Slide 1: Q2 2026 presentation
Q2 2026 presentation CEO: Ivan Vindheim CFO: Kristian Ellingsen 18 August 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 Q2 2026
Highlights Q2 2026 • Industry supply growth returning to normal after an unusual high period – Down to 2.6% unadjusted for inventory, and 6.1% adjusted for inventory • Q2-26 spot prices up 6% y/y, and 21% so far in Q3 • Record-high Q2 harvest of 150k GWT, up 13% y/y • Operational EBIT of EUR 231 mil
Slide 4: Harvest volumes GWT (1,000)
Farming volume guidance reduced from 605k GWT to 600k GWT in 2026 Farming volume growth of 160k GWT from 2020 to 2026E (CAGR 5.3% vs. 3.0% for the industry) 700 >650 • 2026 harvest volume guidance reduced 600 from 605k GWT to 600k GWT due to 600 559 Canada East, up 7.4% y/y Harvest volumes GWT (1,00
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 > 650 650 600 600 559 Harvest volumes GWT (1,000) 550 500 450 400 340 350 375 300 250 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 600 600 559 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) 600 600 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. Page 8 Note: Harvest volumes for 2025 in Gutted Weight Tonnes (GWT) for peer co
Slide 9: Key financials
Key financials Mowi Group - main figures Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 Unaudited EUR million Operational revenue and other income 1 599.1 1 394.2 3 143.3 2 749.2 5 729.1 15% • Turnover record-high on Operational EBIT 1) 231.3 23% 188.5 452.0 402.5 726.8 record-high Q2 volumes Operational EB
Slide 10: Salmon prices – weekly reference prices
Salmon prices – weekly reference prices • Industry supply growth normalising – 6% higher prices in the quarter y/y – Prices up 21% so far in Q3 y/y 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 USD per lbs D-tri
Slide 11: Supportive supply/demand balance expected going forward
Supportive supply/demand balance expected going forward 0% supply growth for rest of 2026, 0-2% in 2027E and 1-2% p.a. thereafter 12% supply growth 2025 5% demand growth 2025 8% 8% demand growth H1-26E 7% supply growth H1-26E 3% 1-2% 0% supply growth H2-26E (3% in 2026E) Cost of living crisis 0-2% s
Slide 12: Group price achievement and contract share
Group price achievement and contract share 140% • Price achievement 115% 120% 107% 5% above reference 104% 105% price aided by a 100% small positive 80% contribution from 60% contracts, and good spot price 40% performance 20% 0% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Group Norwegian Scottish Chilean Canadi
Slide 13: Norway
Norway SALMON OF NORWEGIAN ORIGIN Operational EBIT Salmon of Norwegian Origin EUR million Q2 2026 Q2 2025 YTD 2026 YTD 2025 Q2 2025 vs Q2 2026 Operational revenue 587.0 497.2 1 184.7 992.7 Operational EBIT 158.9 138.5 340.2 293.4 Operational EBIT % 27.1% 27.9% 28.7% 29.6% EBIT 62.9 105.5 241.1 177.3
Slide 14: Norway: Operational EBIT/kg per region
Norway: Operational EBIT/kg per region 2.5 • Strong margin from Region South and 2.15 2.10 Region North on good cost performance 2.0 1.86 – Region South also benefitted from good 1.62 timing of harvest EUR per kg 1.48 1.5 • Region West impacted by high harvest in June when prices were at their lowes
Slide 15: Farming volume guidance maintained at 380k GWT in 2026E for Mowi Norway
Farming volume guidance maintained at 380k GWT in 2026E for Mowi Norway 450 > 400 • Volume guidance of 380k GWT for 2026E 400 380 (14.5% Y/Y) Harvest volumes GWT (1,000) 350 332 – 118k GWT growth 2020-2026E 300 – CAGR 6.4%, well in excess of industry at 4.3% 262 250 • Next volume milestone 400k tonn
Slide 16: Norway: Sales contract portfolio
Norway: Sales contract portfolio 25,000 20,000 Contracted volumes (GWT) 15,000 10,000 5,000 0 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Realised contract volumes Contracted volumes (including prospects) • 19% contract share in Q2, and 16% in Q3 Page 16 Note: Mowi Norway’s fixed price/fixed volume cont
Slide 17: Scotland
Scotland SALMON OF SCOTTISH ORIGIN Operational EBIT Salmon of Scottish Origin EUR million Q2 2026 Q2 2025 YTD 2026 YTD 2025 Q2 2025 vs Q2 2026 Operational revenue 202.5 183.9 377.3 337.9 Operational EBIT 48.1 31.3 78.7 62.8 Operational EBIT % 23.7% 17.0% 20.9% 18.6% EBIT 5.2 15.4 35.3 19.3 Harvest v
Slide 18: Chile
Chile SALMON OF CHILEAN ORIGIN Operational EBIT Salmon of Chilean Origin EUR million Q2 2026 Q2 2025 YTD 2026 YTD 2025 Q2 2025 vs Q2 2026 Operational revenue 98.1 94.9 218.4 190.6 Operational EBIT 5.9 17.9 13.1 30.1 Operational EBIT % 6.0% 18.9% 6.0% 15.8% EBIT -0.4 -6.9 3.9 -5.8 Harvest volume (GWT
Slide 19: Canada
Canada SALMON OF CANADIAN ORIGIN Operational EBIT Salmon of Canadian Origin EUR million Q2 2026 Q2 2025 YTD 2026 YTD 2025 Q2 2025 vs Q2 2026 Operational revenue 76.5 67.5 125.6 111.9 Operational EBIT 20.0 2.2 19.1 6.1 Operational EBIT % 26.1% 3.3% 15.2% 5.5% EBIT -138.5 -7.2 -124.3 -29.9 Harvest vol
Slide 20: Ireland and Faroes
Ireland and Faroes SALMON OF IRISH ORIGIN SALMON OF FAROESE ORIGIN EUR million Q2 2026 Q2 2025 YTD 2026 YTD 2025 EUR million Q2 2026 Q2 2025 YTD 2026 YTD 2025 Operational revenue 25.1 45.2 46.3 72.4 Operational revenue 17.4 28.1 38.7 62.1 Operational EBIT -0.5 0.9 -0.2 3.2 Operational EBIT 4.1 4.0 7
Slide 21: Iceland (Arctic Fish)
Iceland (Arctic Fish) SALMON OF ICELANDIC ORIGIN Operational EBIT Salmon of Icelandic Origin EUR million Q2 2026 Q2 2025 YTD 2026 YTD 2025 Q2 2025 vs Q2 2026 Operational revenue 32.2 11.5 71.8 33.7 Operational EBIT -2.3 -4.8 -0.2 -4.9 Operational EBIT % -7.2% -42.0% -0.3% -14.7% EBIT -9.9 -8.9 -17.2
Slide 22: Consumer Products
Consumer Products CONSUMER PRODUCTS EUR million Q2 2026 Q2 2025 YTD 2026 YTD 2025 Operational revenue 996.7 917.3 1 983.1 1 810.6 Operational EBIT 29.4 52.2 49.1 85.4 Operational EBIT % 3.0% 5.7% 2.5% 4.7% Operational EBIT % VAP only 3.0% 6.2% 2.4% 5.1% EBIT 28.7 51.9 48.3 85.0 Volume sold (tonnes p
Slide 23: Feed
Norway Feed FEED EUR million Q2 2026 Q2 2025 YTD 2026 YTD 2025 Operational revenue 248.3 240.8 433.5 451.2 Operational EBITDA 15.5 13.7 21.6 20.8 Operational EBIT 11.5 9.8 13.6 13.0 Operational EBITDA % 6.2% 5.7% 5.0% 4.6% Operational EBIT % 4.6% 4.1% 3.1% 2.9% EBIT 11.5 9.8 13.6 13.0 Feed sold volu
Slide 24: Financials, Markets and Harvest volumes
Q2 2026 presentation Financials, Markets and Harvest volumes
Slide 25: Profit and Loss
Profit and Loss Mowi Group Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 (EUR million) Operational revenue and other income 1 599.1 15 % 1 394.2 3 143.3 2 749.2 5 729.1 • All-time high revenues Operational EBIT1) 231.3 188.5 452.0 402.5 726.8 and improved earnings 23 % Change in unrealised internal margin
Slide 26: Financial position
Financial position Mowi Group 30.06.2026 30.06.2025 31.12.2025 EUR million • Strong financial position with Non-current assets 5 850.2 4 389.9 5 918.7 equity ratio of 43% Current assets 4 172.2 3 682.0 4 309.8 Assets held for sale 177.8 0.0 0.0 Total assets 10 200.1 8 072.2 10 228.5 Equity 4 402.8 3
Slide 27: Cash Flow and Net Interest Bearing Debt
Cash Flow and Net Interest Bearing Debt Mowi Group Q2 2026 Q2 2025 YTD 2026 YTD 2025 EUR million • Good operational cash NIBD beginning of period * -2 737.8 -1 882.4 -2 654.1 -1867.1 flow in the quarter Operational EBITDA* 292.8 241.8 572.7 510.5 Change in working capital -10.8 0.0 -53.9 -81.8 Taxes
Slide 28: Overview main financing (100% sustainable/green funding)
Overview main financing (100% sustainable/green funding) Issued EUR 250 million bond at very attractive terms • 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 e
Slide 29: Strong focus on cost and cost leadership
Strong focus on cost and cost leadership • Cost reduction of EUR 26 million (NOK 284m) in the Development in blended Farming cost per kg for Mowi group quarter and EUR 70 million YTD (NOK 782m) compared with last year 5.20 – Driven by lower feed prices, but other cost items are 5.09 EUR/kg also impr
Slide 30: Realised cost savings of EUR 408 million 2018-2026 H1
Realised cost savings of EUR 408 million 2018-2026 H1 • Total cost savings of EUR 408 million 2018-2026 Cost savings per year and business area (EUR million) YTD, of which EUR 251 million in Farming. On 255 track to reach 2026E target of EUR 30 million for 65 16 408 cost savings programme 42 55 – ~2
Slide 31: Significant productivity improvements – ~3,700 FTEs per 2026E
Significant productivity improvements – ~3,700 FTEs per 2026E • 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 759 million in 2025 15,000 2,540 14,496 14,000 – Significant productivi
Slide 32: Productivity programme (2020-) 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 33: Feed prices increasing on lower availability of marine raw materials
Feed prices increasing on lower availability of marine raw materials Feed prices Mowi Farming Norway • In 2023-2025, feed prices declined on better availability of raw materials and generally lower ingredients prices Feed price per kg • Current inflationary pressure driven by marine ingredients and
Slide 34: 2026 Cash Flow guidance
2026 Cash Flow guidance • Working capital build-up increased by EUR 50m to EUR 150m due to higher feed prices • 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 processing p
Slide 35: Mowi a major taxpayer and contributor in Norway
Mowi a major taxpayer and contributor in Norway Direct and indirect taxes Value creation Jobs NOK 10 b NOK 29 b 16 000 jobs > (EUR 0.9 b) (EUR 2.6 b) • Corporate tax • Direct value creation • Mowi employees • Personal tax • Purchases and other • Indirect jobs • Other direct and indirect effects indi
Slide 36: Supply development in the quarter
Supply development in the quarter Estimated volumes Compared to Q2 2025 Est. volumes Suppliers Q2 2026 Q2 2025 Volume % Q1 2026 Norway 366,200 355,100 11,100 3.1% 334,400 Scotland 51,900 53,100 -1,200 -2.3% 38,900 Faroe Islands 32,400 25,300 7,100 28.1% 30,600 Other Europe 16,400 14,500 1,900 13.1%
Slide 37: Global volume development in the quarter
Global volume development in the quarter Estimated volumes Compared to Q2 2025 Est. volumes 12 month comparison Markets Q2 2026 Q2 2025 Volume % Q1 2026 LTM PTM % EU+UK 302,800 274,500 28,300 10.3% 273,300 1,154,600 1,087,700 6.2% Russia 10,400 13,700 -3,300 -24.1% 11,400 47,800 53,700 -11.0% Other
Slide 38: Development in reference prices
Development in reference prices Q2 2026 Change vs Q2 2026 Change vs Market Q2 2025 EUR Q2 2025 • Industry supply growth normalising Norway (1) EUR 6.61 6.2% EUR 6.61 6.2% – 6% higher prices in the quarter y/y Chile (2) USD 6.45 5.6% EUR 5.55 3.0% Chile, GWT (3) USD 6.59 5.7% EUR 5.67 3.1% – Prices u
Slide 39: Industry supply growth expected around 0% for H2-2026 and 0-2% in 2027E
Industry supply growth expected around 0% for H2-2026 and 0-2% in 2027E 2023 2024 2025 2026E 2026E GWT (1,000) Low Y/Y grow th High Y/Y grow th Norw ay 1,334 1,365 1,534 1,585 1,577 3% 1,593 4% • Q3-Q4 2026E: 0% growth (Kontali) UK 137 170 169 176 173 2% 179 6% Faroe Islands 80 90 116 127 125 8% 129
Slide 40: Mowi volume guidance of 600k GWT for 2026 (7.4% growth y/y)
Mowi volume guidance of 600k GWT for 2026 (7.4% growth y/y) Atlantic salmon 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 2026 GWT (1,000) Actual Actual Actual Actual Actual Actual Actual Actual Guidance Guidance Guidance Norway 303.5 61.7 72.6 99.4 98.2 331.9 75.6 85.2 1
Slide 41: Summary and outlook
Summary and outlook • Another strong quarter for Mowi operationally • Industry supply growth normalising and expected to be limited going forward – Paving the way for market recovery • Realised cost expected to be stable in Q3 vs Q2 – However, increasing inflationary pressure on feed raw materials,
Slide 42: Appendix
Q2 2026 presentation Appendix
Slide 43: 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 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 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 97.1 37.4 2.1 18.6 -1.2 3.9 -3.1 154.8 SALES AND MARKETING Markets 29.7 5.7 0.8 1.3 0.5 0.2 0.8 0.0 39.2 Consumer Products 21.6 4.1 3.0 0.0 0.2 0.0
Slide 45: YTD segment overview
YTD segment overview SOURCES OF ORIGIN YTD EUR million Norway Scotland Chile Canada Ireland Faroes Iceland Other1) Group OPERATIONAL EBIT FARMING 240.4 61.5 0.0 16.3 -1.2 6.4 -1.1 0.0 322.3 SALES AND MARKETING Markets 55.8 9.7 3.2 2.8 0.9 0.7 0.9 0.0 74.1 Consumer Products 30.4 7.5 9.8 0.0 0.1 -0.1
Slide 46: Resource rent tax in Norway with effect from 2023
Resource rent tax in Norway with effect from 2023 22% 22% 22% 22% + 25% = 47% 22% 22% 22% Breeding Smolt Feed Sales & Seawater Harvesting Processing Marketing • Updated estimate for effective resource rent tax rate of about 10% for Mowi Norway across the value-chain – Earnings in the seawater phase
Slide 47: 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 48: 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 49: Mowi ranked the world’s most sustainable seafood company
Mowi ranked the world’s most sustainable seafood company Rating agencies About the rating Score (1) Salmon is the most sustainable animal protein alternative Mowi has topped the Coller FAIRR Protein Producer Index for six consecutive years 1st (2020–2025) and leads the latest FAIRR 1st Seafood Index
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 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 56: Thank you
MQOWI 1) ATLANTIC SALMON TUSCAN HERB sme Thank you