MOWI ASA

“In 2024, 0.77 kg of low consumer preference wild fish (like anchovy and sardine) produced one kg of Mowi farm-raised salmon. If we take into account the fish meal and fish oil that is produced from the salmon by-products during processing, the rFIFO (recaptured FIFO) is 0.60 for Mowi Group.”

Annual report 2024A · The company itself

“Mowi depends on well-functioning and stable ecosystems to produce our salmon under optimal conditions for them to thrive and be healthy. Several key steps in our value chain are directly dependent on specific nature services needed for production. This ranges from the sourcing of marine and vegetable feed ingredients to the freshwater for rearing smolts, and the coastal marine waters where we farm our salmon until harvest.”

Annual report 2024A · The company itself

“Sold volumes reached a new record high of 585k tonnes for the full year, up 12% year-on-year following strong growth in sea and consequently good feed demand.”

Annual report 2024A · The company itself

“Feed raw material costs have improved for most input factors, including marine ingredients, compared with 2023. The two most recent anchovy wild catch seasons in Peru in 2024 were strong with regards to volumes and yield, and this has contributed to a favourable raw material price development.”

Annual report 2024A · The company itself

“In 2024, Mowi Feed sold 584 586 tonnes, up from 523 167 tonnes in 2023 driven by good growth in our farming operations, and supplied 96% of the feed requirements of Mowi’s European salmon farming operations in 2024 (95% in 2023).”

Annual report 2024A · The company itself

“Our research is focused on four areas: Nutrient requirements; raw material optimisation and utilisation; fish health, welfare and quality; and feed technology. On nutrient requirements, Mowi Feed continues to focus on optimising phosphorous nutrition for salmon. We have identified ways to reduce phosphorous levels in feed for large salmon without compromising bone health and reaffirmed phosphorous requirements for small fish in freshwater.”

Annual report 2024A · The company itself

“Through our activities in the Norwegian Research Council financed programme, Millennial Salmon, we continue to investigate lipid-energy metabolism and essential fatty acid requirements, with focus on long chain omega-3 PUFAs. This research is crucial for managing the use of omega-3 from fish oil and future sources like algal and GM oil seeds.”

Annual report 2024A · The company itself

“On raw material optimisation, our long-term goal is to achieve independence from specific raw material sources, ensuring cost competitiveness and flexibility in commodity markets. Fish meal remains the benchmark feed material due to its digestible protein, balanced amino acids, high-quality lipids, and micronutrients. Despite efforts to reduce dependence on fish meal, it will continue to play a crucial role in salmon nutrition.”

Annual report 2024A · The company itself

“Our search for emerging, non-marine, ingredient sources has shown significant potential in protein concentrates from pulses, legumes, and underexploited cereals. These materials are nearing commercial viability and could compete with soy protein concentrate.”

Annual report 2024A · The company itself

“Our marine raw materials processed from whole fish are sourced from suppliers who adhere to responsible fishery management practices and that are certified as sustainable (MSC, Marin Trust standard or similar) or part of Fisheries Improvement Projects (FIPs).”

Annual report 2024A · The company itself

“Marine resource performance % of marine raw materials MSC, MarinTrust or equivalent certified 100% of our marine raw materials (fish meal and fish oil) were either MSC, MarineTrust Standard (former IFFO-RS) certified or part of fisheries improvement projects aimed at achieving the MarinTrust certification. More specifically, 20% (28%) of marine raw materials originated from MSC certified fisheries, 76% (38%) Marin Trust and the remaining part of a MarinTrust Improvement Project or a Fisheries Improvement Project.”

Annual report 2024A · The company itself

“Volumes and % trimmings FM and FO We continue our efforts to increase the use of fish trimmings to produce fishmeal and fish oil, in both our integrated feed production and externally sourced feed. In 2024, Mowi Feed sourced 68 177 tonnes of fish meal from whole fish and 26 245 tonnes from trimmings/by-products, and 47 461 tonnes of fish oil from whole fish and 19 236 tonnes of fish oil from trimmings/by-products.”

Annual report 2024A · The company itself

“Sustainable Oceans/Seas Practices Our Sustainable salmon feed policy and policy on emerging feed raw materials outline the strategy and requirements for sustainable sourcing of marine feed raw materials. For raw materials of marine origin including those originating from trimmings, as a minimum, this shall include the volumes per species, fishery identification and the country of origin of the raw material.”

Annual report 2024A · The company itself

“Marine raw materials shall not originate from IUU (Illegal, Unregulated and Unreported) catch or from fish species classified as endangered by the International Union for the Conservation of Nature (IUCN) red list.”

Annual report 2024A · The company itself

“Mowi is disclosing the following entity specific metrics in relations to the impact driver freshwater-, sea- and land-use change: •100% traceability of feed raw materials •% Soy Proterra and Palm oil RSPO, or equivalent certified •% inclusion of emerging feed raw materials 100% traceability of feed raw materials All ingredients, marine as well as non-marine in origin, which are used in the production of our feeds, are fully traceable (for marine raw materials, please see the tables on the following pages). None of our raw materials originate from illegal, unregulated and unreported (IUU) catches, or from fish species classified as endangered on the International Union for the Conservation of Nature (IUCN) red list.”

Annual report 2024A · The company itself

“Ambitions Main focus within R&D and Technical Optimise farming technologies Develop and test new technologies that lead to more ­ cost-effective farming. Increase survival in sea Monitor diseases and loss factors. Identify risk-factors and develop best practices for prevention and mitigation.”

Annual report 2024A · The company itself

“Control sea lice mainly by non-medicinal means Develop non-medicinal methods and approaches for sea lice control. Eliminate limits on sustainable growth caused by the feed ingredients situation Identity and implement safe and sustainable alternative feed ingredients.”

Annual report 2024A · The company itself

“In Farming, volume growth, costs, and sustainability are the three main pillars the company is working along. When it comes to volume growth, Mowi has increased volumes significantly in recent years. As recently as 2018, volumes were 375,000 GWT, and with its 2025 volume guidance of 530,000 GWT, Mowi will have grown its farming volumes by as much as 155,000 GWT in the period.”

Annual report 2024A · The company itself

“We are working along three main pillars in Farming; volume growth, costs and sustainability. When it comes to volume growth, we are focused on capitalising on the many organic growth opportunities within our current license footprint, and volumes are expected to exceed 600,000 tonnes in 2029 when also including Nova Sea. Mowi Farming grows volumes by applying new farming technologies including realising effects from our investments in postsmolt, i.e. large and robust smolt, in addition to purchasing additional capacity and undertaking M&A activities.”

Annual report 2024A · The company itself

“In 2021, Mowi Farming launched a venture into postsmolt. Stocking of robust and large postsmolt with target size 700 grams and above has several advantages: Time in sea is reduced, which increases survival and reduces risk and treatment needs. Furthermore, turnover of license capacity is improved. Cost is reduced through less treatment costs and biological costs, in addition to positive scale effects from higher volumes.”

Annual report 2024A · The company itself

“Recirculating Aquaculture Systems (RAS) Developing and optimising farming practices in freshwater Our smolt and postsmolt production is dependent on evolving RAS technology, Closed Containment Systems (CCS) as well as traditional and proven flow through systems with reuse of water. It is vital to us to provide all life stages of our salmon with a healthy and sustainable environment safeguarding welfare and production volumes.”

Annual report 2024A · The company itself

“Leading the blue revolution strategy board statements financial statements analytical appendices Smart Farming In 2024, we strengthen our large-scale production of postsmolts in large marine CCS. First harvest of fish with CCS origin indicates that low mortality and zero lice treatment is achievable.”

Annual report 2024A · The company itself

“This interdependency is the foundation for our four important guiding principles: “Profit”, “Planet”, “Product” and “People”. •Profit: our profits hinge on our ability to provide customer value from healthy, tasty and nutritious seafood that is raised cost-effectively and in an environmentally sustainable way that maintains the aquatic environment and respects the needs of the wider society. •Planet: our operations and long-term profitability ultimately depend on sustainable and environmentally responsible interactions with the natural environment.”

Annual report 2024A · The company itself

“We aim to be an integrated provider of proteins from the ocean, taking the lead in all key areas, from the production of fish feed to meeting the needs of the market. By integrating the entire value chain, we can control our products from roe to plate, and be more proactive in addressing challenges related to sustainable feed, breeding and genetics, farming and secondary processing.”

Annual report 2024A · The company itself

“In relation to marine feed ingredients, Mowi uses sustainably sourced marine raw materials and it actively working towards developing emerging feed raw materials. In addition, as a processor of salmon, Mowi Nutrition is an active contributor of salmon by-products to the supply chain. Our objective is to increase the proportion of our non-food by-products entering the market in the form of fishmeal and fish oil. These ingredients are highly suited for use in non-salmon aquaculture and in pet feed applications where forage fish are often used today.”

Annual report 2024A · The company itself

“Mowi's Policy on Sustainable Salmon Feed highlights the importance of prioritising the sourcing of sustainable feed ingredients, and striving to utilise feed as efficiently as possible at our fish farms, to remain at the forefront of environmental responsibility.”

Annual report 2024A · The company itself

“The policies ensures Mowi minimises its impacts on biodiversity and natural capital by prioritising fishmeal and oil that are responsibly produced according to the MarinTrust Standard and/or produced from fish derived from an MSC (Marine Stewardship Council) certified sustainable fishery and/or achieve Fish Source scores ≥ 6 in all categories.”

Annual report 2024A · The company itself

“We work to continuously improve the fish in-fish out (FIFO) ratio, which provides the amount of kg of wild fish (excluding trimmings) it takes to produce one kg of salmon. The species used in fish meal and fish oil production are from reduction fisheries and trimmings not used for human consumption. We are also dedicated to increase the use of fish trimmings to produce fishmeal and fish oil, in both our integrated feed production and externally sourced feed.”

Annual report 2024A · The company itself

“In relation to using marine resources sustainably, Mowi has specific targets of: •100% compliance with our sustainable feed sourcing policy, every year. •100% of marine raw materials certified (Marin Trust or equivalent), 100% of soy certified and deforestation-free (Proterra or equivalent), every year •100% of salmon feed suppliers are Global GAP, ASC or BAP certified by an accredited certification body (CB), every year •100% traceability of feed raw material, every year.”

Annual report 2024A · The company itself

“Third-party certification remains key to our sustainability strategy. Mowi’s Certifications Policy states that 100% of our annual harvested salmon volume, i.e. all Mowi farming units – freshwater and seawater farms – must be certified according to sustainability standards recognised by the Global Seafood Sustainability Initiative (GSSI): ASC, BAP and/or Global GAP.”

Annual report 2024A · The company itself

“Healthy stocks and good fish welfare are basic prerequisites for our industry to succeed and give the opportunity for growth in the future. We are aware of pollution as one of the main drivers to biodiversity loss, and have committed to mitigate our 182 Leading the blue revolution strategy board statements financial statements analytical appendices impact through sustainability certification; •100% of yearly harvest volumes sustainably certified by a GSSI-recognised standard •100% of sites with restored seabed impact (i.e. within the carrying capacity of the environment), every production cycle Protecting wild species and key biodiversity areas For Mowi there is a risk related to marine protected areas, and how they will be governed and potentially changed in the future.”

Annual report 2024A · The company itself

“At the end of 2024, Mowi accounted for a total of 167 (148) sites ASC certified, representing 59% of our active seawater farming facilities. The largest increase originated from Chile where we increased the number of ASC certified sites from 14 to 23.”

Annual report 2024A · The company itself

“Mowi recognises animal welfare as a strategic business consideration.”

Annual report 2024A · The company itself

“Sea lice management We work intensely to continuously improve our approaches to sea lice management and minimise the number of adult female lice at our sites, especially during the period when wild salmon migrate to sea. Our goal is to manage sea lice in an integrated manner and avoid an over-reliance on the use of medicines, through the application of strategic, preventive, biological and non-medicinal measures.”

Annual report 2024A · The company itself

“Leading the blue revolution strategy board statements financial statements analytical appendices Increasing survival rates Further development of new and gentler systems for sea lice treatment, implementation of new/improved vaccines and health products, mitigative approaches to gill challenges, advances in genomic selection for disease resistance and the outputs from several important R&D projects are expected to contribute towards achieving our goal of >99.5% survival (average % monthly survival rate) in both freshwater and seawater by 2030.”

Annual report 2024A · The company itself

“Reducing the use of antimicrobials remains an important focus for Mowi. We have a strong focus on biosecurity practises and its ability to prevent known and unknown pathogens.”

Annual report 2024A · The company itself

“Ranked #1 by Coller FAIRR on sustainability for the sixth year running 2025 - Enters into share purchase agreement to increase ownership in Nova Sea from 49% to 95% 010 Leading the blue revolution strategy board statements financial statements analytical appendices Providing our customers with 8.5 million meals a day Sales by geography Headquarters Bergen, Norway Feed Norway Scotland Farming Norway Chile Canada Scotland Ireland Faroes Iceland Sales and Marketing Europe Americas Asia Business areas Mowi Integrated Annual Report 2024 Business areas Mowi is the world's largest producer of farm-raised salmon measured by both volume and turnover.”

Annual report 2024A · The company itself

“Sales and Marketing Our Sales & Marketing operations consist of the reporting segments Markets (trading-related activities) and Consumer Products (value-added operations).”

Annual report 2024A · The company itself

“Price and volume developments Harvest volumes of 303 501 tonnes in 2024 were the highest ever, and volumes are set to further increase to 315k GWT in 2025 excluding Nova Sea.”

Annual report 2024A · The company itself

“We are the world's largest producer of farm-raised salmon, both by volume and revenue, offering fresh, whole salmon, processed salmon and other processed seafood products to customers in approximately 70 countries.”

Annual report 2024A · The company itself

“We currently engage in three principal types of production activities: •Salmon feed production in Norway and Scotland; •Salmon farming and primary processing of salmon in Norway, Scotland, Canada, Chile, Ireland, Iceland and the Faroe Islands; and •Secondary processing of seafood in Norway, Scotland, Ireland, Poland, France, Germany, Belgium, the Netherlands, Spain, Turkey, Chile, Canada, United States, Japan, Vietnam, Taiwan, China and South Korea.”

Annual report 2024A · The company itself

“Mowi Feed produces salmon feed which performs very well with regards to seawater growth and biological performance. Feed is the most important input factor in salmon production.”

Annual report 2024A · The company itself

“Revenue breakdown Our main source of revenues is the sale of Atlantic salmon. Mowi produces and sells Atlantic salmon and our activities encompass most of the value chain for salmon. Europe is by far the largest market for our salmon, followed by Americas and Asia. Revenue for the Group derives mainly from the sale of Atlantic salmon and elaborated products either on spot sales or from contracts.”

Annual report 2024A · The company itself

“Leading the blue revolution strategy board statements financial statements analytical appendices In Feed, Mowi will continue to work on producing high-performing feed and optimising feed ingredients while maintaining our focus on operational efficiency, sustainability and high quality.”

Annual report 2024A · The company itself

“Mowi has operations in 26 countries and has structured its operations in three Business Areas: Feed, Farming and Sales & Marketing.”

Annual report 2024A · The company itself

“Mowi farms Atlantic salmon (Salmo salar), both in seawater using pens or semi-closed containment systems and in freshwater using lochs (in Scotland only), flow-through and Recirculating Aquaculture Systems (for smolts and postsmolts).”

Annual report 2024A · The company itself

“Resilience of our strategy and business model Nature-related dependencies, impacts, risks and opportunities have an effect on Mowi’s business model and strategy, including transition plans and financial planning. Salmon farming is a relatively new sector compared to others in the food industry.”

Annual report 2024A · The company itself

“By year-end 2024, FTEs had been reduced by a total of 3 161 FTEs on a like-for-like basis, equivalent to a full 21%. FTEs in 2024 were 13 806, 6% fewer than 14 998 in 2019, despite 15% higher volumes, and consequently we have over-delivered on the 10% like-for-like target set back in 2020.”

Annual report 2024A · The company itself

“EPA & DHA 520 % of RDI Total fat 17–28 % of RDI Vitamin B12 305% of RDI Protein 36 % of RDI Vitamin D 64 % of RDI Selenium 37 % of RDI Iodine 3 % of RDI Vitamin E 38 % of RDI 064 Leading the blue revolution strategy board statements financial statements analytical appendices People are key to our success 065 People People: People are key to our success With a presence in 26 countries, we know that people are key to our success. Our shared company culture unites our diverse organisation and inspires us to reach our common goals with focus on safety and pride in the workplace and the communities where we operate.”

Annual report 2024A · The company itself

“We are proud that Mowi is ranked #1 by the Coller FAIRR Protein Producer Index for the sixth year in a row. Social indicators such as human rights, fair working conditions, health and safety, turnover, learning, and freedom of association are among the key indicators in the rankings, and Mowi has improved our performance year-on-year.”

Annual report 2024A · The company itself

“Salary/personnel costs were somewhat up measured in percentage of revenue, reflecting pressure from increased cost-of-living and increased activity.”

Annual report 2024A · The company itself

“This item increased to 13% in 2024 from 12% in 2023 measured relative to revenues, driven by salary pressure from increased cost-of-living and increased activity.”

Annual report 2024A · The company itself

“Our Own workforce (S1) was also considered as having a significant impact with health and safety being considered as one of the most material impacts. Mowi's commitment to offering safe, meaningful, and attractive jobs, fostering an environment where every voice is heard and respected is recognised by our stakeholders, including our own employees.”

Annual report 2024A · The company itself

“Risk Potential financial risks of non-compliance can be legal costs, operational disruptions due to strikes or work stoppages, decreased employee morale, higher turnover rates, and damage to the company’s reputation. The risk is moderate for blue-collar workers in farming and processing, whereas it is low for white-collar workers.”

Annual report 2024A · The company itself

“Actions related to health and safety As part of our Human right’s due diligence process, we have identified health and safety as a key area of material impact, risk, and opportunity affecting both employees and non-employees. The impact is particularly significant for blue-collar workers in farming and processing sites.”

Annual report 2024A · The company itself

“We assess our health and safety progress using lost-time incidents (LTIs) per million hours. Employees are encouraged to report on incidents as well as near misses within their organisation.”

Annual report 2024A · The company itself

“Overview of absence rate Absence rate (own employees) Target 2024 2023 Absence rate in % of total hours worked Absence rate <4% 4.9% 4.9% Female absence (% of total absence) n/a 47.9% 50.3% Male absence (% of total absence) n/a 52.1% 49.7% Working conditions: Lost time injuries (LTI) Lost time injuries measured per million hours worked (LTIR) came to 2.4 for the Group in 2024, an increase from 2.1 reported in 2023. We observed a rise in LTI during the summer of 2024, prompting the launch of action and awareness programs that yielded positive results.”

Annual report 2024A · The company itself

“In our processing plants, migrant workers are mainly employed in blue-collar positions, both as employees and non-employees. Migrant workers are potentially more vulnerable to exploitative labour practices, such as unfair wages, poor working conditions, and the risk of human trafficking or forced labour.”

Annual report 2024A · The company itself

“Impacts, risks and opportunities S2-SBM 3 We have identified two key topics that may have a material impact on value chain workers: working conditions and other work-related rights: Working conditions Health and safety Impact Our operations potentially entail a range of activities that could have significant implications for the health and safety of our value chain workers. Workers in the value chain are central to Mowi's success, and the sustainable use of resources is deemed viable in the short, medium, and long term, provided we maintain a strong focus on employee health and safety.”

Annual report 2024A · The company itself

“Especially for the blue collar workers inadequate safety measures pose a risk of workplace injuries. Opportunity Keeping our employees and workers in the value chain safe is linked to our license to operate, and compliance can affect our ability to attract and retain talent.”

Annual report 2024A · The company itself

“Other work related rights Child labour and forced labour Impact The continuation of use of resources evaluated to be possible in short, medium and long term as long as Mowi and our suppliers upholds the strong emphasis on the abolishment of child and forced labour. Mowi is committed to the abolition of child and forced labour by enforcing strict policies and collaborating with partners to uphold ethical labour practices and promote sustainable development.”

Annual report 2024A · The company itself

“•Country risk: We have identified certain high-risk geographies in our supply chain where there is potential risk of child labour or forced labour, as well as concerns regarding human rights and working conditions.”

Annual report 2024A · The company itself

“Only 4% of our 2024 suppliers are in these high-risk countries, meaning that 96% of our suppliers operate in low-risk regions where such issues are not prevalent. •Industry risk: we have identified five specific industry risks for our operations: Hiring external personnel for our factories, shipyard industry, net production, logistics and procurement of species other than salmon. •Certain contexts: In the upstream value chain, workers engaged in equipment manufacturing and supply face a higher potential risk due to the physical nature of their work.”

Annual report 2024A · The company itself

“In the downstream value chain, logistics and distribution workers associated with our products may also encounter elevated risks, particularly related to long working hours, exposure to traffic-related hazards, and limited access to health and safety resources.”

Annual report 2024A · The company itself

“•Individual incidents: when monitoring the subcontractor LTI (Lost Time Incidents) we find that our incidents in 2024 occur in our farming operations in Norway and Chile. •Transition impacts: We recognize the potential negative impacts on value chain workers from the transition to greener operations, including job losses due to automation and restructuring.”

Annual report 2024A · The company itself

“Our operations are divided into 3 business areas; Feed, Farming and Sales & Marketing, and in all business areas our workforce consists of both blue collar and white collar workers. Most of our workforce are blue collar workers in all business areas. Blue collar workers in Feed are operators in our feed plants, and blue collar workers in Farming are both in primary processing facilities and on land- and sea sites. For Sales & Marketing the blue collar workers are operators mainly at primary and secondary processing plants and within logistics.”

Annual report 2024A · The company itself

“The fundamental principle of the Mowi Group entails the utilization of temporary employees as complementary to the regular workforce, rather than as replacements. As of our reporting period in 2024, Mowi employs 2 505 non-employees.”

Annual report 2024A · The company itself

“Gender balance in leadership positions 26% of our leaders are female, moving towards our target of 30% female leaders by 2025.”

Annual report 2024A · The company itself

“Our commitment is to building an engaged and diverse workforce that thrives, grows, and remains with the company for the long term.”

Annual report 2024A · The company itself

“Leading the blue revolution strategy board statements financial statements analytical appendices People development Our goal is to be an employer of choice, creating a workplace rooted in the Mowi culture, with a strong focus on attracting, developing, sharing, and learning talent. We strive to cultivate a robust learning culture, where employees take ownership of their individual growth, while Mowi provides the resources and opportunities necessary for developing future skills and supporting ongoing employee development Our training and development programs support lifelong careers at Mowi. Learning opportunities are accessible to everyone, regardless of background or role.”

Annual report 2024A · The company itself

“Employee health and safety Our goal is zero workplace injuries. Health and safety is foundational in everything we do and we will never compromise on safety for any other business priority. Our long-term goal is to foster a strong safety culture, and we are fully committed to ensuring a healthy and safe working environment for all employees, contractors, and visitors.”

Annual report 2024A · The company itself

“This interdependency is the foundation for our four important guiding principles: “Profit”, “Planet”, “Product” and “People”. •Profit: our profits hinge on our ability to provide customer value from healthy, tasty and nutritious seafood that is raised cost-effectively and in an environmentally sustainable way that maintains the aquatic environment and respects the needs of the wider society. •Planet: our operations and long-term profitability ultimately depend on sustainable and environmentally responsible interactions with the natural environment.”

Annual report 2024A · The company itself

“Summarised description of targets Material sub-topics Policy Timeline Target 2024 Base year* Working conditions Health and Safety Policy 2030 Year-on-Year reduction in LTIs per million hours worked.”

Annual report 2024A · The company itself

“Our global safety program, BrainSafe, is a behaviour-based safety process designed to empower employees, hired staff and contractors to take control of their own safety and raise safety awareness.”

Annual report 2024A · The company itself

“Actions related to freedom of association and collective bargaining Mowi upholds and supports employees' right to freedom of association and collective bargaining across its operations, supply chain, and locations. This includes the right to join, form, or refrain from joining a labour union or association without fear of retaliation, intimidation, or harassment.”

Annual report 2024A · The company itself

“Our diversity and inclusion policy are implemented through training programs, awareness campaigns, and monitoring systems, to ensure effective prevention of discrimination and the promotion of diversity and inclusion. To further mitigate the risk of discrimination we provide training to our hiring managers to equip them with the necessary skills and knowledge.”

Annual report 2024A · The company itself

“It ensures all employees receive a living wage based on public standards, promoting fairness, social responsibility, and compliance with local regulations.”

Annual report 2024A · The company itself

“Annually we gather data and publish our report on Equality, Non-Discrimination & Gender Pay. Our analytics show that we effectively have gender pay equality in Mowi Group.”

Annual report 2024A · The company itself

“In Mowi, all our employees have written terms of their employment. Employees are entitled to sick pay, in compliance with company policy, local insurance schemes and/or local laws and regulations.”

Annual report 2024A · The company itself

“We are preparing the organisation for future needs and opportunities. Our productivity and efficiency programmes prepare the organisation and our people to meet current and future challenges in a forward looking and responsible way, including building a competitive organisation of highly skilled people and leaders, as well as right sizing activities.”

Annual report 2024A · The company itself

“Our People Insights 208 Leading the blue revolution strategy board statements financial statements analytical appendices Acquiring, retaining and developing skilled personnel To succeed in attracting and retaining the right talent, we carefully manage our hires and departures, provide individualized support for our employees, maintains a responsible employee compensation policy and works to expand employee engagement. Our goal is to be an attractive employer and workplace, founded on the Mowi culture, with a strong emphasis on talent attraction, development, sharing and learning.”

Annual report 2024A · The company itself

“We maintain a zero-tolerance policy towards trafficking in human beings, forced or compulsory labour, and child labour. Our policies explicitly address these concerns, and we ensure rigorous compliance through our Code of Conduct, which mandates all our partners to adhere to these principles strictly.”

Annual report 2024A · The company itself

“The procurement policy ensures that suppliers meet rigorous health and safety standards, requiring audits and evaluations as part of the supplier approval process. Suppliers must address identified risks, including workplace safety concerns, through corrective action plans or risk being excluded from the supply chain.”

Annual report 2024A · The company itself

“We will only work with suppliers who comply with our Health and Safety Policy, whatever the suppliers’ geographical origin may be. Mowi holds contractors and on-site suppliers to the same safety standards as all Mowi employees.”

Annual report 2024A · The company itself

“Actions related to abolition of child labour, forced labour and privacy Mowi is committed to upholding human rights principles, including the abolition of child labour, and forced labour in our value chain, as well as respecting privacy rights in accordance with local laws and regulations. All new suppliers must comply with Mowi Code of Conduct, and the due diligence process is conducted with a particular focus on labour rights and ethical treatment.”

Annual report 2024A · The company itself

“Mowi is committed to using freshwater in a responsible way and has set targets to address water withdrawal in areas where water scarcity is a potential issue. Limited freshwater availability creates both impacts and risks from an operational point of view, but also opportunities linked with an increasing recognition that farmed salmon has lower freshwater use compared to alternative land animal proteins.”

Annual report 2024A · The company itself

“Our exposure to high water scarcity is very limited with only 0.08% of our water withdrawal originating from areas with high water scarcity.”

Annual report 2024A · The company itself

“For Mowi's direct operations, potential freshwater-related risks are connected to sites located in areas of high or extremely high risk of water stress. Our findings showed that only four of our processing facilities operate in areas of high water scarcity, whilst none of our farming operations do. The plants are located in Belgium, Shanghai and Vietnam, where the physical risk of limited available water resources can potentially impact production by halting or reducing processing activities in the short-medium term.”

Annual report 2024A · The company itself

“Having a low, and potentially lower water consumption compared to other protein producers, could lead to future opportunities for increased business performance, due to product recognition as sustainable from a water stewardship perspective.”

Annual report 2024A · The company itself

“Phase 2: Evaluate dependencies and impacts Dependencies Both our farming and processing entities are heavily dependent on consistent freshwater water supply quality and quantity. We are also dependent on marine resources for feed ingredients, although this is reduced through methods outlined in the following opportunities section.”

Annual report 2024A · The company itself

“Phase 3: Assess material risks and opportunities Risks Potential water scarcity in certain operational regions can disrupt our production. Regulatory penalties related to freshwater discharge or marine pollution can also impact our financial health.”

Annual report 2024A · The company itself

“Opportunities linked with freshwater use are also identified, namely the opportunity that seafood consumption offers as a replacement of land animal proteins which have a higher freshwater use dependency.”

Annual report 2024A · The company itself

“The percentage of water withdrawal from areas classified as high overall water stress (using Aqueduct, water quality assessment), is only 0.08% for Mowi Group, showing a slight decrease from 2023 (0.09%) (318 641 m3, all sourced from surface water).”

Annual report 2024A · The company itself

“We have four processing facilities that operate in areas with high water scarcity risk: Mowi Vietnam, Mowi Shanghai and Mowi Belgium (Ostend and Bruges). Mowi aims for a continuous improvement in water use efficiency in all our business areas.”

Annual report 2024A · The company itself

“Water consumption in areas at water risk Of the total consumption, 364.6 m3 was in regions identified using Aqueduct as high-water stress areas. This is reduced in comparison with the 978.0 m3 reported in 2023.”

Annual report 2024A · The company itself

“Water intensity Mowi's freshwater consumption intensity for the year 2024 was 108.45 m3/million EUR of net revenue. This ratio helps us monitor the efficiency of our water use in relation to economic output and track improvements over time.”

Annual report 2024A · The company itself

“For Farming Norway, our freshwater withdrawal in 2024 was 222 975 491 m3, representing 0.62 m3/kg fish produced in Norway. Again, these both demonstrate a slight increase compared with 2023 results (173 210 009 m3, and 0.49 m3/kg fish produced in sea, respectively), but reflect the increase in RAS production in Norway during 2024.”

Annual report 2024A · The company itself

“The percentage of water withdrawal from areas classified as high water scarcity risk (using Aqueduct, water quality assessment), is only 0.08% for Mowi Group (318 641 m3, all sourced from surface water). This represents a slight decrease in comparison with 2023 results (0.09%) These areas are all part of our Sales and Marketing operations, more specifically from 4 processing plants located in China, Vietnam and Belgium.”

Annual report 2024A · The company itself

“Mowi depends on well-functioning and stable ecosystems to produce our salmon under optimal conditions for them to thrive and be healthy. Several key steps in our value chain are directly dependent on specific nature services needed for production. This ranges from the sourcing of marine and vegetable feed ingredients to the freshwater for rearing smolts, and the coastal marine waters where we farm our salmon until harvest.”

Annual report 2024A · The company itself

“•Climate risks related to storm damage due to extreme weather events and algae blooms due to increased temperatures. •Risk of seabed impact beyond environmental carrying capacity. •Risk related to feed raw materials, such as severe drought, deforestation and limited marine fish stocks, can have an impact on the availability and price of agricultural commodities. •Freshwater-related risks connected to sites located in areas of high or extreme high risk of water stress, where the risk of limited available water resources can potentially affect production by halting or reducing processing activities. •Escaped farm-raised salmon can represent a risk as it may have a negative impact on the environment, due to ecological interactions and interbreeding with wild populations.”

Annual report 2024A · The company itself

“Freshwater and Marine Resources Freshwater is important for Mowi and is used both directly and indirectly in our operations, in the initial stages of farming to produce smolts prior to sea transfer as well as at our processing plants to keep high hygienic standards, and from the use of agricultural feed raw materials.”

Annual report 2024A · The company itself

“Therefore, the majority (99%) of freshwater withdrawal in our business comes from the initial life stage of production of salmon. Although we do not farm in countries with freshwater scarcity, we still focus our efforts and resources on freshwater efficiency at our freshwater farming units, feed and processing plants.”

Annual report 2024A · The company itself

“Our KPI associated with water withdrawal intensity (m3/tonne of fish processed) at our processing plants located in high overall water risk is percentage reduction in water intensity. 2018 water intensity data at our processing plants located in high water scarcity areas are used as the baseline for assessing the target in place during 2024 (or the most recent complete year of typical production, if 2018 is not applicable). Freshwater withdrawal and discharge are reported internally on a quarterly basis by all of our processing plants, whilst a detailed freshwater survey of all our processing, farming, nutrition and feed plants is undertaken on an annual basis for public disclosure through our annual report.”

Annual report 2024A · The company itself

“Mowi follows wastewater discharge limits (discharge volume and quality) per national regulations and aims to comply 100% with the volume and quality regulatory limits. All our processing plants discharging wastewater to freshwater do it through third-party wastewater treatment plants where regulatory limits are set by national environmental governmental agencies (therefore 0 m3 discharged to freshwater environments).”

Annual report 2024A · The company itself

“Actions We have initiated a water withdrawal intensity reduction target, which aims to reduce our water withdrawal intensity (m3/tonne production).”

Annual report 2024A · The company itself

“Stakeholder consultations All of Mowi's processing plants assessed to be located in the high overall water risk category are consulted as a minimum on a quarterly basis, in order to review and, if necessary, enhance each facility's water saving initiatives or strategies in line with Mowi's targets to reduce water withdrawal at these locations.”

Annual report 2024A · The company itself

“Addressing areas at water risk As already covered in our Screening of Assets and Activities section, Mowi undertake an annual assessment of water risk across all our operational sites using the third party tool Aqueduct, to evaluate whether any of our sites are within the scope of our freshwater intensity target, previously described. This drives assets in scope to reduce water intensity (m3/tonne of production) through equipment upgrades, innovation, and management decisions.”

Annual report 2024A · The company itself

“In addition, soil and crop management requirements, including the use of cover crops, management of vegetation, management of crop succession and rotation, are core to the ProTerra standard. In 2024, additional to Mowi’s certification schemes that ensure agricultural raw materials are sourced from areas where water management is considered, we ran a water risk assessment using Mowi’s global due diligence process for suppliers. For those suppliers rated as high-risk in our water index (consisting of a wastewater discharge treatment index and a baseline water stress index) we have developed a Mowi Environmental survey including a water risk assessment to further understanding the risk profile and the actions being taken by our suppliers on aspects related to water scarce areas, monitoring of water withdrawal, consumption and discharge as well as water risk policies, water infrastructure, sustainable water supply, the protection of water bodies from pollution by agriculture activity, and water related targets.”

Annual report 2024A · The company itself

“Every year Comply 100% with the volume and quality regulatory limits for wastewater discharge to freshwater. When considering wastewater discharge directly to freshwater environments (i.e. surface wastewater discharge), we follow, as a minimum, the World Bank wastewater limits for Chemical Oxygen Demand (COD), Biological Oxygen Demand (BOD), Total Nitrogen (TN) and total phosphorus (TP), where the limit is applicable to the specific geography.”

Annual report 2024A · The company itself

“Water recycled and reused Mowi’s most modern and recent RAS facilities are operating with a percentage of recirculation varying from 95% to 99.9% and recycled 33 727 828 m3 of freshwater in 2024, an increase versus 2023 (31 068 319 m3). This reflects Mowi's increased investment in RAS during 2024, supporting our postsmolt development strategy.”

Annual report 2024A · The company itself

“In recent years, food systems and in particular aquatic or blue food systems have been high on the agenda with increasing recognition of their potential to solve global planetary challenges such as food insecurity and climate change. In 2024, FAO released its updated State of the World Fisheries and Aquaculture report (SOFIA), showing for the first time that aquaculture has surpassed capture fisheries in aquatic animal production, contributing over 57% of aquatic animal products used for direct human consumption. This significant milestone underscores the growing importance of aquaculture in meeting global food demands, with production expected to increase by 10% by 2032, driven by aquaculture expansion.”

Annual report 2024A · The company itself

“•Climate risks related to storm damage due to extreme weather events and algae blooms due to increased temperatures. •Risk of seabed impact beyond environmental carrying capacity. •Risk related to feed raw materials, such as severe drought, deforestation and limited marine fish stocks, can have an impact on the availability and price of agricultural commodities. •Freshwater-related risks connected to sites located in areas of high or extreme high risk of water stress, where the risk of limited available water resources can potentially affect production by halting or reducing processing activities. •Escaped farm-raised salmon can represent a risk as it may have a negative impact on the environment, due to ecological interactions and interbreeding with wild populations.”

Annual report 2024A · The company itself

“This is made possible by a significant substitution of marine raw materials by vegetable sources and the use of high-quality by-products from poultry in Chile and Canada.”

Annual report 2024A · The company itself

“We pay a special attention to feed raw materials and risks related to high impact commodities such as soy, fish meal and fish oil. In 2024, our global index assessment identified six suppliers at high-risk, all suppliers of vegetable (or additives) feed raw materials.”

Annual report 2024A · The company itself

“Sustainable Land/Agriculture Practices As outlined in our sustainable feed policy, we require that all salmon feed suppliers are Global GAP, BAP or ASC certified by an accredited certification body (CB). Mowi supports efforts to increase the purchase of sustainably sourced vegetable raw materials and we collaborate with suppliers of agricultural raw materials to promote adherence to good agricultural practices.”

Annual report 2024A · The company itself

“Deforestation Policy Indirect impacts such as deforestation are addressed by using 100% deforestation-free soy as a feed raw material. Supply chain for sourcing vegetable raw materials shall not originate from areas subject to deforestation or conversion after 14 January 2023.”

Annual report 2024A · The company itself

“All soya must be deforestation free and certified according to the ProTerra and Roundtable for responsible soy standards or their equivalents such as the Europe Soya Standard. Palm oil, if used, must come from certified sources such as the Roundtable on Sustainable Palm Oil (RSPO) or equivalent.”

Annual report 2024A · The company itself

“Good agricultures practices also include responsible use of pesticides. As an example, through our Proterra Certification, we ensure that the Soy Protein Concentrate used in our feed production adheres to several requirements including; 1. pesticides listed in the WHO classes (la, lb lists, Rotterdam Convention and Stockholm Convention), as well as pesticides forbidden by local, national, and regional law, are not used; 2. programme of pesticide rotation designed to minimise development of pest resistance; 3. proper handling, storage and disposal of pesticides according to manufacturers’ instructions and legal requirements and 4. application methods that minimise harm to human health, wildlife, plant biodiversity, and water and air quality.”

Annual report 2024A · The company itself

“In relation to sustainable sourcing of feed, and vegetable raw materials and the indirect impact on land-use change, Mowi has specific targets, every year, to; •100% traceability of feed raw materials •100% of soy originated from deforestation-free areas •100% of palm oil is certified (RSPO or equivalent) and, by 2030; •achieve 10-15% ingredients from emerging feed raw materials Pollution Producing salmon in pens means that organic substances from fish faeces and excess feed can be released to surrounding waters and potentially accumulate in the seabed.”

Annual report 2024A · The company itself

“Soy purchased from Brazil was 100% ProTerra certified and originates from the states of Matto Grosso, Minas Gerais and Goiás. The ProTerra Standard is based on ten principles, focusing on biodiversity conservation, environmental management and effective environmental services, the protection of Amazon, Cerrado and Chaco biomes, the protection of community rights and the promotion of working and agricultural best practices especially related to sustainable land use and reducing the application of 184 Leading the blue revolution strategy board statements financial statements analytical appendices pesticides.”

Annual report 2024A · The company itself

“Our Soy Protein Concentrate (SPC) suppliers from Brazil (Caramuru, CJ Selecta and Bunge/Imcopa) are implementing several projects focusing on nutrient management, responsible water use, integrated pest management, improved farming techniques that ensure minimum land use and soil health, and Good Agricultural Practices (GAP) training for farmers. Our SPC suppliers are engaged in several sustainability programmes like ESG in the field (from CJ Selecta) or Sustentar (from Caramuru) which focus on several innovative approaches to manage water and nutrients responsibly.”

Annual report 2024A · The company itself

“Over time, Mowi has built world-leading R&D and technical capacities within Mowi Genetics, Mowi Feed, Processing Excellence and the Global R&D and Technical Department. These efforts, including cutting-edge genetic selection, tailored feeds, SMART Farming and SMART factory innovations, keep Mowi at the forefront of the Blue Revolution.”

Annual report 2024A · The company itself

“Maintain premium product quality and further reduce downgrading Develop improved technological solutions for optimised processing, packaging and storage of our products. Maintain salmon's reputation, and further improve customer satisfaction Secure and maintain good listeria control.”

Annual report 2024A · The company itself

“In 2024, Mowi continued to work together with our Soy Protein Concentrate (SPC) suppliers, ProTerra and the other feed companies within the Aquaculture Dialogue on sustainable soy sourcing from Brazil. This dialogue aims to further develop sustainable sourcing from Brazil by achieving more transparency through traceability tools.”

Annual report 2024A · The company itself

“Having Mowi Feed integrated into Mowi's value chain also represents an opportunity.”

Annual report 2024A · The company itself

“Whether it’s through our premium salmon burgers or our ready-to-eat gourmet offerings, Mowi is committed to providing consumers with products that deliver on taste, nutrition, and sustainability, all while making seafood an enjoyable and accessible choice for all.”

Annual report 2024A · The company itself

“Every day, we produce high-quality farm-raised salmon and value-added products. High quality is ensured through procedures, training, and the sharing of best practices across the Group. In addition, we are constantly improving our monitoring programmes and quality assurance systems, and implementing technology that helps us deliver high-quality products across the world.”

Annual report 2024A · The company itself

“Our ambition within Consumer Products is to become a seafood category leader with strong focus on quality, innovation, brand building and excellent customer service. We continue our work to improve efficiency in this segment by streamlining and using new technology.”

Annual report 2024A · The company itself

“Mowi has operations in 26 countries and has structured its operations in three Business Areas: Feed, Farming and Sales & Marketing.”

Annual report 2024A · The company itself

“Price achievement was also affected by quality downgrading in Norway in the first half of the year. In Farming, harvest volumes for 2024 were all-time high at 502k GWT (475k) following strong production and increased smolt stocking.”

Annual report 2024A · The company itself

“Leading the blue revolution strategy board statements financial statements analytical appendices In Scotland, Mowi has experienced increasingly challenging environmental conditions over the past few years, driven by rising seawater temperatures, and this has also negatively impacted cost.”

Annual report 2024A · The company itself

“This was the result of an unusually cold winter combined with a less efficacious vaccine for winter sores in recent years, compounded by the largest prevalence of string jellyfish for 20 years.”

Annual report 2024A · The company itself

“Supply from Scotland increased by 31 200 tonnes, equivalent to 22.6% y-o-y, due to improved biological conditions, improved fish welfare and higher survival rates.”

Annual report 2024A · The company itself

“Since 2020, the winter sore vaccine has become less efficacious. This, combined with an unusually cold winter and the largest prevalence of string jellyfish for 20 years, negatively impacted superior share and prices.”

Annual report 2024A · The company itself

“Region North also had more pressure than usual from environmental conditions in 2024, with winter sores and an unusually cold winter in the first half, exacerbated by string jellyfish, and record-high sea temperatures and high lice pressure in the autumn.”

Annual report 2024A · The company itself

“Biology was improved in 2024 with lower seawater temperatures and less issues with algae and jellyfish compared with 2023.”

Annual report 2024A · The company itself

“Physical climate risks such as severe drought and flooding can have an impact on the availability and price of agricultural commodities.”

Annual report 2024A · The company itself

“When it comes to the market, prices in Norway were negatively impacted by winter sore issues in the first half compounded by string jellyfish, and prices in Americas were affected by temporarily muted US demand following increased cost-of-living.”

Annual report 2024A · The company itself

“As of 2024, our total GHG emissions are 2 477 798 metric tonnes of CO2 equivalent. Our strategy includes a continuous effort to reduce our carbon footprint through energy efficiency improvements, the transition to renewable energy sources and further developments in our upstream and downstream supply chain.”

Annual report 2024A · The company itself

“•increased seawater temperatures (potentially impacting mainly our own operations). Fish stock survival, health, growth and welfare is affected by environmental factors such as plankton, low oxygen levels and fluctuating seawater temperatures. Increased seawater temperatures can e.g. cause Harmful Algae Blooms (HABs) leading to fish illness and mortality.”

Annual report 2024A · The company itself

“However, under more severe climate scenarios, physical risks like extreme weather events and increased seawater temperatures could potentially put greater pressure on farming operations.”

Annual report 2024A · The company itself

“In the short term, we are focusing on extreme weather events (acute hazard).”

Annual report 2024A · The company itself

“Actions such as the electrification and the installation of hybrid management systems at our seawater sites mitigate this risk. •Reputational Risks are linked with extreme weather events that could lead to escape incidents and negatively impact the perception of our sector.”

Annual report 2024A · The company itself

“Mowi has 66 sites located in biodiversity sensitive areas, but none of these sites have documented negative impact on the local habitat with regards to land degradation, desertification or soil sealing or to the disturbance of the species for which the protected area has been designated. In Norway, eight sites are located in Marine Protected Areas (MPAs), whereas one of them is also located in a National Preservation fjord for Atlantic salmon.”

Annual report 2024A · The company itself

“•Climate risks related to storm damage due to extreme weather events and algae blooms due to increased temperatures. •Risk of seabed impact beyond environmental carrying capacity. •Risk related to feed raw materials, such as severe drought, deforestation and limited marine fish stocks, can have an impact on the availability and price of agricultural commodities. •Freshwater-related risks connected to sites located in areas of high or extreme high risk of water stress, where the risk of limited available water resources can potentially affect production by halting or reducing processing activities. •Escaped farm-raised salmon can represent a risk as it may have a negative impact on the environment, due to ecological interactions and interbreeding with wild populations.”

Annual report 2024A · The company itself

“% of sites with restored seabed impact According to national seabed quality standards*, results show that, on average, 89% (94%) of our sea sites surveyed in 2024 have a minimal impact on faunal communities and/or sediment chemistry near to the fish pens. In Canada East, Iceland, Region 186 Leading the blue revolution strategy board statements financial statements analytical appendices North and West in Norway, 100% of our sites were classified as very good or good.”

Annual report 2024A · The company itself

“Our comprehensive sustainability strategy includes reducing greenhouse gas emissions in line with the Paris agreement, promoting sustainable feed, ensuring sustainable use of freshwater resources, safeguarding animal welfare and farming in harmony with nature, protecting ecosystems, and maintaining biodiversity. Mowi’s commitment to sustainability is not just about environmental stewardship but also about creating long-term social and economic value.”

Annual report 2024A · The company itself

“Nearly all our farms in Scotland have now been fully updated with high-specification nets and moorings. In Chile, a technical standard has been established in 2020 with standardised methodology for the information collection, processing and calculations of the engineering study, and technical specifications of the fish farming structures.”

Annual report 2024A · The company itself

“Leading the blue revolution strategy board statements financial statements analytical appendices Optimising our value chain Mowi's innovation efforts have significantly enhanced our integrated value chain by leveraging access to big data and machine learning techniques. This approach allows for precise and rapid improvements across genetics, production, and processing, giving Mowi a competitive edge and enabling them to tap into previously untapped potentials.”

Annual report 2024A · The company itself

“Leading the blue revolution strategy board statements financial statements analytical appendices With access to 20% of global Atlantic salmon farming data, it puts us in a unique position to take advantage of advancements in Artificial Intelligence across our integrated value chain. Our cloud-based platform enhances decision-making via Big Data analytics, data science, KPI reporting, and AI.”

Annual report 2024A · The company itself

“Innovation as a cornerstone of product development Innovation is at the heart of Mowi's product development strategy. We continuously strive to deliver products that enhance consumer taste experiences, deliver superior nutritional value, and cater to a diverse range of lifestyles and demographic groups.”

Annual report 2024A · The company itself

“Mowi 4.0 In 2024, we continued our digitalisation and automation journey from roe to plate, featuring our MOWInsight platform for data analytics, remote operation centres and SMART farming concepts. Smart Farming Integrating cutting-edge technology at every stage of salmon growth, from real-time water quality monitoring in RAS systems to the use of robots and next-generation underwater cameras in net-pen farming, ensuring enhanced fish health and welfare.”

Annual report 2024A · The company itself

“Artificial Intelligence (AI) Mowi has made significant progress in leveraging AI across various aspects of its integrated value chain, including yield improvement, optimizing sales and supply planning, automating business processes, and introducing language models to facilitate administrative tasks, knowledge sharing and internal training.”

Annual report 2024A · The company itself

“Long before Artificial Intelligence (AI) became a global hot topic, Mowi started working with leading technology companies to use cameras, sensors and machine learning models to improve seawater operations by monitoring biomass growth, counting lice, and run AI-enabled autonomous feeding, resulting in an award-winning “undersea AI” solution.”

Annual report 2024A · The company itself

“•Machine Learning models and real-time information about fish growth and fish health helps improve our operations in relation to feeding, welfare, and harvesting. Some of this information is also valuable for downstream operations. •Our MOWInsight data platform can be queried directly through natural language (Generative AI / LLM) to provide answers to questions to topics like quality procedures and reporting. •AI applied on images and other data sources from the smolt vaccination process help improve fish welfare at an early stage of the lifecycle of the salmon. •Mowi Genetics is using a wide variety of tools and methods to gather and analyse large data sets throughout the life cycle of the salmon, including use of AI on images to understand growth, resistance, and other variables in genetics.”

Annual report 2024A · The company itself

“Advanced Breeding & Genetic Selection is now fully implemented across all programmes, utilising tens of thousands of DNA markers to enhance breeding value accuracy.”

Annual report 2024A · The company itself

“Additionally, we continued to develop SMART farming within freshwater production, such as automatic tank washers, accurate biomass measurement and calculation, and real-time H2S monitoring systems. Developing and optimising farming practices in seawater net pens Our R&D and technical development efforts in farming focus on equipment and farming practices improvement, sea lice management tools and safeguarding fish health and welfare.”

Annual report 2024A · The company itself

“Smart Factories Innovation in processing Our Smart Factory concepts complements Smart Farming in our journey to effectively manage a fully integrated supply chain. From primary processing all the way to our global MOWI brand we are introducing: •Data-driven decision-making through MOWInsight, global benchmarking, and decision support for yield, Overall Equipment Efficiency (OEE), and labour efficiency •Smart Factory Control Center for process optimisation, water and energy efficiency •Vision technology to enhance automation and optimise processing efficiency while delivering top-quality products. •Hyperautomation of tasks, including automated documentation for regulatory compliance and •Market insights for optimising customer processes.”

Annual report 2024A · The company itself

“Mowi supports and closely follows the ongoing development and testing of emerging feed raw materials. This is the case for oils rich in Omega-3, as well as novel protein sources from sustainable production. Within this scope, we include products derived from insects, alcohol fermentation, CO2 capture and forestry.”

Annual report 2024A · The company itself

“We support and closely follow the ongoing development and testing of emerging raw materials. This is the case for oils rich in Omega-3, as well as novel protein sources from sustainable production.”

Annual report 2024A · The company itself

“The megatrends driving salmon demand are strong and driven by health trends and a growing need for more low-carbon diets, more food from the ocean and less ultra-processed food.”

Annual report 2024A · The company itself

“Furthermore, at-home dining has been on the rise due to a combination of economic and lifestyle factors. Finally, sustainability and health aspects of food are at the top of consumers’ priorities.”

Annual report 2024A · The company itself

“Healthy seafood Nutrient-dense foods such as salmon play an important role in meeting our individual dietary requirements without excess energy intake. The nutrients in salmon support optimal health and help to reduce the risk of a range of diseases and disorders. Our salmon is an excellent source of high-quality protein, vitamins, minerals and Omega-3 fatty acids.”

Annual report 2024A · The company itself

“Mowi’s sustainability strategy is deeply rooted in its guiding principles of Planet and People, aligning with the UN Sustainable Development Goals (SDGs).”

Annual report 2024A · The company itself

“In the short term, we are focusing on immediate shifts in consumer preferences towards low-carbon products.”

Annual report 2024A · The company itself

“Opportunities comprise potential increase in product demand, linked with dietary shifts from land-based animal protein to seafood.”

Annual report 2024A · The company itself

“Together, they form a business model set not only to withstand the challenges posed by climate change but also to leverage the opportunities that come with producing food from the ocean which has a lower carbon footprint in comparison with land animal proteins. from 17 413 tonnes of CO2e in 2023, to 20 580 tonnes of CO2e in 2024.”

Annual report 2024A · The company itself

“Opportunities linked with freshwater use are also identified, namely the opportunity that seafood consumption offers as a replacement of land animal proteins which have a higher freshwater use dependency.”

Annual report 2024A · The company itself

“Our strategies for climate change mitigation and adaptation are intertwined with our initiatives for energy efficiency and renewable energy deployment.”

Annual report 2024A · The company itself

“Mowi also continues to develop new innovative and high-quality products that are easily accessible to our customers, to keep pace with constantly evolving food habits.”

Annual report 2024A · The company itself

“Our approach to product development is centered around innovation, quality, and customer centric solutions. With a dedicated team of experts across sales, marketing, and product development, we continuously enhance our diverse product portfolio to ensure it aligns with market trends and consumer preferences.”

Annual report 2024A · The company itself

“Our comprehensive sustainability strategy includes reducing greenhouse gas emissions in line with the Paris agreement, promoting sustainable feed, ensuring sustainable use of freshwater resources, safeguarding animal welfare and farming in harmony with nature, protecting ecosystems, and maintaining biodiversity. Mowi’s commitment to sustainability is not just about environmental stewardship but also about creating long-term social and economic value.”

Annual report 2024A · The company itself

“•We see significant opportunities with AI to enhance sustainability by optimising raw material allocation, ensuring that the right quality and sizes are efficiently utilised to create products that best align with customer needs and maximise value. •Standard software solutions contain copilots and other AI tools that help reduce administrative tasks.”

Annual report 2024A · The company itself

“Deforestation Policy Indirect impacts such as deforestation are addressed by using 100% deforestation-free soy as a feed raw material. Supply chain for sourcing vegetable raw materials shall not originate from areas subject to deforestation or conversion after 14 January 2023.”

Annual report 2024A · The company itself

“In 2024, we continued our work towards the target of zero non- Indre Oppedal, Mowi Norway 053 hazardous waste to landfill from our processing plants and we are getting closer to having 100% of our processing plants with waste handling alternatives to incineration.”

Annual report 2024A · The company itself

“Leading the blue revolution strategy board statements financial statements analytical appendices The use of feed for animal protein production Continuous access to sustainably managed feed ingredients is a prerequisite for the salmon farming industry. Over the past ten years, we have been able to reduce our dependence on marine raw materials (fish meal and fish oil) in salmon feeds by 50%.”

Annual report 2024A · The company itself

“We collaborate closely with suppliers upstream to ensure the sustainability of raw materials and also downstream to secure eco-friendly products and meet our customers' ever increasing sustainability expectations.”

Annual report 2024A · The company itself

“We have launched a postsmolt programme and Mowi 4.0 strategies which we believe will enhance our ESG metrics. Our Biodiversity Framework, Farming in Harmony with Nature, is also a key strategy towards biodiversity conservation.”

Annual report 2024A · The company itself

“Mowi produces by-products such as offcuts in our processing activities which would be considered food waste if not used for other applications such as non-salmon aquaculture diets and pet food. In addition to reducing food waste, the upcycling of these by-products represent a recapture of the fishmeal and fish oil used as marine raw materials. Such feed raw materials are therefore used not only to produce our salmon but also become part of non-salmon aquaculture diets and pet food.”

Annual report 2024A · The company itself

“•incorporating and further developing our secondary processing operations (e.g. acquisition of Morpol in Poland in 2013) allowed us to optimise logistics, energy efficiency and ensure that our by-products are upcycled to avoid food waste while bringing to the market marine by-products that can be used as feed raw materials in other aquaculture species. As a consequence pressure on pelagic fisheries as source of feed raw materials can be reduced. •the acquisition of Arctic Fish in Iceland in 2023, allowing us to build on the sustainable certification volumes available every year.”

Annual report 2024A · The company itself

“We know that global consumption of farm-raised seafood will increase in the future, both in terms of overall volumes and as a percentage of the global food supply. The biennially FAO report (Sofia, 2024) on the state of world fisheries and aquaculture estimates that rising incomes and urbanisation, improvements in post-harvest practices and changes in dietary trends are projected to drive a 12% increase in aquatic food consumption by 2032, reaching an average of 21.3 kg per capita.”

Annual report 2024A · The company itself

“Supply from Norway increased by 28 000 tonnes in 2024 on generally improved biological KPIs in sea resulting in improved production and harvesting.”

Annual report 2024A · The company itself

“The reference price for Atlantic salmon of Norwegian origin in 2024 was reduced from record-high levels in 2023. Furthermore, price achievement was negatively impacted by quality downgrading in the first half.”

Annual report 2024A · The company itself

“Price and volume developments Market prices for salmon of Chilean origin increased by 3.4% in 2024 compared with 2023.”

Annual report 2024A · The company itself

“The decrease was mainly related to lower operational earnings driven by lower prices.”

Annual report 2024A · The company itself

“Mowi’s financial position depends heavily on developments in the spot price for salmon, and these prices have historically been volatile. As such we are exposed to movements in supply and demand for salmon.”

Annual report 2024A · The company itself

“We have a sales contract policy aimed at limiting our exposure to short and medium-term fluctuations in salmon prices.”

Annual report 2024A · The company itself

“Salmon has superior sustainability credentials, including carbon footprint, compared with other animal proteins. Mowi's salmon production 016 Leading the blue revolution strategy board statements financial statements analytical appendices saves the world 2 million tonnes of CO2e emissions annually by replacing the corresponding amount of land animal protein production.”

Annual report 2024A · The company itself

“Under the IEA Net Zero Emissions (NZE) scenario, carbon pricing in Norway is projected to rise significantly as part of a global strategy to achieve net-zero emissions by 2050. This scenario involves substantial policy shifts and increasing carbon prices to drive reductions in greenhouse gas emissions across various sectors. Currently, Norway's carbon pricing mechanisms include both the European Union Emissions Trading System (EU ETS) and national carbon taxes.”

Annual report 2024A · The company itself

“By 2030, the IEA NZE scenario projects that the carbon price in Norway will likely reach approximately 130 to 150 EUR per tonne of CO₂. This anticipated rise is driven by the need to intensify efforts to meet intermediate climate targets and push for deeper emission reductions. The significant increase in carbon pricing will directly impact the cost of diesel, a major fuel used by Mowi for powering feed barges and other operational equipment.”

Annual report 2024A · The company itself

“Higher carbon prices under the IEA NZE also have the potential to impact Mowi’s supply chain costs and logistics as suppliers could potentially pass on the increased costs associated with their own carbon emissions.”

Annual report 2024A · The company itself

“•Regulatory Compliance and Policy Changes: Increased carbon taxation on GHG emissions is becoming common practice in several countries where we operate. These prices have the potential to increase which may impact operational costs.”

Annual report 2024A · The company itself

“The company has delivered on its three strategic pillars – volume growth, cost competitiveness and sustainability.”

Annual report 2024A · The company itself

“We have identified the following transition risks emerging from the transition to a low-carbon economy: •Transition to Low-Carbon Technologies: the use of Recirculating Aquaculture Systems (RAS), which benefits a reduction in water withdrawal, could increase the energy-intensity of farming operations, as these systems are more energy demanding compared to flow-through systems.”

Annual report 2024A · The company itself

“Energy consumption and mix Energy source 2024 (MWh) 2023 (MWh) (1) Fuel consumption from coal and coal products 0 0 (2) Fuel consumption from crude oil and petroleum products 389 454 334 739 (3) Fuel consumption from natural gas 141 997 120 700 (4) Fuel consumption from other fossil sources 0 0 (5) Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources 163 139 233 720 (6) Total fossil energy consumption (MWh) (calculated as the sum of lines 1 to 5) 694 589 689 159 Share of fossil sources in total energy consumption (%) 68% 76% (7) Consumption from nuclear sources (MWh) 20 068 53 808 Share of consumption from nuclear sources in total energy consumption (%) 2% 6% (8) Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.)”

Annual report 2024A · The company itself

“Renewable Energy Deployment: We are in the process of installing solar panels at several processing plants and have purchased renewable electricity to cover 30% of the group energy needs in 2024. This initiative is in line with our objective to transition to a low-carbon economy.”

Annual report 2024A · The company itself

“Our sustainability efforts are closely monitored through the following key performance indicators: •Reduction in Carbon Footprint: 39% •Increase in Energy Efficiency: Farming 15%, Sales & Marketing 5% and Feed 23% The implementation of our climate change actions depends on the availability and allocation of resources.”

Annual report 2024A · The company itself

“In addition to tariffs, framework conditions for Mowi Canada West have been adversely impacted by the authorities' decision in June 2024 to ban traditional marine salmon farming from mid-2029. Consequently, Mowi Canada West is a 20k GWT level operation with uncertain future prospects.”

Annual report 2024A · The company itself

“Mowi has in place a global due diligence process for its suppliers which is the basis for assessing risk in our supply chain, both upstream and downstream. Our human rights due diligence process is founded on principles of ethical business conduct, as expressed in our Code of Conduct, our global policy framework ONE Mowi, our human rights programme, and our risk assessment and management processes.”

Annual report 2024A · The company itself

“•Individual incidents: when monitoring the subcontractor LTI (Lost Time Incidents) we find that our incidents in 2024 occur in our farming operations in Norway and Chile. •Transition impacts: We recognize the potential negative impacts on value chain workers from the transition to greener operations, including job losses due to automation and restructuring.”

Annual report 2024A · The company itself

“Farming Mowi Farming works along three strategic pillars: Volume growth, cost, and sustainability.”

Annual report 2024A · The company itself

“Mowi's Smart Factories concept, managed by our global Mowi Processing Excellence Team, drives the introduction of more modern technologies and automation across our factories to reduce cost and increase value.”

Annual report 2024A · The company itself

“In 2024, the organisation delivered on its cost-cutting targets for the year, achieving EUR 42 million in annualised savings. A total of EUR 327 million in annualised savings has been achieved since Mowi's cost savings programmes began in 2018.”

Annual report 2024A · The company itself

“However, we expect that our ongoing implementations of postsmolt, as well as shielding technologies (such as submerged pens and closed-containment systems), lasers and other Mowi 4.0 technologies, will further improve mortality rates. With regards to postsmolt, larger smolt is more robust, and the seawater phase can be reduced to one year given a smolt size of approx. 700 grams.”

Annual report 2024A · The company itself

“Mowi 4.0 In 2024, we continued our digitalisation and automation journey from roe to plate, featuring our MOWInsight platform for data analytics, remote operation centres and SMART farming concepts. Smart Farming Integrating cutting-edge technology at every stage of salmon growth, from real-time water quality monitoring in RAS systems to the use of robots and next-generation underwater cameras in net-pen farming, ensuring enhanced fish health and welfare.”

Annual report 2024A · The company itself

“We are adopting advanced supply chain planning tools, and we have successfully automated certain administrative sales processes through Robotics Process Automation (RPA), thereby reducing our FTE count and freeing up time for staff to focus on more value-added activities. These innovation projects illustrate how Mowi is taking advantage of new Information Technology to deliver business value.”

Annual report 2024A · The company itself

“Additionally, we continued to develop SMART farming within freshwater production, such as automatic tank washers, accurate biomass measurement and calculation, and real-time H2S monitoring systems. Developing and optimising farming practices in seawater net pens Our R&D and technical development efforts in farming focus on equipment and farming practices improvement, sea lice management tools and safeguarding fish health and welfare.”

Annual report 2024A · The company itself

“Smart Factories Innovation in processing Our Smart Factory concepts complements Smart Farming in our journey to effectively manage a fully integrated supply chain. From primary processing all the way to our global MOWI brand we are introducing: •Data-driven decision-making through MOWInsight, global benchmarking, and decision support for yield, Overall Equipment Efficiency (OEE), and labour efficiency •Smart Factory Control Center for process optimisation, water and energy efficiency •Vision technology to enhance automation and optimise processing efficiency while delivering top-quality products. •Hyperautomation of tasks, including automated documentation for regulatory compliance and •Market insights for optimising customer processes.”

Annual report 2024A · The company itself

“Cost competitiveness is one of Mowi’s strategic priorities, hence a new target of EUR 30 million of savings has been set for 2025 which comes in addition to targeted savings in the areas of postsmolt, Mowi 4.0, productivity and efficiency. Mowi has identified a total cost reduction potential of EUR 300-400 million in the next five years.”

Annual report 2024A · The company itself

“Our proactive measures, including the investment in postsmolt and Mowi 4.0 including Smart Farming, position us favourably in the transition to a low-carbon economy.”

Annual report 2024A · The company itself

“We have launched a postsmolt programme and Mowi 4.0 strategies which we believe will enhance our ESG metrics. Our Biodiversity Framework, Farming in Harmony with Nature, is also a key strategy towards biodiversity conservation.”

Annual report 2024A · The company itself

“Over the last years, Mowi has participated in several research projects investigating closed-containment aquaculture systems. The main goal has been to develop technological and biological innovations that will make closed systems a reliable and economically viable technology.”

Annual report 2024A · The company itself

“Strategic programs like increasing production of larger postsmolt (and therefore reducing production time at sea) as well new technological development (in vaccination, in lice management and in production methods such as through subsea farming) represent opportunities to improve fish health and welfare.”

Annual report 2024A · The company itself

“Together with our academic and commercial partners, and relevant suppliers, we will continue to optimise existing solutions, develop novel and cost-effective methods and increase our focus on the use and welfare of cleaner fish. Focus on new technologies for preventative lice strategies, including, submerge pens, semi-closed containment systems but also on non-invasive and passive treatment concepts.”

Annual report 2024A · The company itself

“Mowi expects to grow volumes from 73k GWT in 2024 to 77k GWT in 2025 and plans to increase volumes in the coming years in line with the traffic light system in Chile which aims at controlling the industry's sanitary situation.”

Annual report 2024A · The company itself

“Since 2020, the winter sore vaccine has become less efficacious. This, combined with an unusually cold winter and the largest prevalence of string jellyfish for 20 years, negatively impacted superior share and prices.”

Annual report 2024A · The company itself

“A new winter sore vaccine, helped by operational improvements, less string jellyfish and higher temperatures, have led to significantly improved biology in the 2024/2025 winter season.”

Annual report 2024A · The company itself

“Incident-based mortality costs totalled EUR 49.0 million in 2024, stable from EUR 48.9 million in 2023, mainly caused by gill issues and knock-on effects from lice treatments, in addition to winter sore issues.”

Annual report 2024A · The company itself

“Harvest volumes were 94 551 tonnes gutted weight, down from 99 124 tonnes in 2023 driven by enforced culling of small PD-positive fish at two sites towards the end of 2023.”

Annual report 2024A · The company itself

“The earnings effect of approx. EUR 29 million of upgrading downgraded salmon in Norway is included in the Markets segment and was higher than normal in 2024 due to the challenging winter sore situation.”

Annual report 2024A · The company itself

“Our results showed that CCS can keep sea lice levels below treatment thresholds and that recovery of valuable resources from the discharge is possible.”

Annual report 2024A · The company itself

“A significant step was made in sustainability through initiatives aimed at increasing fish health and welfare, carbon footprint reduction in our own operations, sourcing sustainable feed raw materials and increasing the inclusion of emerging feed raw materials, and increasing the due diligence of our supply chain.”

Annual report 2024A · The company itself

“Despite responsible use and residue control aligned with regulatory compliance, there is a reputational risk for Mowi when using antimicrobials. This is linked with the concern for antimicrobial resistance.”

Annual report 2024A · The company itself

“We monitor human-wildlife interactions, apply operational best practices and have preventive measures and equipment in place to avoid and minimise negative impact on local wildlife. All bird and mammal mortalities are registered with a special emphasis on red listed species.”

Annual report 2024A · The company itself

“Escapes Escaped farm-raised salmon may have a negative impact on the environment, due to ecological interactions and interbreeding with wild populations, and therefore we have a zero-fish escape target, every year, including 2024 and 2025.”

Annual report 2024A · The company itself

“Our Breeding and Genetics division continued to focus on genomic selection for lice resistance in the Mowi strain.”

Annual report 2024A · The company itself

“The MOWI brand is now present in 16 countries. Mowi will now focus on making improvements in the countries where the brand is already launched.”

Annual report 2024A · The company itself

“Operational results for Consumer Products were strong with Operational EBIT of EUR 145.8 million. Demand was generally good, and Consumer Products sold a record-high 247 333 tonnes of finished products, proving that putting the customer at the core of everything we do downstream bears fruit and creates unique customer experiences.”

Annual report 2024A · The company itself

“While the US market lags somewhat behind Europe in terms of demand recovery, the retail channel experienced volume growth.”

Annual report 2024A · The company itself

“For the market in general, the foodservice segment represents approx. 40%, while the retail segment represents approx. 60%.”

Annual report 2024A · The company itself

“Consumer Products Mowi Consumer Products is geographically organised, but constitutes one reporting segment. Consumer Products' Operational EBIT for the year ended December 31, 2024 came to a EUR 145.8 million, slightly down from EUR 151.7 million in 2023. The negative effect of margin pressure in Europe was partly offset by higher volumes and continued first-class operational performance.”

Annual report 2024A · The company itself

“Retail development was good overall, while foodservice was relatively stable.”

Annual report 2024A · The company itself

“From our core offering of fresh whole salmon to our range of ready-to-eat and ready-to-cook options, we are committed to delivering products that stand out in taste, nutrition, and quality.”

Annual report 2024A · The company itself

“Looking ahead, we are committed to expanding access to healthy, sustainable, and delicious food options across all channels. Our strategy is focused on growth in foodservice, retail, and e-commerce, in addition to raising awareness of the salmon category and educating consumers about our products’ health and sustainability benefits.”

Annual report 2024A · The company itself

“We are the world's largest producer of farm-raised salmon, both by volume and revenue, offering fresh, whole salmon, processed salmon and other processed seafood products to customers in approximately 70 countries.”

Annual report 2024A · The company itself

“Furthermore, we utilize advanced technology in our farming, processing, and logistics operations to ensure the highest levels of product quality, safety, and traceability.”

Annual report 2024A · The company itself

“Innovation as a cornerstone of product development Innovation is at the heart of Mowi's product development strategy. We continuously strive to deliver products that enhance consumer taste experiences, deliver superior nutritional value, and cater to a diverse range of lifestyles and demographic groups.”

Annual report 2024A · The company itself

“Smart Factories Innovation in processing Our Smart Factory concepts complements Smart Farming in our journey to effectively manage a fully integrated supply chain. From primary processing all the way to our global MOWI brand we are introducing: •Data-driven decision-making through MOWInsight, global benchmarking, and decision support for yield, Overall Equipment Efficiency (OEE), and labour efficiency •Smart Factory Control Center for process optimisation, water and energy efficiency •Vision technology to enhance automation and optimise processing efficiency while delivering top-quality products. •Hyperautomation of tasks, including automated documentation for regulatory compliance and •Market insights for optimising customer processes.”

Annual report 2024A · The company itself

“Strategic programs like increasing production of larger postsmolt (and therefore reducing production time at sea) as well new technological development (in vaccination, in lice management and in production methods such as through subsea farming) represent opportunities to improve fish health and welfare.”

Annual report 2024A · The company itself

“Together with our academic and commercial partners, and relevant suppliers, we will continue to optimise existing solutions, develop novel and cost-effective methods and increase our focus on the use and welfare of cleaner fish. Focus on new technologies for preventative lice strategies, including, submerge pens, semi-closed containment systems but also on non-invasive and passive treatment concepts.”

Annual report 2024A · The company itself

“We will continue to engage with stakeholders on the development of Operational Welfare Indicator monitoring for farmed raised salmon, and target 50% of sites with real-time monitoring globally by 2030.”

Annual report 2024A · The company itself

“For the market in general, the foodservice segment represents approx. 40%, while the retail segment represents approx. 60%.”

Annual report 2024A · The company itself

“Availability of larger sizes improved during the year which aligned with strong demand in the foodservice segment.”

Annual report 2024A · The company itself

“Consumer Products Mowi Consumer Products is geographically organised, but constitutes one reporting segment. Consumer Products' Operational EBIT for the year ended December 31, 2024 came to a EUR 145.8 million, slightly down from EUR 151.7 million in 2023. The negative effect of margin pressure in Europe was partly offset by higher volumes and continued first-class operational performance.”

Annual report 2024A · The company itself

“Retail development was good overall, while foodservice was relatively stable.”

Annual report 2024A · The company itself

“Looking ahead, we are committed to expanding access to healthy, sustainable, and delicious food options across all channels. Our strategy is focused on growth in foodservice, retail, and e-commerce, in addition to raising awareness of the salmon category and educating consumers about our products’ health and sustainability benefits.”

Annual report 2024A · The company itself

“We are the world's largest producer of farm-raised salmon, both by volume and revenue, offering fresh, whole salmon, processed salmon and other processed seafood products to customers in approximately 70 countries.”

Annual report 2024A · The company itself

“In addition, through Smart Farming Technology, autonomous feeding, and best practices, we ensure efficient feeding and minimise pellet loss. We also keep stocking densities at sea well below 25 kg/m3 to ensure we stay within the carrying capacities of the environment.”

Annual report 2024A · The company itself

“Our sustainability efforts are closely monitored through the following key performance indicators: •Reduction in Carbon Footprint: 39% •Increase in Energy Efficiency: Farming 15%, Sales & Marketing 5% and Feed 23% The implementation of our climate change actions depends on the availability and allocation of resources.”

Annual report 2024A · The company itself

“Mowi supports and closely follows the ongoing development and testing of emerging feed raw materials. This is the case for oils rich in Omega-3, as well as novel protein sources from sustainable production. Within this scope, we include products derived from insects, alcohol fermentation, CO2 capture and forestry.”

Annual report 2024A · The company itself

“We support and closely follow the ongoing development and testing of emerging raw materials. This is the case for oils rich in Omega-3, as well as novel protein sources from sustainable production.”

Annual report 2024A · The company itself

“Our sustainability strategy, Leading the Blue Revolution Plan, reflects Mowi's commitment to sustainable development. In 2024, we continued the implementation of our sustainability strategy, and demonstrated progress in key strategic programmes and reduction in Mowi's scopes 1 and 2 GHG emissions in line with our Science Based targets (SBT).”

Annual report 2024A · The company itself

“Mowi strives to align its financing with our sustainability strategy. In 2020, Mowi became the first seafood company in the world to issue a green bond and in 2021 we established a loan facility linked 135 to Mowi’s performance against carefully selected sustainability indicators. Mowi’s goal for the coming years is for its entire debt financing to be in sustainable format, promoting progress towards both company-wide climate targets and investments towards a low-carbon and environmentally sustainable economy.”

Annual report 2024A · The company itself

“SBTi methodologies provide science-based emissions reduction pathways consistent with the decarbonization required to meet these temperature goals. These pathways are grounded in global carbon budgets from leading climate science, particularly the Intergovernmental Panel on Climate Change (IPCC), which outline the total CO₂ that can be emitted globally to remain within 1.5°C or 2°C limits. By following the trajectory modelled by SBTi tools, Mowi establishes a decarbonization roadmap that ensures our targets are scientifically robust and aligned with the Paris Agreement.”

Annual report 2024A · The company itself

“In 2024, we secured senior unsecured EUR 298 million green bonds which support our climate action plans.”

Annual report 2024A · The company itself

“The MOWI brand is now present in 16 countries. Mowi will now focus on making improvements in the countries where the brand is already launched.”

Annual report 2024A · The company itself

“Demand for our MOWI-branded products is increasing. We have great belief in our MOWI brand strategy, and our long-term target of EUR 1 billion in turnover at 10% earnings margin remains in place.”

Annual report 2024A · The company itself

“Leading the blue revolution strategy board statements financial statements analytical appendices Our products are highly regarded in the market and have been recognized globally for their exceptional quality.”

Annual report 2024A · The company itself

“We are the world's largest producer of farm-raised salmon, both by volume and revenue, offering fresh, whole salmon, processed salmon and other processed seafood products to customers in approximately 70 countries.”

Annual report 2024A · The company itself

“For the sixth consecutive year, Mowi was ranked top in the Coller FAIRR Protein Producer Index, the comprehensive assessment of the largest listed animal protein producing companies on critical environmental, social and governance issues.”

Annual report 2024A · The company itself

“Global GAP, ASC and BAP have been recognized by GSSI as certification schemes that successfully completed a rigorous and transparent benchmark process. This process is based on FAO guidelines and standards assessing overall environmental impact of how seafood is produced.”

Annual report 2024A · The company itself

“Mowi has in place a global due diligence process for its suppliers which is the basis for assessing risk in our supply chain, both upstream and downstream. It covers ESG (Environmental, Social and Governance).”

Annual report 2024A · The company itself

“Supply growth has been limited in recent years and we do not expect significant volume growth for the industry in the next five years. This would under normal circumstances be supportive of good salmon prices.”

Annual report 2024A · The company itself

“The salmon market was not insulated from these effects, however, demand fundamentals for salmon fared quite well in this context all the same.”

Annual report 2024A · The company itself

“Mowi will continuously monitor any developments related to this subject and will be prepared to redistribute our volumes from our seven origins with respect to prevailing trade policies at any given time to best serve our customers.”

Annual report 2024A · The company itself

“Mowi also continues to pursue accretive M&A opportunities. At the beginning of 2025, Mowi entered into a share purchase agreement to increase its ownership in Nova Sea from 49% to 95%.”

Annual report 2024A · The company itself

“On 30 January 2025, Mowi announced that the company has entered into a share purchase agreement which will increase Mowi's ownership of Nova Sea from 49% to 95%. The transaction is subject to competition approval in addition to certain other standard closing conditions.”

Annual report 2024A · The company itself

“The Group’s overall ambition is to achieve profitable growth organically as well as through acquisitions.”

Annual report 2024A · The company itself

“To adapt to these financial transitions, Mowi is prioritising more investment in cleaner technologies, installing hybrid energy systems for feed barges or connecting site to land power, wherever possible, to reduce diesel consumption and associated carbon costs. This transition requires capital expenditure but is essential for long-term cost savings and compliance with stricter climate regulations under this scenario.”

Annual report 2024A · The company itself

“Actions such as the electrification and the installation of hybrid management systems at our seawater sites mitigate this risk. •Reputational Risks are linked with extreme weather events that could lead to escape incidents and negatively impact the perception of our sector.”

Annual report 2024A · The company itself

“Our proactive measures, including the investment in postsmolt and Mowi 4.0 including Smart Farming, position us favourably in the transition to a low-carbon economy.”

Annual report 2024A · The company itself

“To adapt to these financial transitions, Mowi is prioritising more investment in cleaner technologies, installing hybrid energy systems for feed barges or connecting site to land power, wherever possible, to reduce diesel consumption and associated carbon costs. This transition requires capital expenditure but is essential for long-term cost savings and compliance with stricter climate regulations under this scenario.”

Annual report 2024A · The company itself

“Renewable Energy Deployment: We are in the process of installing solar panels at several processing plants and have purchased renewable electricity to cover 30% of the group energy needs in 2024. This initiative is in line with our objective to transition to a low-carbon economy.”

Annual report 2024A · The company itself

“From the solar panels within our facilities we generated 8 997 MWh in 2024.”

Annual report 2024A · The company itself

“We work continuously with academic and commercial partners, and relevant suppliers, to discover and research new approaches and alternative treatments for the management of bacterial infections, including research on probiotics, phage-therapies, genomic selection and novel vaccine technologies.”

Annual report 2024A · The company itself

“100% of our sites in Iceland, at point of acquisition, were ASC certified. •investing in new Recirculating Aquaculture System as part of Mowi’s postsmolt strategy allow us to reduce biological risk by reducing the production time at sea and therefore reducing risks of escapes, use of medicines while increase survival rates and fish welfare.”

Annual report 2024A · The company itself

“Mowi has an extensive information security training programme and the programme is robust. All employees logging on to Mowi networks and applications must complete mandatory security and awareness training on a monthly basis.”

Annual report 2024A · The company itself

“100% of our sites in Iceland, at point of acquisition, were ASC certified. •investing in new Recirculating Aquaculture System as part of Mowi’s postsmolt strategy allow us to reduce biological risk by reducing the production time at sea and therefore reducing risks of escapes, use of medicines while increase survival rates and fish welfare.”

Annual report 2024A · The company itself

“Looking ahead, we are committed to expanding access to healthy, sustainable, and delicious food options across all channels. Our strategy is focused on growth in foodservice, retail, and e-commerce, in addition to raising awareness of the salmon category and educating consumers about our products’ health and sustainability benefits.”

Annual report 2024A · The company itself

“The megatrends driving salmon demand are strong and driven by health trends and a growing need for more low-carbon diets, more food from the ocean and less ultra-processed food.”

Annual report 2024A · The company itself

“Operational revenue of EUR 5.62 billion was the highest ever, driven by record-high volumes of 502k tonnes.”

Annual report 2024A · The company itself

“The Market in General Supply 2024 marked a year with lower global commodity prices as rising cost of living in an inflationary environment took its toll on consumer demand in many end markets.”

Annual report 2024A · The company itself

“Market expectations for 2025 are favourable with an expectation of higher salmon prices on recovering demand and modest supply growth.”

Annual report 2024A · The company itself

“Furthermore, at-home dining has been on the rise due to a combination of economic and lifestyle factors. Finally, sustainability and health aspects of food are at the top of consumers’ priorities.”

Annual report 2024A · The company itself

“Branding and product innovation Understanding and responding to consumer preferences is central to Mowi’s approach to product development. We recognize that consumer tastes and dietary trends are constantly evolving, and we continuously adapt our product offerings to align with these changes.”

Annual report 2024A · The company itself

“Mowi’s financial position depends heavily on developments in the spot price for salmon, and these prices have historically been volatile. As such we are exposed to movements in supply and demand for salmon.”

Annual report 2024A · The company itself

“Farming spot prices decreased somewhat compared with the high levels of 2023. Prices in Norway were negatively impacted by winter sore issues in the first half compounded by string jellyfish, and prices in Americas were affected by temporarily muted US demand following increased cost-of-living.”

Annual report 2024A · The company itself

“Opportunities comprise potential increase in product demand, linked with dietary shifts from land-based animal protein to seafood.”

Annual report 2024A · The company itself

“Together, they form a business model set not only to withstand the challenges posed by climate change but also to leverage the opportunities that come with producing food from the ocean which has a lower carbon footprint in comparison with land animal proteins. from 17 413 tonnes of CO2e in 2023, to 20 580 tonnes of CO2e in 2024.”

Annual report 2024A · The company itself

“Our strategies for climate change mitigation and adaptation are intertwined with our initiatives for energy efficiency and renewable energy deployment.”

Annual report 2024A · The company itself

“With regards to cost, Mowi Farming is competitive and is the best or the second-best cost performer vs. peers in the regions in which the company operates. The company has implemented a culture which is more focused on cost and FTEs to address the underlying inflation and cost pressure in the industry.”

Annual report 2024A · The company itself

“The Market in General Supply 2024 marked a year with lower global commodity prices as rising cost of living in an inflationary environment took its toll on consumer demand in many end markets.”

Annual report 2024A · The company itself

“These effects were partly offset by higher volumes. Although realised P&L cost increased, cash cost to stock was reduced during 2024, and cost at stock per year end was EUR 0.13 per kg LWT lower than the year before, driven by feed price decreases.”

Annual report 2024A · The company itself

“Full cost per kg salmon increased somewhat from 2023 on realisation of previous feed inflation.”

Annual report 2024A · The company itself

“Full cost per kg for salmon of Norwegian origin harvested in 2024 increased slightly compared with 2023, as lower feed cost was offset by inflationary pressure on other items.”

Annual report 2024A · The company itself

“The cost level in Iceland is still too high for Mowi and the rest of the industry, and streamlining of operations and cost reductions continue to be high priorities going forward.”

Annual report 2024A · The company itself

“However, margin pressure compared with 2023 had a negative influence on earnings.”

Annual report 2024A · The company itself

“Working capital tie-up was lower in 2024 than in 2023 due to lower feed prices and less inflationary pressure.”

Annual report 2024A · The company itself

“Although Farming cost per kg increased slightly from 2023 due to previous inflation, cash cost to stock was reduced during 2024, and cost at stock per year end was EUR 0.13 per kg LWT lower than the year before.”

Annual report 2024A · The company itself

“Other operating expenses Other operating expenses increased from 13% in 2023 to 15% in 2024, measured in percentage of revenues.”

Annual report 2024A · The company itself

“There has been a significant inflationary cost pressure the last years, and nominal costs have increased. Nevertheless, measured in percentage of revenue, cost of materials was stable in 2024 vs. 2023.”

Annual report 2024A · The company itself

“Physical climate risks such as severe drought and flooding can have an impact on the availability and price of agricultural commodities.”

Annual report 2024A · The company itself

“Other key liquidity risks include fluctuations in production and harvested volumes, biological issues, and changes in the feed price, which is the most important individual factor on the cost side. Feed costs are correlated to the commodity prices of the marine and agricultural ingredients.”

Annual report 2024A · The company itself

“Feed cost were reduced by 4%, while other cost items were relatively stable.”

Annual report 2024A · The company itself

“Arctic Fish entered into a new feed contract with Mowi Feed from July 2023, and in the same month the new processing facility in Bolungarvík commenced operations. Consequently, Arctic Fish is no longer dependent on external harvesting capacity.”

Annual report 2024A · The company itself

“Our sustainable sourcing policy, which governs our procurement procedure for feed raw materials, includes requirements for Good Agricultural Practices (GAP), which outlines the need to have nutrient management plans in place. Several of our vegetable feed raw material suppliers are engaged in projects to promote good agricultural practices and are exposed to training provided by Mowi.”

Annual report 2024A · The company itself

“Freshwater and Marine Resources Freshwater is important for Mowi and is used both directly and indirectly in our operations, in the initial stages of farming to produce smolts prior to sea transfer as well as at our processing plants to keep high hygienic standards, and from the use of agricultural feed raw materials.”

Annual report 2024A · The company itself

“Feed is the most important input factor in salmon production.”

Annual report 2024A · The company itself

“Over the past ten years, we have been able to reduce our dependence on marine raw materials (fish meal and fish oil) in salmon feeds by 50%. This is made possible by a significant substitution of marine raw materials by vegetable sources and the use of high-quality by-products from poultry in Chile and Canada.”

Annual report 2024A · The company itself

“Mowi uses certification schemes (e.g ProTerra), where available, to ensure agricultural raw materials are sourced from areas where water management is considered.”

Annual report 2024A · The company itself

“100% of Mowi’s soy sourcing is from either ProTerra, Europe Soya or Organic certified sources. These standards include good agricultural practices including nutrient and water management.”

Annual report 2024A · The company itself

“Other key liquidity risks include fluctuations in production and harvested volumes, biological issues, and changes in the feed price, which is the most important individual factor on the cost side. Feed costs are correlated to the commodity prices of the marine and agricultural ingredients.”

Annual report 2024A · The company itself

“Feed is the most important input factor in salmon production.”

Annual report 2024A · The company itself

“With effect from 2 April 2025, 25% tariffs have been imposed on goods imported from Canada to the USA. The situation is fluid and it is difficult to see how this will play out, including other countries.”

Annual report 2024A · The company itself

“With effect from 2 April 2025, 25% tariffs have been imposed on goods imported from Canada to the USA. The situation is fluid and it is difficult to see how this will play out, including other countries.”

Annual report 2024A · The company itself

“Currency risk Several business units carry out a large number of business transactions in currencies other than their domestic currency. For the Group, the relative importance of these transactions is substantially larger on the revenue side than on the cost side.”

Annual report 2024A · The company itself

“Leading the blue revolution strategy board statements financial statements analytical appendices With access to 20% of global Atlantic salmon farming data, it puts us in a unique position to take advantage of advancements in Artificial Intelligence across our integrated value chain. Our cloud-based platform enhances decision-making via Big Data analytics, data science, KPI reporting, and AI.”

Annual report 2024A · The company itself

“By 2030, the IEA NZE scenario projects that the carbon price in Norway will likely reach approximately 130 to 150 EUR per tonne of CO₂. This anticipated rise is driven by the need to intensify efforts to meet intermediate climate targets and push for deeper emission reductions. The significant increase in carbon pricing will directly impact the cost of diesel, a major fuel used by Mowi for powering feed barges and other operational equipment.”

Annual report 2024A · The company itself

“With effect from 2 April 2025, 25% tariffs have been imposed on goods imported from Canada to the USA. The situation is fluid and it is difficult to see how this will play out, including other countries.”

Annual report 2024A · The company itself

“The US market consumed close to 600k tonnes, equivalent to a market share of 22%. After several years with growth in excess of the wider market, consumption was reduced by 3.1% in 2024.”

Annual report 2024A · The company itself

“Americas Volumes and earnings in Consumer Products Americas were relatively stable in 2024 compared with 2023. Earnings in the Chilled segment were good, while the Fresh segment in the US experienced margin pressure due to a more sluggish market, especially in the first half of 2024.”

Annual report 2024A · The company itself

“However, market conditions for salmon of Chilean origin were difficult also in 2024 on the back of a more challenging US market.”

Annual report 2024A · The company itself

“Price and volume developments Market prices for salmon of Canadian origin decreased by 5.5% and 6.1% in West and East respectively versus 2023.”

Annual report 2024A · The company itself

“In Canada West, Mowi has a 20k GWT level operation with uncertain future prospects following the authorities' decision in June 2024 to ban traditional marine salmon farming from mid-2029. Mowi has decided to initiate a strategic review of the Canada West business unit and will explore all available options before taking the appropriate action.”

Annual report 2024A · The company itself

“Price achievement was negatively impacted by quality downgrading.”

Annual report 2024A · The company itself

“The strategic review of Mowi Canada West following the changes in framework conditions is ongoing, and Mowi will explore all available options before taking the appropriate action.”

Annual report 2024A · The company itself

“Downstream, we currently operate 21 secondary processing facilities, of which the largest are located in Ustka, Poland; Bruges, Belgium; Rosyth, Scotland; Boulogne, France and in Miami and Dallas, USA.”

Annual report 2024A · The company itself

“Europe is by far the largest market for our salmon, followed by Americas and Asia.”

Annual report 2024A · The company itself

“The Group’s farming activities are located in Norway, Scotland, Canada, Chile, Ireland, Iceland and the Faroe Islands.”

Annual report 2024A · The company itself

“Mowi expects to grow volumes from 73k GWT in 2024 to 77k GWT in 2025 and plans to increase volumes in the coming years in line with the traffic light system in Chile which aims at controlling the industry's sanitary situation.”

Annual report 2024A · The company itself

“Phase 1: Locate Mowi’s nature footprint and priority locations We mapped our sites located in priority locations, meaning operational sites in areas of high biodiversity value, such as areas of significant water risk or within the borders of areas designated for protection at national or sub-national levels, wetlands protected under the Ramsar convention, UNESCO world heritage sites and key biodiversity areas (KBAs). For this purpose, the Integrated Biodiversity Assessment Tool (IBAT) was used to screen for sites in sensitive areas, as recommended and provided by the TNFD.”

Annual report 2024A · The company itself

“•Country risk: We have identified certain high-risk geographies in our supply chain where there is potential risk of child labour or forced labour, as well as concerns regarding human rights and working conditions.”

Annual report 2024A · The company itself

“Identified material risks include potential disruptions in the supply chain due to geopolitical factors and dependencies on value chain workers to maintain production continuity and meet quality standards.”

Annual report 2024A · The company itself

“We know that global consumption of farm-raised seafood will increase in the future, both in terms of overall volumes and as a percentage of the global food supply. The biennially FAO report (Sofia, 2024) on the state of world fisheries and aquaculture estimates that rising incomes and urbanisation, improvements in post-harvest practices and changes in dietary trends are projected to drive a 12% increase in aquatic food consumption by 2032, reaching an average of 21.3 kg per capita.”

Annual report 2024A · The company itself

“On the opportunities front, we made an effort to explore increased production volumes, enabling more food from the ocean to become available to a growing middle class.”

Annual report 2024A · The company itself

“We achieved a return on capital employed (ROCE) of 15.5% in 2024, above our long-term target of 12.0%. The comparable figure for 2023 was 21.3%.”

Annual report 2024A · The company itself

“Borrowings As of December 31, 2024 our main outstanding borrowings consisted of the EUR 2 000 million secured sustainability-linked facility maturing in 2026, a green unsecured bond of EUR 213 million maturing in 2029, a green unsecured bond of EUR 85 million maturing in 2032, a green unsecured bond of EUR 200 million which matured in January 2025 and was repaid, as well as an unsecured Schuldschein loan of EUR 150 million maturing in 2026.”

Annual report 2024A · The company itself

“In the Feed business area (including the plant in Norway and the one in Scotland), the intensity of GHG emissions (scope 1 and 2, market-based) increased from 33 to 35 kg CO2e/tonne feed produced (7% increase).”

Annual report 2024A · The company itself

“We are exploring alternatives to these products, focusing on increasing energy efficiency and reducing emissions. •Natural Gas: Consumption from natural gas was 141 997 MWh. As a cleaner-burning fossil fuel, natural gas forms a transitional component in our journey towards a more sustainable energy mix. We are optimizing our natural gas consumption to balance energy needs and environmental concerns.”

Annual report 2024A · The company itself

“In the Feed business area (including the plant in Norway and the one in Scotland), the intensity of GHG emissions (scope 1 and 2, market-based) increased from 33 to 35 kg CO2e/tonne feed produced (7% increase).”

Annual report 2024A · The company itself

“Disaggregation of fossil source consumption in high climate impact sectors This detailed breakdown below helps us to pinpoint areas where we can make the most significant improvements in reducing our carbon footprint. •Coal and Coal Products: not used as a direct source of energy. •Crude Oil and Petroleum Products: This category includes energy derived from oil and its by-products, and stands for 389 454 MWh.”

Annual report 2024A · The company itself

“KPIs relating to marine resources include origin of fish meal and fish oil, the percentage of fish meal and fish oil which is sustainably certified, percentage of trimmings used, recaptured fish-in-fish-out (FIFO; explained hereafter), and inclusion of emerging feed raw materials. Since the Fish in-Fish out concept first arose in the 2000s, technological improvements have been implemented across the entire fish meal/fish oil (FM/FO) value-chain. The recapture of FM/ FO from farmed fish takes this process a step further; we call this the Recapture FIFO (rFIFO), a metric that more accurately reflects the ‘net’ use of FM/FO.”

Annual report 2024A · The company itself

“The Group’s predominant currency is EUR, which accounts for more than 50% of net cash flow. Since the establishment of the Group in 2006, Mowi has managed its cash flow in EUR and has used EUR as its main financing currency.”

Annual report 2024A · The company itself

“Consumption in the EU and the UK increased by 5.6% compared with 2023 on increased supply and product availability. Overall, the European market experienced good demand developments in the retail segment with the fresh category leading the way.”

Annual report 2024A · The company itself

“Europe is by far the largest market for our salmon, representing approximately 70% of our total revenues in 2024 (71% in 2023). Mowi experienced good sales growth in most European countries.”

Annual report 2024A · The company itself

“Ivan Vindheim Chief Executive Officer Mowi owns 51% of the shares in Icelandic salmon farmer Arctic Fish. Mowi's clear goal is to develop Arctic Fish into a streamlined and cost-effective operation.”

Annual report 2024A · The company itself

“Europe Consumer Products Europe benefited from strong operational performance and increased volumes. Revenue increased on higher volumes.”

Annual report 2024A · The company itself

“Prices were down from 038 Leading the blue revolution strategy board statements financial statements analytical appendices high level in 2023, but prices for organic salmon were still good also in 2024.”

Annual report 2024A · The company itself

“Price and volume developments Mowi Ireland mainly produces organic salmon and there is no reference price available for benchmarking.”

Annual report 2024A · The company itself

“The volume sold ended at 247 333 tonnes end-product weight, an increase from 232 169 tonnes in 2023.”

Annual report 2024A · The company itself

“Compared with 2023, achieved prices were 6% lower for the year ended December 31, 2024.”

Annual report 2024A · The company itself

“Downstream, we currently operate 21 secondary processing facilities, of which the largest are located in Ustka, Poland; Bruges, Belgium; Rosyth, Scotland; Boulogne, France and in Miami and Dallas, USA.”

Annual report 2024A · The company itself

“Europe is by far the largest market for our salmon, followed by Americas and Asia.”

Annual report 2024A · The company itself

“The guidance of 315k GWT for Mowi Norway in 2025 implies growth of 85k GWT since 2018 and an impressive CAGR of 4.6% vs. 3.1% for the industry.”

Annual report 2024A · The company itself

“With regards to price achievement relative to the reference price, this was somewhat reduced in Norway driven by quality downgrading in the first half of the year.”

Annual report 2024A · The company itself

“The superior share was 94% in 2024, stable from 94% also in 2023. At 65 977 tonnes gutted weight, harvested volume in the year ended December 31, 2024 increased from 54 950 tonnes in 2023 on the back of increased full-year production and an improved biological situation.”

Annual report 2024A · The company itself

“Mowi Faroes had another very good year in 2024 with strong biology and stable prices, partly offset by slightly higher cost and lower volumes.”

Annual report 2024A · The company itself

“The contract share was 57% in 2024 compared with 56% in 2023.”

Annual report 2024A · The company itself

“Leading the blue revolution strategy board statements financial statements analytical appendices In Mowi Norway, our largest and most important farming entity, harvest volumes reached a record-high level of 304k GWT in 2024 and license utilisation and production efficiency are industry-leading.”

Annual report 2024A · The company itself

“On 30 January 2025 Mowi announced it was increasing its ownership in Nova Sea from 49% to 95% by entering into an agreement with Nova Sea’s main shareholder to acquire its controlling stake. Nova Sea is a leading salmon farmer in production area 8 in Northern Norway and covers the entire value chain from broodstock and smolt production to harvesting and sales.”

Annual report 2024A · The company itself

“In Iceland, Mowi acquired 51.28% of Arctic Fish in 2022.”

Annual report 2024A · The company itself

“Mowi has 66 sites located in biodiversity sensitive areas, but none of these sites have documented negative impact on the local habitat with regards to land degradation, desertification or soil sealing or to the disturbance of the species for which the protected area has been designated.”

Annual report 2024A · The company itself

“Consumption in the Asian market increased by 6.2% compared with 2023 with good growth in all key markets.”

Annual report 2024A · The company itself

“A new sales agreement with Mowi Sales & Marketing has been entered into, replacing Arctic Fish' old external agreement. The aim of the new agreement is to improve value realisation and market access.”

Annual report 2024A · The company itself

“Price and volume developments Prices for salmon of Icelandic origin had a positive development in 2024 compared with 2023.”

Annual report 2024A · The company itself

“Our NIBD (excluding effects of IFRS 16) was EUR 1 867.1 million as of December 31, 2024, up from EUR 1 790.3 million as of December 31, 2023, of which EUR 132.7 million in Arctic Fish.”

Annual report 2024A · The company itself

“Europe is by far the largest market for our salmon, followed by Americas and Asia.”

Annual report 2024A · The company itself

“The largest increase originated from Chile where we increased the number of ASC certified sites from 14 to 23. In Chile, there was an early harvest due to jellyfish, just prior to the BAP certification being successfully obtained, leading to 99,75% of the harvest volumes being BAP certified in 2024.”

Annual report 2024A · The company itself

“The Group’s farming activities are located in Norway, Scotland, Canada, Chile, Ireland, Iceland and the Faroe Islands.”

Annual report 2024A · The company itself

“The guidance of 315k GWT for Mowi Norway in 2025 implies growth of 85k GWT since 2018 and an impressive CAGR of 4.6% vs. 3.1% for the industry.”

Annual report 2024A · The company itself

“With regards to price achievement relative to the reference price, this was somewhat reduced in Norway driven by quality downgrading in the first half of the year.”

Annual report 2024A · The company itself

“Contracts, quality and price 2024 NORWEGIAN ORIGIN SCOTTISH ORIGIN CANADIAN ORIGIN CHILEAN ORIGIN IRISH ORIGIN FAROESE ORIGIN ICELANDIC ORIGIN TOTAL Contract share 23% 60% — 30% 60% — — 27% Quality - superior share 83% 94% 91% 92% 92% 91% 95% 87% Price achievement 97% 125% 98% 106% N/A 109% 101% 102% Costs and operations Performance in Mowi Norway was strong in 2024 with all-time high seawater production and harvest volumes, high license utilisation and increased smolt stocking.”

Annual report 2024A · The company itself

“Harvest volumes ended at record-high 84 479 tonnes gutted weight compared with 81 937 tonnes in 2023 on overall good biological performance.”

Annual report 2024A · The company itself

“Leading the blue revolution strategy board statements financial statements analytical appendices In Mowi Norway, our largest and most important farming entity, harvest volumes reached a record-high level of 304k GWT in 2024 and license utilisation and production efficiency are industry-leading.”

Annual report 2024A · The company itself

“Mowi has 66 sites located in biodiversity sensitive areas, but none of these sites have documented negative impact on the local habitat with regards to land degradation, desertification or soil sealing or to the disturbance of the species for which the protected area has been designated.”

Annual report 2024A · The company itself

“For Farming Norway, our freshwater withdrawal in 2024 was 222 975 491 m3, representing 0.62 m3/kg fish produced in Norway.”

Annual report 2024A · The company itself

“Harvest volumes increased to all-time high levels and exceeded 70k tonnes for the first time since 2008.”

Annual report 2024A · The company itself

“The contract share was 29% in 2024 (30% in 2023). The superior share for salmon of Chilean origin was 92% in 2024 (91% in 2023), i.e. at the group target of 92%.”

Annual report 2024A · The company itself

“In Mowi's operations in Chile, overall biology and cost performance has been good. Volumes increased by 5% on increased smolt stocking, and exceeded 70k tonnes for the first time since 2008.”

Annual report 2024A · The company itself

“Soy purchased from Brazil was 100% ProTerra certified and originates from the states of Matto Grosso, Minas Gerais and Goiás.”

Annual report 2024A · The company itself

“The Group’s farming activities are located in Norway, Scotland, Canada, Chile, Ireland, Iceland and the Faroe Islands.”

Annual report 2024A · The company itself

“We also address requirements related to packaging, product specifications, and labelling. While fresh whole salmon remains our main product, we have continuously expanded our portfolio over the years with a range of new, innovative product lines designed to meet diverse local customer and consumer needs and preferences across all channels.”

Annual report 2024A · The company itself

“An important goal for Mowi has been to reduce the use of plastics in our packaging.”

Annual report 2024A · The company itself

“On farming equipment and best practice, Mowi has reduced high-pressure cleaning of salmon nets and dependency on copper-based antifouling paints since 2020.”

Annual report 2024A · The company itself