Mowi ASA

Investor Presentation • Sep 26, 2024

Capital Markets Day 2024

Brekstad, Norway

26 September 2024

Group Management Team

Ivan Vindheim (1971), CEO

Ben Hadfield (1976), COO Farming

CEO from 2019, prior to that CFO for seven years. He has held various executive positions in the seafood industry and other industries.

MSc, MBA, CPA, CEFA

Kristian Ellingsen (1980), CFO

CFO from 2019, prior to that Group Accounting Director for four years. He has experience from various positions in the finance area including Director at PwC.

MSc, BSc, CPA, CISA

Fernando Villarroel (1974), COO Farming

COO Farming Scotland, Ireland & Faroes from 2020, prior to that COO Feed and MD for Mowi Scotland. He has held key positions in Mowi since 2000.

MSc, BSc

COO Farming Americas from 2020, prior to that MD for Mowi Chile since 2017. He has held various position within salmon farming globally.

MSc, BSc

Catarina Martins (1977), CTO and CSO

Chief Technology and Sustainability Officer from 2020, prior to that Group Manager Environment and Sustainability. She has both a relevant scientific and business background.

PhD, MSc, MBA

Øyvind Oaland (1970), COO Farming

COO Farming Norway from 2020. Prior to that Chief Technology Officer and Head of Global R&D for 12 years. He has held various key positions in Mowi since 2000.

DVM

Ola Brattvoll (1968), COO Sales & Marketing

COO of Sales & Marketing since 2010. He has comprehensive experience within sales and marketing in the seafood industry.

MSc

BSc

Atle Kvist (1963), COO Feed

COO Feed from 2020, prior to that MD for Mowi Feed since 2019. He has experience from various executive positions within the feed industry and other industries.

MSc

Kjersti Eikeseth (1978), CHRO

Chief HR Officer from 2024, prior to that HR Director Mowi RMT 2020-2024.

Degree in HR management from Norwegian Business School.

Agenda

08:00	08:25	Business and Update Strategy	Vindheim Ivan
08:25	08:40	Finance	Ellingsen Kristian
08:40	09:05	Sales Marketing &	Ola Brattvoll
09:05	09:20	Break
09:20	09:45	Farming and Iceland Norway	Øyvind Oaland
09:45	10:00	Scotland Ireland and Canada Farming Faroes East , ,	Hadfield Ben
10:00	10:10	Chile and Canada Farming West	Fernando Villarroel
10:10	10:20	Feed	Atle Kvist
10:20	10:35	Break
10:35	10:50	R&D and ESG	Catarina Martins
10:50	10:55	Summary	Vindheim Ivan
10:55	11:30	Q&A

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, tax and net working capital guidance, NIBD target, cash flow guidance and financing update, guidance on financial commitments and cost of debt, guidance on anti-trust and competition regulations, 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 realisation of those results is subject to many risks and uncertainties.

Mowi disclaims any continuing accuracy of the information provided in this presentation after today.

Business and Strategy update

Capital Markets Day 2024

Ivan Vindheim CEO

Mowi in brief

One of the world's leading seafood companies
(#1 measured by market capitalisation)

#1 on sustainability (Coller FAIRR)

The world's largest producer of Atlantic salmon, 500,000 GWT in 2024E (~2.9 billion meals per year)

Fully integrated value chain Listed on Oslo Stock Exchange HQ in Bergen, Norway

Revenue and other income (EUR bn) Harvest volume Atlantic Salmon (kGWT) Operational EBIT (EURm)

Mowi – Leading the Blue Revolution

Fully integrated value chain

Feed production of 528,000 tonnes in 2023 – Self-sufficient in Europe

Farming harvest volumes of 500,000 GWT in 2024E

Harvest volumes in GWT

Sales & Marketing – Consumer Products volumes of 232,000 tonnes in 2023

Atlantic salmon is a fantastic product with great product features

• Scientifically proven natural superfood
  • Nutritionally dense and great for one's health (omega-3, protein, vitamins, potassium, antioxidants)
• Top appetising taste, look, texture and colour
• Versatile for traditional and evolving food occasions
  • Raw, grilled, cooked and smoked
• Appealing to people of all ages
  • Addressing health needs of the elderly but equally attractive to youngsters
• Most sustainably produced animal protein
  • With the best climate footprint and top sustainability performance vs. all other animal proteins

And the beneficiary of strong megatrends

Structural undersupply is expected to continue in the coming years

Mowi is working along three main pillars

Page 15

Farming volume growth of 100,000 GWT in the coming 5 years to all-time high 600,000 GWT

• Farming volumes the mainstay of Mowi's business model
• Strong volume growth of 125k GWT, from 375k GWT to 500k GWT for Mowi globally over the last 6 years
  • This growth alone equivalent to the world's 6th largest salmon farming company including Mowi
  • 4.9% CAGR vs industry at 2.7%
  • In practise organic growth
• Aiming at 540k GWT in 2026 and 600k GWT in 2029
  • Organic growth of 100k GWT
• Capex approximately EUR 600 million

Which translates into an organic revenue growth of 7-8% annually until 2029

• 2023-2029F: Topline CAGR 7-8% pa
  • Farming volume CAGR 4.0% pa (475k GWT 2023 to 600k GWT 2029F)
  • Product enhancement, branding, inflation CAGR 3-4%
• 2018-2023: Topline CAGR 7.6% pa
  • Farming volume CAGR 4.8% pa (375k GWT 2018 to 475k GWT 2023)
  • Other CAGR 2.8%

How to deliver on this organic growth?

Increased smolt stocking on unutilised licenses and increased productivity by postsmolt on utilised licenses (~40 million postsmolt by end of 2024 / 25% coverage / Norway 50% ex RN)

Productivity programme revived farming volume growth

From lagging behind to being ahead – farming volume growth vs listed peers

Mowi Farming volumes versus indexed listed peers since 2018

Has made Mowi #1 CAGR EPS and organic farming volume growth last 5 years But negatively impacted by increased taxes, doubling of feed prices, loss of 20k GWT in BC, FX

Improve our cost-leading position in the seven countries where we operate

• Mowi #1 or #2 on cost in every farming country
• Biology and operational performance the main cost drivers
  • Postsmolt a key contributor going forward through improved biological metrics
• However, cost-cutting initiatives are important, including FTEs
  • EUR 307 million since 2018
  • And FTEs down by 1,500

Note: OP EBIT/kg all-inclusive 2018-2023. Industry average excluding Mowi. "Other" includes Mowi Ireland and Arctic Fish versus Icelandic peers

And further develop our position as one of the world's most sustainable animal protein producer

Rating agencies	About the rating	Score (1)	Salmon is the most sustainable 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 five consecutive years	1st 1st	Protein retention	28%	37%	21%	13%
	TIME Magazine, in partnership with Statista, named Mowi in its list of the World's 500 Most Sustainable Companies for 2024		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
	Mowi recognised as a global leader in climate action	A A	Carbon footprint (kg CO / kg edible meat) 2		8.4 kg	12.2 kg	39.0 kg
	Supplier Engagement Rating	A A	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 AA	«Blue foods on average have much greater nutritional benefits than terrestrial foods. Many blue foods also have a smaller environmental footprint.» «Farmed salmon…performed similarly or better than chicken – often considered the most efficient terrestrial animal across the considered environmental stressors.» Quotes from BFA documents
	ESG Rating, assessing financially material Environmental, Social and Governance (ESG) data	Medium Risk

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

Grow the feed division with the farming division

Further develop our number one position downstream

Page 25

Name of the Presentation

Continue the transforming of the value chain through digitalisation and automation

• Mowi 4.0 Mowi's digitalisation strategy
  • Full digitally integrated value chain from roe to plate
• Smart Farming
  • Remote operation centres, real time monitoring of biomass, digital lice counting, assisted and automatic feeding, tracking fish welfare among other initiatives
• Smart Factories
  • Industry 4.0 technology
  • Increased automation and robotisation

Finance

Capital Markets Day 2024

Kristian Ellingsen CFO

Cost: One of Mowi's strategic pillars

• Mowi #1 or #2 on cost in every farming country
• Cost-cutting initiatives are important to combat inflation, biological measures, and more complex regulations
• Biology and operational performance the main cost drivers
  • Biology expected to widen the gap between good and bad performers
  • Focus on continued operational improvements
  • Positive cost effects from postsmolt programme and Mowi 4.0 in the coming years
• Other important cost measures
  • Cost Savings Programme
  • Productivity Programme on FTEs

EBIT per kg – Mowi consistently #1 and #2 in all regions Mowi ranking by country 2 1 1 1 2 1 22.5 20.0 25

Note: OP EBIT/kg all-inclusive 2018-2023. Industry average excluding Mowi. "Other" includes Mowi Ireland and Arctic Fish versus Icelandic peers

Mowi Norway consistently #1 on EBIT/kg in Region North, West and South Improvement initiatives underway in Region Mid

EBIT per kg Mowi consistently #1 in all other countries except from Faroes (#2)

(Iceland)

Ireland

Mowi Norway outperforming the wider industry on cost performance

• Gap is set to increase in the coming years through postsmolt, Mowi 4.0 and cost savings initiatives

Full cost per kg – Mowi Norway vs. all salmon farmers in Norway

Significant inflationary pressure since 2021 is now easing

• Recent easing of the significant post-Covid inflationary pressure
  • Driven by feed prices which increased significantly 2021-2023 but have been reduced by ~5% YTD Q2 2024 vs 2023
  • Expectations of continued feed price decreases driven by marine ingredients

Realised blended Farming cost per kg for Mowi group

Realised cost savings of EUR 307 million 2018-2024 YTD Q2

• Total cost savings of EUR 307 million 2018-2024 YTD, of which EUR 207 million in Farming
  • ~1 700 initiatives across different categories
• Cost Savings Programme has covered several important areas, and the organisation has become more cost-aware than before
  • Renegotiations of contracts
    • Boats and treatment capacity
    • Nets and net cleaning
    • Vaccines and other health items
    • External services and fee cuts
  • Productivity programme
  • Other savings based on thorough review of spend, e.g. travel costs and energy savings

Cost savings per year and business area (EUR million)

Cost savings per category (EUR million)

• Boats/treatments
• Other health
• Nets
• Salary
• Other procurement
• Other

Taking the Cost Savings Programme to the next level

Cost control, not just cost savings	Standardisation	Reduce variations between business units	Category management	Life-cycle analysis
• Safeguarding results achieved so far • More proactive – cost avoidance More deeply • linked with operations Managed • spending	• Comparability • Enable analyses across business units Reduce • complexity and operational risk Leverage volume • strategies	• Capitalise on Mowi best practices and insight • Data-driven and systematic approach	• Capitalise on category insight Systematic • approach across the group Close • cooperation between Controlling, Procurement and operations	• Ensure that total life cycle cost is considered • Short-term savings vs. long term cost Sustainable supply • chains

Long-term spend strategies combined with constant cost focus in our daily work

Strong performance on productivity and FTE development

• Productivity programme

• Salary and personnel expenses second largest cost item in Mowi; EUR 648 million in 2023
• Productivity increase of 18% 2019-2024 YTD Q2, i.e. delivering well in excess of the 10% targeted productivity increase
• FTE decrease 9% 2019-2024 YTD Q2
• Volume increase 9% 2019- 2024 YTD Q2
• On schedule to realise further productivity improvement targets in 2025 onwards. Mowi will maintain its strict FTE and productivity focus
• Natural turnover through retirement, reduced overtime, reduced contracted labour, automation

F E reductions based on "as is" volumes

Strong focus on cost containment and cost leadership

Postsmolt	Mowi 4.0 Farming	Cost Savings Programme	Productivity Programme on FTEs	Mowi 4.0 Sales & Marketing
• Less treatments • Reduced mortality Better FCR • • Positive scale effects from higher volumes	• Improved FCR • Lower health cost • Other cost improvements	• Cost control • Standardisation • Reduce cost variation between entities • Life cycle analyses • Category management	• Continued strict FTE focus • Realise further productivity improvements	• Efficiency • Yield • Automation Smart processing • technology

Cost improvement potential1) overall EUR 300-400 million

Overview of Mowi's financing – target 100% green financing

• Total committed financing of EUR 2,648 million ex Arctic Fish
  • Approx. EUR 940 million in cash and undrawn lines
• Comfortably compliant with equity covenant of 35%. No earnings covenant
• Bank Facility: EUR 2,000m sustainability-linked facility
  • 5-year 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 green bonds: EUR 298m
  • Tenor 5 & 8 years (Maturity: May 2029/2032)
  • EURIBOR + 1.19% (5-yr) / EURIBOR + 1.47% (8-yr)
• 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 170m senior secured facility
• Long-term NIBD target of EUR 1,700m

Sales & Marketing

Capital Markets Day 2024

Ola Brattvoll COO Sales & Marketing

Mowi Sales & Marketing

• Focus on creating customer value through
  • Product
  • Branding
  • Operational Excellence
• Putting the customer at the core of everything we do downstream
• Strong result improvement in Mowi Consumer Products

Business highlights Geographical overview of assets

20 Secondary processing plants

Salmon

The food icon of the 21st century

Salmon is addressing megatrends better than most other popular food offers.

Significant growth potential in all markets

Mowi Sales & Marketing has a unique position in the salmon market

• Global processing and sales presence
  • Asia: 6 VAP factories, 7 sales offices
  • Europe: 11 VAP factories, 14 sales offices
  • Americas: 3 VAP factories, 5 sales offices
• Cost effective and market adopted foot-print
  • Strong cost performance
  • Integrated value chain
  • Global coverage & well invested facilities
• Global customer network
  • Product knowledge and innovation capacity
  • Category management
  • Branding

			MOWI.
	MOWI. SIGNATURE
	Łosoś wędzony na zimno HE NORWESKI 4 plastry 100g	asc
Z SOLA MORSKA	WĘDZONY NATURAUNYM 0 6) SAMO

The mission of the MOWI brand: De-commoditising the salmon category

• More value for consumers
  • More choice
  • More innovation
  • Higher quality
• More value for customers
  • New shoppers
  • Higher shopping frequency
  • Higher basket value
• More value for Mowi

  • 30% price premium to private label

  • More shelf space for the category
  • New PL business with category management

Page 45

Social media and in store activities:

Engaging consumers and customers

MOWI has become the world's largest global salmon brand in just 5 years

• The MOWI-brand launched in 2019
• Present in 16 markets
• OpEBIT break-even in 2024

Cost cutting, yield and efficiency improvements are pivotal for our business

Our Global Processing Excellence team is active in 32 factories in 18 countries

YIELD IMPROVEMENTS EFFICIENCY IMPROVEMENTS OTHER IMPROVEMENTS

Structured Experience & Knowledge Exchange

Global OEE Solution

Lean Manufacturing Trainings

Consumer Products: Achieved annualised savings of EUR 75 million from 2018

EUR 38 million EUR 20 million EUR 17 million ANNUALISED YIELD SAVINGS

ANNUALISED EFFICIENCY SAVINGS

FTE reductions from productivity improvements and efficiency gains

Year	Reduction	%
2020	516	5% -5
2021	302 1 ,	-13 9%
2022	860 1 ,	-19 9%
2023	2 272 Labour ,	-24 3% efficiency

11

2018-2020 2021 2022 2023

20

ANNUALISED OTHER SAVINGS

Yield improvements

40

Other Savings

Significant savings potential from introducing more technology (Mowi 4.0)

Extension of super lines across all sites

Auto-allocation of Raw Material to the right factory and product

Vision Checking Systems and Scanners for Yield Monitoring

Integration of Mowi Insight Data across processing to Optimise the Value Chain

Mowi Production System

Digital learning tool

AI and Vision solutions for Production Audit

Trimming Robots and Auto-Packaging

YIELD EFFICIENCY OTHER AREAS

Automation of low-value adding processes

Quality Camera Systems and Auto-Decisive Solutions

Implementation of Smart Grading Solution

Mowi Smart Factory Strategy

We estimate in the next 5 years additional annualised savings of EUR >60 million

We will continue to add value

• Cost cutting
  • Global Processing Excellence Team
  • Digital technology
  • Automation
• Branding
  • Volume and EBIT growth
  • Stimulating salmon category growth
  • Significant long-term potential
• Growth in selected private label segments
  • Overall CP growth in line with Farming growth
  • US prepacked segment
  • Asian prepacked segment
  • European ready-to-eat segment

Page 52

Farming Norway

Capital Markets Day 2024

Øyvind Oaland COO Farming Norway & Iceland

Farming Norway

• Volume growth from 305k GWT to 355k GWT by 2029
  • Primarily by postsmolt
• Cost improvements
  • Postsmolt; increased productivity and improved biological metrics including survival rate

61%

• Smart Farming (Mowi 4.0)
• Generic cost saving programme
• Turnaround Region Mid
• Environmental licenses and M&A wildcard

Further strengthen industry leading license utilisation by postsmolt

Harvest volume (GWT) per standard license (780 tonnes)1)

Chart Title

Farming Norway South

• Closed gap on license utilisation

  • 30k GWT and 85% volume increase from 2018

  • Site restructuring and smolt stocking effects
• Continued growth through postsmolt strategy
  • Fjæra postsmolt facility completed in Q4-2023
  • Closed containment integrated part of the postsmolt realisation
• Establishment of Remote Operations Centre at Hjelmeland/Ryfisk

Farming Norway West

• Delivered on turn-around with >80k GWT established as new baseline
  • Strong performance in a challenging biological environment
• Further growth through our postsmolt strategy
  • Haukå postsmolt facility to be completed in Q4-2024
• Remote Operations Centre at Deknepollen delivering strong results
  • Model centre for ROC establishment in the other regions

Harvest volumes (1,000 GWT) Region West share of

Mowi Norway 2024E

Farming Norway Mid

• Demerged, turnaround plan in progress
  • To improve biological performance and cost position
• Volume growth through postsmolt strategy
  • Nordheim postsmolt facility completed in Q4-2023, further expansion planned
• 100k GWT state-of-the-art processing facility at Jøsnøya opened in January 2024
  • Securing harvest capacity for both Mid and North
• Remote Operations Centre established at Jøsnøya

Farming Norway North

• Mowi's best performing farming region
  • Good cost control, site availability and biological conditions
• Maintain good growth and increase harvest volume
• Prioritised area for further growth good growth and favorable biological conditions
• Remote Operations Centre in Bodø

Harvest volumes (1,000 GWT) Region North share of

Mowi Norway 2024E

Postsmolt to give further organic growth and improve biological metrics

postsmolt ratio in Norway, excluding Region North, by 2024

Site	Region	Postsmolt tonnes	Total smolt capacity tonnes
Fjæra Nordheim Haukå	South Mid West	3 300 , 4 100 , 3 300 , 10 700 ,	4 400 , 6 200 , 4 800 , 400 15 ,

• In addition, postsmolt from two sites with closed containment systems

Fjæra commissioned Nordheim commissioned • Almost 30 million capacity or 50%

Haukå to be commissioned Q4-24 Closed containment system

The next phase of our postsmolt strategy

• Next phase of the postsmolt strategy includes four postsmolt projects
  • Nordheim (Mid) Expansion of existing postsmolt site
  • Rovde (West) Green field project
  • Vågafossen (South) Expansion of existing RAS site
  • Agder (South) Full renovation
• Increases total postsmolt numbers by another 20 million
• Additional potential in Region North to be addressed

Postsmolt expansion plans Norway

• Existing postsmolt sites land
• Existing postsmolt sites sea (closed containment)
• Next phase postsmolt sites land

Postsmolt improves survival, welfare and productivity

• Optimising biological conditions and improving welfare are multifactorial - involves interrelated challenges and parallel approaches
  • Improving industry-wide biosecurity practices
  • Genetic selection for fish robustness and disease resistance
  • Reduce lice pressure and development of gentler lice treatment approaches
• Postsmolt improves survival, welfare and productivity through effects which are generic
  • Reduces time in sea
  • Reduces risk in sea
  • Reduces treatment need
  • Enables strategic stocking and adapting to biological risks
  • Increases site-capacity
  • Increases survival
• Where we do postsmolt, we believe we will manage to halve the cycle mortality

~ 200 Fewer production days in sea

~ 50% Lower cycle mortality

~ 40%

Fewer treatments

+5%

Faster growth

Mowi 4.0 - Smart Farming

• Giving the analogue world in sea a digital voice through the Smart Farming concept
• Real time monitoring of biomass, lice, growth performance and feed conversion
• Remote Operations Centres established in all regions
  • Feed conversion ratio (bFCR) improved by 10%
• Remote operating vehicles and drones for maintenance and surveillance
• Digital monitoring of fish health status, welfare indicators and environmental conditions in sea are coming
• Development of autonomous feeding application – in progress
• Through Smart Farming we will improve performance metrics, enhance knowledge generation and improve biological understanding

Mowi is technology neutral

Implementing technology which improves welfare, are cost-effective and scalable

• Closed containment
  • Vast experience since 2013
  • Viable alternative for postsmolt
  • Not yet proven technology for full cycle at scale

• Subsea farming

• Further implementation is currently under review
• Foundation for reduced lice-pressure through shielding technology and submerged farming from CAC
• Optical delousing
  • Laser in use on selected farms
• Smart Farming concept
  • Leverage big data through MowInsight for enhanced decision-making

Closed containment system at Slåttenes

Farming Iceland (Arctic Fish)

Capital Markets Day 2024

Øyvind Oaland Chairman Arctic Fish

Farming Iceland (Arctic Fish)

• Realising volume growth and license utilisation
• Organic growth to 25k GWT by 2029
• Increased smolt stocking, new site establishments and improved license utilisation through stocking larger smolts
• Brand new processing plant reducing dependency on external harvest capacity and reducing harvesting and processing cost
• Establishing a healthy cost-level in line with Farming Faroes

2%

• Feed supply and sales delivered by Mowi

Attractive and sustainable value chain

• Freshwater production
  • Modern and high capacity smolt facility with RAS technology
  • Good geothermic conditions
• Seawater production
  • Seawater sites strategically located in all fjords in the Westfjords
  • Production may be alternated to minimise biological risk
• Processing
  • State-of-the-art processing facility from 2024
  • Designed to fulfill the short- and long-term needs
  • Current capacity of 50,000 GWT

Page 68

Farming Scotland

Capital Markets Day 2024

Ben Hadfield COO Farming Scotland, Faroes, Ireland and Canada East

Mowi Scotland

• Harvest volume capacity >80,000 GWT
• Postsmolt strategy to drive improvements in the years to come
• Mowi Broodstock at purpose built Ardessie hatchery from Q3 2025
• Successful integration of Wester Ross Salmon and Dawnfresh Ltd
• Cost initiative significant improvement in productivity with FTE reduction of 15% by end of 2024
• Processing automation secured >80k tonnes capacity
• UK's largest food exporter, subject to stable science-based regulation

Group 2024E

13%

Biological turnaround of Scotland I: Postsmolt (Loch Etive) and Large Smolt (Loch Awe) >50% coverage

• Increasingly challenging environmental conditions call for more robust salmon and shorter production cycle
• Thus, acquired the Dawnfresh bankruptcy estate's trout sites in 2023 as a move into postsmolt farming
  • Loch Etive the largest brackish-water loch in Scotland and particularly well suited for postsmolt farming
• Postsmolt production commenced in February
• Annual postsmolt production of ~7 million (approx. 30% coverage)
• Application to convert trout to salmon smolt in Loch Awe - potentially 5 million large smolts (>50% postsmolt and large smolt coverage)
• Lower capital expenditure than a land-based postsmolt facility, shorter realisation time and lower running production cost

Loch Etive, Scotland

Biological turnaround of Scotland II: 100% self-sufficient for eggs

• Another important part of Mowi Scotland's biological turnaround plan is to become selfsufficient in eggs as restricted supply of poor-quality Ova is having a clear detrimental impact on much of the Scottish Industry
• Mowi nucleolus breeding individuals segregated in production
• Started construction of a brand new bespoke broodstock and egg facility at Ardessie, Northern Scotland
• Ensures Mowi Scotland will be 100% self-sufficient with ova (eggs) → better SW growth and survival rates
• To be completed in 2025 with annual production capacity of 40 million Mowi salmon eggs
• Creates strong ova supply base for Scotland and Ireland

Construction has commenced (above). Groundworks (below). Ardessie, Scotland.

Cost reduction and cost control

• Continuation of the fewer and larger pen strategy move from 120 metre pens to 160/200 metre pens has been ongoing since 2020 and is progressing (approx. 50% completed)
• Right-sizing ongoing with FTE reduction from 900 (post acquisitions) to 760 FTE
• Optimise well-boat and harvest vessel capacity
• Achieve cost savings on special feed types related to organic salmon and branded products

Farming Faroes, Ireland and Canada East

Capital Markets Day 2024

Ben Hadfield COO Farming Scotland, Faroes, Ireland and Canada East

Mowi Faroes

• ….

Business highlights

• Maintain and enhance high-quality, low production cost performance
• Small incremental production increases in exposed locations assist in cost dilution
• Evaluating postsmolt production from current 500 grams to 800 grams
• Incremental increase to harvest weight and yield per smolt
  • Further use of large smolts and postsmolts
  • Minor increases in MAB
  • Extensive use of passive grading at harvest
  • Effective cost control and good EBIT/kg based on excellent biology and low mortality
  • High harvest weights and exceptional colour of Faroese Salmon

Geographical overview of assets

Mowi Ireland

Business highlights

• High demand for premium Irish Organic Salmon continues
  • Focus on quality and exceptional customer service
  • Improved cost focus and rebuilding of farming volumes
• Capacity of 10,000 GWT
  • Positive signals from new government and authority updating regulatory framework
  • Re-submission of new site applications and continuous work to secure additional sites
• Synergies with Scotland
  • Cleaner fish
  • Treatment resources and freshwater well boat
  • Equipment transfer and 120-metre 'Enviro-net Programme'
  • Leading producer of high-quality Ova

Geographical overview of assets

Mowi Canada East

Business highlights

• Our third year of stable and improving biology, low sea lice levels, decreasing ISA prevalence and high average harvest weights
• Native regional strain broodstock, isolated from ambient environment at ground water hatchery to eradicate HPRO. Secure broodstock ova from 2024 entering sea in 2025
• Business fully right-sized and full cost reduction taking good effect
• 2025 expected harvest around 15k GWT
• Steady biomass and harvest build to 25k GWT
• Experience transfer from Scotland in all areas of farming
• New site licenses issued exceeding 17k tonnes MAB and full EIA to be submitted for smolt locations in 2025

Geographical overview of assets

Farming Chile and Canada West

Capital Markets Day 2024

Fernando Villarroel COO Farming Chile/Canada West

Mowi Chile

• Strategy continues to focus on organic growth within current regulatory framework
• 5% annual volume growth; using dormant licenses by a 3rd party producer to help increasing our own baseline stocking numbers
• Focus on efficient production and low cost
• Competitive biological indicators and fish welfare
• Rapid technological advance ⁴

Group 2024E

Organic growth within existing regulatory framework

• Organic growth
  • Harvest increased by 20,000 GWT from 2018 and plans to add >20,000 GWT by 2029
  • Steady and sustained organic growth has been achieved at considerably lower cost than acquiring capacity
• Regulatory framework for growth
  • − Regulatory regime in Chile uses future smolt stocking, to control industry's sanitary situation
  • − " raffic Light System" defines future growth
  • − Additional growth through "density rule"
• Maximise smolt stocking within current regulatory regime
  • A third party produces under "density rule" and transfers to Mowi Chile the rights to increase our baseline stocking numbers
  • Mowi has unused license capacity, and is using the ones with the best conditions in terms of MAB and location

Focus on efficient production and low cost

• Efficient production through value chain
  • The lowest cost producer compared with peers in Chile
  • Larger and fewer sites for economies of scale
  • Use of large well-boats for fish movement and FW treatments
  • Lowest feed cost in the group due to raw material use flexibility
• Significant productivity improvements
  • Productivity improvement of almost 60% since 2018
  • Increased use of technology and automation of labour-intensive activities – particularly in processing
  • Remote Feeding Operation and use of AI supporting such activities aligned with Smart-Farming
• High focus on cost control
  • Cost-saving initiatives of close to USD 20 million since initiative started
  • OPEX reduction through operational optimisation and procurement
  • Smolt cost remains high, but investments in key structural issues have improved survival in early stages

Mowi Chile processing plant, Chacabuco

Competitive biology and welfare

• Survival
  • Survival rate amongst the best in the industry
  • Use of data science for decision making and own lab for testing
  • Improving fish robustness through new available nutritional concepts
• Mowi´s Genetics programme
  • Dissemination family programme, using genomic selection to speed up gains
  • Focused on maximising growth, disease resistance and fish quality
• Animal Welfare
  • Operational Welfare Indicators (OWIs) implemented
  • In trials, non-lethal method for pathogen testing
  • Mitigation systems for environmental stressor implemented on all sites

Advancing toward Mowi 4.0

• Feeding
  • Remote Operations Centre for centralised feeding
  • Multipurpose cameras for feeding and biomass estimation
  • Photoperiod (LED) manipulation for growth
  • Use of AI for pellet recognition and fish feeding behaviour
• Environmental
  • Use of drones for aerial monitoring of algae
  • Extensive use of bubble curtains and diffuser for algae bloom mitigation
  • Use of AI for phytoplankton image recognitions
• Operational
  • Use of ROV for net repairs, anchor lines cleaning
  • Use of BOTs for repetitive administrative functions

Mowi Canada West

• Freshwater

• In June 2024 the Government of Canada announced a new 5-year licensing period to 30 June 2029
• A new policy was also announced to move away from traditional marine salmon farms and to move into closedcontainment systems or onto land
• Harvest volumes of 20,000 GWT per year for the next 4 years in British Columbia
• A strategic review is ongoing for this operation
• The decision does not affect Mowi Canada East

Feed

Capital Markets Day 2024

Atle Kvist COO Feed

Mowi Feed to continue to grow in line with farming volumes

• Efficient, high-performance feed, low and competitive cost
• Sourcing sustainable feed raw materials
• Develop new sustainable feed ingredients
• With a smaller investment increase production capacity in Norway with 60,000 tonnes

An impressive development from 2019

• 20% productivity improvement: FTEs down 10%, and volume up more than 10%

• Mowi's farming operations were ~ 5% supplied with Mowi's own feed in 2023

• Excellent feed performance

• Premium coastal location, deep-water access

• Seawater and some freshwater feed to our farming operations in Norway and the Faroes
• Production record in 2023 of 405k tonnes

• Premium coastal location, deep-water access
• Freshwater, seawater and organic feed to our farming operations in Scotland, Ireland, Iceland and Norway

Smart Operations in Mowi Feed

• Productivity increased through Smart Operations
  • Drives change through entire value chain
• Reduces manufacturing and supply chain costs
• Enhances sustainability
  • Improved energy efficiency & raw material utilisation
• Quality tool development sinking speed optimisation

Feed tailored to match life-cycle needs of the fish

• Our guiding principle:
  • Every single pellet must deliver 100% of what the fish needs, every day
• Our job:
  • Widest available spectrum of raw materials
• Continued investment in feed R&D
• Feed formulas and feeding skills make us a net producer of fish

• Our feed is good for the fish and good for the environment

Sustainability

Environmental impact (base 2019)

• Greenhouse gas emissions
  • Scopes 1&2 reduction 51%
  • Scope 3 reduction 28%
• FLAG (Forest, Land & Agriculture)
  • Reduction 33%

New feed raw materials

• Target: 10 -15% inclusion by 2030
  • 4% inclusion in 2023

Global Supplier Engagement tools (fully rolled out)

• Running Environmental, Social and Governance due diligence of the feed supply chain

COMPLIANCE AND GOVERNANCE MANAGEMENT	100%
BUSINESS MANAGEMENT
INFORMATION SECURITY & PRIVACY (GDPR)	100%
QUALITY MANAGEMENT	100%
SUPPLY CHAIN MANAGEMENT	100%
ENVIRONMENTAL MANAGEMENT	100%
HEALTH & SAFETY MANAGEMENT	100%
LABOR RIGHTS COMPLIANCE	92%
HUMAN RIGHTS COMPLIANCE	86%
BUSINESS ETHICS, ANTI- CORRUPTION MANAGEMENT	100%
INNOVATION MANAGEMENT
PRODUCT MANAGEMENT & TRACEABILITY	100%

Mowi's policy on sourcing sustainable raw feed materials

$$\boxed{\Delta}$$

R&D and ESG

Capital Markets Day 2024

Catarina Martins CTO and CSO

Mowi with extensive R&D experience for 20 years

PRIMARY PROCESSING TRADING SECONDARY PROCESSING SALES & DISTRIBUTION MARKETING & BRANDING

Mowi's digital real-time biomass monitoring

• 200

Deployed next-generation underwater cameras

• All-in-one solution Biomass, lice count, OWI, autonomous feeding

• Real-time Biomass estimate and growth trajectory

Mowi is optimising timing of treatments with real-time lice counts

• Automatic lice counting Stress-free
• Early Planning and intervention

Mowi's autonomous feeding for better FCR and growth

• Autonomous-feeding Based on pellet detection and behavioral cues
• Remote Operation Centers Optimised feeding
• Exception-based management Focus where it matters Expedite pen-level decisions

Mowi is keeping nets cleaned with innovative robotic technology

• >70 units of robotic cleaning devices in Norway
• Improved fish welfare from high-pressure cleaning of nets to gentle and continuous cleaning
• Net monitoring in operation

Mowi is adapting to climate change by using drones, AI-based plankton detection and shielding technology

• 100% Implementation of mitigation systems in Chile and Canada West

• Drones

For surveillance of Harmful Algae Blooms and Jellyfish

• Automatic water sampling & AIbased plankton monitoring
• Digital alerts

Mowi's subsea farming for lice control

• Sea lice reduction Subsea farming away from lice exposure
• Advanced Monitoring Underwater cameras and sensors
• Stable temperatures Submerged to ~25-30m
• Water Feeding

Closed containment system in sea

Producing food from the ocean makes sense

Health Farmed salmon is a super food helping fight malnutrition

Climate change

Farmed salmon has lower GHG emissions compared to land animal proteins

Land use

More food from the ocean, frees up land for schools, hospitals and accommodation

Fresh water

Salmon is farmed in areas with no water scarcity & uses less water than land animals

Communities

Producing food from the ocean allows employment in small coastal communities

And further develop our position as one of the world's most sustainable animal protein producer

Rating agencies	About the rating	Score (1)	Salmon is the most sustainable 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 five consecutive years	1st 1st	Protein retention	28%	37%	21%	13%
	TIME Magazine, in partnership with Statista, named Mowi in its list of the World's 500 Most Sustainable Companies for 2024		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
	Mowi recognised as a global leader in climate action	A A	Carbon footprint (kg CO / kg edible meat) 2	5.1 kg	8.4 kg	12.2 kg	39.0 kg
	Supplier Engagement Rating	A A	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 AA	«Blue foods on average have much greater nutritional benefits than terrestrial foods. Many blue foods also have a smaller environmental footprint.» «Farmed salmon…performed similarly or
	ESG Rating, assessing financially material Environmental, Social and Governance (ESG) data	Medium Risk	better than chicken – often considered 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

Mowi's sustainability strategy is walking the talk

36%

GHG scope 1+2 reduction vs 2019; scope 3 with 4% reduction vs 2019

99%

of harvest volumes are certified sustainable

of our marine sites with minimum seabed impact 95%

compliant with sustainable 100%

sourcing feed policy

Fish in, fish out (FIFO), salmon is a net protein producer 82% 95%

0.1%

scarcity

of plastic packaging recyclable, reused or compostable

of freshwater use is from

areas of medium-high water

of waste at processing plants not sent to landfill

Inclusion of emerging 4% feed raw materials

<1

Mowi's climate targets are aligned with 1.5⁰ C

-

Salmon and land farmed animals have different reproductive strategies

External Fertilisation

• R-strategists
• higher number of reproductive cells
• lower survival rates
• more influenced by environmental conditions

Internal Fertilisation

• K-strategists
• lower number of reproductive cells
• higher survival rates
• less influenced by environmental conditions

Farmed salmon have much higher survival rates than wild salmon

Atlantic salmon production time is significantly longer than for most land farmed animals, and mortality rates are therefore naturally higher...

Source: Land animals- Animalia Norway (2023). Mortality rates refers to the average mortality rates during the on growing phase for aquatic animals. Freshwater mortality of 4% for growth period of 9- months (Mowi's data).

...however, monthly mortality rates for farmed salmon are significantly lower than for the majority of land animal proteins

MONTHLY MORTALITY (%)

Source: Animalia ( 0 ) and Mowi's own data; complete production cycle (freshwater + seawater)

Mortality rates for Atlantic Salmon relatively stable over the past 30 years

Our strategic programmes of Postsmolt and Smart Farming are improving biological metrics and will improve fish survival and welfare

Postsmolt strategy

Reduce the time spent in sea by up to six months, substantially improving biological KPIs

Smart Farming

Unprecedented visibility and control underwater

Vaccination

100% vaccination; only approved veterinary medicines are used; no prophylactic use of antibiotics

Optimal feed and feeding

Ensuring optimal feed and feeding procedures

Fish behaviour

Use of underwater cameras for behavior observations

Handling and transport

Gentle handling and transport following best practices

Ensuring good fish welfare

Training

100% trained staff; dedicated fish health and welfare team

Stunning and slaughter 100% percussive stunning; trained staff

Certification

100% certified with either ASC, BAP or Global GAP, all addressing animal welfare

Supply chain

Relevant suppliers required to follow fish welfare standards; included in Code of Conduct

Reporting

Operational Welfare Indicators monitored and reported publicly

R&D

Continuous improving on testing and verifying new farming, technological and health solutions

Summary

Capital Markets Day 2024

Ivan Vindheim CEO

Summary Capital Markets Day

• Organic growth from 500k GWT in 2024 to 600k GWT in 2029 and topline growth of 7- 8% p.a. (CAGR) to EUR 8.5 billion in operating revenues
  • Main focus fjord-based farming and related technology
  • However, monitoring developments in other production forms
• M&A when an operational and strategic fit, as well as accretive
• Maintain cost leadership focus
  • Untapped cost potential of EUR 300-400 million
• Improved biological metrics and sustainability credentials
• Grow downstream and feed organically with Mowi Farming
• Continue to de-commoditise the salmon category through our MOWI branding strategy
• Continuation of Mowi 4.0 Transforming the value chain and increasing efficiency through digitalisation and automation

Q&A session

Capital Markets Day 2024