Mowi ASA — Earnings Release 2020

Apr 20, 2020

Mowi ASA (OSE:MOWI): Q1 2020 Trading update

Mowi ASA (OSE:MOWI): Q1 2020 Trading update

Harvest volumes Q1 2020 (1)

Farming Norway 50.5 thousand tonnes

Farming Scotland 9.0 thousand tonnes

Farming Canada 8.0 thousand tonnes

Farming Chile 14.0 thousand tonnes

Farming Ireland 0.0 thousand tonnes

Farming Faroes 1.5 thousand tonnes

Total 83.0 thousand tonnes

In connection with the presentation of the Q4 2019 results, Mowi ASA guided a

total harvest volume of 84 thousand tonnes (GWE) for Q1 2020.

Note:

(1) The harvest volumes are provided in gutted weight equivalents (GWE). The

figures include salmonid species only.

Additional information

Operational EBIT for the Group was approximately EUR 107 million in Q1 2020 (EUR

196 million in Q1 2019), of which Farming EUR 101 million, Sales & Marketing EUR

14 million and Feed EUR -1 million.

Total Operational EBIT per kg through the value chain was approximately as

follows:

Norway EUR   1.65

Scotland EUR   0.65

Canada EUR   0.90

Chile EUR   1.20

Ireland EUR   -   (no harvesting in Q1)

Faroes EUR   2.80

The contract share was 43% in Norway and 75% in Scotland in the quarter. Blended

cost in the first quarter was 0.22 EUR/kg higher than in the fourth quarter of

2019 on 29% lower volumes.

Reported financial net interest-bearing debt (NIBD) was approximately EUR 1 360

million at the end of the quarter (excluding IFRS 16 effects).

In light of the Covid-19 pandemic the Board of Mowi has decided to postpone the

decision on first quarter dividend until second quarter. The Board considers it

essential to maintain a strong financial position amid the heightened

uncertainty caused by Covid-19. The situation is challenging for all and Mowi is

no exception. While our operations have continued to run more or less normally

so far, we are incurring more costs than usual due to extensive measures

implemented internally and externally. We are monitoring the situation closely

and are ready to take further measures if needed.

The complete Q1 2020 report will be released on 13 May at 06:30 CET.

Please refer to the Annual Report for detailed descriptions and reconciliations

of non-IFRS measures such as Operational EBIT and NIBD.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.