COMPANY RESULTS

Mowi kicks off 2026 with record Q1 harvest and lower costs

Oslo, Norway, 20 April 2026 | The company beats its own guidance with 136,000 tonnes harvested and reduces cost per kilo despite algae bloom impact in Norway

MOWI - presentación informe sostenibilidad 2025

Mowi has started 2026 with a record-breaking first quarter, harvesting 136,000 tonnes (GWT), representing a 26% increase compared with 108,000 tonnes in the same period last year.

The figure not only marks the highest ever first-quarter harvest, but also exceeds the company’s own guidance of 128,000 tonnes issued alongside its full-year 2025 results.

As reported by the company, this growth has been accompanied by a notable improvement in operational efficiency. Farming costs came in at EUR 5.46 per kilo, down from EUR 5.89 per kilo in Q1 2025, a reduction of EUR 0.43 per kilo despite ongoing biological and environmental challenges.

An algae bloom in southern Norway, noted Mowi, had an estimated negative impact of EUR 10 million, equivalent to EUR 0.13 per kilo for Norwegian volumes, reinforcing the view that underlying operational performance has strengthened.

In terms of profitability, the group reported operational EBIT of approximately EUR 221 million, reflecting solid performance across its value chain. However, regional disparities remain pronounced.

Norway continues to lead in profitability, delivering EBIT of EUR 2.40 per kilo, followed by Scotland and the Faroe Islands. At the other end of the spectrum, Canada remains under pressure with negative EBIT of EUR -0.10 per kilo, while Chile and Iceland reported more modest returns.

Beyond the headline figures, the quarter underlines that geography remains a decisive factor in salmon farming competitiveness. Variations in performance reflect not only biological and regulatory conditions, but also differing levels of operational efficiency and production maturity.

Elsewhere in the value chain, Consumer Products delivered operational EBIT of EUR 20 million, while the Feed segment reported EBITDA of EUR 6 million, with no significant structural changes in their contribution to group performance. Net interest-bearing debt stood at approximately EUR 2.74 billion at the end of the quarter.

Overall, the results highlight Mowi’s execution capability in a complex operating environment, demonstrating that it is possible to increase volumes while reducing costs, even under environmental pressure.

The full Q1 2026 report is scheduled for release on 13 May, when further detail on the drivers behind this strong start to the year will be provided.