Record-high Q1 volumes and lower Farming cost for Mowi

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(Bergen, 19 May 2021) Mowi achieved record-high volumes for a first quarter in both Farming and Consumer Products, harvesting 125 000 tonnes of salmon and selling 62 000 tonnes of value-added products. At the same time Farming cost was down by 9%.

Mowi’s first quarter was characterised by continued Covid-19 lockdown measures and high growth in global supply of salmon, however, prices increased during the quarter on strong demand.

“Although extensive lockdown measures are still in place, out-of-home consumption has started to improve in some markets compared with the previous quarter. Demand in retail has continued to be very good, something Mowi has yet again capitalised on through our integrated value chain,” said Mowi CEO Ivan Vindheim.

Mowi believes that demand for salmon is on the road to full recovery driven by Covid-19 measures becoming less restrictive. Growth in retail salmon sales was 20-25% during the quarter, and this growth came from both new and existing customers. Mowi expects both customer groups to increase their retail consumption post Covid-19, even as the foodservice segment continues to reopen.

Mowi Consumer Products had yet another strong quarter with record-high first quarter earnings and volumes partly driven by tailwinds from Lent and Easter season.

Mowi Farming harvested a record-high 125 000 tonnes in the quarter, equivalent to 51% growth compared to a year ago. At the same time, cost was down by 9%.

“It is very encouraging to deliver record-high first quarter Farming volumes and reduction in production cost. The decline in cost is driven by large volumes and cost initiatives over time. Farming volume growth and cost competitiveness are pivotal elements in Mowi’s strategy,” Vindheim said.

Mowi achieved an operational EBIT of EUR 109 million in the first quarter of 2021, the same as the corresponding quarter in 2020. The company reported operational revenues of EUR 1 022 million (EUR 885 million) in the quarter. Total harvest volume in the quarter of 125 468 tonnes gutted weight (83 119) was above guidance of 116 000 tonnes. Full-year harvest guidance for 2021 is unchanged at 445 000 tonnes.

Mowi’s Board has decided to pay NOK 0.77 per share in ordinary dividend in the second quarter of 2021, equivalent to 50% of underlying earnings per share in the first quarter of 2021.

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 the world’s leading seafood company and the largest producer of farm-raised salmon in the world. As the first global seafood company with an end-to-end supply chain, Mowi brings supreme quality salmon and other seafood to consumers around the world.

With headquarters in Bergen, Norway, Mowi employs 12 200 people in 25 countries worldwide, and is listed on the Oslo Stock Exchange.

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 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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