COMPANY

Mowi anticipates tighter salmon market in 2026

Oslo, Norway, 11 February 2026 | Mowi closed 2025 with record revenues of EUR 5.73 billion and an EBIT of EUR 727 million

MOWI - presentación informe sostenibilidad 2025

After a year marked by unusually strong global supply expansion, the salmon market is expected to move towards a tighter balance in 2026. That is the outlook presented by Mowi, the world’s largest salmon farmer, in its full-year 2025 results.

The Norwegian group reported record revenues of EUR 5.73 billion and operational EBIT of EUR 727 million for 2025. In the fourth quarter alone, revenues reached EUR 1.59 billion, with operational EBIT of EUR 213 million and harvest volumes of 152,000 tonnes, the highest ever recorded in a fourth quarter.

Full-year harvest volumes totalled 559,000 tonnes, representing annual growth of 11.4%, according to the company.

Mowi stated that 2025 was characterised by global salmon supply growth of around 12%, following several years of biological challenges across producing regions. The rapid expansion weighed on prices for much of the year, although prices recovered in the fourth quarter as expected.

Despite the softer price environment, the company reported a return on capital employed (ROCE) of 13.3%. Mowi also highlighted cost reduction in tis Farming segment of EUR 197 million, with further reduction anticipated in 2026.

Chief Executive Officer Ivan Vindheim said the company continues to execute its volume growth strategy, having expanded from a 400,000-tonne producer to close to 600,000 tonnes within just a few years.

Looking ahead, Mowi expects ot harvest 605,000 tonnes in 2026, corresponding to growth of 8.3% compared with an estimated 1% growth for the wider industry.

The company noted that is currently holds 8.7% more biomass in the sea than at the same time last year, positioning it for continued expansion.

Crucially for market dynamics, Mowi anticipates that global supply growth will normalise to around 1% in 2026, with medium-term expansion structurally limited to 1-2% per year due to regulatory frameworks and technological constraints.

Combined with continued demand growth – particularly in Asia and the Americas – this expected to support a more balanced and potentially firmer market environment after the oversupply conditions seen in 2025.

Mowi’s Consumer Products division delivered operational EBIT of EUR 197 million in 2025 on record volumes of 265,000 tonnes product weight, supported by a 30% increase in branded volumes. The MOWI brand is now present in 23 countries.

The group’s feed division, Mowi Feed, reported earnings of EUR 67 million on 585,000 tonnes of feed.

During the fourth quarter, Mowi entered into a strategic partnership with Skretting, owned by Nutreco, aimed at securing high-performing feed at competitive cost levels. The agreement is expected to deliver at least EUR 55 million in annualised net cost saving, according to the company.