Slide 1: Q4 2025 presentation
Q4 2025 presentation CEO: Ivan Vindheim CFO: Kristian Ellingsen 11 February 2026
Slide 2: Forward looking statements
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, expect
Slide 3: Highlights Q4 2025
Highlights Q4 2025 • Record-high turnover EUR 1.59 billion translated into an Operational EBIT of EUR 213 million – On higher prices after a rather slow start to the quarter • Record-high fourth quarter harvest volumes of 152k GWT • Good realised blended farming cost of EUR 5.36/kg, slightly lower Q
Slide 4: Q4 2025 concludes another record-breaking year for Mowi
Q4 2025 concludes another record-breaking year for Mowi Farming volume growth of 230k GWT from 2018 to 2026E (CAGR 6.2% vs. 3.7% for the industry) 700 >650 • All-time high harvest volumes of 559k 605 GWT in 2025 (Δ 11.4% Y/Y) 600 559 Harvest volumes GWT (1,000) • Translated into record-high revenues
Slide 5: How to deliver on further organic growth?
How to deliver on further organic growth? Increased smolt stocking on unutilised licenses and increased productivity by postsmolt on utilised licenses (~50 million postsmolt in 2026E / 30% coverage / Norway 50% ex RN) Norway - Fjæra Norway - Nordheim Norway - Haukå Norway – Kilvik (74%) Norway - Clo
Slide 6: Productivity programme revived farming volume growth
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 700 >650 650 605 600 559 Harvest volumes GWT (1,000) 550 502 500 450 400 340 350 375 300 250 225k GWT >50k GWT 200 Page 6
Slide 7: From laggard to leader – farming volume growth vs listed peers
From laggard to leader – farming volume growth vs listed peers Mowi Farming volumes versus indexed listed peers since 2018 605 600 559 Harvest volumes GWT (1,000) 550 Mowi 500 Listed peers indexed 450 ? 2.6% 400 375 350 300 2018 2019 2020 2021 2022 2023 2024 2025 2026E Page 7
Slide 8: Mowi – Leading the Blue Revolution
Mowi – Leading the Blue Revolution Harvest volumes (1,000 GWT) 605 600 Global volumes of 2.8 million GWT 500 400 300 200 100 0 Mowi A B C D E F G H I J K L M N O P Q R S Source: Mowi, company reports and Kontali Analyse. 2025 for listed companies and 2024 for private companies Page 8 Note: Harvest v
Slide 9: Key financials
Key financials Mowi Group - main figures Q4 2025 Q4 2024 2025 2024 Unaudited EUR million Operational revenue and other income 1 586.8 6% 1 501.6 5 729.1 2% 5 616.6 Operational EBIT 1) 212.5 -6% 225.9 726.8 -12% 828.9 Operational EBIT % 13.4% 15.0% 12.7% 14.8% Operational EBITDA 1) 273.3 279.2 948.9
Slide 10: Salmon prices – weekly reference prices
Salmon prices – weekly reference prices • Prices in 2025 impacted by unprecedented supply growth of 12% Americas Europe Chilean D-trim lbs, Canadian GWT 10-12 lbs 14 14 7 12 12 6 5.21 USD per GWT 10-12 lbs (Seattle) 9.55 9.60 9.37 10 9.12 10 5 USD per lbs D-trim (Miami) 7.80 3.98 3.85 4.07 3.78 EUR
Slide 11: Supportive supply/demand balance expected in 2026 and beyond
Supportive supply/demand balance expected in 2026 and beyond 8% demand CAGR past 10 years vs 3% supply growth, 1-2% supply CAGR expected next 5 years Post pandemic 12% supply growth 2025 and 5% demand growth 8% 3% 1-2% 1% supply growth 2026E Cost of living crisis Pandemic 2015 2016 2017 2018 2019 20
Slide 12: Group price achievement and contract share
Group price achievement and contract share 140% • Price achievement 115% 7% above reference 120% 111% 107% 104% price positively 100% impacted by contracts, partly 80% offset by timing 60% effects and size mix 40% – Contract share 24% 20% 0% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Norwegian Scottish Chilean
Slide 13: Norway
Norway SALMON OF NORWEGIAN ORIGIN Operational EBIT Salmon of Norwegian Origin EUR million Q4 2025 Q4 2024 2025 2024 Q4 2024 vs Q4 2025 Operational revenue 691.7 605.7 2 270.2 2 183.5 Operational EBIT 198.7 183.7 603.3 616.5 Operational EBIT % 28.7% 30.3% 26.6% 28.2% EBIT 184.7 353.9 594.6 685.3 Harv
Slide 14: Norway: Operational EBIT/kg per region
Norway: Operational EBIT/kg per region 3.0 2.61 • Stellar performance in Region North 2.5 2.26 1.91 2.02 • Strong quarter for Region Mid 2.0 EUR per kg 1.64 1.5 • All-in-all a good quarter for Mowi Norway 1.16 1.0 0.5 0.0 South West Mid * North Nova Sea Total South West Mid North Nova Sea Total Note
Slide 15: Farming volume guidance of 380k GWT in 2026E for Mowi Norway
Farming volume guidance of 380k GWT in 2026E for Mowi Norway 450 > 400 • Record harvest volumes of 332k GWT in 400 380 2025 (9.4% Y/Y) Harvest volumes GWT (1,000) 350 332 • Volume guidance of 380k GWT for 2026E 300 (14.5% Y/Y) 250 • On course for >400k GWT in 2029E 210 200 150 100 50 0 2017 2025 202
Slide 16: Norway: Sales contract portfolio
Norway: Sales contract portfolio 25,000 20,000 Contracted volumes (GWT) 15,000 10,000 5,000 0 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Realised contract volumes Contracted volumes (including prospects) • 23% contract share in Q4 • 20% contract share in Q1 Page 16 Note: Mowi Norway’s fixed price/fixed
Slide 17: Scotland
Scotland SALMON OF SCOTTISH ORIGIN Operational EBIT Salmon of Scottish Origin EUR million Q4 2025 Q4 2024 YTD 2025 YTD 2024 Q4 2024 vs Q4 2025 Operational revenue 110.1 152.2 572.4 621.7 Operational EBIT 17.2 23.3 106.7 110.6 Operational EBIT % 15.6% 15.3% 18.7% 17.8% EBIT 35.5 32.0 75.5 105.9 Harve
Slide 18: Chile
Chile SALMON OF CHILEAN ORIGIN Operational EBIT Salmon of Chilean Origin EUR million Q4 2025 Q4 2024 YTD 2025 YTD 2024 Q4 2024 vs Q4 2025 Operational revenue 140.0 143.3 451.5 470.1 Operational EBIT 9.7 19.4 52.2 57.5 Operational EBIT % 6.9% 13.5% 11.6% 12.2% EBIT 49.5 0.0 55.8 35.8 Harvest volume (
Slide 19: Canada
Canada SALMON OF CANADIAN ORIGIN Operational EBIT Salmon of Canadian Origin EUR million Q4 2025 Q4 2024 2025 2024 Q4 2024 vs Q4 2025 Operational revenue 35.4 43.5 241.4 224.4 Operational EBIT -14.7 2.4 -39.8 3.4 Operational EBIT % -41.6% 5.4% -16.5% 1.5% EBIT -48.2 -24.6 -151.0 -71.3 Harvest volume
Slide 20: Ireland and Faroes
Ireland and Faroes SALMON OF IRISH ORIGIN SALMON OF FAROESE ORIGIN EUR million Q4 2025 Q4 2024 YTD 2025 YTD 2024 EUR million Q4 2025 Q4 2024 YTD 2025 YTD 2024 Operational revenue 9.8 11.5 117.0 103.7 Operational revenue 24.9 7.8 101.1 76.9 Operational EBIT -2.1 -1.9 1.8 14.0 Operational EBIT 5.9 1.2
Slide 21: Iceland (Arctic Fish)
Iceland (Arctic Fish) SALMON OF ICELANDIC ORIGIN Operational EBIT Salmon of Icelandic Origin EUR million Q4 2025 Q4 2024 YTD 2025 YTD 2024 Q4 2024 vs Q4 2025 Operational revenue 26.0 25.3 89.1 80.7 Operational EBIT 0.5 2.7 -10.3 14.7 Operational EBIT % 1.9% 10.5% -11.6% 18.2% EBIT 5.6 5.1 -19.8 13.7
Slide 22: Consumer Products
Consumer Products CONSUMER PRODUCTS EUR million Q4 2025 Q4 2024 YTD 2025 YTD 2024 Operational revenue 1 037.9 1 014.3 3 755.5 3 711.5 Operational EBIT 46.2 52.8 197.3 145.8 Operational EBIT % 4.5% 5.2% 5.3% 3.9% Operational EBIT % VAP only 4.8% 5.6% 5.7% 4.2% EBIT 40.8 51.7 191.2 147.0 Volume sold (
Slide 23: Feed
Norway Feed FEED EUR million Q4 2025 Q4 2024 YTD 2025 YTD 2024 Operational revenue 262.4 307.9 1 009.7 1 121.7 Operational EBITDA 20.0 20.5 66.5 62.2 Operational EBIT 16.1 16.8 51.0 46.8 Operational EBITDA % 7.6% 6.7% 6.6% 5.5% Operational EBIT % 6.1% 5.5% 5.1% 4.2% EBIT 16.1 16.8 51.0 46.8 Feed sol
Slide 24: Financials, Markets and Harvest volumes
Q4 2025 presentation Financials, Markets and Harvest volumes
Slide 25: Profit and Loss
Profit and Loss Mowi Group Q4 2025 Q4 2024 2025 2024 (EUR million) Operational revenue and other income 1 586.8 6% 1 501.6 5 729.1 2% 5 616.6 • Record-high FY volumes and Operational EBIT1) 212.5 -6 % 225.9 726.8 -12 % 828.9 revenues Change in unrealised internal margin -1.6 -5.5 -0.5 -3.2 Gain/loss
Slide 26: Financial position
Financial position Mowi Group EUR million 31.12.2025 30.09.2025 31.12.2024 • Strong financial position with Non-current assets 5 918.7 4 415.7 4 442.5 equity ratio of 45% Current assets 4 309.8 3 673.2 4 111.9 Total assets 10 228.5 8 089.2 8 554.7 Equity 4 565.0 3 824.1 4 005.6 Non-current liabiliti
Slide 27: Cash Flow and Net Interest Bearing Debt
Cash Flow and Net Interest Bearing Debt Mowi Group Q4 2025 Q4 2024 2025 2024 EUR million • Cash flow for year in NIBD beginning of period * -1 759.8 -1 770.1 -1 867.1 -1 790.3 line with guidance Operational EBITDA* 273.3 279.2 948.9 1 030.1 Change in working capital Taxes paid -82.7 -82.9 -97.4 -97.
Slide 28: 2026 Cash Flow guidance
2026 Cash Flow guidance • Working capital build-up of EUR 100m due to biomass growth and growth through the value chain • Capital expenditure EUR ~400m, mainly within Farming segment – Farming – seawater, freshwater and processing, including EUR ~60 million related to completion of Nova Sea’s new pr
Slide 29: Overview main financing
Overview main financing • Signed EUR 2,600m sustainability-linked credit facility agreement Share of sustainable funding – 5-year facility (maturity: June 2030) – Covenant: 35% equity ratio (adjusted for IFRS 16 leasing effects) – Accordion option: EUR 400m Current mix: – Lenders: DNB, Nordea, ABN A
Slide 30: Feed prices down 25% since peak in 2022
Feed prices down 25% since peak in 2022 Feed prices Norway • Feed prices surged in 2022 but has been trending down since 2023 • Raw material prices relatively stable into Q1 2026 Feed price per kg • Time lag between feed price (cash) and released-from-stock costs (P&L cost), hence P&L cost in 2026 e
Slide 31: Strong focus on cost and cost leadership
Strong focus on cost and cost leadership • Cost reduction of EUR 47 million (NOK 552m) in the Development in blended Farming cost per kg for Mowi group quarter and EUR 176 million YTD (NOK 2,063m) compared with last year 5.89 – Driven by lower feed prices, but other cost items are 5.39 EUR/kg 5.09 a
Slide 32: Realised cost savings of EUR 392 million 2018-2025
Realised cost savings of EUR 392 million 2018-2025 • Total cost savings of EUR 392 million 2018-2025, Cost savings per year and business area (EUR million) of which EUR 251 million in Farming. 2026E target of EUR 30 million for cost savings programme 65 392 42 251 – ~2 100 initiatives across differe
Slide 33: Mowi has reduced FTEs by ~800 from 2020 while increasing volumes
Mowi has reduced FTEs by ~800 from 2020 while increasing volumes from 436k to 605k GWT • Productivity programme initiated in 2020 FTE reduction of 3,489 on a like-for-like basis – Nominal FTEs reduced by 803 16,000 14,998 15,000 – Volumes increased from 436k GWT to 605k GWT 1,823 14,195 14,000 (169k
Slide 34: Productivity programme has led to significant productivity improvements
Productivity programme (2020-) has led to significant productivity improvements through automation/digitalisation and other measures Mowi Farming: Mowi Farming Norway: Tonnes per employee Tonnes per employee +34% +19% 150 Tonnes (GWT) per employee 110 Tonnes (GWT) per employee 100 140 90 130 80 120
Slide 35: Supply development in the quarter
Supply development in the quarter Estimated volumes Compared to Q4 2024 Est. volumes Suppliers Q4 2025 Q4 2024 Volume % Q3 2025 Norway 416,300 413,900 2,400 0.6% 455,500 Scotland 35,100 41,200 -6,100 -14.8% 40,800 Faroe Islands 33,200 20,500 12,700 62.0% 32,100 Other Europe 18,600 19,000 -400 -2.1%
Slide 36: Global volume development in the quarter
Global volume development in the quarter Estimated volumes Compared to Q4 2024 Est. volumes 12 month comparison Markets Q4 2025 Q4 2024 Volume % Q3 2025 LTM PTM % EU+UK 335,200 335,900 -700 -0.2% 346,900 1,200,200 1,145,200 4.8% Russia 14,000 14,600 -600 -4.1% 14,900 54,800 45,300 21.0% Other Europe
Slide 37: Development in reference prices
Development in reference prices Q4 2025 Change vs Q4 2025 Change vs Market Q4 2024 EUR Q4 2024 • Prices in 2025 impacted by unprecedented Norway (1) EUR 6.79 4.3% EUR 6.79 4.3% supply growth of 12% Chile (2) USD 5.30 -7.4% EUR 4.55 -15.2% Chile, GWT (3) USD 5.16 -18.4% EUR 4.43 -25.2% North America
Slide 38: Industry supply growth 2026E of 1% vs 12% for 2025
Industry supply growth 2026E of 1% vs 12% for 2025 2022 2023 2024 2025 2026E 2026E GWT (1,000) Low Y/Y growth High Y/Y growth Norway 1,366 1,334 1,365 1,534 1,548 1,535 0% 1,561 2% • Limited supply UK 145 137 170 168 175 171 2% 179 6% Faroe Islands 90 80 90 116 117 115 -1% 119 2% growth in 2026E on
Slide 39: Mowi volume guidance of 605k GWT for 2026
Mowi volume guidance of 605k GWT for 2026 (8.3% growth y/y) Atlantic salmon 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 Q1 2026 2026 GWT (1,000) Actual Actual Actual Actual Actual Actual Guidance Guidance Norway 303.5 61.7 72.6 99.4 98.2 331.9 71.0 380.0 Scotland 66.0 17.7 24.2 17.4 12.3 71.6 20.0 74.
Slide 40: Mowi has good track record for delivering on volume guidance
Mowi has good track record for delivering on volume guidance last 5 years 3% 2.2% • Mowi has a good track record for delivering on volume Deviation actual harvest volumes vs guidance % 1% guidance in the last 5 years • Listed peers -5.9% vs guidance -1% -3% -3.5% -5% -5.6% -5.9% -7% -6.8% -7.9% -9%
Slide 41: Summary and outlook
Summary and outlook • Unprecedented industry supply growth of 12% in 2025 put pressure on prices • However, another strong operational year for Mowi – Record-high volumes in all divisions by a large margin – Farming cost down by EUR 176 million Y/Y, further cost reductions expected in 2026 – 2026 ha
Slide 42: Appendix
Q4 2025 presentation Appendix
Slide 43: Quarterly segment overview
Quarterly segment overview SOURCES OF ORIGIN QTD EUR million Norway Scotland Chile Canada Ireland Faroes Iceland Other1) Group OPERATIONAL EBIT FARMING 122.1 12.4 -7.4 -14.6 -3.1 5.5 0.2 115.1 SALES AND MARKETING Markets 34.8 0.4 3.2 -0.1 0.2 0.5 -0.2 0.0 38.6 Consumer Products 28.1 2.6 14.0 0.0 0.6
Slide 44: YTD segment overview
YTD segment overview SOURCES OF ORIGIN YTD EUR million Norway Scotland Canada Chile Ireland Faroes Iceland Other1) Group OPERATIONAL EBIT FARMING 289.8 86.7 -42.7 2.3 -5.1 20.6 -10.3 0.0 341.4 SALES AND MARKETING Markets 130.9 6.5 2.6 8.7 1.8 1.9 -1.1 0.0 151.3 Consumer Products 134.5 11.4 0.3 41.2
Slide 45: Cash flow guidance and historic developments
Cash flow guidance and historic developments Net capital expenditure Net working capital change 450 Maintenance level 600 400 500 350 300 400 250 EUR million EUR million 300 200 150 200 100 100 50 0 0 2021 2022 2023 2024 2025 2026E 2021 2022 2023 2024 2025 2026E Financial commitments and cost of deb
Slide 46: Dividend policy
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
Slide 47: CMD 2024: Organic revenue growth of 7-8% p.a. until 2029
CMD 2024: Organic revenue growth of 7-8% p.a. until 2029 (Targets pre Nova Sea acquisition) • 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 – Far
Slide 48: CMD: Strong focus on cost containment and cost leadership
CMD: Strong focus on cost containment and cost leadership Productivity Mowi 4.0 Mowi 4.0 Cost Savings Postsmolt Programme on Sales & Farming Programme FTEs Marketing • Less treatments • Improved FCR • Cost control • Continued strict • Efficiency FTE focus • Reduced • Lower health cost • Standardisat
Slide 49: CMD: Ocean-based Atlantic salmon farming is on the right side of sustainability
CMD: Ocean-based Atlantic salmon farming is on the right side of sustainability 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 1st largest 60 animal protein pro
Slide 50: Salmon and land farmed animals have different reproductive strategies
Salmon and land farmed animals have different reproductive strategies External Fertilisation 10-15 000 • R-strategists eggs • higher number of reproductive cells • lower survival rates • more influenced by environmental conditions 250 eggs Internal Fertilisation 36 • K-strategists • lower number of
Slide 51: Farmed salmon have much higher survival rates than wild salmon
Farmed salmon have much higher survival rates than wild salmon Farmed Atlantic salmon Wild Atlantic salmon 82-87% 5-35% survival survival (Directorate of (Charput, 2012) Fisheries) Page 51
Slide 52: Atlantic salmon production time is significantly longer than for most land farmed animals
Atlantic salmon production time is significantly longer than for most land farmed animals, and mortality rates are therefore naturally higher... AVERAGE PRODUCTION TIME (MONTHS) AVERAGE PRODUCTION CYCLE MORTALITY (%) 18 15 15 15 9 6 5 6 3 1.2 Source: Land animals- Animalia Norway (2023). Mortality r
Slide 53: However, monthly mortality rates for farmed salmon are significantly lower
...however, monthly mortality rates for farmed salmon are significantly lower than for the majority of land animal proteins MONTHLY MORTALITY (%) 2.9 2.2 1.5 0.7 0.3 Source: Animalia (2023) and Mowi’s own data; complete production cycle (freshwater + seawater) Page 53
Slide 54: Mortality rates for Atlantic Salmon relatively stable over the past 30 years
Mortality rates for Atlantic Salmon relatively stable over the past 30 years 35% 30% 25% 20% 15% 10% 5% 0% Loss rate* Linear (Loss rate*) Source: Kontali Page 54 *Loss rate = loss individuals / smolt release, where loss individuals = mortality, escape, culling and “other” (discards)
Slide 55: Our strategic programmes of Postsmolt and Smart Farming are improving
Our strategic programmes of Postsmolt and Smart Farming are improving biological metrics and will improve fish survival and welfare Postsmolt strategy Training 100% trained staff; dedicated fish health Reduce the time spent in sea by up to six months, substantially improving biological and welfare t
Slide 56: Thank you
MQOWI Thank you