Mowi reports strong Q3 on record salmon harvests

NORWAY – Global seafood company Mowi has reported third-quarter revenues of about US$1.49 billion (EUR 1.39 billion) and an operational EBIT of roughly US$120 million (EUR 112 million), supported by record production volumes even as salmon prices weakened due to high global supply.

According to CEO Ivan Vindheim, the quarter’s performance reflected the company’s operational resilience and continued growth momentum despite market challenges.

Mowi achieved a record harvest of 166,000 tonnes in the third quarter and has raised its 2025 volume guidance from 545,000 tonnes to 554,000 tonnes, largely due to the consolidation of Nova Sea starting in the fourth quarter.

This represents a projected production increase of 10.5% from 2024, with expectations to harvest 605,000 tonnes in 2026, about 9.2% higher than the current year, including 380,000 tonnes from Norwegian operations.

Over recent years, the company has grown its annual output from 400,000 tonnes to 600,000 tonnes while maintaining profitability through strict cost control and operational efficiency.

Vindheim said Mowi reduced farming costs by around US$54 million (EUR 50 million) in the third quarter compared with the same period last year, and by roughly US$136 million (EUR 126 million) for the year to date.

He added that lower feed prices and improved cost measures have helped reduce the cost of standing biomass, positioning the company for stronger margins in the year ahead.

Record quarter for consumer and feed divisions

Mowi’s Consumer Products division, which handles processing, recorded its strongest quarter to date with higher volumes, lower input costs, and steady operations.

Vindheim attributed the segment’s performance to the company’s integrated business model, allowing it to adapt quickly to falling raw material prices and capture downstream opportunities.

The company’s feed division, Mowi Feed, also reported record earnings and its second-highest sales volumes, reflecting stronger performance across business segments.

The company’s Q3 2025 operational EBITDA for the feed division was US$30.08 million (€26 million), compared to US$24.87 million (€21.5 million) in Q3 2024.

While 2025 has been marked by unusually high global salmon supply following years of biological setbacks, Mowi expects supply growth to normalise to around 1% next year.

With that, the company anticipates a tighter market balance moving forward and expects improved conditions in 2026.

Mowi’s board has declared a quarterly dividend of NOK 1.50 per share, equivalent to about US$0.13.

New sustainability strategy

Separately, the company announced a new sustainability roadmap to reduce environmental impact and secure long-term operational viability.

The plan aligns with the United Nations Sustainable Development Goals and prioritises certified sourcing, waste management, freshwater protection, and responsible feed production.

Mowi said it has already achieved its target of 100% of annual harvest volumes being certified under Global Seafood Sustainability Initiative-recognised standards, including the Aquaculture Stewardship Council (ASC).

The company added that third-party certification remains central to its sustainability framework as it continues to strengthen accountability across its global operations.

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