Second best operational profit for a first quarter for Mowi on seasonally record-high revenues and volumes

Mowi had its second best first quarter ever with operational profit of EUR 221 million on seasonally record-high revenues of 1.54 billion.

Mowi began 2026 with more new records; the world’s largest salmon farmer delivered the second best operational profit for a first quarter to date and has never had better seasonal revenues and harvest volumes. Mowi harvested 136,000 tonnes in the first quarter and expects to harvest 605,000 tonnes in total in 2026, equivalent to 3.5 billion salmon meals. This represents annualised growth of 8.3%.

Volume growth is one of Mowi’s strategic pillars and the farming business has seen impressive growth in recent years. In just a few years, Mowi has grown from a 400,000-tonne farmer to a 600,000-tonne farmer.

“I am extremely impressed with my 11,700 colleagues around the world who continue to deliver record volumes, record earnings and not least extremely good operational and cost performance,” said Mowi CEO Ivan Vindheim.

Salmon prices fell in the first quarter as a result of extremely high supply growth of 14%. Despite this, Mowi delivered relatively solid results for the quarter at EUR 221 million compared with EUR 214 million last year. Supply growth has now normalised and is expected to remain at 0% for the rest of 2026, and to be around 1% in 2027, according to Kontali. In the years to come, regulatory and associated technological constraints all indicate limited growth of around 1-2% per year. This, combined with good market prospects, means Mowi expects a tighter market balance going forward.

As a result in part of good operational and biological performance, Mowi Farming’s costs in the quarter fell to 7.3% below the same period last year.

“Mowi’s strategy is to be the cost leader, and we are among the very best on cost in all the regions where we farm salmon. Our cost level in the first quarter represents a reduction of EUR 46 million year-on-year,” said Vindheim.

Mowi Consumer Products, the group’s downstream processing business, delivered another solid quarter with record-high volumes for a first quarter of 70,000 tonnes product weight, up 21% year-on-year. The salmon market continued to grow in the quarter and increased in value by around 7%, driven by 14% consumption growth. Demand growth is still highest in Asia, with China leading the way, followed by the USA and then the more mature, but still growing, European market.

“We expect this trifurcation of market growth to persist throughout 2026 and beyond, supported by current trends, consumption habits and market penetration. Accordingly, we will continue to grow our downstream footprint with an emphasis on where we see the highest growth potential,” said Vindheim.

Mowi’s feed division, Mowi Feed, continues to deliver good results on strong operational performance.

“Although the first quarter is low season for feed, we nonetheless experienced good demand from the farming division,” said Vindheim. “Expansion of the feed factory at Bjugn is complete and will form the basis for further organic growth in this part of the value chain.”

Mowi expects to sell 650,000 tonnes of feed in 2026, representing growth of 11% compared with last year.

The board of Mowi has decided to pay a quarterly dividend of NOK 2.30 per share.

For more information, please contact:
Kristian Ellingsen, CFO, +47 905 14 275
Kim Galtung Døsvig, IR Officer & Head of Treasury, +47 908 76 339
Ola Helge Hjetland, Communications Director, +47 970 67 932

About Mowi ASA
Mowi is one of the world’s leading seafood companies and the largest producer of farm-raised Atlantic salmon in the world, with an estimated 2026 harvest of 605,000 tonnes from seven farming countries including Norway, Scotland, Ireland, Faroes, Iceland, Canada and Chile.

Mowi is a fully integrated global seafood company, bringing salmon and other seafood of supreme quality to consumers around the world, partly under its own MOWI brand. Mowi is ranked as the most sustainable listed animal protein producer in the world by Coller FAIRR.

With headquarters in Bergen, Norway, Mowi employs 11 700 people in 26 countries worldwide, and is listed on the Oslo Stock Exchange. Turnover was EUR 5.7 billion in 2025.