Slide 1: Q4 2024 presentation
Q4 2024 presentation CEO: Ivan Vindheim CFO: Kristian Ellingsen 12 February 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: Entered into agreement to buy majority stake in Nova Sea
• Entered into agreement to buy majority stake in Nova Sea – From 49% to 95% • 52k GWT in 2025E in Northern Norway, Production Area 8 • Industry leading biological and financial metrics • Strong operational fit
Slide 4: Q4 2024 concludes another record-breaking year for Mowi
Q4 2024 concludes another record-breaking year for Mowi Farming volume growth of 225k GWT from 2018 to 2026F (CAGR 6.1% vs. 3.1% for the industry) • All-time high harvest volumes of 502k 700 GWT in 2024 >650 600 600 – Δ 5.7% Y/Y vs 1.3% for the industry Harvest volumes GWT (1,000) 530 502 • Translat
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 Mowi Farming volumes since the big merger in 2006 700 >650 650 600 600 Harvest volumes GWT (1,000) 550 530 502 500 450 400 340 350 375 300 250 225k GWT >50k GWT 200 Page 6 Pro forma with Nova Sea, 52k GWT 2025E
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: Highlights Q4 2024
Highlights Q4 2024 • Record-high turnover EUR 1.50 billion translated into an Operational EBIT of EUR 226 million • Record-high fourth quarter harvest volumes of 134k GWT • Salmon prices increased during the quarter on good demand • Realised blended farming cost slightly lower Q/Q, downward trend ex
Slide 9: Key financials
Key financials Mowi Group - main figures Unaudited EUR million Q4 2024 Q4 2023 2024 2023 • Seasonal working capital tie-up Operational revenue and other income 1 501.6 5% 1 427.9 5 616.6 2% 5 513.4 in downstream of approx Operational EBIT 1) 225.9 11% 203.1 828.9 -19% 1 027.5 EUR 80 million Operatio
Slide 10: Salmon prices – weekly reference prices
Salmon prices – weekly reference prices • Higher prices on strong seasonal demand Americas Europe Chilean D-trim lbs, Canadian GWE 10-12 lbs 14 14 6 5.21 12 12 10.62 4.51 4.44 5 USD per GWE 10-12 lbs (Seattle) 9.55 9.60 9.37 4.09 4.07 9.12 3.98 10 10 USD per lbs D-trim (Miami) 3.84 3.85 3.78 3.57 3.
Slide 11: Price achievement and contract share
Price achievement and contract share 160% • Price achievement 141% 15% above 140% 132% reference price 120% 112% 109% 105% 106% 104% positively impacted 104% 100% by contracts and good spot 80% performance 60% 40% • Good harvest 20% weights and superior 0% share Norwegian Scottish Chilean Canadian Q
Slide 12: Mowi Norway on course for >400k GWT
Mowi Norway on course for >400k GWT • Record-high harvest volumes in 2024 of 450 304k on strong growth in sea >400 400 – Milestone achievement Harvest volumes GWT (1,000) 350 315 • Maintain volume guidance of 315k GWT 304 300 for 2025 250 – 105k GWT growth 2017-2025E 210 200 – CAGR 5.2% (inc NS 7.2%
Slide 13: Norway
Norway SALMON OF NORWEGIAN ORIGIN Operational EBIT Salmon of Norwegian Origin EUR million Q4 2024 Q4 2023 2024 2023 Q4 2023 vs Q4 2024 Operational EBIT 183.7 195.6 616.5 831.5 EBIT 353.9 212.0 685.3 853.4 Harvest volume (GWT) 83 649 81 177 303 501 294 501 Operational EBIT per kg (EUR) 2.20 2.41 2.03
Slide 14: Norway: Operational EBIT/kg per region
Norway: Operational EBIT/kg per region 3.0 • Region South: Strong biological KPIs and financial results. Record harvest for the year 2.5 (68k GWT) 2.0 • Region West: Good operational and EUR per kg biological performance. 2024 another 1.5 strong year, all-time high volumes (84k GWT) 1.0 • Region Mid
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 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Realised contract volumes Contracted volumes (including prospects) • 22% contract share for the fourth quarter • Maintained contract s
Slide 16: Scotland
Scotland SALMON OF SCOTTISH ORIGIN Operational EBIT Salmon of Scottish Origin EUR million Q4 2024 Q4 2023 2024 2023 Q4 2023 vs Q4 2024 Operational EBIT 23.3 -1.1 110.6 76.5 EBIT 32.0 3.3 105.9 76.0 Harvest volume (GWT) 16 953 10 568 65 977 54 950 Operational EBIT per kg (EUR) 1.37 -0.10 1.68 1.39 -
Slide 17: Chile
Chile SALMON OF CHILEAN ORIGIN Operational EBIT Salmon of Chilean Origin EUR million Q4 2024 Q4 2023 2024 2023 Q4 2023 vs Q4 2024 Operational EBIT 19.4 10.8 57.5 60.5 EBIT 0.0 -2.1 35.8 37.1 Harvest volume (GWT) 22 281 27 163 72 694 69 199 Operational EBIT per kg (EUR) 0.87 0.40 0.79 0.87 - of which
Slide 18: Canada
Canada SALMON OF CANADIAN ORIGIN Operational EBIT Salmon of Canadian Origin EUR million Q4 2024 Q4 2023 2024 2023 Q4 2023 vs Q4 2024 Operational EBIT 2.4 -4.9 3.4 18.9 EBIT -24.6 4.3 -71.3 -3.3 Harvest volume (GWT) 5 239 4 158 30 426 28 575 Operational EBIT per kg (EUR) 0.45 -1.19 0.11 0.66 - of whi
Slide 19: Ireland and Faroes
Ireland and Faroes SALMON OF IRISH ORIGIN SALMON OF FAROESE ORIGIN EUR million Q4 2024 Q4 2023 2024 2023 EUR million Q4 2024 Q4 2023 2024 2023 Operational EBIT -1.9 -3.9 14.0 1.2 Operational EBIT 1.2 7.5 22.7 32.4 EBIT -4.4 -2.1 13.2 3.1 EBIT 9.7 13.4 25.2 33.2 Harvest volume (GWT) 859 112 8 887 4 5
Slide 20: Iceland (Arctic Fish)
Iceland (Arctic Fish) SALMON OF ICELANDIC ORIGIN Operational EBIT Salmon of Icelandic Origin EUR million Q4 2024 Q4 2023 2024 2023 Q4 2023 vs Q4 2024 Operational EBIT 2.7 3.2 14.7 13.5 EBIT 5.1 3.1 13.7 -5.6 Harvest volume (GWT) 3 456 2 529 10 667 11 878 Operational EBIT per kg (EUR) 0.77 1.28 1.38
Slide 21: Consumer Products
Consumer Products CONSUMER PRODUCTS EUR million Q4 2024 Q4 2023 2024 2023 Operating revenues 1 014.3 984.2 3 711.5 3 600.6 Operational EBIT 52.8 37.8 145.8 151.7 Operational EBIT % 5.2% 3.8% 3.9% 4.2% Operational EBIT % VAP only 5.6% 4.5% 4.2% 4.7% EBIT 51.7 30.5 147.0 143.9 Volume sold (tonnes prod
Slide 22: Feed
Norway Feed FEED EUR million Q4 2024 Q4 2023 2024 2023 Operating revenues 307.9 298.1 1 121.7 1 071.2 Operational EBITDA 20.5 16.0 62.2 52.1 Operational EBIT 16.8 11.9 46.8 35.5 Operational EBITDA % 6.7% 5.4% 5.5% 4.9% Operational EBIT % 5.5% 4.0% 4.2% 3.3% EBIT 16.8 11.9 46.8 35.5 Feed sold volume
Slide 23: Financials, Markets and Harvest volumes
Q4 2024 presentation Financials, Markets and Harvest volumes
Slide 24: Profit and Loss
Profit and Loss Mowi Group Q4 2024 Q4 2023 2024 2023 (EUR million) Operational revenue and other income 1 501.6 5% 1 427.9 5 616.6 2% 5 513.4 • Positive net fair value Operational EBIT1) 225.9 11 % 203.1 828.9 -19 % 1 027.5 adjustment on higher Change in unrealised internal margin Gain/loss from der
Slide 25: Financial position
Financial position Mowi Group 31.12.2024 30.09.2024 31.12.2023 EUR million • Strong financial position Non-current assets 4 442.5 4 430.9 4 259.5 Current assets 4 111.9 3 560.1 3 979.5 • Pro-forma NIBD including Nova Total assets 8 554.7 7 991.1 8 239.0 Sea of EUR 2.42 billion and equity ratio of 46
Slide 26: Cash Flow and Net Interest Bearing Debt
Cash Flow and Net Interest Bearing Debt Mowi Group Q4 2024 Q4 2023 2024 2023 EUR million • Seasonal working NIBD beginning of period * -1 770.1 -1 705.5 -1 790.3 -1 758.9 capital tie-up in Operational EBITDA* 279.2 253.1 1 030.1 1 221.1 downstream of approx Change in working capital -97.4 -105.6 -44
Slide 27: 2025 Cash Flow
2025 Cash Flow • 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, efficiency improvem
Slide 28: Overview financing - unchanged
Overview financing - unchanged • Bank Facility: EUR 2,000m sustainability-linked facility Share of sustainable funding – 5 years facility (Maturity: September 2026) – Covenant: 35% equity ratio (adjusted for IFRS 16 leasing effects) – Accordion option: EUR 100m – Lenders: DNB, Nordea, ABN Amro, Rabo
Slide 29: Strong focus on cost containment and cost leadership
Strong focus on cost containment 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
Slide 30: Realised cost savings of EUR 327 million 2018-2024
Realised cost savings of EUR 327 million 2018-2024 • Total cost savings of EUR 327 million 2018-2024, Cost savings per year and business area (EUR million) of which EUR 215 million in Farming. 2025E target of EUR 30 million for cost savings programme 42 327 215 – ~1 800 initiatives across different
Slide 31: Delivering on the productivity programme – 3,161 FTEs so far
Delivering on the productivity programme – 3,161 FTEs so far • Productivity programme FTE reductions based on “as is” volumes – Salary and personnel expenses second largest 16,000 14,998 cost item in Mowi; EUR 706 million in 2024 15,000 14,000 1,563 13,806 Number of FTEs – Productivity increase of 2
Slide 32: Supply development in the quarter
Supply development in the quarter Estimated volumes Compared to Q4 2023 Est. volumes Suppliers Q4 2024 Q4 2023 Volume % Q3 2024 Norway 412 100 390 600 21 500 5.5% 396 300 Scotland 40 200 25 300 14 900 58.9% 42 800 Faroe Islands 20 500 25 300 -4 800 -19.0% 31 100 Other Europe 19 000 17 000 2 000 11.8
Slide 33: Global volume development in the quarter
Global volume development in the quarter Estimated volumes Compared to Q4 2023 Est. volumes 12 month comparison Markets Q4 2024 Q4 2023 Volume % Q3 2024 LTM PTM % EU+UK 333 400 319 400 14 000 4.4% 332 400 1 144 900 1 084 000 5.6% Russia 15 000 16 500 -1 500 -9.1% 9 600 46 100 61 700 -25.3% Other Eur
Slide 34: Development in reference prices
Development in reference prices Q4 2024 Change vs Q4 2024 Change vs Market Q4 2023 EUR Q4 2023 • Higher prices on strong seasonal demand Norway (1) EUR 6.51 -6.8% EUR 6.51 -6.8% Chile (2) USD 5.72 4.6% EUR 5.36 5.6% Chile, GWT (3) USD 6.32 2.9% EUR 5.93 3.9% North America West Coast (4) n/a n/m n/a
Slide 35: Industry supply growth 2025e of 2-3%
Industry supply growth 2025e of 2-3% 2021 2022 2023 2024 2025E 2025E GWT (1,000) Low Y/Y grow th High Y/Y grow th Norw ay 1 380 1 365 1 331 1 359 1 390 1 382 2% 1 398 3% UK Faroe Islands 179 95 145 90 137 80 169 90 164 100 161 98 -5% 9% 167 102 -1% 14% • Modest supply growth in 2025e Other Europe* T
Slide 36: Mowi volume guidance 2025 upped by 10k GWT to 530k GWT
Mowi volume guidance 2025 upped by 10k GWT to 530k GWT, +5.7% YoY Atlantic salmon 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 Q1 2025 2025 GWT (1,000) Act ual Act ual Act ual Act ual Act ual Act ual Guidance Guidance Norway 294.5 54.7 59.4 105.8 83.6 303.5 62.0 315.0 Scotland 54.9 14.2 19.6 15.2 17.0
Slide 37: 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 38: Outlook
Outlook • 2024 another record-breaking year for Mowi – Record-high volumes across the value chain including 502k tonnes harvest volume milestone – Good margin performance versus peers • Mowi harvest volume guidance upped by 10k GWT to 530k GWT in 2025 (Δ 5.7% Y/Y) – Volumes from Nova Sea of 52k in 2
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Slide 40: Appendix
Q4 2024 presentation Appendix
Slide 41: 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 Q4 2023 Q4 2024 2023 2024 Q4 2023 Q4 2024 Q4 2024 Nova Sea 48.9 % 39 985 42 143 11 379 10 752 3.01 2.44 2.
Slide 42: 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 43: 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 44: 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 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 86.0 15.2 10.8 0.7 -3.2 1.1 2.1 112.7 SALES AND MARKETING Markets 41.8 2.7 2.5 1.6 0.4 0.1 0.1 0.0 49.2 Consumer Products 40.3 4.4 6.1 0.0 0.8 0.1 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 287.9 85.4 -2.8 27.6 9.0 21.6 15.1 0.0 443.8 SALES AND MARKETING Markets 180.2 10.0 6.0 8.2 2.5 0.6 -1.2 0.0 206.5 Consumer Products 104.1 13.4 0.2 21.7 2
Slide 47: Cash flow guidance and historic developments
Cash flow guidance and historic developments Net capital expenditure Net working capital 450 Maintenance level 600 400 350 500 300 400 250 EUR million EUR million 200 300 150 200 100 50 100 0 0 2020 2021 2022 2023 2024 2025E 2020 2021 2022 2023 2024 2025E Financial commitments and cost of debt (*) 1
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: 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 50: 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 51: 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 52: 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 53: 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 53
Slide 54: 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 55: 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 55
Slide 56: 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 56 *Loss rate = l
Slide 57: Strategic programmes of Postsmolt and Smart Farming improve 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 58: Thank you
Thank you