Mowi Asa · OSL:MOWI
Mowi Asa — North Atlantic Seafood Forum 2024
17 slides from Mowi Asa's conference presentation, Mar 7, 2024
Slide 1: NASF 2024
NASF 2024 Bergen, Norway 7 March 2024
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: Mowi in brief
Mowi in brief One of the world’s leading seafood companies The world’s largest producer of Atlantic salmon, (#1 measured by market capitalisation) 500,000 GWT in 2024E (~2.9 billion meals per year) #1 on sustainability (Coller FAIRR) Fully integrated value chain Listed on Oslo Stock Exchange HQ in B
Slide 4: Mowi – Leading the Blue Revolution
Mowi – Leading the Blue Revolution 2023 harvest volumes (1,000 GWT) 500 Global volumes of 2.5 million GWT 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: Public disclosure and Kontali Analyse. Page 4 Note: Harvest volumes in Gutted Weight Tonnes (GWT) for last year reported, Atl
Slide 5: Fully integrated value chain
Fully integrated value chain Breeding Smolt Feed Sales & Farming Harvesting Processing Marketing Feed Farming Sales & Marketing #4 #1 #1 523k tonnes 500k GWT 232k tonnes Page 5 Note: Farming volumes in Gutted Weight Tonnes (GWT), Consumer Products volumes in product weight
Slide 6: Feed production of 528,000 tonnes in 2023 – Self-sufficient in Europe
Feed production of 528,000 tonnes in 2023 – Self-sufficient in Europe Total production capacity of 640,000 Valsneset, Norway tonnes 400,000 tonnes capacity Opened 2014 Kyleakin, Scotland 240,000 tonnes capacity Opened 2019 Page 6
Slide 7: Farming harvest volumes of 500,000 GWT in 2024E
Farming harvest volumes of 500,000 GWT in 2024E Harvest volumes in GWT Canada Ireland Iceland Faroes Norway Scotland 30,000 7,000 Arctic Fish (51%) 10,000 305,000 64,000 10,000 Harvest volumes Chile 74,000 Page 7
Slide 8: Sales & Marketing – Consumer Products volumes of 232,000 tonnes in 2023
Sales & Marketing – Consumer Products volumes of 232,000 tonnes in 2023 21 Secondary processing plants Europe 28 Sales offices 171,000 tonnes Germany Poland Norway France Netherlands Faroes Spain Belgium Ireland Consumer Italy Czech Sweden Products volumes sold Scotland Turkey Iceland Asia 32,000 to
Slide 9: Atlantic salmon is a fantastic product with great product features
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 evolvin
Slide 10: And the beneficiary of strong megatrends
And the beneficiary of strong megatrends Population Exploited growth Health resources Climate Growing middle Aging change/Resouce class population efficiency Page 10
Slide 11: Structural undersupply expected to continue in the coming years
Structural undersupply expected to continue in the coming years 11% 4% 2% -1% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024e 2025e 2026e 2027e 2028e Demand growth avg (2012-2022) Supply growth avg (2012-2022) Supply growth avg (2024e-2028e) Demand growth p.a. Supply growth p.a. Pa
Slide 12: Mowi Farming working along three main pillars
Mowi Farming working along three main pillars Mowi Farming Volume Cost Sustainability Page 12
Slide 13: Volume growth of 125,000 GWT to all-time high for 2024E
Volume growth of 125,000 GWT over 6 years to all-time high 500,000 GWT for 2024E (CAGR 4.9%) 550 • Farming volumes the mainstay of Mowi’s business model 500 500 • Strong volume growth of 125,000 GWT for Mowi globally over the last 6 years Harvest volumes GWT (1,000) 475 450 – This growth alone equiv
Slide 14: Norway grown by 95,000 GWT organically since 2017
Mowi Norway grown by 95,000 GWT organically since 2017 to record-high 305,000 GWT in 2024E 350 • Record-high harvest volumes in 2023 330 of 295,000 GWT on strong growth in sea 310 305 Harvest volumes GWT (1,000) 290 295 • Maintain volume guidance of 270 305,000 GWT for 2024 250 – 95,000 GWT growth 2
Slide 15: Postsmolt to give further organic growth and improve biological metrics
Postsmolt to give further organic growth and improve biological metrics ~40 million postsmolt by end of 2024 (25% coverage / Norway 50% excl. Region North) Norway - Fjæra commissioned Norway - Nordheim commissioning Norway - Haukå commissioning Q4-24 Norway - Semi-Closed Containment Syst. Scotland –
Slide 16: #1 or #2 performer on cost in the regions where we operate
Mowi #1 or number #2 performer on cost in the regions where we operate • Mowi #1 or #2 performer in the various EBIT per kg – Mowi consistently #1 and #2 in all regions regions Mowi ranking by country 2 1 1 1 2 1 • Biology and operational performance the 25 23.5 20.7 21.4 main cost drivers 20 EBIT/k
Slide 17: Mowi ranked the world's most sustainable animal protein producer
Mowi ranked the world’s most sustainable animal protein producer Rating agencies About the rating Score (1) Salmon is the most sustainable farmed animal protein alternative Mowi ranked as the most sustainable animal protein producer in the world (amongst the 1st largest 60 animal protein producers i