Mowi ASA

Q3 was a standout quarter (strong earnings, volumes, revenue) - Harvest volumes: 186k tonnes in Q3 — +12% YoY, setting a new quarterly high (biggest driver of results). - Realized weighted production costs (7 production countries): EUR 5.11/kg — slightly below guidance, and down vs Q3 last year (Kristian cited -EUR 0.31/kg YoY = -EUR 51m absolute), helped by falling feed prices through the cycle plus operational performance. - Operating profit: EUR 275m, described as seasonally record high and ~2.5x Q3 last year (EUR 112m). - Revenue: EUR 1.73bn — all-time high quarterly turnover. - Market context: management said the market recovery is playing out with prices +18% YoY in Q3 and +13% so far in Q4.

Full-year and next-year volume forecasts (improved 2026 guidance) - 2026 farming volume guidance increased: to 620k tonnes (from 600k) due to exceptionally good sea growth. - Implies ~+11% YoY; management notes a mix of Nova Sea acquisition contribution and organic growth (~1/3 of the increase). - 2027 forecast: 630k tonnes, assuming normal growth conditions (management explicitly expects less “biological jackpot” than 2026). - Norway target: guidance increased to 395k tonnes for 2026, aiming for a new “3-digit” milestone (and 405k tonnes for 2027). - 2029 long-term target change: removed the “organic at least 650k” framing because Mowi is “almost there”; company signaled a new long-term target is needed (implied ~700k as the next benchmark, but timing/investments to be determined).

Costs: feed inflation is the key near-to-medium term challenge (but expectations are unchanged) - Feed price pressure: feed costs are rising again due to weak pelagic fisheries and temporary supply issues; Peru anchovy issues were mentioned (second season cancelled; spring season coming). - Company expects Q4 realized costs to be higher vs Q3 (seasonality + lower harvest volumes leading to less fixed-cost dilution), but relatively stable Q4 YoY. - For 2027: management said the cost curve / guidance communicated in Q2 remains unchanged (no update to the assumptions used for overall Mowi effect), even though feed prices have moved up—timing/lag and Mowi’s vertical integration (feed producer) affect when costs show up. - Notable mitigations/opportunities: industrial partnership Skretting Nutreco “well underway” targeting EUR 55m annualized net savings; also feed formulation adjustments and ongoing cost program.