Record-high revenues and volumes for Mowi in the third quarter

(Bergen, 6 November 2024) Mowi generated record-high operating revenues of EUR 1.44 billion in the third quarter which translated into an operational profit of EUR 173 million.

“This was yet another good quarter for Mowi, with our best ever seawater production and harvest volumes of 161,000 tonnes. We’ve never had more fish in the sea, with biomass in sea up 4.4% year-on-year at quarter end,” Mowi CEO Ivan Vindheim said.

Mowi is well positioned to meet its harvest volume guidance for 2024 of a milestone 500,000 tonnes. Furthermore, record-high biomass in sea supports 2025 volume guidance of 520,000 tonnes, the first step towards Mowi’s next milestone of harvesting 600,000 tonnes of salmon, expected in 2029.

520,000 tonnes in 2025 represents growth of 145,000 tonnes since 2018, equivalent to 4.8% CAGR vs. 2.7% average for the industry. Continued growth in Mowi’s farming operations will in turn lead to growth in the company’s other two divisions – Consumer Products and Feed.

“It is a privilege to work in an organisation that is always striving to improve and take the company to the next level. We aim to continue growing faster than the wider industry, by expanding our use of postsmolt and through increased smolt release. We expect another year with limited supply growth for the wider industry at 2% or lower,” Vindheim said.

Mowi’s farming costs fell in the third quarter vs the first and second quarters on the back of lower feed prices and economies of scale on higher volumes. A continuing downward trend in feed prices is expected to contribute to further cost reductions, in addition to savings all across the value chain on the back of Mowi’s own cost savings programme worth EUR 300-400 million over the next five years.

Mowi Consumer Products, the group’s value-added business, delivered record-high results in the third quarter on good operational performance, strong volumes and seasonally lower raw material prices.

“We see good retail demand for our products, and expect demand in the restaurant sector to improve as consumer purchasing power increases fuelled by falling interest rates and rising wages,” Vindheim said.

Mowi Feed delivered the best quarterly result ever, on all-time high earnings and record-high volumes. This positive volume development was driven by good seawater growth and demand from Farming.

Mowi’s Board has decided to pay a quarterly dividend of NOK 1.50 per share.

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. Mowi is ranked as the most sustainable listed animal protein producer in the world by Coller FAIRR.

With headquarters in Bergen, Norway, Mowi employs 11 600 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.

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.

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