Another record-breaking quarter for Mowi

(Bergen, 8 November 2023) Mowi recorded record-high operational revenue of 1.36 billion euros in the third quarter, compared with 1.26 billion euros in the corresponding quarter of 2022. Operational profit was 203 million euros in the quarter.

The third quarter was another record-breaking quarter for Mowi on strong operational execution. Quarterly revenues were all-time high at EUR 1.36 billion driven by record-high volumes across the group and seasonally favourable salmon prices on solid demand.

“Record-high volumes and favourable salmon prices, coupled with outstanding operational performance from my 11,500 colleagues worldwide, have culminated in another record-setting quarter for Mowi,” Mowi CEO Ivan Vindheim said.

All-time high volumes
Mowi harvested an all-time high 135 000 tonnes of salmon in the quarter. Full-year harvest volume guidance for 2023 is maintained at a record-high 484 000 tonnes. Guidance for 2024 of 500 000 tonnes marks a new all-time high and a milestone achievement for Mowi. As recently as 2018 harvest volumes were 375 000 tonnes, hence the group has grown its farming volumes by 125 000 tonnes in the period, mostly organically. Mowi's annual growth of 4.9% in the period is surpassing that of the industry of 3.2%.

“Volume growth across the value chain is one of Mowi’s strategic pillars. Growth within Mowi Farming has been impressive in recent years where crossing 500 000 tonnes in farming volumes particularly stands out,” Vindheim said.

In Mowi Farming Norway, Mowi’s most important farming entity, volume guidance for 2023 has been increased to a record-high 295 000 tonnes from 290 000 tonnes, following good seawater growth and operational performance. Volume guidance for 2024 has been set to 305 000 tonnes and crosses the 300 000 tonnes mark for the first time in Mowi's 60-year history.

“Crossing the 300 000 tonnes mark in Norway is a milestone for the company and is cementing Mowi Norway’s strong license utilisation and production efficiency. I am deeply impressed with our Norwegian organisation that continues to deliver growth and results,” Vindheim said.

Strong quarter from Consumer Products and Feed
Consumer Products delivered another strong quarter operationally and financially, with seasonal record-high volumes and operational results.

“The strong results were driven by first-rate operational performance, increased volumes and continued good demand for salmon. Despite a challenging economic environment with generally higher cost of living, demand for salmon remained robust,” Vindheim said.

Earnings in the Feed segment were seasonally record-high on strong volumes and solid operational performance. Volumes from the Norwegian plant were record-high on the back of continued strong growth in sea and increased feed requirements in Mowi Farming Norway.

The world’s most sustainable
Mowi was yesterday named the world's most sustainable producer of animal proteins by Coller FAIRR. This is the fifth consecutive year the company has topped the prestigious list that ranks the 60 largest publicly traded protein producers on a range of sustainability parameters.

“Sustainability is an important part of Mowi's DNA and is at the core of everything we do. This award once again shows that Mowi is at the forefront of sustainable food production,” Vindheim said.

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 11 500 people in 25 countries worldwide, and is listed on the Oslo Stock Exchange. Turnover was EUR 4.9 billion in 2022.

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. 

Attachments

• Mowi_Q3_2023_Presentation
• Mowi_Q3_2023_Report

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