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The second quarter of 2025 ended with record-high revenues for Mowi, on strong
biological and operational performance, all-time high volumes and decreasing
cost.
“2025 has so far been a good year for the Farming division with very good
operations and strong growth,” said Mowi CEO, Ivan Vindheim.
Mowi harvested a record 133,000 tonnes in the second quarter, representing
growth of 21% compared with last year. The company has consequently increased
its volume guidance for 2025 to 545,000 tonnes on strong seawater growth,
equivalent to annual growth of 9% from 2024.
“It is satisfying to see that we are delivering on our strategy. With the
recently concluded agreement to increase our ownership stake in Nova Sea from
49% to 95%, we expect to harvest at least 600,000 tonnes as early as next year,
equivalent to a growth of 10% in 2026, and we are rapidly approaching our next
milestone of 400,000 tonnes in Norway alone,” said Vindheim.
In just a few years Mowi will have gone from producing 400,000 tonnes per year
globally to producing 600,000 tonnes in 2026. This is equivalent to annual
growth of 6.1%, compared with the industry average of 3.3%. This growth has
mostly been achieved organically and Mowi still has a number of organic growth
initiatives that are expected to contribute to further volume growth going
forward. At the same time as Mowi’s volumes have grown, the total number of man-
years has decreased and productivity increased by 36%.
“It is extremely encouraging to see our production cost fall in the second
quarter to its lowest level since 2022, something which has contributed EUR 49
million to earnings in the quarter. For the first half of 2025 this effect
increases to EUR 67 million. This is in part the result of lower feed prices,
but also reflects a range of cost-cutting measures undertaken by the
organisation over time. I would therefore like once again to thank all my
colleagues in Mowi for their relentless efforts day after day to improve the
company’s operations,” said Vindheim.
Mowi Consumer Products, the group’s value-added business, also delivered its
best quarter yet, on first-rate operational performance, high volumes and lower
raw-material prices.
“Earnings in Consumer Products have improved significantly in recent years not
only on better underlying operations but also because Mowi has captured more of
the value creation as an integrated salmon company offering customers a better
value proposition. In addition, when salmon prices fall, as they did in the
second quarter, lower realised prices for our farming business result in cheaper
raw materials for our downstream processing business, leading to better earnings
for the latter,” Vindheim said.
Mowi Feed also had a strong quarter with earnings and sold volumes both record-
high for a second quarter.
Demand for Mowi’s products continued to be strong in the second quarter. Total
salmon consumption measured by value increased by 5% compared with the same
period in 2024. So far, 2025 has been characterised by strong biology following
several years of biological challenges. This has resulted in very high global
supply growth in the year, reaching 18% in the second quarter, which has put
pressure on prices. This supply growth has persisted into the third quarter, but
we are now seeing more normalised production and more-or-less unchanged numbers
of individuals in the sea compared with 2024. Therefore, the market expects only
marginal supply growth in 2026 and, as a result, higher salmon prices.
Mowi’s Board of Directors has decided to pay a quarterly dividend of NOK 1.45
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
545,000 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
