Slide 1: Q3 2025 presentation
Q3 2025 presentation CEO: Ivan Vindheim CFO: Kristian Ellingsen 5 November 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 Q3 2025
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 origin
Slide 4: Farming volume guidance of 605k GWT in 2026E
Farming volume guidance of 605k GWT in 2026E (9.2% growth y/y) 700 > 650 • Farming volume guidance increased to 605 554k GWT for 2025E (10.5% growth y/y) on 600 554 acquisition of Nova Sea Harvest volumes GWT (1,000) 502 500 • Guidance of 605k GWT in 2026E (9.2% growth y/y) 400 375 – Biomass in sea
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: New postsmolt site at Kilvik in Region North from Nova Sea
New postsmolt site at Kilvik in Region North from Nova Sea Kilvik Region North • 6,000-tonne postsmolt RAS facility Region Mid • First postsmolt delivery Q2 2026 Region West • Full production 2027 Region South • Mowi 74% ownership Page 6
Slide 7: Ordering Closed Containment Systems for postsmolt production in Region West
Ordering 4 Closed Containment Systems for postsmolt production in Region West (Environmental Technology Scheme) Postsmolt footprint Norway Existing postsmolt sites land Existing postsmolt sites sea (closed containment) Kilvik Region North Nordheim Region Mid Rundereim (4) Haukå • Mowi Norway has 10.
Slide 8: 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 > 650 650 605 600 554 Harvest volumes GWT (1,000) 550 502 500 450 400 340 350 375 300 250 225k GWT >50k GWT 200 Page 8
Slide 9: 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 . 605 600 554 Harvest volumes GWT (1,000) 550 502 500 450 Mowi ? Listed peers indexed 400 375 350 300 Page 9
Slide 10: Mowi – Leading the Blue Revolution
Mowi – Leading the Blue Revolution Harvest volumes (1,000 GWT) 605 600 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 Source: Mowi, company reports and Kontali Analyse. 2024 for listed companies and 2023 for private companies Page 10 Note: Harvest
Slide 11: Key financials
Key financials Mowi Group - main figures Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 Unaudited EUR million • Pro-forma NIBD Operational revenue and other income 1 393.1 -4% 1 443.7 4 142.3 1% 4 115.0 5 616.6 including Nova Sea Operational EBIT 1) 111.7 -35% 173.0 514.3 -15% 603.0 828.9 of EUR 2.51 billio
Slide 12: Salmon prices – weekly reference prices
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 Americas Europe Chilean D-trim lbs, Canadian GWT 10-12 lbs 14 14 7 12
Slide 13: Group price achievement and contract share
Group price achievement and contract share • Price achievement 140% 15% above 120% 115% 111% 115% reference price 104% 100% positively impacted by contracts 80% 60% – Contract share 21% 40% • Continued good 20% harvest weights and 0% quality (superior Q4 2024 Q1 2025 Q2 2025 Q3 2025 share) Norwegian
Slide 14: Norway
Norway SALMON OF NORWEGIAN ORIGIN Operational EBIT Salmon of Norwegian Origin EUR million Q3 2025 Q3 2024 YTD 2025 YTD 2024 Q3 2024 vs Q3 2025 Operational revenue 587.4 698.9 1 581.2 1 586.8 Operational EBIT 111.3 145.5 404.7 432.8 Operational EBIT % 18.9% 20.8% 25.6% 27.3% EBIT 232.6 63.7 409.9 331
Slide 15: Norway: Operational EBIT/kg per region
Norway: Operational EBIT/kg per region 2.0 • Considering prices, all-in-all a reasonably good quarter 1.5 • Stellar performance in Region North EUR per kg 1.0 0.5 0.0 South West Mid North Total Nova Sea South West Mid North Total Nova Sea Page 15 Note: Operational EBIT/kg per region includes contrib
Slide 16: Farming volume guidance of 380k GWT in 2026E for Mowi Norway
Farming volume guidance of 380k GWT in 2026E for Mowi Norway 2025E lifted to 329k GWT from 320k GWT 450 • Increased farming volume guidance by > 400 9k GWT to 329k GWT for 2025 (8.4% y/y) 400 380 Harvest volumes GWT (1,000) 350 329 • Volume guidance of 380k GWT for 2026E 304 (15.5% y/y) 300 • On cou
Slide 17: Norway: Sales contract portfolio
Norway: Sales contract portfolio 25,000 20,000 Contracted volumes (GWT) 15,000 10,000 5,000 0 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Realised contract volumes Contracted volumes (including prospects) • 19% contract share for the third quarter • 23% contract share in Q4 (including Nova Sea) Page 17
Slide 18: Scotland
Scotland SALMON OF SCOTTISH ORIGIN Operational EBIT Salmon of Scottish Origin EUR million Q3 2025 Q3 2024 YTD 2025 YTD 2024 Q3 2024 vs Q3 2025 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 Harvest v
Slide 19: Broodstock facility in Scotland to be completed in Q4
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
Slide 20: Chile
Chile SALMON OF CHILEAN ORIGIN Operational EBIT Salmon of Chilean Origin EUR million Q3 2025 Q3 2024 YTD 2025 YTD 2024 Q3 2024 vs Q3 2025 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 Harvest volume (G
Slide 21: Canada
Canada SALMON OF CANADIAN ORIGIN Operational EBIT Salmon of Canadian Origin EUR million Q3 2025 Q3 2024 YTD 2025 YTD 2024 Q3 2024 vs Q3 2025 Operational revenue 99.5 51.1 209.8 183.4 Operational EBIT -31.3 -3.6 -25.1 1.0 Operational EBIT % (31.4)% (7.0)% (12.0)% 0.6% EBIT -72.8 -15.4 -102.8 -46.7 Ha
Slide 22: Ireland and Faroes
Ireland and Faroes SALMON OF IRISH ORIGIN SALMON OF FAROESE ORIGIN EUR million Q3 2025 Q3 2024 YTD 2025 YTD 2024 EUR million Q3 2025 Q3 2024 YTD 2025 YTD 2024 Operational revenue 34.9 37.6 107.2 92.2 Operational revenue 14.2 19.8 76.3 69.2 Operational EBIT 0.7 4.3 3.9 15.9 Operational EBIT 1.3 1.8 1
Slide 23: Iceland (Arctic Fish)
Iceland (Arctic Fish) SALMON OF ICELANDIC ORIGIN Operational EBIT Salmon of Icelandic Origin EUR million Q3 2025 Q3 2024 YTD 2025 YTD 2024 Q3 2024 vs Q3 2025 Operational revenue 28.9 21.7 63.0 56.8 Operational EBIT -5.9 1.3 -10.8 12.1 Operational EBIT % -20.3 % 5.8% -17.2% 21.2% EBIT 0.4 2.6 -25.4 8
Slide 24: Consumer Products
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 (tonne
Slide 25: Feed
Norway 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% 5.1% Operational EBIT % 7.4 % 5.9% 4.7% 3.7% EBIT 21.9 21.5 34.9 30.0 Feed sold
Slide 26: Financials, Markets and Harvest volumes
Q3 2025 presentation Financials, Markets and Harvest volumes
Slide 27: Profit and Loss
Profit and Loss Mowi Group Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 (EUR million) Operational revenue and other income 1 393.1 -4 % 1 443.7 4 142.3 1% 4 115.0 5 616.6 • Record-high YTD Operational EBIT1) 111.7 -35 % 173.0 514.3 -15 % 603.0 828.9 volumes and revenues Change in unrealised internal margi
Slide 28: Financial position
Financial position Mowi Group • Strong financial position 30.09.2025 30.09.2024 31.12.2024 EUR million Non-current assets 4 415.7 4 430.9 4 442.5 Current assets 3 673.2 3 560.1 4 111.9 • Pro-forma NIBD including Nova Total assets 8 089.2 7 991.3 8 554.7 Sea of EUR 2.51 billion and equity Equity 3 82
Slide 29: Cash Flow and Net Interest Bearing Debt
Cash Flow and Net Interest Bearing Debt Mowi Group EUR million Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 • Good cash flow NIBD beginning of period * -1 895.8 -1 882.1 -1 867.1 -1790.3 -1 790.3 generation in the Operational EBITDA* 165.2 223.6 675.7 750.9 1 030.1 quarter Change in working capital 126.9
Slide 30: 2025 Cash Flow guidance including Nova Sea
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 & Marketi
Slide 31: Overview financing
Overview financing • 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: – Lenders: DNB, Nordea, ABN Amro, Rabobank, Danske Bank,
Slide 32: Strong focus on cost and cost leadership
Strong focus on cost and cost leadership • Cost reduction of EUR 50 million (NOK 588m) in the quarter and EUR 126 million YTD (NOK Development in blended Farming cost per kg for Mowi group 1,471m) compared with last year 5.89 5.41 • Significant inflationary pressure in recent years EUR/kg 5.09 drive
Slide 33: 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 16,000 – Salary and personnel expenses second largest 14,998 cost item in Mowi; EUR 706 million in 2024 15,000 2,028 13,988 14,000 – Productivity increas
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 +38% 150 +20% 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 Q3 2024 Est. volumes Suppliers Q3 2025 Q3 2024 Volume % Q2 2025 Norway 456,700 397,100 59,600 15.0% 355,600 Scotland 40,800 42,800 -2,000 -4.7% 52,300 Faroe Islands 32,100 31,100 1,000 3.2% 25,300 Other Europe 14,900 14,400 500 3.5% 14,
Slide 36: Global volume development in the quarter
Global volume development in the quarter Estimated volumes Compared to Q3 2024 Est. volumes 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 Europ
Slide 37: Development in reference prices
Development in reference prices Q3 2025 Change vs Q3 2025 Change vs Market Q3 2024 EUR Q3 2024 • Prices in the quarter impacted by record-high Norway (1) EUR 5.32 -11.8% EUR 5.32 -11.8% industry volumes (+12%) Chile (2) USD 5.34 -2.7% EUR 4.57 -8.5% Chile, GWT (3) USD 5.22 -12.9% EUR 4.47 -18.1% • I
Slide 38: Industry supply growth 2026E of 1% (down from 9% in 2025E)
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 Low Y/Y 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 9
Slide 39: Mowi volume guidance increased to 554k tonnes for 2025 and 605k tonnes in 2026
Mowi volume guidance increased to 554k tonnes (545k) for 2025 and milestone 605k tonnes in 2026 Atlantic salmon 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 2026 GWT (1,000) Act ual Act ual Act ual Act ual Act ual Act ual Act ual Act ual Act ual Guidance Guidance Gu
Slide 40: Outlook
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 price
Slide 41: Appendix
Q3 2025 presentation Appendix
Slide 42: Nova Sea: Mowi increased ownership from 49% to 95%
Nova Sea: Mowi increased ownership from 49% to 95% Harvest volume (GWT) EBIT per kg (EUR) NIBD EURm 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 • Divi
Slide 43: Nova Sea: Mowi increased ownership from 49% to 95%
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 S
Slide 44: 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) • Nova Sea headquartered at Lovund, Northern Norway Nova Sea farming license footprint • Fully integrated from broodstock and smolts, to Licenses - MAB tonnes harvesting and sales Grow out: 27,401 / 35.1 Licenses (L) Broodstock: 585 /
Slide 45: Quarterly segment overview
Quarterly segment overview SOURCES OF ORIGIN QTD EUR million Norway Scotland Chile Canada Ireland Faroes Iceland Other1) 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.
Slide 46: YTD segment overview
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.
Slide 47: Cash flow guidance and historic developments
Cash flow guidance and historic developments Net capital expenditure Net working capital change 450 600 Maintenance level 400 350 500 300 400 250 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 48: 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 49: 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 50: 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 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 CAG
Slide 51: 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 52: 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 53: 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 54: 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 54
Slide 55: 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 56: Monthly mortality rates for farmed salmon are significantly lower than land animals
...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 56
Slide 57: 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 57 *Loss rate = l
Slide 58: Postsmolt and Smart Farming improving biological metrics and fish welfare
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 59: Thank you
MQWI Thank you