Mowi (MOWI) Investor presentation summary

Key financial performance drivers

• Total shareholder return is driven by share price changes and capital distribution, with ROE and ROCE as core metrics.

• Operating efficiency, asset turnover, interest burden, tax burden, and equity multiplier are key components of ROE.

• Mowi's earnings volatility and stock beta are lower than peers, resulting in a lower cost of equity.

Growth and operational efficiency

• Farming volumes have grown at a CAGR above 5.1% since 2007, outpacing the industry.

• Consistently ranked #1 or #2 on EBIT per kg across regions, reflecting strong cost control.

• Realized EUR 408 million in cost savings from 2018 to H1 2026.

Asset and capital efficiency

• Achieves 8% higher harvest volume per license than industry average in Norway.

• Delivers higher EBIT per standard license in all Norwegian regions.

• Capex per kg is NOK 3 lower than peers, boosting free cash flow to equity by 25%.