Mowi ASA — Earnings Release 2026

May 13, 2026

Second best operational profit for a first quarter for Mowi on seasonally record-high revenues and volumes

Second best operational profit for a first quarter for Mowi on seasonally record-high revenues and volumes

(Bergen, 13 May 2026) Mowi had its second best first quarter ever with

operational profit of EUR 221 million on seasonally record-high revenues of

1.54 billion.

Mowi began 2026 with more new records; the world's largest salmon farmer

delivered the second best operational profit for a first quarter to date and has

never had better seasonal revenues and harvest volumes. Mowi harvested 136,000

tonnes in the first quarter and expects to harvest 605,000 tonnes in total in

2026, equivalent to 3.5 billion salmon meals. This represents annualised growth

of 8.3%.

Volume growth is one of Mowi's strategic pillars and the farming business has

seen impressive growth in recent years. In just a few years, Mowi has grown from

a 400,000-tonne farmer to a 600,000-tonne farmer.

"I am extremely impressed with my 11,700 colleagues around the world who

continue to deliver record volumes, record earnings and not least extremely good

operational and cost performance," said Mowi CEO Ivan Vindheim.

Salmon prices fell in the first quarter as a result of extremely high supply

growth of 14%. Despite this, Mowi delivered relatively solid results for the

quarter at EUR 221 million compared with EUR 214 million last year. Supply

growth has now normalised and is expected to remain at 0% for the rest of 2026,

and to be around 1% in 2027, according to Kontali. In the years to come,

regulatory and associated technological constraints all indicate limited growth

of around 1-2% per year. This, combined with good market prospects, means Mowi

expects a tighter market balance going forward.

As a result in part of good operational and biological performance, Mowi

Farming's costs in the quarter fell to 7.3% below the same period last year.

"Mowi's strategy is to be the cost leader, and we are among the very best on

cost in all the regions where we farm salmon. Our cost level in the first

quarter represents a reduction of EUR 46 million year-on-year," said Vindheim.

Mowi Consumer Products, the group's downstream processing business, delivered

another solid quarter with record-high volumes for a first quarter of 70,000

tonnes product weight, up 21% year-on-year. The salmon market continued to grow

in the quarter and increased in value by around 7%, driven by 14% consumption

growth. Demand growth is still highest in Asia, with China leading the way,

followed by the USA and then the more mature, but still growing, European

market.

"We expect this trifurcation of market growth to persist throughout 2026 and

beyond, supported by current trends, consumption habits and market penetration.

Accordingly, we will continue to grow our downstream footprint with an emphasis

on where we see the highest growth potential," said Vindheim.

Mowi's feed division, Mowi Feed, continues to deliver good results on strong

operational performance.

"Although the first quarter is low season for feed, we nonetheless experienced

good demand from the farming division," said Vindheim. "Expansion of the feed

factory at Bjugn is complete and will form the basis for further organic growth

in this part of the value chain."

Mowi expects to sell 650,000 tonnes of feed in 2026, representing growth of 11%

compared with last year.

The board of Mowi has decided to pay a quarterly dividend of NOK 2.30 per share.

For more 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, 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 2026 harvest of

605,000 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 11 700 people in 26 countries

worldwide, and is listed on the Oslo Stock Exchange. Turnover was EUR 5.7

billion in 2025.

For more information, please visit 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.