Mowi ASA

Earnings Release • Oct 18, 2023

Mowi ASA (OSE:MOWI): Q3 2023 Trading update

Mowi ASA (OSE:MOWI): Q3 2023 Trading update

Harvest volumes Q3 2023 (1)

Farming Norway 86.0 thousand tonnes

Farming Scotland 15.0 thousand tonnes

Farming Chile 17.5 thousand tonnes

Farming Canada 7.5 thousand tonnes

Farming Ireland 2.0 thousand tonnes

Farming Faroes 2.5 thousand tonnes

Farming Iceland (Arctic Fish) 4.5 thousand tonnes

Total 135.0 thousand tonnes

Quarterly harvest volumes were record-high at 135 thousand tonnes (GWE).

Note:

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

Additional information

Operational EBIT for the Group was approximately EUR 203 million in Q3 2023 (NOK

2 317 million, EURNOK 11.41) versus EUR 240 million in Q3 2022 (NOK 2 410

million, EURNOK 10.06). Blended farming cost was EUR 5.73 per kg in the quarter.

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

follows:

Norway EUR 2.15

Scotland EUR 0.65

Chile EUR 0.50

Canada EUR (0.60)

Ireland EUR 0.80

Faroes EUR 1.90

Iceland EUR 0.15

Earnings in Canada were negatively impacted by algae-induced mortality.

Operational EBIT in Consumer Products was EUR 40 million (EUR 30 million in Q3

2022). Operational EBITDA in Feed was EUR 20 million in Q3 2023 (EUR 19 million

in Q3 2022). Reported financial net interest-bearing debt (NIBD) for the group

was approximately EUR 1 705 million at the end of the quarter (excluding IFRS

16 effects). The complete Q3 2023 report will be released on 8 November 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.