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May 19, 2021

Record-high Q1 volumes and lower Farming cost for Mowi


Mowi achieved record-high volumes for a first quarter in both Farming and Consumer Products, harvesting 125 000 tonnes of salmon and selling 62 000 tonnes of value-added products. At the same time Farming cost was down by 9%.

Mowi’s first quarter was characterised by continued Covid-19 lockdown measures and high growth in global supply of salmon, however, prices increased during the quarter on strong demand.

“Although extensive lockdown measures are still in place, out-of-home consumption has started to improve in some markets compared with the previous quarter. Demand in retail has continued to be very good, something Mowi has yet again capitalised on through our integrated value chain,” said Mowi CEO Ivan Vindheim.

Mowi believes that demand for salmon is on the road to full recovery driven by Covid-19 measures becoming less restrictive. Growth in retail salmon sales was 20-25% during the quarter, and this growth came from both new and existing customers. Mowi expects both customer groups to increase their retail consumption post Covid-19, even as the foodservice segment continues to reopen.

Mowi Consumer Products had yet another strong quarter with record-high first quarter earnings and volumes partly driven by tailwinds from Lent and Easter season.

Mowi Farming harvested a record-high 125 000 tonnes in the quarter, equivalent to 51% growth compared to a year ago. At the same time, cost was down by 9%.

“It is very encouraging to deliver record-high first quarter Farming volumes and reduction in production cost. The decline in cost is driven by large volumes and cost initiatives over time. Farming volume growth and cost competitiveness are pivotal elements in Mowi’s strategy,” Vindheim said.

Mowi achieved an operational EBIT of EUR 109 million in the first quarter of 2021, the same as the corresponding quarter in 2020. The company reported operational revenues of EUR 1 022 million (EUR 885 million) in the quarter. Total harvest volume in the quarter of 125 468 tonnes gutted weight (83 119) was above guidance of 116 000 tonnes. Full-year harvest guidance for 2021 is unchanged at 445 000 tonnes.

Mowi’s Board has decided to pay NOK 0.77 per share in ordinary dividend in the second quarter of 2021, equivalent to 50% of underlying earnings per share in the first quarter of 2021.