Mowi raises 2025 output target despite weaker Q2 earnings

NORWAY – Norwegian salmon farming giant Mowi has raised its harvest target for 2025 after posting mixed results in the second quarter, highlighting both the challenges and opportunities facing the world’s largest seafood producer.

The company reported an 8.7% drop in earnings before interest and taxes (EBIT) for the April–June period, which fell to US$95.2 million, compared with the same quarter last year. Operational EBIT slipped even further, down 17% to US$219.2 million,  as weaker market prices weighed on margins.

Revenue, however, rose 4% year-on-year to US$1.61 billion, boosted by higher sales volumes. Net profit for the quarter climbed 10% to US$46.9 million. 

The company also harvested a record 133,000 tonnes of salmon during the quarter, marking a 21% increase from the second quarter of 2024.

Mowi’s chief executive Ivan Vindheim credited the performance of its core operations for the results. “Farming operations have delivered very good results and strong growth so far in 2025,” he said.

Ambitious growth plans
On the back of these developments, Mowi lifted its full-year harvest guidance to 545,000 tonnes, representing a 9% increase from last year. 

Looking further ahead, Vindheim said harvest volumes could exceed 600,000 tonnes in 2026, driven largely by the company’s recent acquisition of a controlling stake in Norwegian peer Nova Sea.

In January, Mowi bought Vigner Olaisen’s 46% shareholding in Nova Sea for US$655 million (Nkr7.4 billion), raising its stake from 49% to 95%. The move handed the salmon farmer near-total ownership of the company, in which it has held shares since 1995.

Mixed first-half performance
For the first six months of 2025, Mowi generated US$3.19 billion in revenue, up nearly 3% year-on-year. 

Yet earnings told a different story: EBIT plunged to US$142.7 million from US$381 million a year earlier, while net profit tumbled to US$68.5 million, down from US$241.7 million in the same period of 2024.

The company has been pursuing a cost-cutting plan announced last September, aimed at saving up to US$446.3 million over five years, primarily through investment in new technology. 

Despite ongoing earnings pressure, the board approved a quarterly dividend of Nkr1.45 (approximately US$0.14) per share.

Mowi Canada East reports massive mortalities at three sites

Elsewhere, Mowi is facing challenges in Canada after reporting a mass fish die-off at three of its aquaculture sites on Newfoundland’s south coast, resulting in the death of about 400,000 fish. 

According to reports filed on August 31, approximately 1.7 million farmed salmon were affected by what the company described as “an abnormal mortality event exceeding 10 per cent of the site population” at its Harvey Hill East, Harvey Hill South, and Broad Cove marine sites in Harbour Breton. 

The company has begun removing and disposing of dead fish while harvesting some of the remaining population, and says the cause of the incident is still under investigation.

This marks the second such event for Mowi Canada East this summer, following the death of thousands of fish at its Little Burdock Cove site near Rencontre East in July. 

At that time, the company attributed the losses to a period of higher water temperatures combined with lower oxygen levels. 

In a statement, spokesperson Aaron Bennett noted that mortality events occur across livestock farming, adding: “This incident is also an economic loss to the company and comes after several years of successful incident-free production, but 2025 is proving to be an environmentally tough year for everyone.”

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