Q3 2025 presentation

CEO: Ivan Vindheim CFO: Kristian Ellingsen

5 November 2025

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 realization of those results is subject to many risks and uncertainties.

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

Highlights Q3 2025

Turnover EUR 1.39 billion and Operational EBIT of EUR 112 million
Pressure on market prices following record-high industry volumes (+12% y/y)
Mowi all-time high harvest volume of 166k GWT
Farming cost stable q/q and down by 5% y/y
Blended farming cost across seven origins EUR 5.42 per kg, down EUR 0.30 per kg y/y
Cost reduction of EUR 50 million in the quarter and EUR 126 million YTD compared with last year
Biomass cost continues to develop well on lower feed prices
Expect lower farming cost in 2026E and stable cost in Q4-25 vs Q3
Acquisition of Nova Sea completed in October, integration started
Preliminary estimate synergies EUR 34 million. To be consolidated from Q4
Record high earnings in Consumer Products and Feed
Feed strategic review progressing, conclusion expected before year-end
Quarterly dividend of NOK 1.50 per share

Farming volume guidance of 605k GWT in 2026E (9.2% growth y/y)

Farming volume guidance increased to 554k GWT for 2025E (10.5% growth y/y) on acquisition of Nova Sea
Guidance of 605k GWT in 2026E (9.2% growth y/y)
Biomass in sea seasonally record-high and up 10.9% y/y including Nova Sea
2029 volume target of >650k GWT through organic growth

How to deliver on further organic growth?

Increased smolt stocking on unutilised licenses and increased productivity by postsmolt on utilised licenses (~40 million postsmolt in 2025 / 25% coverage / Norway 50% ex RN)

New postsmolt site at Kilvik in Region North from Nova Sea

6,000-tonne postsmolt RAS facility
First postsmolt delivery Q2 2026
Full production 2027
Mowi 74% ownership

Ordering 4 Closed Containment Systems for postsmolt production in Region West (Environmental Technology Scheme)

Mowi Norway has 10.5 withdrawn licenses
Ordering 4 new closed systems, restores 2.6 licenses in Region West

Mowi Norway's postsmolt share from ~30 million to ~40 million in 2026E (from 30% to 40% coverage) Mowi Group's postsmolt share to ~50 million (30% coverage)

Productivity programme revived farming volume growth Farming volume growth of >275k GWT from 2018 to 2029F (CAGR >5.1%)

Mowi Farming volumes since the big merger in 2006

From laggard to leader – farming volume growth vs listed peers

Mowi Farming volumes versus indexed listed peers since 2018

Mowi – Leading the Blue Revolution

Key financials

Mowi Group - main figures Unaudited EUR million	Q3 2025	Q3 2024	YTD 2025	YTD 2024	2024
Operational revenue and other income	1 393.1	-4% 1 443.7	4 142.3	1% 4 115.0	5 616.6
Operational EBIT ¹⁾	111.7	-35% 173.0	514.3	-15% 603.0	828.9
Operational EBIT %	8.0%	12.0%	12.4%	14.7%	14.8%
Operational EBITDA 1)	165.2	223.6	675.7	750.9	1 030.1
Net interest-bearing debt (NIBD ) ^1),2)	1 759.8	1 770.1	1 759.8	1 770.1	1 867.1
Underlying EPS (EUR) 1)	0.13	0.21	0.66	0.74	1.05
Underlying EPS (NOK) 1)	1.52	2.48	7.73	8.58	12.23
Net cash flow per share (EUR) 1)	0.39	0.34	0.63	0.49	0.43
Dividend declared and paid per share (NOK)	1.45	1.70	5.15	5.10	6.60
ROCE	7.5%	12.6%	12.6%	15.0%	15.5%
ROE	7.8%	13.2%	13.9%	16.0%	17.0%
Equity ratio	47.3%	47.5%	47.3%	47.5%	46.8%
Harvest volume (GWT)	165 640	3% 161 020	406 943	11% 367 933	501 530
Operational EBIT per kg (EUR) ¹⁾ - Total	0.67	1.07	1.26	1.64	1.65
Norway	1.12	1.38	1.73	1.97	2.03
Scotland	1.54	0.83	1.51	1.78	1.68
Chile	0.55	0.59	0.82	0.76	0.79
Canada	-2.00	-0.54	-0.83	0.04	0.11
Ireland	0.22	1.18	0.37	1.97	1.57
Faroes	0.55	0.61	1.53	2.62	2.42
Iceland	-1.09	0.37	-1.02	1.67	1.38

Pro-forma NIBD including Nova Sea of EUR 2.51 billion and equity ratio of 46%

¹⁾ Notes in report

²⁾ NIBD excluding IFRS 16 effects. NIBD including IFRS 16 effects of EUR 2,315 million

Salmon prices – weekly reference prices

Prices in the quarter impacted by record-high industry volumes (+12%)
Inflection point on supply in September positive price response
Industry supply growth expected to be 1% in 2026

Europe Americas Chilean D-trim lbs, Canadian GWT 10-12 lbs 6.90 6.97 5.99 5.88 6.81 6.02 5.75 5.47 6.48 6.22 5.49 5.72 6.406.11 5.34 4.51 4.44 3.65 3.84 5.21 3.98 3.85 3.39 4.07 3.783.62 3.513.41 1 2 3 4 5 6 7 0 2 4 6 8 10 12 14 2022 2023 2024 2025 USD per GWT 10-12 lbs (Seattle) USD per lbs D-trim (Miami) Ref. price Chile USD (D-trim 3-4 lbs FOB Miami), LHS

Ref. price North America, West Coast USD (superior GWT 10-12 lbs FOB Seattle)

Group price achievement and contract share

Price achievement 15% above reference price positively impacted by contracts
Contract share 21%
Continued good harvest weights and quality (superior share)

Norway

SALMON OF NORWEGIAN ORIGIN
million EUR	Q3 2025	Q3 2024	YTD 2025	YTD 2024
Operational revenue	587 4	698 9	581 2 1	586 8 1
Operational EBIT	3 111	145 5	404 7	432 8
Operational EBIT %	18 9%	20 8%	25 6%	27 3%
EBIT	232 6	63 7	409 9	331 4
(GWT) Harvest volume	99 444	105 776	233 748	219 852
Operational kg (EUR) EBIT per	12 1	38 1	73 1	97 1
of which Feed -	0 21	0 18	0 15	0 13
of which Markets -	0 31	0 39	0 41	0 63
of which Consumer Products -	0 42	0 31	0 46	0 29
Price achievement/reference price	113%	111%	109%	91%
Contract share	19%	16%	22%	24%

Earnings affected by low prices
However, improved cost y/y
Biological performance reasonably good in the quarter considering season with improved survival rates and FCR

Norway: Operational EBIT/kg per region

Considering prices, all-in-all a reasonably good quarter
Stellar performance in Region North

Farming volume guidance of 380k GWT in 2026E for Mowi Norway 2025E lifted to 329k GWT from 320k GWT

Increased farming volume guidance by 9k GWT to 329k GWT for 2025 (8.4% y/y)
Volume guidance of 380k GWT for 2026E (15.5% y/y)
On course for >400k GWT in 2029E

Norway: Sales contract portfolio

19% contract share for the third quarter
23% contract share in Q4 (including Nova Sea)

Scotland

SALMON OF SCOTTISH ORIGIN
EUR million	Q3 2025	Q3 2024	YTD 2025	YTD 2024
Operational revenue	131 6	133 3	465 3	467 6
Operational EBIT	26 8	12 7	89 6	87 3
Operational EBIT %	20 4%	9 5%	19 3%	18 7%
EBIT	20 7	24 4	40 0	73 9
(GWT) Harvest volume	17 399	15 227	59 255	49 023
Operational (EUR) EBIT kg per	1 54	0 83	1 51	1 78
of which Feed -	0 03	0 11	0 01	0 02
of which Markets -	0 15	0 12	0 10	0 15
of which Consumer Products -	0 19	0 15	0 15	0 18
Contract share	51%	62%	49%	59%

Another strong quarter on earnings
Q3 continued positive trend since Q1 2024 with regards to cost, volumes and operations

Broodstock facility in Scotland to be completed in Q4 An important part of Mowi Scotland's biological improvement strategy

Mowi's broodstock and egg facility at Ardessie, Northern Scotland
To be completed in the fourth quarter
Ensures Mowi Scotland will be 100% self-sufficient for high quality eggs
Better growth and survival rates

Chile

SALMON OF CHILEAN ORIGIN
million EUR	Q3 2025	Q3 2024	YTD 2025	YTD 2024
Operational revenue	125 7	141 6	312 9	326 2
Operational EBIT	12 4	13 6	42 5	38 1
Operational EBIT %	9 9%	9 6%	13 6%	11 7%
EBIT	12 1	6 4	6 4	35 7
(GWT) Harvest volume	22 374	23 211	51 666	50 413
Operational kg (EUR) EBIT per	0 55	0 59	0 82	0 76
of which Markets -	0 08	0 10	0 11	0 11
of which Consumer Products -	0 73	0 30	0 53	0 31
Contract share	23%	23%	31%	32%

Relatively stable earnings on good harvest volumes despite lower prices
Mowi Chile once again the best cost performer in Q3 cost reduced y/y on reduced feed cost
Continued strong biological metrics in Mowi Chile with improvements y/y

Canada

SALMON OF CANADIAN ORIGIN
EUR million	Q3 2025	Q3 2024	YTD 2025	YTD 2024
Operational revenue	99 5	51 1	209 8	183 4
Operational EBIT	-31 3	-3 6	-25 1	0 1
Operational EBIT %	(31 4)%	(7 0)%	(12 0)%	0 6%
EBIT	-72 8	-15 4	-102 8	-46 7
Harvest volume (GWT)	646 15	6 684	30 169	25 187
Operational kg (EUR) EBIT per	-2 00	-0 54	-0 83	0 04
of which Markets -	0 06	0 17	0 09	0 18
of which Consumer Products -	0 01	0 00	0 01	0 01
Contract share	0%	0%	0%	0%

Earnings impacted by environmental issues in Canada East
Very warm summer and autumn, led to low oxygen levels at several sites among other things
Accelerated harvesting which also impacted price achievement
Biology in Canada East has recovered in Q4 (EUR 3 million cost hit in October)

Ireland and Faroes

SALMON OF IRISH ORIGIN
EUR million	Q3 2025	Q3 2024	2025 YTD	2024 YTD
Operational revenue	34 9	37 6	107 2	92 2
Operational EBIT	0 7	4 3	3 9	9 15
Operational % EBIT	9% 1	5% 11	6% 3	2% 17
EBIT	-9 6	-3 8	-7 2	17 6
Harvest volume (GWT)	3 010	3 663	10 483	8 028
Operational kg (EUR) EBIT per	0 22	18 1	0 37	97 1
of which Feed -	0 03	0 08	0 01	0 02
of which Markets -	0 17	0 24	0 16	0 26
of which Consumer Products -	0 96	0 18	0 40	0 16
Contract share	75%	72%	45%	59%

SALMON OF FAROESE ORIGIN
EUR million	Q3 2025	Q3 2024	YTD 2025	YTD 2024
Operational revenue	14 2	19 8	76 3	69 2
Operational EBIT	1 3	1 8	16 9	21 5
Operational EBIT %	9 2%	9 3%	22 2%	31 1%
EBIT	3 2	3 3	-9 3	15 5
Harvest volume (GWT)	2 367	3 051	11 061	8 220
Operational kg (EUR) EBIT per	0 55	0 61	53 1	2 62
of which Feed -	0 00	0 00	0 00	0 00
of which Markets -	0 17	-0 02	0 13	0 07
of which Consumer Products -	-0 01	0 04	0 03	0 05
Contract share	0%	0%	0%	0%

Challenging biology in Ireland in the quarter
However, good harvest volumes and high contract share contributed to positive earnings in the quarter
Strong biological performance and reduced cost
Earnings impacted by 100% spot price exposure

Iceland (Arctic Fish)

SALMON OF ICELANDIC ORIGIN
EUR million	Q3 2025	Q3 2024	YTD 2025	YTD 2024
Operational revenue	28 9	21 7	63 0	56 8
Operational EBIT	9 -5	3 1	-10 8	12 1
Operational EBIT %	-20 3%	5 8%	-17 2%	21 2%
EBIT	0 4	2 6	-25 4	8 7
(GWT) Harvest volume	5 400	3 407	10 561	7 211
Operational kg (EUR) EBIT per	09 -1	0 37	02 -1	67 1
of which Feed -	0 02	0 08	0 01	0 02
of which Markets -	0 00	-0 01	-0 08	-0 18
of which Consumer Products -	0 03	0 03	0 04	0 03
Contract share	0%	0%	0%	0%

Lower market prices and high cost impacted results
However, biological performance continued to develop positively
Further cost reduction measures continue to be a high priority going forward

Consumer Products

CONSUMER PRODUCTS
EUR million	Q3 2025	Q3 2024	YTD 2025	YTD 2024
Operational revenue	907.0	911.6	2 717.6	2 697.2
Operational EBIT	65.7	43.5	151.1	93.0
Operational EBIT %	7.2%	4.8%	5.6%	3.4%
Operational EBIT % VAP only	7.8%	5.2%	6.0%	3.7%
EBIT	65.4	47.8	150.4	95.3
Volume sold (tonnes prod. weight)	69 022	65 926	191 446	178 475

Record quarterly earnings on top-tier operational performance, record volumes and lower raw material costs
Mowi's vertically integrated business model proves its value
Continued good demand for our products

Mowi Salmon Infusions on shelves across the UK

Feed

FEED
EUR million	Q3 2025	Q3 2024	YTD 2025	YTD 2024
Operational revenue	296 1	363 3	747 3	813 8
Operational EBITDA	25 7	25 2	46 6	41 7
Operational EBIT	21 9	21 5	34 9	30 0
Operational % EBITDA	8 7%	6 9%	6 2%	1% 5
Operational % EBIT	4% 7	9% 5	4 7%	3 7%
EBIT	21 9	21 5	34 9	30 0
Feed sold volume	177 087	191 279	424 420	420 787
Feed produced volume	156 795	162 100	441 004	429 598

Another strong quarter with record-high earnings
Strategic review of Feed progressing conclusion expected before year-end

Q3 2025 presentation Financials, Markets and Harvest volumes

Profit and Loss

Mowi Group (EUR million)	Q3 2025		Q3 2024	YTD 2025		YTD 2024	2024
Operational revenue and other income	1 393.1	-4%	1 443.7	4 142.3	1%	4 115.0	5 616.6
1) Operational EBIT	111.7	-35%	173.0	514.3	-15%	603.0	828.9
Change in unrealised internal margin	-10.0		-5.6	1.0		2.2	-3.2
Gain/loss from derivatives	-5.5		-1.8	0.2		-10.6	-10.1
Net fair value adjustment on biomass, onerous contracts provision	98.4		-81.6	-152.3		-142.0	68.2
Restructuring cost	-4.9		-2.8	-13.9		-8.5	-19.5
Production/license/sales taxes	-16.5		-14.4	-40.6		-22.8	-50.6
Other non-operational items	-5.8		1.7	-15.7		-4.6	-18.4
Income from associated companies	12.3		8.3	10.0		9.6	29.5
Impairment losses	-7.3		-3.1	-7.6		-9.6	-66.2
EBIT	172.4		73.7	295.4		402.2	758.6
Net financial items	-34.6		-33.8	-97.2		-100.6	-126.9
Earnings before tax	137.8		40.0	198.2		301.6	631.7
Profit or loss for the period	108.9		52.3	167.9		260.4	474.8
Basic EPS (EUR)	0.21		0.09	0.35		0.49	0.91
Underlying EPS (EUR)	0.13		0.21	0.66		0.74	1.05
Underlying EPS (NOK)	1.52		2.48	7.73		8.58	12.23
Net cash flow per share (EUR)	0.39		0.34	0.63		0.49	0.43
Dividend declared and paid per share (NOK)	1.45		1.70	5.15		5.10	6.60
Operational EBIT margin	8.0%		12.0%	12.4%		14.7%	14.8%
Harvest volume, GWT (salmon)	165 640	3%	161 020	406 943	11%	367 933	501 530
1) Operational EBIT per kg incl margin	0.67		1.07	1.26		1.64	1.65
ROCE1)	7.5%		12.6%	12.6%		15.0%	15.5%
ROE1)	7.8%		13.2%	13.9%		16.0%	17.0%

Record-high YTD volumes and revenues
Positive net fair value adjustment on higher salmon prices

Financial position

Mowi Group million EUR	30 09 2025	30 09 2024	31 12 2024

Non-current assets	4 415 7	4 430 9	4 442 5
Current assets	3 673 2	3 560 1	4 111 9
Total assets	8 089 2	7 991 3	8 554 7

Equity	3 824 1	3 798 6	4 005 6
liabilities Non-current	2 902 9	2 904 0	3 137 3
liabilities Current	1 362 1	1 288 5	1 411 7
equity liabilites Total and	8 089 2	7 991 3	8 554 7

1) interest-bearing Net debt	1 759 8	1 770 1	1 867 1
Equity ratio	47 3%	47 5%	46 8%
equity ratio Covenant	8% 50	0% 51	8% 49

Strong financial position
Pro-forma NIBD including Nova Sea of EUR 2.51 billion and equity ratio of 46%

Cash Flow and Net Interest Bearing Debt

Mowi Group million EUR	Q3 2025	Q3 2024	YTD 2025	YTD 2024	2024
beginning of period NIBD *	-1 895 8	-1 882 1	-1 867 1	-1790 3	-1 790 3
Operational EBITDA*	165 2	223 6	675 7	750 9	1 030 1
Change in working capital	126 9	99 1	45 2	53 0	-44 2
paid Taxes	-27 2	-7 1	-137 9	-197 2	-295 0
adjustments Other	-9 7	-5 7	-19 0	-19 9	-21 0
Cash flow from operations*	255 2	309 5	563 9	586 8	669 9
Net Capex	-59 2	-111 9	-193 3	-249 5	-354 0
Other investments and dividend received	0 2	1 5	0 1	9 1	21 9
Cash flow from investments	-59 0	-110 4	-193 2	-247 6	-332 1
interest financial items paid* Net and	-20 3	-26 1	-67 5	-87 8	-112 5
Other items	12 2	2 3	13 9	-3 0	-6 5
Dividend / of paid in capital return	-63 1	2 -75	-228 3	-228 5	-293 5
Currency effect interest-bearing debt on	11 0	11 4	18 6	0 3	-2 2
of period* NIBD end	-1 759 8	-1 770 1	-1 759 8	-1 770 1	-1 867 1

Good cash flow generation in the quarter
5% lower biomass cost y/y (including Nova Sea)
4% lower biomass cost q/q (including Nova Sea)

NIBD distribution:

EUR	96%	99%	% 96	100%	99%
USD	0%	0%	1 %	1%	0%
GBP	2%	1%	2 %	2%	1%
Other currencies	2%	0%	% 2	-3%	-1%

2025 Cash Flow guidance including Nova Sea (Q2 guidance in brackets)

Working capital build-up of EUR 75m (50) on biomass growth and growth through the value chain
Capital expenditure EUR ~355m (310), mainly within Farming segment
Farming seawater and freshwater
Processing / Sales & Marketing new processing factory in Norway, automation projects etc
Feed a new 60k-tonne production line at our Norwegian feed plant
Interest paid EUR ~95m (90) (ex IFRS 16 effects)
Taxes paid EUR ~170m (190)
Quarterly dividend of NOK 1.50 per share
Payable in fourth quarter

Overview financing

Signed EUR 2,600m sustainability-linked credit facility agreement
5-year facility
Covenant: 35% equity ratio (adjusted for IFRS 16 leasing effects)
Accordion option: EUR 400m
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 Schuldschein loan: EUR 150m
Tenor 7 years (Maturity: May 2026)
EURIBOR + 1.70%
Arctic Fish: EUR 170m senior secured facility
Long term NIBD target to be updated after Q4 when budget for 2026 is set

Share of sustainable funding

Strong focus on cost and cost leadership

Cost reduction of EUR 50 million (NOK 588m) in the quarter and EUR 126 million YTD (NOK 1,471m) compared with last year
Significant inflationary pressure in recent years driven by higher feed prices
~13% feed price decrease Q3 2025 vs Q3 2024 and expectations of continued decline
We expect full cost to be reduced in 2026
Cost-cutting initiatives are important
Continued cost focus necessary to combat underlying cost pressure. Cost reduction potential of EUR 300-400 million in next five years
- Postsmolt, Mowi 4.0, yield, efficiency, automation and other operational improvements
- Cost savings programme, including productivity programme on FTEs
Mowi #1 or #2 performer in the various regions

Development in blended Farming cost per kg for Mowi group

EBIT per kg – Mowi consistently #1 and #2 in all countries

Note: OP EBIT/kg all-inclusive last 3 years (2022-2024). Industry average excluding Mowi. "Other" includes Mowi Ireland / Arctic Fish vs Icelandic peers

Delivering on the productivity programme – ~3,500 FTEs per 2025

• Productivity programme initiated in 2020

Salary and personnel expenses second largest cost item in Mowi; EUR 706 million in 2024
Productivity increase of 32% 2025E vs 2019
Nominal FTE decrease 7%
Volume increase 25%
Natural turnover through retirement, reduced overtime and reduced contracted labour
Automation and rightsizing

FTE reductions based on "as is" volumes

Excluding Nova Sea 2025E due to consolidation only from Q4

Productivity programme (2020-) has led to significant productivity improvements through automation/digitalisation and other measures

Supply development in the quarter

Suppliers	Estimated Q3 2025	volumes Q3 2024	Compared Volume	Q3 2024 to %	. volumes Est Q2 2025
Norway	456 700 ,	397 100 ,	59 600 ,	0% 15	355 600 ,
Scotland	40 800 ,	42 800 ,	2 000 - ,	7% 4 -	52 300 ,
Faroe Islands	32 100 ,	31 100 ,	1 000 ,	3 2%	25 300 ,
Other Europe	14 900 ,	14 400 ,	500	3 5%	14 300 ,
Total Europe	544 500 ,	485 400 ,	59 100 ,	12 2%	447 500 ,
Chile	202 900 ,	179 000 ,	23 900 ,	13 4%	165 600 ,
North America	33 600 ,	29 200 ,	4 400 ,	1% 15	33 400 ,
Total Americas	236 500 ,	208 200 ,	28 300 ,	13 6%	199 000 ,
Australia	19 500 ,	19 300 ,	200	0% 1	14 900 ,
Other	8 600 ,	6 400 ,	2 200 ,	4% 34	7 800 ,
Total	809 100 ,	719 300 ,	89 800 ,	5% 12	669 200 ,

Source: Kontali

• Global supply increase of 12% y/y in the quarter mainly on better biological performance in Norway

Global volume development in the quarter

	Estimated	volumes	Compared to	Q3 2024	. volumes Est	12	month comparison
Markets	Q3 2025	Q3 2024	Volume	%	Q2 2025	LTM	PTM	%
EU+UK	346 100 ,	332 000 ,	14 100 ,	4 2%	273 200 ,	1 199 500 , ,	1 128 700 , ,	6 3%
Russia	15 900 ,	9 400 ,	6 500 ,	69 1%	13 900 ,	56 500 ,	47 200 ,	19 7%
Other Europe	27 000 ,	23 700 ,	3 300 ,	13 9%	24 800 ,	102 000 ,	92 100 ,	10 7%
Total Europe	389 000 ,	365 100 ,	23 900 ,	6 5%	311 900 ,	1 358 000 , ,	1 268 000 , ,	7 1%
USA	167 500 ,	148 400 ,	19 100 ,	12 9%	154 000 ,	620 300 ,	572 700 ,	8 3%
Brazil	31 600 ,	28 400 ,	3 200 ,	3% 11	30 000 ,	116 900 ,	700 115 ,	0% 1
Other Americas	41 000 ,	34 700 ,	6 300 ,	18 2%	37 100 ,	142 400 ,	128 400 ,	10 9%
Total Americas	240 100 ,	211 500 ,	28 600 ,	13 5%	221 100 ,	879 600 ,	816 800 ,	7% 7
China / Hong Kong	50 400 ,	36 000 ,	14 400 ,	40 0%	42 700 ,	166 100 ,	120 300 ,	38 1%
Japan	100 15 ,	700 11 ,	3 400 ,	29 1%	12 800 ,	800 51 ,	44 300 ,	16 9%
Taiwan South Korea /	17 400 ,	13 900 ,	3 500 ,	2% 25	15 500 ,	62 000 ,	52 700 ,	6% 17
Asia Other	24 700 ,	18 600 ,	6 100 ,	8% 32	21 500 ,	88 000 ,	73 000 ,	5% 20
Asia Total	107 600 ,	80 200 ,	27 400 ,	2% 34	92 500 ,	367 900 ,	290 300 ,	7% 26
All other markets	41 900 ,	39 800 ,	2 100 ,	3% 5	33 300 ,	144 300 ,	130 500 ,	6% 10
Total	778 600 ,	696 600 ,	82 000 ,	11 8%	658 800 ,	2 749 800 , ,	2 505 600 , ,	9 7%

Inflow to US from Europe Inflow from Chile to EU	47 200 , 900 5 ,	42 800 , 6 000 ,	4 400 , -100	10 3% 7% -1	46 400 , 4 700 ,	186 900 , 23 000 ,	149 300 , 32 700 ,	25 2% -29 7%

Source: Kontali

Good demand in the quarter (~5% growth) on 12% increased consumption partially offset by lower prices
Lower retail prices continue to support demand normal promotional campaigns also supportive
Europe: Strong retail demand across all key markets
US: Strong growth in pre-packed volumes and e-commerce
Asia: Strong volume developments on improved availability of large-sized salmon. China strong.

Development in reference prices

Norway (1)	Q3 2025 Market EUR 5 32	Change vs Q3 2024 -11 8%	Q3 2025 EUR EUR 5 32	Change vs Q3 2024 -11 8%
Chile (2) Chile GWT (3) ,	USD 34 5 USD 22 5	-2 7% -12 9%	4 EUR 57 4 47 EUR	-8 5% -18 1%
North America Coast (4) West North America Coast (5) East America (3) North West Coast GWT ,	USD 3 41 n/m USD 7 16	7% -5 n/m 4% -6	2 92 EUR n/m EUR 6 13	3% -11 n/m 4% -13

Prices in the quarter impacted by record-high industry volumes (+12%)
Inflection point on supply in September positive price response

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

Ref. price Chile USD (D-trim 3-4 lbs FOB Miami), LHS
Ref. price North America, West Coast USD (superior GWT 10-12 lbs FOB Seattle)

Industry supply growth 2026E of 1% (down from 9% in 2025E)

	2022	2023	2024	2025E		2025E				2026E
GWT (1 000) ,					Low	Y/Y growth	High	Y/Y growth	Y/Y Low	growth	High Y/Y	growth
Norway	1 366 ,	1 334 ,	1 365 ,	1 509 ,	1 505 ,	10%	1 513 ,	11%	1 467 ,	-3%	1 503 ,	0%
UK	145	137	170	168	167	-2%	169	-1%	170	1%	180	7%
Faroe Islands	90	80	90	112	111	24%	113	26%	111	-1%	117	4%
Other Europe*	53	48	55	64	63	14%	65	18%	64	0%	68	7%
Total Europe	1 654 ,	1 599 ,	1 680 ,	1 853 ,	1 846 ,	10%	1 860 ,	11%	1 811 ,	-2%	1 867 ,	1%
Chile	678	689	630	689	685	9%	693	10%	711	3%	741	8%
North America	137	116	124	125	124	-1%	126	1%	119	-5%	129	3%
Total Americas	815	805	754	814	809	7%	819	9%	830	2%	870	7%
Other	99	98	104	108	107	4%	109	5%	119	9%	129	19%
Total	2 568 ,	2 502 ,	2 538 ,	2 775 ,	2 762 ,	9%	2 788 ,	10%	2 760 ,	-1%	2 866 ,	3%

^*Ireland and Iceland

	Q4 2022	Q4 2023	Q4 2024	Q4 2025E		Q4	2025E
GWT (1 000) ,					Low	Q/Q growth	High	Q/Q growth
Norway	405	392	414	389	385	-7%	393	-5%
UK	32	25	41	35	34	-17%	36	-12%
Faroe Islands	27	25	21	29	28	37%	30	47%
Other Europe	14	17	19	20	19	-1%	21	9%
Total Europe	478	459	495	473	466	-6%	480	-3%
Chile	175	176	168	176	172	2%	180	7%
North America	27	30	27	33	32	22%	34	29%
Total Americas	202	207	195	209	204	5%	214	10%
Other	28	28	28	32	31	8%	33	15%
Total	709	694	718	714	701	-2%	727	1%

• Limited supply growth ahead on lower biomass statistics and current trends

Mowi volume guidance increased to 554k tonnes (545k) for 2025 and milestone 605k tonnes in 2026

Atlantic salmon GWT (1 000)	2023 Actual	Q1 2024 Actual	Q2 2024 Actual	Q3 2024 Actual	Q4 2024 Actual	2024 Actual	Q1 2025 Actual	Q2 2025 Actual	Q3 2025 Actual	Q4 2025 Guidance	2025 Guidance	2026 Guidance
, Norway	294 5	54 7	59 4	105 8	83 6	303 5	61 7	72 6	99 4	95 3	329 0	380 0
Scotland	54	14	19	15	17	66	17	24	17	13	73	74
	9	2	6	2	0	0	7	2	4	7	0	0

Chile	69	12	14	23	22	72	13	15	22	26	78	82
	2	5	7	2	3	7	9	3	4	3	0	0

Canada	28	8	9	6	5	30	5	9	15	5	36	32
	6	8	7	7	2	4	0	5	6	8	0	0

Ireland	4	1	3	3	0	8	2	5	3	0	0	7
	5	1	3	7	9	9	4	1	0	5	11	5

Faroes	0	2	2	3	2	9	4	4	2	9	13	12
	11	6	5	1	1	4	2	5	4	1	0	0

Iceland	11	2	1	3	3	10	3	2	5	3	14	17
	9	5	3	4	5	7	1	0	4	4	0	5

Total	474	96	110	161	133	501	108	133	165	147	554	605
	7	5	4	0	6	5	1	2	6	1	0	0

2025 volume guidance increased by 9k tonnes to record-high 554k tonnes, up 10.5% y/y
Including Nova Sea
2026 volume guidance of 605k tonnes, up 9.2% y/y

Outlook

Unprecedented industry supply growth has put pressure on prices in 2025
Supply growth expected to fall to 1% in 2026
Inflection point on supply in September 2025 positive price response
Continue to see good demand for our products
Good biomass cost development on lower feed prices
Expect lower farming cost in 2026 and stable in Q4-2025
Mowi's farming volume guidance increased to 554k GWT in 2025 (Δ 10.5% Y/Y) and 605k GWT in 2026 (Δ 9.2% Y/Y)

Q3 2025 presentation

Appendix

Nova Sea: Mowi increased ownership from 49% to 95%

	Harvest volume (GWT)						EBIT per kg (EUR)
	Ownership %	2023	2024	Q3 2024	Q3 2025	2023	2024	Q3 2024	Q3 2025	Q3 2025
Nova Sea	95%	39 985	42 143	9 015	17 136	3.01	2.44	1.21	0.87	220.0

Leading integrated salmon producer in Northern Norway
Dividends
− Paid dividends of NOK 500m in 2024 (Mowi's share NOK 249m through direct and indirect holdings)
Proportion of income after tax reported as income from associated companies in Mowi Norway
− EUR 12.3m in Q3 2025 (IFRS adj of biomass EUR 8.4m)

Nova Sea: Mowi increased ownership from 49% to 95%

Nova Sea a fully integrated state-of-the art salmon farmer in Northern Norway (PA 8), expected harvest volumes 52,000 tonnes in 2025e
Olaisen family founded the company some 50 years ago, and Mowi a large minority shareholder since 1995
Nova Sea known for its excellent biological results and industry leading margins
Strategically important transaction and strong operational fit
Creating a powerhouse for innovation and sustainable salmon farming, including fish welfare
Significant synergies preliminary estimate NOK 400 million (EUR 34m)
Improved utilisation of MAB, license and site portfolio, biological performance and reduced cost

Key transaction parameters:

Payment of NOK 8.2 billion / EUR 694 million
30% in Mowi shares (NOK 2.2bn / EUR 188m)
70% cash (NOK 6.0bn / EUR 506m)
Including voluntary cash offer to remaining 5% shareholders
Equity value (100%) NOK 16 billion (EUR 1.37 bn)

Nova Sea based in one of the best farming areas in Norway (PA 8)

Nova Sea headquartered at Lovund, Northern Norway
Fully integrated from broodstock and smolts, to harvesting and sales
Expected harvest volumes in 2025e of 52,000 tonnes
Several non-core assets, approx NOK 1.5bn (EUR 125m) value
OP EBIT margin last 3 years of NOK 31 per kg (Mowi Norway Region North margin NOK 32 per kg)
EV/EBIT 9x or EV/kg ~290 adj. for non-core assets (pre synergies)

Nova Sea farming license footprint

Licenses - MAB tonnes

Grow out: 27,401 / 35.1 Licenses (L)

Production Area 8 →

Broodstock: 585 / 0.8 L Other1): 3,535 / 4.5 L Associates: 2,329 / 3.0 L Total: 33,851 / 43.4

Region North (PA 7-12)

Harvest volumes 2025e: 105k + 52k = 157k (Mowi pro-forma)

Region Mid (PA 6)

Region West (PA 4-5)

Region South (PA 1-3)

Quarterly segment overview

			SOURC	ES OF ORIGIN G	(TD
EUR million	Norway	Scotland	Chile	Canada	Ireland	Faroes	Iceland	Other ¹⁾	Group
OPERATIONAL EBIT
FARMING	16.7	20.2	-5.8	-32.3	-2.8	0.9	-6.1		-9.2
SALES AND MARKETING
Markets	31.3	2.7	1.9	0.9	0.5	0.4	0.0	0.0	37.7
Consumer Products	42.1	3.3	16.3	0.1	2.9	0.0	0.2	0.8	65.7
SUBTOTAL	90.1	26.2	12.4	-31.3	0.6	1.3	-6.0	8.0	94.2
Feed	21.2	0.6			0.1	0.0	0.1	0.0	21.9
Other entities 1)								-4.4	-4.4
TOTAL	111.3	26.8	12.4	-31.3	0.7	1.3	-5.9	-3.6	111.7
Harvest volume (GWT)	99 444	17 399	22 374	15 646	3 010	2 367	5 400		165 640
Operational EBIT per kg (EUR) ¹⁾ - Total Group	1.12	1.54	0.55	-2.00	0.22	0.55	-1.09		0.67
- of which Feed	0.21	0.03	n/a	n/a	0.03	0.00	0.02		0.13
- of which Markets	0.31	0.15	0.08	0.06	0.17	0.17	0.00		0.23
- of which Consumer Products	0.42	0.19	0.73	0.01	0.96	-0.01	0.03		0.40
ANALYTICAL DATA
Contract share (%)	19%	51%	23%	0%	75%	0%	0%		21%
GUIDANCE
Q4 2025 harvest volume (GWT)	95 300	13 700	26 300	5 800	500	1 900	3 400		147 100
2025 harvest volume (GWT)	329 000	73 000	78 000	36 000	11 000	13 000	14 000		554 000
2026 harvest volume (GWT)	380 000	74 000	82 000	32 000	7 500	12 000	17 500		605 000
Q4 2025 contract share (%)	23%	60%	19%	0%	100%	0%	0%		25%

YTD segment overview

				SOURCES OF ORIGIN YTD
EUR million	Norway	Scotland	Canada	Chile	Ireland	Faroes	Iceland	Other1)	Group
OPERATIONAL EBIT
FARMING	167.7	74.3	-28.1	9.8	-2.0	15.1	-10.5	0.0	226.3
SALES AND MARKETING
Markets	96.1	6.1	2.8	5.5	1.6	1.5	-0.8	0.0	112.7
Consumer Products	106.5	8.8	0.2	27.3	4.2	0.3	0.4	3.4	151.1
SUBTOTAL	370.3	89.2	-25.1	42.5	3.8	16.9	-10.9	3.4	490.2
Feed	34.4	0.4			0.1	0.0	0.1	0.0	34.9
1) Other entities								-10.8	-10.8
TOTAL	404.7	89.6	-25.1	42.5	3.9	16.9	-10.8	-7.4	514.2
Harvest volume (GWT)	233 748	59 255	30 169	51 666	10 483	11 061	10 561		406 943
Operational EBIT per kg (EUR) 1) - total Group	1.73	1.51	-0.83	0.82	0.37	1.53	-1.02		1.26
- of which Feed	0.15	0.01	n/a	n/a	0.01	0.00	0.01		0.09
- of which Markets	0.41	0.10	0.09	0.11	0.16	0.13	-0.08		0.28
- of which Consumer Products	0.46	0.15	0.01	0.53	0.40	0.03	0.04		0.37
ANALYTICAL DATA
Contract share (%)	22%	49%	0%	31%	45%	0%	0%		25%

Cash flow guidance and historic developments

Financial commitments and cost of debt (*)

Mowi has good track record for delivering on volume guidance last 5 years

Mowi has a good track record for delivering on volume guidance in the last 5 years
Listed peers -7.9% vs guidance

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

CMD 2024: Organic revenue growth of 7-8% p.a. until 2029 (Targets to be increased post Nova Sea inclusion)

2023-2029F: Topline CAGR 7-8% pa
Farming volume CAGR 4.0% pa (475k GWT 2023 to 600k GWT 2029F) (excl. Nova Sea)
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%

CMD: Strong focus on cost containment and cost leadership

Postsmolt

Less treatments
Reduced mortality
Better FCR
Positive scale effects from higher volumes

Mowi 4.0 Farming

Improved FCR
Lower health cost
Other cost improvements

Cost Savings Programme

Cost control
Standardisation
Reduce cost variation between entities
Life cycle analyses
Category management

Productivity Programme on FTEs

Continued strict FTE focus
Realise further productivity improvements

Mowi 4.0 Sales & Marketing

Efficiency
Yield
Automation
Smart processing technology

Cost improvement potential1) overall EUR 300-400 million

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

Rating agencies	About the rating	Score (1)
FAIRR A COLLER INITIATIVE	Mowi ranked as the most sustainable animal protein producer in the world (amongst the largest 60 animal protein producers in the world) for six consecutive years	1st
WORLD'S MOST SUSTAINABLE COMPANIES STAITSLE 2024	TIME Magazine, in partnership with Statista, named Mowi in its list of the World's 500 Most Sustainable Companies for 2024	Y
44 CDB	Mowi recognised as a global leader in climate action	A
DISCLOSURE INSIGHT ACTION	Supplier Engagement Rating	A
MSCI	ESG Rating, designed to measure a company's resilience to long-term, industry material environmental, social and governance (ESG) risks. Mowi is in the Leader category	AAA
SUSTAINALYTICS	ESG Rating, assessing financially material Environmental, Social and Governance (ESG) data	Medium- Risk

Salmon is the most sustainable animal protein alternative

Protein retention	28%	37%	21%	13%
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
Carbon footprint (kg CO ₂ / kg edible meat)	5.1 kg	8.4 kg	12.2 kg	39.0 kg
Water consumption (litre / kg edible meat)	2,000 ²⁾	4,300	6,000	15,400

«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