Mowi ASA

Earnings Release • May 11, 2022

Earnings almost double to reach record-high levels for Mowi

Earnings almost double to reach record-high levels for Mowi

(Bergen, 11 May 2022) In a strong market, Mowi made an operational profit of

207 million euros at record-high levels in the first quarter.

Mowi's first quarter was characterised by a surge in salmon prices in all

markets due to a continued increase in global demand for salmon combined with

low supply.

"The increase in salmon prices coming out of the pandemic has been impressive.

Salmon is a fantastic product with great product features and the beneficiary of

strong megatrends, and I firmly believe this will continue to boost demand going

forward," Mowi CEO Ivan Vindheim said.

Mowi Farming's results improved substantially in the quarter, driven by high

prices.

"I am pleased to see that our Norwegian Farming operations achieved record-high

earnings and prices in the first quarter. It is also encouraging that our

operations in Canada West are improving and delivering solid results," Vindheim

said.

Mowi Consumer Products also delivered another good set of results considering

the record high raw material prices, by means of sound operational performance

and raw material management.

"It is comforting that Mowi's processing business continues to deliver strong

results despite significantly higher raw material prices. This demonstrates the

value of Mowi's integrated value chain and the organisation's relentless quest

for increased productivity and cost efficiency," Vindheim said.

Mowi reported operational EBIT of EUR 207 million in the first quarter of 2022,

compared with EUR 109 million in the corresponding quarter in 2021. Operational

revenues in the quarter were EUR 1 095 million (EUR 1 022 million). Total

harvest volume in the quarter was 96 600 tonnes gutted weight (125 469 tonnes).

Full-year harvest guidance for 2022 is unchanged at 460 000 tonnes.

The world economy is currently facing an unprecedented inflationary pressure,

however, soaring salmon prices have so far more than offset increasing input

prices for salmon.

"We expect salmon to continue to stand out versus other animal protein sources

due to its substantially lower feed conversion rate and energy usage, and its

superior sustainability credentials," Vindheim said.

Mowi's Board has decided to pay a quarterly dividend of NOK 1.95 per share,

consisting of NOK 1.44 per share in ordinary dividend and an extraordinary

dividend of NOK 0.51 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 mowi.com (https://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.