Slide 1: Q2 2025 presentation
Q2 2025 presentation CEO: Ivan Vindheim CFO: Kristian Ellingsen 20 August 2025
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 Q2 2025
Highlights Q2 2025 • Pressure on market prices following record-high industry volumes (+18% y/y) on strong biology – Good underlying demand (~5% growth y/y) • Mowi seasonally record-high harvest volumes of 133k GWT (21% growth y/y) – All-time high seawater production in a Q2 on improved biological K
Slide 4: Farming volume guidance increased to 545k GWT in 2025E
Farming volume guidance increased from 530k GWT to 545k GWT in 2025E 700 • Farming volume guidance increased by > 650 15k GWT to 545k GWT for 2025 >600 600 – Supported by significant growth in harvest Harvest volumes GWT (1,000) 545 502 volumes YTD, improved biology and 500 seasonally record-high st
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 (~40 million postsmolt in 2025 / 25% coverage / Norway 50% ex RN) Norway - Fjæra Norway - Nordheim Norway - Haukå Norway - Closed Containment System
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 > 600 600 Harvest volumes GWT (1,000) 545 550 502 500 450 400 340 350 375 300 250 225k GWT >50k GWT 200 Page 6 Pro f
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 . >600 600 545 Harvest volumes GWT (1,000) 550 502 500 450 Mowi 400 ? Listed peers indexed 375 350 300 Page 7 Pro forma with Nova Sea, 52k GWT 2025E
Slide 8: Mowi – Leading the Blue Revolution
Mowi – Leading the Blue Revolution Harvest volumes (1,000 GWT) 600 Global volumes of 2.5 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 Pro forma with Nova Sea Source: Mowi, company reports and Kontali Analyse. 2024 for listed companies and 2023 for private companies Pa
Slide 9: Key financials
Key financials Mowi Group - main figures Q2 2025 Q2 2024 YTD 2025 YTD 2024 2024 Unaudited EUR million • Pro-forma NIBD Operational revenue and other income 1 394.2 4% 1 340.0 2 749.2 2 671.3 5 616.6 including Nova Sea Operational EBIT 1) 188.5 -18% 229.5 402.5 430.0 828.9 of EUR 2.48 billion Operati
Slide 10: Salmon prices – weekly reference prices
Salmon prices – weekly reference prices • Continued good underlying demand for salmon, however, prices impacted by temporary high supply on improved biology • Industry supply expected to fall from 8% in 2025 to 1% in 2026; consensus expects prices to improve Americas Europe Chilean D-trim lbs, Canad
Slide 11: Price achievement and contract share
Price achievement and contract share 140% • Price achievement 122% 120% 11% above 111% 104% 106% 106% 99% 99% reference price 100% positively impacted 84% 80% by contracts 60% • Continued good 40% harvest weights and quality (superior 20% share) 0% Norwegian Scottish Chilean Canadian Q2 2024 Q2 2025
Slide 12: Norway
Norway SALMON OF NORWEGIAN ORIGIN Operational EBIT Salmon of Norwegian Origin EUR million Q2 2025 Q2 2024 YTD 2025 YTD 2024 Q2 2024 vs Q2 2025 Operational revenue 497.2 464.0 992.7 891.5 Operational EBIT 138.5 149.3 293.4 287.3 Operational EBIT % 27.9% 32.2% 29.6% 32.2% EBIT 105.5 96.5 177.3 267.7 H
Slide 13: Norway: Operational EBIT/kg per region
Norway: Operational EBIT/kg per region 2.5 • Strong operational performance across the board 2.0 • Nova Sea is closing in on Mowi Norway’s margin EUR per kg 1.5 1.0 0.5 0.0 (1) South West Mid North Total Nova Sea South West Mid North Total Nova Sea Page 13 Note: Operational EBIT/kg per region includ
Slide 14: Increased farming volume guidance to 320k GWT in Mowi Norway
Increased farming volume guidance to 320k GWT in Mowi Norway • Increased farming volume guidance by 5k 450 GWT to 320k GWT for 2025 > 400 400 – Supported by increased harvest volumes YTD and strong biology Harvest volumes GWT (1,000) 350 320 304 • On course for >400k GWT including 300 Nova Sea 250 2
Slide 15: Norway: Sales contract portfolio
Norway: Sales contract portfolio 25,000 20,000 Contracted volumes (GWT) 15,000 10,000 5,000 0 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Realised contract volumes Contracted volumes (including prospects) • 23% contract share for the second quarter • Stable contract share in Q3 Page 15 Note: Mowi Norway
Slide 16: Scotland
Scotland SALMON OF SCOTTISH ORIGIN Operational EBIT Salmon of Scottish Origin EUR million Q2 2025 Q2 2024 YTD 2025 YTD 2024 Q2 2024 vs Q2 2025 Operational revenue 183.9 189.5 337.9 330.7 Operational EBIT 31.3 43.6 62.8 74.6 Operational EBIT % 17.0% 23.0% 18.6% 22.6% EBIT 15.4 5.7 19.3 49.5 Harvest v
Slide 17: Chile
Chile SALMON OF CHILEAN ORIGIN Operational EBIT Salmon of Chilean Origin EUR million Q2 2025 Q2 2024 YTD 2025 YTD 2024 Q2 2024 vs Q2 2025 Operational revenue 94.9 100.9 190.6 185.0 Operational EBIT 17.9 12.5 30.1 24.4 Operational EBIT % 18.9% 12.4% 15.8% 13.2% EBIT -6.9 4.6 -5.8 29.4 Harvest volume
Slide 18: Canada
Canada SALMON OF CANADIAN ORIGIN Operational EBIT Salmon of Canadian Origin EUR million Q2 2025 Q2 2024 YTD 2025 YTD 2024 Q2 2024 vs Q2 2025 Operational revenue 67.5 74.9 111.9 135.7 Operational EBIT 2.2 6.8 6.1 4.6 Operational EBIT % 3.3% 9.0% 5.5% 3.4% EBIT -7.2 -12.7 -29.9 -31.3 Harvest volume (G
Slide 19: Ireland and Faroes
Ireland and Faroes SALMON OF IRISH ORIGIN SALMON OF FAROESE ORIGIN EUR million Q2 2025 Q2 2024 YTD 2025 YTD 2024 EUR million Q2 2025 Q2 2024 YTD 2025 YTD 2024 Operational revenue 45.2 36.8 72.4 54.7 Operational revenue 28.1 24.0 62.1 49.3 Operational EBIT 0.9 7.3 3.2 11.5 Operational EBIT 4.0 10.5 1
Slide 20: Iceland (Arctic Fish)
Iceland (Arctic Fish) SALMON OF ICELANDIC ORIGIN Operational EBIT Salmon of Icelandic Origin EUR million Q2 2025 Q2 2024 YTD 2025 YTD 2024 Q2 2024 vs Q2 2025 Operational revenue 11.5 12.1 33.7 32.0 Operational EBIT -4.8 1.2 -4.9 10.8 Operational EBIT % -42.0 % 9.9% -14.7% 33.8% EBIT -8.9 -3.8 -25.8
Slide 21: Consumer Products
Consumer Products CONSUMER PRODUCTS EUR million Q2 2025 Q2 2024 YTD 2025 YTD 2024 Operational revenue 917.3 889.2 1 810.6 1 785.7 Operational EBIT 52.2 25.1 85.4 49.5 Operational EBIT % 5.7% 2.8 % 4.7% 2.8% Operational EBIT % VAP only 6.2% 3.1% 5.1% 3.0% EBIT 51.9 24.4 85.0 47.5 Volume sold (tonnes
Slide 22: Feed
Norway Feed FEED EUR million Q2 2025 Q2 2024 YTD 2025 YTD 2024 Operational revenue 240.8 253.1 451.2 450.5 Operational EBITDA 13.7 10.8 20.8 16.5 Operational EBIT 9.8 6.7 13.0 8.5 Operational EBITDA % 5.7 % 4.3% 4.6% 3.7% Operational EBIT % 4.1 % 2.7% 2.9% 1.9% EBIT 9.8 6.7 13.0 8.5 Feed sold volume
Slide 23: Financials, Markets and Harvest volumes
Q2 2025 presentation Financials, Markets and Harvest volumes
Slide 24: Profit and Loss
Profit and Loss Mowi Group Q2 2025 Q2 2024 YTD 2025 YTD 2024 2024 (EUR million) Operational revenue and other income 1 394.2 4% 1 340.0 2 749.2 2 671.3 5 616.6 • Negative net fair value Operational EBIT1) 188.5 -18 % 229.5 402.5 430.0 828.9 adjustment on lower Change in unrealised internal margin 3.
Slide 25: Financial position
Financial position Mowi Group EUR million 30.06.2025 30.06.2024 31.12.2024 • Strong financial position Non-current assets 4 389.9 4 408.6 4 442.5 Current assets 3 682.0 3 675.0 4 111.9 • Pro-forma NIBD including Nova Total assets 8 072.2 8 083.8 8 554.7 Sea of EUR 2.48 billion and equity Equity 3 78
Slide 26: Cash Flow and Net Interest Bearing Debt
Cash Flow and Net Interest Bearing Debt Mowi Group Q2 2025 Q2 2024 YTD 2025 YTD 2024 EUR million • Good cash flow NIBD beginning of period * -1 882.4 -1 824.6 -1 867.1 -1790.3 generation in the Operational EBITDA* 241.8 278.7 510.5 527.2 quarter Change in working capital 0.0 -26.2 -81.8 -46.1 Taxes
Slide 27: 2025 Cash Flow guidance (unchanged)
2025 Cash Flow guidance (unchanged) • Working capital build-up of EUR 50m due to biomass growth and growth through the value chain • Capital expenditure EUR ~310m, mainly within Farming segment – Farming - seawater and freshwater – Processing / Sales & Marketing – automation projects, digitalisation
Slide 28: Overview financing – refinanced bank facility of EUR 2,600 million
Overview financing – refinanced bank facility of EUR 2,600 million • Signed EUR 2,600m sustainability-linked credit facility agreement Share of sustainable funding – 5-year facility – Covenant: 35% equity ratio (adjusted for IFRS 16 leasing effects) – Accordion option: EUR 400m Current mix: – Lender
Slide 29: Strong focus on cost and cost leadership
Strong focus on cost and cost leadership • Cost reduction of EUR 49 million (NOK 572m) in the quarter and EUR 67 million YTD (NOK Development in blended Farming cost per kg for Mowi group 782m) compared with last year 5.89 5.39 EUR/kg • Significant inflationary pressure in recent years 5.09 driven b
Slide 30: Delivering on the productivity programme – ~3,500 FTEs per 2025
Delivering on the productivity programme – ~3,500 FTEs per 2025 • Productivity programme initiated in 2020 FTE reductions based on “as is” volumes – Salary and personnel expenses second largest 16,000 cost item in Mowi; EUR 706 million in 2024 15,000 14,998 14,000 1,791 13,771 – Productivity increas
Slide 31: 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 +36% 150 +23% 110 Tonnes (GWT) per employee Tonnes (GWT) per employee 100 140 90 130 80 120
Slide 32: Supply development in the quarter
Supply development in the quarter Estimated volumes Compared to Q2 2024 Est. volumes Suppliers Q2 2025 Q2 2024 Volume % Q1 2025 Norway 355,400 280,600 74,800 26.7% 307,300 Scotland 50,500 51,800 -1,300 -2.5% 40,100 Faroe Islands 25,300 16,700 8,600 51.5% 25,600 Other Europe 14,300 9,100 5,200 57.1%
Slide 33: Global volume development in the quarter
Global volume development in the quarter Estimated volumes Compared to Q2 2024 Est. volumes 12 month comparison Markets Q2 2025 Q2 2024 Volume % Q1 2025 LTM PTM % EU+UK 274,200 243,500 30,700 12.6% 244,300 1,186,000 1,103,200 7.5% Russia 13,900 8,600 5,300 61.6% 12,200 50,800 57,100 -11.0% Other Eur
Slide 34: Development in reference prices
Development in reference prices Q2 2025 Change vs Q2 2025 Change vs • Continued good demand for salmon, however, Market Q2 2024 EUR Q2 2024 Norway (1) EUR 6.23 -33.5% EUR 6.23 -33.5% prices impacted by temporary high supply on Chile (2) USD 6.11 -1.8% EUR 5.39 -6.7% improved biology Chile, GWT (3) U
Slide 35: Industry supply growth 2025e increased to 8%, recovery year
Industry supply growth 2025e increased to 8%, recovery year We expect global supply growth of 1% in 2026 (Europe 0%) 2022 2023 2024 2025E 2025E GWT (1,000) Low Y/Y grow th High Y/Y grow th Norw ay UK 1,366 145 1,334 137 1,365 170 1,489 167 1,483 165 9% -3% 1,495 169 10% -1% • 2025 a recovery year fo
Slide 36: Mowi volume guidance increased to 545k tonnes for 2025
Mowi volume guidance increased to 545k tonnes (530k) for 2025 (+9% YoY) Atlantic salmon 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 GWT (1,000) Actual Actual Actual Actual Actual Actual Actual Actual Guidance Guidance Guidance Norway 294.5 54.7 59.4 105.8 83.6 303.
Slide 37: Outlook
Outlook • Record-high industry supply growth has put pressure on prices in 2025, however, expected to fall from 8% in 2025 to 1% in 2026 • Continue to see good demand for our products • Tariff situation seems to be resolved • Mowi’s operations continue to develop positively • Mowi’s farming volume g
Slide 38: Appendix
Q2 2025 presentation Appendix
Slide 39: Nova Sea: Mowi to increase ownership from 49% to 95%
Nova Sea: Mowi to increase ownership from 49% to 95% Subject to competition approval and other standard closing conditions Harvest volume (GWT) EBIT per kg (EUR) NIBD EURm Ownership % 2023 2024 Q2 2024 Q2 2025 2023 2024 Q2 2024 Q2 2025 Q2 2025 Nova Sea 48.9 % 39 985 42 143 12 543 13 197 3.01 2.44 3.
Slide 40: Entered into agreement to acquire Vigner Olaisen's shares in Nova Sea
Entered into agreement to acquire Vigner Olaisen’s shares in Nova Sea Mowi from 49% to 95% ownership • 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 Mow
Slide 41: Nova Sea based in one of the best farming areas in Norway (PA 8)
Nova Sea based in one of the best farming areas in Norway (PA 8) Significant volume growth from 530k tonnes to 582k tonnes in 2025E • Nova Sea headquartered at Lovund, Northern Norway Nova Sea farming license footprint • Fully integrated from broodstock and smolts, to harvesting and sales Licenses -
Slide 42: Nova Sea – financials and shareholdings
Nova Sea – financials and shareholdings Nova Sea 2022 2023 2024 Avg Nova Sea AS % shares Viger Olaisen AS % shares Harvest volumes GWT 44 027 39 985 42 143 Vigner Olaisen AS 52.05% Occasione By Olaisen AS 62.54% Marine Harvest Holding AS 42.91% Helgeland Invest AS 20.62% Revenues NOKm 3 347 3 516 3
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 55.5 25.6 9.7 1.4 -0.7 3.3 -4.8 90.0 SALES AND MARKETING Markets 33.7 1.7 1.9 0.7 0.7 0.5 -0.2 0.0 39.0 Consumer Products 39.8 3.8 6.3 0.1 0.8 0.2 0
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 151.0 54.1 4.2 15.5 0.8 14.2 -4.3 0.0 235.5 SALES AND MARKETING Markets 64.8 3.5 1.8 3.6 1.1 1.1 -0.8 0.0 75.0 Consumer Products 64.4 5.5 0.1 11.0 1.3 0.4
Slide 45: Cash flow guidance and historic developments
Cash flow guidance and historic developments Net capital expenditure Net working capital change 450 600 Maintenance level 400 500 350 300 400 250 EUR million EUR million 300 200 150 200 100 100 50 0 0 2020 2021 2022 2023 2024 2025E 2020 2021 2022 2023 2024 2025E Financial commitments and cost of deb
Slide 46: Mowi has good track record for delivering on volume guidance
Mowi has good track record for delivering on volume guidance last 5 years 2% • Mowi has a good track record 0.3% for delivering on volume Deviation actual harvest volumes vs guidance % 0% guidance in the last 5 years -2% • Listed peers -7.9% vs guidance -4% -6% -5.3% -6.1% -8% -7.9% -10% -9.4% -11.0
Slide 47: 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 48: 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 to be increased post Nova Sea completion) • 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 CA
Slide 49: 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 50: 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 51: 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 52: 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 52
Slide 53: 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 54: 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 54
Slide 55: 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% 92G 93G 94G 95G 96G 97G 98G 99G 00G 01G 02G 03G 04G 05G 06G 07G 08G 09G 10G 11G 12G 13G 14G 15G 16G 17G 18G 19G 20G 21G 22G Loss rate* Linear (Loss rate*) Source: Kontali Page 55 *Loss rate = l
Slide 56: Postsmolt and Smart Farming are improving biological metrics
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 57: Thank you
MQWI Thank you