Mowi ASA

Investor Presentation • May 10, 2023

Q1 2023 presentation

CEO: Ivan Vindheim CFO: Kristian Ellingsen

10 May 2023

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

• Record-high revenues and Operational EBIT in the first quarter on strong operational performance combined with seasonal record-high salmon prices
• Revenues of EUR 1,362 million and Operational EBIT of EUR 322 million
• Blended farming cost up somewhat from Q4 due to last year's inflation and seasonally lower dilution of cost
• Cost-to-stock relatively stable in the first quarter
• Realised blended farming cost expected to increase slightly in the second quarter due to continued manifestation of last year's inflation
• Feed prices levelled out
• Harvest volumes of 103k GWT, above guidance of 98k GWT
• Improved production, FCR and survival rate
• Weakening of NOK Neutral for Mowi as a EUR company
• Consumer Products seasonally best ever operational profit
• Low season for Mowi Feed, however, seasonally a record-high quarter
• Resource rent tax in Norway: Disappointingly few changes in the written proposal submitted to Parliament
• Quarterly dividend of NOK 2.00 per share

Key financials

Mowi - main figures Group Unaudited EUR million	Q1 2023	Q1 2022	2022
Operational and other income revenue	362 4 1 ,	095 3 1 24% ,	4 946 0 ,
Operational 1) EBITDA	367 4	248 9	1 179 4 ,
1) Operational EBIT	321 8	206 7 56%	005 1 1 ,
(NIBD)1) 2) interest-bearing debt Net	641 2 1 ,	1 177 1 ,	758 9 1 ,
1) Underlying EPS (EUR)	0 33	0 29	42 1
1) cash flow share (EUR) Net per	0 37	0 30	0 35
Dividend declared and paid share (NOK) per	70 1	40 1	35 7
ROCE 1)	4% 22	% 23 4	% 23 7
Equity ratio	3% 51	% 51 7	% 49 0
volume (GWT) Harvest	102 944	96 600 7%	463 635
kg1) Operational EBIT - EUR Total per -	3 13	2 14	2 17
Norway	3 73	2 55	2 74
Scotland	2 34	02 1	0 88
Chile	1 51	26 1	1 17
Canada	2 17	2 56	1 60
Ireland	1 68	3 71	0 88
Faroes	3 30	53 1	2 49
Iceland	2 12	-	-

• All-time high Operational EBIT

Salmon prices – weekly reference prices

• Reference prices in Q1 2023 up by 18% YoY in Europe, down 1% in Miami and up 6% in Boston/New York

Q1-23 prices GWT/kg

• Chile USD 8.10(1) (8.14)
• Canada USD 11.40(1) (10.81)

Note (1) Back-to-Plant equivalent prices

Ref. price Chile USD (UB avg D-trim 3-4 lbs FOB Miami), LHS

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

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Price achievement and contract share

• Price achievement 6% below the reference price
• Seasonally recordhigh spot prices higher than contract prices
• Winter sores in Norway

Q1-23 Contract share 26% 66% 46% 0%

Superior share 79% 95% 93% 88%

Operational EBIT comparison

Norway

SALMON OF NORWEGIAN ORIGIN
million EUR	Q1 2023	Q1 2022
Operational EBIT	244 7	4 151
EBIT	267 1	199 9
(GWT) Harvest volume	65 627	59 424
Operational kg (EUR) EBIT per	3 73	2 55
- of which Feed	0 06	-0 04
- of which Markets	0 21	0 07
- of which Consumer Products	0 37	0 24
Price achievement/reference price	93%	89%
Contract share	26%	31%
Superior share	79%	84%

• Record-high Operational EBIT on strong operational performance and seasonally record-high prices
• Higher harvest volumes on improved seawater production and increasing smolt stocking
• Cost up YoY due to last year's feed inflation

Norway: Operational EBIT/kg per region

• Region North: Good margin on higher prices and strong operational performance.
• Region Mid: No harvesting in March when prices peaked. Earnings impacted by biological issues. Turnaround plan has been prepared.
• Region West: Another strong quarter on higher volumes, better prices and relatively good cost development.
• Region South: Outstanding margins and earnings on strong operational performance, high volumes, very good price performance and good cost control, in addition to good timing of harvesting.

Norway: Sales contract portfolio

• 26% contract share for the first quarter
• Second quarter expected to be around 29%, with relatively stable prices quarter-over-quarter

Note: Mowi Norway's fixed price/fixed volume contracts with third party customers and Mowi's processing entities. Mowi's processing entities cover a large proportion

Scotland

SALMON OF SCOTTISH ORIGIN
million EUR	Q1 2023	Q1 2022
Operational EBIT	26 6	10 7
EBIT	39 1	2 1
Harvest volume (GWT)	373 11	10 541
Operational (EUR) EBIT kg per	2 34	1 02
- of which Feed	-0 16	-0 07
- of which Markets	0 13	0 21
- of which Consumer Products	0 31	0 09
Price achievement/reference price	99%	97%
Contract share	66%	77%
Superior share	95%	97%

• Significantly improved earnings on improved environmental and biological conditions, in addition to a strong market
• Cost reduction versus Q4 on better operational KPIs (weights, FCR, survival rate)
• Prioritised growth over harvesting in the quarter

Chile

SALMON OF CHILEAN ORIGIN
million EUR	Q1 2023	Q1 2022
Operational EBIT	9 15	20 1
EBIT	29 1	19 3
volume (GWT) Harvest	10 588	16 017
Operational (EUR) EBIT kg per	1 51	1 26
- of which Markets	0 02	0 11
- of which Consumer Products	0 68	0 37
Price achievement/reference price	100%	90%
Contract share	46%	50%
Superior share	93%	84%

• Earnings impacted by low harvest volumes and harvesting out the 2021 year class
• Prioritised growth over harvesting
• Overall biological performance was good in the first quarter

Canada

SALMON OF CANADIAN ORIGIN
million EUR	Q1 2023	Q1 2022
Operational EBIT	16 4	22 5
EBIT	27 7	17 1
volume (GWT) Harvest	579 7	8 759
Operational kg (EUR) EBIT per	2 17	2 56
- of which Markets	0 06	0 36
- of which Consumer Products	0 00	-0 02
Price achievement/reference price	96%	102%
Contract share	0%	0%
Superior share	88%	93%

• Earnings impacted by lower volumes and high volume share from Canada East
• Biological performance improved YoY for both Canada West and Canada East

Ireland and Faroes

SALMON OF IRISH ORIGIN
million EUR	Q1 2023	Q1 2022
Operational EBIT	1 3	2 5
EBIT	3 2	10 8
Harvest volume (GWT)	781	667
Operational (EUR) EBIT kg per	1 68	3 71
- of which Feed	-0 26	-0 22
- of which Markets	0 28	0 48
- of which Consumer Products	0 41	-0 16
Price achievement/reference price	n/a	n/a
Contract share	78%	95%
Superior share	86%	89%

• Earnings impacted by previous biological issues
• 2023 an operational recovery year

SALMON OF FAROESE ORIGIN
million EUR	Q1 2023	Q1 2022
Operational EBIT	7 0	1 8
EBIT	5 3	0 4
(GWT) Harvest volume	2 130	1 192
Operational (EUR) EBIT kg per	3 30	1 53
- of which Feed	0 00	0 00
- of which Markets	0 05	0 11
- of which Consumer Products	0 00	0 00
Price achievement/reference price	95%	90%
Contract share	0%	0%
Superior share	82%	88%

• Margin negatively impacted by harvesting 62% of volumes in January when prices were lowest
• Strong operational performance in the first quarter

Iceland (Arctic Fish)

SALMON OF ICELANDIC ORIGIN
EUR million	Q1 2023
Operational EBIT	10 3
EBIT	5 7
Harvest volume (GWT)	4 866
Operational EBIT kg (EUR) per	2 12
- of which Feed	0 00
- of which Markets	0 00
- of which Consumer Products	0 00
Price achievement/reference price	n/a
Contract share	0%
Superior share	93%

• Arctic Fish fully consolidated from Q1 2023
• Good performance in sea
• However high processing cost and poor price performance in the quarter
• Integrating sales in Mowi
• Opening our own processing facility in Bolungarvík in July

Excellent growth and living conditions for salmon in Iceland

Integrated salmon farmer with substantial growth projects

Smolt Farming Harvesting Processing

Consumer Products

CONSUMER PRODUCTS
million EUR	Q1 2023	Q1 2022
Operating revenues	854 5	725 4
Operational EBIT	37 2	21 3
Operational % EBIT	3% 4	9% 2
Operational % only EBIT VAP	4 8%	4 0%
EBIT	37 0	19 2
Volume sold (tonnes prod weight)	53 184	56 414

• Seasonally record-high results on strong operational performance
• Good performance in both fresh and smoked categories, and across all geographies
• Continued good sales to retail, partly helped by Easter and Lent season

Mowi stand at the Seafood Expo Global 2023 in Barcelona, Spain

Feed

FEED million EUR	Q1 2023	Q1 2022
Operating revenues	196 0	135 3
Operational EBITDA	6 1	0 6
Operational EBIT	2 2	-3 5
Operational % EBITDA	3 1%	0 5%
Operational % EBIT	1% 1	6% -2
EBIT	2 2	-3 5
Feed sold volume	93 994	88 184
Feed produced volume	108 577	87 762

• First quarter low season

• Seasonally record-high Operational EBITDA of 6.1 million on good operational performance
• Record-high first quarter sold volumes on continued strong growth and feed performance in sea

Q1 2023 presentation

Financials, Markets and Harvest volumes

Profit and Loss

Mowi Group EUR million	Q1 2023	Q1 2022	2022
Operational income revenue and other	1 362 4 ,	1 095 3 24% ,	4 946 0 ,
1) Operational EBIT	321 8	206 7 56%	1005 1
Change in unrealized internal margin Gain/loss from derivatives fair adjustment of biomass Net value ,	3 4 1 1	5 1 12 4	-10 4 -4 7
provision onerous contracts	53 7	55 4	105 5
Restucturing costs	-1 1	-2 4	-13 7
Production/license/sales taxes	-8 4	-5 4	-25 6
Other non-operational items	-1 9	-2 2	-2 1
from associated companies Income	12 4	18 3	59 2
Impairment losses	0 0	-23 9	-59 5
EBIT	381 1	264 1	1053 8
financial items Net	-19 7	-2 3	-52 9
Earnings before tax	361 4	261 8	1000 9
Profit or loss for the period	280 9	205 1	785 4
Basic EPS (EUR)	0 54	0 40	1 51
Underlying EPS (EUR)	0 33	0 29	1 42
Net cash flow per share (EUR)	0 37	0 30	0 35
Dividend declared and paid per share (NOK)	1 70	1 40	7 35
Operational margin EBIT	6% 23	9% 18	3% 20
Harvest volume GWT (salmon) ,	102 944	96 600 7%	463 635
1) Operational per kg incl margin EBIT	3 13	2 14	2 17
ROCE 1)	22 4 %	23 4 %	23 % 7

• Positive net fair value adjustment of biomass of EUR 54 million mainly due to higher prices
• Associated companies: EBIT/kg of EUR 3.27 on 8.6k tonnes from Nova Sea (49% ownership and largest shareholder)
• Margin impacted by biological issues

Resource rent tax in Norway with effect from Q1 2023

• Integrated value chain which has been part of same tax regime until 2023
• Only seawater phase in scope for resource rent tax
• Consultation response: ~80% of earnings related to seawater phase
• Ongoing work to establish correct pricing methodology (seawater phase vs. rest of value chain)
• Conservatively estimated effect in Q1 2023 based on current proposal of 35% resource rent tax: EUR 57m (80% x 35% x EBIT Farming Norway)
• Adjusted for in underlying EPS and ROCE, however, not taken into account in the P&L and balance sheet, in accordance with IFRS

Significant weakening of NOK

• Significant weakening of NOK YTD 2023 (EUR 13.2%, USD 9.7%)
• Mowi is a EUR company
• − Remove currency risk
• − Historically, EUR funding has also been cheaper
• Mowi Norway hedged away FX gain related to timing difference between revenues and expenses – contrary to our Norwegian peers
• − Accounting: 3-year production cycle
• − Cash: Approx. 6 months
• Neutral in steady state
• When the NOK is strengthening the inverse is true
• We maintain that our FX hedging strategy is the right one

Financial position

Mowi Group	31 03 2023	31 03 2022	31 12 2022
million EUR
Non-current assets	4 054 8	3 522 6	4 042 6
Current assets	3 414 7	2 812 3	3 488 7
Total assets	7 469 7	6 335 0	7 531 3
Equity	3 829 9	3 272 7	3 687 1
Non-current liabilities	2 379 1	2 064 6	2 355 7
liabilities Current	1 260 7	997 8	1 488 4
Total equity and liabilities	7 469 7	6 335 0	7 531 3
1) Net interest-bearing debt	1 641 2	1 177 1	1 758 9
Equity ratio	51 3%	51 7%	49 0%
Covenant equity ratio	54 4%	56 2%	52 2%

• Strong financial position

Cash Flow and Net Interest Bearing Debt

Mowi Group million EUR	Q1 2023	Q1 2022	2022
beginning of period* NIBD	-1 758 9	-1 257 3	-1 257 3
Operational EBITDA*	367 4	248 9	1179 4
Change in working capital	8 15	-10 9	-491 4
paid Taxes	-40 2	-22 2	-118 3
Other adjustments	-2 7	-6 8	-110 6
Cash flow from operations*	340 2	208 9	459 1
Net Capex	-90 3	-38 6	-326 0
investments dividends received Other and	-41 3	0 5	-143 4
flow from investments Cash	-131 6	-38 1	-469 4
Effecs of business combinations	0 0	0 0	-69 2
interest and financial items paid* Net	-20 0	-10 0	-36 4
Other items	2 5	8 -5	-8 0
Dividend / return of paid in capital	-82 3	9 -71	-378 2
Currency effect interest-bearing debt on	6 3	-3 0	0 4
NIBD end of period*	-1 641 2	-1 177 1	-1 758 9
*Excluding effects of IFRS 16
distribution: NIBD
EUR	98%	93%	96%
USD	2%	3%	1%
GBP	2%	3%	2%
Other currencies	-2%	2%	1%

• Strong cash flows

2023 Cash Flow Guidance

• Working capital release of EUR 100m due to temporary build-up last year
• Capital expenditure EUR ~380m (including Arctic Fish EUR ~ 40m)
• Freshwater investments EUR ~ 70m
• Seawater investments EUR ~ 50m
• Processing / Sales & Marketing: New processing plants/upgrades, automation projects across plants, digitalisation, efficiency initiatives. EUR ~ 65m
• Interest paid EUR ~80m (ex IFRS 16 effects)
• Taxes paid EUR ~175m
• Quarterly dividend of NOK 2.00 per share
• Payable in second quarter

Overview financing

• EUR 200 million increase of bank facility
• Bank Facility: EUR 2,000m sustainability-linked facility
• 5 years facility (Maturity: September 2026)
• Covenant: 35% equity ratio (adjusted for IFRS 16 leasing effects)
• Accordion option: EUR 100m
• 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%
• Arctic Fish: EUR 114m through several agreements
• Long term NIBD target EUR 1,400m

Supply development

	Estimated	volumes	Compared	to Q1 2022	Est . volumes
Suppliers	Q1 2023	Q1 2022	Volume	%	Q4 2022
Norway	286 100 ,	306 700 ,	20 600 - ,	6 7% -	404 500 ,
Scotland	34 200 ,	29 700 ,	4 500 ,	2% 15	35 000 ,
Islands Faroe	200 17 ,	20 900 ,	3 700 - ,	7% 17 -	27 200 ,
Other Europe	14 100 ,	600 17 ,	3 500 - ,	19 9% -	14 500 ,
Total Europe	351 600 ,	374 900 ,	23 300 - ,	6 2% -	481 200 ,
Chile	166 900 ,	161 600 ,	5 300 ,	3% 3	174 700 ,
America North	24 400 ,	32 000 ,	7 600 - ,	8% 23 -	29 300 ,
Americas Total	191 300 ,	193 600 ,	2 300 - ,	2% -1	204 000 ,
Australia	18 700 ,	18 200 ,	500	7% 2	23 900 ,
Other	8 500 ,	700 7 ,	800	10 4%	700 5 ,
Total	570 100 ,	594 400 ,	24 300 - ,	4 1% -	714 800 ,

• Global supply reduction of 4% YoY driven by reduced volumes from Norway
• Norway: Reduced volumes on lower growth and lower weights partially due to winter sores issues
• Scotland: Increased volumes driven by improved biological performance and better production
• Chile: Some growth on stable biology more fish harvested at relatively stable weight

Global volume development

Page 27

	Estimated	volumes	Compared	to Q1 2022	Est . volumes	12 month	comparison
Markets	Q1 2023	Q1 2022	Volume	%	Q4 2022	LTM	PTM	%
EU+UK	222 800 ,	250 300 ,	-27 500 ,	0% -11	326 300 ,	116 100 1 , ,	136 600 1 , ,	8% -1
Russia	12 800 ,	13 400 ,	-600	5% -4	14 900 ,	48 100 ,	75 500 ,	3% -36
Other Europe	24 400 ,	24 000 ,	400	7% 1	28 500 ,	101 800 ,	109 900 ,	4% -7
Total Europe	260 000 ,	287 700 ,	-27 700 ,	6% -9	369 700 ,	1 266 000 , ,	1 322 000 , ,	2% -4
USA	143 500 ,	143 600 ,	-100	1% -0	150 600 ,	586 200 ,	575 000 ,	9% 1
Brazil	23 800 ,	24 300 ,	-500	-2 1%	24 700 ,	96 700 ,	97 700 ,	-1 0%
Other Americas	33 900 ,	32 900 ,	1 000 ,	3 0%	38 300 ,	147 800 ,	140 000 ,	5 6%
Total Americas	201 200 ,	200 800 ,	400	0 2%	213 600 ,	830 700 ,	812 700 ,	2 2%
China / Hong Kong	26 100 ,	20 300 ,	800 5 ,	28 6%	21 200 ,	89 100 ,	85 900 ,	3 7%
Japan	200 11 ,	14 200 ,	-3 000 ,	-21 1%	800 15 ,	52 200 ,	62 800 ,	-16 9%
South / Taiwan Korea	12 600 ,	400 15 ,	-2 800 ,	-18 2%	14 900 ,	54 100 ,	65 300 ,	2% -17
Other Asia	20 000 ,	22 700 ,	-2 700 ,	9% -11	25 100 ,	85 100 ,	83 700 ,	7% 1
Total Asia	69 900 ,	72 600 ,	-2 700 ,	-3 7%	000 77 ,	280 500 ,	297 700 ,	8% -5
All other markets	30 000 ,	28 900 ,	100 1 ,	3 8%	42 100 ,	141 500 ,	128 200 ,	10 4%
Total	561 100 ,	590 000 ,	-28 900 ,	-4 9%	702 400 ,	2 518 700 , ,	2 560 600 , ,	6% -1
Inflow to US from Europe	40 300 ,	33 600 ,	6 700 ,	19 9%	43 600 ,	149 700 ,	131 700 ,	13 7%
Inflow to from Chile EU	6 300 ,	6 800 ,	-500	4% -7	200 7 ,	29 100 ,	24 200 ,	20 2%

Source: Kontali

• Demand continued to improve on higher prices, partly helped by Easter and Lent season
• Some softening in European retail channel offset by strong foodservice demand. Underlying demand growth
• US demand generally good some mix effects in favour of foodservice
• Asian mixed lack of availability and high freight costs continue to impact trade flow
• Strong growth in Chinese/Hong Kong market on relaxed Covid-19 restrictions

Development in reference prices

	Q1 2023 Market	Change vs Q1 2022	Q1 2023 EUR	Change vs Q1 2022
(1) Norway	EUR 9 55	3% 18	EUR 9 55	3% 18
Chile (2) Chile GWT (3) ,	USD 6 81 USD 8 10	-1 3% -0 5%	EUR 6 35 EUR 7 55	3 2% 4 0%
North America Coast (4) West North America East Coast (5) North America East Coast GWT (3) ,	n/a USD 5 45 USD 40 11	n/a 6 1% 5% 5	n/a EUR 5 08 10 62 EUR	n/a 10 9% 10 2%

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

• Reference prices in Q1 2023 up by 18% YoY in Europe, down 1% in Miami and up 6% in Boston/New York

Europe Americas Chilean D-trim lbs, Canadian GWE 10-12 lbs

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

Industry supply growth 2023e

	2020	2021	2022	2023E		2023E
GWT (1,000)					Low	Y/Y growth	High	Y/Y growth
Norw ay	1,233	1,380	1,365	1,387	1,374	1%	1,400	3%
UK	160	179	149	162	159	7%	165	11%
Faroe Islands	73	95	90	94	92	3%	96	7%
Other Europe*	42	52	55	52	50	-9%	54	-2%
Total Europe	1,508	1,706	1,659	1,695	1,675	1%	1,715	3%
Chile	701	646	678	672	660	-3%	685	1%
North America	141	145	136	128	125	-8%	131	-4%
Total Americas	842	791	814	800	785	-4%	816	0%
Other	91	109	107	115	112	5%	118	11%
Total	2,441	2,607	2,579	2,610	2,572	0%	2,649	3%

*Ireland and Iceland

	Q2 2020	Q2 2021	Q2 2022	Q2 2023E	Q2 2023E
GWT (1,000)					Low	Q/Q growth	High	Q/Q growth
Norw ay	271	288	274	285	281	3%	289	6%
UK	41	53	41	43	42	4%	44	8%
Faroe Islands	20	23	18	20	19	6%	21	17%
Other Europe	11	12	12	9	8	-32%	10	-15%
Total Europe	343	376	345	358	351	2%	365	6%
Chile	158	135	153	145	141	-8%	149	-3%
North America	39	40	38	31	30	-20%	32	-14%
Total Americas	196	175	190	176	171	-10%	181	-5%
Other	19	23	24	25	24	1%	26	9%
Total	559	573	559	559	546	-2%	572	2%

	H2 2020	H2 2021	H2 2022	H2 2023E	H2 2023E
GWT (1,000)					H2/H2 Low growth		H2/H2 High	growth
Norw ay	688	773	785	815	806	3%	824	5%
UK	90	84	78	84	82	5%	86	10%
Faroe Islands	37	52	50	56	55	10%	57	14%
Other Europe	23	25	26	29	28	8%	30	15%
Total Europe	837	933	939	984	971	3%	997	6%
Chile	375	330	364	361	353	-3%	370	2%
North America	74	73	66	72	70	6%	74	12%
Total Americas	448	403	430	433	423	-2%	444	3%
Other	54	63	57	63	61	7%	65	14%
Total	1,338	1,399	1,426	1,480	1,455	2%	1,506	6%

(*) Ireland and Iceland

• Low supply growth of 1% expected for 2023

Page 29

Mowi volume guidance all-time high

Atlantic salmon	2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022	2022	Q1 2023	Q2 2023	2023
GWT (1 000) ,	Actual	Actual	Actual	Actual	Actual	Actual	Actual	Guidance	Guidance
Norway	273	59	59	87	87	293	65	61	290
	2	4	8	4	1	7	6	0	0
Scotland	64	10	13	14	10	48	11	17	64
	4	5	0	5	4	4	4	5	0
Chile	66	16	14	16	18	65	10	12	72
	0	0	4	9	4	7	6	5	0
Canada	45	8	10	11	10	41	7	9	28
	3	8	4	1	8	1	6	0	0
Ireland	6	0	3	2	0	6	0	1	4
	8	7	3	2	7	8	8	7	5
Faroes	9	2	8	1	3	9	2	2	10
	9	1	1	7	1	7	1	7	5
Iceland	n/a	n/a	n/a	n/a	n/a	n/a	4 9	0 1	0 15
Total	465	96	102	133	130	463	102	104	484
	6	6	7	8	5	6	9	5	0

• 2023 volume guidance of 484k GWT maintained

Outlook

• A record start to 2023 on modest supply and good demand
• Salmon normally fares well in challenging economic times
• Modest supply growth expected in 2023
• Mowi harvest volume guidance maintained at 484k GWT in 2023
• Equivalent to growth of 4.4%
• Resource rent tax proposal reduced from 40% to 35% still unsustainable tax level for the Norwegian salmon industry of 57%, and about 75% with Norwegian wealth tax
• Will impose major limitations on future growth and development of the Norwegian salmon industry
• Final decision by Parliament expected before summer break in June

Q1 2023 presentation

Appendix

Proposed resource rent tax on salmon farming in Norway – 57% total tax

• Currently, the industry pays 22% corporate tax, in addition to 0.6% export tax (on revenues) and NOK 0.4 per kg in production fee
• On 28 September 2022 the Norwegian government announced a proposal for an additional resource rent tax of 40% with effect from tax year 2023 putting total taxes at 62% (production fee deductible)
• Applicable to farming activities in seawater
• From the very beginning Mowi has been clear that this tax level is not sustainable and that it will impose major limitations on future growth and development of the Norwegian salmon industry, and thereby cause the loss of current and future jobs in their thousands along the Norwegian coastline, if implemented
• Furthermore, the tax model as such is not fit for purpose as it is very bureaucratic and handles margins and deductibles asymmetrically
• The standard deduction discriminates against larger salmon farmers and thus undermines the traffic light auction system in addition to potentially violating the Norwegian state's obligations under the EEA agreement
• 28 March 2023: Disappointingly few changes in the written proposal submitted to Parliament: Tax rate of 57% reduced from 62% (extra tax rate reduced from 40% to 35%), and about 75% with Norwegian wealth tax
• Final decision by Parliament expected before summer break in June

Mowi ranked #1 on sustainability amongst food producers

Good progress on reducing GHG emissions in 2022 and since 2019

Ambitious long-term targets Scope 1 & 2 & 3 GHG emission

(FY 2022)

Our sustainability achievements

of harvest volumes are certified sustainable 99%

compliant with sustainable sourcing feed policy 100% (1)

of our marine sites with 92% minimum benthic impact (1)

(1) 2022 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

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 four consecutive years	1st place
	Mowi recognised as a global leader in		Protein retention	28%	37%	21%	13%
	climate action	A	Feed conversion ratio	1.3	1.9	3.9	8.0
			Edible meat per 100 kg feed	56 kg	39 kg	19 kg	7 kg
	Supplier Engagement Rating	A	Carbon footprint	5.1 kg	8.4 kg	12.2 kg	39.0 kg
	Mowi ranked the second most sustainable	2nd	(kg CO / kg edible meat) 2
	seafood company (amongst the 30 largest seafood companies in the world)	place	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			smaller environmental footprint.»	«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		better than chicken –		«Farmed salmon…performed similarly or often considered
Notes:	Mowi categorised as Climate Winner in PwC's Climate Index for 2022 1) Scores based on most recent ratings	st 1		Quotes from BFA documents		the most efficient terrestrial animal across the considered environmental stressors.»

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

			Harvest volume	(GWT)		EBIT per	(EUR) kg		NIBD EURm
	Ownership %	2021	2022	Q1 2022	Q1 2023	2021	2022	Q1 2022	Q1 2023	Q1 2023
Sea Nova	48 % 7	43 539	44 027	114 7	8 647	84 1	2 90	2 85	3 27	0 -71

• 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 700m in 2022 (Mowi's share NOK 342m through direct and indirect holdings)
• Proportion of income after tax reported as income from associated companies in Mowi Norway
• − EUR 12.8m in Q1 2023
• − Margin impacted by biological issues

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) hedging Max 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 2023 contract shares (% of guided volume):
• − Norway 29%
• − Scotland 45%
• − Chile 46%
• − Canada 0%
• − Ireland 94%
• − Faroes 0%
• − Iceland 0%
• Contracts typically have a duration of 3-12 months and are entered into on a regular basis

Quarterly segment overview

EUR million	Norway	Scotland	Chile	Canada	Ireland	Faroes	Iceland	Other 1)	Group
OPERATIONAL EBIT
FARMING	202 5	23 4	8 6	16 0	1 0	6 9	10 3		268 7
SALES MARKETING AND
Markets	13 8	1 5	0 2	0 5	0 2	0 1	0 0	0 0	16 3
Consumer Products	24 2	3 6	2 7	0 0	0 3	0 0	0 0	9 1	37 2
SUBTOTAL	240 5	28 5	15 9	16 4	1 5	7 0	10 3	1 9	322 1
Feed	4 2	-1 9			-0 2	0 0	0 0	0 0	2 2
entities 1) Other								-2 5	-2 5
TOTAL	244 7	26 6	15 9	16 4	1 3	7 0	10 3	-0 6	321 8
(GWT) Harvest volume	65 627	11 373	10 588	7 579	781	2 130	4 866		102 944
(EUR) 1) Operational EBIT per kg - total Group	3 73	2 34	1 51	2 17	1 68	3 30	2 12		3 13
- of which Feed	0 06	-0 16	n/a	n/a	-0 26	0 00	0 00		0 02
- of which Markets	0 21	0 13	0 02	0 06	0 28	0 05	0 00		0 16
- of which Consumer Products	0 37	0 31	0 68	0 00	0 41	0 00	0 00		0 36
ANALYTICAL DATA
(%) 1) Price achievement/reference price	93%	99%	100%	96%	n/a	95%	n/a		94%
(%) Contract share	26%	66%	46%	0%	78%	0%	0%		29%
Quality - superior (%) share	79%	95%	93%	88%	86%	82%	93%		84%
GUIDANCE
Q2 2023 harvest volume (GWT)	61 000	17 500	12 500	9 000	1 700	2 700	100		104 500
2023 harvest volume (GWT)	290 000	64 000	72 000	28 000	4 500	10 500	000 15		484 000
Q2 2023 contract share (%)	29%	45%	46%	0%	94%	0%	0%		32%

Development in harvest volumes

GWT	2018	2019	2020		2021						2022			2023E
(1 000) ,	Total	Total	Total	Q1	Q2	Q3	Q4	Total	Q1	Q2	Q3	Q4	Total	Q1	Q2E	Total
Norway	230	236	262	75	56	71	71	273	59	59	87	87	293	65	61	290
	4	9	0	0	1	0	1	2	4	8	4	1	7	6	0	0
Scotland	38	65	52	18	19	0	12	64	10	13	14	10	48	4	17	64
	4	4	7	3	2	15	0	4	5	0	5	4	4	11	5	0
Chile	53	65	64	19	15	14	16	66	16	14	16	18	65	10	12	72
	2	7	6	4	1	9	5	0	0	4	9	4	7	6	5	0
Canada	39	54	44	10	13	11	10	45	8	10	11	10	41	6	9	28
	8	4	0	7	4	1	1	3	8	4	1	8	1	7	0	0
Ireland	6	6	8	1	1	2	1	6	0	3	2	0	6	0	1	4
	3	7	0	2	8	2	6	8	7	3	2	7	8	8	7	5
Faroes	7	6	8	0	2	2	3	9	2	8	1	3	9	2	2	10
	7	9	6	9	4	9	8	9	1	1	7	1	7	1	7	5
Iceland	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	4 9	0 1	15 0
Total	375	435	439	125	108	117	115	465	96	102	133	130	463	102	104	484
	2	9	8	5	0	1	0	6	6	7	8	5	6	9	5	0

Growth relative to same period in previous year

	2018	2019	2020			2021					2022				2023E
	Total	Total	Total	Q1	Q2	Q3	Q4	Total	Q1	Q2	Q3	Q4	Total	Q1	Q2E	Total
Norway	10%	3%	11%	49%	-1%	-7%	-9%	4%	-21%	7%	23%	22%	8%	10%	2%	-1%
Scotland	-36%	70%	-19%	102%	32%	-7%	-8%	22%	-42%	-32%	-3%	-13%	-25%	8%	35%	32%
Chile	18%	24%	-2%	42%	6%	-10%	-18%	2%	-17%	-5%	13%	12%	0%	-34%	-13%	10%
Canada	1%	37%	-19%	33%	17%	-8%	-19%	3%	-18%	-22%	0%	7%	-9%	-13%	-14%	-32%
Ireland	-35%	5%	20%	n/m	-54%	-20%	32%	-15%	-42%	78%	-2%	-54%	1%	17%	-48%	-34%
Faroes	29%	-10%	24%	-51%	-32%	57%	168%	16%	32%	-23%	-40%	-17%	-21%	79%	50%	34%
Iceland	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Total	1%	16%	1%	51%	4%	-7%	-9%	6%	-23%	-5%	14%	13%	0%	7%	2%	4%

Cash flow guidance and historic developments

Financial commitments and cost of debt (*)

Net capital expenditure Net working capital

Thank you