Mowi posts strong Q1 results on back of record sea biomass and operational gains

Bergen, Norway, 14 May 2025 | Operating profit of Q1 was €214 million

MOWI - presentación informe sostenibilidad 2025

Norwegian Atlantic salmon giant Mowi has reported operating revenues of €1.36 billion for the first quarter of 2025, translating into an operating profit of €214 million. The company attributes this performance to strong biological and operational results, alongside improved volumes and cost efficiency.

“So far, 2025 has been a very good year operationally and biologically which has resulted in high harvest volumes combined with seasonally record-high biomass in sea,” said Ivan Vindheim, Mowi’s CEO.

In Q1, Mowi harvested 108,000 tonnes of salmon, a 12% increase year-on-year. The company has maintained its full-year harvest guidance of 530,000 tonnes, representing a projected annual growth of 6%, underpinned by record sea biomass for the season-11% up on the previous year.

In a significant strategy move, Mowi has also agreed to raise its stake in Nova Sea from 49% to 95%, paving the way to reach 600,000 tonnes of harvest volume by 2026.

“Seawater production went very well in the first quarter, with improved growth, survival rates, feed conversion ratio and superior share,” afirmed Vindheim.

Since 2018, when the company harvested 375,000 tones, Mowi has increased its output by 155,000 tonnes, equating to a compound annual growth rate (CAGR) of 5.1%, significantly above the industry forecast of 3.3%. This expansion has been driven primarily by organic growth, with further initiatives in place to sustain momentum.

Mowi’s Consumer Products division, which focuses on value-added offering, also had a strong quarter, supported by solid operational execution and high volumes.

“Demand for salmon was good in the quarter and downstream earnings improved in Europe, Americas and Asia. At the same time, however, high supply growth put pressure on market prices,” explained Mowi’s CEO.

Global supply grew by 8%, and as much as 13% in Europe. However, the company views this as a temporary correction following three years of biological challenges. Mowi forecasts global supply growth of around 6% for 2025, before returning to a more moderate 2-3% annual rate, tempered by regulatory constraints.

Meanwhile, Mowi Feed delivered a standout first quarter, setting new records in both sales volume and profitability.

“Mowi’s own feed continues to perform very well, constituting a crucially important contributing factor to our harvest volume growth of recent years,” added Vindheim.

Lastly, Mowi’s Board of Directors has approved a quarterly dividend of NOK 1.70 per share.

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