Seasonally record-high volumes and revenues for Mowi in Q2

Mowi generated operating revenues of EUR 1.39 billion in the second quarter which translated into an operational profit of EUR 189 million.

The second quarter of 2025 ended with record-high revenues for Mowi, on strong biological and operational performance, all-time high volumes and decreasing cost.

“2025 has so far been a good year for the Farming division with very good operations and strong growth,” said Mowi CEO, Ivan Vindheim.

Mowi harvested a record 133,000 tonnes in the second quarter, representing growth of 21% compared with last year. The company has consequently increased its volume guidance for 2025 to 545,000 tonnes on strong seawater growth, equivalent to annual growth of 9% from 2024.

“It is satisfying to see that we are delivering on our strategy. With the recently concluded agreement to increase our ownership stake in Nova Sea from 49% to 95%, we expect to harvest at least 600,000 tonnes as early as next year, equivalent to a growth of 10% in 2026, and we are rapidly approaching our next milestone of 400,000 tonnes in Norway alone,” said Vindheim.

In just a few years Mowi will have gone from producing 400,000 tonnes per year globally to producing 600,000 tonnes in 2026. This is equivalent to annual growth of 6.1%, compared with the industry average of 3.3%. This growth has mostly been achieved organically and Mowi still has a number of organic growth initiatives that are expected to contribute to further volume growth going forward. At the same time as Mowi’s volumes have grown, the total number of man-years has decreased and productivity increased by 36%.

“It is extremely encouraging to see our production cost fall in the second quarter to its lowest level since 2022, something which has contributed EUR 49 million to earnings in the quarter. For the first half of 2025 this effect increases to EUR 67 million. This is in part the result of lower feed prices, but also reflects a range of cost-cutting measures undertaken by the organisation over time. I would therefore like once again to thank all my colleagues in Mowi for their relentless efforts day after day to improve the company’s operations,” said Vindheim.

Mowi Consumer Products, the group’s value-added business, also delivered its best quarter yet, on first-rate operational performance, high volumes and lower raw-material prices.

“Earnings in Consumer Products have improved significantly in recent years not only on better underlying operations but also because Mowi has captured more of the value creation as an integrated salmon company offering customers a better value proposition. In addition, when salmon prices fall, as they did in the second quarter, lower realised prices for our farming business result in cheaper raw materials for our downstream processing business, leading to better earnings for the latter,” Vindheim said.

Mowi Feed also had a strong quarter with earnings and sold volumes both record-high for a second quarter.

Demand for Mowi’s products continued to be strong in the second quarter. Total salmon consumption measured by value increased by 5% compared with the same period in 2024. So far, 2025 has been characterised by strong biology following several years of biological challenges. This has resulted in very high global supply growth in the year, reaching 18% in the second quarter, which has put pressure on prices. This supply growth has persisted into the third quarter, but we are now seeing more normalised production and more-or-less unchanged numbers of individuals in the sea compared with 2024. Therefore, the market expects only marginal supply growth in 2026 and, as a result, higher salmon prices.

Mowi’s Board of Directors has decided to pay a quarterly dividend of NOK 1.45 per share.

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

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 2025 harvest of 545,000 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 11 800 people in 26 countries worldwide, and is listed on the Oslo Stock Exchange. Turnover was EUR 5.6 billion in 2024.