Mowi ASA

Earnings Release • Nov 4, 2020

Operational EBIT of EUR 80 million in the third quarter for Mowi

Operational EBIT of EUR 80 million in the third quarter for Mowi

(Bergen, 4 November 2020) Mowi achieved an operational EBIT of EUR 80 million in

the third quarter of 2020, compared with EUR 148 million in the corresponding

quarter of 2019.

Mowi's results in the third quarter were largely impacted by Covid-19

restrictions and seasonal high volumes.

"Our operations have been running close to normal despite further Covid-19

restrictions in the quarter. However, the pandemic still impacts out of home

consumption to a large degree, and although retail sales are strong, our

earnings are impacted by falling prices as a result of lower net demand," says

Mowi CEO, Ivan Vindheim.

Mowi reported operational revenues of EUR 958 million (EUR 1 023 million) in the

third quarter of 2020. Total harvest volume in the quarter of 125 773 tonnes

(116 989) was approximately in line with guidance. Full-year harvest guidance

for 2020 is unchanged at 442 000 tonnes. Harvest guidance for 2021 is 445 000

tonnes.

"I am very pleased that both Farming, Feed and Consumer Products delivered all-

time high quarterly volumes. Mowi's integrated value chain has yet again

demonstrated its strength during these unprecedented times. It is also

encouraging to see that farming production cost has improved," says Vindheim.

Mowi's farming volumes have over the past few years been subject to significant

growth. However, over time the company has been lagging somewhat behind the

industry's farming volume growth trajectory. Accordingly, Mowi will put even

more focus on growing farming volumes going forward. Further to this, Mowi will

arrange a Capital Markets Day on 17 March 2021 where this will be addressed in

detail.

"Global supply growth in 2021 is expected to be 1% and would under normal

circumstances be very supportive of strong salmon prices. Whilst Covid-19 has

significantly impacted the salmon market and prices in the short-term, we still

strongly believe in the positive long-term outlook for the industry, and for

Mowi in particular," says Vindheim.

Distributing dividends to its shareholders is an essential part of Mowi's

financial strategy. At the same time the Board considers it of utmost importance

to preserve cash and maintain a strong financial position, particularly in light

of the ongoing Covid-19 pandemic. Hence, under the prevailing circumstances the

Board has not found it appropriate to distribute a quarterly dividend for the

third quarter.

For further 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, Group Communications Director, +47 970 67 932

About Mowi ASA

Mowi is the world's leading seafood company and the largest producer of farm-

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

end supply chain, Mowi brings supreme quality salmon and other seafood to

consumers around the world.

With headquarters in Bergen, Norway, Mowi employs about 15 000 people in 25

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

For more information, please visit www.mowi.com (http://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.