Mowi Annual Report 2024

2024 was a record year for Mowi, and the company achieved several milestones.

Operational revenue of EUR 5.62 billion was the highest ever, driven by record-high volumes of 502k tonnes. In the Farming segment, seawater production was the best ever, and stocking of postsmolt to sea reached a new high. Furthermore, Mowi set new volume and revenue records in Consumer Products and Feed, as well as all-time high annual earnings in Feed. Operational EBIT for the group was EUR 829 million, equivalent to underlying earnings per share of EUR 1.05.

“In 2024, the company has delivered on its three strategic pillars – volume growth, cost competitiveness and sustainability. These achievements were only made possible by the dedication and hard work of my more than 12 000 colleagues across the globe,” Mowi CEO, Ivan Vindheim, said.

Our integrated annual report sets out how we run our business and describes our vision, our ambition, our successes and our improvement areas in an open and transparent way.

To learn more about our performance in 2024, as well as our priorities for 2025 and beyond, read our integrated report here.

Key achievements in 2024

Operational

• All-time high harvest volumes of 501 530 tonnes
• Highest revenues ever at EUR 5.62 billion
• Best ever seawater growth performance in Farming
• Consumer Products with Operational EBIT of EUR 146 million on record-high volumes of 247 333 tonnes product weight
• Record-high Operational EBITDA for Feed of EUR 62 million. All-time high produced volumes of 582 061 tonnes
• Strong feed performance, and Mowi self-sufficient for feed in Europe. Strategic review of Mowi Feed initiated in 2025
• FTEs reduced by a total of 3 161 on a like-for-like basis since the start of the productivity programme in 2020
• In January 2025, Mowi entered into agreement to increase ownership in Nova Sea from 49% to 95%

Financial

• Operational EBIT of EUR 829 million and Financial EBIT of EUR 759 million
• Return on capital employed (ROCE) of 15.5%
• Completed 2024 cost savings programme with annual savings of EUR 42 million and initiated new global EUR 30 million cost savings programme for 2025
• Mowi assigned BBB+ investment grade credit rating with stable outlook by Nordic Credit Rating
• Issued green bonds of EUR 298 million at good terms
• Strong financial position with covenant equity ratio at 49.8%
• Dividends of NOK 6.60 per share paid out in 2024

Sustainability 

• Mowi ranked the top company by the Coller FAIRR Protein Producer Index for the sixth year in a row
• Reduced scope 1 and scope 2 GHG emissions by 39% compared to base year of 2019
• Share of sustainable financing increased to 95%

Priorities going forward

• Volume growth including realisation of postsmolt effects
• Continued cost and FTE focus
• Sustainability
• Improved volumes and profitability for MOWI-branded products
• Digitalisation and automation – Mowi 4.0
• Develop our people and leaders