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âThe first quarter was challenging for Mowi in Norway due to winter sores and an
unusually high prevalence of string jellyfish, in addition to a very cold
winter. Consequently, I am pleased to see the situation in Norway has improved
considerably in the second quarter. We are now vaccinating our smolt with an
improved winter sore vaccine which has shown promising results so far, and we
believe that this, together with other measures we are taking, will lead to a
significantly improved situation next year,â said Mowi CEO Ivan Vindheim.
Outside Norway, Mowi delivered strong biological performance in its six other
farming countries during the quarter.
âIt is comforting to see biological improvements in Scotland compared with last
year, and that our Chilean operation has coped well during the El NiĂąo period.
Mowiâs other farming regions abroad have also achieved good biological results
in the quarter,â Vindheim said.
As a result of improved biology, falling feed prices and scale effects, Mowi
expects reduced production costs in the second half of the year.
Mowi harvested 96 500 tonnes of salmon in the first quarter, leaving a
seasonally record-high biomass in sea at quarter end. This, combined with
improved biological performance in Mowi Norway so far in the second quarter,
means that group volume guidance of record-high 500,000 tonnes for 2024 is re-
iterated, marking a new milestone in Mowiâs 60-year history Furthermore, this
would correspond to an increase of 5.3% from last year, yet again significantly
higher than the expected growth in the wider industry.
Since 2021 Mowi has focused heavily on releasing larger smolt to sea. CEO Ivan
Vindheim is certain that this strategy will lead to further growth and improved
biological KPIs in the coming years.
âBy the end of 2024 Mowi will have capacity to produce almost 40 million
postsmolt, equivalent to a share of approximately 25% of the groupâs total
smolt. In Norway, Mowiâs postsmolt share will be approximately 50%, when
excluding Region North from the equation for natural reasons. This is expected
to drive license utilisation higher and at the same time contribute to improved
fish welfare and survival rates,â said Vindheim.
Mowi Consumer Products, the groupâs secondary processing business, delivered
good operational performance in the first quarter, and increased sold volumes
year-on-year on strong European retail demand.
âEuropean salmon prices have been strong so far this year, however, prices for
American salmon have been weaker. We believe American salmon prices will
strengthen over time as we see practically no supply growth this year and
limited supply growth in the coming years,â said Vindheim
Mowi Feed also had a good quarter, setting a new record for volumes sold in what
is expected to be another year of all-time high volumes and earnings for the
groupâs feed operation following record-high harvest volumes for Mowi Farming.
Mowiâs Board has decided to pay a quarterly dividend of NOK 1.50 per share.
For further information, please contact:
Kristian Ellingsen, CFO, +47 905 14 275
Kim Galtung Døsvig, IR Officer & Head of Treasury, +47 908 76?339
Ola Helge Hjetland, Group Communications Director, +47 970 67 932
About Mowi ASA
Mowi is one of the worldâs leading seafood companies and the largest producer of
farm-raised Atlantic salmon in the world, with an estimated harvest for 2024 of
500 000 tonnes from seven farming countries including Norway, Scotland, Ireland,
Faroes, Iceland, Canada and Chile.
Mowi is a fully integrated global seafood company, bringing salmon and other
seafood of supreme quality to consumers around the world, partly under its own
MOWI brand. Mowi is ranked as the most sustainable listed animal protein
producer in the world by Coller FAIRR.
With headquarters in Bergen, Norway, Mowi employs 11 500 people in 25 countries
worldwide, and is listed on the Oslo Stock Exchange. Turnover was EUR 5.5
billion in 2023.
For more information, please visit www.mowi.com (http://www.mowi.com).
Forward looking statements
This release may be deemed to include forward-looking statements, such as
statements that relate to Mowiâs goals and strategies, salmon prices, ability to
increase or vary harvest volume, production capacity, trends in the seafood
industry, restructuring initiatives, exchange rate and interest rate
fluctuations, expected research and development expenditures, business prospects
and positioning with respect to market, demographic and pricing trends,
strategic initiatives, and the effects of any extraordinary events and various
other matters (including developments with respect to laws, regulations and
governmental policies regulating the industry and changes in accounting
policies, standards and interpretations) on Mowiâs business and results.
Forward-looking statements are typically identified by words or phrases, such as
âbelieve,â âexpect,â âanticipate,â âintend,â âestimate,â âmay increase,â âmay
fluctuate,â âplan,â âgoal,â âtarget,â âstrategy,â and similar expressions or
future or conditional verbs such as âmay,â âwill,â âshould,â âwould,â and
âcould.â Forward-looking statements are Mowiâs current estimates or expectations
of future events or future results. Actual results could differ materially from
those indicated by these statements because the realization of those results is
subject to many risks and uncertainties. Mowi ASAâs Annual
Report contains additional information about factors that could affect actual
results, including: changes to the price of salmon including the value of our
biological assets; hedging risks; risks related to fish feed; economic and
market risks; environmental risks; operational risks; risks related to escapes,
disease and sea lice; product risks; risks related to our acquisitions;
financing risks; regulation risks including relating to food safety, the
aquaculture industry, processing, competition, anti-trust and anti-corruption;
trade restriction risks; litigation risks; tax and accounting risks; strategic
and competitive risks; and reputation risks. All forward-looking statements
included in this release are based on information available at the time of the
release, and Mowi assumes no obligation to update any forward-looking
statement.
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Kilde
