Global salmon farming continues to grow in volume, but not all tonnes generate the same value. This is reflected in Mowi’s preliminary results, as the salmon multinational operates in seven countries across three continents: Europe and the Americas, where it produces, and Asia, where it processes and markets its products.
For Mowi, 2025 closed with a record harvest of 559,000 tonnes (GWT), 11.4% more than in 2024, supported by a strong fourth quarter (Q4 2025) and a clear improvement in farming costs.
In Q4 2025, the company harvested 152,000 tonnes, exceeding its own guidance (147,000 tonnes), with Norway once again acting as the main production engine. However, a country-by-country breakdown reveals a far more heterogenous picture in terms of profitability.
One of the most relevant results for both the company and the wider sector lies less in volume and more in average farming cost, which stood at €5.36/kg, 5.8% lower than in Q4 2024 and slightly better than the company’s own guidance. Mowi also highlights a further reduction in standing biomass cost during the quarter, a positive signal for the 2026 production base.
The Group’s operational EBIT reached approximately €123 million in the quarter, confirming that efficiency gains remain essential to sustaining margins in a growth environment.
The picture changes when looking at operational EBIT per kilo across geographies. Norway leads with €2.00/kg, consolidating its position as the benchmark for efficiency and margins, followed by Scotland at €1.40/kg, showing solid performance. Chile stands at €0.35/kg, positive but still with tight margins, while the Faroe Islands reached €1.65/kg, delivering relatively strong performance. Iceland, meanwhile, recorded €0.10/kg, reflecting growth with minimal profitability, and Canada returned to negative territory at -€2.30/kg, confirming the persistence of structural challenges.
The figures reinforce a well-known trend: salmon farming growth is global, but profitability is not. Factors such as health management, biological performance, regulation and production planning continue to create significant differences between regions.
Across the rest of the value chain, Consumer Products delivered an operational EBIT of €46 million, while the feed business reported an operational EBITDA of €20 million in the quarter. The Group’s net interest-bearing debt stood at around €2.65 billion at year-end (excluding IFRS 16).
The close of 2025 confirms that producing more is no longer enough. Mowi’s record harvest comes alongside lower costs, but it also makes clear that salmon aquaculture is advancing at two different speeds, with some countries able to turn volume into margin, while in others each additional kilo remains an economic challenge.
The full Q4 2025 results report will be published on 11 February, providing further insight into whether this cost improvement is temporary or marks a more solid foundation for 2026.
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