Slides
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CEO: Ivan Vindheim CFO: Kristian Ellingsen 18 August 2026 Q2 2026 presentation
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Page 2 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, expectations of the capacity of our fish feed plants, trends in the seafood industry, including industry supply outlook, exchange rate and interest rate hedging policies and fluctuations, dividend policy and guidance, asset base investments, capital expenditures, tax and net working capital guidance, NIBD target, cash flow guidance and financing update, guidance on financial commitments and cost of debt, guidance on anti-trust and competition regulations, and various other matters concerning Mowi's business and results. These statements speak of Mowi’s plans, goals, targets, strategies, beliefs, and expectations, and refer to estimates or use similar terms. 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 disclaims any continuing accuracy of the information provided in this presentation after today.
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Page 3 • 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 million, up 23% y/y from EUR 189 million • All-time high quarterly revenues of EUR 1.60 billion • Strong cost performance with realised weighted farming cost for our seven farming countries of EUR 5.20/kg, down by 3.5% y/y – EUR 26 million reduction y/y – Realised cost expected to be stable in Q3 vs Q2 – Increasing inflationary pressure on feed raw materials due to poor pelagic fisheries this year • Feed with seasonally record-high earnings and volumes • Consumer Products’ earnings impacted by weaker contracts y/y • Entered into SPA to divest 9k GWT salmon farming operations in Canada East for CAD 225 million (EUR 139m) • Quarterly dividend of NOK 2.30 per share Highlights Q2 2026
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Page 4Page 4 440 559 600 650 0 100 200 300 400 500 600 700 2020 2025 2026E 2029F 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) • 2026 harvest volume guidance reduced from 605k GWT to 600k GWT due to Canada East, up 7.4% y/y • 2029 volume target of >650k GWT >
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Page 5 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 - Closed Containment System Norway - Fjæra Scotland – Loch Etive Faroes - Laxa Norway - Nordheim Norway - Haukå Norway – Kilvik (74%)
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Page 6 340 375 559 600 650 200 250 300 350 400 450 500 550 600 650 700Harvest volumes GWT (1,000) Mowi Farming volumes since the big merger in 2006 Productivity programme revived farming volume growth Farming volume growth of >275k GWT from 2018 to 2029F (CAGR >5.1%) 225k GWT >50k GWT >
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Page 7 300 350 400 450 500 550 600 2018 2019 2020 2021 2022 2023 2024 2025 2026E Harvest volumes GWT (1,000) Mowi Listed peers indexed From laggard to leader – farming volume growth vs listed peers ? 2.6% 559 375 Mowi Farming volumes versus indexed listed peers since 2018 600
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Page 8 0 100 200 300 400 500 600 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. Note: Harvest volumes for 2025 in Gutted Weight Tonnes (GWT) for peer companies, Atlantic salmon Harvest volumes (1,000 GWT) Global volumes of 2.8 million GWT Mowi – Leading the Blue Revolution 600
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Page 9 Key financials 1) Notes in report 2) NIBD excluding IFRS 16 effects. NIBD including IFRS 16 effects of EUR 3,366 million • Turnover record-high on record-high Q2 volumes • OP EBIT 23% higher y/y on improved volumes and cost • NIBD of EUR 2.81 bn, supported by strong equity ratio of 43% • Underlying EPS of EUR 0.28 and annualised ROCE of 13.6% 2025YTD 2025YTD 2026Q2 2025Q2 2026Mowi Group - main figures Unaudited EUR million 5 729.12 749.23 143.31 394.215%1 599.1Operational revenue and other income 726.8402.5452.0188.523%231.3Operational EBIT 1) 12.7%14.6%14.4%13.5%14.5%Operational EBIT % 948.9510.5572.7241.8292.8Operational EBITDA 1) 2 654.11 895.82 807.01 895.82 807.0Net interest-bearing debt (NIBD )1),2) 0.920.540.550.250.28Underlying EPS (EUR) 1) 10.786.266.132.873.08Underlying EPS (NOK) 1) -0.550.250.110.110.09Net cash flow per share (EUR) 1) 6.653.703.801.702.30Dividend declared and paid per share (NOK) 13.3%14.9%13.4%13.3%13.6%ROCE 14.1%16.7%14.7%15.1%15.1%ROE 44.6%46.9%43.2%46.9%43.2%Equity ratio 558 870241 303286 388133 23913%149 911Harvest volume (GWT) 1.301.671.581.411.54Operational EBIT per kg (EUR)1) - Total 1.822.182.121.911.86Norway 1.491.501.671.291.80Scotland 0.671.030.341.170.34Chile -1.090.421.070.232.05Canada 0.160.43-0.050.18-0.16Ireland 1.561.801.230.901.58Faroes -0.70-0.96-0.02-2.38-0.41Iceland
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Page 10 9.55 9.12 6.78 6.99 9.60 9.37 6.03 6.51 7.80 6.23 5.32 6.79 7.55 6.61 0 2 4 6 8 10 12 14 EUR per kg (Oslo) Ref. price Norway EUR (superior grade, GWT/kg) Salmon prices – weekly reference prices Prices up to week 32 in 2026 Europe Americas Chilean D-trim lbs, Canadian GWT 10-12 lbs • Industry supply growth normalising – 6% higher prices in the quarter y/y – Prices up 21% so far in Q3 y/y 2023 2024 2025 2026 6.81 6.02 5.75 5.47 6.48 6.22 5.49 5.72 6.40 6.11 5.34 5.30 6.27 6.45 5.21 3.98 3.85 3.39 4.07 3.783.62 3.51 3.57 0 1 2 3 4 5 6 7 0 2 4 6 8 10 12 14 2023 2024 2025 2026 USD per GWT 10-12 lbs (Seattle) USD per lbs D-trim (Miami) Ref. price Chile USD (D-trim 3-4 lbs FOB Miami), LHS Ref. price North America, West Coast USD (superior GWT 10-12 lbs FOB Seattle)
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Page 11 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E Demand growth avg (2015-2025) Supply growth avg (2015-2025) Supply growth avg (2026E-20230E) Demand growth p.a. Supply growth p.a. 8% 3% 12% supply growth 2025 5% demand growth 2025 Cost of living crisis Pandemic 1-2% Supportive supply/demand balance expected going forward 0% supply growth for rest of 2026, 0-2% in 2027E and 1-2% p.a. thereafter 8% demand growth H1-26E 7% supply growth H1-26E 0% supply growth H2-26E (3% in 2026E) 0-2% supply growth 2027E
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Page 12 Group price achievement and contract share • Price achievement 5% above reference price aided by a small positive contribution from contracts, and good spot price performance 115% 107% 104% 105% 0% 20% 40% 60% 80% 100% 120% 140% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Group Norwegian Scottish Chilean Canadian Q2-26 Contract share 19% 19% 25% 31% 0%
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Page 13 • Another strong quarter operationally with good cost performance • Seasonally record-high harvest volumes Norway Operational EBIT Salmon of Norwegian Origin Q2 2025 vs Q2 2026 SALMON OF NORWEGIAN ORIGIN YTD 2025YTD 2026Q2 2025Q2 2026EUR million 992.71 184.7497.2587.0Operational revenue 293.4340.2138.5158.9Operational EBIT 29.6%28.7%27.9%27.1%Operational EBIT % 177.3241.1105.562.9EBIT 134 304160 79072 60085 231Harvest volume (GWT) 2.182.121.911.86Operational EBIT per kg (EUR) 0.100.080.130.12- of which Feed 0.480.350.460.35- of which Markets 0.480.190.550.25- of which Consumer Products 107%105%111%104%Price achievement/reference price 24%19%23%19 %Contract share
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Page 14 • Strong margin from Region South and Region North on good cost performance – Region South also benefitted from good timing of harvest • Region West impacted by high harvest in June when prices were at their lowest – Cost on a par with Region North on strong biological performance • Region Mid impacted by two ISA incidents – Nothing of significance Norway: Operational EBIT/kg per region Note: Operational EBIT/kg per region includes contribution from all business areas * 2.15 1.62 1.48 2.10 1.86 0.0 0.5 1.0 1.5 2.0 2.5 South West Mid North Total EUR per kg South West Mid North Total
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Page 15 262 332 380 400 0 50 100 150 200 250 300 350 400 450 2020 2025 2026E 2029F Harvest volumes GWT (1,000) • Volume guidance of 380k GWT for 2026E (14.5% Y/Y) – 118k GWT growth 2020-2026E – CAGR 6.4%, well in excess of industry at 4.3% • Next volume milestone 400k tonnes in Mowi Norway > Farming volume guidance maintained at 380k GWT in 2026E for Mowi Norway
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Page 16 • 19% contract share in Q2, and 16% in Q3 Norway: Sales contract portfolio 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-product contracts. 0 5,000 10,000 15,000 20,000 25,000 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Contracted volumes (GWT) Realised contract volumes Contracted volumes (including prospects)
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Page 17 • Strong operational and financial results for Mowi Scotland • Record quarterly harvest volumes on strong production and biological performance Scotland Operational EBIT Salmon of Scottish Origin Q2 2025 vs Q2 2026 SALMON OF SCOTTISH ORIGIN YTD 2025YTD 2026Q2 2025Q2 2026EUR million 337.9377.3183.9202.5Operational revenue 62.878.731.348.1Operational EBIT 18.6%20.9%17.0%23.7%Operational EBIT % 19.335.315.45.2EBIT 41 85547 25024 19926 680Harvest volume (GWT) 1.501.671.291.80Operational EBIT per kg (EUR) -0.010.000.010.03- of which Feed 0.080.210.070.21- of which Markets 0.130.160.160.15- of which Consumer Products 40%32%33%25%Contract share
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Page 18 • Soft prices and tariffs continue to weigh on earnings • Reasonably good quarter biologically despite some issues with SRS – Impacted costs y/y, but still at a good level • Seasonally record-high volumes Chile Operational EBIT Salmon of Chilean Origin Q2 2025 vs Q2 2026 SALMON OF CHILEAN ORIGIN YTD 2025YTD 2026Q2 2025Q2 2026EUR million 190.6218.494.998.1Operational revenue 30.113.117.95.9Operational EBIT 15.8%6.0%18.9%6.0%Operational EBIT % -5.83.9-6.9-0.4EBIT 29 29238 21815 35617 240Harvest volume (GWT) 1.030.341.170.34Operational EBIT per kg (EUR) 0.120.080.120.05- of which Markets 0.380.260.410.17- of which Consumer Products 33%26%31%31%Contract share
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Page 19 • Significant improved results following higher prices, no tariffs, better cost and one-off EUR 4 million insurance payout previously expensed • Mainly harvest from Canada West • Cost in Q3 impacted by algae issues amounting to EUR 6 million • SPA signed to divest Mowi Canada East – Does not impact Mowi Canada West Canada Operational EBIT Salmon of Canadian Origin Q2 2025 vs Q2 2026 SALMON OF CANADIAN ORIGIN YTD 2025YTD 2026Q2 2025Q2 2026EUR million 111.9125.667.576.5Operational revenue 6.119.12.220.0Operational EBIT 5.5%15.2%3.3%26.1%Operational EBIT % -29.9-124.3-7.2-138.5EBIT 14 52317 9399 5279 734Harvest volume (GWT) 0.421.070.232.05Operational EBIT per kg (EUR) 0.130.160.070.14- of which Markets 0.010.000.010.00- of which Consumer Products 0%0%0%0%Contract share
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Page 20 • Earnings impacted by prices • Cost and biology satisfactory Ireland and Faroes • Good results • Continued good biological metrics SALMON OF IRISH ORIGIN YTD 2025YTD 2026Q2 2025Q2 2026EUR million 72.446.345.225.1Operational revenue 3.2-0.20.9-0.5Operational EBIT 4.4%-0.5%2.0%-1.9%Operational EBIT % 2.4-6.3-3.1-1.5EBIT 7 4734 8995 0652 838Harvest volume (GWT) 0.43-0.050.18-0.16Operational EBIT per kg (EUR) -0.010.000.020.01- of which Feed 0.150.180.140.18- of which Markets 0.170.020.160.06- of which Consumer Products 60%42%56%36%Contract share SALMON OF FAROESE ORIGIN YTD 2025YTD 2026Q2 2025Q2 2026EUR million 62.138.728.117.4Operational revenue 15.67.04.04.1Operational EBIT 25.1%18.0%14.3%23.5%Operational EBIT % -12.42.2-11.18.5EBIT 8 6955 6684 4712 594Harvest volume (GWT) 1.801.230.901.58Operational EBIT per kg (EUR) 0.000.000.000.00- of which Feed 0.120.120.100.08- of which Markets 0.04-0.030.05-0.01- of which Consumer Products 0%0%0%0%Contract share
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Page 21 • Low price achievement compounded by periodically harsh weather conditions in the quarter and resultant downgrades • Other than that, operations developed satisfactorily in Iceland in the quarter Iceland (Arctic Fish) Operational EBIT Salmon of Icelandic Origin Q2 2025 vs Q2 2026 SALMON OF ICELANDIC ORIGIN YTD 2025YTD 2026Q2 2025Q2 2026EUR million 33.771.811.532.2Operational revenue -4.9-0.2-4.8-2.3Operational EBIT -14.7%-0.3%-42.0%-7.2%Operational EBIT % -25.8-17.2-8.9-9.9EBIT 5 16111 6242 0215 595Harvest volume (GWT) -0.96-0.02-2.38-0.41Operational EBIT per kg (EUR) -0.010.000.010.02- of which Feed -0.160.08-0.070.15- of which Markets 0.05-0.010.08-0.02- of which Consumer Products 0%0%0%0%Contract share
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Page 22 • Earnings down on weaker contracts y/y • Record-high volumes (+14% y/y) and good operational performance • Good demand for our products Consumer Products Selection of MOWI Branded products CONSUMER PRODUCTS YTD 2025YTD 2026Q2 2025Q2 2026EUR million 1 810.61 983.1917.3996.7Operational revenue 85.449.152.229.4Operational EBIT 4.7%2.5%5.7%3.0%Operational EBIT % 5.1%2.4%6.2%3.0%Operational EBIT % VAP only 85.048.351.928.7EBIT 122 418143 25564 84373 609Volume sold (tonnes prod. weight)
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Page 23 • Seasonally record-high earnings and volumes, up 9% y/y • Completion of the expansion of feed factory in Bjugn, Norway • Targeted sales volumes for 2026 of 650k tonnes, up 11% y/y Feed Norway Scotland FEED YTD 2025YTD 2026Q2 2025Q2 2026EUR million 451.2433.5240.8248.3Operational revenue 20.821.613.715.5Operational EBITDA 13.013.69.811.5Operational EBIT 4.6%5.0%5.7%6.2%Operational EBITDA % 2.9%3.1%4.1%4.6%Operational EBIT % 13.013.69.811.5EBIT 247 333256 199135 459147 307Feed sold volume 284 209278 153155 183161 428Feed produced volume
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Q2 2026 presentation Financials, Markets and Harvest volumes
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Page 25 • All-time high revenues and improved earnings on higher volumes, better prices and reduced cost Profit and Loss 1) Notes in report 2025YTD 2025YTD 2026Q2 2025Q2 2026Mowi Group (EUR million) 5 729.12 749.23 143.31 394.215%1 599.1Operational revenue and other income 726.8402.5452.0188.523%231.3Operational EBIT1) -0.511.116.33.24.9Change in unrealised internal margin -2.25.72.30.31.8Gain/loss from derivatives -32.4-250.7-188.0-84.8-193.0 Net fair value adjustment on biomass, onerous contracts provision -18.5-8.9-8.4-8.6-3.5Restructuring cost -55.124.1-29.0-12.7-14.7Production/license/sales taxes -29.4-9.9-6.9-5.5-1.4Other non-operational items 426.1-2.30.01.20.1Income from associated companies -54.3-0.3-93.20.0-97.1Impairment losses 960.5123.0145.181.8-71.7EBIT -128.1-62.6-86.4-25.3-47.9Net financial items 832.460.458.756.5-119.7Earnings before tax 706.659.0-14.341.5-165.7Profit or loss for the period 1.380.14-0.020.09-0.31Basic EPS (EUR) 0.920.540.550.250.28Underlying EPS (EUR) 10.786.266.132.873.08Underlying EPS (NOK) -0.550.250.110.110.09Net cash flow per share (EUR) 6.653.703.801.702.30Dividend declared and paid per share (NOK) 12.7%14.6%14.4%13.5%14.5%Operational EBIT margin 558 870241 303286 388133 23913%149 911Harvest volume, GWT (salmon) 1.301.671.581.411.54Operational EBIT per kg incl margin 1) 13.3%14.9%13.4%13.3%13.6%ROCE1) 14.1%16.7%14.7%15.1%15.1%ROE1)
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Page 26 Financial position 1) NIBD excluding IFRS 16 effects. NIBD including IFRS 16 effects of EUR 3,366 million • Strong financial position with equity ratio of 43% 31.12.202530.06.202530.06.2026Mowi Group EUR million 5 918.74 389.95 850.2Non-current assets 4 309.83 682.04 172.2Current assets 0.00.0177.8Assets held for sale 10 228.58 072.210 200.1Total assets 4 565.03 787.54 402.8Equity 4 192.43 103.54 502.4Non-current liabilities 1 470.91 181.21 255.7Current liabilities 0.00.039.1Liabilities held for sale 10 228.58 072.210 200.1Total equity and liabilites 2 654.11 895.82 807.0Net interest-bearing debt 1) 44.6%46.9%43.2%Equity ratio 47.1%50.2%45.8%Covenant equity ratio
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Page 27 Cash Flow and Net Interest Bearing Debt • Good operational cash flow in the quarter YTD 2025YTD 2026Q2 2025Q2 2026Mowi Group EUR million -1867.1-2 654.1-1 882.4-2 737.8NIBD beginning of period * 510.5572.7241.8292.8Operational EBITDA* -81.8-53.90.0-10.8Change in working capital -110.8-157.5-79.7-65.2Taxes paid -9.36.1-13.312.2Other adjustments 308.6367.4148.8221.1Cash flow from operations* -133.7-201.1-83.1-108.3Net Capex -0.1-49.3-0.1-28.3Other investments and dividends received -133.8-250.4-83.2-136.6Cash flow from investments -47.2-57.9-22.1-32.0Net interest and financial items paid* 1.7-21.113.0-6.7Other items -165.2-181.2-75.8-112.0Dividend / return of paid in capital 7.6-9.96.0-3.0Currency effect on interest-bearing debt -1 895.8-2 807.0-1 895.8-2 807.0NIBD end of period* 95%91%95%91%EUR 1%2%1%2%USD 2%1%2%1%GBP 3%6%3%6%Other currencies NIBD distribution:
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Page 28 Overview main financing (100% sustainable/green funding) Issued EUR 250 million bond at very attractive terms • EUR 2,600m sustainability-linked credit facility agreement – 5-year facility (maturity: June 2030) – Covenant: 35% equity ratio (adjusted for IFRS 16 leasing effects) – Accordion option: EUR 400m – Lenders: DNB, Nordea, ABN Amro, Rabobank, Danske Bank, SEB and Crédit Agricole • Senior unsecured green bonds: EUR 930m – EUR 213m matures May 2029 – EURIBOR + 1.19% (5-yr) – EUR 382m matures December 2030 – EURIBOR + 1.18% (5-yr) – EUR 250m matures May 2031 – EURIBOR + 1.19% (5-yr) (new) – EUR 85m matures May 2032 – EURIBOR + 1.47% (8-yr) • Arctic Fish: EUR 170m senior secured facility • Long term NIBD target of EUR 2,700m following Nova Sea acquisition Share of sustainable funding Current mix: 100%
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Page 29 27.8 17.3 8.7 5.1 26.4 7.5 - 10 0 10 20 30 Norway Scotland Chile Canada W Faroes Other EBIT/kg NOK Mowi Industry average • Cost reduction of EUR 26 million (NOK 284m) in the quarter and EUR 70 million YTD (NOK 782m) compared with last year – Driven by lower feed prices, but other cost items are also improved – We expect relatively stable realised cost in Q3 vs Q2 – Underlying cost pressure on feed inflation • Cost-cutting initiatives are important – Continued cost focus necessary to combat underlying cost pressure. Cost reduction potential of EUR 300-400 million until 2029 – Postsmolt, Mowi 4.0, yield, efficiency, automation and other operational improvements – Cost savings programme, including productivity programme on FTEs • Mowi #1 performer on margin in the various regions globally Development in blended Farming cost per kg for Mowi group Strong focus on cost and cost leadership Note: OP EBIT/kg all-inclusive last 3 years (2023-2025). Industry average excluding Mowi. “Other” includes Mowi Ireland / Arctic Fish vs Icelandic peers. EBIT per kg – Mowi #1 all countries Mowi ranking by country 1 1 1 1 1 1 2022 2023 2024 2025 2026 Q1 2026 Q2 2026 Q3 EUR/kg 5.205.09
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Page 30 Realised cost savings of EUR 408 million 2018-2026 H1 • Total cost savings of EUR 408 million 2018-2026 YTD, of which EUR 251 million in Farming. On track to reach 2026E target of EUR 30 million for cost savings programme – ~2 100 initiatives across different categories – Renegotiations of contracts • Boats and treatment capacity • Nets and net cleaning • Vaccines and other health items • External services and fee cuts – Productivity programme – Other savings based on thorough review of spend, e.g. travel costs and energy savings Cost savings per year and business area (EUR million) Cost savings per category (EUR million) 255 124 16 13 Farming S&M Corp Feed 61 169 55 42 65 16 408 2018 2019- 2022 2023 2024 2025 2026 YTD Sum 62 20 20 60 117 130 Boats/treatments Other health Nets Salary Other procurement Other
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Page 31 Significant productivity improvements – ~3,700 FTEs per 2026E • Productivity programme initiated in 2020 – Salary and personnel expenses second largest cost item in Mowi; EUR 759 million in 2025 – Significant productivity improvement – Nominal FTE decrease 3% – Volume increase 38% – Natural turnover through retirement, reduced overtime and reduced contracted labour – Automation and rightsizing Number of FTEs FTE reductions based on “as is” volumes 14,998 -3,744 702 2,540 14,496 2019 Prod prog Business exp Volume change 2026E 8,000 9,000 10,000 11,000 12,000 13,000 14,000 15,000 16,000
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Page 32 Productivity programme (2020-) has led to significant productivity improvements through automation/digitalisation and other measures Tonnes (GWT) per employee Tonnes (GWT) per employee Tonnes (PWT) per employee 60 70 80 90 100 110 2019 2020 2021 2022 2023 2024 2025 2026E Mowi Farming: Tonnes per employee +34% 110 120 130 140 150 2019 2020 2021 2022 2023 2024 2025 2026E Mowi Farming Norway: Tonnes per employee +19% 20 24 28 32 2019 2020 2021 2022 2023 2024 2025 2026E Mowi Consumer Products: Tonnes per employee +26%
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Page 33 Q1 18 Q1 19 Q1 20 Q1 21 Q1 22 Q1 23 Q1 24 Q1 25 Q1 26 Q4 26 • In 2023-2025, feed prices declined on better availability of raw materials and generally lower ingredients prices • Current inflationary pressure driven by marine ingredients and higher fish oil and fish meal prices • Increasing feed prices Q3-Q4 Feed prices increasing on lower availability of marine raw materials Feed price per kg Feed prices Mowi Farming Norway
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Page 34 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 plant at Lovund and new freshwater facility at Kilvik – Sales & Marketing – automation projects, digitalisation, efficiency improvements – Feed – completion of new 60k tonnes production line at our Norwegian feed plant • Interest paid EUR ~110m (ex IFRS 16 effects) • Taxes paid EUR ~220m (EUR 190m + EUR 30m) • Quarterly dividend of NOK 2.30 per share – Payable in third quarter
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Page 35 Mowi a major taxpayer and contributor in Norway Direct and indirect taxes NOK 10 b (EUR 0.9 b) • Corporate tax • Personal tax • Other direct and indirect taxes 0.7% of Norway’s total taxes Value creation NOK 29 b (EUR 2.6 b) • Direct value creation • Purchases and other indirect effects 0.5% of GDP Jobs >16 000 jobs • Mowi employees • Indirect jobs 0.6% of workforce
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Page 36 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% 20,400 Total Europe 466,900 448,000 18,900 4.2% 424,300 Chile 158,400 165,600 -7,200 -4.3% 174,300 North America 34,000 33,200 800 2.4% 29,000 Total Americas 192,400 198,800 -6,400 -3.2% 203,300 Australia 14,400 11,700 2,700 23.1% 17,100 Other 10,500 8,500 2,000 23.5% 11,100 Total 684,200 667,000 17,200 2.6% 655,800 Supply development in the quarter • Global supply increase of 2.6% y/y in the quarter (6.1% adjusted for inventory); growth in Europe and contraction in Americas Source: Kontali Note: Atlantic Salmon (GWT)
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Page 37 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 Europe 25,600 24,300 1,300 5.3% 25,500 102,500 96,600 6.1% Total Europe 338,800 312,500 26,300 8.4% 310,200 1,304,900 1,238,000 5.4% USA 158,200 153,500 4,700 3.1% 159,000 628,100 591,800 6.1% Brazil 33,000 30,000 3,000 10.0% 35,600 127,400 114,300 11.5% Other Americas 34,700 37,000 -2,300 -6.2% 33,400 139,800 128,700 8.6% Total Americas 225,900 220,500 5,400 2.4% 228,000 895,300 834,800 7.2% China / Hong Kong 50,500 42,700 7,800 18.3% 59,000 201,100 143,400 40.2% Japan 12,600 12,700 -100 -0.8% 13,600 54,200 46,900 15.6% South Korea / Taiwan 16,200 15,500 700 4.5% 16,300 62,800 57,400 9.4% Other Asia 22,400 21,400 1,000 4.7% 22,900 90,000 81,100 11.0% Total Asia 101,700 92,300 9,400 10.2% 111,800 408,100 328,800 24.1% All other markets 30,100 31,000 -900 -2.9% 27,700 123,400 124,700 -1.0% Total 696,500 656,300 40,200 6.1% 677,700 2,731,700 2,526,300 8.1% Inflow to US from Europe 41,300 46,400 -5,100 -11.0% 38,700 171,800 182,500 -5.9% Inflow to EU from Chile 7,500 4,700 2,800 59.6% 11,900 33,100 27,400 20.8% Global volume development in the quarter • Good demand growth of 9% (value) in the quarter on 6% increased consumption • Europe: Good retail demand across key markets (supported by lower retail price of ~2% y/y) • US: Growth driven by retail channel – strong growth in pre-packed products • Asia: Continued strong growth with China standing out Source: Kontali Source: Kontali Note: Atlantic Salmon (GWT), LTM: Last Twelve Months, PTM: Previous Twelve Months
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Page 38 9.55 9.12 6.78 6.99 9.60 9.37 6.03 6.51 7.80 6.23 5.32 6.79 7.55 6.61 0 2 4 6 8 10 12 14 EUR per kg (Oslo) Ref. price Norway EUR (superior grade, GWT/kg) Development in reference prices • Industry supply growth normalising – 6% higher prices in the quarter y/y – Prices up 21% so far in Q3 y/y Prices up to week 32 in 2026 Europe Americas Chilean D-trim lbs, Canadian GWT 10-12 lbs Q2 2026 Change vs Q2 2026 Change vs Market Q2 2025 EUR Q2 2025 Norway (1) EUR 6.61 6.2% EUR 6.61 6.2% 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% North America West Coast (4) n/m n/m n/m n/m North America East Coast (5) n/m n/m n/m n/m 6.81 6.02 5.75 5.47 6.48 6.22 5.49 5.72 6.40 6.11 5.34 5.30 6.27 6.45 5.21 3.98 3.85 3.39 4.07 3.783.62 3.51 3.57 0 1 2 3 4 5 6 7 0 2 4 6 8 10 12 14 2023 2024 2025 2026 USD per GWT 10-12 lbs (Seattle) USD per lbs D-trim (Miami) Ref. price Chile USD (D-trim 3-4 lbs FOB Miami), LHS Ref. price North America, West Coast USD (superior GWT 10-12 lbs FOB Seattle)
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Page 39 • Q3-Q4 2026E: 0% growth (Kontali) – Biomass statistics supportive • 2027E: 0-2% growth • 2028 onwards: We believe in 1-2% growth (*) Ireland and Iceland Actual harvest volumes will be affected by e.g. water temperatures, development in biological growth, biological challenges such as diseases, algal blooms etc. and market developments. Industry supply growth expected around 0% for H2-2026 and 0-2% in 2027E 2023 2024 2025 2026E GWT (1,000) Low Y/Y growth High Y/Y growth Norw ay 1,334 1,365 1,534 1,585 1,577 3% 1,593 4% UK 137 170 169 176 173 2% 179 6% Faroe Islands 80 90 116 127 125 8% 129 11% Other Europe* 48 55 64 68 66 4% 70 10% Total Europe 1,599 1,680 1,883 1,956 1,941 3% 1,971 5% Chile 689 630 726 720 714 -2% 726 0% North America 116 124 124 125 123 0% 127 3% Total Americas 805 754 850 846 838 -1% 854 0% Other 97 100 103 114 112 9% 116 13% Total 2,501 2,534 2,836 2,916 2,891 2% 2,941 4% *Ireland and Iceland Q3 2023 Q3 2024 Q3 2025 Q3 2026E GWT (1,000) Low Q/Q growth High Q/Q growth Norw ay 371 397 455 466 462 2% 470 3% UK 37 43 42 43 42 -1% 45 7% Faroe Islands 22 31 32 32 31 -4% 33 2% Other Europe 13 14 15 14 13 -15% 15 -2% Total Europe 443 485 544 555 548 1% 563 3% Chile 183 179 203 183 180 -11% 186 -8% North America 32 29 34 31 30 -12% 32 -6% Total Americas 216 208 236 213 209 -12% 217 -8% Other 24 24 25 30 29 16% 31 24% Total 683 717 806 798 786 -2% 811 1% Q4 2023 Q4 2024 Q4 2025 Q4 2026E GWT (1,000) Low Q/Q growth High Q/Q growth Norw ay 392 414 416 418 414 -1% 422 1% UK 25 41 34 42 41 19% 44 27% Faroe Islands 25 21 33 32 31 -5% 33 1% Other Europe 17 19 19 17 16 -14% 18 -3% Total Europe 459 495 502 510 502 0% 517 3% Chile 176 168 213 205 202 -5% 208 -2% North America 30 27 32 32 31 -4% 33 2% Total Americas 207 195 246 237 233 -5% 241 -2% Other 28 27 32 31 30 -6% 32 0% Total 694 716 780 778 765 -2% 790 1% 2026E Q3 2026E Q4 2026E
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Page 40 • 2026 volume guidance reduced by 5k GWT to 600k GWT (+7.4% y/y) due to Canada East – Good biological performance so far this year Actual harvest volumes will be affected by e.g. water temperatures, development in biological growth, biological challenges such as diseases, algal blooms etc. and market developments. 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 85.2 116.5 102.7 380.0 Scotland 66.0 17.7 24.2 17.4 12.3 71.6 20.6 26.7 13.0 13.8 74.0 Chile 72.7 13.9 15.3 22.4 26.5 78.1 21.0 17.2 24.0 19.8 82.0 Canada 30.4 5.0 9.5 15.6 6.4 36.6 8.2 9.7 6.5 2.6 27.0 Ireland 8.9 2.4 5.1 3.0 0.8 11.2 2.1 2.8 2.0 0.1 7.0 Faroes 9.4 4.2 4.5 2.4 3.5 14.6 3.1 2.6 3.5 2.8 12.0 Iceland 10.7 3.1 2.0 5.4 4.2 14.8 6.0 5.6 4.0 2.4 18.0 Total 501.5 108.1 133.2 165.6 151.9 558.9 136.5 149.9 169.5 144.1 600.0
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Page 41 • 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, particularly marine ingredients, following weak pelagic fisheries • Harvest volume guidance reduced from 605k GWT to 600k GWT in 2026 (7.4%) – Due to agreement to divest Canada East Summary and outlook
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Q2 2026 presentation Appendix
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Page 43 2.2% -3.5% -5.6% -6.8% -7.9% -5.9% -9% -7% -5% -3% -1% 1% 3% Mowi Company A Company B Company C Company D Avg peers Deviation actual harvest volumes vs guidance % • Mowi has a good track record for delivering on volume guidance in the last 5 years • Listed peers -5.9% vs guidance Source: Public disclosure Note: Harvest guidance provided in November (Q3 reporting) for the next year. Last 5 years (2021-2025). Mowi has good track record for delivering on volume guidance last 5 years
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Page 44 Quarterly segment overview (1) Notes in report GroupOther1) SOURCES OF ORIGIN QTD IcelandFaroesIreland CanadaChileScotlandNorwayEUR million OPERATIONAL EBIT 154.8-3.13.9-1.218.62.137.497.1FARMING SALES AND MARKETING 39.20.00.80.20.51.30.85.729.7Markets 29.40.7-0.10.00.20.03.04.121.6Consumer Products 223.40.8-2.44.1-0.520.05.947.2148.4SUBTOTAL 11.50.00.10.00.00.910.5Feed -3.6-3.6Other entities 1) 231.3-2.9-2.34.1-0.520.05.948.1158.9TOTAL 149 9115 5952 5942 8389 73417 24026 68085 231Harvest volume (GWT) 1.54-0.411.58-0.162.050.341.801.86Operational EBIT per kg (EUR)1) - Total Group 0.080.020.000.01n/an/a0.030.12- of which Feed 0.260.150.080.180.140.050.210.35- of which Markets 0.20-0.02-0.010.060.000.170.150.25- of which Consumer Products ANALYTICAL DATA 19%0%0%36%0%31%25%19%Contract share (%) GUIDANCE 169 5004 0003 5002 0006 50024 00013 000116 500Q3 2026 harvest volume (GWT) 600 00018 00012 0007 00027 00082 00074 000380 0002026 harvest volume (GWT) 18%0%0%62%0%24%44%16%Q3 2026 contract share (%)
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Page 45 YTD segment overview (1) Notes in report GroupOther1) SOURCES OF ORIGIN YTD IcelandFaroesIreland CanadaChileScotlandNorwayEUR million OPERATIONAL EBIT 322.30.0-1.16.4-1.216.30.061.5240.4FARMING SALES AND MARKETING 74.10.00.90.70.92.83.29.755.8Markets 49.11.6-0.1-0.10.10.09.87.530.4Consumer Products 445.51.6-0.27.0-0.219.113.178.6326.6SUBTOTAL 13.60.00.00.00.00.113.6Feed -7.2-7.2Other entities 1) 452.0-5.6-0.27.0-0.219.113.178.7340.2TOTAL 286 38811 6245 6684 89917 93938 21847 250160 790Harvest volume (GWT) 1.58-0.021.23-0.051.070.341.672.12Operational EBIT per kg (EUR)1) - total Group 0.050.000.000.00n/an/a0.000.08- of which Feed 0.260.080.120.180.160.080.210.35- of which Markets 0.17-0.01-0.030.020.000.260.160.19- of which Consumer Products ANALYTICAL DATA 20%0%0%42%0%26%32%19%Contract share (%)
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Page 46 Resource rent tax in Norway with effect from 2023 FeedBreeding Smolt Seawater Harvesting Processing Sales & Marketing • Updated estimate for effective resource rent tax rate of about 10% for Mowi Norway across the value-chain – Earnings in the seawater phase subject to 25% resource rent tax in addition to 22% corporate tax – However, Mowi has the most diverse value-chain in the industry where a significant part is not subject to the resource rent tax (out of scope) o Subject to ordinary 22% corporate tax only – Estimate is still preliminary and subject to material uncertainty 22% 22% 22% 22% + 25% = 47% 22% 22% 22%
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Page 47 0 50 100 150 200 250 300 350 400 450 2021 2022 2023 2024 2025 2026E EUR million Cash flow guidance and historic developments Net capital expenditure Net working capital change Financial commitments and cost of debt (*) Maintenance level (*) Excludes effects of IFRS 16 0 25 50 75 100 125 2021 2022 2023 2024 2025 2026E EUR million 0 100 200 300 400 500 600 2021 2022 2023 2024 2025 2026E EUR million
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Page 48 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) − Excess capital will be paid out as extraordinary dividends • When deciding excess capital the Board of Directors will take into consideration expected cash flow, capital expenditure plans, financing requirements and appropriate financial flexibility. Further to this a long-term target level for net interest-bearing debt is determined, reviewed and updated on a regular basis • Shareholder returns are distributed primarily as cash dividends with the option of using share buybacks as a complementary supplement on an ad-hoc basis
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Page 49 Mowi ranked the world’s most sustainable seafood company Notes: 1) Scores based on most recent ratings, 2) The figure reflects total water footprint for farmed salmonid fillets in Scotland, in relation to weight and content of ca lories, protein and fat. Source: Fry et al (2018) Feed conversion efficiency in aquaculture: do we measure it correctly?. SINTEF (2020) Greenhouse gas emissions of Norwegian seafood products in 2017. Blue Food Assessment (Environmental performance of blue foods, Gephart et al., 2021) reported GHG emissions for farmed salmon of 5.1 kg CO2/kg edible weight and 8.4 kg CO2/kg edible weight for chicken. Mekonnen, M.M. and Hoekstra, A.Y. (2010) The green, blue and grey water footprint of farm animals and animal products. SARF (2014) Scottish Aquaculture’s Utilisation of E nvironmental Resources. 3) Scope of data: Norway only; based on Animalia and Mowi’s own data for complete production cycle (freshwater + seawater); reported monthly mortality figures are indicative estimates. Protein retention 28% 37% 21% 13% Feed conversion ratio 1.3 1.9 3.9 8.0 Edible meat per 100 kg feed 56 kg 39 kg 19 kg 7 kg Carbon footprint (kg CO2 / kg edible meat) 5.1 kg 8.4 kg 12.2 kg 39.0 kg Water consumption (litre / kg edible meat) 2,0002) 4,300 6,000 15,400 Monthly mortality 0.7%3) 2.3% 2.9% 0.3% Salmon is the most sustainable animal protein alternative «Blue foods on average have much greater nutritional benefits than terrestrial foods. Many blue foods also have a smaller environmental footprint.» «Farmed salmon…performed similarly or better than chicken – often considered the most efficient terrestrial animal across the considered environmental stressors.» Quotes from BFA documents Rating agencies About the rating Score (1) Mowi has topped the Coller FAIRR Protein Producer Index for six consecutive years (2020–2025) and leads the latest FAIRR Seafood Index (2026) 1st TIME Magazine, in partnership with Statista, named Mowi in its list of the World’s top Sustainable Growth Companies 2026 Mowi recognised as a global leader in climate action, water stewardship and managing deforestation A- Supplier EngagementRating A ESGRating, designed to measure a company’s resilience to long-term, industry material environmental, social and governance (ESG)risks.Mowi is inthe Leader category AA ESGRating, assessingfinancially material Environmental,Social and Governance (ESG) data Medium- Risk AAA A A 1st
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Page 50 eggs 10-15 000 eggs 250 piglets 36 calf 1 External Fertilisation • R-strategists • higher number of reproductive cells • lower survival rates • more influenced by environmental conditions Internal Fertilisation • K-strategists • lower number of reproductive cells • higher survival rates • less influenced by environmental conditions Salmon and land farmed animals have different reproductive strategies
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Page 51 Wild Atlantic salmon 82-87% 5-35% Farmed Atlantic salmon survivalsurvival (Charput, 2012)(Directorate of Fisheries) Farmed salmon have much higher survival rates than wild salmon
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Page 52 Atlantic salmon production time is significantly longer than for most land farmed animals, and mortality rates are therefore naturally higher... AVERAGE PRODUCTION TIME (MONTHS) Source: Land animals- Animalia Norway (2023). Mortality rates refers to the average mortality rates during the on growing phase for aquatic animals. Freshwater mortality of 4% for growth period of 9-14 months (Mowi’s data). AVERAGE PRODUCTION CYCLE MORTALITY (%) 15 9 3 1.2 5 6 6 18 15 15
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Page 53 2.2 2.9 1.5 0.3 0.7 ...however, monthly mortality rates for farmed salmon are significantly lower than for the majority of land animal proteins MONTHLY MORTALITY (%) Source: Animalia (2023) and Mowi’s own data; complete production cycle (freshwater + seawater)
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Page 54 Mortality rates for Atlantic Salmon relatively stable over the past 30 years Source: Kontali *Loss rate = loss individuals / smolt release, where loss individuals = mortality, escape, culling and “other” (discards) 0% 5% 10% 15% 20% 25% 30% 35% Loss rate* Linear (Loss rate*)
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Page 55 Training 100% trained staff; dedicated fish health and welfare team Stunning and slaughter 100% percussive stunning; trained staff Certification 100% certified with either ASC, BAP or Global GAP, all addressing animal welfare Supply chain Relevant suppliers required to follow fish welfare standards; included in Code of Conduct Reporting Operational Welfare Indicators monitored and reported publicly R&D Continuous improving on testing and verifying new farming, technological and health solutions Postsmolt strategy Reduce the time spent in sea by up to six months, substantially improving biological KPIs Smart Farming Unprecedented visibility and control underwater Vaccination 100% vaccination; only approved veterinary medicines are used; no prophylactic use of antibiotics Optimal feed and feeding Ensuring optimal feed and feeding procedures Fish behaviour Use of underwater cameras for behavior observations Handling and transport Gentle handling and transport following best practices Ensuring good fish welfare Our strategic programmes of Postsmolt and Smart Farming are improving biological metrics and will improve fish survival and welfare
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Thank you