COMPANY

Mowi Posts Solid Q3 Results on Record-High Harvest Despite Low Salmon Prices

Oslo, Norway, 5 November 2025 |

MOWI - presentación informe sostenibilidad 2025

Mowi reported revenues of EUR 1.39 billion and an operational EBIT of EUR 112 million for the third quarter, as the world’s largest salmon producer maintained strong performance despite a downturn in prices caused by high global supply.

“Despite the quarter’s challenging prices, it is pleasing to see what we continue to deliver well on both operations and growth. We have never produced more salmon than we did this quarter and we have never had more fish in the sea at this time of year. All of which positions us well for further growth,” said Mowi CEO Ivan Vindheim.

The company harvested a record 166,000 tonnes of salmon during the quarter and has once again raised its volume guidance for 2025 – from 545,000 tonnes to 554,000 tonnes – mainly following the consolidation of Nove Sea from the fourth quarter. This represents a 10.5% increase from 2024. Looking ahead, Mowi expects to harvest 605,000 tonnes in 2026, up 9.2% from the current year, with 380,000 tonnes projected to come from Norway.

In recent years, Mowi has expanded rapidly from producing 400,000 tonnes to 600,000 tonnes annually, while strengthening its profitability through cost discipline and operational efficiency.

“It is positive to see that we have reduced our farming costs by a full EUR 50 million in the third quarter this year compared with the same quarter last year, and by EUR 126 million in the year to date. Furthermore, our standing biomass cost continues to develop positively on lower feed prices and other cost measures, which bodes well for next year’s realized production costs,” Vindheim added.

The company’s processing arm, Mowi Consumer Products, delivered its strongest quarter on record, supported by efficient operations, high volumes, and lower raw material prices.

“Results in Mowi Consumer Products have improved significantly in recent years, not only due to better underlying operations, but also because Mowi benefits from being a fully integrated seafood company. Additionally, in the downstream segment, we can buy cheaper raw materials and exploit market opportunities in period of falling salmon prices, as in 2025,” said Vindheim.

Mowi Feed, the company’s feed division, also recorded a strong performance, achieving record-high earnings and its second-highest sales volumes ever.

The company noted that 2025 has been characterized by unusually high supply growth following several years of biological challenges across the industry. Supply is now expected to normalize, with growth projected at around 1% next year. Combined with favourable market conditions, Mowi anticipates a tighter market balance going forward.