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Earnings almost double to reach record-high levels for Mowi

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Mowi ASA
Mowi ASA

(Bergen, 11 May 2022) In a strong market, Mowi made an operational profit of 207 million euros at record-high levels in the first quarter.

Mowi’s first quarter was characterised by a surge in salmon prices in all markets due to a continued increase in global demand for salmon combined with low supply.

“The increase in salmon prices coming out of the pandemic has been impressive. Salmon is a fantastic product with great product features and the beneficiary of strong megatrends, and I firmly believe this will continue to boost demand going forward,” Mowi CEO Ivan Vindheim said.

Mowi Farming’s results improved substantially in the quarter, driven by high prices.

“I am pleased to see that our Norwegian Farming operations achieved record-high earnings and prices in the first quarter. It is also encouraging that our operations in Canada West are improving and delivering solid results,” Vindheim said.

Mowi Consumer Products also delivered another good set of results considering the record high raw material prices, by means of sound operational performance and raw material management.

“It is comforting that Mowi’s processing business continues to deliver strong results despite significantly higher raw material prices. This demonstrates the value of Mowi’s integrated value chain and the organisation’s relentless quest for increased productivity and cost efficiency,” Vindheim said.

Mowi reported operational EBIT of EUR 207 million in the first quarter of 2022, compared with EUR 109 million in the corresponding quarter in 2021. Operational revenues in the quarter were EUR 1 095 million (EUR 1 022 million). Total harvest volume in the quarter was 96 600 tonnes gutted weight (125 469 tonnes). Full-year harvest guidance for 2022 is unchanged at 460 000 tonnes.

The world economy is currently facing an unprecedented inflationary pressure, however, soaring salmon prices have so far more than offset increasing input prices for salmon.

“We expect salmon to continue to stand out versus other animal protein sources due to its substantially lower feed conversion rate and energy usage, and its superior sustainability credentials,” Vindheim said.

Mowi’s Board has decided to pay a quarterly dividend of NOK 1.95 per share, consisting of NOK 1.44 per share in ordinary dividend and an extraordinary dividend of NOK 0.51 per share supported by a strong financial position and a favourable outlook.

For further information, please contact:
Kristian Ellingsen, CFO, +47 905 14 275
Kim Galtung Døsvig, IR Officer & Head of Treasury, +47 908 76 339
Ola Helge Hjetland, Group Communications Director, +47 970 67 932

About Mowi ASA
Mowi is the world’s leading seafood company and the largest producer of farm-raised salmon in the world. As the first global seafood company with an end-to-end supply chain, Mowi brings supreme quality salmon and other seafood to consumers around the world.

With headquarters in Bergen, Norway, Mowi employs 11 800 people in 25 countries worldwide, and is listed on the Oslo Stock Exchange.

For more information, please visit mowi.com.

Forward looking statements
This release may be deemed to include forward-looking statements, such as statements that relate to Mowi's goals and strategies, salmon prices, ability to increase or vary harvest volume, production capacity, trends in the seafood industry, restructuring initiatives, exchange rate and interest rate fluctuations, expected research and development expenditures, business prospects and positioning with respect to market, demographic and pricing trends, strategic initiatives, and the effects of any extraordinary events and various other matters (including developments with respect to laws, regulations and governmental policies regulating the industry and changes in accounting policies, standards and interpretations) on Mowi's business and results. Forward-looking statements are typically identified by words or phrases, such as "believe," "expect," "anticipate," "intend," "estimate," "may increase," "may fluctuate," "plan," "goal," "target," "strategy," and similar expressions or future or conditional verbs such as "may," "will," "should," "would," and "could." Forward-looking statements are Mowi's current estimates or expectations of future events or future results. 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 ASA's Annual Report contains additional information about factors that could affect actual results, including: changes to the price of salmon including the value of our biological assets; hedging risks; risks related to fish feed; economic and market risks; environmental risks; operational risks; risks related to escapes, disease and sea lice; product risks; risks related to our acquisitions; financing risks; regulation risks including relating to food safety, the aquaculture industry, processing, competition and anti-corruption; trade restriction risks; litigation risks; tax and accounting risks; strategic and competitive risks; and reputation risks. All forward-looking statements included in this release are based on information available at the time of the release, and Mowi assumes no obligation to update any forward-looking statement.

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

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