Mowi ASA (OSE

MOWI): Q1 2020 Trading update

Harvest volumes Q1 2020 (1)

Farming Norway	50.5 thousand tonnes
Farming Scotland	9.0 thousand tonnes
Farming Canada	8.0 thousand tonnes
Farming Chile	14.0 thousand tonnes
Farming Ireland	0.0 thousand tonnes
Farming Faroes	1.5 thousand tonnes
Total	83.0 thousand tonnes

In connection with the presentation of the Q4 2019 results, Mowi ASA guided a total harvest volume of 84 thousand tonnes (GWE) for Q1 2020.

Note:
(1) The harvest volumes are provided in gutted weight equivalents (GWE). The figures include salmonid species only.

Additional information

Operational EBIT for the Group was approximately EUR 107 million in Q1 2020 (EUR 196 million in Q1 2019), of which Farming EUR 101 million, Sales & Marketing EUR 14 million and Feed EUR -1 million.

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

Norway	EUR	1.65
Scotland	EUR	0.65
Canada	EUR	0.90
Chile	EUR	1.20
Ireland	EUR	-   (no harvesting in Q1)
Faroes	EUR	2.80

The contract share was 43% in Norway and 75% in Scotland in the quarter. Blended cost in the first quarter was 0.22 EUR/kg higher than in the fourth quarter of 2019 on 29% lower volumes.

Reported financial net interest-bearing debt (NIBD) was approximately EUR 1 360 million at the end of the quarter (excluding IFRS 16 effects).

In light of the Covid-19 pandemic the Board of Mowi has decided to postpone the decision on first quarter dividend until second quarter. The Board considers it essential to maintain a strong financial position amid the heightened uncertainty caused by Covid-19. The situation is challenging for all and Mowi is no exception. While our operations have continued to run more or less normally so far, we are incurring more costs than usual due to extensive measures implemented internally and externally. We are monitoring the situation closely and are ready to take further measures if needed.

The complete Q1 2020 report will be released on 13 May at 06:30 CET.

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

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