Mowi ASA

Earnings Release • Feb 13, 2019

Strong results for Mowi in the fourth quarter 2018

Strong results for Mowi in the fourth quarter 2018

(Oslo,13 February 2019) Mowi achieved an operational EBIT of EUR 213 million in

the fourth quarter of 2018, compared to EUR 181 million in the corresponding

quarter of 2017. For the full year, Mowi made an operational EBIT of EUR 753

million. This is the second-best year ever financially for the Group.

Mowi achieved an operational revenue of EUR 1 074 million in the quarter and EUR

3 815 million for 2018. Full-year turnover is record high for the group.

The Board of Directors has resolved to pay a quarterly dividend of NOK 2.60 per

share, supported by good results, a strong market outlook, and a solid financial

position.

"2018 was a very good year for Mowi. Strong demand for salmon and high prices in

all markets resulted in great earnings for the company. I am proud of all my

colleagues who work hard to produce healthy and tasty seafood for consumers all

over the world. They have all contributed to the strong results", says CEO Alf-

Helge Aarskog.

Mowi reported operational revenues of EUR 1 074 million (EUR 1 010 million) in

the fourth quarter of 2018. Total harvest volume was 105 783 tonnes in the

quarter (112 628). Harvest guidance for 2019 is 430 000 tonnes.

Salmon of Norwegian origin achieved an operational EBIT per kilo of EUR 2.44

(1.77) in the fourth quarter, while salmon of Scottish and Canadian origin

reported operational EBIT per kilo of EUR 2.32 and EUR 1.42 respectively (EUR

1.19 and EUR 0.98). Salmon of Chilean origin reported operational EBIT per kilo

of EUR 1.25 in the quarter (EUR 1.03). Mowi Feed reported an operational EBIT of

EUR 5.8 million (EUR -2.8 million). Mowi Consumer Products reported an

operational EBIT of EUR 38.0 million (EUR 29.1 million).

"I wish to commend the organization for the EUR 61 million of savings achieved

in the 2018 cost improvement program. This will continue into 2019 with a new

EUR 30 million global cost and procurement improvement program", says Aarskog.

Starting 2019 by changing the company-name to Mowi and launching a new brand

strategy, the CEO believes this will be an exciting year for the company.

"We look forward to introduce the MOWI brand in selected markets. I am confident

that this will transform the company over time", says Aarskog.

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.