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Capital Markets Day 2021 Capital Markets Day 2021 Bergen, Norway 17 March 2021 Forward looking statements This presentation may be deemed to include forward-looking statements, such as statements that relate to Mowi’s contracted volumes, goals and strategies, including strategic focus areas, salmon prices, ability to increase or vary harvest volume, production capacity, expectations of the capacity of our fish feed plants, trends in the seafood industry, including industry supply outlook, exchange rate and interest rate hedging policies and fluctuations, dividend policy and guidance, asset base investments, capital expenditures and net working capital guidance, NIBD target, cash flow guidance and financing update, guidance on financial commitments and cost of debt and various other matters concerning Mowi's business and results. These statements speak of Mowi’s plans, goals, targets, strategies, beliefs, and expectations, and refer to estimates or use similar terms. 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 disclaims any continuing accuracy of the information provided in this presentation after today. Page 2 Group Management Team Ivan Vindheim (1971), CEO Kristian Ellingsen (1980), CFO Catarina Martins (1977), CTO and CSO CEO from 2019, prior to that CFO from 2019, prior to that Chief Technology and CFO for seven years. He has Group Accounting Director Sustainability Officer from held various executive for four years. He has 2020, prior to that Group positions in the seafood experience from various Manager Environment and industry and other industries. positions in the finance area Sustainability. She has both a including Director at PwC. relevant scientific and business MSc, MBA, CPA, CEFA background. MSc, BSc, CPA, CISA PhD, MSc, MBA Øyvind Oaland (1970), COO Farming Fernando Villarroel (1974), COO Farming Ben Hadfield (1976), COO Farming COO Farming Norway from COO Farming Americas COO Farming Scotland, 2020. Prior to that Chief from 2020, prior to that MD Ireland & Faroes from Technology Officer and Head for Mowi Chile since 2017. 2020, prior to that COO Feed of Global R&D for 12 years. He has held various position and MD for Mowi Scotland. He He has held various key within salmon farming has held key positions in Mowi positions in Mowi since 2000. globally. since 2000. DVM MSc, BSc MSc, BSc Atle Kvist (1963), COO Feed Ola Brattvoll (1968), COO Sales & Marketing Anne Lorgen Riise (1971), CHRO COO Feed from 2020, prior COO of Sales & Marketing Chief HR Officer from 2012. to that MD for Mowi Feed since 2010. He has Riise has held various HR since 2019. He has comprehensive experience positions and also practised experience from various within sales and marketing in as a lawyer. executive positions within the seafood industry. the feed industry and other LLM industries. MSc MSc Page 3 Agenda 08:00 - 08:25 Business and Strategy update Ivan Vindheim 08:25 - 08:40 Finance Kristian Ellingsen 08:40 - 09:00 Sales & Marketing Ola Brattvoll 09:00 - 09:20 Farming Norway Øyvind Oaland 09:20 - 09:25 Break 09:25 - 09:40 Farming Scotland, Ireland, Faroes Ben Hadfield 09:40 - 09:55 Farming Americas Fernando Villarroel 09:55 - 10:10 Feed Atle Kvist 10:10 - 10:25 ESG + R&D Catarina Martins 10:25 - 10:30 Summary Ivan Vindheim 10:30 - 11:00 Q&A Page 4 Business and Strategy update Capital Markets Day 2021 Ivan Vindheim CEO Mowi in brief One of the world’s leading seafood companies The world’s largest producer of Atlantic salmon, (#1 measured by market capitalisation) 440,000 GWT in 2020 (~2.5 billion meals per year) #1 on sustainability (Coller FAIRR) Listed on Oslo Stock Exchange Fully integrated value chain HQ in Bergen, Norway Market cap: EUR ~11 billion Revenue and other income (EUR bn) Harvest volume Atlantic Salmon (kGWT) Operational EBIT (EURm) 4.1 440 792 3.8 436 3.6 3.8 419 420 753 3.5 392 700 721 381 370 375 3.1 3.1 343 344 2.5 509 2.1 2.1 411 348 347 338 86 11 12 13 14 15 16 17 18 19 20 11 12 13 14 15 16 17 18 19 20 11 12 13 14 15 16 17 18 19 20 Page 6 Note: Harvest volumes in Gutted Weight Tonnes (GWT) Mowi – Leading the Blue Revolution 2020 harvest volumes (1,000 GWT) Global 500 volumes of 2.5 million GWT 440 400 300 Harvest volume salmonids (GWT) 200 100 0 Mowi A B C D E F G H I J K L M N O P Q R S Source: Kontali Analyse Page 7 Note: Harvest volumes in Gutted Weight Tonnes (GWT), Atlantic salmon Fully integrated value chain Products & Feed Breeding Smolt Farming Harvesting Processing Customer Feed Farming Consumer Products #4 #1 #1 540k tonnes 440k GWT 239k tonnes Page 8 Note: Farming volumes in Gutted Weight Tonnes (GWT), Consumer Products volumes in product weight Feed production of 540,000 tonnes in 2020 – Self-sufficient in Europe Total production capacity of 640,000 Valsneset, Norway tonnes 400,000 tonnes capacity Opened 2014 Kyleakin, Scotland 240,000 tonnes capacity Opened 2019 Page 9 Farming harvest volumes of 440,000 GWT in 2020 Harvest volumes in GWT Canada Ireland Faroes Norway Scotland 44,000 8,000 9,000 262,000 53,000 Harvest volumes Chile 65,000 Page 10 Sales & Marketing – Consumer Products volumes of 239,000 tonnes in 2020 21 Secondary processing plants Europe 28 Sales offices 180,000 tonnes Germany Poland Norway France Netherlands Faroes Spain Belgium Ireland Consumer Italy Czech Sweden Products volumes sold Scotland Turkey Asia 30,000 tonnes China Japan Americas Korea 29,000 tonnes Taiwan USA Vietnam Canada Singapore Chile Page 11 Note: Consumer Products volumes sold in product weight Megatrends drive demand… Demand for salmon expected to exceed supply growth in the next 5 years Population Exploited Health growth resources Climate Growing middle Aging change/Resouce class population efficiency Page 12 …and so does a very strong product • Scientifically proven natural superfood – Nutritionally dense and great for one’s health (omega-3, vitamins, protein, potassium, antioxidants) • Top appetising taste, look, texture and colour • Versatile for traditional and evolving food occasions – Raw, grilled, cooked and smoked • Appealing to people of all ages – Addressing health needs of the elderly but equally attractive to youngsters • Most sustainably produced animal protein – With the best climate footprint and top sustainability performance vs. all other animal proteins (Coller FAIRR Index 2020) Page 13 Demand expected to exceed supply for the next 5 years 8% 6% 4% 3% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021e 2022e 2023e 2024e 2025e Demand growth avg (2010-2020) Supply growth avg (2010-2020) Supply growth avg (2020-2025e) Demand growth p.a. Supply growth p.a. Page 14 Mowi Farming working along three main pillars Mowi Farming Volume Cost Sustainability Lagging behind on growth ✓ #1-2 relative cost position ✓ #1 on sustainability, must improve further • 2014-2020 CAGR: • However, too high in absolute • #1 Coller FAIRR Mowi 0.8% vs industry 3.4% terms • A-rated CDP (Carbon Disclosure & Suppliers) Page 15 | Presentation title Putting the customer at the core of everything we do downstream Customer value Operational Product Excellence Continue to develop innovative and high-quality Productivity and cost Products that are easily efficiency through accessible to customers. Operational Excellence Growth in selected Branding segments and markets De-commoditise the salmon category through Branding Page 16 | Presentation title A fully fledged feed operation in Europe The production journey of Mowi Feed Self sufficient Cover 100% of Mowi’s feed need in Europe 2014 2019 2020 Valsneset Kyleakin Mowi opened its first feed Mowi’s second feed plant opened plant in Trøndelag, Norway on the Isle of Skye, Scotland 640 640 600 389+151 Production (kMT) 353+52 Capacity (kMT) 350 335 310 389 280 290 353 348 310 305 282 First year of production 2014 2015 2016 2017 2018 2019 2020 At full capacity Page 17 Transforming and making the value chain more efficient through digitalisation and automation • Full digitally integrated value chain from roe to plate • Smart Farming – Remote operation centres, automatic feeding, real time monitoring of biomass, digital lice counting, tracking fish welfare, IoT, big data analysis, machine learning, artificial intelligence, etc • Factories – Industry 4.0 technology – Increased automation and robotisation • Blockchain solutions for selected customers • One system and Cloud first strategy Page 18 Finance Capital Markets Day 2021 Kristian Ellingsen CFO EBIT per kg – Mowi consistently #1 and #2 in all regions Norway #2 Scotland #2 Canada #1 25 25 25 20 18.2 20 20 15 15 13.4 15 NOK/kg 10 8.6 NOK/kg 10 NOK/kg 10 5 5 5 0 0 0 A Mowi B C D E Avg. A Mowi B C Avg. Mowi A -5 Chile #2 Faroes #2 Other #1 1.0 25 25 21.7 20.6 0.8 0.7 20 20 0.6 15 15 NOK/kg 0.4 10 NOK/kg 10 USD/kg 0.2 5 5 0.0 0 0 A Mowi B C D E Avg. A Mowi Mowi A B C Avg. Ireland -0.2 -5 Page 20 Note: OP EBIT/kg all-inclusive 2015-2020. Chile: 2015-YTD Q3 2020. Average excluding Mowi Underlying cost pressure in Farming offset by cost cut initiatives • Farming blended cost has been relatively Development in full cost per kg for Mowi group stable over the past 5 years 5 4.37 – CAGR 2.2% 4.00 4 • However, cost is still too high 3 • Cost-cutting initiatives are important to EUR/kg 2 address underlying cost pressure 1 – Biology 0 – Feed prices 2016 2017 2018 2019 2020 – Regulations Costs in Mowi Norway increased less than industry • Biology is the main driver for underlying cost pressure Cost increase (EUR/kg) in % 2016-2019 7.5 % – A wide
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