Mowi (MOWI) CMD 2024 summary

Strategic direction and growth targets

• Targeting organic growth from 500,000 GWT in 2024 to 600,000 GWT by 2029, supported by EUR 600 million CapEx and a projected topline CAGR of 7%-8% to reach EUR 8.5 billion in revenues by 2029.

• Focused on flow-based/fjord-based salmon farming, with openness to new technologies and accretive M&A opportunities.

• Growth to be driven by increased smolt stocking, post-smolt strategies, and unutilized license capacity.

• Downstream and feed divisions will grow organically alongside farming, leveraging the integrated value chain.

• Expansion plans include significant investments in post-smolt facilities and digitalization (Smart Farming, Mowi 4.0).

Cost competitiveness and efficiency initiatives

• Identified EUR 300-400 million in untapped cost-saving potential across the value chain, with one-third from post-smolt, one-third from Mowi 4.0, and one-third from generic cost initiatives.

• Achieved EUR 307 million in annualized savings since 2018, mainly through operational improvements, standardization, and productivity programs.

• Ongoing focus on reducing cost differences between units, leveraging best practices, and further automation.

• Global Processing Excellence and automation projects are expected to deliver over EUR 60 million in additional annualized savings in the next five years.

• Feed cost and performance remain a priority, with continued investment in sustainable raw materials and process optimization.

Sustainability, innovation, and technology

• Recognized as the world’s most sustainable animal protein producer by FAIRR for five consecutive years and included in Time Magazine's top 500 sustainable companies.

• Smart Farming and Smart Factory concepts are being rolled out, including real-time monitoring, autonomous feeding, and AI-driven decision-making.

• Post-smolt strategy aims to halve mortality at sea, improve welfare, and increase productivity.

• R&D investments exceed EUR 100 million over three years, focusing on fish health, welfare, and digital transformation.

• Feed innovation targets 10-15% inclusion of new sustainable ingredients by 2030, with 4% achieved in 2023 and 100% traceability and sustainable sourcing.