Mowi has posted record-high revenues of EUR 1.39 billion in the second quarter of 2025, supported by strong biological results, all-time high harvest volumes and lower costs. Operational profit for the period reached EUR 189 million.
“2025 has so far been a good year for the Farming division with very good operations and strong growth,” said Mowi CEO, Ivan Vindheim.
The company harvested 133,000 tonnes in the quarter, a 21% increase compared with the same period last year. Based on this performance, Mowi has raised its volume guidance for 2025 to 545,000 tonnes, equivalent to 9% growth from 2024.
Vindheim said the company’s recently concluded agreement to increase its ownership stake in Nova Sea from 49% to 95% is expected to lift volumes further: “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.”
The company highlighted that in just a few years it will have grown global production from 400,000 to 600,000 tonnes annually, a compound growth rate of 6.1% compared with an industry average of 3.3%. Most of this has been achieved organically. Productivity has also improved by 36% as the number of man-years has declined.
Vindheim noted that cost reductions made a significant contribution in the second quarter: “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.”
Mowi’s value-added division, Consumer Products, delivered its best quarter to date thanks to solid operational performance, higher volumes and lower raw material prices. Vindheim stressed the benefits of Mowi’s integrated model: “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.”
The Feed segment also achieved record earnings and sales volumes for a second quarter.
On the market side, demand for salmon remained strong, with global consumption by value up 5% year-on-year. However, an 18% increase in supply during the quarter weighed on prices. Mowi said that supply growth has continued into the third quarter but production is now normalising, with stable numbers of fish in the sea compared with 2024. Industry expectations point to only marginal supply growth in 2026, which could support higher salmon prices.
The Board of Directors has declared a quarterly dividend of NOK 1.45 per share.
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