Mowi ASA

Earnings Release • Nov 10, 2021

Record-high third quarter revenues for Mowi

Record-high third quarter revenues for Mowi

(Bergen, 10 November 2021) Mowi recorded record high revenues of 1 035 million

euros. Operational EBIT was 131 million euros, compared with 80 million euros in

the corresponding quarter of 2020.

Demand for salmon continued to recover from Covid-19 lockdown measures during

the third quarter as foodservice activity improved further and retail demand

remained at strong levels. This led to a significant rebound in salmon prices

compared with last year and increased earnings by 64% year-over-year.

"It's positive to see that the salmon market continues on the road to full

recovery. The estimated value of salmon consumed globally in the third quarter

increased by more than 30% compared with last year and reached a new record-high

level for a quarter. This is particularly impressive given that not all markets

have yet fully recovered from the Covid-19 pandemic," Mowi CEO Ivan Vindheim

said.

Mowi Consumer Products delivered another strong set of results with the best

ever earnings in a third quarter.

"This demonstrates strong retail demand in the market and also our ability to

serve new and existing customers across geographies. Mowi Consumer Products has

been able to benefit from and capitalise on the shift in demand towards

elaborated products," Vindheim said.

Total harvest volume in the quarter of 117 115 tonnes gutted weight (125 773

tonnes) was above guidance of 110 000 tonnes mainly due to good growth

conditions in Norway. Further to this, harvest guidance for 2021 is increased to

455 000 tonnes, equivalent to 15 000 tonnes volume growth year-over-year. Next

year, Mowi expects to harvest 460 000 tonnes.

"Mowi has a clear strategy to grow and Mowi Farming's harvest capacity is well

in excess of 500 000 tonnes. It's therefore encouraging to see that we are

heading towards another record year for Farming volumes in 2021," Vindheim said.

Mowi's Board has decided to pay a quarterly dividend of NOK 1.40 per share,

consisting of NOK 0.93 per share in ordinary dividend and an extraordinary

dividend of NOK 0.47 per share supported by a strong financial position and a

favourable outlook.

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 12 000 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.