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Record-high third quarter revenues for Mowi

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(Bergen, 10 November 2021) Mowi recorded record high revenues of 1 035 million euros. Operational EBIT was 131 million euros, compared with 80 million euros in the corresponding quarter of 2020.

Demand for salmon continued to recover from Covid-19 lockdown measures during the third quarter as foodservice activity improved further and retail demand remained at strong levels. This led to a significant rebound in salmon prices compared with last year and increased earnings by 64% year-over-year.

“It’s positive to see that the salmon market continues on the road to full recovery. The estimated value of salmon consumed globally in the third quarter increased by more than 30% compared with last year and reached a new record-high level for a quarter. This is particularly impressive given that not all markets have yet fully recovered from the Covid-19 pandemic,” Mowi CEO Ivan Vindheim said.

Mowi Consumer Products delivered another strong set of results with the best ever earnings in a third quarter.

“This demonstrates strong retail demand in the market and also our ability to serve new and existing customers across geographies. Mowi Consumer Products has been able to benefit from and capitalise on the shift in demand towards elaborated products,” Vindheim said.

Total harvest volume in the quarter of 117 115 tonnes gutted weight (125 773 tonnes) was above guidance of 110 000 tonnes mainly due to good growth conditions in Norway. Further to this, harvest guidance for 2021 is increased to 455 000 tonnes, equivalent to 15 000 tonnes volume growth year-over-year. Next year, Mowi expects to harvest 460 000 tonnes.

“Mowi has a clear strategy to grow and Mowi Farming’s harvest capacity is well in excess of 500 000 tonnes. It’s therefore encouraging to see that we are heading towards another record year for Farming volumes in 2021,” Vindheim said.

Mowi’s Board has decided to pay a quarterly dividend of NOK 1.40 per share, consisting of NOK 0.93 per share in ordinary dividend and an extraordinary dividend of NOK 0.47 per share supported by a strong financial position and a favourable outlook.

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 12 000 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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