Mowi ASA — Earnings Release 2019

Oct 30, 2019

Record high volumes for Mowi in the third quarter

Record high volumes for Mowi in the third quarter

(Oslo, 30 October 2019) Mowi achieved a record high Q3 turnover and all-time

high volumes in the third quarter of 2019. The company's operational EBIT was

EUR 148 million, compared to EUR 207 million in the corresponding quarter of

"In the quarter we achieved the highest volumes ever both in farming, sales and

feed produced. This resulted in the highest turnover we have ever had in a third

quarter. We are aiming at further growth next year with a harvest volume

forecast of 450 000 tonnes, up from this year's 430 000 tonnes," says Mowi CEO,

Alf-Helge Aarskog.

Due to lower prices and higher farming costs driven by biological issues, the

results are lower in the quarter than they were in the same quarter last year.

"The third quarter has been more challenging than normal for our farming

organization. I would therefore like to recognize the hard work from all of my

colleagues," says Aarskog.

Mowi reported operational revenues of EUR 1 023 million (EUR 990 million) in the

third quarter of 2019. Total harvest volume was 116 989 tonnes (109 896) in the

quarter.

Salmon of Norwegian origin achieved an operational EBIT per kilo of EUR 1.64

(2.25) in the third quarter, while salmon of Scottish and Canadian origin

reported operational EBIT per kilo of EUR 1.34 and EUR -0.01 respectively (EUR

1.36 and EUR 1.05). Salmon of Chilean origin reported operational EBIT per kilo

of EUR 1.32 in the quarter (EUR 1.28). Mowi Feed reported an operational EBIT of

EUR 7.9 million (EUR 7.3 million). Mowi Consumer Products reported an

operational EBIT of EUR 12.8 million (EUR 16.3 million).

Mowi's Board of Directors has resolved to pay a quarterly dividend of

NOK 2.60 per share, supported by the results, a strong market outlook, and a

solid financial position.

For further information, please contact:

Ivan Vindheim, CFO, +47 958 71?310

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

About Mowi ASA

Mowi, formerly known as Marine Harvest, is the largest producer of farm-raised

salmon in the world. As the first global seafood company with an end-to-end

supply chain, Mowi's ownership over every stage of production enables it to

bring supreme quality salmon to consumers around the world.

With headquarters in Bergen, Norway, Mowi employs over 14 500 people in 25

countries worldwide, and is listed on the Oslo Stock Exchange.

For more information, please visit www.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 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.