Mowi’s feed division leads record-breaking Q4 performance

NORWAY – Mowi’s feed division played a pivotal role in the company’s record-breaking performance in Q4 2024. 

The division achieved all-time high volumes and revenues, with an operational EBITDA of EUR 20.5 (US$21.38) million, a significant increase from EUR 16.0 (US$16.68) million in the previous year. 

For the full year, Mowi Feed recorded its highest-ever operational EBITDA of EUR 62.2 (US$64.86) million on a total volume of 584,586 tonnes, marking a 12% year-on-year increase.

Operating revenues for the feed division reached EUR 307.9 (US$321.05) million in Q4, up from EUR 298.1 (US$310.83) million in Q4 2023, driven by robust demand and improved seawater growth. 

Sold volumes hit a seasonal record of 163,799 tonnes, demonstrating the division’s continued expansion and efficiency. 

The European market remained a key driver, with 95% of Mowi Feed’s total production consumed by its farming operations. 

Additionally, raw material prices showed a favourable decline, leading to lower feed costs and boosting profitability.

With plans for further growth, Mowi announced a 60,000-tonne expansion project at its Bjugn feed plant in Norway, expected to be completed by Q2 2026. 

“Our feed division has seen substantial growth in recent years, and with Nova Sea on board, we will need additional feed capacity to sustain our expansion,” said Mowi CEO Ivan Vindheim.

Record revenues and harvest volumes

Beyond feed, Mowi reported record-high operating revenues of EUR 1.5 (US$1.56) billion in Q4 2024, translating into an operational profit of EUR 226 (US$235.65) million. 

This milestone capped an exceptional year, with total revenues reaching EUR 5.62 (US$5.86) billion from 502,000 tonnes of salmon harvested—both all-time highs for the company.

The global harvest of Atlantic salmon amounted to 717,300 tonnes in Q4, reflecting a 3% increase in line with expectations. 

Mowi’s value-added business, Mowi Consumer Products, also delivered impressive results, further contributing to the company’s strong financial performance.

Vindheim emphasised the company’s continued focus on cost efficiency and volume growth: “Our margins show that we remained competitive on cost in 2024, which is vitally important in salmon farming. Falling feed prices contributed to somewhat reduced costs, and we expect that trend to continue in 2025.”

Upward adjustment to 2025 volume guidance

Mowi also adjusted its 2025 harvest volume guidance upwards from 520,000 to 530,000 tonnes, citing improved seawater conditions, higher survival rates, and better feed conversion ratios. 

“We have seen significant improvements this winter compared with last year, with much better growth at sea and improved quality,” said Vindheim.

As part of its long-term strategy, Mowi remains committed to expanding its operations along the entire value chain, with feed playing an increasingly important role in its overall growth trajectory.

Despite the strong financials, Mowi faced challenges, including the recent escape of 27,000 farmed salmon in Norway. 

The company has since launched an extensive recapture effort, offering rewards for returned fish while facing scrutiny from environmental groups over potential impacts on wild salmon populations.

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