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Update on license renewals in Canada West (British Columbia)

Mowi ASA
Mowi ASA

Yesterday evening the Government of Canada announced a new 5 year licensing period to 30 June 2029 as well as a policy to move-away from traditional marine salmon farms in the province of British Columbia. The government proposes to move BC salmon farms to closed-containment systems or onto land. Further details including a draft plan for the required transition are to be announced by the end of July 2024 and will be followed by another period of consultation.

The unfortunate announcement comes despite our efforts to pave the way for future sustainable growth and employment, including a thorough consultation process involving multiple stakeholders as well as gaining strong support over the years from the local communities in which we operate. We are disappointed with the decision since traditional marine salmon farming is absolutely sustainable, thus the basis for the decision lacks scientific merit. Mowi will now take the time to examine the announcement more closely and explore our available options before taking the appropriate action.

Mowi has 46 seawater licenses in Canada West (British Columbia) and harvested 19k GWT in Canada West in 2023, revenues totaled EUR 149 million and Operational EBIT reached EUR 11 million. In the first quarter 2024 Mowi Canada West’s Operational EBIT amounted to EUR 0 million.

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In 2023 Mowi Group harvested 475k GWT, revenues totaled EUR 5.5 billion and Operational EBIT reached EUR 1,028 million.

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