Mowi ASA (OSE:MOWI): Q1 2026 Trading update

Harvest volumes Q1 2026 (1)

Farming Norway	75.5 thousand tonnes
Farming Scotland	20.5 thousand tonnes
Farming Chile	21.0 thousand tonnes
Farming Canada	8.0 thousand tonnes
Farming Ireland	2.0 thousand tonnes
Farming Faroes	3.0 thousand tonnes
Farming Iceland (Arctic Fish)	6.0 thousand tonnes
Total	136.0 thousand tonnes

Harvest volumes of 136 thousand tonnes versus 108 thousand tonnes in Q1 2025 are record-high for a first quarter, equivalent to a growth of 26%. In connection with the presentation of the Q4 2025 results, Mowi guided a total harvest volume of 128k GWT for Q1 2026.

Note:
(1) The harvest volumes are provided in gutted weight equivalents (GWT).

Additional information

Operational EBIT for the Group was approx. EUR 221 million in Q1 2026 (NOK 2.52 billion, EURNOK 11.39). Blended farming cost was EUR/kg 5.46 in the quarter, down from EUR/kg 5.89 in Q1 2025 equivalent to a cost reduction of EUR/kg 0.43. Algae bloom in Southern Norway negatively impacted cost by approx. EUR 10 million, or EUR/kg 0.13 for the Norwegian volumes.

Total Q1 Operational EBIT per kg through the value chain was approximately as follows:

Norway	EUR		2.40
Scotland	EUR		1.50
Chile	EUR		0.35
Canada	EUR		(0.10)
Ireland	EUR		0.10
Faroes	EUR		0.95
Iceland	EUR		0.35

Operational EBIT in Consumer Products was EUR 20 million. Operational EBITDA in Feed was EUR 6 million in Q1 2026. Reported financial net interest-bearing debt (NIBD) for the group was approximately EUR 2 740 million at the end of the quarter (excluding IFRS 16 effects). The complete Q1 2026 report will be released on 13 May at 06:30 CET.

Please refer to the Annual Report for detailed descriptions and reconciliations of non-IFRS measures such as Operational EBIT and NIBD.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.