Slides
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CEO: Ivan Vindheim CFO: Kristian Ellingsen 4 November 2026 Q3 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 • 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 high revenue of EUR 1.73 billion • Market recovery – Price increase of 18% in Q3 y/y and 13% QTD Q4 y/y – Strong demand and normalisation of industry supply growth at a low single digit rate • Weak pelagic fisheries drive increase in feed prices for the industry – Realised blended farming cost expected to be somewhat higher q/q, partly due to lower harvest volumes and less dilution of fixed costs – However, expect stable realised cost in Q4 2026 compared with Q4 2025 • Feed with record-high volumes and earnings • Consumer Products with record-high revenue and volumes, driving strong earnings • Quarterly dividend of NOK 2.30 per share Highlights Q3 2026
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Page 4Page 4 • 2026 harvest volume guidance increased to record-high 620k GWT from 600k GWT on strong seawater production – 11% growth versus expected industry growth of 4% • Guidance of 630k GWT in 2027E, up 2% y/y – Assuming normal growth conditions in sea versus exceptionally good growth in sea in 2026 and 2025 – El Niño Farming volume guidance increased to 620k GWT from 600k GWT in 2026E 2027 harvest volume guidance of 630k GWT (assuming normal growth conditions) 440 559 620 630 0 100 200 300 400 500 600 700 2020 2025 2026E 2027E Harvest volumes GWT (1,000)
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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 / 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 Mowi Farming volumes since the big merger in 2006 Productivity programme revived farming volume growth Farming volume growth of 245k GWT from 2018 to 2026E (CAGR 6.5%) 245k GWT
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Page 7 300 350 400 450 500 550 600 650 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 3.2% 559 375 Mowi Farming volumes versus indexed listed peers since 2018 620
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Page 8 Source: Mowi, company reports and Kontali Analyse. Note: Harvest volumes for 2025 in WFE for peer companies, Atlantic salmon Harvest volumes measured in 1,000 WFE Mowi – Leading the Blue Revolution Global volumes of 3.3 million WFE
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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 3,516 million • 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%
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Page 10 Salmon prices – weekly reference prices • Market recovery – 18% higher prices in the quarter y/y – Prices up 13% so far in Q4 y/y Prices up to week 43 in 2026 Europe Americas Chilean D-trim lbs, Canadian GWT 10-12 lbs Q3 2026 Change vs Q3 2026 Change vs Market Q3 2025 EUR Q3 2025 Norway (1) EUR 6.14 15.4% EUR 6.14 15.4% 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%
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Page 11 8% 3% 12% supply growth 2025 5% demand growth 2025 Cost of living crisis Pandemic 1-2% Supportive supply/demand balance expected going forward 0-1% in 2027E and 1-2% p.a. thereafter 12% demand growth YTD Q3 2026 4% supply growth in 2026E 1% supply growth in 2027E
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Page 12 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%
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Page 13 • Record-high quarterly harvest volumes • Another strong quarter operationally taking seasonality into consideration Norway Operational EBIT Salmon of Norwegian Origin Q3 2025 vs Q3 2026
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Page 14 • Once again, satisfactory overall margin for Norway, given the prevailing price environment in the quarter • Strong margin for Region North and Region Mid on good operational performance – Region Mid also benefitted from good timing of harvest • Region West delivered strong cost performance, offset by timing of harvest – Cost on a par with Region Mid Norway: Operational EBIT/kg per region Note: Operational EBIT/kg per region includes contribution from all business areas 1.31 1.45 1.94 2.07 1.79 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 15 262 332 395 405 0 50 100 150 200 250 300 350 400 450 2020 2025 2026E 2027E Harvest volumes GWT (1,000) • Increased volume guidance to 395k GWT from 380k GWT for 2026E (19% y/y) – 133k GWT growth 2020-2026E – CAGR 7.1%, well in excess of industry at 4.6% • 2027E volume guidance of 405k GWT Farming volume in 2026E increased to 395k GWT from 380k GWT for Mowi Norway 2027E guidance of 405k GWT
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Page 16 Mowi Norway Farming volumes since the big merger in 2006 Mowi Norway aiming for 405k GWT in 2027 Farming volume growth of 185k GWT over the past 9 years (CAGR 7.3%) 185k GWT
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Page 17 • 14% contract share in Q3, and 17% in Q4 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.
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Page 18 • Low harvest volumes impacted earnings • However, strong margin on continued good operational performance Scotland Operational EBIT Salmon of Scottish Origin Q3 2025 vs Q3 2026
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Page 19 • Mowi Chile continues to deliver good biological performance • Seasonally record-high harvest volumes • Prices and tariffs weighing on margins Chile Operational EBIT Salmon of Chilean Origin Q3 2025 vs Q3 2026
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Page 20 • Algae hit of EUR 8 million in the quarter • Other than that, strong result and margin • Biology developed satisfactorily at sea in Q4 Canada Operational EBIT Salmon of Canadian Origin Q3 2025 vs Q3 2026
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Page 21 • Break-even result on lower volumes and prices Ireland and Faroes • Result adversely impacted by 100% spot price exposure SALMON OF IRISH ORIGIN EUR million Q3 2026 Q3 2025 YTD 2026 YTD 2025 Operational revenue 23.0 34.9 69.4 107.2 Operational EBIT -0.9 0.7 -1.1 3.9 Operational EBIT % -3.8% 1.9% -1.6% 3.6% EBIT -2.6 -9.6 -8.9 -7.2 Harvest volume (GWT) 2 315 3 010 7 214 10 483 Operational EBIT per kg (EUR) -0.37 0.22 -0.15 0.37 - of which Feed 0.02 0.03 0.01 0.01 - of which Markets 0.17 0.17 0.18 0.16 - of which Consumer Products 0.20 0.96 0.07 0.40 Contract share 56% 75% 47% 67% SALMON OF FAROESE ORIGIN EUR million Q3 2026 Q3 2025 YTD 2026 YTD 2025 Operational revenue 18.5 14.2 58.9 76.3 Operational EBIT 2.4 1.3 9.4 16.9 Operational EBIT % 13.0% 9.2% 15.9% 22.2% EBIT 3.0 3.2 5.2 -9.3 Harvest volume (GWT) 2 853 2 367 8 521 11 061 Operational EBIT per kg (EUR) 0.84 0.55 1.10 1.53 - of which Feed 0.00 0.00 0.00 0.00 - of which Markets 0.23 0.17 0.15 0.13 - of which Consumer Products 0.08 -0.01 0.01 0.03 Contract share 0% 0% 0% 0%
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Page 22 • Negative result following weak prices and somewhat higher cost • Biological metrics once again reasonably good Iceland (Arctic Fish) Operational EBIT Salmon of Icelandic Origin Q3 2025 vs Q3 2026
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Page 23 • Earnings down y/y on weaker contracts, despite strong operational performance • All-time high operational revenue on record- high volumes (+18% y/y) • Continued strong demand for our 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 (tonnes prod. weight) 84 359 71 591 233 623 198 554 Selection of MOWI products
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Page 24 • Another strong quarter for Mowi Feed with record high volumes and earnings • Volumes up 19% y/y, driven by strong biological performance • Target sales volumes of 650k tonnes for 2026, up by 11% y/y Feed Norway Scotland 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 volume 211 246 177 087 467 445 424 420 Feed produced volume 182 363 156 795 460 515 441 004
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Q3 2026 presentation Financials, Markets and Harvest volumes
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Page 26 • Record-high revenues and seasonally record- high earnings, driven by higher volumes, better prices and lower cost Profit and Loss 1) Notes in report 2) Ex held-for-sale
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Page 27 Financial position 1) NIBD excluding IFRS 16 effects. NIBD including IFRS 16 effects of EUR 3,516 million • Strong financial position with equity ratio of 43%
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Page 28 Cash Flow and Net Interest Bearing Debt • Cash flow from operations affected by net working capital tie-up – Seasonal tie-up in Sales & Marketing
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Page 29 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 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 ~120m (from EUR 110m, ex IFRS 16 effects) • Taxes paid EUR ~220m • Quarterly dividend of NOK 2.30 per share – Payable in fourth quarter
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Page 30 • 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) – 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% Overview main financing (100% sustainable/green funding)
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Page 31 Q1 18 Q1 19 Q1 20 Q1 21 Q1 22 Q1 23 Q1 24 Q1 25 Q1 26 Q1 27 • In 2023-2025, feed prices declined on better availability of raw materials and generally lower ingredient prices • Current inflationary pressure driven by marine ingredients and higher fish oil and fish meal prices • Increasing feed prices Feed prices increasing on lower availability of marine raw materials Feed price per kg Feed prices Mowi Farming Norway
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Page 32 26.9 15.8 8.2 9.8 23.5 5.9 - 10 0 10 20 30 Norway Scotland Chile Canada W Faroes Other EBIT/kg NOK Mowi Industry average • Mowi #1 or #2 performer in the various regions • Biology and operational performance the main cost drivers • However, cost-cutting initiatives are important – Continued cost focus necessary to combat increasing feed prices, biological measures, and more complex regulations • Realised cost savings of EUR 408 million 2018- 2026 H1 Mowi #1 or #2 performer on EBIT per kg past 5 years (2022-2026 YTD) (proxy for cost in the regions where we operate) Note: OP EBIT/kg all-inclusive last 5 years (2022-2026 YTD). Industry average excluding Mowi. “Other” includes Mowi Ireland / Arctic Fish vs Icelandic peers. EBIT per kg – Mowi consistently #1 and #2 in all countries Mowi ranking by country 1 1 1 1 2 1 Development in blended Farming cost per kg for Mowi group 2022 2023 2024 2025 2026 Q1 2026 Q2 2026 Q3 EUR/kg 5.09 Q4 2026 approx. at Q4 2025 5.11
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Page 33 22% 31% 34% 48% 143% 170% 0% 20% 40% 60% 80% 100% 120% 140% 160% 180% Mowi A B C D E Mowi has lower variation of earnings than peers; lower cost of equity • Mowi’s coefficient of variation of earnings lower than peers (risk measure of earnings volatility) • Also, Mowi’s stock beta is lower than peers • => Lower Cost of Equity Coefficient of variation of quarterly earnings past 5 years
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Page 34 Harvest volume (GWT) in Norway per standard license (780 tonnes)1) 8% below industry 8% above industry Note: 1)Includes companies with >10 standard licenses. Broodstock licenses adjusted to 50%. Excluded development licenses without harvest volumes. High utilisation of licenses in main region
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Page 35 Industry-leading margins and high license utilisation; #1 EBIT/license Norway Region North Region SouthRegion West/Mid 27.5 20.4 15.7 0 10 20 30 40 Mowi A B NOK million 35.0 29.6 24.6 0 10 20 30 40 Mowi North A B NOK million 21.6 15.1 12.4 2.2 0 10 20 30 40 Mowi Mid/West B A D NOK million 26.7 22.1 10.5 0 10 20 30 40 Mowi South C B NOK million Source: Company disclosure
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Page 36 0 2 4 6 8 10 12 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 NOK per kg Mowi Peers … and more capex efficient than peers NOK 3/kg x 630k GWT = NOK 1.9bn → 25% higher Free Cash Flow to Equity 2027E (1) NOK 3/kg less capex Source: Company disclosure Note (1) Before tax deduction on saved capex
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Page 37 Source: Company disclosure Note: 2022-2025 18.5% 18.2% 12.5% 11.5% 11.3% 9.9% 0% 5% 10% 15% 20% Mowi A B C D E … yields 18.5% ROCE for Mowi, above 12% capital requirement
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Page 38 4.3% 4.6% 6.5% 6.9% 7.6% 9.5% 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% Mowi A B C D E All-inclusive funding cost % Mowi has lower funding cost than peers Source: Company disclosure Note: All-inclusive funding cost in 2025 or running level Mowi lowest funding cost
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Page 39 Mowi less impacted by resource rent tax than peers due to extensive value chain FeedBreeding Smolt Seawater Harvesting Processing Sales & Marketing • 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 22% 22% 22% 22% + 25% = 47% 22% 22% 22%
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Page 40 …but at the same time offering competitive equity multiplier - prioritising capital distribution Source: Company disclosure Optimal range 0% 10% 20% 30% 40% 50% 60% 70% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1-26 Mowi A B C D E Mowi has a competitive equity ratio
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Page 41 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% 22,100 Total Europe 653,400 606,000 47,400 7.8% 519,800 Chile 220,600 225,300 -4,700 -2.1% 176,200 North America 31,700 37,400 -5,700 -15.2% 41,500 Total Americas 252,300 262,700 -10,400 -4.0% 217,700 Australia 19,800 18,000 1,800 10.0% 16,000 Other 12,400 8,100 4,300 53.1% 10,700 Total 937,900 894,800 43,100 4.8% 764,200 Supply development in the quarter • Global supply increase of 7% y/y in the quarter adjusted for inventory movements; growth in Europe and contraction in Americas • Supply contraction of 3% expected in Q4 y/y Source: Kontali Note: Atlantic Salmon (WFE)
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Page 42 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 35,500 29,500 6,000 20.3% 29,100 124,300 112,200 10.8% Total Europe 478,800 432,700 46,100 10.7% 376,500 1,617,900 1,509,900 7.2% USA 179,600 178,100 1,500 0.8% 175,900 710,500 680,600 4.4% Brazil 36,300 32,800 3,500 10.7% 36,700 148,100 127,500 16.2% Other Americas 47,400 44,600 2,800 6.3% 40,400 172,500 158,500 8.8% Total Americas 263,300 255,500 7,800 3.1% 253,000 1,031,100 966,600 6.7% China / Hong Kong 60,400 56,300 4,100 7.3% 56,400 243,000 184,400 31.8% Japan 15,400 17,100 -1,700 -9.9% 14,300 64,100 57,700 11.1% South Korea / Taiwan 19,000 19,400 -400 -2.1% 17,900 74,200 68,900 7.7% Other Asia 28,500 28,200 300 1.1% 25,000 108,500 98,400 10.3% Total Asia 123,300 121,000 2,300 1.9% 113,600 489,800 409,400 19.6% All other markets 44,900 41,900 3,000 7.2% 31,400 148,000 149,700 -1.1% Total 910,300 851,100 59,200 7.0% 774,500 3,286,800 3,035,600 8.3% Inflow to US from Europe 52,700 49,700 3,000 6.0% 44,800 192,900 204,900 -5.9% Inflow to EU from Chile 7,400 6,200 1,200 19.4% 8,200 39,000 25,200 54.8% Global volume development in the quarter • Strong demand growth of 18% (value) in the quarter on 7% increased consumption • Europe: Strong demand growth, supported by a prolonged period of relatively low retail prices • US: Continued strong growth in pre-packed products, consumption affected by lower supply in Americas • China continues to stand out, despite limited availability of preferred sizes in the Asian market Source: Kontali Source: Kontali Note: Atlantic Salmon (WFE), LTM: Last Twelve Months, PTM: Previous Twelve Months
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Page 43 Development in reference prices • Market recovery – 18% higher prices in the quarter y/y – Prices up 13% so far in Q4 y/y Prices up to week 43 in 2026 Europe Americas Chilean D-trim lbs, Canadian GWT 10-12 lbs Q3 2026 Change vs Q3 2026 Change vs Market Q3 2025 EUR Q3 2025 Norway (1) EUR 6.14 15.4% EUR 6.14 15.4% 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%
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Page 44 • Limited supply growth ahead on lower biomass and tough biological comparables following strong performance in 2026 (*) 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 2027E of 0-1% (down from 4% in 2026E) 2023 2024 2025 2026E WFE (1,000) Low Y/Y growth High Y/Y growth Low Y/Y growth High Y/Y growth 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 Islands 89 100 129 139 138 7% 140 8% 137 -1% 143 3% Other Europe* 56 64 75 86 85 14% 87 17% 92 8% 96 12% Total Europe 1,779 1,869 2,096 2,213 2,204 5% 2,222 6% 2,195 -1% 2,251 2% Chile 766 700 807 803 799 -1% 807 0% 782 -3% 812 1% North America 129 138 138 131 130 -5% 132 -4% 134 2% 144 10% Total Americas 895 838 945 934 929 -2% 939 -1% 917 -2% 957 2% Other 105 108 110 128 127 15% 129 17% 126 -1% 136 6% Total 2,779 2,816 3,151 3,275 3,260 3% 3,290 4% 3,237 -1% 3,343 2% *Ireland and Iceland Q4 2023 Q4 2024 Q4 2025 Q4 2026E WFE (1,000) Low Q/Q growth High Q/Q growth Norw ay 435 460 462 464 459 -1% 469 2% UK 28 46 38 49 47 24% 51 35% Faroe Islands 28 23 37 35 34 -8% 36 -3% Other Europe 20 22 22 17 16 -27% 18 -18% Total Europe 511 550 559 566 557 0% 575 3% Chile 196 187 237 212 208 -12% 216 -9% North America 34 30 36 26 25 -31% 27 -26% Total Americas 230 216 273 238 233 -15% 243 -11% Other 31 30 35 39 38 8% 40 14% Total 771 796 867 842 827 -5% 857 -1% Q4 2026E 2027E2026E
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Page 45 • 2026 volume guidance increased by 20k GWT to 620k GWT (+11% y/y) – Strong biological performance this year • Volume guidance of 630k GWT in 2027E, assuming normal growth conditions in sea 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 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 Guidance Norway 303.5 61.7 72.6 99.4 98.2 331.9 75.6 85.2 133.8 100.5 395.0 405.0 Scotland 66.0 17.7 24.2 17.4 12.3 71.6 20.6 26.7 11.6 15.1 74.0 76.0 Chile 72.7 13.9 15.3 22.4 26.5 78.1 21.0 17.2 23.6 23.1 85.0 88.0 Canada 30.4 5.0 9.5 15.6 6.4 36.6 8.2 9.7 7.4 2.6 28.0 23.0 Ireland 8.9 2.4 5.1 3.0 0.8 11.2 2.1 2.8 2.3 1.0 8.2 7.5 Faroes 9.4 4.2 4.5 2.4 3.5 14.6 3.1 2.6 2.9 3.3 11.8 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 18.5 Total 501.5 108.1 133.2 165.6 151.9 558.9 136.5 149.9 185.6 148.0 620.0 630.0
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Page 46 • 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 industry supply growth at a low single digit rate • Weak pelagic fisheries drive increase in feed prices for the industry – Realised blended farming cost expected to be somewhat higher q/q, partly due to lower harvest volumes and less dilution of fixed costs – However, expect stable realised cost in Q4 2026 compared with Q4 2025 • Harvest volume guidance increased from 600k GWT to 620k GWT in 2026 (11% y/y) – Volume guidance of 630k GWT in 2027 – Aiming for 405k GWT in Norway Summary and outlook
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Q3 2026 presentation Appendix Jeg pleier å bruke samme bilde på forsiden på disse seksjonsfoilene
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Page 48 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 49 Quarterly segment overview (1) Notes in report
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Page 50 YTD segment overview (1) Notes in report
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Page 51 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 0 100 200 300 400 500 600 2021 2022 2023 2024 2025 2026E EUR million 0 25 50 75 100 125 150 2021 2022 2023 2024 2025 2026E EUR million
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Page 52 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 53 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 54 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 55 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 56 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 57 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 58 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 59 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