Mowi Achieves Best Quarter Due to Strong Operational Performance

Mowi (Bergen, 10 May 2023) has reported its most successful quarter to date, thanks to robust operational performance. The company's operational profit for Q1 2023 reached a record-breaking 322 million euros, a significant increase from the 207 million euros recorded in Q1 2022. Mowi also achieved its highest-ever revenue of 1,362 million euros. The first quarter of 2023 saw record-breaking salmon prices due to a decrease in global supply and high demand. "The high prices and exceptional operational performance by my 11,500 colleagues in 25 countries worldwide contributed to making Q1 2023 Mowi's most successful quarter," said Mowi CEO Ivan Vindheim. Mowi exceeded its guidance by harvesting 103,000 tonnes of salmon in the quarter, compared to the 98,000 tonnes predicted. In 2022, Mowi harvested a then-record 464,000 tonnes, and the company plans to increase this to 484,000 tonnes in 2023. From 375,000 tonnes in 2018, Mowi's farming volumes will have increased by 109,000 tonnes in five years, or 5.2% p.a., surpassing industry growth. "Our aim is to continue expanding our market share in the salmon sector in the coming years by increasing our farming volumes, both organically and through acquisitions," Vindheim stated. Mowi Consumer Products had another strong quarter, achieving record results for the season due to excellent operational performance and continued strong retail sales, boosted in part by the Easter and Lent season. "We are committed to growing with our customers and de-commoditising the salmon category, with the MOWI brand now present in 18 countries," Vindheim added. Mowi Feed reported record sales volumes for a first quarter, reflecting continued strong growth at sea. "Our feed continues to perform exceptionally well, with both feed consumption and net growth surpassing industry benchmarks. Despite the start of the year being a low season for feed operations, this business area delivered record operational earnings for the season," Vindheim noted. On 28 March, the Norwegian government proposed a resource rent tax to Parliament, with few changes from the initial proposal presented in September 2022. The proposed tax rate was reduced from 40% to 35%. The total proposed tax rate is now 57%, including corporate tax, compared to 62% previously, or about 75% with Norwegian wealth tax. "This is entirely disproportionate and inconsistent with the Norwegian Government's stated growth ambitions for the industry. If approved by Parliament, the new tax regime will be extremely damaging to the Norwegian aquaculture industry," Vindheim warned. Mowi's Board has agreed to pay a quarterly dividend of NOK 2.00 per share. The Q1 report and presentation can be found on our reports page. For additional 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