Mowi ASA

Earnings Release • Aug 21, 2024

Strong operational second quarter for Mowi

Strong operational second quarter for Mowi

(Bergen, 21 August 2024) Mowi generated EUR 1.34 billion in operating revenues

in the second quarter which translated into an operational profit of EUR 230

million.

Mowi generated EUR 1.34 billion in operating revenues in the second quarter

which translated into an operational profit of EUR 230 million. The improvement

in results from the previous quarter was driven by good operations across all

business areas, including seasonal record-high growth in sea and reduced farming

cost.

"Mowi harvested a record 110,000 tonnes of salmon in the second quarter. At the

same time our biomass in sea was at an all-time high level at the end of the

quarter, and up by 9.4% from last year. This is impressive and shows that Mowi

is well on track to deliver on our volume guidance of a milestone 500,000 tonnes

this year. As recently as 2018 Mowi harvested 375,000 tonnes of salmon," said

Mowi CEO Ivan Vindheim.

Volume growth is one of Mowi's strategic pillars, and Vindheim is pleased that

Mowi is yet again expected to significantly outgrow the market in 2024 with

company growth of 5.3% vs industry growth of 0.8%.

"Beyond 2024, we aim to continue to grow faster than the wider industry, through

greater use of larger smolt and postsmolt in Norway and Scotland, and generally

higher smolt stocking levels across our global farming footprint, enabling us to

take advantage of organic growth opportunities," he said.

Sustainability is another important strategic pillar for Mowi. In June, TIME

Magazine named Mowi in its list of the World's 500 Most Sustainable Companies

for 2024, highlighting corporate responsibility and sustainable practices.

"We are pleased to see that the international community continues to embrace not

only Mowi's ESG efforts, but also the Atlantic salmon's unique product features

which make it one of world's most sustainable animal proteins," Vindheim said.

Mowi Consumer Products, the group's value-added business, delivered increased

earnings compared with the first quarter on continued good operational

performance.

"Increased earnings in the second quarter demonstrate good underlying

performance. Having said that, earnings were held back by temporary market

headwinds in the US and margin pressure in Europe from high raw material prices,

however underlying demand for European salmon remains strong. In addition, we

expect to see a gradual improvement in the American market as Western economies

continue to recover, and on the back of falling retail prices" Vindheim said.

For Mowi Feed, volumes were seasonally record-high on continued good feed demand

in Europe, up by 14% compared with the second quarter last year.

"Mowi's own feed continues to perform very well with both feed consumption and

net growth above industry benchmark levels. Sold volumes and earnings are

expected to further improve in the second half in line with normal seasonal

variation," Vindheim said.

Mowi's Board has decided to pay a quarterly dividend of NOK 1.70 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 2024 of

500 000 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 its own

MOWI brand. Mowi is ranked as the most sustainable listed 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 5.5

billion in 2023.

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, anti-trust 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.