Mowi ASA — Earnings Release 2020

May 13, 2020

Operational EBIT of EUR 109 million in the first quarter for Mowi

Operational EBIT of EUR 109 million in the first quarter for Mowi

(Bergen, 13 May 2020) Mowi achieved an operational EBIT of EUR 109 million in

the first quarter of 2020, compared with EUR 196 million in the corresponding

quarter of 2019.

Mowi's results in the first quarter were impacted by falling prices as Covid-19

escalated into a world-spanning pandemic with extensive lockdown measures in

most countries.

"Despite Covid-19 currently causing substantial market and logistical

disruptions, our operations are running close to normal. At the same time we are

maintaining the safety and well-being of our employees. We will do whatever we

can to keep operations running without compromising health and safety. I am

extremely proud of all Mowi's employees for making this possible," says Mowi

CEO, Ivan Vindheim.

Mowi reported operational revenues of EUR 885 million (EUR 979 million) in the

first quarter of 2020. Total harvest volume in the quarter of 83 119 tonnes

(104 118) was approximately in line with guidance. Harvest guidance for 2020 is

unchanged at 450 000 tonnes.

The Covid-19 situation significantly impacted trade flows, logistics and

distribution during the quarter. The foodservice segment was particularly

affected by measures imposed to contain the spread of the virus. Reduced

consumption within foodservice, however, was partially offset by increased sales

through the retail channel.

Despite a challenging quarter, both Mowi Consumer Products and Mowi Feed

delivered all-time high volumes for a first quarter.

"Our integrated value chain has demonstrated resilience in these challenging

times, and we have continued to produce value-added products at our many

factories. We have been able to capitalise on long-term relationships with

retailers globally, and have sold an increased share of production through

retail," says Vindheim.

"We have started to see easing of lockdown measures in some countries and signs

of increased demand as a result. I strongly believe the demand for salmon will

recover to pre Covid-19 levels as the foodservice segment gradually reopens as a

result of this," says Vindheim.

As stated in the trading update of April 20, the Board of Mowi has decided to

postpone the decision on the first quarter dividend until the second quarter in

light of heightened uncertainty due to the Covid-19 pandemic.

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.