Mowi ASA

Earnings Release • Nov 5, 2025

Record-high volumes for Mowi in Q3

Record-high volumes for Mowi in Q3

(Bergen, 5 November 2025) Mowi reported revenues of EUR 1.39 billion and an

operational EBIT of EUR 112 million in the third quarter.

In a quarter marked by low salmon prices due to high supply growth, Mowi

delivered a solid result on record-high volumes.

"Despite the quarter's challenging prices it is pleasing to see that we continue

to deliver well on both operations and growth. We have never produced more

salmon than we did this quarter and we have never had more fish in the sea at

this time of year. All of which positions us well for further growth," said Mowi

CEO Ivan Vindheim.

Mowi harvested a record-high 166,000 tonnes in the third quarter and is raising

its volume guidance for 2025 once again, this time from 545,000 tonnes to

554,000 tonnes, mainly as a result of consolidating Nova Sea from the fourth

quarter. This corresponds to a growth of 10.5% from 2024. Furthermore, Mowi

expects to harvest 605,000 tonnes in 2026, up 9.2% from the current year. Of

this, 380,000 tonnes will be harvested in Norway.

In just a few years, Mowi has grown from a 400,000-tonne farmer to a 600,000-

tonne farmer, while simultaneously developing into one of the most profitable

aquaculture companies through a strong focus on costs and operations.

"It is positive to see that we have reduced our farming costs by a full EUR 50

million in the third quarter this year compared with the same quarter last year,

and by EUR 126 million in the year to date. Furthermore, our standing biomass

cost continues to develop positively on lower feed prices and other cost

measures, which bodes well for next year's realised production costs," said

Vindheim.

Mowi Consumer Products, the group's processing business, delivered its best

quarter ever with very good operations, record-high volumes, and lower raw

material prices.

"Results in Mowi Consumer Products have improved significantly in recent years,

not only due to better underlying operations, but also because Mowi benefits

from being a fully integrated seafood company. Additionally, in the downstream

segment, we can buy cheaper raw materials and exploit market opportunities in

periods of falling salmon prices, as in 2025," said Vindheim.

Mowi's feed division, Mowi Feed, also delivered a strong quarter with record-

high earnings and its second-highest sales volumes ever.

2025 has been a year with abnormally high supply growth coming in the wake of

several years of challenging biology for the industry. Supply growth is now

normalised and is expected to be around 1% next year. This, combined with good

market prospects, means Mowi expects a tighter market balance going forward.

The board of Mowi has decided to pay a quarterly dividend of NOK 1.50 per share.

For more information, please contact:

Kristian Ellingsen, CFO, +47 905 14 275

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

Ola Helge Hjetland, Communications Director, +47 970 67 932

About Mowi ASA

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

farm-raised Atlantic salmon in the world, with an estimated 2026 harvest of

605,000 tonnes from seven farming countries including Norway, Scotland, Ireland,

Faroes, Iceland, Canada and Chile.

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

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

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

producer in the world by Coller FAIRR.

With headquarters in Bergen, Norway, Mowi employs 12 300 people in 26 countries

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

billion in 2024.

For more information, please visit mowi.com.

Forward looking statements

This release may be deemed to include forward-looking statements, such as

statements that relate to Mowi's goals and strategies, salmon prices, ability to

increase or vary harvest volume, production capacity, trends in the seafood

industry, restructuring initiatives, exchange rate and interest rate

fluctuations, expected research and development expenditures, business prospects

and positioning with respect to market, demographic and pricing trends,

strategic initiatives, and the effects of any extraordinary events and various

other matters (including developments with respect to laws, regulations and

governmental policies regulating the industry and changes in accounting

policies, standards and interpretations) on Mowi's business and results.

Forward-looking statements are typically identified by words or phrases, such as

"believe," "expect," "anticipate," "intend," "estimate," "may increase," "may

fluctuate," "plan," "goal," "target," "strategy," and similar expressions or

future or conditional verbs such as "may," "will," "should," "would," and

"could." Forward-looking statements are Mowi's current estimates or expectations

of future events or future results. Actual results could differ materially from

those indicated by these statements because the realization of those results is

subject to many risks and uncertainties. Mowi ASA's Annual

Report contains additional information about factors that could affect actual

results, including: changes to the price of salmon including the value of our

biological assets; hedging risks; risks related to fish feed; economic and

market risks; environmental risks; operational risks; risks related to escapes,

disease and sea lice; product risks; risks related to our acquisitions;

financing risks; regulation risks including relating to food safety, the

aquaculture industry, processing, competition, anti-trust and anti-corruption;

trade restriction risks; litigation risks; tax and accounting risks; strategic

and competitive risks; and reputation risks. All forward-looking statements

included in this release are based on information available at the time of the

release, and Mowi assumes no obligation to update any forward-looking

statement.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.