Mowi Asa · OSL:MOWI
Mowi Asa — Q3 2026 Earnings Presentation
60 slides from Mowi Asa's earnings presentation, Nov 4, 2026
Slide 1: Q3 2026 presentation
Q3 2026 presentation CEO: Ivan Vindheim CFO: Kristian Ellingsen 4 November 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 Q3 2026
Highlights Q3 2026 • Record-high harvest volumes of 186k GWT, up by 12% y/y • Seasonally record-high operational EBIT of EUR 275 million vs. EUR 112 million in Q3 2025, 146% increase y/y – Good cost, EUR/kg 5.11 down by EUR/kg 0.31 or EUR 51 million reduction y/y – Good price achievement • All-time
Slide 4: Harvest volumes GWT (1,000)
Farming volume guidance increased to 620k GWT from 600k GWT in 2026E 2027 harvest volume guidance of 630k GWT (assuming normal growth conditions) 700 • 2026 harvest volume guidance increased 620 630 to record-high 620k GWT from 600k GWT on 600 strong seawater production 559 – 11% growth versus expec
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 / 30% coverage / Norway 50% ex RN) Norway - Fjæra Norway - Nordheim Norway - Haukå Norway – Kilvik (74%) Norway - Closed Conta
Slide 6: Productivity programme revived farming volume growth
Productivity programme revived farming volume growth Farming volume growth of 245k GWT from 2018 to 2026E (CAGR 6.5%) Mowi Farming volumes since the big merger in 2006 245k GWT 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 650 620 Harvest volumes GWT (1,000) 600 559 550 Mowi Listed peers indexed 500 450 3.2% 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 measured in 1,000 WFE Global volumes of 3.3 million WFE Source: Mowi, company reports and Kontali Analyse. Page 8 Note: Harvest volumes for 2025 in WFE for peer companies, Atlantic salmon
Slide 9: Key financials
Key financials • All-time high revenue on record high harvest volumes • Seasonally record high OP EBIT (+146% y/y) on improved price, cost and volumes • NIBD of EUR 2.89 bn, supported by strong equity ratio of 43% • Underlying EPS of EUR 0.33 and annualised ROCE of 15.8% 1) Notes in report Page 9 2)
Slide 10: Salmon prices – weekly reference prices
Salmon prices – weekly reference prices Q3 2026 Change vs Q3 2026 Change vs Market Q3 2025 EUR Q3 2025 • Market recovery Norway (1) EUR 6.14 15.4% EUR 6.14 15.4% – 18% higher prices in the quarter y/y Chile (2) USD 6.49 21.4% EUR 5.64 23.3% Chile, GWT (3) USD 6.44 23.4% EUR 5.60 25.3% – Prices up 13
Slide 11: Supportive supply/demand balance expected going forward
Supportive supply/demand balance expected going forward 0-1% in 2027E and 1-2% p.a. thereafter 12% supply growth 2025 5% demand growth 2025 8% 12% demand growth YTD Q3 2026 4% supply growth in 2026E 3% 1-2% 1% supply growth in 2027E Cost of living crisis Pandemic Page 11
Slide 12: Group price achievement and contract share
Group price achievement and contract share • Price achievement 7% above reference price, aided by positive contract contributions and strong sales execution. Group contract share was at 16% Group Norwegian Scottish Chilean Canadian Q3-26 Contract share 16% 14% 45% 23% 0% Page 12
Slide 13: Norway
Norway Operational EBIT Salmon of Norwegian Origin Q3 2025 vs Q3 2026 • Record-high quarterly harvest volumes • Another strong quarter operationally taking seasonality into consideration Page 13
Slide 14: Norway: Operational EBIT/kg per region
Norway: Operational EBIT/kg per region 2.5 • Once again, satisfactory overall margin 2.07 2.0 1.94 for Norway, given the prevailing price 1.79 environment in the quarter EUR per kg 1.5 1.45 • Strong margin for Region North and 1.31 Region Mid on good operational performance 1.0 – Region Mid also ben
Slide 15: Farming volume in 2026E increased to 395k GWT for Mowi Norway
Farming volume in 2026E increased to 395k GWT from 380k GWT for Mowi Norway 2027E guidance of 405k GWT 450 405 • Increased volume guidance to 395k GWT 395 400 from 380k GWT for 2026E (19% y/y) 350 332 – 133k GWT growth 2020-2026E Harvest volumes GWT (1,000) 300 – CAGR 7.1%, well in excess of industr
Slide 16: Mowi Norway aiming for 405k GWT in 2027
Mowi Norway aiming for 405k GWT in 2027 Farming volume growth of 185k GWT over the past 9 years (CAGR 7.3%) Mowi Norway Farming volumes since the big merger in 2006 185k GWT Page 16
Slide 17: Norway: Sales contract portfolio
Norway: Sales contract portfolio • 14% contract share in Q3, and 17% in Q4 Page 17 Note: Mowi Norway’s fixed price/fixed volume contracts with third party customers and Mowi’s processing entities. Mowi’s processing entities cover a large proportion of their sales exposure through third party end-pro
Slide 18: Scotland
Scotland Operational EBIT Salmon of Scottish Origin Q3 2025 vs Q3 2026 • Low harvest volumes impacted earnings • However, strong margin on continued good operational performance Page 18
Slide 19: Chile
Chile Operational EBIT Salmon of Chilean Origin Q3 2025 vs Q3 2026 • Mowi Chile continues to deliver good biological performance • Seasonally record-high harvest volumes • Prices and tariffs weighing on margins Page 19
Slide 20: Canada
Canada Operational EBIT Salmon of Canadian Origin Q3 2025 vs Q3 2026 • Algae hit of EUR 8 million in the quarter • Other than that, strong result and margin • Biology developed satisfactorily at sea in Q4 Page 20
Slide 21: Ireland and Faroes
Ireland and Faroes SALMON OF IRISH ORIGIN SALMON OF FAROESE ORIGIN EUR million Q3 2026 Q3 2025 YTD 2026 YTD 2025 EUR million Q3 2026 Q3 2025 YTD 2026 YTD 2025 Operational revenue 23.0 34.9 69.4 107.2 Operational revenue 18.5 14.2 58.9 76.3 Operational EBIT -0.9 0.7 -1.1 3.9 Operational EBIT 2.4 1.3
Slide 22: Iceland (Arctic Fish)
Iceland (Arctic Fish) Operational EBIT Salmon of Icelandic Origin Q3 2025 vs Q3 2026 • Negative result following weak prices and somewhat higher cost • Biological metrics once again reasonably good Page 22
Slide 23: Consumer Products
Consumer Products CONSUMER PRODUCTS EUR million Q3 2026 Q3 2025 YTD 2026 YTD 2025 Operational revenue 1 057.6 907.0 3 040.7 2 717.6 Operational EBIT 45.3 65.7 94.5 151.1 Operational EBIT % 4.3% 7.2% 3.1% 5.6% Operational EBIT % VAP only 4.4% 7.2% 3.2% 5.5% EBIT 44.6 65.4 92.9 150.4 Volume sold (tonn
Slide 24: Feed
Norway Feed FEED EUR million Q3 2026 Q3 2025 YTD 2026 YTD 2025 Operational revenue 387.2 296.1 820.7 747.3 Operational EBITDA 33.7 25.7 55.3 46.6 Operational EBIT 29.4 21.9 43.0 34.9 Operational EBITDA % 8.7% 8.7% 6.7% 6.2% Operational EBIT % 7.6% 7.4% 5.2% 4.7% EBIT 29.4 21.9 43.0 34.9 Feed sold vo
Slide 25: Financials, Markets and Harvest volumes
Q3 2026 presentation Financials, Markets and Harvest volumes
Slide 26: Profit and Loss
Profit and Loss • Record-high revenues and seasonally record- high earnings, driven by higher volumes, better prices and lower cost 1) Notes in report Page 26 2) Ex held-for-sale
Slide 27: Financial position
Financial position • Strong financial position with equity ratio of 43% Page 27 1) NIBD excluding IFRS 16 effects. NIBD including IFRS 16 effects of EUR 3,516 million
Slide 28: Cash Flow and Net Interest Bearing Debt
Cash Flow and Net Interest Bearing Debt • Cash flow from operations affected by net working capital tie-up – Seasonal tie-up in Sales & Marketing Page 28
Slide 29: 2026 Cash Flow guidance
2026 Cash Flow guidance (interest increased by EUR 10 million, otherwise unchanged) • Working capital build-up of EUR 150m • 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
Slide 30: Overview main financing (100% sustainable/green funding)
Overview main financing (100% sustainable/green funding) • 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
Slide 31: 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 Feed price per kg ingredient prices • Current inflationary pressure driven by marine ingredients and h
Slide 32: Mowi #1 or #2 performer on EBIT per kg
Mowi #1 or #2 performer on EBIT per kg past 5 years (2022-2026 YTD) (proxy for cost in the regions where we operate) • Mowi #1 or #2 performer in the various regions Development in blended Farming cost per kg for Mowi group • Biology and operational performance the 5.09 5.11 main cost drivers Q4 202
Slide 33: Mowi has lower variation of earnings than peers; lower cost of equity
Mowi has lower variation of earnings than peers; lower cost of equity Coefficient of variation of quarterly earnings past 5 years 180% 170% • Mowi’s coefficient of variation 160% of earnings lower than peers (risk 143% 140% measure of earnings volatility) 120% • Also, Mowi’s stock beta is lower than
Slide 34: High utilisation of licenses in main region
High utilisation of licenses in main region Harvest volume (GWT) in Norway per standard license (780 tonnes)1) 8% above industry 8% below industry Note: 1)Includes companies with >10 standard licenses. Broodstock licenses adjusted to 50%. Excluded development licenses without harvest volumes. Page 3
Slide 35: Industry-leading margins and high license utilisation; #1 EBIT/license
Industry-leading margins and high license utilisation; #1 EBIT/license 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
Slide 36: … and more capex efficient than peers
… and more capex efficient than peers 12 10 NOK 3/kg NOK 3/kg 8 less capex x 630k GWT = NOK 1.9bn 6 NOK per kg → 25% higher Free Cash Flow 4 to Equity 2027E (1) 2 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Mowi Peers Source: Company disclosure Page 36 Note (1) Before tax deduction on saved
Slide 37: … yields 18.5% ROCE for Mowi, above 12% capital requirement
… yields 18.5% ROCE for Mowi, above 12% capital requirement 20% 18.5% 18.2% 15% 12.5% 11.5% 11.3% 9.9% 10% 5% 0% Mowi A B C D E Source: Company disclosure Page 37 Note: 2022-2025
Slide 38: Mowi lowest funding cost
Mowi lowest funding cost Mowi has lower funding cost than peers 10% 9.5% 9% 8% 7.6% All-inclusive funding cost % 6.9% 7% 6.5% 6% 5% 4.6% 4.3% 4% 3% 2% 1% 0% Mowi A B C D E Source: Company disclosure Page 38 Note: All-inclusive funding cost in 2025 or running level
Slide 39: Mowi less impacted by resource rent tax than peers
Mowi less impacted by resource rent tax than peers due to extensive value chain 22% 22% 22% 22% + 25% = 47% 22% 22% 22% Breeding Smolt Feed Sales & Seawater Harvesting Processing Marketing • Estimate for effective resource rent tax rate of about 10% for Mowi Norway across the value-chain – Earnings
Slide 40: Competitive equity multiplier - prioritising capital distribution
…but at the same time offering competitive equity multiplier - prioritising capital distribution Mowi has a competitive equity ratio 70% 60% 50% Optimal range 40% 30% 20% 10% Mowi A B C D E 0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1-26 Source: Company disclosure Page 40
Slide 41: Supply development in the quarter
Supply development in the quarter Estimated volumes Compared to Q3 2025 Est. volumes Suppliers Q3 2026 Q3 2025 Volume % Q2 2026 Norway 550,100 505,800 44,300 8.8% 407,100 Scotland 48,200 46,700 1,500 3.2% 54,300 Faroe Islands 33,900 35,700 -1,800 -5.0% 36,300 Other Europe 21,200 17,800 3,400 19.1% 2
Slide 42: Global volume development in the quarter
Global volume development in the quarter Estimated volumes Compared to Q3 2025 Est. volumes 12 month comparison Markets Q3 2026 Q3 2025 Volume % Q2 2026 LTM PTM % EU+UK 426,000 386,600 39,400 10.2% 334,400 1,435,900 1,335,500 7.5% Russia 17,300 16,600 700 4.2% 13,000 57,700 62,200 -7.2% Other Europe
Slide 43: Development in reference prices
Development in reference prices Q3 2026 Change vs Q3 2026 Change vs Market Q3 2025 EUR Q3 2025 • Market recovery Norway (1) EUR 6.14 15.4% EUR 6.14 15.4% – 18% higher prices in the quarter y/y Chile (2) USD 6.49 21.4% EUR 5.64 23.3% Chile, GWT (3) USD 6.44 23.4% EUR 5.60 25.3% – Prices up 13% so far
Slide 44: Industry supply growth 2027E of 0-1% (down from 4% in 2026E)
Industry supply growth 2027E of 0-1% (down from 4% in 2026E) 2023 2024 2025 2026E 2026E 2027E WFE (1,000) Low Y/Y grow th High Y/Y grow th Low Y/Y grow th High Y/Y grow th Norw ay 1,482 1,516 1,704 1,793 1,788 5% 1,798 6% 1,780 -1% 1,816 1% UK 152 189 188 195 193 3% 197 5% 185 -5% 195 0% Faroe Islan
Slide 45: Mowi volume guidance increased to 620k GWT from 600k GWT in 2026E
Mowi volume guidance increased to 620k GWT from 600k GWT in 2026E 2027 harvest volume guidance of 630k GWT Atlantic salmon 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 2026 2027 GWT (1,000) Actual Actual Actual Actual Actual Actual Actual Actual Actual Guidance Guidance
Slide 46: Summary and outlook
Summary and outlook • Yet another strong operational quarter for Mowi – Seasonally record-high earnings and quarterly record-high turnover and volumes – Once again, competitive on margins • Market recovery – Price increase of 18% in Q3 y/y and 13% QTD Q4 y/y – Good demand and normalisation of indust
Slide 47: Appendix
Q3 2026 Jeg pleier å bruke samme presentation bilde på forsiden på disse seksjonsfoilene Appendix
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 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 49: Quarterly segment overview
Quarterly segment overview Page 49 (1) Notes in report
Slide 50: YTD segment overview
YTD segment overview Page 50 (1) Notes in report
Slide 51: 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 52: 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 53: 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 54: 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 55: 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 55
Slide 56: Atlantic salmon production time is significantly longer than 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 57: 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 57
Slide 58: 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 58 *Loss rate = loss individuals / smolt release, where loss individuals = mortality, escape, culling and “other” (discards)
Slide 59: Strategic programmes of Postsmolt and Smart Farming 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 60: Thank you
MQOWI Thank you