Capital Markets Day: Mowi is positioning itself for continued volume growth and further cost improvement

26 Sep 2024 06:30 CEST

(Bergen, 26 September 2024) Mowi is today hosting a Capital Markets Day where
the company presents its plans for continued volume growth from 500,000 tonnes
to 600,000 tonnes in its farming division as well as further cost improvement in
the order of EUR 300-400 million.

The world's largest farmer and value-added processer of salmon, Mowi, today
hosts a Capital Markets Day in Trøndelag, Norway, where the company is
presenting its plans and strategy to cement its leading position in the industry
in the coming years.

"After reaching a milestone 500,000 tonnes of salmon harvested in 2024, we are
now looking ahead to the next milestone of 600,000 tonnes which we aim to fulfil
in 2029," Mowi CEO Ivan Vindheim said. "We will achieve this through better
utilisation of license capacity, while also improving productivity and
biological performance of existing production through our investment in
postsmolt," Vindheim continued.

Furthermore, Mowi plans to reduce costs by EUR 300-400 million during the same
period through an ambitious cost improvement programme.

600,000 tonnes and EUR 8.5 billion in 2029
Mowi's strategy is built on three pillars - volume growth, competitive costs and
sustainability. The company has grown from producing 375,000 tonnes of salmon in
2018 to an expected 500,000 tonnes in 2024. Now Mowi plans to continue that
trend.

"We have grown faster than the rest of the industry in recent years, and our
goal is to continue to do so in the future. By releasing more smolt and
increasing our use of postsmolt we will be able to harvest 600,000 tonnes of
salmon in 2029 thereby reinforcing our position as the world's top producer of
Atlantic salmon," Vindheim said.

Continued growth in Mowi's farming operations will in turn lead to growth in its
two other divisions, namely Consumer Products and Feed.

"The rest of the supply chain will grow in line with farming going forward. To
produce more salmon we need more feed, and more salmon means more raw material
for our 20 secondary processing plants around the world," Vindheim said

The company estimates revenue growth of 7-8% per year over the next five years,
resulting in revenue of EUR 8.5 billion in 2029, compared with EUR 5.5 billion
in 2023.

Mowi's focus has been and will continue to be sea-based salmon farming and
related technology. The company is nonetheless closely observing developments in
other technologies and is prepared to adopt new technologies as and when the
time is right and they show themselves to be profitable. Mowi is also looking to
grow through selective acquisitions, provided they fit into the company's
operational strategy.

EUR 300-400 million in cost improvements
Mowi launched a cost improvement programme in 2018. Since then the company has
saved over EUR 300 million through 1,700 different initiatives.

"It is imperative for Mowi to be the cost leader throughout the value chain,"
Ivan Vindheim said. "Today we are best or second best on cost in all the regions
where we farm salmon, and we are also ahead in our downstream operations.
However, in a world where our input costs are always increasing, and more and
more is being demanded of us, we cannot rest on our laurels - cost improvements
are more important than ever. We therefore plan to strengthen our position
through a series of new measures, both biological and more general, through
which we will cut EUR 300-400 million in the next five years," Vindheim
continued.

In addition to the company's postsmolt venture and the improvements in
biological performance that it brings, Mowi's digitalisation and automation
strategy is also central to the company's plans.

"We launched Mowi 4.0 in 2021 and since then have invested heavily in a range of
measures to introduce greater efficiency and automation across our value chain.
We are already seeing the positive impact this has had on sustainability,
productivity and cost reduction, and we expect to reap further benefits in the
years to come," Vindheim said.

Postsmolt strategy has huge effect on fish welfare
The third and final pillar of Mowi's strategy is sustainability. Earlier this
year TIME Magazine listed Mowi as one of the 500 most sustainable companies for
2024, and highlighted the company's corporate responsibility and sustainable
practices. Mowi also emerged ahead of a strong field to be ranked the world's
most sustainable animal protein producer for the fifth consecutive year in the
prestigious Coller FAIRR Protein Producer Index which assesses the
sustainability performance of 60 of the largest publicly listed animal protein
producers

"Sustainability is a central theme all across Mowi's value chain. That said,
there is a particular focus on fish health and conditions in sea at this time.
Mowi is investing heavily in postsmolt and Smart Farming solutions to improve
fish health and survival rates," Vindheim said.

The release of larger smolt to sea leads to increased productivity, higher
survival rates and generally better fish welfare. Next year, 25% of Mowi's smolt
will be postsmolt. In the relevant regions in Norway as many as 50% of all smolt
released will be postsmolt in 2025, rising to 75% by 2029.

"All indications are that releasing larger and more robust smolt to sea can
increase survival rates by up to 50%, and reduce the number of lice treatments
in certain areas by 40%," Vindheim said.

Smart Farming also has a positive effect on fish welfare according to Mowi's
CEO.

"We are continuing to roll out our Smart Farming concept in Norway, meaning we
are able to monitor far more closely each salmon's behaviour and wellbeing, and
can implement more targeted measures much faster than in the past. With the
large numbers of sensors now installed at our many farming sites up and down the
coast, we now have enormous quantities of data at our fingertips giving us
growing insight and knowledge of our salmon and the conditions in sea in real
time," he said.

Demand keeps on growing
"One of the factors underpinning our industry's success has been and will
continue to be high consumer demand for salmon. The megatrends that in part are
driving demand are stronger than ever. The trend for healthy living, increasing
demand for sustainable proteins and not least the unique universal appeal of
salmon make our product the natural choice for a steadily growing number of
consumers," Vindheim said.

Mowi expects growth in demand for salmon to continue to exceed supply growth.

"We constantly strive to improve and develop our products to keep up with
consumers' changing habits and tastes. Through our MOWI brand we aim to
transform the way salmon is sold. At the same time it is important to recognise
that salmon is still primarily sold as a commodity in a highly competitive
market and it is essential for us to be the cost leader downstream as well. Our
Smart Factory concept is therefore extremely important for our more than 30
factories worldwide. Our target is to cut EUR 60 million of costs in this part
of the value chain in the coming years," Vindheim said.

Mowi's Capital Markets Day will be broadcast live from 08:00 at
mowi.com/investors, where it will also be possible to send questions to group
management.

For further information, please contact:
Kristian Ellingsen, CFO, +47 905 14 275
Kim Galtung Døsvig, IR Officer & Head of Treasury, +47 908 76?339
Ola Helge Hjetland, Group Communications Director, +47 970 67 932

About Mowi ASA
Mowi is one of the world's leading seafood companies and the largest producer of
farm-raised Atlantic salmon in the world, with an estimated harvest for 2024 of
500,000 tonnes from seven farming countries including Norway, Scotland, Ireland,
Faroes, Iceland, Canada and Chile.

Mowi is a fully integrated global seafood company, bringing salmon and other
seafood of supreme quality to consumers around the world, partly under its own
MOWI brand.

With headquarters in Bergen, Norway, Mowi employs 11 500 people in 26 countries
worldwide, and is listed on the Oslo Stock Exchange. Turnover was EUR 5.5
billion in 2023.

For more information, please visit www.mowi.com (http://www.mowi.com).

Forward looking statements
This release may be deemed to include forward-looking statements, such as
statements that relate to Mowi's goals and strategies, salmon prices, ability to
increase or vary harvest volume, production capacity, trends in the seafood
industry, restructuring initiatives, exchange rate and interest rate
fluctuations, expected research and development expenditures, business prospects
and positioning with respect to market, demographic and pricing trends,
strategic initiatives, and the effects of any extraordinary events and various
other matters (including developments with respect to laws, regulations and
governmental policies regulating the industry and changes in accounting
policies, standards and interpretations) on Mowi's business and results.
Forward-looking statements are typically identified by words or phrases, such as
"believe," "expect," "anticipate," "intend," "estimate," "may increase," "may
fluctuate," "plan," "goal," "target," "strategy," and similar expressions or
future or conditional verbs such as "may," "will," "should," "would," and
"could." Forward-looking statements are Mowi's current estimates or expectations
of future events or future results. Actual results could differ materially from
those indicated by these statements because the realization of those results is
subject to many risks and uncertainties. Mowi ASA's Annual
Report contains additional information about factors that could affect actual
results, including: changes to the price of salmon including the value of our
biological assets; hedging risks; risks related to fish feed; economic and
market risks; environmental risks; operational risks; risks related to escapes,
disease and sea lice; product risks; risks related to our acquisitions;
financing risks; regulation risks including relating to food safety, the
aquaculture industry, processing, competition, anti-trust and anti-corruption;
trade restriction risks; litigation risks; tax and accounting risks; strategic
and competitive risks; and reputation risks. All forward-looking statements
included in this release are based on information available at the time of the
release, and Mowi assumes no obligation to update any forward-looking
statement.

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act

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628547_CMD 2024 final.pdf