Best quarter ever on strong operational performance for Mowi

(Bergen, 10 May 2023) Mowi recorded all-time high operational profit of 322 million euros in the first quarter of 2023, compared with 207 million euros in the corresponding quarter of 2022. Mowi also recorded the highest revenue ever of 1 362 million euros.

The first quarter of 2023 was characterised by seasonally record-high salmon prices due to reduced global supply and good demand.

“High prices and stellar operational performance by my 11 500 colleagues in 25 countries across the world made the first quarter Mowi’s best quarter ever. Compared with the first quarter last year, we are performing better on almost all indicators,” Mowi CEO Ivan Vindheim said.

Mowi harvested 103 000 tonnes salmon in the quarter, above guidance of 98 000 tonnes. In 2022 Mowi harvested 464 000 tonnes, a record-high level at the time, and Mowi expects to grow this further in 2023 to 484 000 tonnes. From volumes of 375 000 tonnes as recently as 2018, Mowi will have grown its farming volumes by as much as 109 000 tonnes in five years, or 5.2% p.a., which is above industry growth.

“Mowi’s goal is to continue to capture market share in the salmon category in the coming years by growing our farming volumes, both organically and acquisitively,” Vindheim said.

Mowi Consumer Products had another solid quarter, delivering seasonally record-high results on outstanding operational performance and continuing to achieve good sales to retail, partly helped by Easter and Lent season.

“Mowi’s branding activities continue unabated with the MOWI brand now present in 18 countries; we are focused on continuing to grow with our customers, with the ultimate goal of de-commoditising the salmon category,” Vindheim said.

Mowi Feed’s sold volumes were record-high for a first quarter on continued strong growth in sea.

“Our feed continues to perform very well with both feed consumption and net growth above industry benchmark levels. Although the start of the year is low season for feed operations, this business area delivered seasonally record-high operational earnings,” Vindheim said.

On 28 March, the Norwegian government announced its resource rent tax proposal to Parliament with few changes from the initial proposal presented in September 2022. The proposed resource rent tax rate was reduced from 40% to 35%. The proposed total tax rate is now 57% including corporate tax versus 62% previously, or about 75% with Norwegian wealth tax.

“This is completely disproportionate and not compatible with the Norwegian Government’s stated growth ambitions for the industry. If passed by Parliament, the new tax regime will be hugely detrimental to the Norwegian aquaculture industry,” Vindheim said.

Mowi’s Board has decided to pay a quarterly dividend of NOK 2.00 per share.

You can find the Q1 report and the presentation on our reports page.

For further 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, Group Communications Director, +47 970 67 932