Mowi ASA

Earnings Release • Feb 15, 2023

Strong quarter to end a record year for Mowi

Strong quarter to end a record year for Mowi

(Bergen, 15 February 2023) Mowi recorded record-high revenues of 1,362 million

euros in the fourth quarter of 2022. Operational profit was 239 million euros,

compared with 146 million euros in the corresponding quarter of 2021.

The fourth quarter cemented a record year for Mowi financially. For the first

time in its nearly 60-year history the company crossed the one-billion-euro

earnings mark with operational profit for the full year reaching 1,005 million

euros. Revenue of 4,946 million euros was also a new record for the company.

"I would like to express my enormous appreciation to all of my 11,500 colleagues

in the organisation without whose dedication and hard work these milestone

results would not have been possible," said Mowi CEO Ivan Vindheim.

Mowi harvested 131,000 tonnes in the quarter and a total of 464,000 tonnes in

2022, which was 4,000 tonnes more than guided one year ago. In Norway, harvest

volumes reached a record-high level of 294,000 tonnes.

"I am pleased to see the tremendous progress we have made in Norway in recent

years. An abundance of consistent hard work has propelled Mowi towards the top

when it comes to license utilisation and production efficiency in this country,"

Vindheim said.

Mowi is among the leading employers in Norway, employing one in 300 of the

Norwegian workforce. The company is afraid that its ambitions for continued

growth in Norway will be severely inhibited by the government's proposal to

impose a resource rent tax on aquaculture.

"The Norwegian government's proposal for an effective tax level of 62% for the

Norwegian salmon-farming industry, or approximately 80% with Norwegian wealth

tax, will completely undermine future growth prospects for coastal Norway's most

critical industry. This industry currently employs 60,000 people in coastal

communities, and at the end of the day it is their livelihoods as well as future

job creation that are being put in peril. Consequently, I sincerely hope that

government and parliament will listen to the industry and wider coastal

communities and choose a different tax rate and a tax model that is less

devastating to the Norwegian aquaculture industry so that we can continue to

invest in coastal Norway in the future," said Vindheim.

Harvest volume guidance of 484,000 tonnes for 2023 represents an all-time high

level and includes volumes from Mowi's newest subsidiary, Arctic Fish in

Iceland. This will equate to volume growth of as much as 109,000 tonnes in five

years.

"It was with great pleasure that we received approval for the acquisition of

51% of the shares in Icelandic salmon farmer, Arctic Fish, just before year end.

Iceland is Mowi's seventh farming country and was the last spot missing from our

geographical footprint. We are looking forward to further developing the company

together with the other owners and a highly competent and motivated

organisation," Vindheim said.

Mowi Consumer Products had another strong quarter and an outstanding year,

setting both operational and financial records on good consumer demand and

impressive operational performance.

"Annual operational profit of 112 million euros and volumes of 229,000 tonnes

product weight are extremely impressive results. Mowi will further enhance our

value proposition downstream in the years to come and our branding strategy,

with its ultimate goal of de-commoditising the salmon category, plays a key part

in this context," Vindheim said.

For the fourth consecutive year, Mowi has been ranked the world's most

sustainable animal protein producer by Coller FAIRR.

"Sustainability is a crucial part of Mowi's DNA and is at the core of everything

we do. This ranking highlights once again Mowi's position at the forefront of

sustainable food production," said Vindheim.

Mowi Feed can also celebrate its best quarter and best year so far with an

operational profit of 21 million euros and 47 million euros respectively.

"Feed performance was very strong throughout 2022, which is of paramount

importance to Mowi as the world's largest salmon farmer. Feed production reached

515,000 tonnes for the year, an increase of 7% from 2021, and this is expected

to grow further in 2023," Vindheim said.

Mowi's Board has decided to pay a quarterly dividend of NOK 1.70 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 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 GWT 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.