Mowi (MOWI) investor relations material

Executive summary

• Achieved record-high quarterly revenue of EUR 1.6 billion and operational profit of EUR 231 million, up 23% year-over-year, driven by record harvest volumes and strong operational performance, despite soft prices.

• Harvest volumes reached a seasonal record of 150,000 tons, up 13% year-over-year, with strong biological performance across most regions.

• Adjusted 2026 farming volume guidance to 600,000 tonnes due to the divestment of Canada East, still representing 7.4% year-over-year growth.

• Board declared a quarterly dividend of NOK 2.30 per share.

• Entered agreement to divest 9,000 GWT Canada East operations for CAD 225 million, resulting in an EUR 88 million write-down.

Financial highlights

• Operational profit/EBIT rose to EUR 231 million (Q2 2025: EUR 189 million), with margin improving to 14.5% and turnover reaching a record EUR 1.6 billion.

• Underlying EPS was EUR 0.28; annualized ROCE was 13.6%; return on equity 15.1%.

• Net interest-bearing debt stood at EUR 2.81 billion; equity ratio at 43.2%.

• Net profit for the period was EUR -165.7 million, impacted by fair value adjustments and write-downs.

• Cash flow from operations was EUR 221 million in Q2 2026.

Outlook and guidance

• 2026 harvest volume guidance set at 600,000 tonnes, with a 2029 target of at least 650,000 tonnes.

• Industry supply growth expected to be 0% for the rest of 2026 and 0-2% in 2027, supporting a favorable supply/demand balance.

• Realised farming cost expected to remain stable in Q3, but inflationary pressure on feed raw materials persists.

• Capital expenditure for 2026 guided at approximately EUR 400 million, mainly within the Farming segment.