Mowi Asa · OSL:MOWI
Mowi Asa — Q1 2025 Earnings Presentation
57 slides from Mowi Asa's earnings presentation, Apr 29, 2025
Slide 1: Q1 2025 presentation
Q1 2025 presentation CEO: Ivan Vindheim CFO: Kristian Ellingsen 14 May 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 Q1 2025
Highlights Q1 2025 • Seasonally all-time high seawater production on strong biological KPIs • Turnover of EUR 1.36 billion translated into Operational EBIT of EUR 214 million • Harvest volumes of 108k GWT (12% growth YoY) • Good demand for salmon, but pressure on market prices from seasonally record
Slide 4: Maintaining farming volume guidance
Maintaining farming volume guidance 700 • Maintaining farming volume guidance >650 of 530k GWT for 2025 600 600 – Supported by a strong biology so far and Harvest volumes GWT (1,000) 530 502 seasonally record-high standing biomass in 500 sea 375 • Including Nova Sea 600k GWT 400 expected in 2026 300
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 Harvest volumes GWT (1,000) 600 550 530 502 500 450 400 340 350 375 300 250 225k GWT >50k GWT 200 Page 6 Pro form
Slide 7: From lagging behind to being ahead – farming volume growth vs listed peers
From lagging behind to being ahead – farming volume growth vs listed peers Mowi Farming volumes versus indexed listed peers since 2018 . 600 Harvest volumes GWT (1,000) 600 550 530 502 500 450 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 Q1 2025 Q1 2024 2024 Unaudited EUR million • Pro-forma NIBD including Nova Operational revenue and other income 1 355.0 2% 1 331.3 5 616.6 Sea of EUR 2.46 billion and Operational EBIT 1) 214.0 7% 200.5 828.9 equity ratio of 46% Operational EBITDA 1) 268.7 248
Slide 10: Salmon prices – weekly reference prices
Salmon prices – weekly reference prices • Good demand for salmon, however, prices impacted by high supply on improved biology and tariff turmoil Americas Europe Chilean D-trim lbs, Canadian GWE 10-12 lbs 14 14 7 5.85 12 12 5.45 6 10.62 USD per GWE 10-12 lbs (Seattle) 5.13 9.55 9.60 9.37 4.81 10 9.12
Slide 11: Price achievement and contract share
Price achievement and contract share 120% 114% • Price achievement 104% 106% 101% 99% 99% 4% above reference 100% 91% price positively 83% impacted by 80% contracts and good 60% spot performance 40% • Good harvest weights and superior 20% share 0% Norwegian Scottish Chilean Canadian Q1 2024 Q1 2025
Slide 12: Norway
Norway SALMON OF NORWEGIAN ORIGIN Operational EBIT Salmon of Norwegian Origin EUR million Q1 2025 Q1 2024 Q1 2024 vs Q1 2025 Operational EBIT 154.9 138.0 EBIT 71.8 171.2 Harvest volume (GWT) 61 703 54 711 Operational EBIT per kg (EUR) 2.51 2.52 - of which Feed 0.06 0.05 - of which Markets 0.50 0.94
Slide 13: Norway: Operational EBIT/kg per region
Norway: Operational EBIT/kg per region 3.5 • Strong operational performance across the board 3.0 2.5 • Region Mid impacted by very low harvest volumes and harvesting out high-cost sites EUR per kg 2.0 following issues with string jellyfish and gills last autumn 1.5 – Best underlying operational perf
Slide 14: Maintaining farming volume guidance in Mowi Norway
Maintaining farming volume guidance in Mowi Norway • Maintaining farming volume guidance of 450 315k GWT for 2025 >400 400 – Supported by a strong biology so far and seasonally record-high standing biomass in sea Harvest volumes GWT (1,000) 350 315 • On course for >400k GWT including Nova 304 300 Se
Slide 15: Norway: Sales contract portfolio
Norway: Sales contract portfolio 20,000 18,000 16,000 Contracted volumes (GWT) 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Realised contract volumes Contracted volumes (including prospects) • 25% contract share for the first quarter • Stable contract share
Slide 16: Scotland
Scotland SALMON OF SCOTTISH ORIGIN Operational EBIT Salmon of Scottish Origin EUR million Q1 2025 Q1 2024 Q1 2024 vs Q1 2025 Operational EBIT 31.5 31.1 EBIT 3.9 43.8 Harvest volume (GWT) 17 656 14 205 Operational EBIT per kg (EUR) 1.78 2.19 - of which Feed -0.03 -0.04 - of which Markets 0.10 0.14 -
Slide 17: Chile
Chile SALMON OF CHILEAN ORIGIN Operational EBIT Salmon of Chilean Origin EUR million Q1 2025 Q1 2024 Q1 2024 vs Q1 2025 Operational EBIT 12.2 11.9 EBIT 1.1 24.8 Harvest volume (GWT) 13 936 12 546 Operational EBIT per kg (EUR) 0.88 0.95 - of which Markets 0.12 0.12 - of which Consumer Products 0.34 0
Slide 18: Canada
Canada SALMON OF CANADIAN ORIGIN Operational EBIT Salmon of Canadian Origin EUR million Q1 2025 Q1 2024 Q1 2024 vs Q1 2025 Operational EBIT 4.0 -2.1 EBIT -22.8 -18.6 Harvest volume (GWT) 4 996 8 796 Operational EBIT per kg (EUR) 0.79 -0.24 - of which Markets 0.23 0.16 - of which Consumer Products 0.
Slide 19: Ireland and Faroes
Ireland and Faroes SALMON OF IRISH ORIGIN SALMON OF FAROESE ORIGIN EUR million Q1 2025 Q1 2024 EUR million Q1 2025 Q1 2024 Operational EBIT 2.3 4.2 Operational EBIT 11.6 9.2 EBIT 5.5 9.8 EBIT -1.4 8.7 Harvest volume (GWT) 2 408 1 078 Harvest volume (GWT) 4 224 2 627 Operational EBIT per kg (EUR) 0.9
Slide 20: Iceland (Arctic Fish)
Iceland (Arctic Fish) SALMON OF ICELANDIC ORIGIN Operational EBIT Salmon of Icelandic Origin EUR million Q1 2025 Q1 2024 Q1 2024 vs Q1 2025 Operational EBIT -0.1 9.6 EBIT -16.9 9.9 Harvest volume (GWT) 3 140 2 531 Operational EBIT per kg (EUR) -0.04 3.79 - of which Feed -0.01 -0.02 - of which Market
Slide 21: Consumer Products
Consumer Products CONSUMER PRODUCTS EUR million Q1 2025 Q1 2024 Operating revenues 893.3 896.5 Operational EBIT 33.2 24.4 Operational EBIT % 3.7 % 2.7% Operational EBIT % VAP only 3.9% 3.0% EBIT 33.0 23.1 Volume sold (tonnes prod. weight) 57 564 55 999 • Strong results on excellent operational perfo
Slide 22: Feed
Norway Feed FEED EUR million Q1 2025 Q1 2024 Operating revenues 210.3 197.4 Operational EBITDA 7.1 5.7 Operational EBIT 3.1 1.7 Operational EBITDA % 3.4% 2.9% Operational EBIT % 1.5% 0.9% EBIT 3.1 1.7 Feed sold volume 111 874 97 918 Scotland Feed produced volume 129 026 115 494 • Another strong quar
Slide 23: Financials, Markets and Harvest volumes
Q1 2025 presentation Financials, Markets and Harvest volumes
Slide 24: Profit and Loss
Profit and Loss Mowi Group Q1 2025 Q1 2024 2024 (EUR million) Operational revenue and other income 1 355.0 2% 1 331.3 5 616.6 • Negative net fair value Operational EBIT 1) 214.0 7% 200.5 828.9 adjustment on lower Change in unrealised internal margin Gain/loss from derivatives 7.8 5.3 7.4 -3.8 -3.2 -
Slide 25: Financial position
Financial position Mowi Group EUR million 31.03.2025 31.03.2024 31.12.2024 • Strong financial position Non-current assets 4 407.5 4 340.5 4 442.5 Current assets 3 763.5 3 710.7 4 111.9 • Pro-forma NIBD including Nova Total assets 8 171.3 8 051.4 8 554.7 Sea of EUR 2.46 billion and Equity 3 903.1 3 8
Slide 26: Cash Flow and Net Interest Bearing Debt
Cash Flow and Net Interest Bearing Debt Mowi Group Q1 2025 Q1 2024 2024 EUR million • Good cash flow generation in the NIBD beginning of period * -1 867.1 -1 790.3 -1 790.3 quarter Operational EBI TDA* 268.7 248.5 1 030.1 Change in w orking capital -81.8 -19.9 -44.2 • Temporary tie-up of working Tax
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 (unchanged)
Overview financing (unchanged) • Bank Facility: EUR 2,000m sustainability-linked facility Share of sustainable funding – 5-year facility (Maturity: September 2026) – Covenant: 35% equity ratio (adjusted for IFRS 16 leasing effects) – Accordion option: EUR 100m – Lenders: DNB, Nordea, ABN Amro, Rabob
Slide 29: Strong focus on cost and cost leadership
Strong focus on cost and cost leadership • Significant inflationary pressure in recent years Development in blended Farming cost per kg for Mowi group driven by higher feed prices 7 5.80 5.62 – ~8% feed price decrease 2024 and 6 5.09 4.37 4.47 expectations of continued decline 5 EUR/kg 4 – We expect
Slide 30: Norway 2024 Op EBIT / Standard license – Mowi #1 in Norway
Norway 2024 Op EBIT / Standard license – Mowi #1 in Norway Norway Region North 40 40 31.2 28.8 FX 30 26.9 30 NOK million NOK 2.3 21.9 NOK million 20 20 10 28.9 28.1 10 21.4 0 8.9 -2.0 0 -10 Mowi A B C B Mowi North A C Region West/Mid Region South 40 40 33.5 30.8 29.4 30 30 28.3 26.6 NOK million NOK
Slide 31: Prices for marine ingredients in feed significantly down from peak levels
Prices for marine ingredients in feed significantly down from peak levels Higher than normal fishing quota for H1-25 • FM and FO prices down approx. 30% from peak Anchovy catch in Peru last 10 years levels in 2023 3.9 3.1 3.2 5.5 3.3 4.8 4.7 4.5 1.5 5.1 3.0 4.0 6 1st 5 season • About 30-35% of feed
Slide 32: Supply development in the quarter
Supply development in the quarter Estimated volumes Compared to Q1 2024 Est. volumes Suppliers Q1 2025 Q1 2024 Volume % Q4 2024 Norway 307,600 273,200 34,400 12.6% 413,900 Scotland 38,100 34,700 3,400 9.8% 41,200 Faroe Islands 25,600 21,200 4,400 20.8% 20,500 Other Europe 14,600 12,800 1,800 14.1% 1
Slide 33: Global volume development in the quarter
Global volume development in the quarter Estimated volumes Compared to Q1 2024 Est. volumes 12 month comparison Markets Q1 2025 Q1 2024 Volume % Q4 2024 LTM PTM % EU+UK 246,800 233,800 13,000 5.6% 335,900 1,158,100 1,097,400 5.5% Russia 12,200 12,700 -500 -3.9% 14,600 44,700 60,900 -26.6% Other Euro
Slide 34: Development in reference prices
Development in reference prices Q1 2025 Market Change vs Q1 2024 Q1 2025 EUR Change vs Q1 2024 • Good demand for salmon, however, prices Norway (1) EUR 7.80 -18.8% EUR 7.80 -18.8% impacted by high supply on improved biology Chile (2) USD 6.40 -1.2% EUR 6.08 1.9% and tariff turmoil Chile, GWT (3) USD
Slide 35: Industry supply growth 2025e increased to ~6%, recovery year
Industry supply growth 2025e increased to ~6%, recovery year We still believe global industry supply growth of 2-3% p.a. in the coming years 2022 2023 2024 2025E 2025E GWT (1,000) Low Y/Y grow th High Y/Y grow th Norw ay 1,366 1,334 1,365 1,453 1,445 6% 1,461 7% UK 145 137 170 168 165 -3% 171 0% • 2
Slide 36: Mowi volume guidance maintained at 530k tonnes for 2025
Mowi volume guidance maintained at 530k tonnes for 2025 (+5.7% YoY) Atlantic salmon 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 Q1 2025 Q2 2025 2025 GWT (1,000) Actual Actual Actual Actual Actual Actual Actual Guidance Guidance Norway 294.5 54.7 59.4 105.8 83.6 303.5 61.7 71.0 315.0 Scotland 54.9 14.2
Slide 37: Outlook
Outlook • First quarter another strong quarter for Mowi operationally with seasonal record-high growth in sea and improved biological metrics – Continued in the second quarter • Seasonal record-high industry supply following favourable environmental conditions has put pressure on prices – 2025 a rec
Slide 38: Appendix
Q1 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 Q1 2024 Q1 2025 2023 2024 Q1 2024 Q1 2025 Q1 2025 Nova Sea 48.9 % 39 985 42 143 9 834 10 087 3.01 2.44 3.2
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: White paper on aquaculture regulations in Norway
White paper on aquaculture regulations in Norway • On 10 April, the Norwegian government released a white paper on aquaculture. The white paper was the next step in the political process of reviewing aquaculture regulations in Norway, following the report from the Nøstbakken Committee in September 2
Slide 44: Quarterly segment overview
Quarterly segment overview SOURCES OF ORIGIN QTD EUR million Norway Scotland Chile Canada Ireland Faroes Iceland Other1) Group OPERATIONAL EBIT FARMING 95.6 28.5 5.8 2.8 1.5 10.8 0.5 145.5 SALES AND MARKETING Markets 31.0 1.8 1.7 1.2 0.4 0.6 -0.7 0.0 36.0 Consumer Products 24.5 1.7 4.7 0.0 0.5 0.1 0
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 last 5 years
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 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 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 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 57: Thank you
MQOWI Thank you