Mowi, the global leader in Atlantic salmon production, reported a record-high operating revenue of €1.44 billion in the third quarter of 2024, boosted by an operational profit of €173 million. This growth stems from unprecedented open-sea production levels, with harvest volumes reaching 161,000 tonnes.
Mowi’s CEO, Ivan Vindheim, emphasised that the company is now in its strongest-ever position to achieve its annual harvest target of 500,000 tonnes in 2024. He added that they are on track to expand this to 520,000 tonnes in 2025, with an ambitious milestone of 600,000 tonnes by 2029. This planned increase reflects a compound annual growth rate (CAGR) of 4.8%, well above the industry average of 2.7%.
Mowi’s robust performance has been consistent across its three main divisions: Farming, Consumer Products, and Feed. The Consumer Products division, which includes value-added goods, also achieved record results, supported by strong retail demand and favourable raw material prices. Likewise, Mowi Feed posted its best-ever quarterly performance, driven by increased demand from the Farming division.
On the cost front, Mowi has managed to cut expenses due to lower feed prices and economies of scale. The company anticipates further cost efficiency gains through a savings programme valued at €300–400 million over the next five years.
Lastly, Mowi’s board of directors approved a quarterly dividend of NOK 1.50 per share, reaffirming the company’s commitment to delivering value for shareholders while strengthening its leadership in the global aquaculture sector.
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