 5	68 2
Restructuring cost Production/license/sales taxes	-8 6 -12 7	-2 9 -10 6	-8 9 -24 1	-5 7 -22 8	-19 5 -50 6
Other non-operational items from associated companies Income	-5 5 2 1	5 5 -4 3	-9 9 -2 3	-6 3 2 1	-18 4 29 5
Impairment losses	0 0	-1 8	-0 3	-6 6	-66 2
EBIT	81 8	89 6	123 0	328 5	758 6
financial items Net	-25 3	-34 2	-62 6	-66 9	-126 9
Earnings before tax	56 5	55 4	60 4	261 6	631 7
Profit or loss for the period	41 5	37 7	59 0	208 2	474 8
Basic (EUR) EPS	0 09	0 07	0 14	0 40	0 91
Underlying (EUR) EPS	0 25	0 30	0 54	0 53	1 05
Underlying (NOK) EPS	2 87	3 51	6 26	6 10	12 23
flow (EUR) Net cash per share	0 11	0 06	0 25	0 15	0 43
Dividend paid (NOK) declared and per share	1 70	1 50	3 70	3 40	6 60
Operational margin EBIT	13 5%	1% 17	14 6%	16 1%	14 8%
(salmon) Harvest volume GWT ,	133 239	110 419 21%	241 303	206 913	501 530
1) Operational incl margin EBIT per kg	1 41	2 08	1 67	2 08	1 65
ROCE1)	13 3%	16 2%	14 9%	16 0%	5% 15
ROE1)	1% 15	5% 19	7% 16	3% 17	0% 17

• Negative net fair value adjustment on lower salmon prices
• Associated companies: EBIT/kg of EUR 1.67 on 13.2k tonnes from Nova Sea, Norway

Financial position

Mowi Group million EUR	30 06 2025	30 06 2024	31 12 2024
Non-current assets	4 389 9	4 408 6	4 442 5
Current assets	3 682 0	3 675 0	4 9 111
Total assets	8 072 2	8 083 8	8 554 7
Equity	3 787 5	3 842 7	4 005 6
Non-current liabilities	3 103 5	3 065 7	3 137 3
liabilities Current	1 181 2	1 175 4	1 411 7
equity liabilites Total and	8 072 2	8 083 8	8 554 7
1) interest-bearing Net debt	1 895 8	1 882 1	1 867 1
Equity ratio	46 9%	47 5%	46 8%
Covenant equity ratio	50 2%	2% 51	49 8%

• Strong financial position
• Pro-forma NIBD including Nova Sea of EUR 2.48 billion and equity ratio of 45%

Cash Flow and Net Interest Bearing Debt

Mowi Group	Q2 2025	Q2 2024	YTD 2025	YTD 2024
million EUR NIBD of *	-1 882 4	-1 824 6	-1 867 1	-1790 3
beginning period
Operational EBITDA*	241 8	278 7	510 5	527 2
Change in working capital	0 0	-26 2	-81 8	-46 1
paid Taxes	-79 7	-126 2	-110 8	-189 9
Other adjustments	-13 3	-4 4	-9 3	-14 2
flow from operations* Cash	148 8	121 8	308 6	277 0
Net Capex	-83 1	-70 0	-134 2	-137 6
Other investments and dividens received	-0 1	0 9	-0 1	0 4
Cash flow from investments	-83 2	-69 1	-134 3	-137 2
Net interest and financial items paid*	-22 1	-31 7	-47 2	-61 7
items Other	13 0	1 6	1 7	-5 3
Dividend / return of paid in capital	8 -75	-66 5	-165 2	-153 3
effect interest-bearing Currency debt on	6 0	-13 6	7 6	-11 1
of period* NIBD end	-1 895 8	-1 882 1	-1 895 8	-1 882 1
*Excluding effects of IFRS 16
distribution: NIBD
EUR	95%	96%	95%	96%
USD	1%	1%	1%	1%
GBP	2%	1%	2%	1%

Other currencies 3% 3% 3% 3%

• Good cash flow generation in the quarter

2025 Cash Flow guidance (unchanged)

• Working capital build-up of EUR 50m due to biomass growth and growth through the value chain
• Capital expenditure EUR ~310m, mainly within Farming segment
  • Farming seawater and freshwater
  • Processing / Sales & Marketing automation projects, digitalisation, efficiency improvements
  • Feed a new 60k-tonne production line at our Norwegian feed plant
• Interest paid EUR ~90m (ex IFRS 16 effects)
• Taxes paid EUR ~190m
• Quarterly dividend of NOK 1.45 per share
  • Payable in third quarter

Overview financing – refinanced bank facility of EUR 2,600 million

• Signed EUR 2,600m sustainability-linked credit facility agreement
  • 5-year facility
  • Covenant: 35% equity ratio (adjusted for IFRS 16 leasing effects)
  • Accordion option: EUR 400m
  • Lenders: DNB, Nordea, ABN Amro, Rabobank, Danske Bank, SEB and Crédit Agricole
• Senior unsecured green bonds: EUR 298m
  • Tenor 5 & 8 years (Maturity: May 2029/2032)
  • EURIBOR + 1.19% (5-yr) / EURIBOR + 1.47% (8-yr)
• Senior unsecured Schuldschein loan: EUR 150m
  • Tenor 7 years (Maturity: May 2026)
  • EURIBOR + 1.70%
• Arctic Fish: EUR 170m senior secured facility
• Long term NIBD target to be addressed post closing of Nova Sea

Strong focus on cost and cost leadership

• Cost reduction of EUR 49 million (NOK 572m) in the quarter and EUR 67 million YTD (NOK 782m) compared with last year
• Significant inflationary pressure in recent years driven by higher feed prices
  • ~8% feed price decrease Q2 2025 vs Q2 2024 and expectations of continued decline
  • We expect full cost to be reduced in 2025E
• Cost-cutting initiatives are important
  • Continued cost focus necessary to combat underlying cost pressure. Cost reduction potential of EUR 300-400 million in next five years
    • Postsmolt, Mowi 4.0, yield, efficiency, automation and other operational improvements
    • Cost savings programme, including productivity programme on FTEs
• Page 29 • Mowi #1 or #2 performer in the various regions

Development in blended Farming cost per kg for Mowi group

EBIT per kg – Mowi consistently #1 and #2 in all countries

Note: OP EBIT/kg all-inclusive last 3 years (2022-2024). Industry average excluding Mowi. "Other" includes Mowi Ireland / Arctic Fish vs Icelandic peers

Delivering on the productivity programme – ~3,500 FTEs per 2025

• Productivity programme initiated in 2020

• Salary and personnel expenses second largest cost item in Mowi; EUR 706 million in 2024
• Productivity increase of 33% 2025E vs 2019
  • Nominal FTE decrease 8%
  • Volume increase 25%
• Natural turnover through retirement, reduced overtime and reduced contracted labour
• Automation and rightsizing

FTE reductions based on "as is" volumes

Productivity programme (2020-) has led to significant productivity improvements through automation/digitalisation and other measures

2019 2020 2021 2022 2023 2024 2025 2026E

Supply development in the quarter

	Estimated volumes		Compared to Q2 2024		Est. volumes
Suppliers	Q2 2025	Q2 2024	Volume	%	Q1 2025
Norway	355,400	280,600	74,800	26.7%	307,300
Scotland	50,500	51,800	-1,300	-2.5%	40,100
Faroe Islands	25,300	16,700	8,600	51.5%	25,600
Other Europe	14,300	9,100	5,200	57.1%	15,100
Total Europe	445,500	358,200	87,300	24.4%	388,100
Chile	165,500	143,400	22,100	15.4%	144,800
North America	32,900	38,700	-5,800	-15.0%	25,300
Total Americas	198,400	182,100	16,300	9.0%	170,100
Australia	14,900	15,200	-300	-2.0%	18,600
Other	9,500	9,800	-300	-3.1%	8,100
Total	668,300	565,300	103,000	18.2%	584,900

• Global supply increase of 18% YoY in the quarter mainly on better biological performance in Norway

Global volume development in the quarter

	Estimated	volumes	Compared	to Q2 2024	Est . volumes	12	month comparison
Markets	Q2 2025	Q2 2024	Volume	%	Q1 2025	LTM	PTM	%
EU+UK	274 200 ,	243 500 ,	30 700 ,	6% 12	244 300 ,	1 186 000 , ,	1 103 200 , ,	5% 7
Russia	13 900 ,	8 600 ,	5 300 ,	6% 61	12 200 ,	50 800 ,	57 100 ,	0% -11
Other Europe	25 100 ,	20 600 ,	4 500 ,	8% 21	22 900 ,	98 300 ,	91 100 ,	9% 7
Total Europe	313 200 ,	272 700 ,	40 500 ,	14 9%	279 400 ,	1 335 100 , ,	1 251 400 , ,	6 7%
USA	153 800 ,	136 600 ,	17 200 ,	12 6%	150 600 ,	604 600 ,	573 800 ,	5 4%
Brazil	30 000 ,	27 600 ,	2 400 ,	8 7%	26 700 ,	115 400 ,	112 900 ,	2 2%
Other Americas	40 000 ,	30 800 ,	9 200 ,	29 9%	29 200 ,	136 200 ,	127 400 ,	6 9%
Total Americas	223 800 ,	195 000 ,	28 800 ,	14 8%	206 500 ,	856 200 ,	814 100 ,	5 2%
China / Hong Kong	41 900 ,	27 500 ,	14 400 ,	52 4%	37 400 ,	150 200 ,	800 117 ,	27 5%
Japan	12 800 ,	10 100 ,	2 700 ,	26 7%	10 600 ,	47 500 ,	43 700 ,	8 7%
South / Taiwan Korea	600 15 ,	12 200 ,	3 400 ,	27 9%	13 000 ,	58 500 ,	000 51 ,	14 7%
Other Asia	21 300 ,	600 15 ,	700 5 ,	36 5%	18 300 ,	80 700 ,	900 71 ,	12 2%
Total Asia	91 600 ,	65 400 ,	26 200 ,	40 1%	79 300 ,	336 900 ,	284 400 ,	18 5%
All other markets	28 900 ,	30 400 ,	500 -1 ,	-4 9%	27 300 ,	148 500 ,	131 500 ,	12 9%
Total	657 500 ,	563 500 ,	94 000 ,	16 7%	592 500 ,	2 676 700 , ,	2 481 400 , ,	7 9%
Inflow to US from Europe	45 700 ,	33 200 ,	12 500 ,	37 7%	47 700 ,	181 900 ,	145 700 ,	24 8%
Inflow to from Chile EU	4 700 ,	6 200 ,	500 -1 ,	-24 2%	4 600 ,	23 100 ,	34 600 ,	-33 2%

• Good demand in the quarter (~5% growth) on increased consumption and slightly lower blended prices

• Lower spot prices have in general triggered promotional campaigns → retail prices on their way down
• Europe: Strong retail demand across all key markets
• US: Continued positive developments within retail segment driven by skin-packed volumes
• Asia: Strong volume developments on improved availability of large-sized salmon

Development in reference prices

	Q2 2025 Market	Change vs Q2 2024	Q2 2025 EUR	Change vs Q2 2024
(1) Norway	6 23 EUR	-33 5%	6 23 EUR	-33 5%
Chile (2) Chile GWT (3) ,	USD 6 11 USD 6 24	8% -1 -12 0%	EUR 5 39 EUR 5 50	7% -6 -16 4%
North America Coast (4) West America (5) North East Coast North America East Coast GWT (3) ,	USD 3 51 n/m USD 7 38	1% -7 n/m -7 9%	3 10 EUR n/m EUR 6 51	8% -11 n/m -14 6%

• Continued good demand for salmon, however, prices impacted by temporary high supply on improved biology
• Industry supply expected to fall from 8% in 2025 to 1% in 2026; consensus expects prices to improve

Ref. price North America, West Coast USD (Urner Barry avg. superior GWE 10- 12 lbs FOB Seattle)

Industry supply growth 2025e increased to 8%, recovery year We expect global supply growth of 1% in 2026 (Europe 0%)

	2022	2023	2024	2025E	2025E
GWT (1,000)					Low	Y/Y growth	High	Y/Y growth
Norw ay	1,366	1,334	1,365	1,489	1,483	9%	1,495	10%
UK	145	137	170	167	165	-3%	169	-1%
Faroe Islands	90	80	90	109	107	19%	111	24%
Other Europe*	53	48	55	63	62	12%	65	17%
Total Europe	1,654	1,599	1,680	1,828	1,817	8%	1,840	9%
Chile	678	689	630	680	676	7%	684	9%
North America	137	116	124	125	123	-1%	127	2%
Total Americas	815	805	754	804	798	6%	810	7%
Other	103	104	108	115	112	3%	118	9%
Total	2,572	2,509	2,543	2,747	2,727	7%	2,768	9%

*Ireland and Iceland

	Q3 2022	Q3 2023	Q3 2024	Q3 2025E	Q3 2025E
GWT (1,000)					Low	Q/Q growth	High	Q/Q growth
Norw ay	380	371	397	412	409	3%	415	5%
UK	43	37	43	41	40	-8%	42	-3%
Faroe Islands	23	22	31	31	30	-4%	32	2%
Other Europe	12	13	14	16	15	6%	17	16%
Total Europe	458	443	485	500	494	2%	505	4%
Chile	189	183	179	191	189	5%	193	8%
North America	37	32	29	32	31	7%	33	14%
Total Americas	226	216	208	223	220	6%	226	9%
Other	26	27	27	31	29	8%	32	19%
Total	710	686	721	753	743	3%	763	6%

	Q4 2022	Q4 2023	Q4 2024	Q4 2025E	Q4 2025E
GWT (1,000)					Low	Q/Q growth	High	Q/Q growth
Norw ay	405	392	414	414	411	-1%	417	1%
UK	32	25	41	36	35	-15%	37	-10%
Faroe Islands	27	25	21	27	26	29%	28	39%
Other Europe	14	17	19	18	17	-11%	18	-3%
Total Europe	478	459	495	495	489	-1%	501	1%
Chile	175	176	168	179	177	5%	181	8%
North America	27	30	27	34	33	23%	35	31%
Total Americas	202	206	195	213	210	8%	216	11%
Other	30	30	29	33	32	8%	35	18%
Total	710	696	719	741	731	2%	751	5%

• 2025 a recovery year for industry supply after three previous years of challenging biology
  • No growth since 2021
• Inflection point on global supply growth from August 2025 onwards. Next 12 months we expect:
  • Global +1%
  • Europe -1%
• In 2026 we expect 1% global supply growth based on current biomass statistics
  • Europe 0% (Norway -1%)

(*) Ireland and Iceland

Actual harvest volumes will be affected by e.g. water temperatures, development in biological growth, biological challenges such as diseases, algal blooms etc. and market developments.

Mowi volume guidance increased to 545k tonnes (530k) for 2025 (+9% YoY)

Atlantic salmon	2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	2025
GWT (1 000) ,	Actual	Actual	Actual	Actual	Actual	Actual	Actual	Actual	Guidance	Guidance	Guidance
Norway	294	54	59	105	83	303	61	72	99	86	320
	5	7	4	8	6	5	7	6	0	7	0
Scotland	54	14	19	15	17	66	17	24	17	14	73
	9	2	6	2	0	0	7	2	0	1	0
Chile	69	12	14	23	22	72	13	3	22	26	78
	2	5	7	2	3	7	9	15	0	7	0
Canada	28	8	9	6	2	30	0	9	12	9	36
	6	8	7	7	5	4	5	5	5	0	0
Ireland	4	1	3	3	0	8	2	5	2	0	0
	5	1	3	7	9	9	4	1	5	1	11
Faroes	11	2	2	3	1	9	4	4	2	1	13
	0	6	5	1	2	4	2	5	5	8	0
Iceland	11	2	1	3	3	10	3	2	4	4	14
	9	5	3	4	5	7	1	0	0	8	0
Total	474	96	110	161	133	501	108	133	159	144	545
	7	5	4	0	6	5	1	2	5	2	0
Nova Sea									52 0
forma inc Pro Nova Sea										597 0

• 2025 volume guidance increased by 15k tonnes to 545k tonnes (597k GWT incl. Nova Sea), representing a growth of 8.7% YoY
  • Favourable developments in sea in all regions

Outlook

• Record-high industry supply growth has put pressure on prices in 2025, however, expected to fall from 8% in 2025 to 1% in 2026
• Continue to see good demand for our products
• Tariff situation seems to be resolved
• Mowi's operations continue to develop positively
• Mowi's farming volume guidance increased to 545k GWT in 2025 (Δ 8.7% Y/Y) and >600k GWT in 2026 (Δ >10% Y/Y) with Nova Sea on board
• Mowi's blended farming cost for our seven farming countries significantly reduced in Q2 and expected to remain relatively stable in H2

Q2 2025 presentation

Appendix

Nova Sea: Mowi to increase ownership from 49% to 95% Subject to competition approval and other standard closing conditions

			volume (GWT) Harvest				kg (EUR) EBIT per
	Ownership %	2023	2024	Q2 2024	Q2 2025	2023	2024	Q2 2024	Q2 2025	Q2 2025
Sea Nova	48 9%	39 985	42 143	12 543	13 197	3 01	2 44	3 26	1 67	93 7

• Leading integrated salmon producer in Northern Norway
• Dividends
  • − Paid dividends of NOK 500m in 2024 (Mowi's share NOK 249m through direct and indirect holdings)
• Proportion of income after tax reported as income from associated companies in Mowi Norway
  • − EUR 1.2m in Q2 2025 (IFRS adj of biomass EUR -5.0m)

Entered into agreement to acquire Vigner Olaisen's shares in Nova Sea Mowi from 49% to 95% ownership

• Nova Sea a fully integrated state-of-the art salmon farmer in Northern Norway (PA 8), expected harvest volumes 52,000 tonnes in 2025e
• Olaisen family founded the company some 50 years ago, and Mowi a large minority shareholder since 1995
• Nova Sea known for its excellent biological results and industry leading margins
• Strategically important transaction and strong operational fit
• Creating a powerhouse for innovation and sustainable salmon farming, including fish welfare
• Significant synergies preliminary estimate NOK 400 million (EUR 34m)
  • Improved utilisation of MAB, license and site portfolio, biological performance and reduced cost

Key transaction parameters:

• Payment of NOK 8.2 billion / EUR 694 million
  • 30% in Mowi shares to be issued post closing (NOK 2.2bn / EUR 188m)
  • 70% cash (NOK 6.0bn / EUR 506m)
  • Including voluntary cash offer to remaining 5% shareholders
• Equity value (100%) NOK 16 billion (EUR 1.36 bn) and NIBD NOK 0.5 billion (EUR 46m)
• Cash element to be financed through existing credit lines
• Completion subject to competition approvals, including the EU commission, and other customary closing conditions
• Expected completion H2 2025

Nova Sea based in one of the best farming areas in Norway (PA 8) Significant volume growth from 530k tonnes to 582k tonnes in 2025E

• Nova Sea headquartered at Lovund, Northern Norway
• Fully integrated from broodstock and smolts, to harvesting and sales
• Expected harvest volumes in 2025e of 52,000 tonnes
• Several non-core assets, approx NOK 1.5bn (EUR 125m) value
• OP EBIT margin last 3 years of NOK 31 per kg (Mowi Norway Region North margin NOK 32 per kg)
• EV/EBIT 9x or EV/kg ~290 adj. for non-core assets (pre synergies)

Mowi Norway

Nova Sea – financials and shareholdings

Nova Sea		2022	2023	2024	Avg
volumes Harvest	GWT	027 44	39 985	42 143
Revenues	NOKm	3 347	3 516	3 706
OP EBIT	NOKm	1 290	1 375	1 192
kg per	NOK	29	34	28	31

Nova Sea AS	% shares
Vigner Olaisen AS	52 05%
Marine Harvest Holding AS	42 91%
Others	5 04%
Total	100 00%

Year-end 2024		Mowi	Nova Sea	Adj	Combo
Equity	EURm	006 4	359	266	631 4
Assets	EURm	8 552	550	955	10 057
Equity ratio	%	46 8%	65 3%		46 0%
NIBD1)	EURm	1 867	46	506	2 419

Pro-forma

Quarterly segment overview

	SOURCES OF ORIGIN QTD
million EUR	Norway	Scotland	Chile	Canada	Ireland	Faroes	Iceland	Other1)	Group
OPERATIONAL EBIT
FARMING	55 5	25 6	9 7	4 1	-0 7	3 3	-4 8		90 0
SALES AND MARKETING
Markets	33 7	1 7	1 9	0 7	0 7	0 5	-0 2	0 0	39 0
Consumer Products	39 8	3 8	6 3	0 1	0 8	0 2	0 2	1 1	52 2
SUBTOTAL	129 1	31 0	17 9	2 2	0 8	4 0	-4 8	1 1	181 2
Feed	9 4	0 3			0 1	0 0	0 0	0 0	9 8
1) entities Other								-2 6	-2 6
TOTAL	138 5	31 3	17 9	2 2	0 9	4 0	-4 8	-1 5	188 5
(GWT) Harvest volume	72 600	24 199	15 356	9 527	5 065	4 471	2 021		133 239
1) Operational kg (EUR) Total Group EBIT per -	91 1	29 1	1 17	0 23	0 18	0 90	-2 38		41 1
of which Feed -	0 13	0 01	n/a	n/a	0 02	0 00	0 01		0 07
of which Markets -	0 46	0 07	0 12	0 07	0 14	0 10	-0 07		0 29
of which Consumer Products -	0 55	0 16	0 41	0 01	0 16	0 05	0 08		0 39
ANALYTICAL DATA
(%)1) Price achievement/reference price	111%	122%	106%	99%	n/a	102%	92%		111%
Contract share (%)	23%	33%	31%	0%	56%	0%	0%		24%
GUIDANCE
Q3 2025 harvest volume (GWT)	99 000	17 000	22 000	12 500	2 500	2 500	4 000		159 500
2025 harvest volume (GWT)	320 000	73 000	78 000	36 000	000 11	13 000	14 000		545 000
Q3 2025 contract share (%)	19%	50%	23%	0%	100%	0%	0%		22%

YTD segment overview

	SOURCES OF ORIGIN YTD
million EUR	Norway	Scotland	Canada	Chile	Ireland	Faroes	Iceland	Other1)	Group
OPERATIONAL EBIT
FARMING	151 0	54 1	4 2	15 5	0 8	14 2	-4 3	0 0	235 5
SALES MARKETING AND
Markets	64 8	3 5	1 8	3 6	1 1	1 1	-0 8	0 0	75 0
Consumer Products	64 4	5 5	0 1	11 0	1 3	0 4	0 2	2 6	85 4
SUBTOTAL	280 1	63 0	6 1	30 1	3 3	6 15	-4 9	2 6	396 0
Feed	13 3	-0 2			0 0	0 0	0 0	0 0	13 0
1) Other entities								-6 4	-6 4
TOTAL	293 4	62 8	6 1	30 1	3 2	15 6	-4 9	-3 8	402 5
(GWT) Harvest volume	134 304	41 855	14 523	29 292	7 473	8 695	5 161		241 303
1) Operational kg (EUR) total Group EBIT per -	2 18	50 1	0 42	03 1	0 43	80 1	-0 96		67 1
of which Feed -	0 10	-0 01	n/a	n/a	-0 01	0 00	-0 01		0 05
of which Markets -	0 48	0 08	0 13	0 12	0 15	0 12	-0 16		0 31
of which Consumer Products -	0 48	0 13	0 01	0 38	0 17	0 04	0 05		0 35
ANALYTICAL DATA
(%)1) Price achievement/reference price	107%	117%	94%	103%	n/a	104%	95%		107%
(%) Contract share	26%	46%	0%	37%	27%	0%	0%		28%

Cash flow guidance and historic developments

Net capital expenditure Net working capital change

Financial commitments and cost of debt (*)

Mowi has good track record for delivering on volume guidance last 5 years

• Mowi has a good track record for delivering on volume guidance in the last 5 years
• Listed peers -7.9% vs guidance

Dividend policy

• 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 dividend shall under normal circumstances be at least 50% of underlying earnings per share (EPS)
  • − 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
• Shareholder returns are distributed primarily as cash dividends with the option of using share buybacks as a complementary supplement on an ad-hoc basis

CMD 2024: Organic revenue growth of 7-8% p.a. until 2029 (Targets to be increased post Nova Sea completion)

• 2023-2029F: Topline CAGR 7-8% pa
  • Farming volume CAGR 4.0% pa (475k GWT 2023 to 600k GWT 2029F) (excl. Nova Sea)
  • Product enhancement, branding, inflation CAGR 3-4%
• 2018-2023: Topline CAGR 7.6% pa
  • Farming volume CAGR 4.8% pa (375k GWT 2018 to 475k GWT 2023)
  • Other CAGR 2.8%

CMD: Strong focus on cost containment and cost leadership

Postsmolt	Mowi 4.0 Farming	Cost Savings Programme	Productivity Programme on FTEs	Mowi 4.0 Sales & Marketing
Less treatments • • Reduced mortality Better FCR • • Positive scale effects from higher volumes	Improved FCR • • Lower health cost Other cost • improvements	Cost control • • Standardisation Reduce cost • variation between entities Life cycle • analyses • Category management	Continued strict • FTE focus • Realise further productivity improvements	Efficiency • • Yield Automation • • Smart processing technology

Cost improvement potential1) overall EUR 300-400 million

CMD: Ocean-based Atlantic salmon farming is on the right side of sustainability

Rating agencies	About the rating	Score (1)	Salmon is the most sustainable animal protein alternative
	Mowi ranked as the most sustainable animal protein producer in the world (amongst the largest 60 animal protein producers in the world) for six consecutive years	1st 1st	Protein retention	28%	37%	21%	13%
	TIME Magazine, in partnership with Statista, named Mowi in its list of the World's 500 Most		Feed conversion ratio	1.3	1.9	3.9	8.0
	Sustainable Companies for 2024		Edible meat per 100 kg feed	56 kg	39 kg	19 kg	7 kg
	Mowi recognised as a global leader in climate action	A A	Carbon footprint (kg CO / kg edible meat) 2	5.1 kg	8.4 kg	12.2 kg	39.0 kg
	Supplier Engagement Rating	A A	Water consumption (litre / kg edible meat)	2,0002)	4,300	6,000	15,400
	ESG Rating, designed to measure a company's resilience to long-term, industry material environmental, social and governance (ESG) risks. Mowi is inthe Leader category	AA AAA	«Blue foods on average have much greater nutritional benefits than terrestrial foods. Many blue foods also have a smaller environmental footprint.» «Farmed salmon…performed similarly or
	ESG Rating, assessing financially material Environmental, Social and Governance (ESG) data	Medium Risk	better than chicken – often considered the most efficient terrestrial animal across the considered environmental stressors.» Quotes from BFA documents

Notes: 1) Scores based on most recent ratings, 2) The figure reflects total water footprint for farmed salmonid fillets in Scotland, in relation to weight and content of calories, protein and fat. Source: Fry et al (2018) Feed conversion efficiency in aquaculture: do we measure it correctly?. SINTEF (2020) Greenhouse gas emissions of Norwegian seafood products in 2017. Blue Food Assessment (Environmental performance of blue foods, Gephart et al., 2021) reported GHG emissions for farmed salmon of 5.1 kg CO2/kg edible weight and 8.4 kg CO2/kg edible weight for chicken. Mekonnen, M.M. and Hoekstra, A.Y. (2010) The green, blue and grey water footprint of farm animals and animal products. SARF (2014) Scottish Aquaculture's Utilisation of Environmental Resources

Salmon and land farmed animals have different reproductive strategies

External Fertilisation

• R-strategists
• higher number of reproductive cells
• lower survival rates
• more influenced by environmental conditions

Internal Fertilisation

• K-strategists
• lower number of reproductive cells
• higher survival rates
• less influenced by environmental conditions

Farmed salmon have much higher survival rates than wild salmon

Atlantic salmon production time is significantly longer than for most land farmed animals, and mortality rates are therefore naturally higher...

Source: Land animals- Animalia Norway (2023). Mortality rates refers to the average mortality rates during the on growing phase for aquatic animals. Freshwater mortality of 4% for growth period of 9-14 months (Mowi's data).

...however, monthly mortality rates for farmed salmon are significantly lower than for the majority of land animal proteins

MONTHLY MORTALITY (%)

Source: Animalia (2023) and Mowi's own data; complete production cycle (freshwater + seawater)

Mortality rates for Atlantic Salmon relatively stable over the past 30 years

Our strategic programmes of Postsmolt and Smart Farming are improving biological metrics and will improve fish survival and welfare

Postsmolt strategy

Reduce the time spent in sea by up to six months, substantially improving biological KPIs

Smart Farming

Unprecedented visibility and control underwater

Vaccination

100% vaccination; only approved veterinary medicines are used; no prophylactic use of antibiotics

Optimal feed and feeding

Ensuring optimal feed and feeding procedures

Fish behaviour

Use of underwater cameras for behavior observations

Handling and transport

Gentle handling and transport following best practices

Ensuring good fish welfare

Training

100% trained staff; dedicated fish health and welfare team

Stunning and slaughter 100% percussive stunning; trained staff

Certification

100% certified with either ASC, BAP or Global GAP, all addressing animal welfare

Supply chain

Relevant suppliers required to follow fish welfare standards; included in Code of Conduct

Reporting

Operational Welfare Indicators monitored and reported publicly

R&D

Continuous improving on testing and verifying new farming, technological and health solutions

Thank you