The latest results from Mowi Group, once again placing Norway as the most profitable geography in its global portfolio, bring a key sectoral question back into focus: how can a country with one of the world’s most demanding regulatory frameworks consistently deliver higher margins than other major producing regions where the company also operates?
During 2025 Mowi recorded its highest operational EBIT per kilo in Norway, well ahead of markets such as Chile, Canada or Iceland. This is neither an isolate figure nor a company-specific anomaly. It reflects a broader and well-established pattern: Norwegian salmon farming converts volume into economic value more efficiently than most other producing countries.
Part of this advantage lies in the natural environment. Norway’s oceanographic conditions – cold, well-oxygenated waters with a historically lower pathogen pressure – support more stable and predictable production cycles. This biological stability reduces the need for emergency treatments, limits unexpected losses and enables tighter production planning. In economic terms, it translates into fewer reactive costs and lower volatility in financial performance.
However, the differentiating factor is not environmental alone. Regulation has played a decisive role in shaping a more efficient production model. Systems based on density controls, biomass limits and mechanisms that link production growth to environmental impact have forced companies to optimise health management and biological performance. In practice, the regulatory framework does not reward those who produce more, but those who produce better.
This approach has reduced the risk of systemic health crises – one of the main farctor that have historically eroded profitability in other producing countries. By containing problems before they become widespread, the Norwegian system protects not only the environment, but also the sector’s economic foundations. The result is more stable average profitability over time, even under challenging market conditions.
Added to this is a stronger ability to capture commercial value. A significant share of Norwegian salmon is old as fresh product, the country is close to its main European markets, and it benefits from an origin perception associated with control, traceability and strong health standard. Together, these factors support higher average prices and reinforce margin per kilo produced.
The contrast with another region is clear. In Chile, despite technical and regulatory progress in recent years, margins remain tight and more vulnerable to health and logistical disruptions. In Canada, structural challenges continue to weigh on profitability, while in emerging markets such as Iceland, production growth has yet to translate into consistently solid economic results.
The Norwegian case suggests that the real question is not whether regulation is strict or flexible, but whether it is well aligned with the biology of the production system. When regulatory reduces uncertainty, incentivises prevention and penalises inefficiency before it becomes a collective problem, it can function as an economic asset rather than a burden.
At a time of increasing environmental and social pressure on aquaculture, Norway offers an uncomfortable but clear message for the sector: producing more salmon does not guarantee profitability, but producing better – under demanding and stable rules – can make all the difference.
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