Mowi ASA

Investor Presentation • Nov 4, 2020

Q3 2020 presentation

CEO: Ivan Vindheim CFO: Kristian Ellingsen

4 November 2020

Forward looking statements

This presentation may be deemed to include forward-looking statements, such as statements that relate to Mowi's contracted volumes, goals and strategies, including strategic focus areas, salmon prices, ability to increase or vary harvest volume, production capacity, expectations of the capacity of our fish feed plants, trends in the seafood industry, including industry supply outlook, exchange rate and interest rate hedging policies and fluctuations, dividend policy and guidance, asset base investments, capital expenditures and net working capital guidance, NIBD target, cash flow guidance and financing update, guidance on financial commitments and cost of debt and various other matters concerning Mowi's business and results. These statements speak of Mowi's plans, goals, targets, strategies, beliefs, and expectations, and refer to estimates or use similar terms. 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 disclaims any continuing accuracy of the information provided in this presentation after today.

Highlights

• Q3 operational EBIT of EUR 80 million in line with trading update
• Covid-19 restrictions and seasonal high supply put pressure on salmon prices
• − Shortfall in the foodservice market not fully offset by strong growth in retail sales (net effect approx. -5% to -10%)
• Mowi's operations have been and are running close to normal despite further Covid-19 restrictions
• − Maintaining strict measures, and securing health and safety of our employees
• Farming volumes all-time high of 126k GWT
• 2020 volume guidance maintained at 442k GWT. New harvest guidance for 2021 of 445k GWT
• Blended farming cost of EUR 4.23/kg, down from EUR 4.33/kg YoY and EUR 4.47/kg in Q2 2020
• Record-high Q3 volumes and earnings in Consumer Products on shift in demand towards elaborated products
• Another good quarter in Feed with record high volumes sold of 171k tonnes
• Under the prevailing circumstances, the Board considers it of utmost importance to preserve cash and maintain a strong financial position. Thus, the Board has decided not to distribute a dividend for the third quarter

Key financials

Mowi Group - main figures	Q3 2020	Q3 2019	YTD Q3 2020	YTD Q3 2019	2019
Unaudited EUR million
Operational and other income revenue	958 2	022 1 -6 %	8 2 753 9	3 023 6	4 135 4
Operational 1 ) EBIT	80 4	147 -46 %	8 288 3	555 2	720 9
EBIT	130 2	(59	9) 144 9	383 1	617 0
flow from operations Cash	42 8	187	3 376 7	609 3	759 0
(NIBD)1) 2) interest-bearing Net debt	1 458 9	1 230	2 1 458 9	1 230 2	1 337 2
Basic EPS (EUR)	0 18	-0	12 0 13	0 53	0 92
1) Underlying EPS (EUR)	0 10	0 20	0 37	0 77	0 99
1) Net cash flow share (EUR) per	-0 15	0 15	0 00	0 54	0 59
ROCE 1)	9 3%	16 6	% 10 % 5	20 3 %	19 9 %
1) equity ratio Covenant	6% 51	53 1	% % 51 6	% 53 1	% 53 0
(GWT) Harvest volume	125 773	116 8 %	989 313 195	319 591	435 904
kg1) Operational Total EBIT - EUR per -	0 64	26 1	0 92	74 1	65 1
Norway	0 87	64 1	1 15	2 02	2 05
Scotland	0 35	34 1	0 64	2 11	93 1
Canada	-0 56	-0 01	-0 23	0 63	0 28
Chile	0 56	1 32	0 84	1 55	1 36
Ireland	1 87	1 11	2 84	2 54	2 68
Faroes	27 1	42 1	96 1	86 1	79 1

Salmon prices – weekly reference prices

• Prices in Q3 2020 down by 11% YoY in Europe and approx. 20% in Americas on Covid-19 resurgence

Ref. price Norway EUR (NASDAQ average superior Oslo, GWT/kg)

Ref. price Chile USD (Urner Barry average D-trim 3-4 lbs FOB Miami)

Ref. price North America, West Coast USD (Urner Barry avg. superior GWE 10-12 lbs FOB Seattle)

Price achievement (1), contract & superior share

		Norwegian	Scottish	Canadian	Chilean
Q3 20 -	Contract share	% 24	% 53	% 9	% 30
	Superior share	94 %	96 %	85 %	90 %

Operational EBIT comparison

Norway

SALMON OF NORWEGIAN ORIGIN
million EUR	Q3 2020	Q3 2019
Operational EBIT	66 6	103 8
EBIT	87 8	-6 7
Harvest volume (GWT)	76 453	63 407
Operational (EUR) EBIT kg per	0 87	1 64
- of which Feed	0 15	0 15
- of which Markets	0 12	0 10
- of which Consumer Products	0 10	0 09
Price achievement/reference price	102 %	110 %
Contract share	24 %	34 %
Superior share	94 %	93 %

• Results impacted by reduced prices in market currency owing to Covid-19 resurgence
• In addition, FX hit of approx. NOK 3.8/kg in the quarter, down from approx. NOK 6.5/kg in Q2 2020
• − Temporary price-cost lag as a result of the NOK weakening and Mowi Norway not benefiting from it as a EUR company
• Good growth and record high harvest volumes
• Full cost in box of EUR 3.84/kg, equivalent to NOK 38.4/kg
• − 3-year production cycle, relevant EURNOK in Q3 2020 of 10.01

Norway: Operational EBIT/kg per region

• Full cost in box in Q3 2020:

• − Region North: EUR 3.61 per kg, equivalent to NOK 36.1 per kg
• − Region Mid: EUR 3.98 per kg, equivalent to NOK 39.8 per kg
• − Region South: EUR 3.93 per kg, equivalent to NOK 39.3 per kg

Norway: Sales contract portfolio

• Contract negotiations currently ongoing for next year

Page 10

Scotland

SALMON OF SCOTTISH ORIGIN
EUR million	Q3 2020	Q3 2019
Operational EBIT	5 6	26 2
EBIT	-0 7	-23 7
(GWT) Harvest volume	16 114	19 634
Operational kg (EUR) EBIT per	0 35	34 1
- of which Feed	0 03	0 00
- of which Markets	0 31	0 39
- of which Consumer Products	0 15	0 07
Price achievement/reference price	% 123	% 120
Contract share	53 %	41 %
Superior share	96 %	96 %

• Reduced results on the back of lower prices and challenging biology
• Full cost in box affected by biological issues
• Expecting cost improvements in Q4 2020 (versus Q3 2020) on improved biology

Canada

SALMON OF CANADIAN ORIGIN
EUR million	Q3 2020	Q3 2019
Operational EBIT	6 8 -	0 2 -
EBIT	26 0	28 6 -
Harvest volume (GWT)	12 054	786 15
Operational EBIT kg (EUR) per	0 56 -	0 01 -
- of which Markets	0 28	0 14
- of which Consumer Products	0 06	0 00
Price achievement/reference price	% 94	% 95
Contract share	9 %	0 %
Superior share	85 %	89 %

• Results significantly impacted by reduced prices due to Covid-19 and restrictions affecting the foodservice segment in North America
• Stable full cost in box YoY
• In general, yet another challenging year with high marine temperatures and resultant difficult environmental conditions
• − Impacting 2021 volume guidance
• − Long term potential for volume growth remains unchanged
• Prices have improved going into the fourth quarter

SALMON OF CHILEAN ORIGIN
million EUR	Q3 2020	Q3 2019
Operational EBIT	9 2	18 7
EBIT	14 9	15 4
Harvest volume (GWT)	16 544	14 137
Operational (EUR) EBIT kg per	0 56	1 32
- of which Markets	0 08	0 04
- of which Consumer Products	0 62	0 48
Price achievement/reference price	100 %	103 %
Contract share	% 30	% 33
Superior share	90 %	92 %

• Despite significantly reduced prices, results were relatively good driven by strong contributions from Consumer Products
• − Shift in demand to more value-added products
• Good cost and biology
• Still not carrying frozen inventory
• Costs are expected to increase somewhat in Q4 2020 (versus Q3 2020) on harvesting from sites with a higher cost level

Ireland and Faroes

SALMON OF IRISH ORIGIN
million EUR	Q3 2020	Q3 2019
Operational EBIT	2 5	2 2
EBIT	-3 2	-5 9
(GWT) Harvest volume	2 764	2 012
Operational (EUR) EBIT kg per	1 87	1 11
- of which Feed	0 01	0 00
- of which Markets	0 15	0 00
- of which Consumer Products	0 09	0 09
Price achievement/reference price	na	na
Contract share	78 %	98 %
Superior share	81 %	84 %

SALMON OF FAROESE ORIGIN
million EUR	Q3 2020	Q3 2019
Operational EBIT	2 3	2 8
EBIT	2 6	1 1
Harvest volume (GWT)	844 1	2 013
Operational (EUR) EBIT kg per	1 27	1 42
- of which Feed	0 04	0 00
- of which Markets	0 34	0 44
- of which Consumer Products	0 00	0 00
Price achievement/reference price	139 %	128 %
Contract share	% 0	% 0
Superior share	86 %	79 %

• Good results from Mowi Ireland on increased harvest volumes and reduced costs
• Relatively good results from Mowi Faroes owing to good price achievement

Consumer Products (1)

CONSUMER PRODUCTS
million EUR	Q3 2020	Q3 2019
Operating revenues	648 1	640 4
Operational EBIT	21 2	13 8
Operational % EBIT	3 3%	2 2%
Operational % only EBIT VAP	4 3%	2 6%
EBIT	19 4	14 3
Volume sold (tonnes prod weight)	60 539	843 55

• Record-high Q3 volumes and earnings in Consumer Products
• Continued shift in demand towards more elaborated products
• Covid-19 restrictions underline the strategic value of our integrated downstream processing operations

"Ducktrap Cold Smoked Salmon Tartare"

Feed

FEED
EUR million	Q3 2020	Q3 2019
Operating revenues	220 4	165 2
Operational EBIT	12 4	7 9
Operational % EBIT	6% 5	4 8%
EBIT	12 2	7 6
Feed sold volume	319 171	126 723
Feed produced volume	143 273	126 771

• Another good quarter with record-high volumes sold
• Solid operations in Norway on good seasonal demand
• Continued ramp-up phase in Scotland
• − Volumes expected to grow in the years to come (136k tonnes 2020e vs 240k tonnes capacity)

Q3 2020 presentation

Financials, Markets and Harvest volumes

Profit and Loss

Mowi Group million EUR	Q3 2020	Q3 2019	Q3 2020 YTD	Q3 2019 YTD	2019
Operational revenue and other income	958 2	022 8 1 % -6	2 753 9	3 023 6	4 135 4
Operational 1 ) EBIT	80 4	147 8 -46 %	288 3	555 2	720 9
in unrealized internal margin Change Gain/loss from derivatives fair adjustment of biomass Net value , Restucturing costs Other non-operational items from associated companies Income	4 9 -0 4 37 3 -2 5 0 2 10 7	-3 7 -1 6 -214 9 0 0 -0 4 12 7	14 7 -1 4 -163 1 -2 5 -8 8 18 1	-1 8 -3 7 -173 9 -19 3 9 -1 29 9	-5 1 2 4 -122 2 -19 2 -4 0 48 7
Impairment losses - fixed assets EBIT	-0 2 130 2	0 1 -59 9	-0 3 144 9	3 -1 383 1	-4 5 617 0
financial items Net	-10 3	-9 7	-64 1	-22 3	-9 5
Earnings before tax	119 9	-69 7	80 8	360 8	607 4
Profit or loss for the period	95 0	-61 3	71 2	272 9	476 3
Basic (EUR) EPS Underlying EPS (EUR) Net cash flow per share (EUR) Dividend declared and paid per share (NOK)	0 18 0 10 -0 15 0 00	-0 12 0 20 0 15 2 60	0 13 0 37 0 00 2 60	0 53 0 77 0 54 7 80	0 92 0 99 0 59 10 40
Operational margin EBIT Harvest volume GWT (salmon) , 1 ) Operational EBIT per kg incl margin ROCE 1)	4% 8 125 773 0 64 9 3 %	5% 14 116 989 8 % 1 26 16 6 %	5% 10 313 195 0 92 10 % 5	4% 18 319 591 1 74 20 3 %	4% 17 435 904 1 65 19 9 %

• Positive net fair value adjustment of biomass of EUR 37 million mainly due to increased biomass in sea and improved prices in Canada

• Associated companies: EBIT/kg of EUR 1.49 on 11.5k tonnes from Nova Sea

FX: Price-cost lag for Mowi Norway vs. NOK peers

• Mowi and Mowi Norway functional currency is EUR
• − Eliminate currency fluctuations
• − Lower financing cost
• Significant weakening of NOK driven by Covid-19
• − NASDAQ price Q3-20 vs Q3-19 down 11% in EUR terms, but only 3% in NOK terms
• Price-cost lag for Mowi Norway vs. NOK peers
• − FX effect on prices comes immediately for NOK peers
• − Farming costs accumulate increasingly over 3-year production cycle
• − Neutral in steady state
• FX loss of approx. NOK 3.8/kg in Q3-20 vs. NOK peers
• − Down from approx. NOK 6.5/kg in Q2-20
• − Attributable to price/kg, not cost/kg
• Mowi Norway full cost in box in Q3-20 of NOK 38.4/kg
• − Relevant EURNOK rate of 10.01
• − Region North cost NOK 36.1/kg
• − Region Mid cost NOK 39.8/kg
• − Region South cost NOK 39.3/kg

Salmon price YTD 2020

Page 19

Financial position

Mowi Group million EUR	30 09 2020	30 09 2019	31 12 2019
Non-current assets	3 369 9	3 150 4	3 210 4
Current assets	2 410 1	2 541 9	2 629 6
Total assets	779 9 5	692 3 5	840 5 1
Equity	2 721 9	2 819 2	2 892 6
liabilities Non-current	2 327 1	2 013 2	2 171 2
Current liabilities	730 9	859 9	776 3
equity liabilities Total and	5 779 9	5 692 3	5 840 1
1) interest-bearing Net debt	458 9 1	230 2 1	337 2 1
Equity ratio	47 1%	49 5%	49 5%
Covenant equity ratio	51 6%	53 1%	53 0%

"Salmon Burger – Pink Beauty"

Cash Flow and Net Interest Bearing Debt

Mowi Group million EUR	Q3 2020	Q3 2019	YTD Q3 2020	YTD Q3 2019	2019
beginning of period NIBD	379 -1 7	108 0 -1	337 2 -1	037 2 -1	-1037 2
Operational EBITDA*	121 5	186 7	411 0	668 0	874 4
in working capital Change	-59 0	-16 3	-56 6	5 6	-104 0
paid Taxes	-58 5	-11 7	-120 5	-146 6	-156 3
Other adjustments	4 -5	-6 6	19 0	-13 9	3 11
Cash flow from operations*	-1 5	152 1	252 9	513 1	625 5
Net Capex	-77 0	-61 0	-211 4	-195 4	-286 1
investments dividends received Other and	0 0	-51 0	2 1	-36 3	-22 2
Cash flow from investments	0 -77	-112 0	-209 2	Scotland: Construction site of new plant -231 7	-308 3
Net interest and financial items paid*	-9 7	-14 6	-36 6	-41 0	-57 3
Other items	5 7	-9 9	3 3	-19 0	-10 9
Dividend of paid in capital / return	0 0	-135 5	-132 9	-411 0	-544 9
Currency effect interest-bearing debt on	3 3	-2 2	0 8	-3 3	-4 1
end of period NIBD	458 9 -1	230 2 -1	458 9 -1	230 2 -1	337 2 -1
*Excluding effects of IFRS 16
distribution: NIBD
EUR	90 %	91 %	90 %	91 %	91 %
USD	2 %	2 %	2 %	2 %	3 %
GBP	6 %	3 %	6 %	3 %	% 5
Other currencies	2 %	4 %	2 %	4 %	1 %

• Working capital tie-up driven by increased biomass in sea and increased NWC in S&M
• − Record high biomass of 322k LWT
• Paid taxes include delayed payments from Q2 related to Covid-19 aid package
• Purchased 2.25 licenses in the Norwegian capacity auction for approx. EUR 28 million

2020 Cash Flow Guidance

• Working capital build-up EUR ~90m
• − Support further organic growth
• Capital expenditures EUR ~265m(*)
• − Freshwater investments EUR ~65m in Norway, Canada, Chile
• − Sea water expansion projects EUR ~20m in Norway, Scotland and Canada
• − Consumer Products: rebuild Kritsen factory EUR ~15m
• Interest paid EUR ~45m (ex IFRS 16 effects)
• Taxes paid EUR ~140m
• Under the prevailing circumstances, the Board considers it of utmost importance to preserve cash and maintain a strong financial position. Thus, the Board has decided not to distribute a dividend for the third quarter

Overview financing

• Total committed financing of EUR 1,956 million out of which approximately EUR 475 million in cash and undrawn lines
• Comfortably compliant with equity covenant of 35%. No earnings covenant
• Long term NIBD target EUR 1,400m
• Bank facility: EUR 1,406m Facility Agreement
• − Tenor 5 years (Maturity: June 2022)
• − Covenant: 35% equity ratio (adjusted for IFRS 16 leasing effects)
• − Lenders: DNB, Nordea, ABN Amro, Rabobank, Danske Bank and SEB
• Senior unsecured bond: EUR 200m
• − Tenor 5 years (Maturity: June 2023)
• − EURIBOR + 2.15%
• Senior unsecured green bond: EUR 200m
• − Tenor 5 years (Maturity: January 2025)
• − EURIBOR + 1.60%
• Senior unsecured Schuldschein loan in the German market: EUR 150m
• − Tenor 7 years (Maturity: May 2026)
• − EURIBOR + 1.70%

Supply development

	Estimated	volumes	Compared to	Q3 2019	. volumes Est
Suppliers	Q3 2020	Q3 2019	Volume	%	Q2 2020
Norway	322 500	320 800	700 1	0 5%	271 100
Scotland	48 700	50 400	-1 700	4% 3 -	40 600
Islands Faroe	16 100	18 100	2 000 -	0% -11	20 400
Other Europe	9 400	600 7	800 1	23 7%	10 700
Total Europe	396 700	396 900	-200	1% -0	342 800
Chile	184 100	159 200	24 900	6% 15	300 157
North America	37 900	37 400	500	3% 1	39 600
Americas Total	222 000	196 600	25 400	9% 12	196 900
Australia	500 17	14 100	3 400	24 1%	800 15
Other	100 5	4 500	600	13 3%	4 200
Total	641 300	612 100	29 200	8% 4	559 700

• Global supply growth of 5% in line with expectations
• Norway: Less supply growth than expected. Lower than expected harvest weights and a troublesome late summer impacted biological performance negatively
• Scotland: Volumes somewhat below guidance due to environmental challenges
• Chile: Supply growth higher than expected. Good biological performance with high feeding rates and record-high harvest weights. Smolt stocking down 2% YTD

Global volume by market

	Estimated	volumes	Compared to	Q3 2019	Est . volumes	12 month	comparison
Markets	Q3 2020	Q3 2019	Volume	%	Q2 2020	LTM	PTM	%
EU	296 100	276 200	19 900	2% 7	242 600	037 300 1	012 100 1	2 5%
Russia	21 700	21 200	500	2 4%	800 11	500 75	800 77	-3 0%
Other Europe	26 400	27 400	000 -1	-3 6%	23 700	103 400	99 200	4 2%
Total Europe	344 200	324 800	19 400	0% 6	278 100	1 216 200	1 189 100	3% 2
USA	134 500	117 700	16 800	3% 14	118 900	495 800	458 400	2% 8
Brazil	26 600	23 500	3 100	2% 13	16 700	94 000	94 700	7% -0
Americas Other	32 000	33 600	-1 600	8% -4	30 200	128 300	130 300	5% -1
Total Americas	193 100	174 800	18 300	10 5%	165 800	718 100	683 400	5 1%
China / Hong Kong	13 100	27 000	-13 900	-51 5%	27 100	89 500	106 900	-16 3%
Japan	15 800	12 400	3 400	27 4%	14 900	58 900	54 400	8 3%
South Korea / Taiwan	17 900	13 500	4 400	32 6%	16 100	63 700	56 200	13 3%
Other Asia	18 200	19 300	100 -1	7% -5	16 600	72 500	76 900	7% -5
Total Asia	65 000	72 200	200 -7	-10 0%	74 700	284 600	294 400	-3 3%
All other markets	31 300	32 500	200 -1	-3 7%	25 600	114 100	119 200	-4 3%
Total	633 600	604 300	29 300	4 8%	544 200	2 333 000	2 286 100	2 1%
Inflow to US from Europe	23 600	27 300	-3 700	-13 6%	21 300	100 200	103 500	-3 2%
Inflow to EU from Chile	10 000	9 500	500	5 3%	9 500	36 100	34 300	5 2%

Source: Kontali

• Covid-19 continued to significantly impact trade flows and channel logistics in the quarter
• Shift in demand from foodservice to retail. Strong growth in retail of value-added products
• − Net demand effect approx. -5% to -10%
• Air-freight rates continued to gradually decline during the quarter, however, still higher than pre-Covid-19 rates

Development in reference prices

	Q3 2020 Market	Change vs Q3 2019	Q3 2020 EUR	Change vs Q3 2019
Norway (1)	EUR 4 44	-11 0%	EUR 4 44	-11 0%
Chile (2) Chile GWT (3) ,	USD 3 87 USD 3 76	-21 4% -34 4%	EUR 3 31 3 22 EUR	-25 3% -37 6%
North America Coast (4) West America (5) North East Coast North America GWT (3) blended , ,	USD 2 59 USD 3 10 USD 5 32	8% -15 3% -7 -17 0%	2 21 EUR EUR 2 65 EUR 4 55	-19 9% 8% -11 -21 1%

Notes:

(1) NASDAQ average superior GWE/kg (gutted weight equivalent) (2) Urner Barry average D trim 3-4 lbs FOB Miami (3) Reference price converted back-to-plant equivalent in GWT/kg (4) Urner Barry average GWE 10-12 lbs FOB Seattle (5) Urner Barry average GWE 10-12 lbs FOB Boston/New York

• Prices in Q3 2020 down by 11% YoY in Europe and approx. 20% in Americas on Covid-19 resurgence

Ref. price Norway EUR (NASDAQ average superior Oslo, GWT/kg)

Ref. price Chile USD (Urner Barry average D-trim 3-4 lbs FOB Miami)

Ref. price North America, West Coast USD (Urner Barry avg. superior GWE 10-12 lbs FOB Seattle)

Industry supply growth 2020e and 2021e

	2017	2018	2019	2020		Estimates	2020			Estimates	2021
(1,000) GWT				Estimate	Low	Y/Y growth	High	Y/Y growth	Low	Y/Y growth	High	Y/Y growth
Norw ay	1 087	1 128	1 200	1 214	1 208	1 %	1 220	2 %	1 235	2 %	1 275	5 %
UK	159	137	171	164	162	-5 %	166	-3 %	165	1 %	175	7 %
Faroe Islands	72	65	78	76	75	-4 %	77	-2 %	75	-1 %	82	8 %
Other Europe*	26	25	36	41	40	11 %	42	17 %	47	14 %	51	23 %
Total Europe	1 345	1 355	1 485	1 495	1 485	0 %	1 505	1 %	1 521	2 %	1 582	6 %
Chile	508	594	621	681	677	9 %	685	10 %	615	-10 %	645	% -5
North America	143	149	143	146	145	2 %	147	3 %	140	-4 %	150	3 %
Total Americas	651	743	764	827	822	8 %	832	9 %	755	-9 %	795	-4 %
Other	67	66	74	88	87	18 %	89	21 %	104	17 %	114	28 %
Total	2 062	2 164	2 324	2 410	2 394	3 %	2 426	4 %	2 380	-1 %	2 491	3 %

	Q4 2017	Q4 2018	Q4 2019	Q4 2020		Estimates	Q4 2020
GWT (1,000)				Estimate	Low	Q/Q growth	High	Q/Q growth
Norw ay	322	321	335	347	341	2 %	353	5 %
UK	40	39	38	46	44	15 %	48	25 %
Faroe Islands	19	22	24	23	22	% -5	24	3 %
Other Europe*	7	7	11	12	11	2 %	13	20 %
Total Europe	387	389	408	428	418	3 %	438	% 7
Chile	145	168	163	171	167	2 %	175	% 7
North America	36	38	38	38	37	-3 %	39	3 %
Total Americas	182	206	201	209	204	1 %	214	6 %
Other	18	22	24	27	26	7 %	28	15 %
Total	587	617	633	664	648	2 %	680	7 %

• 2020 guidance: Global growth of 3% to 4% (narrowed from 2% to 5%)
• − Q4 2020: 2% to 7%
• 2021 guidance: Global growth of -1% to 3%
• − Chile negative growth due to reduced smolt stocking in 2020

(*) Ireland and Iceland

Actual harvest volumes will be affected by e.g. water temperatures, development in biological growth, biological challenges such as diseases, algal blooms etc. and market developments.

Mowi volume guidance

Atlantic salmon GWT (1 000) ,	2018 Actual	Q1 2019 Actual	Q2 2019 Actual	Q3 2019 Actual	Q4 2019 Actual	2019 Actual	Q1 2020 Actual	Q2 2020 Actual	Q3 2020 Actual	Q4 2020 Guidance	2020 Guidance	2021 Guidance
Norway	230	56	4	63	66	236	50	56	76	76	260	260
	5	1	51	4	0	9	5	6	5	5	0	0
Scotland	38	15	15	19	14	65	9	14	16	16	56	60
	4	8	9	6	0	4	0	6	1	3	0	0
Canada	39	9	12	8	16	54	8	4	12	13	45	40
	3	8	5	15	2	4	1	11	1	5	0	0
Chile	53	19	15	14	16	65	13	14	16	20	65	70
	2	8	1	1	6	7	7	2	5	6	0	0
Ireland	6	4	2	2	1	6	0	4	2	2	8	6
	2	1	1	0	1	7	0	0	8	1	0	0
Faroes	7	1	1	2	2	6	1	3	1	0	8	9
	7	1	4	0	3	9	9	5	8	8	0	0
Total	375	104	98	117	116	435	83	104	125	128	442	445
	2	1	5	0	3	9	1	3	8	9	0	0

• 2020 volume guidance of 442k GWT (Group unchanged, but some country differences)
• 2021 volume guidance of 445k GWT
• − Norway stable
• − Some growth in Scotland and Chile
• − Challenging biology in Canada in 2020 reduces 2021 volume guidance by 5k GWT. However, long term growth potential remains unchanged

Outlook

• Notwithstanding the current Covid-19 resurgence we still believe in market recovery next year
• Current low price level attracts new customers and new segments, and fuels the long-term development towards more elaborated products
• Mowi's extensive downstream business will continue to capitalise on this shift
• Mowi Feed expected to continue growing in the years to come, driven by the new Scottish feed plant (136k tonnes in 2020e, capacity of 240k tonnes)
• Following substantial growth in farming volumes from 370k GWT in 2017, we are guiding stable volumes of 445k GWT in 2021
• Further to this the Board will put even more focus on growing farming volumes going forward. This will be addressed in depth at our Capital Markets Day on 17 March 2021 in Oslo, Norway
• We believe in a tighter market balance next year as supply growth is projected to be only 1% for 2021

Q3 2020 presentation

Appendix

Dividend policy

• The quarterly dividend level shall reflect the present and expected future cash flow generation of the Company
• A target level for net interest-bearing debt is determined, reviewed and updated on a regular basis
• When the target is met, at least 75% of the annual free cash flow after operational and financial commitments will be distributed as dividends

• Long term NIBD (excluding IFRS 16) target EUR 1,400m

Contract coverage and sales contract policy

SALES CONTRACT POLICY
	Min hedging rate	(1) hedging Max rate
(2) Norway	0 %	50 %
Scotland	0 %	% 75
Canada	% 0	% 30
Chile (2)	% 0	% 50
Ireland	% 0	% 100
Faroes	% 0	% 30

Notes:

(1) Hedging rates for the next quarter, limits dropping over time

(2) Contract rate can be increased to 65% under special circumstances

• Q4 2020 contract shares (% of guided volume):
• − Norway 28%
• − Scotland 62%
• − Canada 0%
• − Chile 24%
• − Ireland 90%
• − Faroes 0%
• Contracts typically have a duration of 3-12 months and are entered into on a regular basis

Quarterly segment overview

			SOURCES OF	ORIGIN QTD
EUR million	Norway	Scotland	Canada	Chile	Ireland	Faroes	Other 1)	Group
OPERATIONAL EBIT
FARMING	38 0	-2 3	-10 8	-2 3	4 5	6 1		28 7
SALES MARKETING AND
Markets	9 2	5 0	3 4	1 3	0 4	0 6	0 2	20 1
Consumer Products	7 6	2 4	0 7	10 2	0 2	0 0	0 0	21 2
SUBTOTAL	54 8	5 1	-6 8	9 2	5 1	2 3	0 2	70 1
Feed	8 11	0 5			0 0	0 1	0 0	12 4
entities 1) Other							-2 0	-2 0
TOTAL	66 6	5 6	-6 8	9 2	5 2	2 3	-1 8	80 4
volume (GWT) Harvest	76 453	16 114	12 054	16 544	2 764	844 1		125 773
(EUR) 1) Operational EBIT per kg - total Group	0 87	0 35	-0 56	0 56	1 87	1 27		0 64
- of which Feed	0 15	0 03			0 01	0 04		0 10
- of which Markets	0 12	0 31	0 28	0 08	0 15	0 34		0 16
- of which Consumer Products	0 10	0 15	0 06	0 62	0 09	0 00		0 17
ANALYTICAL DATA
(%) 1) Price achievement/reference price	% 102	% 123	% 94	% 100	n/a	% 139		% 104
Contract share (%)	24 %	53 %	9 %	30 %	78 %	0 %		28 %
Quality - superior share (%)	94 %	96 %	85 %	90 %	81 %	86 %		92 %
GUIDANCE
(GWT) Q4 2020 harvest volume	76 500	16 300	13 500	20 600	1 200	800		128 900
(GWT) 2020 harvest volume	260 000	56 000	45 000	65 000	8 000	8 000		442 000
(GWT) 2021 harvest volume	260 000	60 000	40 000	70 000	6 000	9 000		445 000
(%) Q4 2020 contract share	% 28	% 62	% 0	% 24	% 90	% 0		% 29

YTD segment overview

			SOURCES OF	ORIGIN YTD
million EUR	Norway	Scotland	Canada	Chile	Ireland	Faroes	Other 1)	Group
OPERATIONAL EBIT
FARMING	160 6	8 8	-18 5	2 5	18 2	6 11		186 0
SALES MARKETING AND
Markets	21 7	8 5	8 4	4 8	0 8	2 5	0 5	47 2
Consumer Products	7 7	7 9	2 9	27 5	0 2	0 0	0 8	47 0
SUBTOTAL	190 0	25 2	-7 2	37 5	19 2	14 0	1 3	280 2
Feed	20 1	0 4			0 0	0 1	-3 2	17 5
entities 1) Other							-9 4	-9 4
TOTAL	210 2	25 2	-7 2	37 5	19 2	14 0	-11 2	288 3
volume (GWT) Harvest	183 543	39 721	31 536	44 440	6 772	182 7		313 195
(EUR) 1) Operational kg - total Group EBIT per	1 15	0 63	-0 23	0 84	2 84	96 1		0 92
- of which Feed	0 11	0 01			0 00	0 01		0 06
- of which Markets	0 12	0 21	0 27	0 11	0 12	0 34		0 15
- of which Consumer Products	0 04	0 20	0 09	0 62	0 03	0 00		0 15
ANALYTICAL DATA
(%) 1) Price achievement/reference price	95 %	110 %	89 %	99 %	n/a	106 %		97 %
(%) Contract share	% 42	% 63	% 0	% 41	% 75	% 0		% 40
Quality - superior share (%)	91 %	96 %	84 %	88 %	86 %	84 %		90 %

Page 34

Development in harvest volumes

GWT	2016	2017				2017	2018			2019					2020E			2021E
(1 000) ,	Total	Q1	Q2	Q3	Q4	Total	Total	Q1	Q2	Q3	Q4	Total	Q1	Q2	Q3	Q4E	Total	Total
Norway	236	49	39	4	66	210	230	56	4	63	66	236	50	56	76	76	260	260
	0	0	4	55	4	2	5	1	51	4	0	9	5	6	5	5	0	0
Scotland	45	17	18	10	13	60	38	15	15	19	14	65	9	14	16	16	56	60
	0	8	5	9	0	2	4	8	9	6	0	4	0	6	1	3	0	0
Canada	43	8	9	11	10	39	39	9	12	15	16	54	8	11	12	13	45	40
	3	9	4	2	0	4	3	8	5	8	2	4	1	4	1	5	0	0
Chile	36	6	7	13	17	44	53	19	15	14	16	65	13	14	16	20	65	70
	9	3	7	7	1	9	2	8	1	1	6	7	7	2	5	6	0	0
Ireland	8	0	3	3	2	9	6	1	2	2	1	6	0	4	2	1	8	6
	4	6	6	1	4	7	2	4	1	0	1	7	0	0	8	2	0	0
Faroes	10 9	1 1	-	1 1	3 8	6 0	7 7	1 1	4 1	2 0	2 3	6 9	9 1	3 5	8 1	0 8	8 0	9 0
Total	380	83	78	95	112	370	375	104	98	0	116	435	83	104	125	128	442	445
	6	8	6	3	6	3	2	1	5	117	3	9	1	3	8	9	0	0

Growth relative to same period in previous year

	2016		2017			2017	2018			2019					2020E			2021E
	Total	Q1	Q2	Q3	Q4	Total	Total	Q1	Q2	Q3	Q4	Total	Q1	Q2	Q3	Q4E	Total	Total
Norway	%	-9	-27	-14	4	%	10	10	4	%	13	3	-10	10	21	16	10	0
	-7	%	%	%	%	-11	%	%	%	-11	%	%	%	%	%	%	%	%
Scotland	-10	41	71	11	10	34	-36	82	78	118	19	70	-43	-9	-18	16	-14	7
	%	%	%	%	%	%	%	%	%	%	%	%	%	%	%	%	%	%
Canada	8	-23	-20	8	3	-9	0	49	56	27	33	39	-18	-9	-24	%	%	%
	%	%	%	%	%	%	%	%	%	%	%	%	%	%	%	-17	-17	-11
Chile	-41	-59	9	99	126	22	18	60	53	3	-3	24	-31	-6	17	24	-1	8
	%	%	%	%	%	%	%	%	%	%	%	%	%	%	%	%	%	%
Ireland	%	%	%	%	%	%	%	%	%	%	%	%	%	%	%	%	%	%
	-13	-55	150	8	-12	15	-36	-2	69	4	-30	7	-100	92	37	6	20	-25
Faroes	273 %	-31 %	n/m	-60 %	% -11	-45 %	29 %	9 %	84 %	31 %	-46 %	-10 %	64 %	144 %	-8 %	-66 %	% 15	13 %
Total	%	%	%	%	%	%	%	%	%	%	%	%	%	%	%	%	%	%
	-9	-13	-10	-2	13	-3	1	28	26	6	10	16	-20	6	8	11	1	1

Cash flow guidance and historic developments

Net capital expenditure (*) Net working capital

(*) Excludes Traffic Light System growth in Norway

Nova Sea

			Harvest volume	(GWT)			EBIT per	kg		NIBD EURm
	Ownership %	2018	2019	Q3 2019	Q3 2020	2018	2019	Q3 2019	Q3 2020	Q3 2020
Nova Sea	% 48	37 879	45 962	17 467	11 465	2 66	2 30	2 13	1 49	-62 1

• Leading integrated salmon producer in Northern Norway
• − 33.33 wholly owned licenses
• − 4 partly owned licenses
• Mowi has an ownership in Nova Sea of ~48% through direct and indirect shareholdings
• Dividends
• − Paid dividends of NOK 300m in Q1 2019, NOK 300m in Q2 2019 and NOK 275m in Q4 2019 (Mowi's share NOK 406m)
• Proportion of income after tax reported as income from associated companies in Mowi Norway
• − EUR 10.8m in Q3 2020

Debt distribution and interest rate hedging

	30/09/2020(2)	Nominal value	Fixed rate(3) Nominal	value	Fixed rate(3) Nominal	value	Fixed rate(3)
EUR m	388 9 1	380 0	2 13 %	380 0	2 20 %	-	0 00 %
USD m	60 0	78 3	2 31 %	78 3	2 31 %	60 0	4 13 %
GBP m	40 0	23 5	2 83 %	23 5	2 83 %	-	0 00 %
(EUR m) Other	72 5

Market value of IRS contracts (30/09/20): MEUR -19.9

Change in market value due to market movements in Q3(4): MEUR 0.7

Change in market value due to interest settled on IRS contracts in Q3(5): MEUR 3.0

Notes:

(1) March is the starting month for all interest hedging contracts

(2) Debt at book value after taking cross currency swaps into account

(3) Financing margin not included

(4) Quarterly change in market value booked against P/L

(5) Net amount of interest on IRS contracts settled quarterly in cash

• External interest bearing debt is distributed as follows: EUR 90%, USD 2%, GBP 6%, other currencies 2%
• Policy: Mowi ASA shall over time hedge 0%-35% of the Group's long-term interest-bearing debt by currency with fixed interest or interest rate derivatives for the first 5 years, and 0% fixed rates thereafter. Interest-bearing debt includes external interest-bearing debt and leasing in the parent company or subsidiaries. The interest rate hedges shall be based on the targeted currency composition. Interest rate exposure in other currencies than EUR, USD, GBP and NOK shall not be hedged CURRENCY DEBT 2020-2021 2021-2022 2022-2023

Hedging and long term currency exposure - policies

• EUR/NOK
• − Mowi shall hedge between 0% and 30% of its assumed annual expenses in NOK against the EUR with a horizon of two years. The annual hedging shall be evenly distributed across the months of the year
• USD/CAD
• − Mowi shall hedge between 0% and 30% of its assumed annual expenses in CAD against the USD with a horizon of two years. The annual hedging shall be evenly distributed across the months of the year
• USD/CLP
• − Mowi shall not hedge the USD/CLP exposure
• Internal transaction hedging relating to bilateral sales contracts
• − All bilateral sales contracts are subject to internal currency hedging of the exposure between the invoicing currency and EUR
• − The operating entities hedge this exposure towards the parent company. In accordance with the general hedging policy, this exposure is not hedged towards external counterparties
• − The purpose of the internal hedging is to allow for a more accurate comparison between the Mowi Farming entities (including contribution from Sales) and peers with respect to price achievement and operational EBIT

Strategic currency hedging

		USD/CAD
MEUR	Rate	MUSD	Rate
49 8	9 89	7 2	1 34
199 2	10 28	28 8	1 32
149 4	10 88	21 9	1 35
-3 7
-24 9
-2 5
-27 4
		EUR/NOK MEUR

DESIGNATED MARKET CURRENCIES

Norway	EUR
Chile	USD
Canada	USD
Scotland	GBP
Ireland	EUR
Faroe Islands	EUR
Consumer Products Europe	EUR
Asia	USD
Feed	EUR

Thank you