Mowi ASA

Investor Presentation • May 11, 2022

Q1 2022 presentation

CEO: Ivan Vindheim CFO: Kristian Ellingsen

11 May 2022

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

• Significantly increased earnings on all-time high Q1 revenue driven by strong demand and reduced supply
• Q1 operational EBIT of EUR 207 million at record-high levels almost doubled YoY
• Blended Farming cost of EUR 4.78/kg, up from EUR 4.62/kg in Q4 2021, on lower seasonal volumes and higher input prices
• Harvest volumes of 97k GWT in the quarter in line with volume guidance
• Consumer Products delivered another set of good results in the quarter considering the record-high raw material prices
• Good feed performance and production volumes in a low season
• Quarterly dividend of NOK 1.95 per share (NOK 1.44 ordinary and NOK 0.51 extraordinary)
  • 68% of underlying EPS

Key financials

Mowi - main figures Group Unaudited million EUR	Q1 2022	Q1 2021	2021
Operational and other income revenue	095 3 1 ,	022 4 1 7% ,	4 207 6 ,
1) Operational EBITDA	248 9	151 3	690 3
1) Operational EBIT	206 7	109 2 89%	522 6
EBIT	264 1	268 3	602 2
1) Cash flow from operations	208 9	168 7	627 6
Total assets	6 335 0 ,	5 996 5 ,	6 259 5 ,
(NIBD)1) 2) Net interest-bearing debt	1 177 1 ,	273 6 1 ,	257 3 1 ,
Basic EPS (EUR)	0 40	0 45	0 94
1) Underlying EPS (EUR)	0 29	0 15	0 71
1) Net cash flow share (EUR) per	0 30	0 40	0 85
Dividend declared and paid share (NOK) per	1 40	0 32	4 45
ROCE 1)	23 4%	12 % 7	13 4 %
1) Covenant equity ratio	56 2%	56 2 %	54 6 %
Harvest volume (GWT)	96 600	125 469 -23%	465 600
kg1) Operational Total EBIT - EUR per -	2 14	0 87	12 1
Norway	2 55	0 98	43 1
Scotland	1 02	1 46	1 20
Chile	1 26	0 40	0 71
Canada	2 56	-0 36	-0 23
Ireland	3 71	4 55	2 09
Faroes	1 53	0 48	1 28

Salmon prices – weekly reference prices

• Prices in Q1 2022 up by 55% YoY in Europe, and 33% in Miami and 40% in Seattle/Boston for Chilean and Canadian salmon, respectively, in the American market

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) and contract share

1) Starting from Q2 2021, price achievement includes margins from Consumer Products and Markets, but excludes margins from Feed. The quality effect is adjusted for normal quality distribution. Comparison figures from earlier periods have been re-presented accordingly.

Operational EBIT comparison

Norway

SALMON OF NORWEGIAN ORIGIN
EUR million	Q1 2022	Q1 2021
Operational EBIT	4 151	73 2
EBIT	199 9	149 0
Harvest volume (GWT)	59 424	74 992
Operational kg (EUR) EBIT per	2 55	0 98
- of which Feed	-0 04	-0 02
- of which Markets	0 07	0 10
- of which Consumer Products	0 24	0 23
Price achievement/reference price	89%	98%
Contract share	31%	21%
Superior share	84%	89%

• Record-high Q1 achieved prices and earnings for Norwegian origin
• Operational performance adversely impacted by winter sores
• In general, good production
• Costs expected to increase in the second quarter on lower volumes and less dilution of cost
  • Costs expected to drop again in the second half on higher volumes

Norway: Operational EBIT/kg per region

• Region North: Stands out yet again as margin winner on the lowest cost, however, issues with winter sores and a less favorable site mix YoY
• Region Mid: Margins impacted by low volumes. Production and seawater performance were good in the quarter
• Region West: Very low volumes where the lion's share of volumes were harvested in January on lower prices. Seawater production improved on good appetite
• Region South: Margins impacted by gill issues, winter sores and CMS

Norway: Sales contract portfolio

• Contracts on the low side in 2022 at 26%, equivalent to 70k GWT
• Contract share and contract prices in Q2-22 in line with Q1-22

Page 10

New expansion projects in Farming Norway

New primary processing plant in Region Mid Postsmolt expansion in Region West

• Decision taken for construction of a new primary processing plant at Jøsnøya, Hitra
• State-of-the-art facility to handle harvest volumes in Production Areas 6 and 7
  • To replace Ulvan factory, Frøya
• Annual production capacity of 100,000 tonnes

• Scheduled completion Q1 2024

• Further to the postsmolt investment programme in Norway, postsmolt expansion at Haukå (Production Area 4) decided

• Projects undertaken to date account for 41% of the postsmolt programme in Norway launched at our CMD 2021
• 40,000 GWT extra harvest volumes in Norway by 2027 all else being equal

Scotland

SALMON OF SCOTTISH ORIGIN
million EUR	Q1 2022	Q1 2021
Operational EBIT	10 7	26 6
EBIT	2 1	40 2
(GWT) Harvest volume	10 541	18 273
Operational (EUR) EBIT kg per	1 02	1 46
- of which Feed	0 07 -	0 09 -
- of which Markets	0 21	0 14
- of which Consumer Products	0 09	0 27
Price achievement/reference price	97%	120%
Contract share	77%	43%
Superior share	97%	96%

• Earnings in absolute and relative terms in Scotland were down on almost halving of volumes and a high contract share
• Operational performance still adversely impacted by externally sourced eggs
  • This stock to be harvested out during Q2
• We expect significant improvements in the second half of the year

Chile

SALMON OF CHILEAN ORIGIN
million EUR	Q1 2022	Q1 2021
Operational EBIT	20 1	8 7
EBIT	19 3	5 8
volume (GWT) Harvest	16 017	19 405
Operational kg (EUR) EBIT per	26 1	0 40
- of which Markets	0 11	0 09
- of which Consumer Products	0 37	0 41
Price achievement/reference price	90%	98%
Contract share	50%	35%
Superior share	84%	85%

• More than doubled earnings year-over-year on higher prices, though held back by relatively high contract share
• Yet another warm and dry summer in Chile has led to issues with low dissolved oxygen and algae
  • Mowi performed reasonably well although some elevated mortalities and sores

Canada

SALMON OF CANADIAN ORIGIN
million EUR	Q1 2022	Q1 2021
Operational EBIT	22 5	3 9 -
EBIT	17 1	-10 9
(GWT) Harvest volume	8 759	10 741
Operational (EUR) EBIT kg per	2 56	0 36 -
- of which Markets	0 36	0 18
- of which Consumer Products	0 02 -	0 02
Price achievement/reference price	102%	96%
Contract share	0%	3%
Superior share	93%	89%

• Mowi Canada improved earnings significantly on higher price, 100% spot exposure and lower costs
• Canada West impressive margin of EUR 2.93/kg (EUR -0.30/kg last year)
• Canada East minimal volumes in the first quarter, no volumes before the fourth quarter
  • Turnaround process continues

Ireland and Faroes

SALMON OF IRISH ORIGIN
million EUR	Q1 2022	Q1 2021
Operational EBIT	2 5	5 3
EBIT	10 8	4 8
(GWT) Harvest volume	667	1 157
Operational (EUR) EBIT kg per	3 71	4 55
- of which Feed	0 22 -	0 16 -
- of which Markets	0 48	0 19
- of which Consumer Products	0 16 -	0 88
Price achievement/reference price	n/a	n/a
Contract share	95%	92%
Superior share	89%	81%

SALMON OF FAROESE ORIGIN
million EUR	Q1 2022	Q1 2021
Operational EBIT	8 1	0 4
EBIT	0 4	3 2
Harvest volume (GWT)	192 1	901
Operational kg (EUR) EBIT per	53 1	0 48
- of which Feed	0 00	-0 04
- of which Markets	0 11	-0 01
- of which Consumer Products	0 00	0 00
Price achievement/reference price	90%	113%
Contract share	0%	0%
Superior share	88%	93%

• Strong results from Mowi Ireland on good biology and egg sales
• Earnings in Mowi Faroes negatively impacted by low volumes of which close to 100% were harvested in January on lower prices, in addition to gill issues at one site
  • Expect to see improvements for Mowi Faroes in the second quarter

Consumer Products

CONSUMER PRODUCTS
EUR million	Q1 2022	Q1 2021
Operating revenues	725 4	685 5
Operational EBIT	21 3	32 2
Operational % EBIT	2 9%	4 7%
Operational EBIT % VAP only	4 0%	4 7%
EBIT	19 2	30 1
Volume sold (tonnes prod weight)	56 414	61 578

Mowi's stand at Seafood Expo Global 2022 in Barcelona, Spain

• A good quarterly result considering the record high raw material prices, by means of sound operational performance and raw material management
• Good volume development in light of reduced raw material availability
• Strong demand in the first quarter, partly driven by Easter and Lent
• Strong demand has continued into the second quarter

Mowi Ustka (Morpol) – extension of value chain

• Brand new factory opened in Poland to upcycle by-products from Mowi Ustka (Morpol)
  • Waste going into the circular economy to utilize 100% of the raw material
• End-products are oil and meal for use in human supplements, pet foods and aquafeed

Oil and meal products

Feed

FEED
million EUR	Q1 2022	Q1 2021
Operating revenues	135 3	119 9
Operational EBIT	-3 5	-3 0
Operational EBIT %	2 6% -	2 5% -
EBIT	-3 5	-3 0
Feed sold volume	88 184	93 938
Feed produced volume	87 762	100 296

• Stable earnings and production in low season for feed
• Feed performance good in the quarter

Q1 2022 presentation

Financials, Markets and Harvest volumes

Profit and Loss

Mowi Group million EUR	Q1 2022	Q1 2021	2021
Operational revenue and other income	1,095 3	1,022 4 7%	4 207 6 ,
1) Operational EBIT	206 .7	109 2 89%	522 6
in unrealized internal margin Change Gain/loss from derivatives fair adjustment of biomass Net value ,	5 1 12 4	10 2 8 9	6 6 8 5
onerous contracts provision	4 55	88 2	116 6
Restucturing costs	-2 4	-2 3	-22 6
Production/license/sales taxes	-5 4	-4 4	-21 9
Other non-operational items	-2 2	-2 9	-30 3
from associated companies Income	18 3	61 7	97 5
Impairment losses	-23 9	-0 4	-74 8
EBIT	264 .1	268 3	602 2
financial items Net	-2 3	16 4	-8 9
Earnings before tax	261 8	284 .7	593 4
Profit or loss for the period	205 .1	233 6	487 9
Basic EPS (EUR)	0 40	0 45	0 94
Underlying EPS (EUR)	0 29	0 15	0 71
flow (EUR) Net cash per share	0 30	0 40	0 85
Dividend declared and paid per share (NOK)	1 40	0 32	4 45
Operational margin EBIT	18 9%	10 7%	12 4%
Harvest volume GWT (salmon) ,	96 600	125 470 -23%	465 600
Operational incl margin 1) EBIT per kg	2 14	0 87	1 12
ROCE 1)	23 4 %	12 7 %	13 4 %

• Positive net fair value adjustment of biomass of EUR 55 million due to improved prices
• Associated companies: EBIT/kg of EUR 2.81 on 7.1k tonnes from Nova Sea

Financial position

Mowi Group	31 03 2022	31 03 2021	31 12 2021
EUR million
Non-current assets	3 522 6	3 448 7	3 542 2
Current assets	2 812 3	2 547 7	2 717 5
Total assets	6 335 0	5 996 5	6 259 5
Equity	3 272 7	3 051 2	3 131 4
liabilities Non-current	2 064 6	2 191 7	2 3 155
Current liabilities	997 8	753 5	972 9
equity liabilities Total and	6 335 0	5 996 5	6 259 5
1) interest-bearing Net debt	1 177 1	273 6 1	257 3 1
Equity ratio	7% 51	9% 50	0% 50
Covenant equity ratio	56 2%	56 2%	54 6%

• Strong financial position

Cash Flow and Net Interest Bearing Debt

Mowi Group million EUR	Q1 2022	Q1 2021	2021
NIBD beginning of period*	-1 257 3	-1 458 4	-1 458 4
Operational EBITDA*	248 9	151 3	690 3
Change in working capital	-10 9	34 9	-26 8
paid Taxes	-22 2	-24 2	-42 6
Other adjustments	-6 8	6 8	6 9
Cash flow from operations*	208 9	168 7	627 8
Net Capex	-38 6	-31 9	-240 8
Other investments and dividends received	0 5	93 2	107 1
Cash flow from investments	-38 1	61 3	-133 7
Net interest and financial items paid*	-10 0	-10 0	-41 5
items Other	-5 8	-10 9	-13 6
Dividend of paid in capital / return	-71 9	-16 2	-226 8
Currency effect interest-bearing debt on	-3 0	-8 1	-10 9
end of period* NIBD	-1 177 1	273 6 -1	257 3 -1
*Excluding effects of IFRS 16
distribution: NIBD
EUR	92%	93%	91%
USD	3%	3%	3%
GBP	3%	3%	3%
Other currencies	3%	2%	3%

• Good operational cash flow on improved earnings

2022 Cash Flow Guidance

• Working capital build-up EUR ~90m
  • Support further organic growth across the value chain
• Capital expenditure EUR ~300m
  • Freshwater investments EUR ~ 80m
  • Seawater investments EUR ~ 50m
  • Processing / Sales & Marketing: Upgrade processing factory in Scotland. Automation projects across plants
• Interest paid EUR ~35m (ex IFRS 16 effects)
• Taxes paid EUR ~130m
• Quarterly dividend of NOK 1.95 per share (NOK 1.44 ordinary and NOK 0.51 extraordinary)
  • Payable in second quarter

Overview financing

• Bank Facility: EUR 1,800m sustainability-linked facility
  • Covenant: 35% equity ratio (adjusted for IFRS 16 leasing effects)
  • Accordion option: EUR 300m
  • Lenders: DNB, Nordea, ABN Amro, Rabobank, Danske Bank, SEB and Crédit Agricole
• 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: EUR 150m
  • Tenor 7 years (Maturity: May 2026)
  • EURIBOR + 1.70%
• Long term NIBD target EUR 1,400m

Supply development

	Estimated	volumes	Compared to	Q1 2021	. volumes Est
Suppliers	Q1 2022	Q1 2021	Volume	%	Q4 2021
Norway	305 500 ,	319 100 ,	13 600 - ,	3% 4 -	400 900 ,
Scotland	33 500 ,	43 100 ,	9 600 - ,	22 3% -	36 200 ,
Faroe Islands	20 800 ,	20 300 ,	500	5% 2	30 400 ,
Other Europe	13 700 ,	14 900 ,	200 1 - ,	8 1% -	13 200 ,
Total Europe	373 500 ,	397 400 ,	23 900 - ,	0% 6 -	480 700 ,
Chile	161 500 ,	181 800 ,	20 300 - ,	2% 11 -	181 000 ,
North America	30 700 ,	31 900 ,	200 1 - ,	3 8% -	35 100 ,
Americas Total	192 200 ,	213 700 ,	21 500 - ,	1% -10	216 100 ,
Australia	18 200 ,	16 300 ,	900 1 ,	7% 11	23 900 ,
Other	8 300 ,	7 400 ,	900	2% 12	9 600 ,
Total	592 200 ,	634 800 ,	42 600 - ,	6 7% -	730 300 ,

• Global supply contraction of 7%, in line with guidance
• Norway: Reduced biomass coming into the quarter. Stable harvest weights. Standing biomass 1% lower YoY
• Chile: Reduction in harvest less than expected as more fish was harvested. Average weights down YoY. Standing biomass 1% higher YoY

Global volume development

Compared to Q1 2021	Est. volumes	12 month comparison
Volume %	Q4 2021	LTM	PTM	%
-23,700 -8.7%	323,600	1,131,900	1,120,700	1.0%
-10,000 -41.7%	27,300	76,100	86,500	-12.0%
-4,900 -16.9%	32,300	109,800	112,100	-2.1%
-38,600 -11.9%	383,200	1,317,800	1,319,300	-0.1%
1,900 1.4%	140,000	572,200	523,200	9.4%
-3,200 -11.4%	23,200	98,200	102,600	-4.3%
-4,200 -12.2%	39,700	137,500	130,600	5.3%
-5,500 -2.7%	202,900	807,900	756,400	6.8%
5,600 37.8%	22,100	86,000	69,800	23.2%
-2,000 -12.0%	18,700	62,900	67,300	-6.5%
-3,300 -18.3%	16,700	64,400	68,000	-5.3%
-900 -4.0%	23,000	82,500	78,800	4.7%
-600 -0.8%	80,500	295,800	283,900	4.2%
400 1.3%	36,300	129,100	121,900	5.9%
-44,300 -7.0%	702,900	2,550,600	2,481,500	2.8%
				26.9% -30.3%
	2,800 9.6%	33,900	128,800 -1,300 -15.9% 5,700 24,400	101,500 35,000

• Strong underlying growth of salmon across all markets
• Supply contraction led to consumption reduction. Blended prices up 40% YoY
• Further reopening of the European foodservice segment had a positive effect on demand
• Impressive US development
• Strong volume growth in China from a low base

Page 26

Development in reference prices

	Q1 2022 Market	Change vs Q1 2021	Q1 2022 EUR	Change vs Q1 2021
Norway (1)	EUR 8 07	55 3%	EUR 8 07	55 3%
Chile (2) Chile GWT (3) ,	USD 6 90 USD 8 14	0% 33 44 8%	EUR 6 15 26 EUR 7	9% 42 6% 55
North America West Coast (4) America (5) North East Coast North America GWT (3) blended , ,	USD 4 51 USD 5 13 USD 9 56	39 2% 3% 46 39 7%	4 02 EUR EUR 4 58 8 52 EUR	49 5% 1% 57 50 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 Q1 2022 up by 55% YoY in Europe, and 33% in Miami and 40% in Seattle/Boston for Chilean and Canadian salmon, respectively, in the American market

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 2022e

	2019	2020	2021	2022E	2022E
(1,000) GWT					Low	Y/Y growth	High	Y/Y growth
Norw ay	1,200	1,232	1,379	1,373	1,360	-1%	1,386	1%
UK	171	160	179	172	169	-6%	175	-3%
Faroe Islands	78	73	95	87	85	-11%	89	-7%
Other Europe*	36	42	52	52	50	-4%	54	4%
Total Europe	1,485	1,508	1,705	1,683	1,663	-2%	1,703	0%
Chile	621	701	646	644	632	-2%	657	2%
North America	142	141	145	131	128	-12%	134	-8%
Total Americas	764	842	791	775	760	-4%	791	0%
Other	71	91	109	112	109	0%	115	5%
Total	2,320	2,440	2,605	2,571	2,532	-3%	2,609	0%

	Q2 2019	Q2 2020	Q2 2021	Q2 2022E	Q2 2022E
GWT (1,000)					Low	QoQ growth	High	QoQ growth
Norw ay	277	271	287	274	270	-6%	278	-3%
UK	44	41	53	42	41	-22%	43	-18%
Faroe Islands	17	20	23	16	15	-35%	17	-26%
Other Europe*	8	11	12	10	9	-28%	11	-12%
Total Europe	346	344	375	342	335	-11%	349	-7%
Chile	143	158	135	134	130	-4%	138	2%
North America	37	39	40	34	33	-18%	35	-13%
Total Americas	181	196	175	167	162	-7%	172	-2%
Other	14	19	23	25	24	6%	26	15%
Total	541	559	573	534	521	-9%	547	-4%

	H2 2019	H2 2020	H2 2021	H2 2022E	H2 2022E
(1,000) GWT					H2/H2 Low growth			H2/H2 High growth
Norw ay	656	687	772	794	785	2%	803	4%
UK	89	90	84	96	94	13%	98	18%
Faroe Islands	42	37	52	50	49	-6%	51	-2%
Other Europe*	18	23	25	28	27	11%	29	19%
Total Europe	805	836	932	968	955	2%	981	5%
Chile	322	375	330	349	341	3%	358	8%
North America	75	74	73	67	65	-11%	69	-6%
Total Americas	397	448	403	416	405	1%	426	6%
Other	42	54	63	60	58	-7%	62	0%
Total	1,244	1,338	1,398	1,444	1,419	2%	1,470	5%

• 2022 guidance:

-1% supply growth expected for 2022

(*) Ireland and Iceland

Page 28

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	2020	Q1 2021	Q2 2021	Q3 2021	Q4 2021	2021	Q1 2022	Q2 2022	2022
(1 000) GWT ,	Actual	Actual	Actual	Actual	Actual	Actual	Actual	Guidance	Guidance
Norway	262	75	56	71	71	273	59	55	272
	0	0	1	0	1	2	4	0	0
Scotland	52	18	19	0	12	64	10	0	60
	7	3	2	15	0	4	5	15	0
Chile	64	19	15	14	16	66	16	14	71
	6	4	1	9	5	0	0	0	0
Canada	44	10	13	11	10	45	8	10	42
	0	7	4	1	1	3	8	0	0
Ireland	8	2	8	2	6	6	0	3	6
	0	1	1	2	1	8	7	0	0
Faroes	8	0	2	2	3	9	1	2	9
	6	9	4	9	8	9	2	0	0
Total	439	125	108	117	0	465	96	99	460
	8	5	0	1	115	6	6	0	0

• 2022 volume guidance of 460k GWT maintained – some regional changes

• Scotland down by 5k GWT
• Canada West up by 5k GWT

• Strong market outlook and constrained supply side
  • Kontali projects 0% supply growth for the remainder of the year
• Mowi well positioned to capitalise on its integrated value chain and low contract share
• Unprecedented inflationary environment; so far soaring salmon prices have more than offset increasing input prices for the salmon
• Expecting salmon to continue to stand out versus other animal protein sources due to its substantially lower feed conversion rate, low energy use and superior sustainability credentials
• Mowi harvest volume guidance maintained at 460k GWT in 2022
• Quarterly dividend of NOK 1.95 per share in dividend (NOK 1.44 ordinary and NOK 0.51 extraordinary), payable in the second quarter
  • 68% of underlying EPS

Q1 2022 presentation

Appendix

Mowi ranked #1 on sustainability amongst food producers

Good progress on reducing GHG emissions in 2021 and ambitious long-term targets

of harvest volumes are certified sustainable 98%

compliant with sustainable 100% (1)

sourcing feed policy

of our marine sites with 95% minimum benthic impact (1)

(1) 2021 data

Note: The carbon footprint used for land based animal production was calculated by starting to convert the production volumes of Mowi salmon in 2020 to edible yield (using a 55% conversion), then calculating the carbon footprint of that volume originating from animal protein mix. This was done by using a mix of consumption (OECD, 2019) of 40% chicken, 38% pork and 22% beef and the reported GHG emissions from SINTEF 2020. www.epa.gov/energy/greenhouse-gas-equivalencies-calculator was used to convert the net CO2e emissions resulting from replacing land based protein by Mowi salmon, to number of cars that can be removed from the road every year

(FY 2021)

Ocean-based Atlantic salmon farming is on the right side of sustainability

Rating agencies	About the rating	Score (1)	Salmon is the most sustainable farmed animal protein alternative
	Mowi ranked as the most sustainable animal protein producer in the world (amongst the largest 60 animal protein producers in the world) for three consecutive years	1st place	Protein retention	28%	37%	21%	13%
	Mowi recognised as a global leader in climate action	B	Feed conversion ratio	1.3	1.9	3.9	8.0
	Supplier Engagement Rating		Edible meat per 100 kg feed	56 kg	39 kg	19 kg	7 kg
		A	Carbon footprint (kg CO / kg edible meat)	5.1 kg	8.4 kg	12.2 kg	39.0 kg
	Mowi ranked the second most sustainable seafood company (amongst the 30 largest seafood companies in the world)	2nd place	2 Water consumption (litre / kg edible meat)	2,0002)	4,300	6,000	15,400
	ESG Rating, designed to measure a company's resilience to long-term, industry material environmental, social and governance (ESG) risks. Mowi is inthe Leader category.	AA				«Blue foods on average have much greater nutritional benefits than terrestrial foods. Many blue foods also have a
	ESG Rating, assessing financially material Environmental, Social and Governance (ESG) data	Medium Risk		smaller environmental footprint.» «Farmed salmon…performed similarly or better than chicken – often considered
	Mowi awarded with the best annual report in Norway three times in the last five years.	2nd 1st place		the most efficient terrestrial animal across the considered environmental stressors.» Quotes from BFA documents
Notes:	1) Scores based on most recent ratings 2) The figure reflects total water footprint for farmed salmonid fillets in Scotland, in relation to weight and content of calories, protein and fat.

Source: Fry et al (2018) Feed conversion efficiency in aquaculture: do we measure it correctly?. SINTEF (2020) Greenhouse gas emissions of Norwegian seafood products in 2017. Blue Food Assessment (Environmental performance of blue foods, Gephart et al., 2021) reported GHG emissions for farmed salmon of 5.1 kg CO2/kg edible weight and 8.4 kg CO2/kg edible weight for chicken. Mekonnen, M.M. and Hoekstra, A.Y. (2010) The green, blue and grey water footprint of farm animals and animal products. SARF (2014) Scottish Aquaculture's Utilisation of Environmental Resources

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Nova Sea

	(GWT) Harvest volume						EBIT kg per		NIBD EURm
	Ownership %	2020 2021 Q1 2021 Q1 2022		2020	2021	Q1 2021	Q1 2022	Q1 2022
Sea Nova	48 % 7	42 584	43 539	10 524	114 7	80 1	88 1	56 1	2 81	-70 9

• Leading integrated salmon producer in Northern Norway
  • − 33.33 wholly owned licenses
  • − 4 partly owned licenses
• Mowi largest owner with 48.7% through direct and indirect shareholdings
• Dividends
  • − Paid dividends of NOK 315m in 2021 (Mowi's share NOK 164m through direct and indirect holdings)
• Proportion of income after tax reported as income from associated companies in Mowi Norway
  • − EUR 16.9m in Q1 2022

Dividend policy

• Mowi's ambition is to create long-term value for the shareholder through both positive share price development and a growing dividend in line with long-term earnings
  • − Quarterly ordinary dividend shall under normal circumstances be at least 50% of underlying earnings per share (EPS)
  • − Excess capital will be paid out as extraordinary dividends
• When deciding excess capital the Board of Directors will take into consideration expected cash flow, capital expenditure plans, financing requirements and appropriate financial flexibility. Further to this a long-term target level for net interest-bearing debt is determined, reviewed and updated on a regular basis
• Shareholder returns are distributed primarily as cash dividends with the option of using share buybacks as a complementary supplement on an ad-hoc basis

Contract coverage and sales contract policy

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

• Q2 2022 contract shares (% of guided volume):
  • − Norway 29%
  • − Scotland 60%
  • − Chile 60%
  • − Canada 0%
  • − Ireland 51%
  • − Faroes 0%
• Contracts typically have a duration of 3-12 months and are entered into on a regular basis

Quarterly segment overview

million EUR	Norway	Scotland	Chile	Canada	Ireland	Faroes	Other 1)	Group
OPERATIONAL EBIT
FARMING	135 7	8 3	12 5	19 5	2 4	1 7		180 1
SALES AND MARKETING
Markets	4 2	2 2	8 1	3 2	0 3	0 1	0 3	12 1
Consumer Products	14 2	0 1	9 5	-0 2	-0 1	0 0	0 5	21 3
SUBTOTAL	154 1	11 4	20 1	22 5	2 6	1 8	0 8	213 4
Feed	-2 6	-0 7			-0 1	0 0	0 0	-3 5
entities 1) Other							-3 2	-3 2
TOTAL	151 4	10 7	20 1	22 5	2 5	1 8	-2 3	206 7
(GWT) Harvest volume	59 424	10 541	16 017	8 759	667	1 192		96 600
(EUR) 1) Operational kg - total Group EBIT per	2 55	1 02	1 26	2 56	3 71	1 53		2 14
- of which Feed	-0 04	-0 07	n/a	n/a	-0 22	0 00		-0 04
- of which Markets	0 07	0 21	0 11	0 36	0 48	0 11		0 13
- of which Consumer Products	0 24	0 09	0 37	-0 02	-0 16	0 00		0 22
ANALYTICAL DATA
(%) 1) Price achievement/reference price	89%	97%	90%	102%	n/a	90%		91%
Contract share (%)	31%	77%	50%	0%	95%	0%		36%
Quality - superior (%) share	84%	97%	84%	93%	89%	88%		86%
GUIDANCE
Q2 2022 harvest volume (GWT)	000 55	000 15	14 000	10 000	3 000	2 000		99 000
2022 harvest volume (GWT)	272 000	60 000	71 000	42 000	6 000	9 000		460 000
Q2 2022 contract share (%)	29%	60%	60%	0%	51%	0%		35%

Development in harvest volumes

GWT	2017	2018	2019			2020					2021				2022E
(1 000) ,	Total	Total	Total	Q1	Q2	Q3	Q4	Total	Q1	Q2	Q3	Q4	Total	Q1	Q2E	Total
Norway	210	230	236	50	56	76	78	262	0	56	0	71	273	59	0	272
	2	5	9	5	6	5	5	0	75	1	71	1	2	4	55	0
Scotland	60	38	65	9	14	16	13	52	18	19	15	12	64	10	15	60
	2	4	4	0	6	1	0	7	3	2	0	0	4	5	0	0
Chile	44	53	65	13	14	16	20	64	19	15	14	16	66	16	14	0
	9	2	7	7	2	5	1	6	4	1	9	5	0	0	0	71
Canada	39	39	54	8	11	12	12	44	10	13	11	10	45	8	10	42
	4	3	4	1	4	1	4	0	7	4	1	1	3	8	0	0
Ireland	9	6	6	0	4	2	2	8	2	8	2	6	6	0	3	6
	7	2	7	0	0	8	1	0	1	1	2	1	8	7	0	0
Faroes	6	7	6	1	3	1	1	8	0	2	2	3	9	1	2	9
	0	7	9	9	5	8	4	6	9	4	9	8	9	2	0	0
Total	370	375	435	83	104	125	126	439	125	108	117	0	465	96	99	460
	3	2	9	1	3	8	6	8	5	0	1	115	6	6	0	0

Growth relative to same period in previous year

	2017	2018	2019	2020					2021					2022E
	Total	Total	Total	Q1	Q2	Q3	Q4	Total	Q1	Q2	Q3	Q4	Total	Q1	Q2E	Total
Norway	-11%	10%	3 %	-10%	10%	21%	19%	11%	49%	-1%	-7%	-9%	4 %	-21%	-2%	0 %
Scotland	34%	-36%	70%	-43%	-9%	-18%	-7%	-19%	102%	32%	-7%	-8%	22%	-42%	-22%	-7%
Chile	22%	18%	24%	-31%	-6%	17%	21%	-2%	42%	6%	-10%	-18%	% 2	-17%	-7%	% 8
Canada	-9%	% 0	39%	-18%	-9%	-24%	-24%	-19%	33%	17%	-8%	-19%	% 3	-18%	-25%	-7%
Ireland	15%	-36%	7 %	-100%	92%	37%	6%	20%	n/m	-54%	-20%	32%	-15%	-42%	62%	-12%
Faroes	-45%	29%	-10%	64%	144%	-8%	-40%	24%	-51%	-32%	57%	168%	16%	32%	-15%	-9%
Total	-3%	% 1	16%	-20%	6 %	8 %	9 %	% 1	51%	4 %	-7%	-9%	6 %	-23%	-8%	-1%

Cash flow guidance and historic developments

Thank you