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Mowi ended 2024 with a string of records, for both the fourth quarter and the
full year. The world’s largest aquaculture company has never had higher turnover
and harvest volumes than in 2024 when revenue was EUR 5.62 billion on 502,000
tonnes of salmon harvested. A harvest volume of 134,000 tonnes in the fourth
quarter was itself a seasonal record.
“I am extremely pleased that we have continued to deliver on our strategy and
our goals, and I am impressed with the way the organisation was once again able
to produce both record volumes and record revenues in 2024. Our margins show
that we were once again competitive on cost in 2024, which is vitally important
in salmon farming. Falling feed prices have also contributed to somewhat reduced
costs, and we expect that trend to continue in 2025,” said Mowi CEO Ivan
Vindheim.
The company’s seawater production was very strong in the fourth quarter, and
this has continued into 2025.
“We have seen a significant improvement this winter compared with last year, in
terms of much better growth in sea, higher survival rates, better feed
conversion rates and improved quality. This bodes well for the rest of the year
and has prompted us to adjust our volume guidance for 2025 upwards, from
520,000 tonnes to 530,000 tonnes,” said Vindheim.
Mowi recently entered into an agreement with Vigner Olaisen AS to purchase their
shares in Nova Sea, which will increase Mowi’s ownership of Nova Sea from 49% to
95%. Nova Sea is a leading salmon farmer in production area 8 in Northern Norway
and is present in the entire value chain from broodstock and smolt production to
harvesting and sales. The company expects to harvest 52,000 tonnes of salmon in
2025. Nova Sea and the Olaisen family are pioneers in the Norwegian aquaculture
industry and the company is known for its strong biological performance and
industry-leading margins.
“With Nova Sea on board, we expect our volumes to reach 600,000 tonnes next
year, and we will be well on our way to harvesting 400,000 tonnes in Norway
alone. Mowi was harvesting 375,000 tonnes globally as recently as 2018, so our
volumes will have grown by 225,000 tonnes in just a few years. This corresponds
to annual growth of 6.1% compared with 3.1% for the wider industry,” said
Vindheim.
Volume growth across the value chain is an important strategic pillar for Mowi
and the company has no plans to stop growing now.
“We will continue to invest in the whole value chain and have a number of growth
initiatives underway. Perhaps the most important of these is our postsmolt
strategy, which is now starting to show results. We expect larger, more robust
smolt to have a significant impact to our biological performance, including on
fish welfare” Vindheim said.
Mowi was recently ranked the most sustainable listed animal protein producer for
the sixth consecutive year by the Coller FAIRR Protein Producer Index. The
Coller FAIRR Protein Producer Index is the world’s most detailed sustainability
assessment of meat, dairy and farmed fish producers in the world.
Record year for Consumer Products and Feed
Mowi Consumer Products, the group’s value-added business, had yet another strong
quarter and year with record high operational profit of EUR 53 million for the
fourth quarter and EUR 146 million for the year. Consumer Products also set a
new volume record, producing 247,000 tonnes in the year, up 6.5% on 2023.
“We are seeing good retail demand for our products and continue to develop new
and innovative high-quality products to keep up with new trends and consumers’
ever-changing needs,” Vindheim said.
Mowi Feed also had another strong quarter, delivering record volumes and
revenues. The full year was also record-breaking, with operational profit of EUR
62 million on 585,000 tonnes of feed.
“Our feed division has seen substantial growth in recent years, most recently
growing by 12% in 2024 compared with the previous year. With Nova Sea on board
we will need additional feed capacity in Norway in order to continue to grow,
therefore we are undertaking a 60,000-tonne expansion project at our feed plant
at Bjugn, Norway, with expected completion in the second quarter of 2026,”
Vindheim said.
Mowi’s Board has decided to pay a quarterly dividend of NOK 2.00 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 world’s leading seafood companies and the largest producer of
farm-raised Atlantic salmon in the world, with an estimated 2025 harvest of
530 000 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 11 800 people in 26 countries
worldwide, and is listed on the Oslo Stock Exchange. Turnover was EUR 5.6
billion in 2024.
For more information, please visit mowi.com.
Forward looking statements
This release may be deemed to include forward-looking statements, such as
statements that relate to Mowi’s 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 Mowi’s business and results.
Forward-looking statements are typically identified by words or phrases, such as
“believe,” “expect,” “anticipate,” “intend,” “estimate,” “may increase,” “may
fluctuate,” “plan,” “goal,” “target,” “strategy,” and similar expressions or
future or conditional verbs such as “may,” “will,” “should,” “would,” and
“could.” Forward-looking statements are Mowi’s 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 ASA’s 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
