Mowi ASA

Earnings Release • May 10, 2023

Best quarter ever on strong operational performance for Mowi

Best quarter ever on strong operational performance for Mowi

(Bergen, 10 May 2023) Mowi recorded all-time high operational profit of 322

million euros in the first quarter of 2023, compared with 207 million euros in

the corresponding quarter of 2022. Mowi also recorded the highest revenue ever

of 1 362 million euros.

The first quarter of 2023 was characterised by seasonally record-high salmon

prices due to reduced global supply and good demand.

"High prices and stellar operational performance by my 11 500 colleagues in 25

countries across the world made the first quarter Mowi's best quarter ever.

Compared with the first quarter last year, we are performing better on almost

all indicators," Mowi CEO Ivan Vindheim said.

Mowi harvested 103 000 tonnes salmon in the quarter, above guidance of 98 000

tonnes. In 2022 Mowi harvested 464 000 tonnes, a record-high level at the time,

and Mowi expects to grow this further in 2023 to 484 000 tonnes. From volumes of

375 000 tonnes as recently as 2018, Mowi will have grown its farming volumes by

as much as 109 000 tonnes in five years, or 5.2% p.a., which is above industry

growth.

"Mowi's goal is to continue to capture market share in the salmon category in

the coming years by growing our farming volumes, both organically and

acquisitively," Vindheim said.

Mowi Consumer Products had another solid quarter, delivering seasonally record-

high results on outstanding operational performance and continuing to achieve

good sales to retail, partly helped by Easter and Lent season.

"Mowi's branding activities continue unabated with the MOWI brand now present in

18 countries; we are focused on continuing to grow with our customers, with the

ultimate goal of de-commoditising the salmon category," Vindheim said.

Mowi Feed's sold volumes were record-high for a first quarter on continued

strong growth in sea.

"Our feed continues to perform very well with both feed consumption and net

growth above industry benchmark levels. Although the start of the year is low

season for feed operations, this business area delivered seasonally record-high

operational earnings," Vindheim said.

On 28 March, the Norwegian government announced its resource rent tax proposal

to Parliament with few changes from the initial proposal presented in September

2022. The proposed resource rent tax rate was reduced from 40% to 35%. The

proposed total tax rate is now 57% including corporate tax versus 62%

previously, or about 75% with Norwegian wealth tax.

"This is completely disproportionate and not compatible with the Norwegian

Government's stated growth ambitions for the industry. If passed by Parliament,

the new tax regime will be hugely detrimental to the Norwegian aquaculture

industry," Vindheim said.

Mowi's Board has decided to pay a quarterly dividend of NOK 2.00 per share.

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 one of the world's leading seafood companies and the largest producer of

farm-raised Atlantic salmon in the world, with an estimated harvest for 2023 of

484 000 tonnes from seven farming countries including Norway, Scotland, Ireland,

Faroes, Iceland, Canada and Chile.

Mowi is a fully integrated global seafood company, bringing salmon and other

seafood of supreme quality to consumers around the world, partly under our own

MOWI brand. Mowi is ranked as the most sustainable animal protein producer in

the world by Coller FAIRR.

With headquarters in Bergen, Norway, Mowi employs 11 500 people in 25 countries

worldwide, and is listed on the Oslo Stock Exchange. Turnover was EUR 4.9

billion in 2022.

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.