Mowi Annual Report 2023

2023 was another record year for Mowi and the company achieved several milestones.

Operational earnings were all-time high at EUR 1 028 million. Revenue of EUR 5.5 billion was the highest ever driven by record-high volumes of 475,000 tonnes and higher achieved prices. Performance was stellar in all three business areas – Farming, Consumer Products and Feed.

The company has delivered on its three strategic pillars – volume growth, cost competitiveness and sustainability. These achievements were only made possible by the dedication and hard work of Mowi’s employees across 26 countries.

Our integrated annual report sets out how we run our business and describes our vision, our ambition, our successes and our improvement areas in an open and transparent way.

To learn more about our performance in 2023, as well as our priorities for 2024 and beyond, read our integrated report here.

Key achievements in 2023

OPERATIONAL

• Harvest volumes of 474 664 tonnes, all-time high
• Highest revenues ever at EUR 5.5 billion
• All time high operational EBIT of EUR 1 028 million on first-rate operational performance in all business areas.
• Best ever relative seawater growth performance in Farming
• Improved survival rate and average harvest weights vs. last year
• Arctic Fish (Mowi Iceland) fully consolidated from January 2023
• Consumer Products with highest ever Operational EBIT of EUR 152 million on strong volumes of 232 169 tonnes product weight improved yield and strong operational performance
• Record-high Operational EBITDA for Feed of EUR 52 million. Produced volumes of 527 751 tonnes
• Strong feed performance, and Mowi self-sufficient for feed in Europe. The Norwegian plant reached a new milestone with production of 404 538 tonnes of fish feed
• FTEs reduced by a total of 2 189 on a like-for-like basis since the start of the productivity programme in 2020, equivalent to 15% productivity improvement

FINANCIAL

• Best ever Operational EBIT of EUR 1 028 million and Financial EBIT of EUR 981 million
• Return on capital employed (ROCE) of 19.3%
• Completed 2023 cost savings programme with annual savings of EUR 55 million and initiated new global EUR 25 million cost savings programme for 2024
• Exercised accordion option to increase bank facility by EUR 200 million to EUR 2 000 million. Refinancing of Arctic Fish with new EUR 170 million three-year facility
• Long-term NIBD target increased from EUR 1 400 million to EUR 1 700 million on the back of of recent years’ growth and improved debt-servicing capacity.
• Strong financial position with covenant equity ratio at 48.4%
• Dividends of NOK 7.20 per share paid out in 2023

SUSTAINABILITY

• Mowi ranked the top company by the Coller FAIRR Protein Producer Index for the fifth year in a row
• Improved safety record with all-time low rolling LTIs per million hours worked
• Reduced scope 1 and scope 2 GHG emissions by 36% since 2019
• Share of sustainable financing increased to 94%

Priorities going forward

• Volume growth including realisation of postsmolt effects
• Continued cost and FTE focus
• Sustainability
• Improved volumes and profitability for MOWI-branded products
• Digitalisation and automation – Mowi 4.0
• Develop our people and leaders