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IP - Rekordhøye andrekvartalsvolumer og -inntekter for Mowi - Attachment: Mowi_Q2_2025_Presentation.pdf

Company: Mowi ASA Date: 2025-08-20 Language: English Register to download
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# **Q2 2025 presentation**

CEO: Ivan Vindheim CFO: Kristian Ellingsen

**20 August 2025**

![](_page_0_Picture_4.jpeg)

### **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.

![](_page_1_Picture_3.jpeg)

# **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

![](_page_2_Picture_14.jpeg)

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

![](_page_3_Figure_1.jpeg)

- 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)**

![](_page_4_Picture_2.jpeg)

![](_page_4_Picture_3.jpeg)

![](_page_4_Picture_4.jpeg)

### **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

![](_page_5_Figure_2.jpeg)

![](_page_5_Picture_4.jpeg)

## **From laggard to leader – farming volume growth vs listed peers**

### . Mowi Farming volumes versus indexed listed peers since 2018

![](_page_6_Figure_2.jpeg)

### **Mowi – Leading the Blue Revolution**

![](_page_7_Figure_1.jpeg)

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

<sup>•</sup> 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

![](_page_9_Figure_3.jpeg)

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

![](_page_9_Picture_7.jpeg)

## **Price achievement and contract share**

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

![](_page_10_Figure_3.jpeg)

![](_page_10_Picture_4.jpeg)

![](_page_10_Picture_5.jpeg)

Canadian

0%

### **Norway**

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

![](_page_11_Picture_5.jpeg)

# **Norway: Operational EBIT/kg per region**

![](_page_12_Figure_1.jpeg)

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

![](_page_12_Picture_5.jpeg)

### **Increased farming volume guidance to 320k GWT in Mowi Norway**

![](_page_13_Figure_1.jpeg)

- 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

![](_page_13_Picture_5.jpeg)

![](_page_13_Picture_7.jpeg)

### **Norway: Sales contract portfolio**

![](_page_14_Figure_1.jpeg)

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

![](_page_14_Picture_5.jpeg)

## **Scotland**

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

![](_page_15_Picture_5.jpeg)

### **Chile**

| SALMON<br>OF<br>CHILEAN<br>ORIGIN         |            |            |             |             |  |  |  |  |
|-------------------------------------------|------------|------------|-------------|-------------|--|--|--|--|
| EUR<br>million                            | Q2<br>2025 | Q2<br>2024 | YTD<br>2025 | YTD<br>2024 |  |  |  |  |
| Operational<br>revenue                    | 94<br>9    | 100<br>9   | 190<br>6    | 185<br>0    |  |  |  |  |
| Operational<br>EBIT                       | 9<br>17    | 12<br>5    | 30<br>1     | 24<br>4     |  |  |  |  |
| Operational<br>%<br>EBIT                  | 18<br>9%   | 12<br>4%   | 8%<br>15    | 13<br>2%    |  |  |  |  |
| EBIT                                      | -6<br>9    | 4<br>6     | -5<br>8     | 29<br>4     |  |  |  |  |
| Harvest<br>volume<br>(GWT)                | 15<br>356  | 14<br>656  | 29<br>292   | 27<br>202   |  |  |  |  |
| Operational<br>(EUR)<br>EBIT<br>kg<br>per | 1<br>17    | 0<br>86    | 1<br>03     | 0<br>90     |  |  |  |  |
| of<br>which<br>Markets<br>-               | 0<br>12    | 0<br>13    | 0<br>12     | 0<br>12     |  |  |  |  |
| of<br>which<br>Consumer<br>Products<br>-  | 0<br>41    | 0<br>30    | 0<br>38     | 0<br>32     |  |  |  |  |
| Price<br>achievement/reference<br>price   | 106%       | 106%       | 103%        | 103%        |  |  |  |  |
| Contract<br>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<br>OF<br>CANADIAN<br>ORIGIN        |            |            |             |             |
|-------------------------------------------|------------|------------|-------------|-------------|
| million<br>EUR                            | Q2<br>2025 | Q2<br>2024 | YTD<br>2025 | YTD<br>2024 |
| Operational<br>revenue                    | 67<br>5    | 74<br>9    | 9<br>111    | 135<br>7    |
| Operational<br>EBIT                       | 2<br>2     | 6<br>8     | 6<br>1      | 4<br>6      |
| Operational<br>EBIT<br>%                  | 3<br>3%    | 9<br>0%    | 5<br>5%     | 3<br>4%     |
| EBIT                                      | -7<br>2    | -12<br>7   | -29<br>9    | -31<br>3    |
| volume<br>(GWT)<br>Harvest                | 9<br>527   | 9<br>707   | 14<br>523   | 18<br>503   |
| Operational<br>kg<br>(EUR)<br>EBIT<br>per | 0<br>23    | 0<br>70    | 0<br>42     | 0<br>25     |
| of<br>which<br>Markets<br>-               | 0<br>07    | 0<br>19    | 0<br>13     | 0<br>18     |
| of<br>which<br>Consumer<br>Products<br>-  | 0<br>01    | 0<br>01    | 0<br>01     | 0<br>01     |
| Price<br>achievement/reference<br>price   | 99%        | 99%        | 94%         | 94%         |
| Contract<br>share                         | 0%         | 0%         | 0%          | 0%          |

![](_page_17_Figure_2.jpeg)

- 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)

![](_page_17_Picture_6.jpeg)

# **Ireland and Faroes**

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

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

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

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

# **Iceland (Arctic Fish)**

| SALMON<br>OF<br>ICELANDIC<br>ORIGIN       |            |            |             |             |
|-------------------------------------------|------------|------------|-------------|-------------|
| million<br>EUR                            | Q2<br>2025 | Q2<br>2024 | YTD<br>2025 | YTD<br>2024 |
| Operational<br>revenue                    | 11<br>5    | 12<br>1    | 33<br>7     | 32<br>0     |
| Operational<br>EBIT                       | -4<br>8    | 1<br>2     | -4<br>9     | 10<br>8     |
| Operational<br>%<br>EBIT                  | 0%<br>-42  | 9%<br>9    | 7%<br>-14   | 8%<br>33    |
| EBIT                                      | -8<br>9    | -3<br>8    | -25<br>8    | 6<br>1      |
| volume<br>(GWT)<br>Harvest                | 2<br>021   | 273<br>1   | 161<br>5    | 3<br>804    |
| Operational<br>kg<br>(EUR)<br>EBIT<br>per | -2<br>38   | 0<br>94    | -0<br>96    | 2<br>84     |
| of<br>which<br>Feed<br>-                  | 0<br>01    | -0<br>02   | -0<br>01    | -0<br>02    |
| of<br>which<br>Markets<br>-               | -0<br>07   | -0<br>94   | -0<br>16    | -0<br>34    |
| of<br>which<br>Consumer<br>Products<br>-  | 0<br>08    | 0<br>08    | 0<br>05     | 0<br>03     |
| Price<br>achievement/reference<br>price   | 92%        | 102%       | 95%         | 89%         |
| Contract<br>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<br>PRODUCTS                           |            |            |               |               |
|------------------------------------------------|------------|------------|---------------|---------------|
| million<br>EUR                                 | Q2<br>2025 | Q2<br>2024 | YTD<br>2025   | YTD<br>2024   |
| Operational<br>revenue                         | 917<br>3   | 889<br>2   | 1<br>810<br>6 | 1<br>785<br>7 |
| Operational<br>EBIT                            | 52<br>2    | 25<br>1    | 85<br>4       | 49<br>5       |
| Operational<br>%<br>EBIT                       | 7%<br>5    | 2<br>8%    | 4<br>7%       | 2<br>8%       |
| Operational<br>EBIT<br>%<br>VAP<br>only        | 6<br>2%    | 3<br>1%    | 5<br>1%       | 3<br>0%       |
| EBIT                                           | 9<br>51    | 24<br>4    | 85<br>0       | 47<br>5       |
| (tonnes<br>. weight)<br>Volume<br>sold<br>prod | 64<br>843  | 56<br>533  | 122<br>418    | 112<br>538    |

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

![](_page_20_Picture_5.jpeg)

### **Feed**

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

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

![](_page_21_Picture_4.jpeg)

![](_page_21_Picture_5.jpeg)

**Q2 2025 presentation** *Financials, Markets and Harvest volumes*

![](_page_22_Picture_2.jpeg)

# **Profit and Loss**

| Mowi<br>Group<br>(EUR<br>million)                                                       | Q2<br>2025          | Q2<br>2024          | YTD<br>2025         | YTD<br>2024         | 2024                 |
|-----------------------------------------------------------------------------------------|---------------------|---------------------|---------------------|---------------------|----------------------|
| Operational<br>revenue and<br>other<br>income                                           | 394<br>2<br>1       | 340<br>0<br>1<br>4% | 2<br>749<br>2       | 2<br>671<br>3       | 616<br>6<br>5        |
| 1)<br>Operational<br>EBIT                                                               | 188<br>5            | 229<br>5<br>-18%    | 402<br>5            | 430<br>0            | 828<br>9             |
| Change<br>in<br>unrealised<br>internal<br>margin<br>Gain/loss<br>from<br>derivatives    | 3<br>2<br>0<br>3    | 0<br>4<br>-5<br>0   | 11<br>1<br>5<br>7   | 8<br>7<br>-8<br>8   | -3<br>2<br>-10<br>1  |
| Net<br>fair<br>value<br>adjustment<br>on biomass<br>, onerous<br>contracts<br>provision | -84<br>8            | -121<br>2           | -250<br>7           | -60<br>5            | 68<br>2              |
| Restructuring<br>cost<br>Production/license/sales<br>taxes                              | -8<br>6<br>-12<br>7 | -2<br>9<br>-10<br>6 | -8<br>9<br>-24<br>1 | -5<br>7<br>-22<br>8 | -19<br>5<br>-50<br>6 |
| Other<br>non-operational<br>items<br>from<br>associated<br>companies<br>Income          | -5<br>5<br>2<br>1   | 5<br>5<br>-4<br>3   | -9<br>9<br>-2<br>3  | -6<br>3<br>2<br>1   | -18<br>4<br>29<br>5  |
| Impairment<br>losses                                                                    | 0<br>0              | -1<br>8             | -0<br>3             | -6<br>6             | -66<br>2             |
| EBIT                                                                                    | 81<br>8             | 89<br>6             | 123<br>0            | 328<br>5            | 758<br>6             |
| financial<br>items<br>Net                                                               | -25<br>3            | -34<br>2            | -62<br>6            | -66<br>9            | -126<br>9            |
| Earnings<br>before<br>tax                                                               | 56<br>5             | 55<br>4             | 60<br>4             | 261<br>6            | 631<br>7             |
| Profit<br>or loss<br>for<br>the<br>period                                               | 41<br>5             | 37<br>7             | 59<br>0             | 208<br>2            | 474<br>8             |
| Basic<br>(EUR)<br>EPS                                                                   | 0<br>09             | 0<br>07             | 0<br>14             | 0<br>40             | 0<br>91              |
| Underlying<br>(EUR)<br>EPS                                                              | 0<br>25             | 0<br>30             | 0<br>54             | 0<br>53             | 1<br>05              |
| Underlying<br>(NOK)<br>EPS                                                              | 2<br>87             | 3<br>51             | 6<br>26             | 6<br>10             | 12<br>23             |
| flow<br>(EUR)<br>Net<br>cash<br>per share                                               | 0<br>11             | 0<br>06             | 0<br>25             | 0<br>15             | 0<br>43              |
| Dividend<br>paid<br>(NOK)<br>declared<br>and<br>per share                               | 1<br>70             | 1<br>50             | 3<br>70             | 3<br>40             | 6<br>60              |
| Operational<br>margin<br>EBIT                                                           | 13<br>5%            | 1%<br>17            | 14<br>6%            | 16<br>1%            | 14<br>8%             |
| (salmon)<br>Harvest<br>volume<br>GWT<br>,                                               | 133<br>239          | 110<br>419<br>21%   | 241<br>303          | 206<br>913          | 501<br>530           |
| 1)<br>Operational<br>incl<br>margin<br>EBIT<br>per kg                                   | 1<br>41             | 2<br>08             | 1<br>67             | 2<br>08             | 1<br>65              |
| ROCE1)                                                                                  | 13<br>3%            | 16<br>2%            | 14<br>9%            | 16<br>0%            | 5%<br>15             |
| ROE1)                                                                                   | 1%<br>15            | 5%<br>19            | 7%<br>16            | 3%<br>17            | 0%<br>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<br>Group<br>million<br>EUR       | 30<br>06<br>2025 | 30<br>06<br>2024 | 31<br>12<br>2024 |
|---------------------------------------|------------------|------------------|------------------|
|                                       |                  |                  |                  |
| Non-current<br>assets                 | 4<br>389<br>9    | 4<br>408<br>6    | 4<br>442<br>5    |
| Current<br>assets                     | 3<br>682<br>0    | 3<br>675<br>0    | 4<br>9<br>111    |
| Total<br>assets                       | 8<br>072<br>2    | 8<br>083<br>8    | 8<br>554<br>7    |
|                                       |                  |                  |                  |
| Equity                                | 3<br>787<br>5    | 3<br>842<br>7    | 4<br>005<br>6    |
| Non-current<br>liabilities            | 3<br>103<br>5    | 3<br>065<br>7    | 3<br>137<br>3    |
| liabilities<br>Current                | 1<br>181<br>2    | 1<br>175<br>4    | 1<br>411<br>7    |
| equity<br>liabilites<br>Total<br>and  | 8<br>072<br>2    | 8<br>083<br>8    | 8<br>554<br>7    |
|                                       |                  |                  |                  |
| 1)<br>interest-bearing<br>Net<br>debt | 1<br>895<br>8    | 1<br>882<br>1    | 1<br>867<br>1    |
| Equity<br>ratio                       | 46<br>9%         | 47<br>5%         | 46<br>8%         |
| Covenant<br>equity<br>ratio           | 50<br>2%         | 2%<br>51         | 49<br>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<br>Group                                          | Q2<br>2025     | Q2<br>2024     | YTD<br>2025    | YTD<br>2024    |
|--------------------------------------------------------|----------------|----------------|----------------|----------------|
| million<br>EUR<br>NIBD<br>of<br>*                      | -1<br>882<br>4 | -1<br>824<br>6 | -1<br>867<br>1 | -1790<br>3     |
| beginning<br>period                                    |                |                |                |                |
| Operational<br>EBITDA*                                 | 241<br>8       | 278<br>7       | 510<br>5       | 527<br>2       |
| Change<br>in<br>working<br>capital                     | 0<br>0         | -26<br>2       | -81<br>8       | -46<br>1       |
| paid<br>Taxes                                          | -79<br>7       | -126<br>2      | -110<br>8      | -189<br>9      |
| Other<br>adjustments                                   | -13<br>3       | -4<br>4        | -9<br>3        | -14<br>2       |
| flow<br>from<br>operations*<br>Cash                    | 148<br>8       | 121<br>8       | 308<br>6       | 277<br>0       |
| Net<br>Capex                                           | -83<br>1       | -70<br>0       | -134<br>2      | -137<br>6      |
| Other<br>investments<br>and<br>dividens<br>received    | -0<br>1        | 0<br>9         | -0<br>1        | 0<br>4         |
| Cash<br>flow<br>from<br>investments                    | -83<br>2       | -69<br>1       | -134<br>3      | -137<br>2      |
|                                                        |                |                |                |                |
| Net<br>interest<br>and<br>financial<br>items<br>paid*  | -22<br>1       | -31<br>7       | -47<br>2       | -61<br>7       |
| items<br>Other                                         | 13<br>0        | 1<br>6         | 1<br>7         | -5<br>3        |
| Dividend<br>/<br>return<br>of<br>paid<br>in<br>capital | 8<br>-75       | -66<br>5       | -165<br>2      | -153<br>3      |
| effect<br>interest-bearing<br>Currency<br>debt<br>on   | 6<br>0         | -13<br>6       | 7<br>6         | -11<br>1       |
| of<br>period*<br>NIBD<br>end                           | -1<br>895<br>8 | -1<br>882<br>1 | -1<br>895<br>8 | -1<br>882<br>1 |
| *Excluding effects of IFRS 16                          |                |                |                |                |
|                                                        |                |                |                |                |
| distribution:<br>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

![](_page_26_Picture_10.jpeg)

# **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

![](_page_27_Figure_14.jpeg)

![](_page_27_Picture_15.jpeg)

### **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

![](_page_28_Figure_11.jpeg)

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

![](_page_28_Figure_13.jpeg)

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

![](_page_28_Picture_15.jpeg)

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

![](_page_29_Figure_1.jpeg)

### • 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

![](_page_29_Figure_10.jpeg)

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

![](_page_30_Figure_1.jpeg)

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

![](_page_32_Picture_9.jpeg)

## **Development in reference prices**

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

![](_page_33_Figure_3.jpeg)

- 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

![](_page_33_Figure_6.jpeg)

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

![](_page_33_Picture_8.jpeg)

### **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<br>(1,000)    |       |       |       |       | Low   | Y/Y<br>growth | High  | Y/Y<br>growth |
| Norw<br>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<br>Islands  | 90    | 80    | 90    | 109   | 107   | 19%           | 111   | 24%           |
| Other<br>Europe*  | 53    | 48    | 55    | 63    | 62    | 12%           | 65    | 17%           |
| Total<br>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<br>America  | 137   | 116   | 124   | 125   | 123   | -1%           | 127   | 2%            |
| Total<br>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<br>2022 | Q3<br>2023 | Q3<br>2024 | Q3<br>2025E | Q3<br>2025E |               |      |               |
|-------------------|------------|------------|------------|-------------|-------------|---------------|------|---------------|
| GWT<br>(1,000)    |            |            |            |             | Low         | Q/Q<br>growth | High | Q/Q<br>growth |
| Norw<br>ay        | 380        | 371        | 397        | 412         | 409         | 3%            | 415  | 5%            |
| UK                | 43         | 37         | 43         | 41          | 40          | -8%           | 42   | -3%           |
| Faroe<br>Islands  | 23         | 22         | 31         | 31          | 30          | -4%           | 32   | 2%            |
| Other<br>Europe   | 12         | 13         | 14         | 16          | 15          | 6%            | 17   | 16%           |
| Total<br>Europe   | 458        | 443        | 485        | 500         | 494         | 2%            | 505  | 4%            |
| Chile             | 189        | 183        | 179        | 191         | 189         | 5%            | 193  | 8%            |
| North<br>America  | 37         | 32         | 29         | 32          | 31          | 7%            | 33   | 14%           |
| Total<br>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<br>2022 | Q4<br>2023 | Q4<br>2024 | Q4<br>2025E | Q4<br>2025E |               |      |               |
|-------------------|------------|------------|------------|-------------|-------------|---------------|------|---------------|
| GWT<br>(1,000)    |            |            |            |             | Low         | Q/Q<br>growth | High | Q/Q<br>growth |
| Norw<br>ay        | 405        | 392        | 414        | 414         | 411         | -1%           | 417  | 1%            |
| UK                | 32         | 25         | 41         | 36          | 35          | -15%          | 37   | -10%          |
| Faroe<br>Islands  | 27         | 25         | 21         | 27          | 26          | 29%           | 28   | 39%           |
| Other<br>Europe   | 14         | 17         | 19         | 18          | 17          | -11%          | 18   | -3%           |
| Total<br>Europe   | 478        | 459        | 495        | 495         | 489         | -1%           | 501  | 1%            |
| Chile             | 175        | 176        | 168        | 179         | 177         | 5%            | 181  | 8%            |
| North<br>America  | 27         | 30         | 27         | 34          | 33          | 23%           | 35   | 31%           |
| Total<br>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<br>salmon                 | 2023   | Q1<br>2024 | Q2<br>2024 | Q3<br>2024 | Q4<br>2024 | 2024   | Q1<br>2025 | Q2<br>2025 | Q3<br>2025 | Q4<br>2025 | 2025     |
|------------------------------------|--------|------------|------------|------------|------------|--------|------------|------------|------------|------------|----------|
| GWT<br>(1<br>000)<br>,             | 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<br>Sea                        |        |            |            |            |            |        |            |            | 52<br>0    |            |          |
| forma<br>inc<br>Pro<br>Nova<br>Sea |        |            |            |            |            |        |            |            |            | 597<br>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

![](_page_35_Picture_5.jpeg)

# **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

![](_page_36_Picture_7.jpeg)

![](_page_36_Picture_8.jpeg)

# **Q2 2025 presentation**

*Appendix*

![](_page_37_Picture_3.jpeg)

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

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

![](_page_38_Picture_7.jpeg)

### **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

![](_page_39_Picture_8.jpeg)

### **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

![](_page_39_Picture_18.jpeg)

### **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)

![](_page_40_Figure_7.jpeg)

**Mowi Norway**

![](_page_40_Figure_9.jpeg)

![](_page_40_Figure_10.jpeg)

### **Nova Sea – financials and shareholdings**

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

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

![](_page_41_Picture_3.jpeg)

![](_page_41_Picture_4.jpeg)

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

**Pro-forma**

![](_page_41_Picture_7.jpeg)

# **Quarterly segment overview**

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

# **YTD segment overview**

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

# **Cash flow guidance and historic developments**

![](_page_44_Figure_1.jpeg)

### Net capital expenditure Net working capital change

![](_page_44_Figure_3.jpeg)

Financial commitments and cost of debt (\*)

![](_page_44_Figure_6.jpeg)

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

![](_page_45_Figure_1.jpeg)

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

![](_page_45_Picture_5.jpeg)

# **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

![](_page_46_Picture_6.jpeg)

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

![](_page_47_Figure_1.jpeg)

- 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%

![](_page_47_Picture_8.jpeg)

# **CMD: Strong focus on cost containment and cost leadership**

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

### Cost improvement potential1) overall EUR 300-400 million

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

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

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# **Salmon and land farmed animals have different reproductive strategies**

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### **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**

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

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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).

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

**MONTHLY MORTALITY (%)**

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

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

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

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### **Postsmolt strategy**

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

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### **Smart Farming**

Unprecedented visibility and control underwater

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### **Vaccination**

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

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### **Optimal feed and feeding**

Ensuring optimal feed and feeding procedures

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### **Fish behaviour**

Use of underwater cameras for behavior observations

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### **Handling and transport**

Gentle handling and transport following best practices

### **Ensuring good fish welfare**

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### **Training**

100% trained staff; dedicated fish health and welfare team

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### **Stunning and slaughter** 100% percussive stunning; trained staff

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### **Certification**

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

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### **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** 

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

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# **Thank you**

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