Mowi ASA

Earnings Release • Aug 24, 2022

Record result for Mowi in the second quarter

Record result for Mowi in the second quarter

(Bergen, 24 August 2022) The second quarter of 2022 was the best quarter ever

for Mowi, with a record-high operational profit of 320 million euros and record-

high revenue of 1 232 million euros.

Mowi delivered yet another strong set of financial results in the second

quarter, driven by good operations and high salmon prices.

"I am very pleased with our operational performance in the quarter and the way

we have been able to capitalise on the high prices. I would like to thank the

organisation for this achievement," Mowi CEO Ivan Vindheim said.

Salmon prices reached new record levels in all markets during the quarter on

strong demand and low supply. Mowi's financial results were also driven by good

harvest volumes of which 65% were sold into the spot market.

"We have never before experienced spot prices at the levels seen in the second

quarter, and this shows the potential to continue to increase the value of the

salmon category over time given continued supply growth," Vindheim said.

Mowi reported operational EBIT of EUR 320 million in the second quarter of

2022, more than double the EUR 137 million reported in the corresponding quarter

in 2021. Operational revenues in the quarter were EUR 1 232 million (EUR 1 000

million). Total harvest volume in the quarter was 102 679 tonnes gutted weight

(107 977 tonnes), slightly above guidance of 99 000 tonnes. Full-year harvest

guidance for 2022 is unchanged at 460 000 tonnes.

Mowi Farming had an impressive quarter with an operational profit of EUR 294

million, which is a new record.

"I am impressed with our farming operations this quarter, with good growth

performance in sea and improved production. Mowi Norway stands out in

particular, representing 70% of Group profit with an impressive margin,"

Vindheim said.

Mowi Consumer Products delivered another set of good results on continued good

retail demand and solid operational performance across its processing plants in

Europe, Americas and Asia.

"Overall retail demand still remains at a good level and I expect that the

retail channel will continue to grow in the years ahead. The foodservice segment

continues its post-pandemic recovery which is positive for overall salmon

demand," Vindheim said.

Mowi's Board has decided to pay a quarterly dividend of NOK 2.30 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 11 800 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.