Mowi (MOWI) CMD 2024 summary

Strategic direction and growth targets

• Plans to increase annual salmon harvest from 500,000 tonnes in 2024 to 600,000 tonnes by 2029, supported by EUR 600 million CapEx and leveraging better license capacity utilization, postsmolt investments, and flow-based farming.

• Projected top-line growth of 7%-8% annually, aiming for EUR 8.5 billion in operating revenues by 2029, with expansion in Consumer Products and Feed divisions.

• Focused on fjord-based and flow-based salmon farming, with openness to new technologies, accretive M&A, and selective acquisitions for strategic fit.

• Growth to be driven by increased smolt stocking, postsmolt strategies, and unutilized license capacity.

• Expansion plans include significant investments in postsmolt facilities and digitalization (Smart Farming, Mowi 4.0), aligning the entire supply chain.

Cost competitiveness and efficiency initiatives

• Identified EUR 300-400 million in untapped cost-saving potential across the value chain, with one-third from postsmolt, one-third from Mowi 4.0, and one-third from generic cost initiatives.

• Achieved EUR 307 million in annualized savings since 2018, mainly through operational improvements, standardization, and productivity programs.

• Ongoing focus on reducing cost differences between units, leveraging best practices, automation, and digitalization, including Smart Factory and Mowi 4.0.

• Sales and marketing targets EUR 60 million in additional cost cuts over five years, mainly via yield improvement and automation in over 30 factories.

• Feed cost and performance remain a priority, with continued investment in sustainable raw materials and process optimization.

Sustainability, innovation, and technology

• Sustainability is a core pillar, with recognition as the world's most sustainable animal protein producer by FAIRR for five consecutive years and inclusion in Time Magazine's top 500 sustainable companies.

• Smart Farming and Smart Factory concepts are being rolled out, including real-time monitoring, autonomous feeding, robotic net cleaning, and AI-driven decision-making.

• Postsmolt strategy aims to halve mortality at sea, improve welfare, increase productivity, and reduce lice treatments by 40%.

• R&D investments exceed EUR 100 million over three years, focusing on fish health, welfare, and digital transformation.

• Feed innovation targets 10-15% inclusion of new sustainable ingredients by 2030, with 4% achieved in 2023 and 100% traceability.