Slide 1: Q1 2026 presentation
Q1 2026 presentation CEO: Ivan Vindheim CFO: Kristian Ellingsen 13 May 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 Q1 2026
Highlights Q1 2026 • First quarter characterised by very high industry supply growth of 14% • Second best Q1 ever with Operational EBIT of EUR 221 million, seasonally record-high turnover of EUR 1.54 billion • Seasonally record-high harvest volumes of 136k GWT, up 26% y/y – Continued good biological
Slide 4: Maintaining farming volume guidance
Maintaining farming volume guidance Farming volume growth of 165k GWT from 2020 to 2026E (CAGR 5.5% vs. 2.9% for the industry) 700 >650 • Maintaining farming volumes guidance 605 of 605k GWT for 2026, up 8.3% y/y 600 559 Harvest volumes GWT (1,000) – Supported by strong biology so far and 500 season
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 > 650 650 605 600 559 Harvest volumes GWT (1,000) 550 500 450 400 340 350 375 300 250 230k GWT >45k 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 605 600 559 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) 605 600 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. 2025 for listed companies and 2024 for private companies Page 8 Note: Harvest v
Slide 9: Key financials
Key financials Mowi Group - main figures Q1 2026 Q1 2025 2025 Unaudited EUR million Operational revenue and other income 1 544.2 14% 1 355.0 5 729.1 • Turnover seasonally record-high on Operational EBIT 1) 220.8 214.0 726.8 3% seasonally record-high volumes Operational EBIT % 14.3% 15.8% 12.7% Opera
Slide 10: Salmon prices – weekly reference prices
Salmon prices – weekly reference prices • Prices in Q1 2026 impacted by very high supply growth of 14% (including inventory movements), along with tariffs and turmoil in the Middle East • Industry supply growth of 0% for remainder of 2026, and 1% in 2027 according to Kontali Americas Europe Chilean
Slide 11: Supportive supply/demand balance expected going forward
Supportive supply/demand balance expected going forward 0% supply growth for rest of 2026, and 1-2% for the coming years 12% supply growth 2025 14% supply growth Q1-26E 5% demand growth 2025 7% demand growth Q1-26E 8% 3% 1-2% Cost of living crisis 2% supply growth 2026E 1% supply growth 2027E Pandem
Slide 12: Group price achievement and contract share
Group price achievement and contract share 140% 120% 115% • Price achievement 111% 107% 104% 4% above reference 100% price slightly aided 80% by contracts, including Consumer 60% Products, and good 40% quality 20% 0% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Group Norwegian Scottish Chilean Canadian Q1-26 Con
Slide 13: Norway
Norway SALMON OF NORWEGIAN ORIGIN Operational EBIT Salmon of Norwegian Origin EUR million Q1 2026 Q1 2025 Q1 2025 vs Q1 2026 Operational revenue 589.4 495.2 Operational EBIT 181.3 154.9 Operational EBIT % 30.8% 31.3% EBIT 178.1 71.8 Harvest volume (GWT) 75 559 61 703 Operational EBIT per kg (EUR) 2.
Slide 14: Norway: Operational EBIT/kg per region
Norway: Operational EBIT/kg per region 3.5 3.0 2.89 • Another very strong quarter in Region 2.5 2.32 2.40 North – industry leading cost and margins EUR per kg 1.96 – Largest entity by far in Mowi Norway 2.0 1.74 1.5 • A good quarter for Mowi Norway with earnings of EUR 2.40/kg 1.0 0.5 0.0 * South We
Slide 15: Farming volume guidance of 380k GWT in 2026E for Mowi Norway
Farming volume guidance of 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 4.1% 262 250 • Next volume milestone 400k tonnes in Mowi
Slide 16: Norway: Sales contract portfolio
Norway: Sales contract portfolio 25,000 20,000 Contracted volumes (GWT) 15,000 10,000 5,000 0 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Realised contract volumes Contracted volumes (including prospects) • 19% contract share in Q1, and 18% in Q2 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 Q1 2026 Q1 2025 Q1 2025 vs Q1 2026 Operational revenue 174.5 155.6 Operational EBIT 30.6 31.5 Operational EBIT % 17.6% 20.2% EBIT 30.0 3.9 Harvest volume (GWT) 20 570 17 656 Operational EBIT per kg (EUR) 1.49 1
Slide 18: Chile
Chile SALMON OF CHILEAN ORIGIN Operational EBIT Salmon of Chilean Origin Q1 2026 Q1 2025 Q1 2025 vs Q1 2026 EUR million Operational revenue 120.0 99.9 Operational EBIT 7.2 12.2 Operational EBIT % 6.0% 12.2% EBIT 4.2 1.1 Harvest volume (GWT) 20 978 13 936 Operational EBIT per kg (EUR) 0.34 0.88 - of
Slide 19: Canada
Canada SALMON OF CANADIAN ORIGIN Operational EBIT Salmon of Canadian Origin EUR million Q1 2026 Q1 2025 Q1 2025 vs Q1 2026 Operational revenue 52.8 44.8 Operational EBIT -0.8 4.0 Operational EBIT % -1.6% 8.8% EBIT 14.3 -22.8 Harvest volume (GWT) 8 205 4 996 Operational EBIT per kg (EUR) -0.10 0.79 -
Slide 20: Ireland and Faroes
Ireland and Faroes SALMON OF IRISH ORIGIN SALMON OF FAROESE ORIGIN EUR million Q1 2026 Q1 2025 EUR million Q1 2026 Q1 2025 Operational revenue 21.3 27.2 Operational revenue 21.2 33.9 Operational EBIT 0.2 2.3 Operational EBIT 2.9 11.6 Operational EBIT % 1.1% 8.5% Operational EBIT % 13.4% 34.2% EBIT -
Slide 21: Iceland (Arctic Fish)
Iceland (Arctic Fish) SALMON OF ICELANDIC ORIGIN Operational EBIT Salmon of Icelandic Origin EUR million Q1 2026 Q1 2025 Q1 2025 vs Q1 2026 Operational revenue 39.8 24.4 Operational EBIT 2.1 -0.1 Operational EBIT % 5.3 % -0.5% EBIT -7.3 -16.9 Harvest volume (GWT) 6 029 3 140 Operational EBIT per kg
Slide 22: Consumer Products
Consumer Products CONSUMER PRODUCTS EUR million Q1 2026 Q1 2025 Operational revenue 986.4 893.3 Operational EBIT 19.7 33.2 Operational EBIT % 2.0 % 3.7% Operational EBIT % VAP only 1.7% 3.9% EBIT 19.5 33.0 Volume sold (tonnes prod. weight) 69 635 57 564 Mowi stand at Seafood Expo in Boston, USA 2026
Slide 23: Feed
Norway Feed FEED EUR million Q1 2026 Q1 2025 Operational revenue 185.2 210.3 Operational EBITDA 6.1 7.1 Operational EBIT 2.2 3.1 Operational EBITDA % 3.3% 3.4 % Operational EBIT % 1.2% 1.5 % EBIT 2.2 3.1 Feed sold volume 108 892 111 874 Scotland Feed produced volume 116 724 129 026 • Stable operatio
Slide 24: Financials, Markets and Harvest volumes
Q1 2026 presentation Financials, Markets and Harvest volumes
Slide 25: Profit and Loss
Profit and Loss Mowi Group Q1 2026 Q1 2025 2025 (EUR million) Operational revenue and other income 1 544.2 14 % 1 355.0 5 729.1 • Increased revenues and Operational EBIT1) 220.8 214.0 726.8 3% earnings on higher volumes Change in unrealised internal margin 11.4 7.8 -0.5 Gain/loss from derivatives 0.
Slide 26: Financial position
Financial position Mowi Group EUR million 31.03.2026 31.03.2025 31.12.2025 • Strong financial position with Non-current assets 6 060.2 4 407.5 5 918.7 equity ratio of 46% Current assets 4 310.6 3 763.5 4 309.8 Total assets 10 370.8 8 171.3 10 228.5 Equity 4 719.9 3 903.1 4 565.0 Non-current liabilit
Slide 27: Cash Flow and Net Interest Bearing Debt
Cash Flow and Net Interest Bearing Debt Mowi Group EUR million Q1 2026 Q1 2025 2025 • Cash flow affected by NIBD beginning of period * -2 654.1 -1 867.1 -1 867.1 phasing effects on tax and Operational EBITDA* 279.9 268.7 948.9 capex Change in working capital -43.1 -81.8 -37.5 Taxes paid -84.3 -31.0
Slide 28: 2026 Cash Flow guidance (unchanged)
2026 Cash Flow guidance (unchanged) • Working capital build-up of EUR 100m due to biomass growth and growth through the value chain • Capital expenditure EUR ~400m, mainly within Farming segment – Farming – seawater, freshwater and processing, including EUR ~60 million related to completion of Nova
Slide 29: Overview main financing
Overview main financing • 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 effects) – Accordion option: EUR 400m Current mix: 100% – Lenders: DNB, Nordea, ABN Amr
Slide 30: EUR financing consistently cheaper than NOK financing
EUR financing consistently cheaper than NOK financing Cash flow predominantly in EUR • EUR financing consistently cheaper than NOK 3M EURIBOR vs 3M NIBOR financing – Currently 2.2% lower EURIBOR than NIBOR 5% – Cash flow predominantly in EUR 4% • Lower capital cost for Mowi versus peers 3% 2% 1% 0%
Slide 31: Strong focus on cost and cost leadership
Strong focus on cost and cost leadership • Cost reduction of EUR 46 million (NOK 521m) in the Development in blended Farming cost per kg for Mowi group quarter – Driven by lower feed prices, but other cost items are 5.49 EUR/kg also improved 5.09 – ~10% feed price decrease Q1 2026 vs Q1 2025 – Q1 co
Slide 32: Norway 2025 Op EBIT / Standard license – Mowi #1 in Norway
Norway 2025 Op EBIT / Standard license – Mowi #1 in Norway Norway Region North 40 40 35.0 29.6 30 27.5 30 NOK million NOK million 24.6 20.4 20 15.7 20 10 10 0 0 Mowi A B Mowi North A B Region West/Mid Region South 40 40 30 30 26.7 NOK million NOK million 21.6 22.1 20 20 15.1 12.4 10.5 10 10 2.2 0 0
Slide 33: Mowi more capital efficient than peers
Mowi more capital efficient than peers Mowi’s ROCE of 17.4% past 5 years vs peer group at 12.7% Mowi’s ROCE consistently better than peer group 25% 24% • Mowi is more capital efficient than peers 21% 20% • Last 5 years: 18% 16% – Mowi at 17.4% 15% 13% 13% 15% – Peer group at 12.7% 12% 10% 11% 7% 5%
Slide 34: Expecting relatively stable feed prices in Q3 vs H1
Expecting relatively stable feed prices in Q3 vs H1 despite current pressure Feed prices Mowi Farming • Feed prices surged in 2022 before dropping in 2023-2025 on better availability of raw materials and generally lower ingredients prices Feed price per kg • Current inflationary pressure driven by m
Slide 35: Pelagic fishery in Peru off to a slow start
Pelagic fishery in Peru off to a slow start • First season quota for pelagic fishery in Peru set at Anchovy catch in Peru last 10 years a satisfactory level (1.9 mill tonnes) and close to 3.1 3.2 5.5 3.3 4.8 4.7 4.5 1.5 5.0 3.9 1.9 3.9 10-year average level 6.0 1st 5.0 season quota 2.1 only Fishery
Slide 36: Supply development in the quarter
Supply development in the quarter Estimated volumes Compared to Q1 2025 Est. volumes Suppliers Q1 2026 Q1 2025 Volume % Q4 2025 Norway 337,100 307,300 29,800 9.7% 416,300 Scotland 38,800 40,100 -1,300 -3.2% 34,300 Faroe Islands 30,600 25,600 5,000 19.5% 33,000 Other Europe 20,300 15,100 5,200 34.4%
Slide 37: Global volume development in the quarter
Global volume development in the quarter Estimated volumes Compared to Q1 2025 Est. volumes 12 month comparison Markets Q1 2026 Q1 2025 Volume % Q4 2025 LTM PTM % EU+UK 272,200 244,400 27,800 11.4% 333,700 1,228,700 1,155,700 6.3% Russia 10,400 12,800 -2,400 -18.8% 13,200 52,300 45,400 15.2% Other E
Slide 38: Development in reference prices
Development in reference prices Q1 2026 Change vs Q1 2026 Change vs Market Q1 2025 EUR Q1 2025 • Prices in Q1 2026 impacted by very high supply Norway (1) EUR 7.55 -3.2% EUR 7.55 -3.2% growth of 14% (including inventory movements), Chile (2) USD 6.27 -2.0% EUR 5.36 -11.9% along with tariffs and turm
Slide 39: Industry supply growth of 0% for the rest of 2026 and 1-2% beyond
Industry supply growth of 0% for the rest of 2026 and 1-2% beyond 2022 2023 2024 2025 2026 2026E GWT (1,000) Norw ay 1,366 1,334 1,365 1,534 1,569 Low Y/Y grow th 1,559 2% High Y/Y grow th 1,579 3% • Q1 2026: very high supply growth of 14% UK 145 137 170 169 173 170 0% 176 4% Faroe Islands Other Eur
Slide 40: Mowi volume guidance maintained at 605k GWT for 2026
Mowi volume guidance maintained at 605k GWT for 2026 (8.3% growth y/y) Atlantic salmon 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 Q1 2026 Q2 2026 2026 GWT (1,000) Actual Actual Actual Actual Actual Actual Actual Guidance Guidance Norway 303.5 61.7 72.6 99.4 98.2 331.9 75.6 84.0 380.0 Scotland 66.0 17
Slide 41: Mowi has good track record for delivering on volume guidance
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 42: Summary and outlook
Summary and outlook • First quarter characterised by very high industry supply growth of 14% • Normalisation of industry supply growth ahead – expect 0% growth for the rest of 2026, 1% in 2027 and limited growth beyond on regulatory and associated technological constraints – Supported by lower indus
Slide 43: Appendix
Q1 2026 presentation Appendix
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 143.3 24.0 -2.1 -2.3 0.0 2.5 2.0 167.5 SALES AND MARKETING Markets 26.1 4.0 2.4 1.5 0.4 0.5 0.1 0.0 34.9 Consumer Products 8.8 3.4 6.8 0.0 -0.1 -0.1
Slide 45: 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 46: 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 47: Mowi ranked the world’s most sustainable animal protein producer
Mowi ranked the world’s most sustainable animal protein producer 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 producers in the 1
Slide 48: 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 49: 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 49
Slide 50: Atlantic salmon production time is significantly longer than for land 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 51: 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 51
Slide 52: 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 52 *Loss rate = loss individuals / smolt release, where loss individuals = mortality, escape, culling and “other” (discards)
Slide 53: 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 54: Thank you
MQOWI Thank you